Disclaimer Important information 64 | 65 Markets Board of Turkey, with its registered address at Levazim Mahallesi, Koru Sokak No. 2 Zorlu this material or any other person from the use of or reliance on the information set out in this Commission, and was prepared in compliance with section 16 of the “Code of Conduct for Persons Center Terasevler No. 61 34340 Besiktas/Istanbul-Turkey. United Kingdom: This material is material. None of Credit Suisse or its affiliates (or their respective directors, officers, employees or Licensed by or Registered with the Securities and Futures Commission.” The contents of this distributed by Credit Suisse (UK) Limited. Credit Suisse (UK) Limited, is authorized by the advisers) makes any warranty or representation as to the accuracy, reliability and/or completeness material have not been reviewed by any regulatory authority in Hong Kong. You are advised to Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential of the information set out in this material. The information contained in this material has been exercise caution in relation to any offer. If you are in any doubt about any of the contents of this Regulation Authority. Where this material is distributed into the United Kingdom by an offshore provided as a general market commentary only and does not constitute any form of regulated material, you should obtain independent professional advice. No one may have issued or had in its entity not exempted under the Financial Services and Markets Act 2000 (Financial Promotion) financial advice, legal, tax or other regulated service. Observations and views contained in this possession for the purposes of issue, or issue or have in its possession for the purposes of issue, Order 2005 the following will apply: To the extent communicated in the United Kingdom (“UK”) or material may be different from, or inconsistent with, the observations and views of Credit Suisse’s whether in Hong Kong or elsewhere, any advertisement, invitation or material relating to this capable of having an effect in the UK, this document constitutes a financial promotion which has Research analysts, other divisions or the proprietary positions of Credit Suisse. Credit Suisse is product, which is directed at, or the contents of which are likely to be accessed or read by, the been approved by Credit Suisse (UK) Limited, which is authorized by the Prudential Regulation under no obligation to update, notify or provide any additional information to any person if Credit public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Suisse becomes aware of any inaccuracy, incompleteness or change in the information contained in than where this product is or is intended to be disposed of only to persons outside Hong Kong or for the conduct of investment business in the UK. The registered address of Credit Suisse (UK) the material. To the extent that this material contains statements about future performance, such only to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Limited is Five Cabot Square, London, E14 4QR. Please note that the rules under the UK’s statements are forward looking and subject to a number of risks and uncertainties. Past Hong Kong and any rules made thereunder. SINGAPORE: This material is distributed in Singapore Financial Services and Markets Act 2000 relating to the protection of retail clients will not be performance is not a reliable indicator of future performance. by Credit Suisse AG, Singapore Branch, which is licensed by the Monetary Authority of Singapore applicable to you and that any potential compensation made available to “eligible claimants” under under the Banking Act (Cap. 19) to carry on banking business. This report has been prepared and the UK’s Financial Services Compensation Scheme will also not be available to you. Tax treatment For accounts managed by relationship managers and/or investment consultants of Credit Suisse issued for distribution in Singapore to institutional investors, accredited investors and expert depends on the individual circumstances of each client and may be subject to changes in future. AG, Hong Kong Branch: A Credit Suisse affiliate may have acted upon the information and analysis investors (each as defined under the Financial Advisers Regulations (“FAR”)) only. Credit Suisse AG, contained in this material before being made available to the recipient. A Credit Suisse affiliate may, Singapore Branch may distribute reports produced by its foreign entities or affiliates pursuant to an Important regional disclosure information to the extent permitted by law, participate or invest in other financing transactions with the issuer of arrangement under Regulation 32C of the FAR. Singapore recipients should contact Credit Suisse Pursuant to CVM Resolution No. 20/2021, of February 25, 2021, the author(s) of the report hereby any securities referred to herein, perform services or solicit business from such issuers, or have a AG, Singapore Branch at +65-6212-2000 for matters arising from, or in connection with, this certify(ies) that the views expressed in this report solely and exclusively reflect the personal opinions position or effect transactions in the securities or options thereof. To the fullest extent permitted by report. By virtue of your status as an institutional investor, accredited investor or expert investor, of the author(s) and have been prepared independently, including with respect to Credit Suisse. Part law, Credit Suisse and its affiliates and each of their respective directors, employees and Credit Suisse AG, Singapore Branch is exempted from complying with certain requirements under of the author(s)´s compensation is based on various factors, including the total revenues of Credit consultants do not accept any liability arising from an error or omission in this material or for any the Financial Advisers Act, Chapter 110 of Singapore (the “FAA”), the FAR and the relevant Notices Suisse, but no part of the compensation has been, is, or will be related to the specific recommenda- direct, indirect, incidental, specific or consequential loss and/or damage suffered by the recipient of and Guidelines issued thereunder, in respect of any financial advisory service which Credit Suisse tions or views expressed in this report. In addition, Credit Suisse declares that: Credit Suisse has this material or any other person from the use of or reliance on the information set out in this AG, Singapore branch may provide to you. These include exemptions from complying with: provided, and/or may in the future provide investment banking, brokerage, asset management, material. None of Credit Suisse or its affiliates (or their respective directors, officers, employees or commercial banking and other financial services to the subject company/companies or its affiliates, advisers) makes any warranty or representation as to the accuracy, reliability and/ or completeness (i) Section 25 of the FAA (pursuant to Regulation 33(1) of the FAR for which they have received or may receive customary fees and commissions, and which of the information set out in this material. The information contained in this material has been (ii) Section 27 of the FAA (pursuant to Regulation 34(1) of the FAR); and constituted or may constitute relevant financial or commercial interests in relation to the subject provided as a general market commentary only and does not constitute any form of legal, tax or (iii) Section 36 of the FAA (pursuant to Regulation 35(1) of the FAR). company/companies or the subject securities. other regulated service. Observations and views contained in this material may be different from, or inconsistent with, the observations and views of Credit Suisse’s Research analysts, other divisions Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising UNITED STATES: NEITHER THIS REPORT NOR ANY COPY THEREOF MAY BE SENT, TAKEN or the proprietary positions of Credit Suisse. Credit Suisse is under no obligation to update, notify or from, or in connection with, this material. If you have any queries/objections relating to the receipt of INTO OR DISTRIBUTED IN THE UNITED STATES OR TO ANY US PERSON (within the meaning provide any additional information to any person if Credit Suisse becomes aware of any inaccuracy, marketing materials from us, please contact our Data Protection Officer at dataprotectionofficer. of Regulation S under the US Securities Act of 1933, as amended). incompleteness or change in the information contained in the material. To the extent that this [email protected] material contains statements about future performance, such statements are forward looking and (for Credit Suisse AG, HK Branch) or [email protected] (for Credit Suisse AG, SG APAC – IMPORTANT NOTICE subject to a number of risks and uncertainties. Past performance is not a reliable indicator of future Branch) or [email protected] (for Credit Suisse AG, Sydney Branch). The information provided herein constitutes marketing material; it is not investment research. For all, performance. For all: This material is not directed to, or intended for distribution to or use by, any except accounts managed by relationship managers and/or investment consultants of Credit Suisse person or entity who is a citizen or resident of, or is located in, any jurisdiction where such The entire contents of this document are protected by copyright law (all rights reserved). This AG, Hong Kong Branch: This material has been prepared by Credit Suisse AG (“Credit Suisse”) as distribution, publication, availability or use would be contrary to applicable law or regulation, or which document or any part thereof may not be reproduced, transmitted (electronically or otherwise), general information only. This material is not and does not purport to provide substantive research or would subject Credit Suisse and/or its subsidiaries or affiliates to any registration or licensing altered or used for public or commercial purposes, without the prior written permission of Credit analysis and, accordingly, is not investment research or a research recommendation for regulatory requirement within such jurisdiction. Materials have been furnished to the recipient and should not Suisse. © 2022, Credit Suisse Group AG and/or its affiliates. All rights reserved. Credit Suisse AG purposes. It does not take into account the financial objectives, situation or needs of any person, be redistributed without the express prior written consent of Credit Suisse. For further information, (Unique Entity Number in Singapore: S73FC2261L) is incorporated in Switzerland with limited which are necessary considerations before making any investment decision. The information please contact your Relationship Manager. To the extent that this material contains an appendix liability. provided is not intended to provide a sufficient basis on which to make an investment decision and is comprising research reports, the following additional notice applies to such appendix. not a personal recommendation or investment advice. Credit Suisse makes no representation as to 22C014A_IS the suitability of the products or services specified in this material for any particular investor. It does ADDITIONAL IMPORTANT NOTICE FOR APPENDIX not constitute an invitation or an offer to any person to subscribe for or purchase any of the products The reports in the Appendix (“Reports”) have been authored by members of the Credit Suisse or services specified in this material or to participate in any other transactions. The only legally Research department, and the information and opinions expressed therein were as of the date of binding terms are to be found in the applicable product documentation or specific contracts and writing and are subject to change without notice. Views expressed in respect of a particular security confirmations prepared by Credit Suisse. For accounts managed by relationship managers and/or in the Reports may be different from, or inconsistent with, the observations and views of the Credit investment consultants of Credit Suisse AG, Hong Kong Branch: This material has been prepared Suisse Research department of the Investment Banking division due to the differences in evaluation by Credit Suisse AG (“Credit Suisse”) as general information only. This material is not and does not criteria. These Reports have been previously published by Credit Suisse Research on the web: purport to provide substantive research or analysis and, accordingly, is not investment research for regulatory purposes. It does not take into account the financial objectives, situation or needs of any Credit Suisse does and seeks to do business with companies covered in its research reports. As a person, which are necessary considerations before making any investment decision. Credit Suisse result, investors should be aware that Credit Suisse may have a conflict of interest that could affect makes no representation as to the appropriateness of the products or services specified in this the objectivity of these Reports. material for any particular investor. It does not constitute an invitation or an offer to any person to subscribe for or purchase any of the products or services specified in this material or to participate For all, except accounts managed by relationship managers and/or investment consultants of Credit in any other transactions. The only legally binding terms are to be found in the applicable product Suisse AG, Hong Kong Branch: Credit Suisse may not have taken any steps to ensure that the documentation or specific contracts and confirmations prepared by Credit Suisse. For all: In connec- securities referred to in these Reports are suitable for any particular investor. Credit Suisse will not tion with the products specified in this material, Credit Suisse and/or its affiliates may: treat recipients of the Reports as its customers by virtue of their receiving the Reports. For accounts managed by relationship managers and/or investment consultants of Credit Suisse AG, Hong Kong (i) h ave had a previous role in arranging or providing financing to the subject entities; Branch: Credit Suisse may not have taken any steps to ensure that the securities referred to in (ii) be a counterparty in any subsequent transaction in connection with the subject entities; or these Reports are appropriate for any particular investor. Credit Suisse will not treat recipients of the (iii) pay, or may have paid, or receive, or may have received, one-time or recurring Reports as its customers by virtue of their receiving the Reports. For all: For a discussion of the remuneration from the entities specified in this material, as part of its/their compensa- risks of investing in the securities mentioned in the Reports, please refer to the following Internet tion. These payments may be paid to or received from third parties. link: https://investment.credit-suisse.com/re/riskdisclosure/ Credit Suisse and/or its affiliates (including their respective officers, directors and employees) may For information regarding disclosure information on Credit Suisse Investment Banking rated be, or may have been, involved in other transactions with the subject entities specified in this companies mentioned in this report, please refer to the Investment Banking division disclosure site material or other parties specified in this material which are not disclosed in this material. Credit at: https://rave.credit-suisse.com/disclosures/ Suisse, for itself and on behalf of each of its affiliates, reserves the right to, provide and continue to provide services, and deal and continue to deal with the subject entities of the products specified in For further information, including disclosures with respect to any other issuers, please refer to the this material or other parties in connection with any product specified in this material. Credit Suisse Credit Suisse Global Research Disclosure site at: https://www.credit-suisse.com/disclosure/ or its affiliates may also hold, or may be holding, trading positions in the share capital of any of the subject entities specified in this material. AUSTRALIA This material is distributed in Australia by Credit Suisse AG, Sydney Branch solely for information purposes only to persons who are “wholesale clients” (as defined by section 761G(7) of For all, except accounts managed by relationship managers and/or investment consultants of Credit the Corporations Act). Credit Suisse AG, Sydney Branch does not guarantee the performance of, Suisse AG, Hong Kong Branch: A Credit Suisse affiliate may have acted upon the information and nor make any assurances with respect to the performance of any financial product referred herein. analysis contained in this material before being made available to the recipient. A Credit Suisse In Australia, Credit Suisse Group entities, other than Credit Suisse AG, Sydney Branch, are not affiliate may, to the extent permitted by law, participate or invest in other financing transactions with authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Cth.) and their the issuer of any securities referred to herein, perform services or solicit business from such issuers, obligations do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch. Credit or have a position or effect transactions in the securities or options thereof. To the fullest extent Suisse AG, Sydney Branch does not guarantee or otherwise provide assurance in respect of the permitted by law, Credit Suisse and its affiliates and each of their respective directors, employees obligations of such Credit Suisse entities or the funds. HONG KONG: This material is distributed in and consultants do not accept any liability arising from an error or omission in this material or for any Hong Kong by Credit Suisse AG, Hong Kong Branch, an Authorized Institution regulated by the direct, indirect, incidental, specific or consequential loss and/or damage suffered by the recipient of Hong Kong Monetary Authority and a Registered Institution regulated by the Securities and Futures