Disclaimer Important information 62 | 63 Risk Warning recommendations by CS Research. For equities, this relates to the respective Company Note or Investors, as defined by the CBB, and are not intended for any other persons. The Central Bank of C. Suisse Asesoría and/or Banco CS. This document is distributed for informational purposes only Every investment involves risk, especially with regard to fluctuations in value and return. If an Company Summary of the issuer. Recommendations for bonds can be found within the respective Bahrain has not reviewed, nor has it approved, this document or the marketing of any investment and is not a substitute for the Operations Reports and/or Account Statements you receive from C. investment is denominated in a currency other than your base currency, changes in the rate of Research Alert (bonds) publication or Institutional Research Flash/Alert– Credit Update Switzerland. vehicle referred to herein in the Kingdom of Bahrain and is not responsible for the performance of Suisse Asesoría and/or Banco CS in terms of the General Provisions Applicable to Financial exchange may have an adverse effect on value, price or income. These items are available on request or via online banking. any such investment vehicle. Credit Suisse AG, Bahrain Branch is located at Level 21, East Tower, Institutions and other Legal Entities that Provide Investment Services issued by the Mexican This document may include information on investments that involve special risks. You should seek Bahrain World Trade Centre, Manama, Kingdom of Bahrain. Brazil: This report is distributed in Brazil Banking and Securities Commission (“CNBV”). Given the nature of this document, C. Suisse the advice of your independent financial advisor prior to taking any investment decisions based on Disclosures are available from: by Credit Suisse (Brasil) S.A. Corretora de Títulos e Valores Mobiliários or its affiliates. Chile: This Asesoría and/or Banco CS does not assume any responsibility derived from the information this document or for any necessary explanation of its contents. Further information is also available https://www.credit-suisse.com/disclosure report is distributed by Credit Suisse Agencia de Valores (Chile) Limitada, a branch of Credit Suisse contained therein. Without prejudice to the fact that the information was obtained from or based on in the information brochure “Risks Involved in Trading Financial Instruments” available from the AG (incorporated in the Canton of Zurich), regulated by the Chilean Financial Market Commission. sources believed to be reliable by C. Suisse Asesoría and/or Banco CS, there is no guarantee that Swiss Bankers Association. Global disclaimer / Important information Neither the issuer nor the securities have been registered with the Financial Market Commission of the information is either accurate or complete. Banco CS and/or C. Suisse Asesoría does not The information provided herein constitutes marketing material; it is not investment research. This Chile (Comisión para el Mercado Financiero) pursuant to Law no. 18.045, the Ley de Mercado de accept any liability arising from any loss arising from the use of the information contained in the Past performance is not an indicator of future performance. Performance can be affected document is not directed to, or intended for distribution to or use by, any person or entity who is a Valores, and regulations thereunder, so they may not be offered or sold publicly in Chile. This document sent to you. It is recommended that the investor make sure that the information provided by commissions, fees or other charges as well as exchange rate fluctuations. citizen or resident of or located in any locality, state, country or other jurisdiction where such document does not constitute an offer of, or an invitation to subscribe for or purchase, the securities is in accordance to his/her personal circumstances and investment profile, in relation to any distribution, publication, availability or use would be contrary to law or regulation or which would in the Republic of Chile, other than to individually identified investors pursuant to a private offering particular legal, regulatory or fiscal situation, or to obtain independent professional advice. C. 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Credit Suisse AG (DIFC Branch) is licensed Asesoría México, S.A. de C.V. is not part of Grupo Financiero Credit Suisse (México), S.A. de C.V., The price and value of investments mentioned and any income that might accrue could fall or rise or affiliates. For more information on our structure, please use the following link: and regulated by the Dubai Financial Services Authority (“DFSA”). Related financial services or or any other financial group in Mexico. C. Suisse Asesoría México, S.A. de C.V. is not an fluctuate. You should consult with such advisor(s) as you consider necessary to assist you in making https://www.credit-suisse.com products are only made available to Professional Clients or Market Counterparties, as defined by the independent investment adviser as provided by LMV and other applicable regulations due to its these determinations. DFSA and are not intended for any other persons. Credit Suisse AG (DIFC Branch) is located on direct relationship with Credit Suisse AG, a foreign financial institution, and its indirect relationship Investments may have no public market or only a restricted secondary market. Where a secondary NO DISTRIBUTION, SOLICITATION, OR ADVICE: This document is provided for information and Level 9 East, The Gate Building, DIFC, Dubai, United Arab Emirates. France: This report is with the entities that make up Grupo Financiero Credit Suisse (México), S.A. de C.V. Netherlands: market exists, it is not possible to predict the price at which investments will trade in the market or illustrative purposes and is intended for your use only. It is not a solicitation, offer or recommenda- distributed by Credit Suisse (Luxembourg) S.A. Succursale en France (the “France branch”), which This report is distributed by Credit Suisse (Luxembourg) S.A., Netherlands Branch (the whether such market will be liquid or illiquid. tion to buy or sell any security or other financial instrument. Any information including facts, opinions is a branch of Credit Suisse (Luxembourg) S.A., a duly authorized credit institution in the Grand “Netherlands branch”), which is a branch of Credit Suisse (Luxembourg) S.A., a duly authorized or quotations, may be condensed or summarized and is expressed as of the date of writing. The Duchy of Luxembourg with registered address 5, rue Jean Monnet, L-2180 Luxembourg. The credit institution in the Grand Duchy of Luxembourg with registered address 5, rue Jean Monnet, Emerging markets information contained in this document has been provided as a general market commentary only and France branch is subject to the prudential supervision of the Luxembourg supervisory authority, the L-2180 Luxembourg. The Netherlands branch is subject to the prudential supervision of the Where this document relates to emerging markets, you should be aware that there are uncertainties does not constitute any form of regulated investment research financial advice, legal, tax or other Commission de Surveillance du Secteur Financier (CSSF), and of the French supervisory Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), and risks associated with investments and transactions in various types of investments of, or related regulated service. It does not take into account the financial objectives, situation or needs of any authorities, the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des and of the Dutch supervisory authority, De Nederlansche Bank (DNB), and of the Dutch market or linked to, issuers and obligors incorporated, based or principally engaged in business in emerging persons, which are necessary considerations before making any investment decision. You should Marchés Financiers (AMF). Germany: This report is distributed by Credit Suisse (Deutschland) supervisor, the Autoriteit Financiële Markten (AFM). Portugal: This report is distributed by Credit markets countries. Investments related to emerging markets countries may be considered seek the advice of your independent financial advisor prior to taking any investment decisions based Aktiengesellschaft regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin“). Suisse (Luxembourg) S.A., Sucursal em Portugal (the “Portugal branch”), which is a branch of speculative, and their prices will be much more volatile than those in the more developed countries on this document or for any necessary explanation of its contents. This document is intended only to Guernsey: This report is distributed by Credit Suisse AG Guernsey Branch, a branch of Credit Credit Suisse (Luxembourg) S.A., a duly authorized credit institution in the Grand Duchy of of the world. Investments in emerging markets investments should be made only by sophisticated provide observations and views of CS at the date of writing, regardless of the date on which you Suisse AG (incorporated in the Canton of Zurich), with its place of business at Helvetia Court, Les Luxembourg with registered address 5, rue Jean Monnet, L-2180 Luxembourg. The Portugal investors or experienced professionals who have independent knowledge of the relevant markets, receive or access the information. Observations and views contained in this document may be Echelons, South Esplanade, St Peter Port, Guernsey. Credit Suisse AG Guernsey Branch is wholly branch is subject to the prudential supervision of the Luxembourg supervisory authority, the are able to consider and weigh the various risks presented by such investments, and have the different from those expressed by other Departments at CS and may change at any time without owned by Credit Suisse AG and regulated by the Guernsey Financial Services Commission. Copies Commission de Surveillance du Secteur Financier (CSSF), and of the Portuguese supervisory financial resources necessary to bear the substantial risk of loss of investment in such investments. notice and with no obligation to update. CS is under no obligation to ensure that such updates are of the latest audited accounts of Credit Suisse AG are available on request. 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All related financial products or services will only be available to Eligible markets investment. Past performance should not be taken as an indication or guarantee of future performance, and no Stock Broker (registration no. INZ000248233), having registered address at 9th Floor, Ceejay Counterparties (as defined by the QFCRA) or Business Customers (as defined by the QFCRA), representation or warranty, express or implied, is made regarding future performance. To the extent House, Dr. Annie Besant Road, Worli, Mumbai – 400 018, India, T- +91-22 6777 3777. Israel: If including individuals, who have opted to be classified as a Business Customer, with net assets in Alternative investments that this report contains statements about future performance, such statements are forward looking distributed by Credit Suisse Financial Services (Israel) Ltd. in Israel: This document is distributed by excess of QR 4 million, and who have sufficient financial knowledge, experience and understanding Hedge funds are not subject to the numerous investor protection regulations that apply to regulated and subject to a number of risks and uncertainties. Unless indicated to the contrary, all figures are Credit Suisse Financial Services (Israel) Ltd. Credit Suisse AG, including the services offered in to participate in such products and/or services. Therefore, this information must not be delivered to, authorized collective investments and hedge fund managers are largely unregulated. Hedge funds unaudited. All valuations mentioned herein are subject to CS valuation policies and procedures. Israel, is not supervised by the Supervisor of Banks at the Bank of Israel, but by the competent or relied on by, any other type of individual. Saudi Arabia: This document is distributed by Credit are not limited to any particular investment discipline or trading strategy, and seek to profit in all banking supervision authority in Switzerland. Credit Suisse Financial Services (Israel) Ltd. is a Suisse Saudi Arabia (CR Number 1010228645), duly licensed and regulated by the Saudi Arabian kinds of markets by using leverage, derivatives, and complex speculative investment strategies that CONFLICTS: licensed investment marketer in Israel and thus, its investment marketing activities are supervised by Capital Market Authority pursuant to License Number 08104-37 dated 23/03/1429H may increase the risk of investment loss. CS reserves the right to remedy any errors that may be present in this report. CS, its affiliates and/ the Israel Securities Authority. Italy: This report is distributed in Italy by Credit Suisse (Italy) S.p.A., corresponding to 21/03/2008AD. Credit Suisse Saudi Arabia’s principal place of business is at Commodity transactions carry a high degree of risk, including the loss of the entire investment, and or their employees may have a position or holding, or other material interest or effect transactions in a bank incorporated and registered under Italian law subject to the supervision and control of Banca King Fahad Road, Hay Al Mhamadiya, 12361- 6858 Riyadh, Saudi Arabia. Website: https://www. may not be suitable for many private investors. The performance of such investments depends on any securities mentioned or options thereon, or other investments related thereto and from time to d’Italia and CONSOB. 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Some investments referred Finance SAL is subject to the CBL’s laws and circulars as well as the laws and regulations of the Securities and Continuing Obligations issued by the Capital Market Authority. The Capital Market Investors in real estate are exposed to liquidity, foreign currency and other risks, including cyclical to in this report will be offered by a single entity or an associate of CS or CS may be the only market Capital Markets Authority of Lebanon (“CMA”). CSLF is a subsidiary of Credit Suisse AG and part of Authority does not make any representation as to the accuracy or completeness of this document, risk, rental and local market risk as well as environmental risk, and changes to the legal situation. maker in such investments. CS is involved in many businesses that relate to companies mentioned the Credit Suisse Group (CS). The CMA does not accept any responsibility for the content of the and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance in this report. These businesses include specialized trading, risk arbitrage, market making, and other information included in this report, including the accuracy or completeness of such information. The upon, any part of this document. Prospective purchasers of the securities offered hereby should Private Equity proprietary trading. TAX: Nothing in this report constitutes investment, legal, accounting or tax liability for the content of this report lies with the issuer, its directors and other persons, such as conduct their own due diligence on the accuracy of the information relating to the securities. If you Private Equity (hereafter “PE”) means private equity capital investment in companies that are not advice. CS does not advise on the tax consequences of investments and you are advised to contact experts, whose opinions are included in the report with their consent. The CMA has also not do not understand the contents of this document, you should consult an authorized financial advisor. traded publicly (i.e. are not listed on a stock exchange), they are complex, usually illiquid and an independent tax advisor. The levels and basis of taxation are dependent on individual assessed the suitability of the investment for any particular investor or type of investor. It is hereby Under the Investment Fund Regulations, this document may not be distributed in the Kingdom long-lasting. Investments in a PE fund generally involve a significant degree of financial and/or circumstances and are subject to change. expressly understood and acknowledged that investments in financial markets may involve a high except to such persons as are permitted under the Investment Fund Regulations issued by the business risk. Investments in private equity funds are not principal-protected nor guaranteed. degree of complexity and risk of loss in value and may not be suitable to all investors. The suitability Capital Market Authority. The Capital Market Authority does not make any representation as to the Investors will be required to meet capital calls of investments over an extended period of time. SOURCES: assessment performed by CSLF with respect to this investment will be undertaken based on accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any Failure to do so may traditionally result in the forfeiture of a portion or the entirety of the capital Information and opinions presented in this report have been obtained or derived from sources which information that the investor would have provided to CSLF as at the date of such assessment and in loss arising from, or incurred in reliance upon, any part of this document. Prospective subscribers of account, forego any future income or gains on investments made prior to such default and among in the opinion of CS are reliable, but CS makes no representation as to their accuracy or accordance with Credit Suisse internal policies and processes. It is understood that the English the securities offered hereby should conduct their own due diligence on the accuracy of the other things, lose any rights to participate in future investments or forced to sell their investments at completeness. CS accepts no liability for a loss arising from the use of this report. language will be used in all communication and documentation provided by CS and/or CSLF. By information relating to the securities. If you do not understand the contents of this document you a very low price, much lower than secondary market valuations. Companies or funds may be highly accepting to invest in the product, the investor expressly and irrevocably confirms that he fully should consult an authorized financial adviser. South Africa: This information is being distributed by leveraged and therefore may be more sensitive to adverse business and/or financial developments WEBSITES: understands, and has no objection to the use of the English language. Luxembourg: This report is Credit Suisse AG which is registered as a financial services provider with the Financial Sector or economic factors. Such investments may face intense competition, changing business or This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to distributed by Credit Suisse (Luxembourg) S.A., a duly autho- rized credit institution in the Grand Conduct Authority in South Africa with FSP number 9788 and / or by Credit Suisse (UK) Limited, economic conditions or other developments that may adversely affect their performance. which the report refers to website material of CS, CS has not reviewed the linked site and takes no Duchy of Luxembourg with registered address 5, rue Jean Monnet, L-2180 Luxembourg. Credit which is registered as a financial services provider with the Financial Sector Conduct Authority in responsibility for the content contained therein. Such address or hyperlink (including addresses or Suisse (Luxembourg) S.A. is subject to the prudential supervision of the Luxembourg supervisory South Africa with FSP number 48779. Spain: This document is a marketing material and is provided Interest rate and credit risks hyperlinks to CS’s own website material) is provided solely for your convenience and information and authority, the Commission de Surveillance du Secteur Financier (CSSF). Mexico: This document by Credit Suisse AG, Sucursal en España, legal entity registered at the Comisión Nacional del The retention of value of a bond is dependent on the creditworthiness of the Issuer and/or the content of the linked site does not in any way form part of this report. Accessing such a website represents the view of the person who provides his/her services to C. Suisse Asesoría México, S.A. Mercado de Valores for information purposes. It is exclusively addressed to the recipient for Guarantor (as applicable), which may change over the term of the bond. In the event of default by or following such a link through this report or CS’s website shall be at your own risk. de C.V. (“C. Suisse As- esoría”) and/or Banco Credit Suisse (México), S.A., Institución de Banca personal use only and, according to current regulations in force, by no means can it be considered the Issuer and/or Guarantor of the bond, the bond or any income derived from it is not guaranteed Múltiple, Grupo Financiero Credit Suisse (México) (“Banco CS”) so that both C. Suisse Asesoría and as a security offer, personal investment advice or any general or specific recommendation of and you may get back none of, or less than, what was originally invested. DATA PRIVACY: Banco CS reserve the right to change their mind at any time not assuming any liability in this regard. products or investment strategies with the aim that you perform any operation. 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Except otherwise specified herein, this report is distributed by Credit Suisse AG, a Swiss bank, the stock exchange in which they are listed or through its executive in C. Suisse Asesoría and/or the risk and return preferences of the persons. Whereas, the comments and advices included herein authorized and regulated by the Swiss Financial Market Supervisory Authority Bahrain: This report is Banco CS. Past performance and the various scenarios of existing markets do not guarantee are of general nature. Therefore recommendations may not be suitable for your finan- cial status or From time to time, Investment Solutions & Sustainability may reference previously published distributed by Credit Suisse AG, Bahrain Branch, a branch of Credit Suisse AG, Zurich/Switzerland, present or future yields. In the event that the information contained in this document is incomplete, risk and yield preferences. For this reason, making an investment decision only by relying on the Research articles, including recommendations and rating changes collated in the form of lists. The duly authorized and regulated by the Central Bank of Bahrain (CBB) as an Investment Business incorrect or unclear, please contact your Executive of C. Suisse Asesoría and/or Banco CS as soon information given herein may not give rise to results that fit your expectations. This report is recommendations contained herein are extracts and/or references to previously published Firm Category 2. Related financial services or products are only made available to Accredited as possible. It is possible that this document may suffer modifications without any responsibility for distributed by Credit Suisse Istanbul Menkul Degerler Anonim Sirketi, regulated by the Capital
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