Overview. Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund B RUB 51. Overview

Transcription

1 Fund Factbook Swiss Market Data as at March 2016

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3 Overview Overview Contents 3 Fund Performance 6 Credit Suisse Select Fund Credit Suisse (CH) 130/30 Swiss Equity Fund B CHF 11 Credit Suisse Equity Fund Credit Suisse (CH) Small and Mid Cap Equity Fund B 13 Credit Suisse (CH) Swiss Blue Chips Equity Fund B 15 Credit Suisse Select Fund Credit Suisse (CH) Swiss Real Estate Securities Fund A 17 Credit Suisse (CH) Swiss Real Estate Securities Fund IB 19 Credit Suisse Equity Fund Credit Suisse (CH) Swissac Equity Fund B 21 Credit Suisse SICAV Credit Suisse (Lux) Asia Consumer Equity Fund B 23 Credit Suisse (Lux) Asia Consumer Equity Fund BH CHF 25 Credit Suisse (Lux) Asia Consumer Equity Fund BH EUR 27 Credit Suisse (Lux) Asian Equity Dividend Plus Fund B 29 Credit Suisse (Lux) Asian Equity Dividend Plus Fund IB 31 Credit Suisse Fund Credit Suisse (Lux) Commodity Index Plus Fund B 33 Credit Suisse (Lux) Commodity Index Plus Fund BH EUR 34 Credit Suisse (Lux) Commodity Index Plus Fund IB 35 Credit Suisse (Lux) Commodity Index Plus Fund IBH EUR 36 Credit Suisse SICAV One Credit Suisse (Lux) European Dividend Plus Equity Fund B EUR 37 Credit Suisse (Lux) Japan Value Equity Fund B JPY 39 Credit Suisse (Lux) European Dividend Plus Equity Fund BH CHF 41 Credit Suisse (Lux) European Dividend Plus Equity Fund IB EUR 43 Credit Suisse Equity Fund Credit Suisse (Lux) Small and Mid Cap Europe Equity Fund B EUR 45 Credit Suisse (Lux) USA Growth Opportunities Equity Fund B 47 Credit Suisse (Lux) USA Growth Opportunities Equity Fund BH EUR 49 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund B RUB 51 Credit Suisse Equity Fund Credit Suisse (Lux) USA Growth Opportunities Equity Fund IB 53 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund B 55 Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund B EUR 57 Credit Suisse Prime Select Trust CSPST (Lux) Multi Strategy 59 Credit Suisse Equity Fund Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund B EUR 60 Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund IB EUR 62 Credit Suisse (Lux) USA Value Equity Fund B 64 Credit Suisse (Lux) USA Value Equity Fund BH EUR 66 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund BH EUR 68 Credit Suisse Equity Fund Credit Suisse (Lux) USA Value Equity Fund IB 70 Credit Suisse Prime Select Trust CSPST (Lux) Global Equities Long/Short B 72 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund IB 73 Credit Suisse Solutions Credit Suisse (Lux) Prima Multi-Strategy Fund B EUR 75 Credit Suisse (Lux) Prima Multi-Strategy Fund BH GBP 76 Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund IB EUR 77 3

4 Contents Funds distributed in Credit Suisse Solutions Credit Suisse (Lux) Prima Multi-Strategy Fund FBH GBP 79 Credit Suisse (Lux) Prima Multi-Strategy Fund FBH 80 Credit Suisse SICAV One Credit Suisse (Lux) Eurozone Active Opportunities Equity Fund B EUR 81 Credit Suisse Equity Fund Credit Suisse (Lux) Italy Equity Fund B EUR 83 Credit Suisse (Lux) Italy Equity Fund IB EUR 85 Credit Suisse SICAV One Credit Suisse (Lux) Global Emerging Market ILC Equity Fund IB 123 Credit Suisse SICAV Credit Suisse (Lux) Infrastructure Equity Fund IB 125 Credit Suisse SICAV One Credit Suisse (Lux) Global Emerging Market Property Equity Fund B 127 Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH CHF 129 Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH EUR 131 Credit Suisse SICAV Credit Suisse (Lux) Global Biotech Innovators Equity Fund B 87 Credit Suisse (Lux) Global Biotech Innovators Equity Fund BH EUR 89 Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund B 91 Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund IB 93 Credit Suisse Equity Fund Credit Suisse (Lux) Global Value Equity Fund B EUR 95 Credit Suisse (Lux) Global Value Equity Fund BH CHF 97 Credit Suisse SICAV Credit Suisse (Lux) Global Biotech Innovators Equity Fund IB 99 Credit Suisse Equity Fund Credit Suisse (Lux) Global Value Equity Fund BH CZK 101 Credit Suisse (Lux) Global Value Equity Fund BH 103 Credit Suisse (Lux) Global Value Equity Fund IB EUR 105 Credit Suisse SICAV One Credit Suisse (Lux) Global Dividend Plus Equity Fund B 107 Credit Suisse (Lux) Global Dividend Plus Equity Fund BH CHF 109 Credit Suisse (Lux) Global Dividend Plus Equity Fund IB 111 Credit Suisse (Lux) Global Dividend Plus Equity Fund IBH CHF 113 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund B 115 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund BH EUR 117 Credit Suisse SICAV Credit Suisse (Lux) Global Energy Winners Equity Fund B 133 Credit Suisse (Lux) Global Energy Winners Equity Fund BH EUR 135 Credit Suisse SICAV One Credit Suisse (Lux) Global Security Equity Fund BH EUR 137 Credit Suisse (Lux) Global Security Equity Fund BH CHF 139 Credit Suisse Fund Credit Suisse (Lux) Global Responsible Equity Fund B EUR 141 Credit Suisse SICAV One Credit Suisse (Lux) Global Security Equity Fund B 143 Credit Suisse Fund Credit Suisse (Lux) Global Responsible Equity Fund IB EUR 145 Information Glossary 148 Factsheet Explained 150 Where to find the current prices of our funds 152 Important Information 153 Contacts 156 Credit Suisse SICAV Credit Suisse (Lux) Infrastructure Equity Fund B 119 Credit Suisse (Lux) Infrastructure Equity Fund BH EUR 121 4

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6 Fund Performance as of Fund Name Credit Suisse Select Fund Fund currency* Total return in % as of * Fund Fund currency currency CHF CHF 1 year 3 years 1 year 3 years Risk in fund currency % 3 years** Page Credit Suisse (CH) 130/30 Swiss Equity Fund B CHF CHF Credit Suisse Equity Fund Credit Suisse (CH) Small and Mid Cap Equity Fund B CHF Credit Suisse (CH) Swiss Blue Chips Equity Fund B CHF Credit Suisse Select Fund Credit Suisse (CH) Swiss Real Estate Securities Fund A CHF Credit Suisse (CH) Swiss Real Estate Securities Fund IB CHF Credit Suisse Equity Fund Credit Suisse (CH) Swissac Equity Fund B CHF Credit Suisse SICAV Credit Suisse (Lux) Asia Consumer Equity Fund B Credit Suisse (Lux) Asia Consumer Equity Fund BH CHF CHF Credit Suisse (Lux) Asia Consumer Equity Fund BH EUR EUR Credit Suisse (Lux) Asian Equity Dividend Plus Fund B Credit Suisse (Lux) Asian Equity Dividend Plus Fund IB Credit Suisse Fund Credit Suisse (Lux) Commodity Index Plus Fund B Credit Suisse (Lux) Commodity Index Plus Fund BH EUR EUR Credit Suisse (Lux) Commodity Index Plus Fund IB Credit Suisse (Lux) Commodity Index Plus Fund IBH EUR EUR Credit Suisse SICAV One Credit Suisse (Lux) European Dividend Plus Equity Fund B EUR EUR Credit Suisse (Lux) Japan Value Equity Fund B JPY JPY Credit Suisse (Lux) European Dividend Plus Equity Fund BH CHF CHF Credit Suisse (Lux) European Dividend Plus Equity Fund IB EUR EUR Credit Suisse Equity Fund Credit Suisse (Lux) Small and Mid Cap Europe Equity Fund B EUR EUR Credit Suisse (Lux) USA Growth Opportunities Equity Fund B

7 Overview Fund Name Fund currency* Total return in % as of * Fund Fund currency currency CHF CHF 1 year 3 years 1 year 3 years Risk in fund currency % 3 years** Page Credit Suisse (Lux) USA Growth Opportunities Equity Fund BH EUR EUR Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund B RUB RUB Credit Suisse Equity Fund Credit Suisse (Lux) USA Growth Opportunities Equity Fund IB Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund B Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund B EUR EUR Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund B EUR EUR Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund IB EUR EUR Credit Suisse (Lux) USA Value Equity Fund B Credit Suisse (Lux) USA Value Equity Fund BH EUR EUR Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund BH EUR EUR Credit Suisse Equity Fund Credit Suisse (Lux) USA Value Equity Fund IB Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund IB Credit Suisse Solutions Credit Suisse (Lux) Prima Multi-Strategy Fund B EUR EUR Credit Suisse (Lux) Prima Multi-Strategy Fund BH GBP GBP Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund IB EUR EUR Credit Suisse Solutions Credit Suisse (Lux) Prima Multi-Strategy Fund FBH GBP GBP Credit Suisse (Lux) Prima Multi-Strategy Fund FBH Credit Suisse SICAV One Credit Suisse (Lux) Eurozone Active Opportunities Equity Fund B EUR EUR

8 Fund Performance as of Fund Name Credit Suisse Equity Fund Fund currency* Total return in % as of * Fund Fund currency currency CHF CHF 1 year 3 years 1 year 3 years Risk in fund currency % 3 years** Page Credit Suisse (Lux) Italy Equity Fund B EUR EUR Credit Suisse (Lux) Italy Equity Fund IB EUR EUR Credit Suisse SICAV Credit Suisse (Lux) Global Biotech Innovators Equity Fund B Credit Suisse (Lux) Global Biotech Innovators Equity Fund BH EUR EUR Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund B Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund IB Credit Suisse Equity Fund Credit Suisse (Lux) Global Value Equity Fund B EUR EUR Credit Suisse (Lux) Global Value Equity Fund BH CHF CHF Credit Suisse SICAV Credit Suisse (Lux) Global Biotech Innovators Equity Fund IB Credit Suisse Equity Fund Credit Suisse (Lux) Global Value Equity Fund BH CZK CZK Credit Suisse (Lux) Global Value Equity Fund BH Credit Suisse (Lux) Global Value Equity Fund IB EUR EUR Credit Suisse SICAV One Credit Suisse (Lux) Global Dividend Plus Equity Fund B Credit Suisse (Lux) Global Dividend Plus Equity Fund BH CHF CHF Credit Suisse (Lux) Global Dividend Plus Equity Fund IB Credit Suisse (Lux) Global Dividend Plus Equity Fund IBH CHF CHF Credit Suisse (Lux) Global Emerging Market ILC Equity Fund B Credit Suisse (Lux) Global Emerging Market ILC Equity Fund BH EUR EUR Credit Suisse SICAV Credit Suisse (Lux) Infrastructure Equity Fund B Credit Suisse (Lux) Infrastructure Equity Fund BH EUR EUR

9 Overview Fund Name Credit Suisse SICAV One Fund currency* Total return in % as of * Fund Fund currency currency CHF CHF 1 year 3 years 1 year 3 years Risk in fund currency % 3 years** Page Credit Suisse (Lux) Global Emerging Market ILC Equity Fund IB Credit Suisse SICAV Credit Suisse (Lux) Infrastructure Equity Fund IB Credit Suisse SICAV One Credit Suisse (Lux) Global Emerging Market Property Equity Fund B Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH CHF CHF Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH EUR EUR Credit Suisse SICAV Credit Suisse (Lux) Global Energy Winners Equity Fund B Credit Suisse (Lux) Global Energy Winners Equity Fund BH EUR EUR Credit Suisse SICAV One Credit Suisse (Lux) Global Security Equity Fund BH EUR EUR Credit Suisse (Lux) Global Security Equity Fund BH CHF CHF Credit Suisse Fund Credit Suisse (Lux) Global Responsible Equity Fund B EUR EUR Credit Suisse SICAV One Credit Suisse (Lux) Global Security Equity Fund B Credit Suisse Fund Credit Suisse (Lux) Global Responsible Equity Fund IB EUR EUR

10 Fund Performance as of Fund Name Credit Suisse Prime Select Trust Fund currency* Total return in % as of * Fund Fund currency currency CHF CHF 1 year 3 years 1 year 3 years Risk in fund currency % 3 years** Page CSPST (Lux) Multi Strategy CSPST (Lux) Global Equities Long/Short B * Source: Lipper Schweiz AG ** Annualized average volatility in % over the last 3 years. *** The stated yield calculations are based on net asset values. **** The stated yield calculations are based on stock prices. ***** The track record before the launch period refers to the existing product, wich is managed according to the same investment process and guidelines. Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. 10

11 Risk profile (SRRI) 1) CS (CH) 130/30 Swiss Equity Fund Class B CHF Investment policy The fund targets its investments on equities of companies that are domiciled in or are included in the SPI. Criteria for stock selection include the valuation of the company, the business climate, the company`s positioning and the quality of its management. The aim is to outperform the SPI over the long term. Fluctuations in the value of the fund units may differ substantially from those in the SPI. The long exposure can go up to 130% and the short exposure to -30%. Fund facts Fund manager Marcel Schibli Fund manager since Location Zurich Fund domicile Fund currency CHF Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.67 Benchmark (BM) SPI (TR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency CHF ISIN CH Bloomberg ticker CSEQSSA SW Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Net performance in CHF (rebased to 100) and yearly performance 2) CS (CH) 130/30 Swiss Equity Fund B CHF SPI (TR) Purchases Sales Lafargeholcim Reg Nestle Reg Cs Group Reg Roche Holding Cert Barry Callebaut Reg Swiss Reinsurance - Novartis Reg - Sika Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Health Care Consumer Staples Industrials Financials Materials Information Technology 7.25 Consumer Discretionary 6.30 Cash/Cash Equivalents 1.12 Others years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Risk Exposure Maximum Portfolio Long Equity 130.0% 129.3% Short Equity 30.0% 29.9% Investment Degree 100.0% 99.4% Total Exposure 160.0% 159.2% Top 10 Holdings in % 80% 60% 40% 20% 0% -20% Nestle SA Roche Holding AG Novartis AG UBS Group AG 5.07 Syngenta AG 4.46 Actelion 3.10 ABB 3.00 Zurich Financial Services AG 2.96 Cie Financiere Richemont 2.88 Partners Group Holding AG 2.69 Total Credit Suisse Select Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 11

12 Credit Suisse (CH) 130/30 Swiss Equity Fund Class B CHF Review previous quarter 4) Equity markets were quite volatile in the first quarter of Weaker-than-expected economic data, low oil prices, pressure on European banks and uncertainty about the US Federal Reserve s (Fed) monetary policy led equity markets to record significant losses in the first six weeks of this year. Until February 11th, the Swiss Performance Index (SPI) lost 14.4%. Improved macro data, notably in the US, a Outlook for the market 4) Central bank support should lead to better liquidity conditions. Latest US data indicate that fears of a more pronounced US economic slowdown are exaggerated. Going forward, the US economy should remain fairly robust, though still driven mainly by consumer spending rather than by investment. Eurozone industrial production rebounded significantly, indicating that first quarter 2016 GDP growth may accelerate compared to the fourth quarter of However, inflation and loan growth weakened again. We continue to expect the Chinese economy to slow further this year. The value cases for worldwide equities have been supportive announcement by the European Central Bank and a dovish stance taken by the Fed helped equity markets to recover as fears of a global recession abated. However the SPI closed the quarter 8.5% lower and was weaker than a lot of other stock markets. While Swiss small and mid caps lost only 0.28%, large caps declined 10.2%. After a weak start reduced following the recent rally, suggesting relatively limited upside unless economic data provides positive surprises. As regard to the Swiss equity market, we remain relatively constructive. The forward looking dividend yield is at an attractive 3.6%. Despite negative earnings revisions the stock market has become slightly less expensive since the end of At the end of the first quarter of 2016 the P/E stands at 16.3 compared to 16.8 three months ago. The equity risk premium rose more than 50bps to 6.56%. The current reading is 50bps more than the average of the last ten into the year, the cyclical cluster outperformed the market massively in the second half of the first quarter and was the only cluster that closed the time period with an absolute plus (+0.7%). Medium-cyclicals (-0.7%) also outperformed. While defensives and insurances slightly underperformed, banks were by far the weakest cluster, losing on average 21.3%. years. This high value also indicates that equity is still attractive compared to bonds. As we expect the current very low interest rate environment to persist for quite a while, we see this as a supportive factor for equities. On a medium term view we acknowledge the need for rising corporate earnings to give the stock market further upside. Economic indicators will keep on sending inconsistent signals. This together with political uncertainties (e.g. Brexit vote on June 23) will most likely lead to further volatility in markets in Portfolio Management Mr Schibli obtained a bank apprenticeship at Swiss Bank Corporation before working in the securities department (including a traineeship in London) for six years. In 1983 he joined the Gewerbebank, becoming Head of Trading/Investment advising/emission in Prior to joining the Swiss equities sales team at Credit Suisse First Boston, he was Head of the Swiss equities sales team in another major Swiss bank. He finally joined the advisory and execution desk at CSAM in Since April 2000 he has been a Portfolio Manager for Swiss equities. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 12

13 Class B Risk profile (SRRI) 1) CS (CH) Small and Mid Cap Equity Fund Investment policy The fund s investment objective is long-term capital growth through investments in a diversified portfolio of Swiss small and mid-cap stocks. Investments are guided by the SPI EXTRA Index (Small & Mid Caps). Preference is given to shares indicating above-average value growth. In addition to company valuation, key assessment criteria include the economic climate, the company s market positioning and management quality. Fund facts Fund manager Patrik Carisch Fund manager since Location Zurich Fund domicile Fund currency CHF Close of financial year 30. Sep Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.68 Benchmark (BM) SPI EXTRA (TR) (10/05) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency CHF ISIN CH Bloomberg ticker CSEQSMS SW Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Net performance in CHF (rebased to 100) and yearly performance 2) CS (CH) Small and Mid Cap Equity Fund B SPI EXTRA (TR) (10/05) Purchases Sales Helvetia Holding Swiss Life Reg - Siegfried Holding Reg Valora Holding Reg Dufry Sunrise Communications Group Aryzta Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 50% 40% 30% 20% 10% 0% -10% -20% -30% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Industrials Financials Health Care Information Technology Materials Consumer Staples 8.72 Consumer Discretionary 8.07 Telecommunication Services 1.36 Cash/Cash Equivalents years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Top 10 Holdings in % Sika 5.69 Lonza 5.50 Partners Group Holding AG 5.32 Lindt & Sprüngli 5.11 Schindler Holding PC 4.60 Sonova Holding AG 4.00 Clariant 3.80 Baloise 3.39 Schweiter Tech Aryzta 2.98 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 13

14 Credit Suisse (CH) Small and Mid Cap Equity Fund Class B Review previous quarter 4) Outlook for the market 4) Central bank support should lead to better liquidity conditions. Latest US data indicate that fears of a more pronounced US economic slowdown are exaggerated. Going forward, the US economy should remain fairly robust, though still driven mainly by consumer spending rather than by investment. Eurozone industrial production rebounded significantly, indicating that first quarter 2016 GDP growth may accelerate compared to the fourth quarter of However, inflation and loan growth weakened again. We continue to expect the Chinese economy to slow further this year. The value cases for worldwide equities have been reduced following the recent rally, suggesting relatively limited upside unless economic data provides positive surprises. As regard to the Swiss equity market, we remain relatively constructive. The forward looking dividend yield is at an attractive 3.6%. Despite negative earnings revisions the stock market has become slightly less expensive since the end of At the end of the first quarter of 2016 the P/E stands at 16.3 compared to 16.8 three months ago. The equity risk premium rose more than 50bps to 6.56%. The current reading is 50bps more than the average of the last ten years. This high value also indicates that equity is still attractive compared to bonds. As we expect the current very low interest rate environment to persist for quite a while, we see this as a supportive factor for equities. On a medium term view we acknowledge the need for rising corporate earnings to give the stock market further upside. Economic indicators will keep on sending inconsistent signals. This together with political uncertainties (e.g. Brexit vote on June 23) will most likely lead to further volatility in markets in Portfolio Management Patrik Carisch, Managing Director, is Head of Swiss Equities at Credit Suisse Asset Management in Zurich. Mr. Carisch earned a BBA from the Business School of Zurich and is an EFFAS (European Federation of Financial Analysts Societies) Financial Analyst. He joined the Credit Suisse Group in 1985 as an equity research analyst covering several Swiss sectors, as well as Germany and Scandinavia. In October 1993, he transferred to Asset Management. Since 1993, he has managed the CS Equity Fund (CH) Swissac. Mr. Carisch also manages the CSA Equity. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 14

15 Risk profile (SRRI) 1) CS (CH) Swiss Blue Chips Equity Fund Class B Investment policy Launched in 1949, the fund gives investors access to the Swiss equity market. The broadly diversified portfolio is geared to long-term value growth, its performance benchmark being the SPI. Preference is given to big-cap stocks. Stock selection is based on criteria such as company valuation, business climate, market positioning and management quality. Fund facts Fund manager Urs Kunz Fund manager since Location Zurich Fund domicile Fund currency CHF Close of financial year 30. Sep Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.66 Benchmark (BM) SPI (TR) (07/06) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency CHF ISIN CH Bloomberg ticker CRSASWI SW Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Net performance in CHF (rebased to 100) and yearly performance 2) CS (CH) Swiss Blue Chips Equity Fund B SPI (TR) (07/06) Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Health Care Financials Consumer Staples Industrials Materials Consumer Discretionary Information Technology Telecommunication Services Cash/Cash Equivalents Currencies in % CHF Countries in % % 60% 40% 20% 0% -20% Cash/Cash Equivalents 0.76 Credit Suisse Equity Fund 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Purchases Lafargeholcim Reg The Swatch Group Abb Reg Zurich Insurance Group Reg Ubs Group Sales Swiss Reinsurance Nestle Reg Roche Holding Cert Novartis Reg Baloise-Holding Reg Top 10 Holdings in % Nestle SA Roche Holding AG Novartis AG UBS Group AG 5.17 Syngenta AG 3.62 Zurich Financial Services AG 3.59 Cie Financiere Richemont 2.96 ABB 2.93 Actelion 1.98 CS Group 1.84 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 15

16 Credit Suisse (CH) Swiss Blue Chips Equity Fund Class B Review previous quarter 4) Equity markets were quite volatile in the first quarter of Weaker-than-expected economic data, low oil prices, pressure on European banks and uncertainty about the US Federal Reserve s (Fed) monetary policy led equity markets to record significant losses in the first six weeks of this year. Until February 11 the Swiss Performance Index (SPI) lost 14.4%. Improved macro data, notably in the US, a Outlook for the market 4) Central bank support should lead to better liquidity conditions. Latest US data indicate that fears of a more pronounced US economic slowdown are exaggerated. Going forward, the US economy should remain fairly robust, though still driven mainly by consumer spending rather than by investment. Eurozone industrial production rebounded significantly, indicating that first quarter 2016 GDP growth may accelerate compared to the fourth quarter of However, inflation and loan growth weakened again. We continue to expect the Chinese economy to slow further this year. The value cases for worldwide equities have been supportive announcement by the European Central Bank and a dovish stance taken by the Fed helped equity markets to recover as fears of a global recession abate. However the SPI closed the quarter 8.5% lower and was weaker than a lot of other stock markets. While small and mid caps lost only 0.28%, large caps declined 10.2%. After a weak start into reduced following the recent rally, suggesting relatively limited upside unless economic data provides positive surprises. As regard to the Swiss equity market, we remain relatively constructive. The forward looking dividend yield is at an attractive 3.6%. Despite negative earnings revisions, the stock market got slightly less expensive since the end of At the end of the first quarter of 2016 the P/E stands at 16.3 compared to 16.8 three months ago. The equity risk premium rose more than 50 bps to 6.56%. The current reading is 50 bps more than the average of the last ten years. the year, the cyclical cluster outperformed the market massively in the second half of the first quarter and was the only cluster that closed the time period with an absolute plus (+0.7%). Also clearly outperforming were medium-cyclicals (-0.7%). While defensives and insurances slightly underperformed, banks were by far the weakest cluster (-21.3%). This high value also indicates that equities are still attractive compared to bonds. As we expect the current very low interest rate environment to persist for quite a while, we see this as a supportive factor for equities. On a medium term view we acknowledge the need for rising corporate earnings to give the stock market further upside. Economic indicators will keep on sending inconsistent signals. This, together with political uncertainties (e.g. Brexit vote on June 23), will most likely lead to further volatility in markets in Portfolio Management Urs Kunz, Director, graduated from the University of St. Gallen with a Master in Business Administration. He started his career as a financial analyst for North American equities and bonds, before joining the research department for Swiss equities at Credit Suisse First Boston. For eight years he was responsible for various sectors (with particular focus on the transport industry) in and Europe, and for two years headed the capital goods industry research team. Thereafter he transferred to Swiss Re New Markets as a financial analyst for alternative risk transfer. In December 1999 he joined CSAM as a buy-side analyst/portfolio manager for Swiss equities. Mr. Kunz is head of the Swiss Equities team and manages the CS Equity Fund (CH) Swiss Blue Chips and the CSIMF Equity funds. Additionally, he co-manages the CS EF (CH) Swiss Dividend Plus fund. Mr. Kunz is a Certified EFFAS Financial Analyst. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 16

17 CS (CH) Swiss Real Estate Securities Fund Class A Risk profile (SRRI) 1) Investment policy The broadly diversified portfolio (25 30 securities) consists of funds and equities from the Swiss real estate sector, with the SXI Swiss Real Estate TR Index serving as the performance benchmark. The real estate funds are exchange-traded and invest predominantly in residential properties in. The real estate equities are also traded on the stock exchange and invest almost exclusively in office buildings and retail space in. Fund facts Fund manager Christoph Bieri, Christoph Knecht Fund manager since , Location Zurich, Zurich Fund domicile Fund currency CHF Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.69 Benchmark (BM) SXI Swiss Real Estate (TR) Swinging single pricing (SSP) 3) Yes Unit Class Category A (distribution) Unit class currency CHF ISIN CH Valor no Net asset value (NAV) Last distribution Distribution value 0.22 EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Net performance in CHF (rebased to 100) and yearly performance 2) CS (CH) Swiss Real Estate Securities Fund A SXI Swiss Real Estate (TR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Types of property in % Geographical breakdown in % 50% 40% 30% 20% 10% 0% -10% Office and retail Residential Commercial and other use Region Zurich Region Central Region Western Region Eastern 6.90 Region Berne 6.80 Region Southern 2.70 Abroad 0.00 Credit Suisse Select Fund Sectors in % Fund Benchmark Real estate funds Corporations Cash/Cash Equivalents years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Top 5 Holdings in % UBS Swiss Mixed Sima Swiss Prime Site AG PSP Swiss Property CS RE Fd Siat 7.10 UBS SWISS Res Anfos 5.80 Allreal Holding AG 5.58 CS Real Estate Living Plus 4.83 Mobimo Hld. AG 4.53 Schroder Immo Plus 4.38 CS RE Fd Interswiss 3.80 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 17

18 Credit Suisse (CH) Swiss Real Estate Securities Fund Class A Review previous quarter 4) Financial market turbulence and concerns that monetary policy could be approaching its limits are currently in focus. The economic outlook of most developed countries has dampened slightly, while for emerging markets it remains weak. Under these circumstances, central banks tried to ease off the financial markets. In the SNB left interest rates unchanged as the CHF was stable against the EUR. Therefore, the Outlook for the market 4) We expect economic growth to remain subdued. With a growth rate of 1%, it will continue to lie well below potential in 2016 and even be negative on a per capita basis in view of the rising population. While the improved economy abroad is exerting a positive impact on the demand for exports, many companies will still find themselves struggling with severe margin pressure as they attempt to defend market positions. Without a marked depreciation of the CHF given the additional monetary easing in the Eurozone we consider this to be unlikely there will be no broad based recovery in exports. There are also no strong growth impulses for the domestic interest level in CHF remains at very low levels. The 3-month Libor is -0.76% and the 10-year government bond yield is -0.35%. Real estate funds (+3.8%) as well as the real estate companies (+6.7%) had a good start to the year. Increasing uncertainties due to volatile financial markets and the fear of rising negative interest rates led to a steady inflow of new money economy. Nevertheless, the continued high level of immigration, ongoing increase in purchasing power and favorable lending rates are having a stabilizing effect, thereby averting the risk of recession. Construction of rental apartments has been consolidating at a high level over the last year. Despite high immigration the additional supply is not going to be absorbed. Therefore, we expect slightly increasing vacancy rates, especially in peripheral areas. Although decent investment opportunities have become even more scarce since the beginning of the year, planning for into the indirect real estate segment. In addition, annual results of Swiss real estate companies were solid and generally fulfilled market expectations. Concerning dividend payments, a majority of firms were able to increase their payments. This underlines the attractiveness of the real estate segment. new office space continues to hover around the long-term average. In light of the muted trend in office employment, the sharp increase in supply in recent years as well as high vacancies, the reduction in planning is a welcome development. Since many new construction projects are only just coming to market, finding tenants for new and existing offices is likely to remain challenging. The difference between CHF bond and indirect real estate yields stands at a record level of 3%. This shows that real estate investments are still a very attractive investment. Portfolio Management Christoph Bieri received his master's degree in economics and business administration from the University of Berne in 1990 and holds a real estate agent certificate from the canton of Berne. After his studies he worked for 3 years at the Swiss Federal Bureau for Statistics, managing various projects. From 1994 to 1999 Christoph Bieri spent 5 years at Zurcher Kantonalbank as a financial analyst covering the Swiss banking and property sector as well co-managing the banks structured Swiss equity portfolios. During this time he also received his certification as an EFFAS financial analyst. In 1999 he took a job at Banca del Gottardo, where he was responsible for setting up the Swiss equity research team. Christoph Bieri joined the CSAM Swiss equity team as portfolio manager in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 18

19 CS (CH) Swiss Real Estate Securities Fund Class IB Risk profile (SRRI) 1) Investment policy The broadly diversified portfolio (25 30 securities) consists of funds and equities from the Swiss real estate sector, with the SXI Swiss Real Estate TR Index serving as the performance benchmark. The real estate funds are exchange-traded and invest predominantly in residential properties in. The real estate equities are also traded on the stock exchange and invest almost exclusively in office buildings and retail space in. Fund facts Fund manager Christoph Bieri, Christoph Knecht Fund manager since , Location Zurich, Zurich Fund domicile Fund currency CHF Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.29 Benchmark (BM) SXI Swiss Real Estate (TR) Swinging single pricing (SSP) 3) Yes Unit Class Category I (capital growth) Unit class currency CHF ISIN CH Valor no Net asset value (NAV) 1' EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Net performance in CHF (rebased to 100) and yearly performance 2) CS (CH) Swiss Real Estate Securities Fund IB SXI Swiss Real Estate (TR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Types of property in % Geographical breakdown in % 50% 40% 30% 20% 10% 0% -10% Office and retail Residential Commercial and other use Region Zurich Region Central Region Western Region Eastern 6.90 Region Berne 6.80 Region Southern 2.70 Abroad 0.00 Credit Suisse Select Fund Sectors in % Fund Benchmark Real estate funds Corporations Cash/Cash Equivalents years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Top 5 Holdings in % UBS Swiss Mixed Sima Swiss Prime Site AG PSP Swiss Property CS RE Fd Siat 7.10 UBS SWISS Res Anfos 5.80 Allreal Holding AG 5.58 CS Real Estate Living Plus 4.83 Mobimo Hld. AG 4.53 Schroder Immo Plus 4.38 CS RE Fd Interswiss 3.80 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 19

20 Credit Suisse (CH) Swiss Real Estate Securities Fund Class IB Review previous quarter 4) Financial market turbulence and concerns that monetary policy could be approaching its limits are currently in focus. The economic outlook of most developed countries has dampened slightly, while for emerging markets it remains weak. Under these circumstances, central banks tried to ease off the financial markets. In the SNB left interest rates unchanged as the CHF was stable against the EUR. Therefore, the Outlook for the market 4) We expect economic growth to remain subdued. With a growth rate of 1%, it will continue to lie well below potential in 2016 and even be negative on a per capita basis in view of the rising population. While the improved economy abroad is exerting a positive impact on the demand for exports, many companies will still find themselves struggling with severe margin pressure as they attempt to defend market positions. Without a marked depreciation of the CHF given the additional monetary easing in the Eurozone we consider this to be unlikely there will be no broad based recovery in exports. There are also no strong growth impulses for the domestic interest level in CHF remains at very low levels. The 3-month Libor is -0.76% and the 10-year government bond yield is -0.35%. Real estate funds (+3.8%) as well as the real estate companies (+6.7%) had a good start to the year. Increasing uncertainties due to volatile financial markets and the fear of rising negative interest rates led to a steady inflow of new money economy. Nevertheless, the continued high level of immigration, ongoing increase in purchasing power and favorable lending rates are having a stabilizing effect, thereby averting the risk of recession. Construction of rental apartments has been consolidating at a high level over the last year. Despite high immigration the additional supply is not going to be absorbed. Therefore, we expect slightly increasing vacancy rates, especially in peripheral areas. Although decent investment opportunities have become even more scarce since the beginning of the year, planning for into the indirect real estate segment. In addition, annual results of Swiss real estate companies were solid and generally fulfilled market expectations. Concerning dividend payments, a majority of firms were able to increase their payments. This underlines the attractiveness of the real estate segment. new office space continues to hover around the long-term average. In light of the muted trend in office employment, the sharp increase in supply in recent years as well as high vacancies, the reduction in planning is a welcome development. Since many new construction projects are only just coming to market, finding tenants for new and existing offices is likely to remain challenging. The difference between CHF bond and indirect real estate yields stands at a record level of 3%. This shows that real estate investments are still a very attractive investment. Portfolio Management Christoph Bieri received his master's degree in economics and business administration from the University of Berne in 1990 and holds a real estate agent certificate from the canton of Berne. After his studies he worked for 3 years at the Swiss Federal Bureau for Statistics, managing various projects. From 1994 to 1999 Christoph Bieri spent 5 years at Zurcher Kantonalbank as a financial analyst covering the Swiss banking and property sector as well co-managing the banks structured Swiss equity portfolios. During this time he also received his certification as an EFFAS financial analyst. In 1999 he took a job at Banca del Gottardo, where he was responsible for setting up the Swiss equity research team. Christoph Bieri joined the CSAM Swiss equity team as portfolio manager in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 20

21 Risk profile (SRRI) 1) CS (CH) Swissac Equity Fund Class B Investment policy Swissac invests primarily in shares of companies that are domiciled in. Stock selection is based on qualitative and quantitative analyses. Fund facts Fund manager Patrik Carisch Fund manager since Location Zurich Fund domicile Fund currency CHF Close of financial year 30. Sep Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.66 Benchmark (BM) SPI (TR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency CHF ISIN CH Bloomberg ticker CRSSWSI SW Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Net performance in CHF (rebased to 100) and yearly performance 2) CS (CH) Swissac Equity Fund B SPI (TR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Health Care Financials Consumer Staples Industrials Materials Consumer Discretionary 4.35 Information Technology 3.65 Telecommunication Services 0.12 Cash/Cash Equivalents % 60% 40% 20% 0% -20% Credit Suisse Equity Fund 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Purchases Sales Abb Reg Nestle Reg Lafargeholcim Reg Roche Holding Cert Cs Group Reg Novartis Reg Ubs Group Swiss Reinsurance Temenos Group - Top 10 Holdings in % Nestle SA Novartis AG Roche Holding AG UBS Group AG 4.54 Syngenta AG 3.84 ABB 3.02 Actelion 2.98 Givaudan 2.91 Cie Financiere Richemont 2.64 Geberit 2.43 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 21

22 Credit Suisse (CH) Swissac Equity Fund Class B Review previous quarter 4) Equity markets were quite volatile in the first quarter of Weaker-than-expected economic data, low oil prices, pressure on European banks and uncertainty about the US Federal Reserve s (Fed) monetary policy led equity markets to record significant losses in the first six weeks of this year. Until February 11th, the Swiss Performance Index (SPI) lost 14.4%. Improved macro data, notably in the US, a Outlook for the market 4) Central bank support should lead to better liquidity conditions. Latest US data indicate that fears of a more pronounced US economic slowdown are exaggerated. Going forward, the US economy should remain fairly robust, though still driven mainly by consumer spending rather than by investment. Eurozone industrial production rebounded significantly, indicating that first quarter 2016 GDP growth may accelerate compared to the fourth quarter of However, inflation and loan growth weakened again. We continue to expect the Chinese economy to slow further this year. The value cases for worldwide equities have been supportive announcement by the European Central Bank and a dovish stance taken by the Fed helped equity markets to recover as fears of a global recession abated. However the SPI closed the quarter 8.5% lower and was weaker than a lot of other stock markets. While Swiss small and mid caps lost only 0.28%, large caps declined 10.2%. After a weak start reduced following the recent rally, suggesting relatively limited upside unless economic data provides positive surprises. As regard to the Swiss equity market, we remain relatively constructive. The forward looking dividend yield is at an attractive 3.6%. Despite negative earnings revisions the stock market has become slightly less expensive since the end of At the end of the first quarter of 2016 the P/E stands at 16.3 compared to 16.8 three months ago. The equity risk premium rose more than 50bps to 6.56%. The current reading is 50bps more than the average of the last ten into the year, the cyclical cluster outperformed the market massively in the second half of the first quarter and was the only cluster that closed the time period with an absolute plus (+0.7%). Medium-cyclicals (-0.7%) also outperformed. While defensives and insurances slightly underperformed, banks were by far the weakest cluster, losing on average 21.3%. years. This high value also indicates that equity is still attractive compared to bonds. As we expect the current very low interest rate environment to persist for quite a while, we see this as a supportive factor for equities. On a medium term view we acknowledge the need for rising corporate earnings to give the stock market further upside. Economic indicators will keep on sending inconsistent signals. This together with political uncertainties (e.g. Brexit vote on June 23) will most likely lead to further volatility in markets in Portfolio Management Patrik Carisch, Managing Director, is Head of Swiss Equities at Credit Suisse Asset Management in Zurich. Mr. Carisch earned a BBA from the Business School of Zurich and is an EFFAS (European Federation of Financial Analysts Societies) Financial Analyst. He joined the Credit Suisse Group in 1985 as an equity research analyst covering several Swiss sectors, as well as Germany and Scandinavia. In October 1993, he transferred to Asset Management. Since 1993, he has managed the CS Equity Fund (CH) Swissac. Mr. Carisch also manages the CSA Equity. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 22

23 Risk profile (SRRI) 1) CS (Lux) Asia Consumer Equity Fund a subfund of CS Investment Funds 5 - Class B Investment policy This theme-based equity fund is one of the very few mutual funds focusing on the investments in Greater China, developed and emerging Asia, together with the central Asian region. The fund typically invests the majority of its assets in companies engaged in the consumer discretionary, consumer staples and telecommunication sectors. This includes, but is not limited to, retailers and wholesalers of regional brands, casinos and hotels, food producers, supermarkets, mobile device manufacturers and so on. Repositioning as per (old Fund name: CS SICAV (Lux) Equity Silk Road) Fund facts Fund manager Juan Manuel Mendoza Fund manager since Location Singapore Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.31 Benchmark (BM) MSCI AC Far East ex Japan (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CLSILBU LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) Purchases Sales AIA GROUP SAMSUNG ELECTRONICS GALAXY ENTERTAINMENT GROUP Amorepacific Corp BAIDU.COM Adr KT&G Corp BLOOMAGE BIOTECHNOLOGY DBS Group Holdings Ltd KOSE Wisdom Sports Group Fund CS (Lux) Asia Consumer Equity Fund B MSCI AC Far East ex Japan (NR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Financials Information Technology Consumer Discretionary Consumer Staples Telecommunication Services 4.24 Materials 3.59 Cash/Cash Equivalents 2.09 Currencies in % Significant Transactions Number of holdings HKD KRW TWD 6.62 PHP 6.55 IDR 6.11 JPY 4.61 SGD 2.17 GBP 1.59 Others 1.34 Countries in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% China South Korea Taiwan 9.43 Hong Kong 9.28 Philippines 6.55 Indonesia 6.11 Japan 4.59 United Kingdom 1.59 Cash/Cash Equivalents 2.09 Others 5.72 Tencent Hldg Ltd 5.87 Amorepacific 5.10 LG Household & Healthcare Ltd China Mobile 4.19 AIA Group Limited 4.07 Bloomage Biotechnology 3.55 Jd Com Inc 3.40 Alibaba ADR 3.28 Sands China Ltd Samsung Electronics 3.15 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 23

24 Credit Suisse (Lux) Asia Consumer Equity Fund Class B Review previous quarter 4) Q saw the worst January since 2008 for Asian equities, especially China. After more dovish than expected comments by the Fed and a weaker, Asian equity markets (MSCI Asia Pacific ex Japan %), and in particular the Chinese equity market (CSI %), rallied in March after the correction in February. In the first quarter of 2016, the Credit Suisse (Lux) Asia Consumer Fund underperformed the MSCI Far East ex Japan Index given it had no exposure to Materials and Energy sectors which led quarterly returns on the back of recovering commodity and oil prices. This is in contrast with healthy trends during Chinese New Year holidays. Many consumers in the Asia Pacific region (e.g. Indonesian consumers) benefited from a recovery of their local currency and we saw first signs of better Outlook for the market 4) The MSCI Asia ex Japan Consumer Discretionary index is now trading at a forward 12m P/E of Absolute and relative valuation in consumer discretionary and consumer staples, as well as for China and South Korea, have continued at the Asian financial crisis levels. The fund is also positioned to capture long-term structural growth themes in Korean cosmetic brands, China e-commerce, high-tech consumer sales trends in the region. In China, we saw better consumption trends. China property sales have been strong. In Shanghai, with the property market increasing 25% y-o-y. In February, the National Bureau of Statistics announced that nationwide residential property sales volume increased 30.4% y-o-y and sales value grew 49.2% y-o-y. In fact, retail sales in China were up double digit (11.2% y-o-y). One of the areas which did better during Chinese new year was Macau. The casino operators in Macau have reported better-than-expected earnings helped by stronger visitors during Chinese New Year as well as stronger mass market Gross Gaming Revenue which has higher margins. A sustainable improving Gross Gaming Revenue trend will continue to re-rate the gaming sector in Macau. electronics, Macau gaming and quality ASEAN consumer stocks in Indonesia and Philippines. We increased exposure to Macau gaming in March. We sold out of Wisdom Sports on news of an unexpected profit warning. We will meet the company in April and re-assess our assumptions. We remain invested in Greater China (Taiwan, Hong Kong, Macau, China) and overweight in the Chinese internet sector with large positions in Tencent, Alibaba, Baidu and JD.com. E-commerce showed strong momentum (+50% y-o-y). Senior management at Baidu expects a higher rate of monetization of both PC and mobile, which should be reflected in earnings this year. We have positioned the fund for the MSCI changes in May when the second phase of the inclusion of Chinese ADRs will be implemented. We expect that our holdings Baidu, JD.com and Alibaba will benefit the most given that IT and consumer discretionary will be in demand at the expense of financials and telecoms. During the quarter, best performance contributors were Taiwan Semiconductor, Sands China, Bank Mandiri, DBS Group Holdings and Best Pacific International. Negative contributions came from Wisdom Sports, China Vanke, JD.com, Anta Sports and Vipshop Holdings. With the CSI300 A-share market stabilizing, we are looking to add investments in the A-share market via the Shanghai-Hong Kong Connect Program, which will allow us to invest in well-established and household consumer names. We expect EPS growth to accelerate from -5% in 2015 to +7% in 2016 for the region. Portfolio Management Juan Manuel Mendoza started his career in 1997 as an equity broker, in the Institutional Equity Division of Salomon Smith Barney, Zurich and New York. Thereafter, he worked at Bank Julius Baer in Zurich. During 2006, he joined Credit Suisse (formerly Clariden Leu) and has been the fund manager of the Credit Suisse SICAV (Lux) Equity Luxury Goods Fund from 2008 onwards. He had won three Lipper Fund Awards in France, Germany and Austria in Since 2011, Juan has been the co-manager of the Credit Suisse SICAV (Lux) Equity Asia Consumer. Juan holds an MBA in Corporate Finance from the Goizeta Business School at Emory University in Atlanta, USA. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 24

25 Risk profile (SRRI) 1) CS (Lux) Asia Consumer Equity Fund a subfund of CS Investment Funds 5 - Class BH CHF Investment policy This theme-based equity fund is one of the very few mutual funds focusing on the investments in Greater China, developed and emerging Asia, together with the central Asian region. The fund typically invests the majority of its assets in companies engaged in the consumer discretionary, consumer staples and telecommunication sectors. This includes, but is not limited to, retailers and wholesalers of regional brands, casinos and hotels, food producers, supermarkets, mobile device manufacturers and so on. Repositioning as per (old Fund name: CS SICAV (Lux) Equity Silk Road) Fund facts Fund manager Juan Manuel Mendoza Fund manager since Location Singapore Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.32 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency CHF ISIN LU Bloomberg ticker CLSILHC LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Net performance in CHF (rebased to 100) and yearly performance 2) Purchases Sales AIA GROUP SAMSUNG ELECTRONICS GALAXY ENTERTAINMENT GROUP Amorepacific Corp BAIDU.COM Adr KT&G Corp BLOOMAGE BIOTECHNOLOGY DBS Group Holdings Ltd KOSE Wisdom Sports Group Fund CS (Lux) Asia Consumer Equity Fund BH CHF Yearly or year-to-date performance respectively (Fund) 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Financials Information Technology Consumer Discretionary Consumer Staples Telecommunication Services 4.24 Materials 3.59 Cash/Cash Equivalents 2.09 Currencies in % Significant Transactions Number of holdings HKD KRW TWD 6.62 PHP 6.55 IDR 6.11 JPY 4.61 SGD 2.17 GBP 1.59 Others 1.34 Countries in % Top 10 Holdings in % China South Korea Taiwan 9.43 Hong Kong 9.28 Philippines 6.55 Indonesia 6.11 Japan 4.59 United Kingdom 1.59 Cash/Cash Equivalents 2.09 Others 5.72 Tencent Hldg Ltd 5.87 Amorepacific 5.10 LG Household & Healthcare Ltd China Mobile 4.19 AIA Group Limited 4.07 Bloomage Biotechnology 3.55 Jd Com Inc 3.40 Alibaba ADR 3.28 Sands China Ltd Samsung Electronics 3.15 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 25

26 Credit Suisse (Lux) Asia Consumer Equity Fund Class BH CHF Review previous quarter 4) Q saw the worst January since 2008 for Asian equities, especially China. After more dovish than expected comments by the Fed and a weaker, Asian equity markets (MSCI Asia Pacific ex Japan %), and in particular the Chinese equity market (CSI %), rallied in March after the correction in February. In the first quarter of 2016, the Credit Suisse (Lux) Asia Consumer Fund underperformed the MSCI Far East ex Japan Index given it had no exposure to Materials and Energy sectors which led quarterly returns on the back of recovering commodity and oil prices. This is in contrast with healthy trends during Chinese New Year holidays. Many consumers in the Asia Pacific region (e.g. Indonesian consumers) benefited from a recovery of their local currency and we saw first signs of better Outlook for the market 4) The MSCI Asia ex Japan Consumer Discretionary index is now trading at a forward 12m P/E of Absolute and relative valuation in consumer discretionary and consumer staples, as well as for China and South Korea, have continued at the Asian financial crisis levels. The fund is also positioned to capture long-term structural growth themes in Korean cosmetic brands, China e-commerce, high-tech consumer sales trends in the region. In China, we saw better consumption trends. China property sales have been strong. In Shanghai, with the property market increasing 25% y-o-y. In February, the National Bureau of Statistics announced that nationwide residential property sales volume increased 30.4% y-o-y and sales value grew 49.2% y-o-y. In fact, retail sales in China were up double digit (11.2% y-o-y). One of the areas which did better during Chinese new year was Macau. The casino operators in Macau have reported better-than-expected earnings helped by stronger visitors during Chinese New Year as well as stronger mass market Gross Gaming Revenue which has higher margins. A sustainable improving Gross Gaming Revenue trend will continue to re-rate the gaming sector in Macau. electronics, Macau gaming and quality ASEAN consumer stocks in Indonesia and Philippines. We increased exposure to Macau gaming in March. We sold out of Wisdom Sports on news of an unexpected profit warning. We will meet the company in April and re-assess our assumptions. We remain invested in Greater China (Taiwan, Hong Kong, Macau, China) and overweight in the Chinese internet sector with large positions in Tencent, Alibaba, Baidu and JD.com. E-commerce showed strong momentum (+50% y-o-y). Senior management at Baidu expects a higher rate of monetization of both PC and mobile, which should be reflected in earnings this year. We have positioned the fund for the MSCI changes in May when the second phase of the inclusion of Chinese ADRs will be implemented. We expect that our holdings Baidu, JD.com and Alibaba will benefit the most given that IT and consumer discretionary will be in demand at the expense of financials and telecoms. During the quarter, best performance contributors were Taiwan Semiconductor, Sands China, Bank Mandiri, DBS Group Holdings and Best Pacific International. Negative contributions came from Wisdom Sports, China Vanke, JD.com, Anta Sports and Vipshop Holdings. With the CSI300 A-share market stabilizing, we are looking to add investments in the A-share market via the Shanghai-Hong Kong Connect Program, which will allow us to invest in well-established and household consumer names. We expect EPS growth to accelerate from -5% in 2015 to +7% in 2016 for the region. Portfolio Management Juan Manuel Mendoza started his career in 1997 as an equity broker, in the Institutional Equity Division of Salomon Smith Barney, Zurich and New York. Thereafter, he worked at Bank Julius Baer in Zurich. During 2006, he joined Credit Suisse (formerly Clariden Leu) and has been the fund manager of the Credit Suisse SICAV (Lux) Equity Luxury Goods Fund from 2008 onwards. He had won three Lipper Fund Awards in France, Germany and Austria in Since 2011, Juan has been the co-manager of the Credit Suisse SICAV (Lux) Equity Asia Consumer. Juan holds an MBA in Corporate Finance from the Goizeta Business School at Emory University in Atlanta, USA. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 26

27 Risk profile (SRRI) 1) CS (Lux) Asia Consumer Equity Fund a subfund of CS Investment Funds 5 - Class BH EUR Investment policy This theme-based equity fund is one of the very few mutual funds focusing on the investments in Greater China, developed and emerging Asia, together with the central Asian region. The fund typically invests the majority of its assets in companies engaged in the consumer discretionary, consumer staples and telecommunication sectors. This includes, but is not limited to, retailers and wholesalers of regional brands, casinos and hotels, food producers, supermarkets, mobile device manufacturers and so on. Repositioning as per (old Fund name: CS SICAV (Lux) Equity Silk Road) Fund facts Fund manager Juan Manuel Mendoza Fund manager since Location Singapore Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CLSILHE LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Net performance in EUR (rebased to 100) and yearly performance 2) Purchases Sales AIA GROUP SAMSUNG ELECTRONICS GALAXY ENTERTAINMENT GROUP Amorepacific Corp BAIDU.COM Adr KT&G Corp BLOOMAGE BIOTECHNOLOGY DBS Group Holdings Ltd KOSE Wisdom Sports Group Fund CS (Lux) Asia Consumer Equity Fund BH EUR Yearly or year-to-date performance respectively (Fund) 25% 20% 15% 10% 5% 0% -5% -10% -15% 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Financials Information Technology Consumer Discretionary Consumer Staples Telecommunication Services 4.24 Materials 3.59 Cash/Cash Equivalents 2.09 Currencies in % Significant Transactions Number of holdings HKD KRW TWD 6.62 PHP 6.55 IDR 6.11 JPY 4.61 SGD 2.17 GBP 1.59 Others 1.34 Countries in % Top 10 Holdings in % China South Korea Taiwan 9.43 Hong Kong 9.28 Philippines 6.55 Indonesia 6.11 Japan 4.59 United Kingdom 1.59 Cash/Cash Equivalents 2.09 Others 5.72 Tencent Hldg Ltd 5.87 Amorepacific 5.10 LG Household & Healthcare Ltd China Mobile 4.19 AIA Group Limited 4.07 Bloomage Biotechnology 3.55 Jd Com Inc 3.40 Alibaba ADR 3.28 Sands China Ltd Samsung Electronics 3.15 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 27

28 Credit Suisse (Lux) Asia Consumer Equity Fund Class BH EUR Review previous quarter 4) Q saw the worst January since 2008 for Asian equities, especially China. After more dovish than expected comments by the Fed and a weaker, Asian equity markets (MSCI Asia Pacific ex Japan %), and in particular the Chinese equity market (CSI %), rallied in March after the correction in February. In the first quarter of 2016, the Credit Suisse (Lux) Asia Consumer Fund underperformed the MSCI Far East ex Japan Index given it had no exposure to Materials and Energy sectors which led quarterly returns on the back of recovering commodity and oil prices. This is in contrast with healthy trends during Chinese New Year holidays. Many consumers in the Asia Pacific region (e.g. Indonesian consumers) benefited from a recovery of their local currency and we saw first signs of better Outlook for the market 4) The MSCI Asia ex Japan Consumer Discretionary index is now trading at a forward 12m P/E of Absolute and relative valuation in consumer discretionary and consumer staples, as well as for China and South Korea, have continued at the Asian financial crisis levels. The fund is also positioned to capture long-term structural growth themes in Korean cosmetic brands, China e-commerce, high-tech consumer sales trends in the region. In China, we saw better consumption trends. China property sales have been strong. In Shanghai, with the property market increasing 25% y-o-y. In February, the National Bureau of Statistics announced that nationwide residential property sales volume increased 30.4% y-o-y and sales value grew 49.2% y-o-y. In fact, retail sales in China were up double digit (11.2% y-o-y). One of the areas which did better during Chinese new year was Macau. The casino operators in Macau have reported better-than-expected earnings helped by stronger visitors during Chinese New Year as well as stronger mass market Gross Gaming Revenue which has higher margins. A sustainable improving Gross Gaming Revenue trend will continue to re-rate the gaming sector in Macau. electronics, Macau gaming and quality ASEAN consumer stocks in Indonesia and Philippines. We increased exposure to Macau gaming in March. We sold out of Wisdom Sports on news of an unexpected profit warning. We will meet the company in April and re-assess our assumptions. We remain invested in Greater China (Taiwan, Hong Kong, Macau, China) and overweight in the Chinese internet sector with large positions in Tencent, Alibaba, Baidu and JD.com. E-commerce showed strong momentum (+50% y-o-y). Senior management at Baidu expects a higher rate of monetization of both PC and mobile, which should be reflected in earnings this year. We have positioned the fund for the MSCI changes in May when the second phase of the inclusion of Chinese ADRs will be implemented. We expect that our holdings Baidu, JD.com and Alibaba will benefit the most given that IT and consumer discretionary will be in demand at the expense of financials and telecoms. During the quarter, best performance contributors were Taiwan Semiconductor, Sands China, Bank Mandiri, DBS Group Holdings and Best Pacific International. Negative contributions came from Wisdom Sports, China Vanke, JD.com, Anta Sports and Vipshop Holdings. With the CSI300 A-share market stabilizing, we are looking to add investments in the A-share market via the Shanghai-Hong Kong Connect Program, which will allow us to invest in well-established and household consumer names. We expect EPS growth to accelerate from -5% in 2015 to +7% in 2016 for the region. Portfolio Management Juan Manuel Mendoza started his career in 1997 as an equity broker, in the Institutional Equity Division of Salomon Smith Barney, Zurich and New York. Thereafter, he worked at Bank Julius Baer in Zurich. During 2006, he joined Credit Suisse (formerly Clariden Leu) and has been the fund manager of the Credit Suisse SICAV (Lux) Equity Luxury Goods Fund from 2008 onwards. He had won three Lipper Fund Awards in France, Germany and Austria in Since 2011, Juan has been the co-manager of the Credit Suisse SICAV (Lux) Equity Asia Consumer. Juan holds an MBA in Corporate Finance from the Goizeta Business School at Emory University in Atlanta, USA. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 28

29 Risk profile (SRRI) 1) CS (Lux) Asian Equity Dividend Plus Fund a subfund of CS Investment Funds 5 - Class B Investment policy The fund s objective is to achieve maximum long-term capital gains by investing in securities, while maintaining an adequate diversification of risks. It actively invests primarily in shares and similar instruments issued by companies established in Asia, a region that includes China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea and Taiwan as well as Thailand but excluding Japan. The fund seeks to identify undervalued stocks across all market capitalization classes and industry sectors. It provides investors with access to some of the world s fastest-growing economies and enables them to participate in the region s long-term sustainable growth. Fund facts Fund manager Credit Suisse (Singapore) Limited Fund manager since Location Singapore Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.30 Benchmark (BM) MSCI AC Asia Pacific ex Japan (NR) (03/15) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CCLAPEB LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Number of holdings Fund 58 Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Asian Equity Dividend Plus Fund B MSCI AC Asia Pacific ex Japan (NR) (03/15) Former Track Record of Clariden Leu (Gue) Asia Pacific Equity Fund (December 21, August 19, 2009) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Countries in % China Australia South Korea 9.35 Taiwan 8.72 Hong Kong 7.82 Singapore 6.07 India 5.64 Indonesia 4.83 Cash/Cash Equivalents 3.07 Others year 3 years Annualized volatility in % Tracking Error (Ex post) Beta Sectors in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% -30% Financials Telecommunication Services Information Technology Consumer Staples 8.67 Materials 7.59 Industrials 7.53 Consumer Discretionary 5.34 Energy 5.01 Cash/Cash Equivalents 3.07 Others 5.17 Wesfarmers Ltd Sydney Airport 3.51 China Mobile 3.45 TSMC 3.27 Macquarie Group 2.93 Nat. Australia Bk 2.63 China Const. Bank 2.37 BHP Billiton 2.25 Tencent Hldg Ltd 2.15 Samsung Electronics 2.06 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 29

30 Credit Suisse (Lux) Asian Equity Dividend Plus Fund Class B Review previous quarter 4) In Q1 2016, the fund underperformed both the MSCI Asia Pacific ex Japan and the MSCI Asia Pacific ex Japan High Dividend Yield indices. Q saw the worst January since 2008 for Asian equities, followed by a strong rebound in March. The materials and energy sectors led quarterly returns on the back of recovering commodity and oil prices, while financials, in particular banks, declined on asset quality concerns. Overweighting ASEAN helped as sentiment improved and capital inflows increased over the quarter, but China and Taiwan led declines. Over the quarter, Indofood Sukses showed good Outlook for the market 4) 2015 was a challenging year for the region as concerns of slowing global and emerging market growth weighed on investor sentiment. However, we believe Asia continues to offer significant structural advantages of growth potential over the longer-term. The consensus EPS growth for the region is expected to remain stable at 8.8% and 5.2% in 2016 and 2017 respectively. Notwithstanding growth, Asia Pacific also offers investors high dividend yields. The MSCI Asia Pacific ex Japan index has a well-diversified pool of dividend paying companies, with over 95% of the index paying out dividends. The fund performance. The company is the largest manufacturer of instant noodles in Indonesia and has seen stronger demand for food products on the back of stronger consumer confidence, which has risen in consecutive months. Their instant noodles have strong pricing power and a 66% market share in the country. Sydney Airport has been a key beneficiary with the AUD at historical lows. International traffic saw a 9.5% growth since January, with the China market alone growing by 39%. Flights from and to China have increased and estimates for international capacity growth in 2016 are around 10%. Conversely, Shimao Property underperformed over the quarter. China property developers were continues to prefer companies with strong cash flow; quality names trading at sensible valuations, with the potential to provide consistent outperformance. The recent stability of Asian currencies has seen better consumption trends. The fund remains overweight consumer names with a strong household brand presence, particularly in emerging Indonesia and Thailand. China property has also seen recovery with resilient contracted sales, declining inventory levels in tier 1 and 2 cities and nationwide average sales price (ASP) for the top 100 cities in China growing 5.2% sold off earlier in January on concerns over lower contracted sales in 2015 and further RMB devaluation. However the People s Bank of China (PBOC) launched new mortgage policies in February which lowered minimum down payments in various cities and recent data showed strong and recovering property growth. The highest contributions to return in Q came from Indofood Sukses, Sydney Airport and Amcor Limited. However, Shimao Property, Xinjiang Goldwind and Kepco Plant Service and Engineering underperformed. year-on-year. The top ten cities in China saw a 9.9% price increase year-on-year, with property prices in Shenzhen particularly strong (up 52.6% year-on-year). China property stocks on average yield a 4.5% dividend and many have attractive valuations. Heading into Q2 2016, the fund will look to increase its Australia and ASEAN allocation, as well as position itself for upcoming MSCI changes which will see the implementation of the second phase of the inclusion of China ADRs. The fund currently has a dividend yield of 4.2%. Portfolio Management The portfolio is managed by a team of experienced investment professionals who are based in Singapore. The fund aims to generate an attractive dividend yield, which compares favorably to fixed income and cash products, together with the potential to benefit from any capital appreciation. The team follows a robust, proven and systematic investment process combining quantitative screening and Credit Suisse's unique valuation tool HOLT. The fund management team practices active management and has a proven track record. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 30

31 Risk profile (SRRI) 1) CS (Lux) Asian Equity Dividend Plus Fund a subfund of CS Investment Funds 5 - Class IB Investment policy The fund s objective is to achieve maximum long-term capital gains by investing in securities, while maintaining an adequate diversification of risks. It actively invests primarily in shares and similar instruments issued by companies established in Asia, a region that includes China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea and Taiwan as well as Thailand but excluding Japan. The fund seeks to identify undervalued stocks across all market capitalization classes and industry sectors. It provides investors with access to some of the world s fastest-growing economies and enables them to participate in the region s long-term sustainable growth. Fund facts Fund manager Credit Suisse (Singapore) Limited Fund manager since Location Singapore Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.27 Benchmark (BM) MSCI AC Asia Pacific ex Japan (NR) (03/15) Swinging single pricing (SSP) 3) Yes Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CSAEDPI LX Valor no Net asset value (NAV) Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Number of holdings Fund 58 Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Asian Equity Dividend Plus Fund IB MSCI AC Asia Pacific ex Japan (NR) (03/15) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Countries in % China Australia South Korea 9.35 Taiwan 8.72 Hong Kong 7.82 Singapore 6.07 India 5.64 Indonesia 4.83 Cash/Cash Equivalents 3.07 Others year 3 years Annualized volatility in % Tracking Error (Ex post) Beta Sectors in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% Financials Telecommunication Services Information Technology Consumer Staples 8.67 Materials 7.59 Industrials 7.53 Consumer Discretionary 5.34 Energy 5.01 Cash/Cash Equivalents 3.07 Others 5.17 Wesfarmers Ltd Sydney Airport 3.51 China Mobile 3.45 TSMC 3.27 Macquarie Group 2.93 Nat. Australia Bk 2.63 China Const. Bank 2.37 BHP Billiton 2.25 Tencent Hldg Ltd 2.15 Samsung Electronics 2.06 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 31

32 Credit Suisse (Lux) Asian Equity Dividend Plus Fund Class IB Review previous quarter 4) In Q1 2016, the fund underperformed both the MSCI Asia Pacific ex Japan and the MSCI Asia Pacific ex Japan High Dividend Yield indices. Q saw the worst January since 2008 for Asian equities, followed by a strong rebound in March. The materials and energy sectors led quarterly returns on the back of recovering commodity and oil prices, while financials, in particular banks, declined on asset quality concerns. Overweighting ASEAN helped as sentiment improved and capital inflows increased over the quarter, but China and Taiwan led declines. Over the quarter, Indofood Sukses showed good Outlook for the market 4) 2015 was a challenging year for the region as concerns of slowing global and emerging market growth weighed on investor sentiment. However, we believe Asia continues to offer significant structural advantages of growth potential over the longer-term. The consensus EPS growth for the region is expected to remain stable at 8.8% and 5.2% in 2016 and 2017 respectively. Notwithstanding growth, Asia Pacific also offers investors high dividend yields. The MSCI Asia Pacific ex Japan index has a well-diversified pool of dividend paying companies, with over 95% of the index paying out dividends. The fund performance. The company is the largest manufacturer of instant noodles in Indonesia and has seen stronger demand for food products on the back of stronger consumer confidence, which has risen in consecutive months. Their instant noodles have strong pricing power and a 66% market share in the country. Sydney Airport has been a key beneficiary with the AUD at historical lows. International traffic saw a 9.5% growth since January, with the China market alone growing by 39%. Flights from and to China have increased and estimates for international capacity growth in 2016 are around 10%. Conversely, Shimao Property underperformed over the quarter. China property developers were continues to prefer companies with strong cash flow; quality names trading at sensible valuations, with the potential to provide consistent outperformance. The recent stability of Asian currencies has seen better consumption trends. The fund remains overweight consumer names with a strong household brand presence, particularly in emerging Indonesia and Thailand. China property has also seen recovery with resilient contracted sales, declining inventory levels in tier 1 and 2 cities and nationwide average sales price (ASP) for the top 100 cities in China growing 5.2% sold off earlier in January on concerns over lower contracted sales in 2015 and further RMB devaluation. However the People s Bank of China (PBOC) launched new mortgage policies in February which lowered minimum down payments in various cities and recent data showed strong and recovering property growth. The highest contributions to return in Q came from Indofood Sukses, Sydney Airport and Amcor Limited. However, Shimao Property, Xinjiang Goldwind and Kepco Plant Service and Engineering underperformed. year-on-year. The top ten cities in China saw a 9.9% price increase year-on-year, with property prices in Shenzhen particularly strong (up 52.6% year-on-year). China property stocks on average yield a 4.5% dividend and many have attractive valuations. Heading into Q2 2016, the fund will look to increase its Australia and ASEAN allocation, as well as position itself for upcoming MSCI changes which will see the implementation of the second phase of the inclusion of China ADRs. The fund currently has a dividend yield of 4.2%. Portfolio Management The portfolio is managed by a team of experienced investment professionals who are based in Singapore. The fund aims to generate an attractive dividend yield, which compares favorably to fixed income and cash products, together with the potential to benefit from any capital appreciation. The team follows a robust, proven and systematic investment process combining quantitative screening and Credit Suisse's unique valuation tool HOLT. The fund management team practices active management and has a proven track record. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 32

33 CS (Lux) Commodity Index Plus Fund Class B Risk profile (SRRI) 1) Investment policy The aim of the fund is to track the Bloomberg Commodity Index as closely as possible by investing in various derivatives. The fund also endeavors to achieve enhancement through actively managing the derivatives. Its low correlation with traditional asset classes makes the fund an ideal portfolio diversification instrument. Furthermore, it offers good protection from inflation risks in the event of a rise in commodity prices. Fund facts Fund manager Christopher Burton, Nelson Louie Fund manager since , Location New York, New York Fund domicile Luxembourg Fund currency Min. Investment Amount None Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.52 Benchmark (BM) Bloomberg Commodity Index (TR) Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CSFLCUB LX Valor no Net asset value (NAV) Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Commodity Index Plus Fund B Bloomberg Commodity Index (TR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Commodity Sectors in % Energy Agriculture Industrial Metals Precious Metals Livestock 5.63 Top collateral holdings in % 10% 0% -10% -20% -30% -40% -50% -60% Position Coupon % Maturity as % of assets US Treasury US Treasury US Treasury US Treasury Bill US Treasury US Treasury US Treasury US Treasury US Treasury US Treasury Total Credit Suisse Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 33

34 CS (Lux) Commodity Index Plus Fund Class BH EUR Risk profile (SRRI) 1) Investment policy The aim of the fund is to track the Bloomberg Commodity Index as closely as possible by investing in various derivatives. The fund also endeavors to achieve enhancement through actively managing the derivatives. Its low correlation with traditional asset classes makes the fund an ideal portfolio diversification instrument. Furthermore, it offers good protection from inflation risks in the event of a rise in commodity prices. Fund facts Fund manager Christopher Burton, Nelson Louie Fund manager since , Location New York, New York Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.57 Benchmark (BM) Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) (09/13) Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSCIPRE LX Valor no Net asset value (NAV) Net performance in EUR (rebased to 100) and yearly performance 2) (Simulated prior to April 17, 2012) * CS (Lux) Commodity Index Plus Fund BH EUR Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) (09/13) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) The shareclass was launched on and therefore no actual performance data are available prior to this date. The simulated performance presented above, up to and including , is intended to provide an indication of how the shareclass may have performed in the past. It is based on the performance of CSF (Lux) Commodity Index Plus (Euro) with same investment policy and characteristics, managed by the investment manager of the Fund continuously since Past performance, whether actual or simulated, does not guarantee future results. 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Commodity Sectors in % Energy Agriculture Industrial Metals Precious Metals Livestock 5.63 Top collateral holdings in % 10% 0% -10% -20% -30% -40% -50% -60% Position Coupon % Maturity as % of assets US Treasury US Treasury US Treasury US Treasury Bill US Treasury US Treasury US Treasury US Treasury US Treasury US Treasury Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 34

35 CS (Lux) Commodity Index Plus Fund Class IB Risk profile (SRRI) 1) Investment policy The aim of the fund is to track the Bloomberg Commodity Index as closely as possible by investing in various derivatives. The fund also endeavors to achieve enhancement through actively managing the derivatives. Its low correlation with traditional asset classes makes the fund an ideal portfolio diversification instrument. Furthermore, it offers good protection from inflation risks in the event of a rise in commodity prices. Fund facts Fund manager Christopher Burton, Nelson Louie Fund manager since , Location New York, New York Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 0.57 Benchmark (BM) Bloomberg Commodity Index (TR) Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CSFLCUI LX Valor no Net asset value (NAV) Min. Init. Investm. Amount (in mill.) 3 Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Commodity Index Plus Fund IB Bloomberg Commodity Index (TR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Commodity Sectors in % Energy Agriculture Industrial Metals Precious Metals Livestock 5.63 Top collateral holdings in % 10% 0% -10% -20% -30% -40% -50% -60% Position Coupon % Maturity as % of assets US Treasury US Treasury US Treasury US Treasury Bill US Treasury US Treasury US Treasury US Treasury US Treasury US Treasury Total Credit Suisse Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 35

36 CS (Lux) Commodity Index Plus Fund Class IBH EUR Risk profile (SRRI) 1) Investment policy The aim of the fund is to track the Bloomberg Commodity Index as closely as possible by investing in various derivatives. The fund also endeavors to achieve enhancement through actively managing the derivatives. Its low correlation with traditional asset classes makes the fund an ideal portfolio diversification instrument. Furthermore, it offers good protection from inflation risks in the event of a rise in commodity prices. Fund facts Fund manager Christopher Burton, Nelson Louie Fund manager since , Location New York, New York Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 0.58 Benchmark (BM) Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) (09/13) Unit Class Category IBH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSCIPSE LX Valor no Net asset value (NAV) Min. Init. Investm. Amount (in mill.) 3 Net performance in EUR (rebased to 100) and yearly performance 2) (Simulated prior to April 17, 2012) * CS (Lux) Commodity Index Plus Fund IBH EUR Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) (09/13) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) The shareclass was launched on and therefore no actual performance data are available prior to this date. The simulated performance presented above, up to and including , is intended to provide an indication of how the shareclass may have performed in the past. It is based on the performance of CSF (Lux) Commodity Index Plus (Euro) I with same investment policy and characteristics, managed by the investment manager of the Fund continuously since Past performance, whether actual or simulated, does not guarantee future results. 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Commodity Sectors in % Energy Agriculture Industrial Metals Precious Metals Livestock 5.63 Top collateral holdings in % 10% 0% -10% -20% -30% -40% -50% -60% Position Coupon % Maturity as % of assets US Treasury US Treasury US Treasury US Treasury Bill US Treasury US Treasury US Treasury US Treasury US Treasury US Treasury Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 36

37 CS (Lux) European Dividend Plus Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 2 - Class A EUR & B EUR Investment policy The subfund invests in a broadly diversified European equity portfolio that can be expected to yield above-average dividends. Fund facts Fund manager Felix Maag, Nicola Nolè Fund manager since , Location Zurich, Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.86 Benchmark (BM) MSCI Europe (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category A Category B (distribution) (capital growth) Unit class currency EUR EUR ISIN LU LU Bloomberg ticker CSEUEQA CSEUEQB LX LX Valor no Net asset value (NAV) Last distribution Distribution value Redemptions Daily Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) Dividend Yield (Fund/BM) 4.80/ years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) European Dividend Plus Equity Fund B EUR MSCI Europe (NR) Purchases Sales DEUTSCHE POST Reg VINCI CEMBRA MONEY Reg BANQUE CANTONALE VAUDOISE ROYAL DUTCH SHELL A Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) % 60% 50% 40% 30% 20% 10% 0% -10% -20% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Financials Consumer Staples Health Care Industrials Consumer Discretionary Telecommunication Services Energy Utilities Cash/Cash Equivalents Others Currencies in % Significant Transactions EUR GBP CHF SEK 3.58 NOK Countries in % Top 10 Holdings in % United Kingdom France Germany Netherlands 6.10 Italy 4.49 Sweden 3.58 Finland 3.22 Cash/Cash Equivalents 2.85 Others 6.82 Nestle SA 4.77 Roche Holding AG 3.47 Royal Dutch Shell 'A' 3.32 GlaxoSmithKline PLC 3.21 British American Tobacco 3.10 Novartis AG 2.79 HSBC Holdings 2.76 Sanofi 2.44 Prosieben Sat Allianz 2.19 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 37

38 Credit Suisse (Lux) European Dividend Plus Equity Fund a subfund of Class A EUR & B EUR Review previous quarter 4) The start to the year was characterized by a sharp decline in equity markets, which bottomed mid-february. A steep recovery then set in. However, the MSCI Europe NR index did not manage to recoup all of the previous losses and closed the quarter significantly lower. The correction was driven primarily by concerns related to a potential slowdown of the Chinese economy and the continued price slump in crude oil and in commodities. At some point investors raised the question about a looming global recession. In this context the eurozone economy was seen as particularly exposed. The reason was a Outlook for the market 4) Shorter-term we remain neutral on equities. There remain pockets of uncertainty that could continue to weigh on equities. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. And, importantly, equity markets will need earnings growth to move higher. While earnings revisions appear to have troughed, they remain negative, and earnings growth expectations for 2016 are now in the low single digits for global equities. As the value case for equities is weaker after the recent market recovery, we stay neutral on equities shorter term. strengthening of the euro which harms competitiveness and leads to lower inflation rates. The banking sector was again under stress. The turnaround was then helped by the release of economic data, which turned out to be better than feared. There was once more the helping hand of the US Federal Reserve (the Fed) and the European Central Bank (ECB). At the meeting in March, the Fed left the key interest rate unchanged and lowered the projection of further rate hikes. The ECB announced an expansion of monetary policy measures (quantitative easing): the deposit rate was cut by a further 10 bps, the size of the In the medium term, we see the following supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017, supported by still accommodative monetary policy overall; 2) Global excess liquidity, driven by the ECB and Bank of Japan remains supportive for equities; 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds; and 4) Positioning of retail and institutional investors remains cautious. Risks to our equity market view include: Growth concerns in China, the possibility of the UK asset purchase program was increased and a new funding program for banks to help increase their loan book was introduced. The most notable outperforming sectors were Energy and Materials on the back of a relief rally of their underlyings. Once more, the Financials sector was among the worst performing sectors. Surprisingly, the Health Care sector also suffered considerably and thus failed to show its defensive characteristics. In terms of investment style, the European high dividend yield style was of no particular help for this quarter s overall performance. leaving the EU following the vote on EU membership on June 23, imbalances in the oil market, tensions in the Middle East and uncertainty regarding the path for Fed rates in Given our view that, in the medium term equity returns - although positive - could be range bound, dividend income will remain in the focus as the most important component of total return. Furthermore, we expect Central Banks leaving interest rates on low levels for a prolonged time and in general dividend yields still compare favorably to corporate bond yields. Portfolio Management Dr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallen with a master s degree in business administration and economics in He subsequently worked as a research assistant at the Swiss Institute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division of Credit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. Felix Maag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August He is a Chartered Financial Analyst (CFA). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 38

39 Risk profile (SRRI) 1) CS (Lux) Japan Value Equity Fund a subfund of CS Investment Funds 2 - Class B JPY This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse (Lux) Japan Value Equity Fund pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are domiciled or conduct a majority of their business activities in Japan. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI Japan Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency JPY Close of financial year 31. May Total net assets (in mil.) 12' Inception date Management fee in % p.a TER (as of ) in % 2.18 Benchmark (BM) MSCI Japan (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency JPY ISIN LU Bloomberg ticker CSEJPVB LX Valor no Net asset value (NAV) 1' Redemptions Daily EU taxation In scope - tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Net performance in JPY (rebased to 100) and yearly performance 2) CS (Lux) Japan Value Equity Fund B JPY MSCI Japan (NR) Purchases Sales - COCA-COLA WEST Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 120% 100% 80% 60% 40% 20% 0% -20% -40% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Industrials Materials Consumer Staples Utilities Consumer Discretionary Financials Information Technology Energy Cash/Cash Equivalents Others years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Top 10 Holdings in % Hokkaido Gas 2.11 Mitsubishi Heavy Ind Nippon Valqua Ind Maruyama 2.03 Techno Ryowa 1.99 Itochu-Shokuhin 1.98 Mitsubishi Gas Chem Gakken Hld Co. Ltd 1.96 JBCC 1.94 Taisei Lamick 1.92 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 39

40 Credit Suisse (Lux) Japan Value Equity Fund a subfund of Class B JPY Review previous quarter 4) Performance: The Fund s net asset value (EB-shares) fell by 8.90% in Q Since the Fund became responsibility of the Value Team on July 14, 2010, it has compounded at an annual net return rate of 11.81%. Transactions: During the reporting we sold one holding: the price of the Japanese beverage distributor Coca-Cola West Co., Ltd. has reached our conservative estimate of intrinsic value. We did not buy anything new. Overall the cash balance remains low at less than 1% of Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the global AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q The erratic stock price swings we have been witnessing in recent history on the back of macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses still appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 40

41 CS (Lux) European Dividend Plus Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 2 - Class BH CHF Investment policy The subfund invests in a broadly diversified European equity portfolio that can be expected to yield above-average dividends. Fund facts Fund manager Felix Maag, Nicola Nolè Fund manager since , Location Zurich, Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.86 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency CHF ISIN LU Bloomberg ticker CSEEDRC LX Valor no Net asset value (NAV) Last distribution - Distribution value - Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Net performance in CHF (rebased to 100) and yearly performance 2) CS (Lux) European Dividend Plus Equity Fund BH CHF Purchases Sales DEUTSCHE POST Reg VINCI CEMBRA MONEY Reg BANQUE CANTONALE VAUDOISE ROYAL DUTCH SHELL A Yearly or year-to-date performance respectively (Fund) 60% 50% 40% 30% 20% 10% 0% -10% -20% 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Financials Consumer Staples Health Care Industrials Consumer Discretionary 8.82 Telecommunication Services 6.76 Energy 6.63 Utilities 5.88 Cash/Cash Equivalents 2.85 Others 6.49 Currencies in % Significant Transactions EUR GBP CHF SEK 3.58 NOK Countries in % Top 10 Holdings in % United Kingdom France Germany Netherlands 6.10 Italy 4.49 Sweden 3.58 Finland 3.22 Cash/Cash Equivalents 2.85 Others 6.82 Nestle SA 4.77 Roche Holding AG 3.47 Royal Dutch Shell 'A' 3.32 GlaxoSmithKline PLC 3.21 British American Tobacco 3.10 Novartis AG 2.79 HSBC Holdings 2.76 Sanofi 2.44 Prosieben Sat Allianz 2.19 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 41

42 Credit Suisse (Lux) European Dividend Plus Equity Fund a subfund of Class BH CHF Review previous quarter 4) The start to the year was characterized by a sharp decline in equity markets, which bottomed mid-february. A steep recovery then set in. However, the MSCI Europe NR index did not manage to recoup all of the previous losses and closed the quarter significantly lower. The correction was driven primarily by concerns related to a potential slowdown of the Chinese economy and the continued price slump in crude oil and in commodities. At some point investors raised the question about a looming global recession. In this context the eurozone economy was seen as particularly exposed. The reason was a Outlook for the market 4) Shorter-term we remain neutral on equities. There remain pockets of uncertainty that could continue to weigh on equities. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. And, importantly, equity markets will need earnings growth to move higher. While earnings revisions appear to have troughed, they remain negative, and earnings growth expectations for 2016 are now in the low single digits for global equities. As the value case for equities is weaker after the recent market recovery, we stay neutral on equities shorter term. strengthening of the euro which harms competitiveness and leads to lower inflation rates. The banking sector was again under stress. The turnaround was then helped by the release of economic data, which turned out to be better than feared. There was once more the helping hand of the US Federal Reserve (the Fed) and the European Central Bank (ECB). At the meeting in March, the Fed left the key interest rate unchanged and lowered the projection of further rate hikes. The ECB announced an expansion of monetary policy measures (quantitative easing): the deposit rate was cut by a further 10 bps, the size of the In the medium term, we see the following supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017, supported by still accommodative monetary policy overall; 2) Global excess liquidity, driven by the ECB and Bank of Japan remains supportive for equities; 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds; and 4) Positioning of retail and institutional investors remains cautious. Risks to our equity market view include: Growth concerns in China, the possibility of the UK asset purchase program was increased and a new funding program for banks to help increase their loan book was introduced. The most notable outperforming sectors were Energy and Materials on the back of a relief rally of their underlyings. Once more, the Financials sector was among the worst performing sectors. Surprisingly, the Health Care sector also suffered considerably and thus failed to show its defensive characteristics. In terms of investment style, the European high dividend yield style was of no particular help for this quarter s overall performance. leaving the EU following the vote on EU membership on June 23, imbalances in the oil market, tensions in the Middle East and uncertainty regarding the path for Fed rates in Given our view that, in the medium term equity returns - although positive - could be range bound, dividend income will remain in the focus as the most important component of total return. Furthermore, we expect Central Banks leaving interest rates on low levels for a prolonged time and in general dividend yields still compare favorably to corporate bond yields. Portfolio Management Dr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallen with a master s degree in business administration and economics in He subsequently worked as a research assistant at the Swiss Institute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division of Credit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. Felix Maag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August He is a Chartered Financial Analyst (CFA). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 42

43 CS (Lux) European Dividend Plus Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 2 - Class IB EUR Investment policy The subfund invests in a broadly diversified European equity portfolio that can be expected to yield above-average dividends. Fund facts Fund manager Felix Maag, Nicola Nolè Fund manager since , Location Zurich, Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 0.96 Benchmark (BM) MSCI Europe (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category IB (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEUEQI LX Valor no Net asset value (NAV) 1' Last distribution - Distribution value - Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) Dividend Yield (Fund/BM) 4.80/ years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) European Dividend Plus Equity Fund IB EUR MSCI Europe (NR) Purchases Sales DEUTSCHE POST Reg VINCI CEMBRA MONEY Reg BANQUE CANTONALE VAUDOISE ROYAL DUTCH SHELL A Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Financials Consumer Staples Health Care Industrials Consumer Discretionary Telecommunication Services Energy Utilities Cash/Cash Equivalents Others Currencies in % Significant Transactions EUR GBP CHF SEK 3.58 NOK Countries in % Top 10 Holdings in % % 60% 40% 20% 0% -20% United Kingdom France Germany Netherlands 6.10 Italy 4.49 Sweden 3.58 Finland 3.22 Cash/Cash Equivalents 2.85 Others 6.82 Nestle SA 4.77 Roche Holding AG 3.47 Royal Dutch Shell 'A' 3.32 GlaxoSmithKline PLC 3.21 British American Tobacco 3.10 Novartis AG 2.79 HSBC Holdings 2.76 Sanofi 2.44 Prosieben Sat Allianz 2.19 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 43

44 Credit Suisse (Lux) European Dividend Plus Equity Fund a subfund of Class IB EUR Review previous quarter 4) The start to the year was characterized by a sharp decline in equity markets, which bottomed mid-february. A steep recovery then set in. However, the MSCI Europe NR index did not manage to recoup all of the previous losses and closed the quarter significantly lower. The correction was driven primarily by concerns related to a potential slowdown of the Chinese economy and the continued price slump in crude oil and in commodities. At some point investors raised the question about a looming global recession. In this context the eurozone economy was seen as particularly exposed. The reason was a Outlook for the market 4) Shorter-term we remain neutral on equities. There remain pockets of uncertainty that could continue to weigh on equities. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. And, importantly, equity markets will need earnings growth to move higher. While earnings revisions appear to have troughed, they remain negative, and earnings growth expectations for 2016 are now in the low single digits for global equities. As the value case for equities is weaker after the recent market recovery, we stay neutral on equities shorter term. strengthening of the euro which harms competitiveness and leads to lower inflation rates. The banking sector was again under stress. The turnaround was then helped by the release of economic data, which turned out to be better than feared. There was once more the helping hand of the US Federal Reserve (the Fed) and the European Central Bank (ECB). At the meeting in March, the Fed left the key interest rate unchanged and lowered the projection of further rate hikes. The ECB announced an expansion of monetary policy measures (quantitative easing): the deposit rate was cut by a further 10 bps, the size of the In the medium term, we see the following supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017, supported by still accommodative monetary policy overall; 2) Global excess liquidity, driven by the ECB and Bank of Japan remains supportive for equities; 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds; and 4) Positioning of retail and institutional investors remains cautious. Risks to our equity market view include: Growth concerns in China, the possibility of the UK asset purchase program was increased and a new funding program for banks to help increase their loan book was introduced. The most notable outperforming sectors were Energy and Materials on the back of a relief rally of their underlyings. Once more, the Financials sector was among the worst performing sectors. Surprisingly, the Health Care sector also suffered considerably and thus failed to show its defensive characteristics. In terms of investment style, the European high dividend yield style was of no particular help for this quarter s overall performance. leaving the EU following the vote on EU membership on June 23, imbalances in the oil market, tensions in the Middle East and uncertainty regarding the path for Fed rates in Given our view that, in the medium term equity returns - although positive - could be range bound, dividend income will remain in the focus as the most important component of total return. Furthermore, we expect Central Banks leaving interest rates on low levels for a prolonged time and in general dividend yields still compare favorably to corporate bond yields. Portfolio Management Dr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallen with a master s degree in business administration and economics in He subsequently worked as a research assistant at the Swiss Institute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division of Credit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. Felix Maag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August He is a Chartered Financial Analyst (CFA). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 44

45 Risk profile (SRRI) 1) CS (Lux) Small and Mid Cap Europe Equity Fund a subfund of CS Investment Funds 11 - Class B EUR Investment policy The aim of the Fund is to achieve the highest capital growth possible. The Fund invests at least two-thirds of its assets in small and medium-sized European companies with a market capitalization of EUR 5 billion or less. The investment region Europe includes all EU and EFTA countries. Fund facts Fund manager Jan Berg Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.13 Benchmark (BM) MSCI Europe Small Cap (NR) (09/06) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CRSESEI LX Valor no Net asset value (NAV) 2' Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Small and Mid Cap Europe Equity Fund B EUR MSCI Europe Small Cap (NR) (09/06) Purchases Sales SUBSEA 7 LADBROKES FIGEAC AERO FREENET Reg ORIFLAME HOLDING Reg DRILLISCH SAAB B PLASTIC OMNIUM NEXITY A ACKERMANS V HAAREN Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Industrials Information Technology Consumer Discretionary Financials Health Care Materials 8.37 Consumer Staples 7.84 Energy 3.97 Utilities 0.91 Cash/Cash Equivalents 0.94 Currencies in % Significant Transactions EUR GBP SEK NOK 8.76 CHF 8.20 DKK 3.50 Countries in % Top 10 Holdings in % 100% 80% 60% 40% 20% 0% -20% -40% France United Kingdom Sweden Germany 9.58 Norway Finland 5.57 Spain 5.35 Cash/Cash Equivalents 0.94 Others Orpea 3.29 Verkkokauppa.com 3.08 Kion Group GmbH 2.90 Eiffage 2.78 Optimal Payments 2.67 Marine Harvest 2.55 Nexity A 2.28 Georg Fischer 2.26 Genmab 2.21 Eurofins Scientific 2.07 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 45

46 Credit Suisse (Lux) Small and Mid Cap Europe Equity Fund Class B EUR Review previous quarter 4) European equities were down in the first quarter of 2016, which was characterized by high volatility. The economic slowdown in China and the decline in the price of oil, which touched record lows, spurred global recession fears. Major European equity indices touched levels not seen since 2013/2014. Markets rebounded towards the end of the quarter with oil price recovering from its lows. Outlook for the market 4) After the recent sell-off we believe that market concerns that the slowdown in China, the fallout from cheap oil or banking issues could stall the economic upswing in Europe are overdone. In Europe, increased industrial production due to lower commodity prices and solid Purchasing Managers Index data were complemented by a surprisingly strong rebound in the business The fund was down 7.82% in Q1, net of fees for the B share class. The MSCI Small Cap index reported a fall of 5.71%. The fund suffered from an underweight in Financials and an overweight in IT. Automotive company Autoneum and salmon producer Bakkaforst were the best attributors. Henderson Group and Just Eat were the worst attributors. Autoneum reported good FY15 figures and the company s initiatives should drive growth further. Bakkaforst benefits sentiment index in Germany. This relatively comforting picture in core Europe is challenged by uncertainty in Southern Europe (ongoing Italian banking crisis, political stalemate in Spain, the potential for Greece to flare up again) and the Brexit vote in the UK. The world economy has lost some momentum from high salmon prices and strong operational performance. The financial services group Henderson suffered from the generally weak environment for financial companies in Q1. The online market place for restaurant delivery Just Eat had a good start in 2016 but suffered on the announcement of the launch of UberEATS in London, a potential competitor. We have sold the position. due to weak emerging markets and recent equity market volatility, but the underlying trend of economic data continue to point to a stable, moderately positive economic environment. This should be supportive for European equities, whose valuations remain attractive in the current zero-interest rate environment. Portfolio Management Jan Berg, Director, is a portfolio manager within the Equity Team. Jan joined the CS Small&Mid Cap Team in August Prior to this, he held a position in equity syndication and equity capital markets for four years with Dresdner Kleinwort, where he worked on numerous small- and mid-cap IPOs in Germany as well as several major capital market transactions. He continued developing his market expertise at Deutsche Bank Institutional Equities, where he focused on small- and mid-cap company analysis and marketing in Europe. He was responsible for the franchise with small cap investors, in particular mutual funds and insurance groups. Jan Berg graduated from the University of Saarbrücken with an MSc in Economics and received CEFA certification in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 46

47 Risk profile (SRRI) 1) CS (Lux) USA Growth Opportunities Equity Fund a subfund of CS Investment Funds 11 - Class B Investment policy The aim of the Fund is to achieve long-term capital appreciation by investing in a growth style biased portfolio of US companies. The Fund invest primarily in well-established medium to large-sized US companies that have the ability to deliver superior growth compared to their peers and the overall US market. Stock selection is driven by proprietary quantitative growth screens, followed by deep fundamental research and a strong emphasis on risk controls within the portfolio. Fund facts Fund manager Marcello Musio Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.46 Benchmark (BM) MSCI USA (NR) Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CRSNABI LX Valor no Net asset value (NAV) 1' Redemptions Daily EU taxation In scope - no tax Net performance in (rebased to 100) and yearly performance 2) CS (Lux) USA Growth Opportunities Equity Fund B MSCI USA (NR) Purchases Sales SPDR S&P METALS & MINING ETF MICROSOFT BROADCOM KROGER MEDIVATION SIGNATURE BANK HONEYWELL INTERNATIONAL SPDR S&P METALS & MINING ETF SIMON PROPERTY GROUP CELGENE Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Information Technology Health Care Financials Consumer Discretionary Industrials Consumer Staples Energy Utilities Cash/Cash Equivalents Others years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Top 10 Holdings in % % 60% 40% 20% 0% -20% Alphabet -A Facebook 2.58 Amazon.Com 2.11 Home Depot 2.06 Qualcomm 2.03 NEXTERA Energy 2.02 Edwards Lifesciences Corp Nike 1.85 Apple Inc 1.83 Arista Networks Inc 1.80 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 47

48 Credit Suisse (Lux) USA Growth Opportunities Equity Fund Class B Review previous quarter 4) It was a wild ride for equity investors in the first quarter of After a tumultuous start - hitting the panic button in January - the US stock market ended the quarter close to where it started. Concerns that the US might be heading into recession and an oil price below 27 per barrel, curbed risk appetite and sent investors into safe-havens. A fall of more than 10% in the first six weeks of the year, was followed by a sharp turnaround as global concerns abated and central banks actions surprised on the dovish side. The big winners on the turnaround were emerging markets and commodity-based equities. Outlook for the market 4) Global economies continue to remain lackluster and the macroeconomic environment is uncertain. Low interest rates reflect massive quantitative easing by central banks around the world, artificially boosting many asset prices. Significant currency distortion, weak commodity prices, slowing growth in China and mixed economic data in Europe and the US have added to the uncertainty. The outlook for the US mid-cycle economic expansion remains solid despite global weakness. In our view, equity markets are also increasingly vulnerable towards the fact that the economic cycle has entered a mature stage, when earnings growth moderates For the first quarter, the MSCI US (TR Net) Index returned 0.8%, while the MSCI Europe (TR Net) Index and MSCI Emerging Market (TR Net) Index returned -2.5% and 5.7% respectively in terms. From an investment style perspective, value stocks finished ahead of growth stocks. Looking at sector performance, defensive sectors like Utilities (+15.6%), Telecom (+15.4%) and Consumer Staples (+5.5%) were the top performing group, while Health Care (-6.1%) and Financials (-5.1%) lagged. The portfolio declined 4.9%, underperforming its benchmark by 5.7%. Stock selection within IT, and usually weighs on valuations. We expect more volatility as the Fed normalizes policy and the business and credit cycles mature. Our base case cyclical outlook and asset implication has not changed. We continue to look for companies across the mid- & large-cap growth spectrum, with a specific emphasis on revenue and profit derived either from secular themes like energy efficiency and urbanization of emerging markets or from domestic markets. Disruptive technology is shaking up traditional industries and we are focused on finding opportunities where the Energy and Consumer Discretionary contributed most to underperformance. At the level of individual holdings, Tyler Technologies (TYL), J2 Global (JCOM) and Royal Caribbean (RCL) were the biggest detractors. TYL and RCL dropped by more than 15% after earning results, due to disappointing growth outlooks. JCOM lost nearly 20% after Citron Research (a short seller) released a report saying JCOM s fax-to- business is a dying business and its proprietary technology is rolling off patent protection in market has either overlooked or underestimated companies potential to disrupt. We will continue to emphasize stocks of companies in Health Care and IT and continue to remain underweight Energy, Telecom and new Financials as we have difficulties in finding good risk/reward opportunities. Health Care should benefit in the long run from the innovation wave under way across all parts of the sector, particularly in the biotechnology industry. In IT positive consumer and corporate demand trends should bode well for Portfolio Management Marcello Musio, Director, is responsible for U.S. financials and industrials in the Equity team. Mr. Musio joined Credit Suisse Asset Management in Zurich in 2009 as a Senior Portfolio Manager. Prior to that, Mr. Musio worked for 10 years at Zurich Cantonal Bank and was Head of Equities in the Asset Management Department. Marcello Musio holds a degree in Business Administration from University of Zurich and has more than 12 years of experience in Portfolio Management. He is a CFA charterholder. 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 48

49 Risk profile (SRRI) 1) CS (Lux) USA Growth Opportunities Equity Fund a subfund of CS Investment Funds 11 - Class BH EUR Investment policy The aim of the Fund is to achieve long-term capital appreciation by investing in a growth style biased portfolio of US companies. The Fund invest primarily in well-established medium to large-sized US companies that have the ability to deliver superior growth compared to their peers and the overall US market. Stock selection is driven by proprietary quantitative growth screens, followed by deep fundamental research and a strong emphasis on risk controls within the portfolio. Fund facts Fund manager Marcello Musio Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.45 Benchmark (BM) MSCI USA (NR) Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CRSNAHI LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) USA Growth Opportunities Equity Fund BH EUR MSCI USA (NR) Purchases Sales SPDR S&P METALS & MINING ETF MICROSOFT BROADCOM KROGER MEDIVATION SIGNATURE BANK HONEYWELL INTERNATIONAL SPDR S&P METALS & MINING ETF SIMON PROPERTY GROUP CELGENE Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) % 120% 100% 80% 60% 40% 20% 0% -20% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Information Technology Health Care Financials Consumer Discretionary Industrials Consumer Staples Energy Utilities Cash/Cash Equivalents Others years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Top 10 Holdings in % Alphabet -A Facebook 2.58 Amazon.Com 2.11 Home Depot 2.06 Qualcomm 2.03 NEXTERA Energy 2.02 Edwards Lifesciences Corp Nike 1.85 Apple Inc 1.83 Arista Networks Inc 1.80 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 49

50 Credit Suisse (Lux) USA Growth Opportunities Equity Fund Class BH EUR Review previous quarter 4) It was a wild ride for equity investors in the first quarter of After a tumultuous start - hitting the panic button in January - the US stock market ended the quarter close to where it started. Concerns that the US might be heading into recession and an oil price below 27 per barrel, curbed risk appetite and sent investors into safe-havens. A fall of more than 10% in the first six weeks of the year, was followed by a sharp turnaround as global concerns abated and central banks actions surprised on the dovish side. The big winners on the turnaround were emerging markets and commodity-based equities. Outlook for the market 4) Global economies continue to remain lackluster and the macroeconomic environment is uncertain. Low interest rates reflect massive quantitative easing by central banks around the world, artificially boosting many asset prices. Significant currency distortion, weak commodity prices, slowing growth in China and mixed economic data in Europe and the US have added to the uncertainty. The outlook for the US mid-cycle economic expansion remains solid despite global weakness. In our view, equity markets are also increasingly vulnerable towards the fact that the economic cycle has entered a mature stage, when earnings growth moderates For the first quarter, the MSCI US (TR Net) Index returned 0.8%, while the MSCI Europe (TR Net) Index and MSCI Emerging Market (TR Net) Index returned -2.5% and 5.7% respectively in terms. From an investment style perspective, value stocks finished ahead of growth stocks. Looking at sector performance, defensive sectors like Utilities (+15.6%), Telecom (+15.4%) and Consumer Staples (+5.5%) were the top performing group, while Health Care (-6.1%) and Financials (-5.1%) lagged. The portfolio declined 4.9%, underperforming its benchmark by 5.7%. Stock selection within IT, and usually weighs on valuations. We expect more volatility as the Fed normalizes policy and the business and credit cycles mature. Our base case cyclical outlook and asset implication has not changed. We continue to look for companies across the mid- & large-cap growth spectrum, with a specific emphasis on revenue and profit derived either from secular themes like energy efficiency and urbanization of emerging markets or from domestic markets. Disruptive technology is shaking up traditional industries and we are focused on finding opportunities where the Energy and Consumer Discretionary contributed most to underperformance. At the level of individual holdings, Tyler Technologies (TYL), J2 Global (JCOM) and Royal Caribbean (RCL) were the biggest detractors. TYL and RCL dropped by more than 15% after earning results, due to disappointing growth outlooks. JCOM lost nearly 20% after Citron Research (a short seller) released a report saying JCOM s fax-to- business is a dying business and its proprietary technology is rolling off patent protection in market has either overlooked or underestimated companies potential to disrupt. We will continue to emphasize stocks of companies in Health Care and IT and continue to remain underweight Energy, Telecom and new Financials as we have difficulties in finding good risk/reward opportunities. Health Care should benefit in the long run from the innovation wave under way across all parts of the sector, particularly in the biotechnology industry. In IT positive consumer and corporate demand trends should bode well for Portfolio Management Marcello Musio, Director, is responsible for U.S. financials and industrials in the Equity team. Mr. Musio joined Credit Suisse Asset Management in Zurich in 2009 as a Senior Portfolio Manager. Prior to that, Mr. Musio worked for 10 years at Zurich Cantonal Bank and was Head of Equities in the Asset Management Department. Marcello Musio holds a degree in Business Administration from University of Zurich and has more than 12 years of experience in Portfolio Management. He is a CFA charterholder. 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 50

51 Risk profile (SRRI) 1) CS (Lux) Russian Equity Fund a subfund of CS Investment Funds 5 - Class B RUB Investment policy The fund aims to achieve long-term capital appreciation by investing primarily in equities of issuers incorporated in Russia or conducting their principal business activities within Russia. It offers broad diversification across sectors such as energy, materials, telecommunications, consumer goods and banking. The investment strategy is based on fundamental analysis. The fund targets investments in shares of attractively valued companies expected to benefit from growth in the Russian economy and global demand for natural resources. Net performance in RUB (rebased to 100) and yearly performance 2) CS (Lux) Russian Equity Fund B RUB MSCI Russia (NR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) % 40% 30% 20% 10% 0% -10% -20% -30% -40% Fund facts Fund manager Anna Väänänen Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.34 Benchmark (BM) MSCI Russia (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency RUB ISIN LU Bloomberg ticker CLLRURB LX Valor no Net asset value (NAV) 1' Redemptions Daily Sales registration: Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Energy Consumer Staples Financials Information Technology Materials Industrials 6.54 Consumer Discretionary 2.02 Telecommunication Services 1.44 Cash/Cash Equivalents 0.50 Currencies in % Significant Transactions RUB 0.09 EUR 0.01 Purchases Sales NOVOLIPETSK STEEL Reg Gdr PHOSAGRO Reg S Gdr SEVERSTAL Gdr Reg S S Oct06 SURGUTNEFTEGAZ JSC Pref DIXY GROUP EON Russia Number of holdings Fund 30 Countries in % Top 10 Holdings in % Russia USA 6.47 Cyprus 4.32 Cash/Cash Equivalents 0.50 Sberbank of Russia 8.66 Magnit 7.92 X 5 Retail Group 7.38 Yandex 5.23 Lukoil ADR 5.22 Mobile Telesystems 4.75 Global SPGDR 4.32 Novatek 4.17 Luxoft 4.15 GROUP LSR 4.06 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 51

52 Credit Suisse (Lux) Russian Equity Fund Class B RUB Review previous quarter 4) The oil price remained volatile, but recovered in February from the lows reached in January. The short lived spike was caused by Saudi Arabia and Russia agreeing to freeze oil output at January 2016 levels. The RUB remained flat during the Outlook for the market 4) Expecting oil price to fluctuate at around 40/barrel, we expect the RUB and the Russian economy to stabilize during the spring. Inflation also shows signs of deceleration and this should lead to the CBR cutting interest rates. In this month, while inflation slowed down sharply from 12.9%. The Russian equity market continued to perform strongly as the oil price rebounded by 10% to 40/barrel. The RBL strengthened to 67 against the, up by 8% YTD. February scenario we believe domestic companies will continue reporting improving results. During the first quarter inflows were mainly through passive products. In order for the non-index companies to start performing we need to see improving economic data improved across sectors. While it is too early to draw conclusions, this supports the thesis that the economy is stabilizing. Inflation in March is expected to have been 0.6%, which would mean full year inflation of around 7.5%. flows to active funds. The fund s PEG ratio is currently at 0.36x and we believe there to be significant upside once fund flows improve. Portfolio Management Anna Väänänen is an investment professional with 17 years of international track record. In 2011, she won both the Lipper award and the Morningstar award for the Best Fund Investing in Russia and the Best Russia Equity Fund Manager over a three year period. From 2007 until May 2011, she worked at FIM, a specialized boutique asset manager, in Helsinki. She was responsible for the management of two Russia funds. The total size of the two funds was EUR 400 million. She played a crucial role in restoring the fund s performance after the 2008 financial crises. During her stay at FIM, she gained very good knowledge of and strong relationships with Russian Large Cap as well as Mid and Small Cap Companies and their management. Prior to moving to FIM, Anna Väänänen worked as a fund manager for the Finnish insurance company Tapiola. She started her career as an equity analyst, which built the foundation for her strong analytical background and enhanced her understanding for different industry sectors. During her six years as an equity analyst for the Scandinavian investment bank Carnegie, she analyzed various sectors, including IT-services, food, industrials, metals and mining. Several times she was voted as the top analyst covering the respective sector. Before Carnegie she worked as an equity analyst at Salomon Brothers in London. She was a member of the Extel number one voted Paper and Packaging team, responsible for the UK listed companies coverage. After graduation from University, Anna Väänänen participated in the Kleinwort Benson graduate Training Program in London. Anna Väänänen has strong relationships with partners in Moscow, London, Stockholm and Helsinki. She holds a Master of Economics from University of Helsinki and speaks English, Finnish, French, Russian and Swedish. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 52

53 Risk profile (SRRI) 1) CS (Lux) USA Growth Opportunities Equity Fund a subfund of CS Investment Funds 11 - Class IB Investment policy The aim of the Fund is to achieve long-term capital appreciation by investing in a growth style biased portfolio of US companies. The Fund invest primarily in well-established medium to large-sized US companies that have the ability to deliver superior growth compared to their peers and the overall US market. Stock selection is driven by proprietary quantitative growth screens, followed by deep fundamental research and a strong emphasis on risk controls within the portfolio. Fund facts Fund manager Marcello Musio Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 0.85 Benchmark (BM) MSCI USA (NR) Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CRSNAII LX Valor no Net asset value (NAV) 1' Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax Net performance in (rebased to 100) and yearly performance 2) CS (Lux) USA Growth Opportunities Equity Fund IB MSCI USA (NR) Purchases Sales SPDR S&P METALS & MINING ETF MICROSOFT BROADCOM KROGER MEDIVATION SIGNATURE BANK HONEYWELL INTERNATIONAL SPDR S&P METALS & MINING ETF SIMON PROPERTY GROUP CELGENE Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Information Technology Health Care Financials Consumer Discretionary Industrials Consumer Staples Energy Utilities Cash/Cash Equivalents Others years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Top 10 Holdings in % % 60% 40% 20% 0% -20% Alphabet -A Facebook 2.58 Amazon.Com 2.11 Home Depot 2.06 Qualcomm 2.03 NEXTERA Energy 2.02 Edwards Lifesciences Corp Nike 1.85 Apple Inc 1.83 Arista Networks Inc 1.80 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 53

54 Credit Suisse (Lux) USA Growth Opportunities Equity Fund Class IB Review previous quarter 4) It was a wild ride for equity investors in the first quarter of After a tumultuous start - hitting the panic button in January - the US stock market ended the quarter close to where it started. Concerns that the US might be heading into recession and an oil price below 27 per barrel, curbed risk appetite and sent investors into safe-havens. A fall of more than 10% in the first six weeks of the year, was followed by a sharp turnaround as global concerns abated and central banks actions surprised on the dovish side. The big winners on the turnaround were emerging markets and commodity-based equities. Outlook for the market 4) Global economies continue to remain lackluster and the macroeconomic environment is uncertain. Low interest rates reflect massive quantitative easing by central banks around the world, artificially boosting many asset prices. Significant currency distortion, weak commodity prices, slowing growth in China and mixed economic data in Europe and the US have added to the uncertainty. The outlook for the US mid-cycle economic expansion remains solid despite global weakness. In our view, equity markets are also increasingly vulnerable towards the fact that the economic cycle has entered a mature stage, when earnings growth moderates For the first quarter, the MSCI US (TR Net) Index returned 0.8%, while the MSCI Europe (TR Net) Index and MSCI Emerging Market (TR Net) Index returned -2.5% and 5.7% respectively in terms. From an investment style perspective, value stocks finished ahead of growth stocks. Looking at sector performance, defensive sectors like Utilities (+15.6%), Telecom (+15.4%) and Consumer Staples (+5.5%) were the top performing group, while Health Care (-6.1%) and Financials (-5.1%) lagged. The portfolio declined 4.9%, underperforming its benchmark by 5.7%. Stock selection within IT, and usually weighs on valuations. We expect more volatility as the Fed normalizes policy and the business and credit cycles mature. Our base case cyclical outlook and asset implication has not changed. We continue to look for companies across the mid- & large-cap growth spectrum, with a specific emphasis on revenue and profit derived either from secular themes like energy efficiency and urbanization of emerging markets or from domestic markets. Disruptive technology is shaking up traditional industries and we are focused on finding opportunities where the Energy and Consumer Discretionary contributed most to underperformance. At the level of individual holdings, Tyler Technologies (TYL), J2 Global (JCOM) and Royal Caribbean (RCL) were the biggest detractors. TYL and RCL dropped by more than 15% after earning results, due to disappointing growth outlooks. JCOM lost nearly 20% after Citron Research (a short seller) released a report saying JCOM s fax-to- business is a dying business and its proprietary technology is rolling off patent protection in market has either overlooked or underestimated companies potential to disrupt. We will continue to emphasize stocks of companies in Health Care and IT and continue to remain underweight Energy, Telecom and new Financials as we have difficulties in finding good risk/reward opportunities. Health Care should benefit in the long run from the innovation wave under way across all parts of the sector, particularly in the biotechnology industry. In IT positive consumer and corporate demand trends should bode well for Portfolio Management Marcello Musio, Director, is responsible for U.S. financials and industrials in the Equity team. Mr. Musio joined Credit Suisse Asset Management in Zurich in 2009 as a Senior Portfolio Manager. Prior to that, Mr. Musio worked for 10 years at Zurich Cantonal Bank and was Head of Equities in the Asset Management Department. Marcello Musio holds a degree in Business Administration from University of Zurich and has more than 12 years of experience in Portfolio Management. He is a CFA charterholder. 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 54

55 Risk profile (SRRI) 1) CS (Lux) Russian Equity Fund a subfund of CS Investment Funds 5 - Class B Investment policy The fund aims to achieve long-term capital appreciation by investing primarily in equities of issuers incorporated in Russia or conducting their principal business activities within Russia. It offers broad diversification across sectors such as energy, materials, telecommunications, consumer goods and banking. The investment strategy is based on fundamental analysis. The fund targets investments in shares of attractively valued companies expected to benefit from growth in the Russian economy and global demand for natural resources. Fund facts Fund manager Anna Väänänen Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.30 Benchmark (BM) MSCI Russia (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CLLRUSB LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Russian Equity Fund B MSCI Russia (NR) Purchases Sales NOVOLIPETSK STEEL Reg Gdr PHOSAGRO Reg S Gdr SEVERSTAL Gdr Reg S S Oct06 SURGUTNEFTEGAZ JSC Pref DIXY GROUP EON Russia Fund Former Track Record of Clariden Leu (Gue) Russia Equity Fund (September 30, August 20, 2009) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 20 August For the restructuring all assets and liabilities of the former Clariden Leu (Gue) Russia Equity Fund have been transferred to CS (Lux) Russian Equity Fund B. Fund management and investment policy remained unchanged. The data provided in this document reflect the performance of the Clariden Leu (Gue) Russia Equity Fund as well as the performance of the CS (Lux) Russian Equity Fund B. Past performance, whether actual or simulated, does not guarantee future results. Net performance in 2) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Energy Consumer Staples Financials Information Technology Materials Industrials 6.54 Consumer Discretionary 2.02 Telecommunication Services 1.44 Cash/Cash Equivalents 0.50 Currencies in % Significant Transactions Number of holdings RUB 0.09 EUR 0.01 Countries in % Top 10 Holdings in % 40% 20% 0% -20% -40% -60% Russia USA 6.47 Cyprus 4.32 Cash/Cash Equivalents 0.50 Sberbank of Russia 8.66 Magnit 7.92 X 5 Retail Group 7.38 Yandex 5.23 Lukoil ADR 5.22 Mobile Telesystems 4.75 Global SPGDR 4.32 Novatek 4.17 Luxoft 4.15 GROUP LSR 4.06 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 55

56 Credit Suisse (Lux) Russian Equity Fund Class B Review previous quarter 4) The oil price remained volatile, but recovered in February from the lows reached in January. The short lived spike was caused by Saudi Arabia and Russia agreeing to freeze oil output at January 2016 levels. The RUB remained flat during the Outlook for the market 4) Expecting oil price to fluctuate at around 40/barrel, we expect the RUB and the Russian economy to stabilize during the spring. Inflation also shows signs of deceleration and this should lead to the CBR cutting interest rates. In this month, while inflation slowed down sharply from 12.9%. The Russian equity market continued to perform strongly as the oil price rebounded by 10% to 40/barrel. The RBL strengthened to 67 against the, up by 8% YTD. February scenario we believe domestic companies will continue reporting improving results. During the first quarter inflows were mainly through passive products. In order for the non-index companies to start performing we need to see improving economic data improved across sectors. While it is too early to draw conclusions, this supports the thesis that the economy is stabilizing. Inflation in March is expected to have been 0.6%, which would mean full year inflation of around 7.5%. flows to active funds. The fund s PEG ratio is currently at 0.36x and we believe there to be significant upside once fund flows improve. Portfolio Management Anna Väänänen is an investment professional with 17 years of international track record. In 2011, she won both the Lipper award and the Morningstar award for the Best Fund Investing in Russia and the Best Russia Equity Fund Manager over a three year period. From 2007 until May 2011, she worked at FIM, a specialized boutique asset manager, in Helsinki. She was responsible for the management of two Russia funds. The total size of the two funds was EUR 400 million. She played a crucial role in restoring the fund s performance after the 2008 financial crises. During her stay at FIM, she gained very good knowledge of and strong relationships with Russian Large Cap as well as Mid and Small Cap Companies and their management. Prior to moving to FIM, Anna Väänänen worked as a fund manager for the Finnish insurance company Tapiola. She started her career as an equity analyst, which built the foundation for her strong analytical background and enhanced her understanding for different industry sectors. During her six years as an equity analyst for the Scandinavian investment bank Carnegie, she analyzed various sectors, including IT-services, food, industrials, metals and mining. Several times she was voted as the top analyst covering the respective sector. Before Carnegie she worked as an equity analyst at Salomon Brothers in London. She was a member of the Extel number one voted Paper and Packaging team, responsible for the UK listed companies coverage. After graduation from University, Anna Väänänen participated in the Kleinwort Benson graduate Training Program in London. Anna Väänänen has strong relationships with partners in Moscow, London, Stockholm and Helsinki. She holds a Master of Economics from University of Helsinki and speaks English, Finnish, French, Russian and Swedish. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 56

57 Risk profile (SRRI) 1) CS (Lux) European Property Equity Fund a subfund of CS Investment Funds 11 - Class B EUR Investment policy The subfund invests throughout Europe in stocks of companies operating in the real estate market and related industries. This sector consists of enterprises which provide, produce, develop, finance and/or sell services and products for the real estate market. There will not be any direct investments in real estate. Fund facts Fund manager Frederik De Block Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.16 Benchmark (BM) FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/ 10) Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEFEPB LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) Purchases Sales CS (Lux) European Property Equity Fund B EUR FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/10) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Diversified REITs Retail REITs Residential REITs Industrial & Office REITs Speciality REITs 2.52 Free Cash 2.51 Currencies in % Significant Transactions EUR GBP SEK 8.45 CHF 5.24 Countries in % 100% 80% 60% 40% 20% 0% -20% -40% United Kingdom Germany France Sweden Spain 3.90 Netherlands 2.03 Ireland 2.02 Cash/Cash Equivalents 2.51 Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 57

58 Credit Suisse (Lux) European Property Equity Fund Class B EUR Review previous quarter 4) European real estate stocks showed a relatively weak performance in comparison to other global real estate markets during the reporting period. During Q1 2016, the benchmark, the EPRA Europe Capped Index (all figures in EUR terms), lost 2.8%, while the EPRA Global Index gained 5.4%. There were big differences between the different countries. The UK was by far the weakest country (-13.5%) as the uncertainty around an eventual Brexit (the referendum to stay in or leave the EU, which currently is touted Outlook for the market 4) Commercial real estate values are still likely to benefit from the low level of interest rates and gradual economic growth this year, especially in the Eurozone. Against a backdrop of low interest rates, modest expansion of floor space and positive growth in rents, a turning point in the overall performance of real estate equities is not expected until after Britain s upcoming vote on continued EU membership, scheduled for June 23rd, is weighing on sentiment for the London market, despite good economic headlines about low inflation and interest rates. for June 23rd) continued to weigh on stock prices. Also Italy was weak as investors were positioning more defensively. That is why Germany and were the strongest performing countries. During the quarter, we further reduced our overweight position in the UK to an underweight, and totally sold our exposure to Italy and Austria. On the other hand, we increased our exposure to Ireland as economic growth remains among UK REIT prices have already corrected substantially, whereby as at the end of March UK REITs prices reflect an implied cap rate of 5.3%. That said, European REITs held up better than their British counterparts. However, a Brexit vote has the potential to cause a domino effect across the continent, leading to the dismantling of the European project. The implied cap rate of 4.6% for the Continent is justified as long as the ECB leaves the door open for further easing measurements. the highest in Europe. The real estate market remains strong as well with declining vacancy rates and strongly increasing rent levels. All in all, fund management is overweight France, Germany and Ireland. Fund management remains underweight, Norway, Belgium and most other Eurozone countries as uncertainties remain and growth will remain subdued in the short to mid-term while valuations are relatively expensive. Fund management continues to prefer companies with attractive valuations and potential for future growth, but is aware of the power of quantitative easing. Therefore, the overweight in the UK was eliminated, whilst positions in Ireland, France and Germany have been increased. UK companies are on average cheaper than the slower growing other European stocks, but these will be supported by quantitative easing in the Eurozone whereas the Brexit referendum will continue to negatively affect UK stocks. Portfolio Management Frederik De Block is an Vice President and Investment Professional for European real estate securities. Mr. De Block joined the team in February 2008 from Deutsche Bank, where he was an equity fund manager. Previously Mr. De Block was a financial analyst for European companies. Mr. De Block is a CFA charterholder and holds both a Master s Degree in Finance from Ehsal/Brussels and a Master s Degree in Business Economics from the University of Leuven. 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 58

59 February 29, 2016 Credit Suisse Prime Select Trust (Lux) Multi Strategy 2) Class B Investment policy The Multi Strategy Subfund strives to generate absolute returns with low volatility irrespective of the market situation with a highly diversified portfolio of hedge funds. The Subfund allocates its assets across the following hedge fund strategies: long/short equity, relative value, event driven, global macro and managed futures. To keep overall volatility low the fund manager builds a well diversified product through an appropriate choice of target funds. Net performance in (rebased to 100) and yearly performance 2) CSPST (Lux) Multi Strategy B Yearly or year-to-date performance respectively (Fund) 8% 6% 4% 2% 0% -2% -4% -6% Fund facts Fund manager Hechinger Bernard, Stéphane Julen, Keller Ulrich Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. December Total net assets (in mil.) Inception date Management fee in % p.a TER without performance fee ( ) in % 5.43 Performance fee in % with Highwatermark TER with performance fee ( ) in % 5.53 Subscription Monthly with 3 business days notice Redemption Monthly with 50 calendar days notice Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CREMULS LX Valor no Net asset value (NAV) 1' Min. Investment Amount 10'000 EU taxation Out of scope Contact information Product Contact Dirk Wieringa Phone dirk.wieringa@credit-suisse.com Number of holdings Fund 26 Top Holdings DB Platinum IV Clinton 5.80 Stone Milliner Macro 5.63 Sector Healthcare FD 5.45 Man Ahl Evolution 5.39 DB Platinum Terraa Grove P.Asia 5.28 Total month 3 months YTD 1 year 3 years 5 years Fund Historical monthly performance in % 2) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Sector weightings in % 0) Long/Short Equity Corporate Global Macro Fixed Income 9.70 CTA 8.80 Event Driven 8.70 Commodities 5.70 Cash/Cash Equivalents 3.10 Portfolio allocation and performance attribution # of Managers Strategy Allocation Est. Ret. MTD Est. Ret. YTD Strategy Attribution MTD 0) Long/Short Equity % -2.14% -1.92% % Corporate % -1.46% -1.65% % Global Macro % -2.48% -2.92% % Fixed Income % 0.37% 0.61% 4.00% CTA % 0.01% 1.83% 0.00% Event Driven % -2.59% -5.56% % Commodities % -7.71% -7.23% % Cash/Cash Equivalents % N/A N/A N/A Total % Credit Suisse Prime Select Trust 1) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. 2) Approved for sale in as a foreign investment fund with special risk. 59

60 Risk profile (SRRI) 1) CS (Lux) Small and Mid Cap Germany Equity Fund a subfund of CS Investment Funds 11 - Class B EUR Investment policy The aim of the Fund is to achieve the highest possible capital growth. Investment focus is on small and mid-sized companies domiciled in Germany. Small and mid sized companies are companies not being part of the DAX 30 Index. Fund facts Fund manager Felix Meier Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.12 Benchmark (BM) Midcap Market Index (TR) (07/08) Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CRSESGI LX Valor no Net asset value (NAV) 2' Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Small and Mid Cap Germany Equity Fund B EUR Midcap Market Index (TR) (07/08) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 120% 100% 80% 60% 40% 20% 0% -20% -40% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Industrials Information Technology Financials Consumer Discretionary Health Care Materials 9.18 Telecommunication Services 3.51 Consumer Staples 1.54 Utilities 0.35 Cash/Cash Equivalents 0.11 Currencies in % Countries in % EUR Germany France 9.27 Luxembourg 1.19 Cash/Cash Equivalents 0.11 Significant Transactions Purchases Sales K & S PROSIEBEN SAT.1 MEDIA DRILLISCH ELRINGKLINGER EVONIK INDUSTRIES Reg AIRBUS GROUP NV ALSTRIA OFFICE REIT WACKER CHEMIE CTS EVENTIM WIRE CARD Top 10 Holdings in % Airbus Group 9.27 Wire Card 4.50 Morphosys 4.31 GEA Group AG 4.01 Deutsche Wohnen 3.69 Brenntag 3.31 Grenkeleasing 3.05 Symrise 3.02 Hannover Rueck 2.87 Rheinmetall 2.61 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 60

61 Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund Class B EUR Review previous quarter 4) German equities were down in the first quarter of the year, which was characterized by high volatility. The economic slowdown in China and the decline in the price of oil, which touched record lows, spurred global recession fears. Major European equity indices touched levels not seen since 2013/2014. Markets rebounded towards the end of the quarter with oil price recovering from its lows. The fund was down 5.79% in Q1, net of fees for the B share class. The benchmark reported Outlook for the market 4) -4.21%. The fund suffered mainly from the overweight in Health Care and IT. Within Health Carer, biotech company Morphosys (-26.44%) was among our worst attributors. The stock was down despite the announcement of a clinical milestone for the start of a phase 2 trial with Bayer. The stock recovered again at the end of the quarter with the publication of good FY15 results and a positive pipeline update. Within IT, Wirecard was down % in Q1. The company was the victim of a short-attack based on allegations published through a third-party report distributed overnight through a dubious website. The best attributors were our underweight in Hugo Boss and Freenet. Hugo Boss issued a material profit warning and slashed guidance for the near future. Due to significant strategic issues, the CEO left the company. Investors disliked Freenet s decision to buy a minority stake in Sunrise, as the potential for synergies might be limited. Credit Suisse Equity Fund In Europe, increased industrial production due to lower commodity prices and solid Purchasing Managers Index data were complemented by a surprisingly strong rebound in the business sentiment index in Germany. The German business climate improved in almost all sectors and we especially liked that manufacturing bounced back from low readings in the last couple of months. We believe that market concerns that the slowdown in China, the fallout from cheap oil or banking issues could stall the economic upswing in Europe are overdone. The world economy has lost some momentum due to weak emerging markets and recent equity market volatility, but the underlying trend of economic data continue to point to a stable, moderately positive economic environment. This should be supportive for the export-led German economy and the German stock market as equity valuations remain attractive in the current zero interest rate environment. Portfolio Management After completing his studies in business management at the University of St. Gallen in June 1998, Felix Meier attended the Graduate Trainee Programme of Zurich Financial Services in Zürich Invest Bank and Group Investments. In October 1999, he joined the European Equity team, in which he was responsible for active equity mandates. Since 2001 he has specialised in German Small Caps. From June to August 2002 he worked for CSAM New York as a Small Cap Analyst. Having qualified as a Chartered Financial Analyst (CFA), Felix Meier is a member of the Association of Investment Management and Research (AIMR) and of the Swiss Society of Investment Professionals (SSIP). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 61

62 Risk profile (SRRI) 1) CS (Lux) Small and Mid Cap Germany Equity Fund a subfund of CS Investment Funds 11 - Class IB EUR Investment policy The aim of the Fund is to achieve the highest possible capital growth. Investment focus is on small and mid-sized companies domiciled in Germany. Small and mid sized companies are companies not being part of the DAX 30 Index. Fund facts Fund manager Felix Meier Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.10 Benchmark (BM) Midcap Market Index (TR) (07/08) Unit Class Category IB (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEFSCI LX Valor no Net asset value (NAV) 2' Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Small and Mid Cap Germany Equity Fund IB EUR Midcap Market Index (TR) (07/08) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 120% 100% 80% 60% 40% 20% 0% -20% -40% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Industrials Information Technology Financials Consumer Discretionary Health Care Materials 9.18 Telecommunication Services 3.51 Consumer Staples 1.54 Utilities 0.35 Cash/Cash Equivalents 0.11 Currencies in % EUR Countries in % Germany France 9.27 Luxembourg 1.19 Cash/Cash Equivalents 0.11 Significant Transactions Purchases Sales K & S PROSIEBEN SAT.1 MEDIA DRILLISCH ELRINGKLINGER EVONIK INDUSTRIES Reg AIRBUS GROUP NV ALSTRIA OFFICE REIT WACKER CHEMIE CTS EVENTIM WIRE CARD Top 10 Holdings in % Airbus Group 9.27 Wire Card 4.50 Morphosys 4.31 GEA Group AG 4.01 Deutsche Wohnen 3.69 Brenntag 3.31 Grenkeleasing 3.05 Symrise 3.02 Hannover Rueck 2.87 Rheinmetall 2.61 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 62

63 Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund Class IB EUR Review previous quarter 4) German equities were down in the first quarter of the year, which was characterized by high volatility. The economic slowdown in China and the decline in the price of oil, which touched record lows, spurred global recession fears. Major European equity indices touched levels not seen since 2013/2014. Markets rebounded towards the end of the quarter with oil price recovering from its lows. The fund was down 5.79% in Q1, net of fees for the B share class. The benchmark reported Outlook for the market 4) -4.21%. The fund suffered mainly from the overweight in Health Care and IT. Within Health Carer, biotech company Morphosys (-26.44%) was among our worst attributors. The stock was down despite the announcement of a clinical milestone for the start of a phase 2 trial with Bayer. The stock recovered again at the end of the quarter with the publication of good FY15 results and a positive pipeline update. Within IT, Wirecard was down % in Q1. The company was the victim of a short-attack based on allegations published through a third-party report distributed overnight through a dubious website. The best attributors were our underweight in Hugo Boss and Freenet. Hugo Boss issued a material profit warning and slashed guidance for the near future. Due to significant strategic issues, the CEO left the company. Investors disliked Freenet s decision to buy a minority stake in Sunrise, as the potential for synergies might be limited. Credit Suisse Equity Fund In Europe, increased industrial production due to lower commodity prices and solid Purchasing Managers Index data were complemented by a surprisingly strong rebound in the business sentiment index in Germany. The German business climate improved in almost all sectors and we especially liked that manufacturing bounced back from low readings in the last couple of months. We believe that market concerns that the slowdown in China, the fallout from cheap oil or banking issues could stall the economic upswing in Europe are overdone. The world economy has lost some momentum due to weak emerging markets and recent equity market volatility, but the underlying trend of economic data continue to point to a stable, moderately positive economic environment. This should be supportive for the export-led German economy and the German stock market as equity valuations remain attractive in the current zero interest rate environment. Portfolio Management After completing his studies in business management at the University of St. Gallen in June 1998, Felix Meier attended the Graduate Trainee Programme of Zurich Financial Services in Zürich Invest Bank and Group Investments. In October 1999, he joined the European Equity team, in which he was responsible for active equity mandates. Since 2001 he has specialised in German Small Caps. From June to August 2002 he worked for CSAM New York as a Small Cap Analyst. Having qualified as a Chartered Financial Analyst (CFA), Felix Meier is a member of the Association of Investment Management and Research (AIMR) and of the Swiss Society of Investment Professionals (SSIP). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 63

64 Risk profile (SRRI) 1) CS (Lux) USA Value Equity Fund a subfund of CS Investment Funds 11 - This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) USA Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are domiciled or conduct a majority of their business activities in the USA. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI USA (NR) Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.12 Benchmark (BM) MSCI USA (NR) (09/11) Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CSEUSVB LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax Class B Net performance in (rebased to 100) and yearly performance 2) CS (Lux) USA Value Equity Fund B MSCI USA (NR) (09/11) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Industrials Materials Consumer Discretionary Consumer Staples Utilities Financials Energy Cash/Cash Equivalents Currencies in % BRL 2.74 GBP 2.27 CHF 2.03 Fund Benchmark Compared with benchmark Countries in % % 60% 40% 20% 0% -20% -40% USA Brazil United Kingdom 4.54 Italy Cash/Cash Equivalents 1.30 Others years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Purchases Sales Pearson Plc. Universal Corp. International Paper - Bunge Ltd. - AES Corp. - Top 10 Holdings in % Layne Christensen 4.22 ASA Gold and Precious Metals 4.07 Seneca Foods 3.61 Gerdau Adr 3.54 Briggs & Stratton 3.24 Owens-Illinois 3.17 Belmond A 3.00 Donnelley & Sons 2.96 Otter Tail 2.94 Schweitzer-Mauduit Intl Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 64

65 Credit Suisse (Lux) USA Value Equity Fund Class B Review previous quarter 4) Performance: Net asset value (IB-shares) rose by 4.38% in Q Since the Fund became responsibility of the Value Team on April 30, 2008, it has compounded at an annual net return rate of 4.78%. Transactions: One position was sold during the reporting period: the share price of tobacco merchant Universal Corp. reached our conservative estimate of intrinsic value. On the other hand we were able to reestablish four new positions at attractive prices, that is they had already been held by the Fund in previous years. All of them are large, globally diversified businesses: an education services provider; a paper and packaging manufacturer; an agricultural products processor and wholesaler; and an integrated electric utility. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. Credit Suisse Equity Fund Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the global macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 65

66 Risk profile (SRRI) 1) CS (Lux) USA Value Equity Fund a subfund of CS Investment Funds 11 - Class BH EUR This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) USA Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are domiciled or conduct a majority of their business activities in the USA. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI USA (NR) Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.12 Benchmark (BM) No Benchmark Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSUSAER LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 1 year 3 years Annualized volatility in % Tracking Error (Ex post) - - Beta - - Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) USA Value Equity Fund BH EUR Purchases Sales Pearson Plc. Universal Corp. International Paper - Bunge Ltd. - AES Corp Yearly or year-to-date performance respectively (Fund) 50% 40% 30% 20% 10% 0% -10% -20% -30% 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Industrials Materials Consumer Discretionary Consumer Staples Utilities Financials 9.49 Energy 2.66 Cash/Cash Equivalents 1.30 Currencies in % Significant Transactions BRL 2.74 GBP 2.27 CHF 2.03 Countries in % Top 10 Holdings in % USA Brazil United Kingdom 4.54 Italy Cash/Cash Equivalents 1.30 Others 4.07 Layne Christensen 4.22 ASA Gold and Precious Metals 4.07 Seneca Foods 3.61 Gerdau Adr 3.54 Briggs & Stratton 3.24 Owens-Illinois 3.17 Belmond A 3.00 Donnelley & Sons 2.96 Otter Tail 2.94 Schweitzer-Mauduit Intl Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 66

67 Credit Suisse (Lux) USA Value Equity Fund Class BH EUR Review previous quarter 4) Performance: Net asset value (IB-shares) rose by 4.38% in Q Since the Fund became responsibility of the Value Team on April 30, 2008, it has compounded at an annual net return rate of 4.78%. Transactions: One position was sold during the reporting period: the share price of tobacco merchant Universal Corp. reached our conservative estimate of intrinsic value. On the other hand we were able to reestablish four new positions at attractive prices, that is they had already been held by the Fund in previous years. All of them are large, globally diversified businesses: an education services provider; a paper and packaging manufacturer; an agricultural products processor and wholesaler; and an integrated electric utility. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. Credit Suisse Equity Fund Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the global macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 67

68 Risk profile (SRRI) 1) CS (Lux) Russian Equity Fund a subfund of CS Investment Funds 5 - Class BH EUR Investment policy The fund aims to achieve long-term capital appreciation by investing primarily in equities of issuers incorporated in Russia or conducting their principal business activities within Russia. It offers broad diversification across sectors such as energy, materials, telecommunications, consumer goods and banking. The investment strategy is based on fundamental analysis. The fund targets investments in shares of attractively valued companies expected to benefit from growth in the Russian economy and global demand for natural resources. Fund facts Fund manager Anna Väänänen Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.31 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CLLRUIH LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Russian Equity Fund BH EUR Purchases Sales NOVOLIPETSK STEEL Reg Gdr PHOSAGRO Reg S Gdr SEVERSTAL Gdr Reg S S Oct06 SURGUTNEFTEGAZ JSC Pref DIXY GROUP EON Russia Fund Yearly or year-to-date performance respectively (Benchmark) Yearly or year-to-date performance respectively (Fund) 20% 10% 0% -10% -20% -30% -40% -50% -60% 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Energy Consumer Staples Financials Information Technology Materials Industrials 6.54 Consumer Discretionary 2.02 Telecommunication Services 1.44 Cash/Cash Equivalents 0.50 Currencies in % Significant Transactions Number of holdings RUB 0.09 EUR 0.01 Countries in % Top 10 Holdings in % Russia USA 6.47 Cyprus 4.32 Cash/Cash Equivalents 0.50 Sberbank of Russia 8.66 Magnit 7.92 X 5 Retail Group 7.38 Yandex 5.23 Lukoil ADR 5.22 Mobile Telesystems 4.75 Global SPGDR 4.32 Novatek 4.17 Luxoft 4.15 GROUP LSR 4.06 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 68

69 Credit Suisse (Lux) Russian Equity Fund Class BH EUR Review previous quarter 4) The oil price remained volatile, but recovered in February from the lows reached in January. The short lived spike was caused by Saudi Arabia and Russia agreeing to freeze oil output at January 2016 levels. The RUB remained flat during the Outlook for the market 4) Expecting oil price to fluctuate at around 40/barrel, we expect the RUB and the Russian economy to stabilize during the spring. Inflation also shows signs of deceleration and this should lead to the CBR cutting interest rates. In this month, while inflation slowed down sharply from 12.9%. The Russian equity market continued to perform strongly as the oil price rebounded by 10% to 40/barrel. The RBL strengthened to 67 against the, up by 8% YTD. February scenario we believe domestic companies will continue reporting improving results. During the first quarter inflows were mainly through passive products. In order for the non-index companies to start performing we need to see improving economic data improved across sectors. While it is too early to draw conclusions, this supports the thesis that the economy is stabilizing. Inflation in March is expected to have been 0.6%, which would mean full year inflation of around 7.5%. flows to active funds. The fund s PEG ratio is currently at 0.36x and we believe there to be significant upside once fund flows improve. Portfolio Management Anna Väänänen is an investment professional with 17 years of international track record. In 2011, she won both the Lipper award and the Morningstar award for the Best Fund Investing in Russia and the Best Russia Equity Fund Manager over a three year period. From 2007 until May 2011, she worked at FIM, a specialized boutique asset manager, in Helsinki. She was responsible for the management of two Russia funds. The total size of the two funds was EUR 400 million. She played a crucial role in restoring the fund s performance after the 2008 financial crises. During her stay at FIM, she gained very good knowledge of and strong relationships with Russian Large Cap as well as Mid and Small Cap Companies and their management. Prior to moving to FIM, Anna Väänänen worked as a fund manager for the Finnish insurance company Tapiola. She started her career as an equity analyst, which built the foundation for her strong analytical background and enhanced her understanding for different industry sectors. During her six years as an equity analyst for the Scandinavian investment bank Carnegie, she analyzed various sectors, including IT-services, food, industrials, metals and mining. Several times she was voted as the top analyst covering the respective sector. Before Carnegie she worked as an equity analyst at Salomon Brothers in London. She was a member of the Extel number one voted Paper and Packaging team, responsible for the UK listed companies coverage. After graduation from University, Anna Väänänen participated in the Kleinwort Benson graduate Training Program in London. Anna Väänänen has strong relationships with partners in Moscow, London, Stockholm and Helsinki. She holds a Master of Economics from University of Helsinki and speaks English, Finnish, French, Russian and Swedish. Credit Suisse SICAV 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 69

70 Risk profile (SRRI) 1) CS (Lux) USA Value Equity Fund a subfund of CS Investment Funds 11 - This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) USA Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are domiciled or conduct a majority of their business activities in the USA. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI USA (NR) Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.10 Benchmark (BM) MSCI USA (NR) (09/11) Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CSELUVI LX Valor no Net asset value (NAV) 1' Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Class IB Net performance in (rebased to 100) and yearly performance 2) CS (Lux) USA Value Equity Fund IB MSCI USA (NR) (09/11) Purchases Sales Pearson Plc. Universal Corp. International Paper - Bunge Ltd. - AES Corp Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Industrials Materials Consumer Discretionary Consumer Staples Utilities Financials Energy Cash/Cash Equivalents Currencies in % Significant Transactions BRL 2.74 GBP 2.27 CHF 2.03 Fund Benchmark Compared with benchmark Countries in % Top 10 Holdings in % % 60% 40% 20% 0% -20% -40% USA Brazil United Kingdom 4.54 Italy Cash/Cash Equivalents 1.30 Others 4.07 Layne Christensen 4.22 ASA Gold and Precious Metals 4.07 Seneca Foods 3.61 Gerdau Adr 3.54 Briggs & Stratton 3.24 Owens-Illinois 3.17 Belmond A 3.00 Donnelley & Sons 2.96 Otter Tail 2.94 Schweitzer-Mauduit Intl Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 70

71 Credit Suisse (Lux) USA Value Equity Fund Class IB Review previous quarter 4) Performance: Net asset value (IB-shares) rose by 4.38% in Q Since the Fund became responsibility of the Value Team on April 30, 2008, it has compounded at an annual net return rate of 4.78%. Transactions: One position was sold during the reporting period: the share price of tobacco merchant Universal Corp. reached our conservative estimate of intrinsic value. On the other hand we were able to reestablish four new positions at attractive prices, that is they had already been held by the Fund in previous years. All of them are large, globally diversified businesses: an education services provider; a paper and packaging manufacturer; an agricultural products processor and wholesaler; and an integrated electric utility. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. Credit Suisse Equity Fund Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the global macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 71

72 February 29, 2016 Credit Suisse Prime Select Trust (Lux) Global Equities Long/ Short Class B Investment policy The Global Equities Long/Short subfund invests with hedge fund managers who implement directional strategies in the worldwide equities markets by going both long and/or short. The level of systematic market exposure is left to the discretion of the underlying managers and therefore can be either positive or negative (long or short) at any given time. The subfund is expected to have some degree of correlation to the equity markets. The subfund seeks to limit the correlation between the underlying managers to dampen its volatility. Fund facts Fund manager Hechinger Bernard, Stéphane Julen, Keller Ulrich Fund manager since Location Zurich, Zurich, Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. December Total net assets (in mil.) Inception date Management fee in % p.a TER without performance fee ( ) in % 1.87 Performance fee in % with Highwatermark TER with performance fee ( ) in % 5.79 Subscription Monthly with 3 business day notice Redemption Monthly with 50 calendar days notice Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CREGELA LX Valor no Net asset value (NAV) 2' Min. Investment Amount 10'000 EU taxation Out of scope Contact information Product Contact Dirk Wieringa Phone dirk.wieringa@credit-suisse.com Number of holdings Fund 17 Top Holdings GAM Talentum Enhanced Fd. Ltd 9.40 Lansdowne Developed Markets 9.04 Marshall Wace Global Opp 8.76 Capeview Azri Fund Ltd 8.69 DB Platinum IV Clinton 7.28 Total Net performance in (rebased to 100) and yearly performance 2) CSPST (Lux) Global Equities Long/Short B Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Historical monthly performance in % 2) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Sector weightings in % 0) 20% 15% 10% 5% 0% -5% -10% Long/Short Equity Corporate Event Driven 6.10 Cash/Cash Equivalents 0.20 Portfolio allocation and performance attribution # of Managers Strategy Allocation Est. Ret. MTD Est. Ret. YTD Strategy Attribution MTD 0) Long/Short Equity % -3.32% -5.65% % Corporate % 0.02% 1.11% 0.00% Event Driven % -0.72% -3.94% -4.00% Cash/Cash Equivalents % N/A N/A N/A Total % 1) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 72

73 Risk profile (SRRI) 1) CS (Lux) Russian Equity Fund a subfund of CS Investment Funds 5 - Class IB Investment policy The fund aims to achieve long-term capital appreciation by investing primarily in equities of issuers incorporated in Russia or conducting their principal business activities within Russia. It offers broad diversification across sectors such as energy, materials, telecommunications, consumer goods and banking. The investment strategy is based on fundamental analysis. The fund targets investments in shares of attractively valued companies expected to benefit from growth in the Russian economy and global demand for natural resources. Fund facts Fund manager Anna Väänänen Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 1.46 Benchmark (BM) MSCI Russia (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CLLRUIB LX Valor no Net asset value (NAV) Min. Investment Amount 500'000 Redemptions Daily Sales registration: Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Russian Equity Fund IB MSCI Russia (NR) Purchases Sales NOVOLIPETSK STEEL Reg Gdr PHOSAGRO Reg S Gdr SEVERSTAL Gdr Reg S S Oct06 SURGUTNEFTEGAZ JSC Pref DIXY GROUP EON Russia Fund Former Track Record of Clariden Leu (Gue) Russia Equity Fund (December 20, August 20, 2009) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 20 August For the restructuring all assets and liabilities of the former Clariden Leu (Gue) Russia Equity Fund have been transferred to CS (Lux) Russian Equity Fund IB. Fund management and investment policy remained unchanged. The data provided in this document reflect the performance of the Clariden Leu (Gue) Russia Equity Fund as well as the performance of the CS (Lux) Russian Equity Fund IB. Past performance, whether actual or simulated, does not guarantee future results. Net performance in 2) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Energy Consumer Staples Financials Information Technology Materials Industrials 6.54 Consumer Discretionary 2.02 Telecommunication Services 1.44 Cash/Cash Equivalents 0.50 Currencies in % Significant Transactions Number of holdings RUB 0.09 EUR 0.01 Countries in % Top 10 Holdings in % 40% 20% 0% -20% -40% -60% Russia USA 6.47 Cyprus 4.32 Cash/Cash Equivalents 0.50 Sberbank of Russia 8.66 Magnit 7.92 X 5 Retail Group 7.38 Yandex 5.23 Lukoil ADR 5.22 Mobile Telesystems 4.75 Global SPGDR 4.32 Novatek 4.17 Luxoft 4.15 GROUP LSR 4.06 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 73

74 Credit Suisse (Lux) Russian Equity Fund Class IB Review previous quarter 4) The oil price remained volatile, but recovered in February from the lows reached in January. The short lived spike was caused by Saudi Arabia and Russia agreeing to freeze oil output at January 2016 levels. The RUB remained flat during the Outlook for the market 4) Expecting oil price to fluctuate at around 40/barrel, we expect the RUB and the Russian economy to stabilize during the spring. Inflation also shows signs of deceleration and this should lead to the CBR cutting interest rates. In this month, while inflation slowed down sharply from 12.9%. The Russian equity market continued to perform strongly as the oil price rebounded by 10% to 40/barrel. The RBL strengthened to 67 against the, up by 8% YTD. February scenario we believe domestic companies will continue reporting improving results. During the first quarter inflows were mainly through passive products. In order for the non-index companies to start performing we need to see improving economic data improved across sectors. While it is too early to draw conclusions, this supports the thesis that the economy is stabilizing. Inflation in March is expected to have been 0.6%, which would mean full year inflation of around 7.5%. flows to active funds. The fund s PEG ratio is currently at 0.36x and we believe there to be significant upside once fund flows improve. Portfolio Management Anna Väänänen is an investment professional with 17 years of international track record. In 2011, she won both the Lipper award and the Morningstar award for the Best Fund Investing in Russia and the Best Russia Equity Fund Manager over a three year period. From 2007 until May 2011, she worked at FIM, a specialized boutique asset manager, in Helsinki. She was responsible for the management of two Russia funds. The total size of the two funds was EUR 400 million. She played a crucial role in restoring the fund s performance after the 2008 financial crises. During her stay at FIM, she gained very good knowledge of and strong relationships with Russian Large Cap as well as Mid and Small Cap Companies and their management. Prior to moving to FIM, Anna Väänänen worked as a fund manager for the Finnish insurance company Tapiola. She started her career as an equity analyst, which built the foundation for her strong analytical background and enhanced her understanding for different industry sectors. During her six years as an equity analyst for the Scandinavian investment bank Carnegie, she analyzed various sectors, including IT-services, food, industrials, metals and mining. Several times she was voted as the top analyst covering the respective sector. Before Carnegie she worked as an equity analyst at Salomon Brothers in London. She was a member of the Extel number one voted Paper and Packaging team, responsible for the UK listed companies coverage. After graduation from University, Anna Väänänen participated in the Kleinwort Benson graduate Training Program in London. Anna Väänänen has strong relationships with partners in Moscow, London, Stockholm and Helsinki. She holds a Master of Economics from University of Helsinki and speaks English, Finnish, French, Russian and Swedish. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 74

75 Credit Suisse (Lux) Prima Multi-Strategy Fund a subfund of CS Investment Funds 4 - Class B EUR Investment policy Credit Suisse (Lux) Prima Multi-Strategy (CS Prima Multi-Strategy) is a UCITS III compliant multi-strategy fund of funds. The CS Prima Multi-Strategy fund allocates assets across multiple strategies in the liquid UCITS compliant universe. It targets attractive risk-adjusted returns through active portfolio management, and may invest in various alternative investment strategies, including equities, event driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities and rates. The fund is domiciled in Luxembourg and will be passported into other countries. The fund is open to both institutional and retail investors and offers weekly liquidity. Fund facts Fund manager Stéphane Julen Fund manager since since inception Location Zurich Fund domicile Luxembourg Fund currency EUR Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, FIN, HUN, SIN Close of financial year 30. Nov Total net assets (in mil.) Inception date Management fee in % p.a TER without performance fee ( ) in % 3.71 Performance fee in % with Highwatermark TER with performance fee ( ) in % 3.71 Subscription Weekly Redemption Weekly Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSPMSBE LX Valor no Net asset value (NAV) EU taxation In scope - tax Number of holdings Fund 21 Top Holdings Gam Star Fund Global Rates 7.60 Henderson Gar UK Absolute Return 6.87 Gam Star European Alpha 6.55 Marshall Wace Dev Europe TOPS 6.30 Legg Mason Western Asset Macro 5.37 Total Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Prima Multi-Strategy Fund B EUR Yearly or year-to-date performance respectively (Fund) 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% 1 month 3 months YTD 1 year 3 years 5 years Fund Historical monthly performance in % 2) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Strategies in % Long/Short Equity Global Macro Event Driven Corporate CTA Cash/Cash Equivalents 0.10 Credit Suisse Solutions 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 75

76 Credit Suisse (Lux) Prima Multi-Strategy Fund a subfund of CS Investment Funds 4 - Class BH GBP Investment policy Credit Suisse (Lux) Prima Multi-Strategy (CS Prima Multi-Strategy) is a UCITS III compliant multi-strategy fund of funds. The CS Prima Multi-Strategy fund allocates assets across multiple strategies in the liquid UCITS compliant universe. It targets attractive risk-adjusted returns through active portfolio management, and may invest in various alternative investment strategies, including equities, event driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities and rates. The fund is domiciled in Luxembourg and will be passported into other countries. The fund is open to both institutional and retail investors and offers weekly liquidity. Fund facts Fund manager Stéphane Julen Fund manager since since inception Location Zurich Fund domicile Luxembourg Fund currency EUR Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, FIN, HUN, SIN Close of financial year 30. Nov Total net assets (in mil.) Inception date Management fee in % p.a TER without performance fee ( ) in % 3.65 Performance fee in % with Highwatermark TER with performance fee ( ) in % 3.65 Subscription Weekly Redemption Weekly Unit Class Category BH (capital growth) Unit class currency GBP ISIN LU Bloomberg ticker CSPMSRS LX Valor no Net asset value (NAV) EU taxation In scope - tax Number of holdings Fund 21 Net performance in GBP (rebased to 100) and yearly performance 2) CS (Lux) Prima Multi-Strategy Fund BH GBP Yearly or year-to-date performance respectively (Fund) 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% 1 month 3 months YTD 1 year 3 years 5 years Fund Historical monthly performance in % 2) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Strategies in % Long/Short Equity Global Macro Event Driven Corporate CTA Cash/Cash Equivalents 0.10 Top Holdings Gam Star Fund Global Rates 7.60 Henderson Gar UK Absolute Return 6.87 Gam Star European Alpha 6.55 Marshall Wace Dev Europe TOPS 6.30 Legg Mason Western Asset Macro 5.37 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 76

77 Risk profile (SRRI) 1) CS (Lux) European Property Equity Fund a subfund of CS Investment Funds 11 - Class IB EUR Investment policy The subfund invests throughout Europe in stocks of companies operating in the real estate market and related industries. This sector consists of enterprises which provide, produce, develop, finance and/or sell services and products for the real estate market. There will not be any direct investments in real estate. Fund facts Fund manager Frederik De Block Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.14 Benchmark (BM) FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/ 10) Unit Class Category IB (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEFEPI LX Valor no Net asset value (NAV) 2' Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) European Property Equity Fund IB EUR FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/10) Purchases Sales Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Diversified REITs Retail REITs Residential REITs Industrial & Office REITs Speciality REITs 2.52 Free Cash 2.51 Currencies in % Significant Transactions EUR GBP SEK 8.45 CHF 5.24 Countries in % 100% 80% 60% 40% 20% 0% -20% -40% United Kingdom Germany France Sweden Spain 3.90 Netherlands 2.03 Ireland 2.02 Cash/Cash Equivalents 2.51 Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 77

78 Credit Suisse (Lux) European Property Equity Fund Class IB EUR Review previous quarter 4) European real estate stocks showed a relatively weak performance in comparison to other global real estate markets during the reporting period. During Q1 2016, the benchmark, the EPRA Europe Capped Index (all figures in EUR terms), lost 2.8%, while the EPRA Global Index gained 5.4%. There were big differences between the different countries. The UK was by far the weakest country (-13.5%) as the uncertainty around an eventual Brexit (the referendum to stay in or leave the EU, which currently is touted Outlook for the market 4) Commercial real estate values are still likely to benefit from the low level of interest rates and gradual economic growth this year, especially in the Eurozone. Against a backdrop of low interest rates, modest expansion of floor space and positive growth in rents, a turning point in the overall performance of real estate equities is not expected until after Britain s upcoming vote on continued EU membership, scheduled for June 23rd, is weighing on sentiment for the London market, despite good economic headlines about low inflation and interest rates. for June 23rd) continued to weigh on stock prices. Also Italy was weak as investors were positioning more defensively. That is why Germany and were the strongest performing countries. During the quarter, we further reduced our overweight position in the UK to an underweight, and totally sold our exposure to Italy and Austria. On the other hand, we increased our exposure to Ireland as economic growth remains among UK REIT prices have already corrected substantially, whereby as at the end of March UK REITs prices reflect an implied cap rate of 5.3%. That said, European REITs held up better than their British counterparts. However, a Brexit vote has the potential to cause a domino effect across the continent, leading to the dismantling of the European project. The implied cap rate of 4.6% for the Continent is justified as long as the ECB leaves the door open for further easing measurements. the highest in Europe. The real estate market remains strong as well with declining vacancy rates and strongly increasing rent levels. All in all, fund management is overweight France, Germany and Ireland. Fund management remains underweight, Norway, Belgium and most other Eurozone countries as uncertainties remain and growth will remain subdued in the short to mid-term while valuations are relatively expensive. Fund management continues to prefer companies with attractive valuations and potential for future growth, but is aware of the power of quantitative easing. Therefore, the overweight in the UK was eliminated, whilst positions in Ireland, France and Germany have been increased. UK companies are on average cheaper than the slower growing other European stocks, but these will be supported by quantitative easing in the Eurozone whereas the Brexit referendum will continue to negatively affect UK stocks. Portfolio Management Frederik De Block is an Vice President and Investment Professional for European real estate securities. Mr. De Block joined the team in February 2008 from Deutsche Bank, where he was an equity fund manager. Previously Mr. De Block was a financial analyst for European companies. Mr. De Block is a CFA charterholder and holds both a Master s Degree in Finance from Ehsal/Brussels and a Master s Degree in Business Economics from the University of Leuven. 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 78

79 Credit Suisse (Lux) Prima Multi-Strategy Fund a subfund of CS Investment Funds 4 - Class FBH GBP Investment policy Credit Suisse (Lux) Prima Multi-Strategy (CS Prima Multi-Strategy) is a UCITS III compliant multi-strategy fund of funds. The CS Prima Multi-Strategy fund allocates assets across multiple strategies in the liquid UCITS compliant universe. It targets attractive risk-adjusted returns through active portfolio management, and may invest in various alternative investment strategies, including equities, event driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities and rates. The fund is domiciled in Luxembourg and will be passported into other countries. The fund is open to both institutional and retail investors and offers weekly liquidity. Fund facts Fund manager Stéphane Julen Fund manager since since inception Location Zurich Fund domicile Luxembourg Fund currency EUR Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, FIN, HUN, SIN Close of financial year 30. Nov Total net assets (in mil.) Inception date Management fee in % p.a TER without performance fee ( ) in % 2.71 Performance fee in % with Highwatermark TER with performance fee ( ) in % 2.71 Subscription Weekly Redemption Weekly Unit Class Category FBH (capital growth) Unit class currency GBP ISIN LU Bloomberg ticker CSPMSTS LX Valor no Net asset value (NAV) 1' EU taxation In scope - tax Number of holdings Fund 21 Top Holdings Gam Star Fund Global Rates 7.60 Henderson Gar UK Absolute Return 6.87 Gam Star European Alpha 6.55 Marshall Wace Dev Europe TOPS 6.30 Legg Mason Western Asset Macro 5.37 Total Net performance in GBP (rebased to 100) and yearly performance 2) CS (Lux) Prima Multi-Strategy Fund FBH GBP Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Historical monthly performance in % 2) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Strategies in % 15% 10% Long/Short Equity Global Macro Event Driven Corporate CTA Cash/Cash Equivalents % 0% -5% Credit Suisse Solutions 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 79

80 Credit Suisse (Lux) Prima Multi-Strategy Fund a subfund of CS Investment Funds 4 - Class FBH Investment policy Credit Suisse (Lux) Prima Multi-Strategy (CS Prima Multi-Strategy) is a UCITS III compliant multi-strategy fund of funds. The CS Prima Multi-Strategy fund allocates assets across multiple strategies in the liquid UCITS compliant universe. It targets attractive risk-adjusted returns through active portfolio management, and may invest in various alternative investment strategies, including equities, event driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities and rates. The fund is domiciled in Luxembourg and will be passported into other countries. The fund is open to both institutional and retail investors and offers weekly liquidity. Fund facts Fund manager Stéphane Julen Fund manager since since inception Location Zurich Fund domicile Luxembourg Fund currency EUR Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, FIN, HUN, SIN Close of financial year 30. Nov Total net assets (in mil.) Inception date Management fee in % p.a TER without performance fee ( ) in % 2.75 Performance fee in % with Highwatermark TER with performance fee ( ) in % 2.75 Subscription Weekly Redemption Weekly Unit Class Category FBH (capital growth) Unit class currency ISIN LU Bloomberg ticker CSPMSTU LX Valor no Net asset value (NAV) 1' EU taxation In scope - tax Number of holdings Fund 21 Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Prima Multi-Strategy Fund FBH Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Historical monthly performance in % 2) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Strategies in % 15% 10% Long/Short Equity Global Macro Event Driven Corporate CTA Cash/Cash Equivalents % 0% -5% Top Holdings Gam Star Fund Global Rates 7.60 Henderson Gar UK Absolute Return 6.87 Gam Star European Alpha 6.55 Marshall Wace Dev Europe TOPS 6.30 Legg Mason Western Asset Macro 5.37 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 80

81 Risk profile (SRRI) 1) CS (Lux) Eurozone Active Opportunities Equity Fund a subfund of CS Investment Funds 2 - Class B EUR Investment policy The aim of the Fund is to achieve the highest possible return by investing in European companies predominantly characterised by high profitability, a sound financial structure and successful management. Fund facts Fund manager Julio Alberto Giró Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.90 Benchmark (BM) MSCI EMU (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEEZAB LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Duration and Yield Modified duration in years 0.00 Number of holdings Fund 48 Net performance in EUR (rebased to 100) and yearly performance 2) Purchases VOESTALPINE BANCO SANTANDER Reg SCHNEIDER ELECTRIC ROYAL DUTCH SHELL A CS (Lux) Eurozone Active Opportunities Equity Fund B EUR MSCI EMU (NR) Sales L'OREAL INDITEX SANOFI LAGARDERE Reg Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) simulation based on Equis Europe and F share class Track Record with adjusted Management Fee ( ) % 50% 40% 30% 20% 10% 0% -10% -20% -30% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Financials Industrials Consumer Discretionary Consumer Staples Information Technology Materials Telecommunication Services Utilities Cash/Cash Equivalents Others years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Top 10 Holdings in % TOTAL SA 4.36 BASF 4.04 Schneider Electric 3.85 AXA 3.27 Allianz 3.25 Siemens AG 3.24 SAP SE 3.15 Deutsche Telekom 2.96 Anheuster Busch 2.95 Iberdrola 2.85 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 81

82 Credit Suisse (Lux) Eurozone Active Opportunities Equity Fund a subfund of Class B EUR Review previous quarter 4) Eurozone equity markets, as measured by the MSCI Eurozone Index, dropped 6.6% in Q The Fund fell 5.4% over the same period, outpacing the benchmark by 1.2%. Similar to previous months, European equities were volatile as investors weighed the possible impact of monetary policy in the US and Europe on corporate earnings. At the same time, investors rotated actively in and out of sectors such as Energy reflecting large swings in commodity prices. Outlook for the market 4) European equity markets continue to extend the correction initiated almost a year ago. The slowdown in Chinese growth and uncertainty around the change in US monetary policy have triggered the initial correction. By now, uncertainty over China has receded: restocking in China has spurred the recovery of certain commodities and cyclical stocks. Some of these stocks have large valuation potential and could further appreciate. Yet market participants continue to hesitate on the extent of interest rate hikes in the US over the coming months, adding Our stock selection contributed to outperformance relative to the European index in seven out of ten sectors as defined by MSCI in Q Positions in Health Care, Industrials, Consumer Staples, Energy and Utilities brought most of the relative returns over the period. Selective cyclical exposure in Consumer Discretionary and Materials lagged behind the market. sources of volatility to equity markets. European stocks failed to recover in Q1. First, German and French sovereign bond yields remain at low levels; second, the measures taken by the ECB to reignite inflation in the Eurozone have not achieved all the desired impact yet. GDP growth consensus expectations of over 1.5% per annum until 2018 should be supportive for non-financial corporations earnings. Yet financials, with a large market weight, face challenges of extremely low interest rates and We made few changes to our strategy in Q The common denominator of the portfolio adjustments has been rebalancing the Fund s cyclical exposure over the period. Signs of a deceleration in the contraction of emerging market economies represent selective investment opportunities in cyclical stocks. We either increased or added positions in Financials, Industrials and Materials, while we reduced holdings in Health Care and Consumer sectors over the period. The fund remains fully invested. credit quality concerns in Italy. Signs of progress to resolve asset quality problems at Italian banks at the onset of Q2 could be promising for both financials and the market as a whole. Summing up, the European economic outlook remains promising. Non-financial corporations are on track to exceed mid-single digit earnings growth in 2016 and financial stocks valuations are attractive. This coupled with supportive dividend yield make European equities attractive on its own and relative to other regional markets. Portfolio Management Julio Alberto Giró, Director, is Senior Portfolio Manager at Credit Suisse Asset Management. He joined Credit Suisse in 2008, having held previously investment positions at UBS, Winterthur Insurance (formerly part of Credit Suisse), ING Bank, Banco Mariva and Banco General the Negocios. Julio A. Giró has 19 years of investment experience. He holds a Degree in Business Administration (Licenciatura) from the University of Buenos Aires and an MSc in Banking & Finance from the Université de Lausanne. He is a CFA charterholder 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 82

83 Risk profile (SRRI) 1) CS (Lux) Italy Equity Fund a subfund of CS Investment Funds 11 - Class B EUR Investment policy The aim of the Fund is to achieve the highest possible capital growth by investing in leading Italian companies characterised by high profitability, a sound financial structure and successful management. Fund facts Fund manager Marco Bolzoni Fund manager since Location Milano Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.13 Benchmark (BM) MSCI Italy 10/40 (NR) (07/11) Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CRSITBI LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Italy Equity Fund B EUR MSCI Italy 10/40 (NR) (07/11) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Financials Industrials Consumer Discretionary Utilities Energy Telecommunication Services 4.59 Information Technology 0.82 Materials 0.70 Health Care 0.11 Cash/Cash Equivalents % 40% 20% 0% -20% -40% Credit Suisse Equity Fund 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Purchases Sales ACEA MOLESKINE SARAS RAFFINERIE SARDE FINMECCANICA SALINI IMPREGILO ENI CREDITO VALTELLINESE TENARIS - INTESA SANPAOLO Top 10 Holdings in % Intesa Sanpaolo 7.95 ENI 7.76 Enel 5.42 Snam Rete Gas 4.95 Tenaris 4.92 Unicredit Fin Atlantia 4.44 Ferrari 4.03 Finmeccanica 3.82 Luxottica 3.54 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 83

84 Credit Suisse (Lux) Italy Equity Fund Class B EUR Review previous quarter 4) The Italian market registered an unexpected and strongly negative performance (MSCI ITALY10/ 40 TR Net EUR %) in the first quarter of January: in the context of a global market sell-off triggered by concerns about global economic growth, the Italian market underperformed as uncertainty over a government backed solution to banks doubtful loans took center stage (MSCI ITALY10/40 TR Net EUR %). By sector, most banks together with insurance and energy stocks underperformed, while utilities and Outlook for the market 4) The financial sector is trading below long term average multiples, but the market will probably maintain a skeptic stance towards the sector until a credible solution to the non-performing loans issue is found. In terms of the macroeconomic environment, most indicators still point to a gradual improvement in the Italian economy. The consumer goods were among the best performing stocks. February was again a negative month (MSCI ITALY10/40 TR Net EUR -5.36%). Similar to the previous month, banks were the worst performers, while other sectors such as energy, telecoms, insurance and industrials recovered some of their January losses. After three consecutive negative months, March finally saw a rebound of the market (MSCI ITALY10/40 TR Net EUR +2.56%). The best Italian economic recovery story, along with earnings upgrades as well as M&A, should be the most important positive drivers for Italian stocks during The euro could be increasingly unsupportive for the earnings of Italian exporters in the coming performing stocks were some of those that performed poorly during the previous months, such as Finmeccanica (+17%), Anima (+15%), FCA (+12%) and Mediaset (+10%). The ECB meeting introduced a further rate cut, a EUR 20bn increase in monthly asset purchases and new four-year targeted longer-term refinancing operations. Nevertheless, Italian banks were again weak, and Banco Popolare was the worst performing stock (-20%), as the plan to merge with Popolare di Milano involved an unexpected EUR 1bn capital injection. months, as the Fed s rate hike postponement is weakening the US dollar. Finally, liquidity (investors switching from bonds to equity) should be another important support for Italian equities and the pipeline of IPOs (which might drain liquidity from the market), could probably be another important driver. Portfolio Management Marco Bolzoni, CFA, joined Credit Suisse Group in March 2010 initially as Equity Specialist in the Italian Investment Consulting team, with the full responsibility for the Equity Advisory to all the private clients in Italy and direct responsibility for several large Private Clients portfolios. He moved into the MACS team in Milan in August 2015 as Italian Equities Manager for mutual funds and Equity Portfolio Manager for Institutional Clients portfolios. Previously, he worked as Equity Analyst and Portfolio Manager at ARCA SGR from 1999 to 2001, at Eurizon Capital SGR from 2001 to 2006, at Pioneer Investment, from 2006 to 2008, and managed a Long/Short Equity portfolio at Sopaf SGR from 2008 to Marco graduated in Business Administration from the Università Commerciale Luigi Bocconi in October ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 84

85 Risk profile (SRRI) 1) CS (Lux) Italy Equity Fund a subfund of CS Investment Funds 11 - Class IB EUR Investment policy The aim of the Fund is to achieve the highest possible capital growth by investing in leading Italian companies characterised by high profitability, a sound financial structure and successful management. Fund facts Fund manager Marco Bolzoni Fund manager since Location Milano Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 0.92 Benchmark (BM) MSCI Italy 10/40 (NR) (07/11) Unit Class Category IB (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CRSITLI LX Valor no Net asset value (NAV) Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Italy Equity Fund IB EUR MSCI Italy 10/40 (NR) (07/11) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Financials Industrials Consumer Discretionary Utilities Energy Telecommunication Services 4.59 Information Technology 0.82 Materials 0.70 Health Care 0.11 Cash/Cash Equivalents % 60% 40% 20% 0% -20% -40% Credit Suisse Equity Fund 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Purchases Sales ACEA MOLESKINE SARAS RAFFINERIE SARDE FINMECCANICA SALINI IMPREGILO ENI CREDITO VALTELLINESE TENARIS - INTESA SANPAOLO Top 10 Holdings in % Intesa Sanpaolo 7.95 ENI 7.76 Enel 5.42 Snam Rete Gas 4.95 Tenaris 4.92 Unicredit Fin Atlantia 4.44 Ferrari 4.03 Finmeccanica 3.82 Luxottica 3.54 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 85

86 Credit Suisse (Lux) Italy Equity Fund Class IB EUR Review previous quarter 4) The Italian market registered an unexpected and strongly negative performance (MSCI ITALY10/ 40 TR Net EUR %) in the first quarter of January: in the context of a global market sell-off triggered by concerns about global economic growth, the Italian market underperformed as uncertainty over a government backed solution to banks doubtful loans took center stage (MSCI ITALY10/40 TR Net EUR %). By sector, most banks together with insurance and energy stocks underperformed, while utilities and Outlook for the market 4) The financial sector is trading below long term average multiples, but the market will probably maintain a skeptic stance towards the sector until a credible solution to the non-performing loans issue is found. In terms of the macroeconomic environment, most indicators still point to a gradual improvement in the Italian economy. The consumer goods were among the best performing stocks. February was again a negative month (MSCI ITALY10/40 TR Net EUR -5.36%). Similar to the previous month, banks were the worst performers, while other sectors such as energy, telecoms, insurance and industrials recovered some of their January losses. After three consecutive negative months, March finally saw a rebound of the market (MSCI ITALY10/40 TR Net EUR +2.56%). The best Italian economic recovery story, along with earnings upgrades as well as M&A, should be the most important positive drivers for Italian stocks during The euro could be increasingly unsupportive for the earnings of Italian exporters in the coming performing stocks were some of those that performed poorly during the previous months, such as Finmeccanica (+17%), Anima (+15%), FCA (+12%) and Mediaset (+10%). The ECB meeting introduced a further rate cut, a EUR 20bn increase in monthly asset purchases and new four-year targeted longer-term refinancing operations. Nevertheless, Italian banks were again weak, and Banco Popolare was the worst performing stock (-20%), as the plan to merge with Popolare di Milano involved an unexpected EUR 1bn capital injection. months, as the Fed s rate hike postponement is weakening the US dollar. Finally, liquidity (investors switching from bonds to equity) should be another important support for Italian equities and the pipeline of IPOs (which might drain liquidity from the market), could probably be another important driver. Portfolio Management Marco Bolzoni, CFA, joined Credit Suisse Group in March 2010 initially as Equity Specialist in the Italian Investment Consulting team, with the full responsibility for the Equity Advisory to all the private clients in Italy and direct responsibility for several large Private Clients portfolios. He moved into the MACS team in Milan in August 2015 as Italian Equities Manager for mutual funds and Equity Portfolio Manager for Institutional Clients portfolios. Previously, he worked as Equity Analyst and Portfolio Manager at ARCA SGR from 1999 to 2001, at Eurizon Capital SGR from 2001 to 2006, at Pioneer Investment, from 2006 to 2008, and managed a Long/Short Equity portfolio at Sopaf SGR from 2008 to Marco graduated in Business Administration from the Università Commerciale Luigi Bocconi in October ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 86

87 Risk profile (SRRI) 1) CS (Lux) Global Biotech Innovators Equity Fund a subfund of CS Investment Funds 5 - Class B Investment policy This sector-based equity fund globally invests in stocks of biotechnology companies to achieve long-term capital appreciation while maintaining an adequate distribution of risks. It offers access to one of the fastest-growing segments of the health sector, and opportunity to participate in growth in value tied to clinical progress of innovative products from early stage to those ready to be brought to market. The fund invests in numerous therapeutics areas, as well as diagnosis and preventative treatments. The portfolio is not constrained either in terms of geography or by market capitalization. The NASDAQ Biotechnology TR serves as the benchmark. Fund facts Fund manager Irene Beatrice Puettner Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.19 Benchmark (BM) NASDAQ Biotechnology Index (TR) (04/07) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CLABIOT LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Biotech Innovators Equity Fund B NASDAQ Biotechnology Index (TR) (04/07) Purchases Sales - - Fund Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 350% 300% 250% 200% 150% 100% 50% 0% -50% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Biotechnology Pharmaceuticals 7.20 Life Sciences Tools & Services 3.72 Health care equipment and services 0.12 Cash/Cash Equivalents 1.06 Currencies in % Significant Transactions Number of holdings CHF 6.66 DKK 4.85 EUR 0.06 GBP 0.05 Countries in % Top 10 Holdings in % USA Denmark Cash/Cash Equivalents 0.85 Others 2.94 Gilead Sciences 7.50 Celgene 7.44 Biogen 7.38 Amgen 6.06 Regeneron Pharma Alexion Pharma Biomarin Pharmaceutical 4.25 Incyte 3.93 Medivation 3.88 Illumina 3.58 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 87

88 Credit Suisse (Lux) Global Biotech Innovators Equity Fund Class B Review previous quarter 4) The biotech group closed Q in negative territory and underperformed world equity markets. Negative sentiment continued to dominate performance. In March more positive headlines resulted in stabilization and positive returns. Clinical and regulatory updates released by companies were mixed: positive news flow came from Neurocrine and Abbvie s Elagolix that met the primary endpoint in the second Phase III trial in endometriosis. Regulus reported sustained virologic responses in a Phase 2 study with its micro-rna therapy RG-101 in Hepatitis C, potentially offering an option to shorten the therapy to four weeks. Alder released positive data points in a phase 2b study with its migraine prevention candidate drug ALD403. Regulatory setbacks affected Vertex, Biomarin, Alkermes, PTC Therapeutics and Cara Therapeutics. First Outlook for the market 4) We remain constructive on the fundamentals of biotech in the long term as the industry is in the earlier stages of an innovation cycle with promising future commercial potential. However, we expect that the weak sentiment and volatility might continue in Q2, because macro factors like the US presidential election, drug pricing debates and further interest rate hikes are not off the table. High profile events are needed to turn the focus back to fundamentals and pipeline catalysts. We believe that upcoming pipeline progress and convincing clinical concept validation of new mechanisms that target, for example Alzheimer s approvals of therapies for patients with Duchenne Muscular Dystrophy seem to be pushed out after clinical and regulatory setbacks. Biosimilars were in focus, as the first biosimilar monoclonal antibody was recommended for approval in all indications by an FDA advisory committee. The FDA decision is expected in April. Over the reporting period, the fund performed in line with its benchmark. In an environment of negative sentiment, positive news flow was not appropriately acknowledged, while stocks were hit disproportionally on clinical and regulatory failures, disappointing fourth quarter results or lackluster guidance. Besides stocks not owned like Endo, Mylan and Portola and underweights in Regeneron, Biogen and Celgene, the best disease and multiple sclerosis, might be triggers to gradually turn the tape, pending the outcome of the study results. We consider valuations to be at attractive levels and pharma as well as large biotech are in need to complement their pipelines, M&A activities might accelerate and bring positive momentum to the sector, in our opinion. On the other hand, we expect that the payers will probably make more use of their power and use reimbursement constraints to put pressure on makers of me-too drugs with identical mechanisms and profiles. We also await the FDA decision for the first biosimilar monoclonal antibody. The label contributors to return during the first quarter were the overweight in Actelion (driven by strong Q results), Genmab (impressive launch of Darzalex in multiple myeloma), Theravance Biopharma (company highlighted Phase 3 pipeline catalysts they expect in 2016) and Medivation (issued a higher than expected 2016 sales guidance for prostate cancer drug Xtandi and M&A speculation). Performance detractors included Alkermes, Halozyme and Incyte. Alkermes announced that two late-stage clinical studies for treatment of depression failed. Halozyme issued a disappointing financial guidance for Incyte declined after the company stopped cancer trials with Ruxolitinib did not show sufficient levels of efficacy. approved by the FDA might be exemplary for future biosimilar biologics and transiently impact the sector, in our view. Thinking of potential reimbursement constraint and biosimilars on the horizon, we believe that biotech innovators offer a unique strategy to evade these pressures. We consider new truly differentiated therapies based on leading-edge science to have the best chance to gain a first mover market advantage, pricing power and fair reimbursement. As such, we expect biotech innovators will continue to produce highly profitable therapies and help save patients lives. Portfolio Management Irene Püttner is a life sciences specialist with 11 years of investment track record. She joined the Credit Suisse Group in 2008 and has managed the Credit Suisse Biotechnology Equity Fund since February From she worked as a life sciences fund manager and analyst at Bank Sarasin in Basel, Zürich and London managing HealthSar, a fund investing in biotech, pharma and medical technology companies. In addition, she was co-manager of a fund focusing on innovation across various industries including life sciences and technology. Irene dedicated her entire career to life sciences. She got to understand the industry she is investing in from scratch: she worked during 12 years in experimental scientific research covering several therapeutic fields in academia as well as at Roche and Novartis in the USA and, followed by eight years as business development manager with a strong deal track record at Ciba-Geigy, Novartis, Discovery Technologies and Syngenta. Through her three decades of activities in the life science industry, Irene has a strong knowledge of the therapeutic areas, the companies and connections to their management. Irene holds a doctoral degree in natural sciences of the ETH in Zürich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 88

89 Risk profile (SRRI) 1) CS (Lux) Global Biotech Innovators Equity Fund a subfund of CS Investment Funds 5 - Class BH EUR Investment policy This sector-based equity fund globally invests in stocks of biotechnology companies to achieve long-term capital appreciation while maintaining an adequate distribution of risks. It offers access to one of the fastest-growing segments of the health sector, and opportunity to participate in growth in value tied to clinical progress of innovative products from early stage to those ready to be brought to market. The fund invests in numerous therapeutics areas, as well as diagnosis and preventative treatments. The portfolio is not constrained either in terms of geography or by market capitalization. The NASDAQ Biotechnology TR serves as the benchmark. Fund facts Fund manager Irene Beatrice Puettner Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.19 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CLBIEHE LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Global Biotech Innovators Equity Fund BH EUR Yearly or year-to-date performance respectively (Benchmark) Purchases Sales - - Fund Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Biotechnology Pharmaceuticals 7.20 Life Sciences Tools & Services 3.72 Health care equipment and services 0.12 Cash/Cash Equivalents 1.06 Currencies in % Significant Transactions Number of holdings CHF 6.66 DKK 4.85 EUR 0.06 GBP 0.05 Countries in % Top 10 Holdings in % 300% 250% 200% 150% 100% 50% 0% -50% USA Denmark Cash/Cash Equivalents 0.85 Others 2.94 Gilead Sciences 7.50 Celgene 7.44 Biogen 7.38 Amgen 6.06 Regeneron Pharma Alexion Pharma Biomarin Pharmaceutical 4.25 Incyte 3.93 Medivation 3.88 Illumina 3.58 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 89

90 Credit Suisse (Lux) Global Biotech Innovators Equity Fund Class BH EUR Review previous quarter 4) The biotech group closed Q in negative territory and underperformed world equity markets. Negative sentiment continued to dominate performance. In March more positive headlines resulted in stabilization and positive returns. Clinical and regulatory updates released by companies were mixed: positive news flow came from Neurocrine and Abbvie s Elagolix that met the primary endpoint in the second Phase III trial in endometriosis. Regulus reported sustained virologic responses in a Phase 2 study with its micro-rna therapy RG-101 in Hepatitis C, potentially offering an option to shorten the therapy to four weeks. Alder released positive data points in a phase 2b study with its migraine prevention candidate drug ALD403. Regulatory setbacks affected Vertex, Biomarin, Alkermes, PTC Therapeutics and Cara Therapeutics. First Outlook for the market 4) We remain constructive on the fundamentals of biotech in the long term as the industry is in the earlier stages of an innovation cycle with promising future commercial potential. However, we expect that the weak sentiment and volatility might continue in Q2, because macro factors like the US presidential election, drug pricing debates and further interest rate hikes are not off the table. High profile events are needed to turn the focus back to fundamentals and pipeline catalysts. We believe that upcoming pipeline progress and convincing clinical concept validation of new mechanisms that target, for example Alzheimer s approvals of therapies for patients with Duchenne Muscular Dystrophy seem to be pushed out after clinical and regulatory setbacks. Biosimilars were in focus, as the first biosimilar monoclonal antibody was recommended for approval in all indications by an FDA advisory committee. The FDA decision is expected in April. Over the reporting period, the fund performed in line with its benchmark. In an environment of negative sentiment, positive news flow was not appropriately acknowledged, while stocks were hit disproportionally on clinical and regulatory failures, disappointing fourth quarter results or lackluster guidance. Besides stocks not owned like Endo, Mylan and Portola and underweights in Regeneron, Biogen and Celgene, the best disease and multiple sclerosis, might be triggers to gradually turn the tape, pending the outcome of the study results. We consider valuations to be at attractive levels and pharma as well as large biotech are in need to complement their pipelines, M&A activities might accelerate and bring positive momentum to the sector, in our opinion. On the other hand, we expect that the payers will probably make more use of their power and use reimbursement constraints to put pressure on makers of me-too drugs with identical mechanisms and profiles. We also await the FDA decision for the first biosimilar monoclonal antibody. The label contributors to return during the first quarter were the overweight in Actelion (driven by strong Q results), Genmab (impressive launch of Darzalex in multiple myeloma), Theravance Biopharma (company highlighted Phase 3 pipeline catalysts they expect in 2016) and Medivation (issued a higher than expected 2016 sales guidance for prostate cancer drug Xtandi and M&A speculation). Performance detractors included Alkermes, Halozyme and Incyte. Alkermes announced that two late-stage clinical studies for treatment of depression failed. Halozyme issued a disappointing financial guidance for Incyte declined after the company stopped cancer trials with Ruxolitinib did not show sufficient levels of efficacy. approved by the FDA might be exemplary for future biosimilar biologics and transiently impact the sector, in our view. Thinking of potential reimbursement constraint and biosimilars on the horizon, we believe that biotech innovators offer a unique strategy to evade these pressures. We consider new truly differentiated therapies based on leading-edge science to have the best chance to gain a first mover market advantage, pricing power and fair reimbursement. As such, we expect biotech innovators will continue to produce highly profitable therapies and help save patients lives. Portfolio Management Irene Püttner is a life sciences specialist with 11 years of investment track record. She joined the Credit Suisse Group in 2008 and has managed the Credit Suisse Biotechnology Equity Fund since February From she worked as a life sciences fund manager and analyst at Bank Sarasin in Basel, Zürich and London managing HealthSar, a fund investing in biotech, pharma and medical technology companies. In addition, she was co-manager of a fund focusing on innovation across various industries including life sciences and technology. Irene dedicated her entire career to life sciences. She got to understand the industry she is investing in from scratch: she worked during 12 years in experimental scientific research covering several therapeutic fields in academia as well as at Roche and Novartis in the USA and, followed by eight years as business development manager with a strong deal track record at Ciba-Geigy, Novartis, Discovery Technologies and Syngenta. Through her three decades of activities in the life science industry, Irene has a strong knowledge of the therapeutic areas, the companies and connections to their management. Irene holds a doctoral degree in natural sciences of the ETH in Zürich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 90

91 Risk profile (SRRI) 1) CS (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund a subfund of CS Investment Funds 5 - Class B Investment policy The aim of the Fund is to achieve the highest possible risk adjusted return in whilst investing in small and mid cap companies domiciled in Emerging Markets or conducting the bulk of their business activities in Emerging Markets, and having a market capitalization of less than 10 billion at the time of the investment. Fund facts Fund manager HOLT Active Equity Group Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.27 Benchmark (BM) MSCI EM Mid Cap (NR) (06/13) Swinging single pricing (SSP) 3) Yes Securities lending No Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CLLEMEB LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Number of holdings Fund 79 Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund B MSCI EM Mid Cap (NR) (06/13) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) Former Track Record of Clariden Leu (Gue) Emerging Markets Equity Fund ( ). The fund was formely known as Clariden Leu (Lux) Equity Emerging Markets ( ) prior to the integration of Clariden Leu AG into Credit Suisse AG that took place on April 2, month 3 months YTD 1 year 3 years 5 years Fund Benchmark Countries in % Sectors in % South Korea China Taiwan Brazil South Africa Turkey 6.42 India 5.70 Indonesia 4.25 Cash/Cash Equivalents 1.55 Others Financials Consumer Discretionary Consumer Staples Information Technology Industrials 8.24 Utilities 7.30 Telecommunication Services 5.22 Materials 4.64 Cash/Cash Equivalents 1.55 Others 6.41 Top 10 Holdings in % % 20% 10% 0% -10% -20% -30% -40% Truworths International 3.02 PT INDOFOOD 2.92 Liberty Holdings 2.71 Emlak Konut Reit 2.65 Energias Do Brasil 2.55 Transmissora Alianca Energia Eletr Units 2.37 Chongqing Rural 2.26 LG Household & Healthcare Ltd Pegatron Corporation 2.02 LG Uplus 1.96 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 91

92 Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund Class B Review previous quarter 4) Q offered a good showcase of the all-weather nature of the Fund, which provided outperformance during the January declines as well as the considerable rally that followed in February and March. A number of macro-oriented factors drove the market, including a rise in oil prices from January lows as OPEC informally agreed to production ceilings, a more dovish stance on rate hikes from the Fed, and progress in impeachment proceedings for the Brazilian President. These all conspired to drive investors back to last year s most beaten down assets, causing the Brazilian Outlook for the market 4) The last few years have offered numerous inflection points in emerging markets where leadership has passed from growth to value assets. Macro and geopolitical noise have consistently pushed growth assets back into favor in the subsequent periods. Much of the remainder of 2016 will hinge upon demand in market to gain 28%, Energy and Metals to rise 15% and 25%, respectively, the Restructuring stage to lead all ILC stages with a 12% positive move, and 2015 s weaker currencies the Brazilian Real and the Russian Ruble to gain 10% and 9%. The Fund s outperformance largely came from the sources of pain in 2015, namely the Restructuring stage, Brazil and Metals. In Restructuring, the portfolio generated nearly 500 bps of outperformance from both old and new names, including Argentinian steel producer Ternium, which gained 44% on the commodity China and the tightening schedule of the Fed. There has been a marked rotation of attractiveness within the Growth stage as momentum has inverted and highlighted new ideas in Chinese education and Latin American fast food. As valuation has receded in a number of sectors and countries, we are seeing new later relief rally and strong results as its 6% dividend remained intact and cost controls and working capital improvements continued to improve free cash flow and de-lever the balance sheet. Taiwanese e-reader manufacturer E Ink rose 21% on gains from novel uses of the technology such as pricing tags in grocery stores and royalty payments on patents related to smartphone displays. Growth stage Chinese sportswear producer/retailer Anta Sports was one of the biggest detractors as the company s Q4 earnings review showed a deceleration in same store sales growth, causing the stock to fall 20%. stage ideas bubbling up in disparate places such as Turkish prepared foods and South African life insurance. The discipline of the ILC process remains its competitive edge, and both new and old ideas should continue to drive performance in the coming quarter. Portfolio Management The Fund is managed by the Holt Active Equity Group. The investment team consists of eight investment professionals with an average of 15 years of experience. The Team, founded in 2012, has portfolio managers based in CSAM's Chicago, Zurich and Singapore offices. Current members of the Team were integral in developing the original ILC model at Credit Suisse in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 92

93 Risk profile (SRRI) 1) CS (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund a subfund of CS Investment Funds 5 - Class IB Investment policy The aim of the Fund is to achieve the highest possible risk adjusted return in whilst investing in small and mid cap companies domiciled in Emerging Markets or conducting the bulk of their business activities in Emerging Markets, and having a market capitalization of less than 10 billion at the time of the investment. Fund facts Fund manager HOLT Active Equity Group Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.54 Benchmark (BM) MSCI EM Mid Cap (NR) (06/13) Swinging single pricing (SSP) 3) Yes Securities lending No Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CLLEMIB LX Valor no Net asset value (NAV) Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Number of holdings Fund 79 Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund IB MSCI EM Mid Cap (NR) (06/13) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) Former Track Record of Clariden Leu (Gue) Emerging Markets Equity Fund ( ). The fund was formely known as Clariden Leu (Lux) Equity Emerging Markets ( ) prior to the integration of Clariden Leu AG into Credit Suisse AG that took place on April 2, month 3 months YTD 1 year 3 years 5 years Fund Benchmark Countries in % Sectors in % South Korea China Taiwan Brazil South Africa Turkey 6.42 India 5.70 Indonesia 4.25 Cash/Cash Equivalents 1.55 Others Financials Consumer Discretionary Consumer Staples Information Technology Industrials 8.24 Utilities 7.30 Telecommunication Services 5.22 Materials 4.64 Cash/Cash Equivalents 1.55 Others 6.41 Top 10 Holdings in % % 20% 10% 0% -10% -20% -30% -40% Truworths International 3.02 PT INDOFOOD 2.92 Liberty Holdings 2.71 Emlak Konut Reit 2.65 Energias Do Brasil 2.55 Transmissora Alianca Energia Eletr Units 2.37 Chongqing Rural 2.26 LG Household & Healthcare Ltd Pegatron Corporation 2.02 LG Uplus 1.96 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 93

94 Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund Class IB Review previous quarter 4) Q offered a good showcase of the all-weather nature of the Fund, which provided outperformance during the January declines as well as the considerable rally that followed in February and March. A number of macro-oriented factors drove the market, including a rise in oil prices from January lows as OPEC informally agreed to production ceilings, a more dovish stance on rate hikes from the Fed, and progress in impeachment proceedings for the Brazilian President. These all conspired to drive investors back to last year s most beaten down assets, causing the Brazilian Outlook for the market 4) The last few years have offered numerous inflection points in emerging markets where leadership has passed from growth to value assets. Macro and geopolitical noise have consistently pushed growth assets back into favor in the subsequent periods. Much of the remainder of 2016 will hinge upon demand in market to gain 28%, Energy and Metals to rise 15% and 25%, respectively, the Restructuring stage to lead all ILC stages with a 12% positive move, and 2015 s weaker currencies the Brazilian Real and the Russian Ruble to gain 10% and 9%. The Fund s outperformance largely came from the sources of pain in 2015, namely the Restructuring stage, Brazil and Metals. In Restructuring, the portfolio generated nearly 500 bps of outperformance from both old and new names, including Argentinian steel producer Ternium, which gained 44% on the commodity China and the tightening schedule of the Fed. There has been a marked rotation of attractiveness within the Growth stage as momentum has inverted and highlighted new ideas in Chinese education and Latin American fast food. As valuation has receded in a number of sectors and countries, we are seeing new later relief rally and strong results as its 6% dividend remained intact and cost controls and working capital improvements continued to improve free cash flow and de-lever the balance sheet. Taiwanese e-reader manufacturer E Ink rose 21% on gains from novel uses of the technology such as pricing tags in grocery stores and royalty payments on patents related to smartphone displays. Growth stage Chinese sportswear producer/retailer Anta Sports was one of the biggest detractors as the company s Q4 earnings review showed a deceleration in same store sales growth, causing the stock to fall 20%. stage ideas bubbling up in disparate places such as Turkish prepared foods and South African life insurance. The discipline of the ILC process remains its competitive edge, and both new and old ideas should continue to drive performance in the coming quarter. Portfolio Management The Fund is managed by the Holt Active Equity Group. The investment team consists of eight investment professionals with an average of 15 years of experience. The Team, founded in 2012, has portfolio managers based in CSAM's Chicago, Zurich and Singapore offices. Current members of the Team were integral in developing the original ILC model at Credit Suisse in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 94

95 Risk profile (SRRI) 1) CS (Lux) Global Value Equity Fund a subfund of CS Investment Funds 11 - Class B EUR This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) Global Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are listed worldwide on regulated and accessible markets. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.11 Benchmark (BM) MSCI World (NR) Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEFSIE LX Valor no Net asset value (NAV) 8.48 Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) Purchases LafargeHolcim Ltd CS (Lux) Global Value Equity Fund B EUR MSCI World (NR) Sales Coca-Cola West Co. Ltd Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Materials Consumer Discretionary Industrials Consumer Staples Utilities Financials Energy Information Technology Cash/Cash Equivalents Others Currencies in % Significant Transactions EUR JPY BRL CHF 9.15 GBP 6.55 CLP 4.39 SGD 2.71 AUD 1.50 CAD 1.13 Countries in % Top 10 Holdings in % 100% 80% 60% 40% 20% 0% -20% -40% Japan Italy Brazil USA United Kingdom 6.55 Chile 4.39 France 3.76 Cash/Cash Equivalents 0.11 Others Edmond de RothSchild 2.96 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 95

96 Credit Suisse (Lux) Global Value Equity Fund Class B EUR Review previous quarter 4) Performance: The Fund s net asset value (IB-shares) fell by 2.88% during Q Since April 30, 2008, when the Fund became responsibility of the Value Team, it has compounded at an annual net return rate of 6.01%. Transactions: During the reporting we sold one holding: the price of the Japanese beverage distributor Coca-Cola West Co., Ltd. has reached our conservative estimate of intrinsic value. On the other side, we established a new Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the position in a prominent global cement producer. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 96

97 Risk profile (SRRI) 1) CS (Lux) Global Value Equity Fund a subfund of CS Investment Funds 11 - Class BH CHF This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) Global Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are listed worldwide on regulated and accessible markets. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.12 Benchmark (BM) No Benchmark (06/14) Unit Class Category BH (capital growth) Unit class currency CHF ISIN LU Bloomberg ticker CSEFWRC LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in CHF (rebased to 100) and yearly performance 2) Purchases LafargeHolcim Ltd CS (Lux) Global Value Equity Fund BH CHF Sales Coca-Cola West Co. Ltd Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Materials Consumer Discretionary Industrials Consumer Staples Utilities Financials 8.66 Energy 3.38 Information Technology 2.54 Cash/Cash Equivalents 0.11 Others 2.81 Currencies in % Significant Transactions EUR JPY BRL CHF 9.15 GBP 6.55 CLP 4.39 SGD 2.71 AUD 1.50 CAD 1.13 Countries in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% Japan Italy Brazil USA United Kingdom 6.55 Chile 4.39 France 3.76 Cash/Cash Equivalents 0.11 Others Edmond de RothSchild 2.96 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 97

98 Credit Suisse (Lux) Global Value Equity Fund Class BH CHF Review previous quarter 4) Performance: The Fund s net asset value (IB-shares) fell by 2.88% during Q Since April 30, 2008, when the Fund became responsibility of the Value Team, it has compounded at an annual net return rate of 6.01%. Transactions: During the reporting we sold one holding: the price of the Japanese beverage distributor Coca-Cola West Co., Ltd. has reached our conservative estimate of intrinsic value. On the other side, we established a new Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the position in a prominent global cement producer. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 98

99 Risk profile (SRRI) 1) CS (Lux) Global Biotech Innovators Equity Fund a subfund of CS Investment Funds 5 - Class IB Investment policy This sector-based equity fund globally invests in stocks of biotechnology companies to achieve long-term capital appreciation while maintaining an adequate distribution of risks. It offers access to one of the fastest-growing segments of the health sector, and opportunity to participate in growth in value tied to clinical progress of innovative products from early stage to those ready to be brought to market. The fund invests in numerous therapeutics areas, as well as diagnosis and preventative treatments. The portfolio is not constrained either in terms of geography or by market capitalization. The NASDAQ Biotechnology TR serves as the benchmark. Fund facts Fund manager Irene Beatrice Puettner Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 1.17 Benchmark (BM) NASDAQ Biotechnology Index (TR) (04/07) Swinging single pricing (SSP) 3) Yes Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CLABI1B LX Valor no Net asset value (NAV) Min. Investment Amount 500'000 Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Biotech Innovators Equity Fund IB NASDAQ Biotechnology Index (TR) (04/07) Purchases Sales - - Fund Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 350% 300% 250% 200% 150% 100% 50% 0% -50% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Biotechnology Pharmaceuticals 7.20 Life Sciences Tools & Services 3.72 Health care equipment and services 0.12 Cash/Cash Equivalents 1.06 Currencies in % Significant Transactions Number of holdings CHF 6.66 DKK 4.85 EUR 0.06 GBP 0.05 Countries in % Top 10 Holdings in % USA Denmark Cash/Cash Equivalents 0.85 Others 2.94 Gilead Sciences 7.50 Celgene 7.44 Biogen 7.38 Amgen 6.06 Regeneron Pharma Alexion Pharma Biomarin Pharmaceutical 4.25 Incyte 3.93 Medivation 3.88 Illumina 3.58 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 99

100 Credit Suisse (Lux) Global Biotech Innovators Equity Fund Class IB Review previous quarter 4) The biotech group closed Q in negative territory and underperformed world equity markets. Negative sentiment continued to dominate performance. In March more positive headlines resulted in stabilization and positive returns. Clinical and regulatory updates released by companies were mixed: positive news flow came from Neurocrine and Abbvie s Elagolix that met the primary endpoint in the second Phase III trial in endometriosis. Regulus reported sustained virologic responses in a Phase 2 study with its micro-rna therapy RG-101 in Hepatitis C, potentially offering an option to shorten the therapy to four weeks. Alder released positive data points in a phase 2b study with its migraine prevention candidate drug ALD403. Regulatory setbacks affected Vertex, Biomarin, Alkermes, PTC Therapeutics and Cara Therapeutics. First Outlook for the market 4) We remain constructive on the fundamentals of biotech in the long term as the industry is in the earlier stages of an innovation cycle with promising future commercial potential. However, we expect that the weak sentiment and volatility might continue in Q2, because macro factors like the US presidential election, drug pricing debates and further interest rate hikes are not off the table. High profile events are needed to turn the focus back to fundamentals and pipeline catalysts. We believe that upcoming pipeline progress and convincing clinical concept validation of new mechanisms that target, for example Alzheimer s approvals of therapies for patients with Duchenne Muscular Dystrophy seem to be pushed out after clinical and regulatory setbacks. Biosimilars were in focus, as the first biosimilar monoclonal antibody was recommended for approval in all indications by an FDA advisory committee. The FDA decision is expected in April. Over the reporting period, the fund performed in line with its benchmark. In an environment of negative sentiment, positive news flow was not appropriately acknowledged, while stocks were hit disproportionally on clinical and regulatory failures, disappointing fourth quarter results or lackluster guidance. Besides stocks not owned like Endo, Mylan and Portola and underweights in Regeneron, Biogen and Celgene, the best disease and multiple sclerosis, might be triggers to gradually turn the tape, pending the outcome of the study results. We consider valuations to be at attractive levels and pharma as well as large biotech are in need to complement their pipelines, M&A activities might accelerate and bring positive momentum to the sector, in our opinion. On the other hand, we expect that the payers will probably make more use of their power and use reimbursement constraints to put pressure on makers of me-too drugs with identical mechanisms and profiles. We also await the FDA decision for the first biosimilar monoclonal antibody. The label contributors to return during the first quarter were the overweight in Actelion (driven by strong Q results), Genmab (impressive launch of Darzalex in multiple myeloma), Theravance Biopharma (company highlighted Phase 3 pipeline catalysts they expect in 2016) and Medivation (issued a higher than expected 2016 sales guidance for prostate cancer drug Xtandi and M&A speculation). Performance detractors included Alkermes, Halozyme and Incyte. Alkermes announced that two late-stage clinical studies for treatment of depression failed. Halozyme issued a disappointing financial guidance for Incyte declined after the company stopped cancer trials with Ruxolitinib did not show sufficient levels of efficacy. approved by the FDA might be exemplary for future biosimilar biologics and transiently impact the sector, in our view. Thinking of potential reimbursement constraint and biosimilars on the horizon, we believe that biotech innovators offer a unique strategy to evade these pressures. We consider new truly differentiated therapies based on leading-edge science to have the best chance to gain a first mover market advantage, pricing power and fair reimbursement. As such, we expect biotech innovators will continue to produce highly profitable therapies and help save patients lives. Portfolio Management Irene Püttner is a life sciences specialist with 11 years of investment track record. She joined the Credit Suisse Group in 2008 and has managed the Credit Suisse Biotechnology Equity Fund since February From she worked as a life sciences fund manager and analyst at Bank Sarasin in Basel, Zürich and London managing HealthSar, a fund investing in biotech, pharma and medical technology companies. In addition, she was co-manager of a fund focusing on innovation across various industries including life sciences and technology. Irene dedicated her entire career to life sciences. She got to understand the industry she is investing in from scratch: she worked during 12 years in experimental scientific research covering several therapeutic fields in academia as well as at Roche and Novartis in the USA and, followed by eight years as business development manager with a strong deal track record at Ciba-Geigy, Novartis, Discovery Technologies and Syngenta. Through her three decades of activities in the life science industry, Irene has a strong knowledge of the therapeutic areas, the companies and connections to their management. Irene holds a doctoral degree in natural sciences of the ETH in Zürich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 100

101 Risk profile (SRRI) 1) CS (Lux) Global Value Equity Fund a subfund of CS Investment Funds 11 - Class BH CZK This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) Global Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are listed worldwide on regulated and accessible markets. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.13 Benchmark (BM) No Benchmark (06/14) Unit Class Category BH (capital growth) Unit class currency CZK ISIN LU Bloomberg ticker CSEGVRC LX Valor no Net asset value (NAV) 1' Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in CZK (rebased to 100) and yearly performance 2) Purchases LafargeHolcim Ltd CS (Lux) Global Value Equity Fund BH CZK Sales Coca-Cola West Co. Ltd Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Materials Consumer Discretionary Industrials Consumer Staples Utilities Financials 8.66 Energy 3.38 Information Technology 2.54 Cash/Cash Equivalents 0.11 Others 2.81 Currencies in % Significant Transactions EUR JPY BRL CHF 9.15 GBP 6.55 CLP 4.39 SGD 2.71 AUD 1.50 CAD 1.13 Countries in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% Japan Italy Brazil USA United Kingdom 6.55 Chile 4.39 France 3.76 Cash/Cash Equivalents 0.11 Others Edmond de RothSchild 2.96 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 101

102 Credit Suisse (Lux) Global Value Equity Fund Class BH CZK Review previous quarter 4) Performance: The Fund s net asset value (IB-shares) fell by 2.88% during Q Since April 30, 2008, when the Fund became responsibility of the Value Team, it has compounded at an annual net return rate of 6.01%. Transactions: During the reporting we sold one holding: the price of the Japanese beverage distributor Coca-Cola West Co., Ltd. has reached our conservative estimate of intrinsic value. On the other side, we established a new Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the position in a prominent global cement producer. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 102

103 Risk profile (SRRI) 1) CS (Lux) Global Value Equity Fund a subfund of CS Investment Funds 11 - Class BH This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) Global Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are listed worldwide on regulated and accessible markets. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.12 Benchmark (BM) No Benchmark (06/14) Unit Class Category EB (capital growth) Unit class currency ISIN LU Bloomberg ticker CSEFWRU LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) Purchases LafargeHolcim Ltd CS (Lux) Global Value Equity Fund BH Sales Coca-Cola West Co. Ltd Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Materials Consumer Discretionary Industrials Consumer Staples Utilities Financials 8.66 Energy 3.38 Information Technology 2.54 Cash/Cash Equivalents 0.11 Others 2.81 Currencies in % Significant Transactions EUR JPY BRL CHF 9.15 GBP 6.55 CLP 4.39 SGD 2.71 AUD 1.50 CAD 1.13 Countries in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% Japan Italy Brazil USA United Kingdom 6.55 Chile 4.39 France 3.76 Cash/Cash Equivalents 0.11 Others Edmond de RothSchild 2.96 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 103

104 Credit Suisse (Lux) Global Value Equity Fund Class BH Review previous quarter 4) Performance: The Fund s net asset value (IB-shares) fell by 2.88% during Q Since April 30, 2008, when the Fund became responsibility of the Value Team, it has compounded at an annual net return rate of 6.01%. Transactions: During the reporting we sold one holding: the price of the Japanese beverage distributor Coca-Cola West Co., Ltd. has reached our conservative estimate of intrinsic value. On the other side, we established a new Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the position in a prominent global cement producer. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 104

105 Risk profile (SRRI) 1) CS (Lux) Global Value Equity Fund a subfund of CS Investment Funds 11 - Class IB EUR This Fund is not suitable for investors with a relative-return perspective and a rolling investment horizon of less than 5 years. Investment policy The Credit Suisse Equity Fund (Lux) Global Value pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are listed worldwide on regulated and accessible markets. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Index as a long-term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. Fund facts Fund manager Gregor Trachsel Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.11 Benchmark (BM) MSCI World (NR) Unit Class Category IB (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEFLEI LX Valor no Net asset value (NAV) 1' Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) Purchases LafargeHolcim Ltd. CS (Lux) Global Value Equity Fund IB EUR MSCI World (NR) Sales Coca-Cola West Co. Ltd. Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Materials Consumer Discretionary Industrials Consumer Staples Utilities Financials Energy Information Technology Cash/Cash Equivalents Others Currencies in % Significant Transactions EUR JPY BRL CHF 9.15 GBP 6.55 CLP 4.39 SGD 2.71 AUD 1.50 CAD 1.13 Fund Benchmark Compared with benchmark Countries in % Top 10 Holdings in % % 80% 60% 40% 20% 0% -20% Japan Italy Brazil USA United Kingdom 6.55 Chile 4.39 France 3.76 Cash/Cash Equivalents 0.11 Others Edmond de RothSchild 2.96 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total Credit Suisse Equity Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 105

106 Credit Suisse (Lux) Global Value Equity Fund Class IB EUR Review previous quarter 4) Performance: The Fund s net asset value (IB-shares) fell by 2.88% during Q Since April 30, 2008, when the Fund became responsibility of the Value Team, it has compounded at an annual net return rate of 6.01%. Transactions: During the reporting we sold one holding: the price of the Japanese beverage distributor Coca-Cola West Co., Ltd. has reached our conservative estimate of intrinsic value. On the other side, we established a new Outlook for the market 4) The medium- to long-term strategy (5-10 years) followed by the Fund places its emphasis on four main investment situations: First, we select companies in industries whose margins get temporarily squeezed by rising input costs (chemicals, packaging and food processors, among others). With a time lag, the shrewd competitors in this space typically find ways to apply stringent cost control and/or adjust pricing to a level that will restore, or at least approach, historic margins. Second, we select companies experiencing cyclical weakness triggered by the position in a prominent global cement producer. Overall the cash balance remains low at less than 1% of AuM. Corporate actions / mergers and acquisitions: There were no major events during the quarter. Commentary: There were no noteworthy issues which may have caused an alteration in portfolio strategy (see outlook section below) or structure in Q macroeconomic slowdown (e.g., machinery, engineering and commercial services). For the investor who is willing to look patiently over the course of an entire cycle, as we are, some businesses now appear too cheap given their entrenched market positions and healthy balance sheets. Third, we select companies in industries facing structural issues that require a fundamental transformation in strategy and execution (e.g., traditional media, advertising services, basic materials, certain utility services). Here, the market now and then tends to over-discount the value of legacy-burdened incumbents while The erratic stock price swings we have been witnessing in recent history on the back of central bank-driven markets lend heavy importance to the task of proper portfolio management. In our separate quarterly letter on the global strategy, we would like to offer a brief review of how we construct, shape and adjust the Fund s portfolio on an ongoing basis. We believe that we follow a highly disciplined process which has worked very well over time and which consequently has remained unchanged since we began managing the Fund. placing heavy bets on newcomers with a clean slate. Taking history as a guide, sometimes it turns out that late-movers with deep pockets may in the end prevail against an aggressive new entrant. Last but not least, at these prices we also like select owners of land (forestry, agriculture, real estate). These equities have sold off due to the slump in global real estate finance. However, we believe that their long-term benefits as inflation-protected assets far outweigh those shorter-term concerns. Portfolio Management Gregor P. Trachsel, Managing Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008 from M.M. Warburg Bank () Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, he held several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia University Graduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management). 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 106

107 CS (Lux) Global Dividend Plus Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 2 - Class A & B Investment policy The subfund invests in a broadly diversified worldwide equity portfolio that can be expected to yield above-average dividends. Fund facts Fund manager Felix Maag, Aude Scheuer Fund manager since , Location Zurich, Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.91 Benchmark (BM) MSCI World (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category A Category B (distribution) (capital growth) Unit class currency ISIN LU LU Bloomberg ticker CSGEDPA CGSEDPB LX LX Valor no Net asset value (NAV) Redemptions Daily Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) Dividend Yield (Fund/BM) 4.05/ years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) Purchases VERIZON COMMUNICATIONS CS (Lux) Global Dividend Plus Equity Fund B MSCI World (NR) 26.7 Sales CENTURYLINK Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) % 50% 40% 30% 20% 10% 0% -10% -20% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Financials Health Care Information Technology Consumer Discretionary Consumer Staples Industrials Energy Telecommunication Services Cash/Cash Equivalents Others Currencies in % Significant Transactions EUR GBP 7.65 CHF 6.51 CAD 6.13 HKD 3.23 SGD 2.76 AUD 2.55 JPY 1.95 Others 2.97 Countries in % Top 10 Holdings in % USA United Kingdom Canada 6.07 Germany 4.85 France 4.46 Hong Kong 3.20 Singapore 2.75 Cash/Cash Equivalents 0.46 Others Microsoft Corp 3.47 Intel 2.36 Altria 2.19 Merck 2.10 General Electric 2.07 Pfizer 1.91 Kimberly-Clark 1.89 McDonald's 1.88 AT & T 1.87 JPMorgan Chase 1.85 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 107

108 Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class A & B Review previous quarter 4) The start to the year was characterized by a sharp decline in equity markets, which bottomed mid-february. A steep recovery then set in which would leave the MSCI World Index practically unchanged for the quarter. The correction was driven primarily by concerns related to a potential slowdown of the Chinese economy and the continued price slump in crude oil and in commodities. At some point investors raised the question about a looming global recession. In this context the Eurozone economy was seen as particularly exposed. The reason was a strengthening of the euro which harms Outlook for the market 4) Shorter-term we remain neutral on equities. There remain pockets of uncertainty that could continue to weigh on equities. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. And, importantly, equity markets will need earnings growth to move higher. While earnings revisions appear to have troughed, they remain negative, and earnings growth expectations for 2016 are now in the low single digits for global equities. As the value case for equities is weaker after the recent market recovery, we stay neutral on equities shorter term. competitiveness and leads to lower inflation rates. The banking sector was again under stress. The turnaround was then helped by the release of economic data, which turned out to be better than feared. There was once more the helping hand of the US Federal Reserve (the Fed) and the European Central Bank (ECB). At the meeting in March, the Fed left the key interest rate unchanged and lowered the projection of further rate hikes. The ECB announced an expansion of monetary policy measures (quantitative easing): the deposit rate was cut by a further 10 bps, the size of the In the medium term, we see the following supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017, supported by still accommodative monetary policy overall; 2) Global excess liquidity, driven by the ECB and Bank of Japan remains supportive for equities; 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds; and 4) Positioning of retail and institutional investors remains cautious. Risks to our equity market view include: Growth concerns in China, the possibility of the UK asset purchase program was increased and a new funding program for banks to help increase their loan book was introduced. The most notable outperforming sectors were Utilities and Telecom. Surprisingly, the most notable underperforming sector was Health Care, which failed to show its defensive characteristics. Once more the Financials sector was among the laggards. In terms of investment style, the global high dividend yield style outperformed the MSCI World during the first quarter. leaving the EU following the vote on EU membership on June 23, imbalances in the oil market, tensions in the Middle East and uncertainty regarding the path for Fed rates in Given our view that, in the medium term equity returns - although positive - could be range bound, dividend income will remain in the focus as the most important component of total return. Furthermore, we expect central banks to leave interest rates at low levels for a prolonged time and, in general, dividend yields still compare favorably to corporate bond yields. Portfolio Management Dr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallen with a master s degree in business administration and economics in He subsequently worked as a research assistant at the Swiss Institute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division of Credit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. Felix Maag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August He is a Chartered Financial Analyst (CFA). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 108

109 CS (Lux) Global Dividend Plus Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 2 - Class BH CHF Investment policy The subfund invests in a broadly diversified worldwide equity portfolio that can be expected to yield above-average dividends. Fund facts Fund manager Felix Maag, Aude Scheuer Fund manager since , Location Zurich, Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.91 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency CHF ISIN LU Bloomberg ticker CSGEDRC LX Valor no Net asset value (NAV) Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) Dividend Yield (Fund/BM) 4.05/ - 1 year 3 years Annualized volatility in % Tracking Error (Ex post) - - Beta - - Net performance in CHF (rebased to 100) and yearly performance 2) Purchases VERIZON COMMUNICATIONS 20.3 CS (Lux) Global Dividend Plus Equity Fund BH CHF Yearly or year-to-date performance respectively (Benchmark) Sales CENTURYLINK Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Financials Health Care Information Technology Consumer Discretionary Consumer Staples Industrials Energy 5.93 Telecommunication Services 5.39 Cash/Cash Equivalents 0.46 Others 8.51 Currencies in % Significant Transactions EUR GBP 7.65 CHF 6.51 CAD 6.13 HKD 3.23 SGD 2.76 AUD 2.55 JPY 1.95 Others 2.97 Countries in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% USA United Kingdom Canada 6.07 Germany 4.85 France 4.46 Hong Kong 3.20 Singapore 2.75 Cash/Cash Equivalents 0.46 Others Microsoft Corp 3.47 Intel 2.36 Altria 2.19 Merck 2.10 General Electric 2.07 Pfizer 1.91 Kimberly-Clark 1.89 McDonald's 1.88 AT & T 1.87 JPMorgan Chase 1.85 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 109

110 Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class BH CHF Review previous quarter 4) The start to the year was characterized by a sharp decline in equity markets, which bottomed mid-february. A steep recovery then set in which would leave the MSCI World Index practically unchanged for the quarter. The correction was driven primarily by concerns related to a potential slowdown of the Chinese economy and the continued price slump in crude oil and in commodities. At some point investors raised the question about a looming global recession. In this context the Eurozone economy was seen as particularly exposed. The reason was a strengthening of the euro which harms Outlook for the market 4) Shorter-term we remain neutral on equities. There remain pockets of uncertainty that could continue to weigh on equities. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. And, importantly, equity markets will need earnings growth to move higher. While earnings revisions appear to have troughed, they remain negative, and earnings growth expectations for 2016 are now in the low single digits for global equities. As the value case for equities is weaker after the recent market recovery, we stay neutral on equities shorter term. competitiveness and leads to lower inflation rates. The banking sector was again under stress. The turnaround was then helped by the release of economic data, which turned out to be better than feared. There was once more the helping hand of the US Federal Reserve (the Fed) and the European Central Bank (ECB). At the meeting in March, the Fed left the key interest rate unchanged and lowered the projection of further rate hikes. The ECB announced an expansion of monetary policy measures (quantitative easing): the deposit rate was cut by a further 10 bps, the size of the In the medium term, we see the following supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017, supported by still accommodative monetary policy overall; 2) Global excess liquidity, driven by the ECB and Bank of Japan remains supportive for equities; 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds; and 4) Positioning of retail and institutional investors remains cautious. Risks to our equity market view include: Growth concerns in China, the possibility of the UK asset purchase program was increased and a new funding program for banks to help increase their loan book was introduced. The most notable outperforming sectors were Utilities and Telecom. Surprisingly, the most notable underperforming sector was Health Care, which failed to show its defensive characteristics. Once more the Financials sector was among the laggards. In terms of investment style, the global high dividend yield style outperformed the MSCI World during the first quarter. leaving the EU following the vote on EU membership on June 23, imbalances in the oil market, tensions in the Middle East and uncertainty regarding the path for Fed rates in Given our view that, in the medium term equity returns - although positive - could be range bound, dividend income will remain in the focus as the most important component of total return. Furthermore, we expect central banks to leave interest rates at low levels for a prolonged time and, in general, dividend yields still compare favorably to corporate bond yields. Portfolio Management Dr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallen with a master s degree in business administration and economics in He subsequently worked as a research assistant at the Swiss Institute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division of Credit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. Felix Maag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August He is a Chartered Financial Analyst (CFA). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 110

111 CS (Lux) Global Dividend Plus Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 2 - Class IB Investment policy The subfund invests in a broadly diversified worldwide equity portfolio that can be expected to yield above-average dividends. Fund facts Fund manager Felix Maag, Aude Scheuer Fund manager since , Location Zurich, Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.00 Benchmark (BM) MSCI World (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CSGEDVI LX Valor no Net asset value (NAV) 1' Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) Dividend Yield (Fund/BM) 4.05/ year 3 years Annualized volatility in % Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) Purchases VERIZON COMMUNICATIONS CS (Lux) Global Dividend Plus Equity Fund IB MSCI World (NR) Sales CENTURYLINK -1.7 Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Financials Health Care Information Technology Consumer Discretionary Consumer Staples Industrials Energy Telecommunication Services Cash/Cash Equivalents Others Currencies in % Significant Transactions EUR GBP 7.65 CHF 6.51 CAD 6.13 HKD 3.23 SGD 2.76 AUD 2.55 JPY 1.95 Others 2.97 Countries in % Top 10 Holdings in % % 30% 20% 10% 0% -10% USA United Kingdom Canada 6.07 Germany 4.85 France 4.46 Hong Kong 3.20 Singapore 2.75 Cash/Cash Equivalents 0.46 Others Microsoft Corp 3.47 Intel 2.36 Altria 2.19 Merck 2.10 General Electric 2.07 Pfizer 1.91 Kimberly-Clark 1.89 McDonald's 1.88 AT & T 1.87 JPMorgan Chase 1.85 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 111

112 Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class IB Review previous quarter 4) The start to the year was characterized by a sharp decline in equity markets, which bottomed mid-february. A steep recovery then set in which would leave the MSCI World Index practically unchanged for the quarter. The correction was driven primarily by concerns related to a potential slowdown of the Chinese economy and the continued price slump in crude oil and in commodities. At some point investors raised the question about a looming global recession. In this context the Eurozone economy was seen as particularly exposed. The reason was a strengthening of the euro which harms Outlook for the market 4) Shorter-term we remain neutral on equities. There remain pockets of uncertainty that could continue to weigh on equities. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. And, importantly, equity markets will need earnings growth to move higher. While earnings revisions appear to have troughed, they remain negative, and earnings growth expectations for 2016 are now in the low single digits for global equities. As the value case for equities is weaker after the recent market recovery, we stay neutral on equities shorter term. competitiveness and leads to lower inflation rates. The banking sector was again under stress. The turnaround was then helped by the release of economic data, which turned out to be better than feared. There was once more the helping hand of the US Federal Reserve (the Fed) and the European Central Bank (ECB). At the meeting in March, the Fed left the key interest rate unchanged and lowered the projection of further rate hikes. The ECB announced an expansion of monetary policy measures (quantitative easing): the deposit rate was cut by a further 10 bps, the size of the In the medium term, we see the following supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017, supported by still accommodative monetary policy overall; 2) Global excess liquidity, driven by the ECB and Bank of Japan remains supportive for equities; 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds; and 4) Positioning of retail and institutional investors remains cautious. Risks to our equity market view include: Growth concerns in China, the possibility of the UK asset purchase program was increased and a new funding program for banks to help increase their loan book was introduced. The most notable outperforming sectors were Utilities and Telecom. Surprisingly, the most notable underperforming sector was Health Care, which failed to show its defensive characteristics. Once more the Financials sector was among the laggards. In terms of investment style, the global high dividend yield style outperformed the MSCI World during the first quarter. leaving the EU following the vote on EU membership on June 23, imbalances in the oil market, tensions in the Middle East and uncertainty regarding the path for Fed rates in Given our view that, in the medium term equity returns - although positive - could be range bound, dividend income will remain in the focus as the most important component of total return. Furthermore, we expect central banks to leave interest rates at low levels for a prolonged time and, in general, dividend yields still compare favorably to corporate bond yields. Portfolio Management Dr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallen with a master s degree in business administration and economics in He subsequently worked as a research assistant at the Swiss Institute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division of Credit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. Felix Maag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August He is a Chartered Financial Analyst (CFA). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 112

113 CS (Lux) Global Dividend Plus Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 2 - Class IBH CHF Investment policy The subfund invests in a broadly diversified worldwide equity portfolio that can be expected to yield above-average dividends. Fund facts Fund manager Felix Maag, Aude Scheuer Fund manager since , Location Zurich, Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.01 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category IBH (capital growth) Unit class currency CHF ISIN LU Bloomberg ticker CSGEDSC LX Valor no Net asset value (NAV) 1' Min. Investment Amount 500'000 Redemptions Daily EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) Dividend Yield (Fund/BM) 4.05/ - 1 year 3 years Annualized volatility in % Tracking Error (Ex post) - - Beta - - Net performance in CHF (rebased to 100) and yearly performance 2) Purchases VERIZON COMMUNICATIONS 21.5 CS (Lux) Global Dividend Plus Equity Fund IBH CHF Sales CENTURYLINK Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Financials Health Care Information Technology Consumer Discretionary Consumer Staples Industrials Energy 5.93 Telecommunication Services 5.39 Cash/Cash Equivalents 0.46 Others 8.51 Currencies in % Significant Transactions EUR GBP 7.65 CHF 6.51 CAD 6.13 HKD 3.23 SGD 2.76 AUD 2.55 JPY 1.95 Others 2.97 Countries in % Top 10 Holdings in % 40% 30% 20% 10% 0% -10% -20% USA United Kingdom Canada 6.07 Germany 4.85 France 4.46 Hong Kong 3.20 Singapore 2.75 Cash/Cash Equivalents 0.46 Others Microsoft Corp 3.47 Intel 2.36 Altria 2.19 Merck 2.10 General Electric 2.07 Pfizer 1.91 Kimberly-Clark 1.89 McDonald's 1.88 AT & T 1.87 JPMorgan Chase 1.85 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 113

114 Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class IBH CHF Review previous quarter 4) The start to the year was characterized by a sharp decline in equity markets, which bottomed mid-february. A steep recovery then set in which would leave the MSCI World Index practically unchanged for the quarter. The correction was driven primarily by concerns related to a potential slowdown of the Chinese economy and the continued price slump in crude oil and in commodities. At some point investors raised the question about a looming global recession. In this context the Eurozone economy was seen as particularly exposed. The reason was a strengthening of the euro which harms Outlook for the market 4) Shorter-term we remain neutral on equities. There remain pockets of uncertainty that could continue to weigh on equities. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. And, importantly, equity markets will need earnings growth to move higher. While earnings revisions appear to have troughed, they remain negative, and earnings growth expectations for 2016 are now in the low single digits for global equities. As the value case for equities is weaker after the recent market recovery, we stay neutral on equities shorter term. competitiveness and leads to lower inflation rates. The banking sector was again under stress. The turnaround was then helped by the release of economic data, which turned out to be better than feared. There was once more the helping hand of the US Federal Reserve (the Fed) and the European Central Bank (ECB). At the meeting in March, the Fed left the key interest rate unchanged and lowered the projection of further rate hikes. The ECB announced an expansion of monetary policy measures (quantitative easing): the deposit rate was cut by a further 10 bps, the size of the In the medium term, we see the following supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017, supported by still accommodative monetary policy overall; 2) Global excess liquidity, driven by the ECB and Bank of Japan remains supportive for equities; 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds; and 4) Positioning of retail and institutional investors remains cautious. Risks to our equity market view include: Growth concerns in China, the possibility of the UK asset purchase program was increased and a new funding program for banks to help increase their loan book was introduced. The most notable outperforming sectors were Utilities and Telecom. Surprisingly, the most notable underperforming sector was Health Care, which failed to show its defensive characteristics. Once more the Financials sector was among the laggards. In terms of investment style, the global high dividend yield style outperformed the MSCI World during the first quarter. leaving the EU following the vote on EU membership on June 23, imbalances in the oil market, tensions in the Middle East and uncertainty regarding the path for Fed rates in Given our view that, in the medium term equity returns - although positive - could be range bound, dividend income will remain in the focus as the most important component of total return. Furthermore, we expect central banks to leave interest rates at low levels for a prolonged time and, in general, dividend yields still compare favorably to corporate bond yields. Portfolio Management Dr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallen with a master s degree in business administration and economics in He subsequently worked as a research assistant at the Swiss Institute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division of Credit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. Felix Maag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August He is a Chartered Financial Analyst (CFA). 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 114

115 Risk profile (SRRI) 1) CS (Lux) Global Emerging Market ILC Equity Fund a subfund of CS Investment Funds 2 - Class B Investment policy The aim of the Fund is to achieve the highest possible risk adjusted return in whilst investing in companies domiciled in Emerging Markets or in global companies that execute the bulk of their business activities in Emerging Markets. Fund facts Fund manager HOLT Active Equity Group Fund manager since Location New York Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.03 Benchmark (BM) MSCI EM (NR) Swinging single pricing (SSP) 3) Yes Securities lending No Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CSEMRGB LX Valor no Net asset value (NAV) 8.41 Redemptions N/A EU taxation In scope - tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Emerging Market ILC Equity Fund B MSCI EM (NR) Purchases Sales PTT PUBLIC COMPANY LIMITED Nvdr JARDINE MATHESON HOLDINGS TENCENT HOLDINGS CNOOC BIM BIRLESIK MAGAZALAR ECOPETROL Adr LIBERTY HOLDINGS RICHTER GEDEON KRUNG THAI BANK Nvdr LOJAS RENNER Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Financials Information Technology Consumer Discretionary Consumer Staples Telecommunication Services Energy Materials Utilities Cash/Cash Equivalents Others Currencies in % Significant Transactions HKD KRW TWD BRL 8.71 THB 5.53 ZAR 4.35 TRY 3.62 EUR 2.82 Others 8.63 Countries in % Top 10 Holdings in % % 20% 10% 0% -10% -20% -30% -40% South Korea China Taiwan Brazil 8.17 Thailand 5.50 India 4.64 Russia 4.55 Hong Kong 4.30 Cash/Cash Equivalents 1.37 Others TSMC 4.73 Samsung Electronics 3.91 Tencent Hldg Ltd 3.60 Woori Bank 2.85 KT Corporation 2.46 Hon Hai Precision Industry 2.38 China Mobile 2.23 PTT Public Company Limited 2.16 Compal Electronics 2.13 Lukoil ADR 1.92 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 115

116 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund a subfund of Class B Review previous quarter 4) Q offered a good showcase of the all-weather nature of the Fund, which provided outperformance during the January declines as well as the considerable rally that followed in February and March. A number of macro-oriented factors drove the market, including a rise in oil prices from January lows as OPEC informally agreed to production ceilings, a more dovish stance on rate hikes from the Fed, and progress in impeachment proceedings for the Brazilian President. These all conspired to drive investors back to last year s most beaten down assets, causing the Brazilian Outlook for the market 4) The last few years have offered numerous inflection points in Emerging Markets where leadership has passed from growth to value assets. Macro and geopolitical noise have consistently pushed growth assets back into favor in the subsequent periods. Much of the remainder of 2016 will hinge upon demand in market to gain 28%, Energy and Metals to rise 15% and 25%, respectively, the Restructuring stage to lead all Industrial Life Cycle (ILC) stages with a 12% positive move, and 2015 s weaker currencies the Brazilian Real and the Russian Ruble to gain 10% and 9%. The Fund s outperformance largely came from the sources of pain in 2015, namely the Restructuring stage, Brazil and Metals. In Restructuring, the portfolio generated nearly 500 bps of outperformance from both old and new names, including Argentinian steel producer Ternium, which gained 44% on the commodity China and the tightening schedule of the Fed. There has been a marked rotation of attractiveness within the Growth stage as momentum has inverted and highlighted new ideas in Turkish convenience stores and Latin American fast food. As valuation has receded in a number of sectors and countries, we are relief rally and strong results as its 6% dividend remained intact and cost controls and working capital improvements continued to improve free cash flow and de-lever the balance sheet. Taiwanese e-reader manufacturer E Ink rose 21% on gains from novel uses of the technology such as pricing tags in grocery stores and royalty payments on patents related to smartphone displays. Growth stage Chinese sportswear producer/retailer Anta Sports was one of the biggest detractors as the company s Q4 earnings review showed a deceleration in same store sales growth, causing the stock to fall 20%. seeing new later stage ideas bubbling up in disparate places such as Chinese appliances and South African life insurance. The discipline of the ILC process remains its competitive edge, and both new and old ideas should continue to drive performance in the coming quarter. Portfolio Management The Fund is managed by the Holt Active Equity Group. The investment team consists of eight investment professionals with an average of 15 years of experience. The Team, founded in 2012, has portfolio managers based in CSAM's Chicago, Zurich and Singapore offices. Current members of the Team were integral in developing the original ILC model at Credit Suisse in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 116

117 Risk profile (SRRI) 1) CS (Lux) Global Emerging Market ILC Equity Fund a subfund of CS Investment Funds 2 - Class BH EUR Investment policy The aim of the Fund is to achieve the highest possible risk adjusted return in whilst investing in companies domiciled in Emerging Markets or in global companies that execute the bulk of their business activities in Emerging Markets. Fund facts Fund manager HOLT Active Equity Group Fund manager since Location New York Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.07 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Securities lending No Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEMRRE LX Valor no Net asset value (NAV) Redemptions N/A EU taxation In scope - tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 1 year 3 years Annualized volatility in % Tracking Error (Ex post) - - Beta - - Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Global Emerging Market ILC Equity Fund BH EUR Purchases Sales PTT PUBLIC COMPANY LIMITED Nvdr JARDINE MATHESON HOLDINGS TENCENT HOLDINGS CNOOC BIM BIRLESIK MAGAZALAR ECOPETROL Adr LIBERTY HOLDINGS RICHTER GEDEON KRUNG THAI BANK Nvdr LOJAS RENNER Yearly or year-to-date performance respectively (Fund) 15% 10% 5% 0% -5% -10% -15% -20% -25% 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Financials Information Technology Consumer Discretionary Consumer Staples 9.27 Telecommunication Services 7.21 Energy 6.20 Materials 4.32 Utilities 3.12 Cash/Cash Equivalents 1.37 Others 8.64 Currencies in % Significant Transactions HKD KRW TWD BRL 8.71 THB 5.53 ZAR 4.35 TRY 3.62 EUR 2.82 Others 8.63 Countries in % Top 10 Holdings in % South Korea China Taiwan Brazil 8.17 Thailand 5.50 India 4.64 Russia 4.55 Hong Kong 4.30 Cash/Cash Equivalents 1.37 Others TSMC 4.73 Samsung Electronics 3.91 Tencent Hldg Ltd 3.60 Woori Bank 2.85 KT Corporation 2.46 Hon Hai Precision Industry 2.38 China Mobile 2.23 PTT Public Company Limited 2.16 Compal Electronics 2.13 Lukoil ADR 1.92 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 117

118 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund a subfund of Class BH EUR Review previous quarter 4) Q offered a good showcase of the all-weather nature of the Fund, which provided outperformance during the January declines as well as the considerable rally that followed in February and March. A number of macro-oriented factors drove the market, including a rise in oil prices from January lows as OPEC informally agreed to production ceilings, a more dovish stance on rate hikes from the Fed, and progress in impeachment proceedings for the Brazilian President. These all conspired to drive investors back to last year s most beaten down assets, causing the Brazilian Outlook for the market 4) The last few years have offered numerous inflection points in Emerging Markets where leadership has passed from growth to value assets. Macro and geopolitical noise have consistently pushed growth assets back into favor in the subsequent periods. Much of the remainder of 2016 will hinge upon demand in market to gain 28%, Energy and Metals to rise 15% and 25%, respectively, the Restructuring stage to lead all Industrial Life Cycle (ILC) stages with a 12% positive move, and 2015 s weaker currencies the Brazilian Real and the Russian Ruble to gain 10% and 9%. The Fund s outperformance largely came from the sources of pain in 2015, namely the Restructuring stage, Brazil and Metals. In Restructuring, the portfolio generated nearly 500 bps of outperformance from both old and new names, including Argentinian steel producer Ternium, which gained 44% on the commodity China and the tightening schedule of the Fed. There has been a marked rotation of attractiveness within the Growth stage as momentum has inverted and highlighted new ideas in Turkish convenience stores and Latin American fast food. As valuation has receded in a number of sectors and countries, we are relief rally and strong results as its 6% dividend remained intact and cost controls and working capital improvements continued to improve free cash flow and de-lever the balance sheet. Taiwanese e-reader manufacturer E Ink rose 21% on gains from novel uses of the technology such as pricing tags in grocery stores and royalty payments on patents related to smartphone displays. Growth stage Chinese sportswear producer/retailer Anta Sports was one of the biggest detractors as the company s Q4 earnings review showed a deceleration in same store sales growth, causing the stock to fall 20%. seeing new later stage ideas bubbling up in disparate places such as Chinese appliances and South African life insurance. The discipline of the ILC process remains its competitive edge, and both new and old ideas should continue to drive performance in the coming quarter. Portfolio Management The Fund is managed by the Holt Active Equity Group. The investment team consists of eight investment professionals with an average of 15 years of experience. The Team, founded in 2012, has portfolio managers based in CSAM's Chicago, Zurich and Singapore offices. Current members of the Team were integral in developing the original ILC model at Credit Suisse in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 118

119 Risk profile (SRRI) 1) CS (Lux) Infrastructure Equity Fund a subfund of CS Investment Funds 5 - Class B Investment policy This sector-based equity fund invests along the value chain of the global infrastructure opportunity set. The investment universe encompasses companies that provide the facilities and services necessary to maintain and develop modern infrastructure, and also includes companies supplying infrastructure-related products and services. The objective is to maximize total return from capital appreciation and dividends over extended periods of time. It follows an unconstrained, non-benchmark oriented approach to identify attractively valued companies positioned to benefit from the infrastructure theme. Fund facts Fund manager Werner Richli Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.22 Benchmark (BM) MSCI World (NR) (06/13) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CLAIFFB LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Infrastructure Equity Fund B MSCI World (NR) (06/13) 20.0 Purchases Sales Fund Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Utilities Transportation Infrastructure Energy Telecommunication Services 9.69 Cash/Cash Equivalents 1.82 Currencies in % Significant Transactions Number of holdings EUR GBP 5.62 AUD 5.25 CHF 2.53 THB 2.28 NZD 2.25 CAD 2.12 JPY 1.89 Others 2.44 Countries in % Top 10 Holdings in % 50% 40% 30% 20% 10% 0% -10% -20% USA Italy 6.04 United Kingdom 5.62 Australia 5.25 France 3.57 Spain Thailand 2.28 Cash/Cash Equivalents 1.82 Others Crown Castle 5.46 Kinder Morgan 5.11 Atmos Energy 4.70 American Water Works 4.50 Cheniere Energy 4.39 American Tower 3.95 Sydney Airport 3.25 Nisource 3.23 Aqua America 2.95 Atlantia 2.83 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 119

120 Credit Suisse (Lux) Infrastructure Equity Fund Class B Review previous quarter 4) The fund ended the quarter (in terms) with a positive performance of 6.1% (previous quarter +2.2%), thereby outperforming the MSCI World Index which ended the quarter unchanged (-0.2%). The start of 2016 has been characterized by considerable financial market turbulences, triggered by an array of negative drivers like the interest rate tightening initiated by the Fed in December 2015, the slide in oil prices, as well as ongoing soft Chinese economic growth data. February and March marked a solid rebound, thanks to dovish statements by the Fed, the imposed negative rate by the Bank of Japan and Outlook for the market 4) The long-term positive outlook for infrastructure investments remains unchanged. They offer attractive return prospects for long-term-oriented investors thanks to their quasi-monopoly business situation, long service life, as well as predictable and, in most cases, inflation adjusted cash flow streams. The fund is actively managed. Investment decisions are based on a proven and systematic investment process that relies on Credit Suisse's HOLT valuation model. For 2016 we expect ongoing moderate economic growth, supported by low oil and commodity prices, as well as still supportive further initiated measurements by the ECB in March. Infrastructure equities outperformed the general equity market as the defensive utilities provided a substantial cushion against the nose-dive at the beginning of the reporting period and as crude oil and therefore the oil related infrastructure sub-sectors rebounded strongly in the second half. Furthermore, weaker Chinese economic activities affected global container rates and marine port services. Vice versa, European airports and toll roads profited both from low oil prices and solid traffic growth. monetary policies combined with some fiscal easing. We expect the Fed to announce a moderate rate hike no sooner than June Furthermore, we believe the Bank of Japan is likely to cut the policy rate further this April, while the ECB may take further measures in September. While we see signs that the oil price has bottomed, inventories are still rising, albeit at a slower rate. We continue to prefer transport and utility infrastructure stocks, stay neutral in telecommunication, and are cautious towards oil & gas pipelines. Mainly airports should profit from A large allocation of defensive utility stocks and an only minor position in oil & gas related transportation and storage companies at the beginning of the year turned out to be correct. It was only in the second half when, after the bottoming of the oil price, positions in this sub-industry have been built up again. Top contributors to the fund s performance were the US water and the US gas & electric utility companies together with Italian SNAM. The latter is currently evaluating the possibility of spinning off Italgas to reallocate capital from saturated into more growing business areas. the strong international traffic growth, combined with low commodity prices and strong retail sales, as well as toll roads thanks to growing profitability and traffic recovery, mainly in Europe. We further favor regulated gas & electric utilities on their stable cash flow yields. Whereas US towers face some headwinds from their emerging market exposures, the positive outlook for their European counterparts is already fully priced. In view of the low oil price environment, triggered by still rising inventories, we remain underweight in the gas & oil storage & transport sector. Portfolio Management Werner Richli is Portfolio Manager and Senior Investment Professional for real estate securities. Mr. Richli was previously an equity analyst at Credit Suisse s Investment Banking Division (Credit Suisse First Boston) covering European real estate stocks. Prior to this role, he analyzed building materials, construction and utility stocks and was involved in several Initial Public Offerings. Mr. Richli joined Credit Suisse in Mr. Richli is earned the CIIA designation and received a Master s Degree in Business Administration from the University of Zurich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 120

121 Risk profile (SRRI) 1) CS (Lux) Infrastructure Equity Fund a subfund of CS Investment Funds 5 - Class BH EUR Investment policy This sector-based equity fund invests along the value chain of the global infrastructure opportunity set. The investment universe encompasses companies that provide the facilities and services necessary to maintain and develop modern infrastructure, and also includes companies supplying infrastructure-related products and services. The objective is to maximize total return from capital appreciation and dividends over extended periods of time. It follows an unconstrained, non-benchmark oriented approach to identify attractively valued companies positioned to benefit from the infrastructure theme. Fund facts Fund manager Werner Richli Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.22 Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CLAIFHE LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Infrastructure Equity Fund BH EUR Purchases Sales Fund Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Utilities Transportation Infrastructure Energy Telecommunication Services 9.69 Cash/Cash Equivalents 1.82 Currencies in % Significant Transactions Number of holdings EUR GBP 5.62 AUD 5.25 CHF 2.53 THB 2.28 NZD 2.25 CAD 2.12 JPY 1.89 Others 2.44 Countries in % Top 10 Holdings in % 30% 20% 10% 0% -10% -20% USA Italy 6.04 United Kingdom 5.62 Australia 5.25 France 3.57 Spain Thailand 2.28 Cash/Cash Equivalents 1.82 Others Crown Castle 5.46 Kinder Morgan 5.11 Atmos Energy 4.70 American Water Works 4.50 Cheniere Energy 4.39 American Tower 3.95 Sydney Airport 3.25 Nisource 3.23 Aqua America 2.95 Atlantia 2.83 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 121

122 Credit Suisse (Lux) Infrastructure Equity Fund Class BH EUR Review previous quarter 4) The fund ended the quarter (in terms) with a positive performance of 6.1% (previous quarter +2.2%), thereby outperforming the MSCI World Index which ended the quarter unchanged (-0.2%). The start of 2016 has been characterized by considerable financial market turbulences, triggered by an array of negative drivers like the interest rate tightening initiated by the Fed in December 2015, the slide in oil prices, as well as ongoing soft Chinese economic growth data. February and March marked a solid rebound, thanks to dovish statements by the Fed, the imposed negative rate by the Bank of Japan and Outlook for the market 4) The long-term positive outlook for infrastructure investments remains unchanged. They offer attractive return prospects for long-term-oriented investors thanks to their quasi-monopoly business situation, long service life, as well as predictable and, in most cases, inflation adjusted cash flow streams. The fund is actively managed. Investment decisions are based on a proven and systematic investment process that relies on Credit Suisse's HOLT valuation model. For 2016 we expect ongoing moderate economic growth, supported by low oil and commodity prices, as well as still supportive further initiated measurements by the ECB in March. Infrastructure equities outperformed the general equity market as the defensive utilities provided a substantial cushion against the nose-dive at the beginning of the reporting period and as crude oil and therefore the oil related infrastructure sub-sectors rebounded strongly in the second half. Furthermore, weaker Chinese economic activities affected global container rates and marine port services. Vice versa, European airports and toll roads profited both from low oil prices and solid traffic growth. monetary policies combined with some fiscal easing. We expect the Fed to announce a moderate rate hike no sooner than June Furthermore, we believe the Bank of Japan is likely to cut the policy rate further this April, while the ECB may take further measures in September. While we see signs that the oil price has bottomed, inventories are still rising, albeit at a slower rate. We continue to prefer transport and utility infrastructure stocks, stay neutral in telecommunication, and are cautious towards oil & gas pipelines. Mainly airports should profit from A large allocation of defensive utility stocks and an only minor position in oil & gas related transportation and storage companies at the beginning of the year turned out to be correct. It was only in the second half when, after the bottoming of the oil price, positions in this sub-industry have been built up again. Top contributors to the fund s performance were the US water and the US gas & electric utility companies together with Italian SNAM. The latter is currently evaluating the possibility of spinning off Italgas to reallocate capital from saturated into more growing business areas. the strong international traffic growth, combined with low commodity prices and strong retail sales, as well as toll roads thanks to growing profitability and traffic recovery, mainly in Europe. We further favor regulated gas & electric utilities on their stable cash flow yields. Whereas US towers face some headwinds from their emerging market exposures, the positive outlook for their European counterparts is already fully priced. In view of the low oil price environment, triggered by still rising inventories, we remain underweight in the gas & oil storage & transport sector. Portfolio Management Werner Richli is Portfolio Manager and Senior Investment Professional for real estate securities. Mr. Richli was previously an equity analyst at Credit Suisse s Investment Banking Division (Credit Suisse First Boston) covering European real estate stocks. Prior to this role, he analyzed building materials, construction and utility stocks and was involved in several Initial Public Offerings. Mr. Richli joined Credit Suisse in Mr. Richli is earned the CIIA designation and received a Master s Degree in Business Administration from the University of Zurich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 122

123 Risk profile (SRRI) 1) CS (Lux) Global Emerging Market ILC Equity Fund a subfund of CS Investment Funds 2 - Class IB Investment policy The aim of the Fund is to achieve the highest possible risk adjusted return in whilst investing in companies domiciled in Emerging Markets or in global companies that execute the bulk of their business activities in Emerging Markets. Fund facts Fund manager HOLT Active Equity Group Fund manager since Location New York Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 1.25 Benchmark (BM) MSCI EM (NR) Swinging single pricing (SSP) 3) Yes Securities lending No Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CSEMRGI LX Valor no Net asset value (NAV) Min. Investment Amount 500'000 Redemptions N/A EU taxation In scope - tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) Purchases Sales PTT PUBLIC COMPANY LIMITED Nvdr JARDINE MATHESON HOLDINGS TENCENT HOLDINGS CNOOC BIM BIRLESIK MAGAZALAR ECOPETROL Adr LIBERTY HOLDINGS RICHTER GEDEON KRUNG THAI BANK Nvdr LOJAS RENNER 0.0 CS (Lux) Global Emerging Market ILC Equity Fund IB MSCI EM (NR) Fund Benchmark Compared with benchmark Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Financials Information Technology Consumer Discretionary Consumer Staples Telecommunication Services Energy Materials Utilities Cash/Cash Equivalents Others Currencies in % Significant Transactions HKD KRW TWD BRL 8.71 THB 5.53 ZAR 4.35 TRY 3.62 EUR 2.82 Others 8.63 Countries in % Top 10 Holdings in % % 20% 10% 0% -10% -20% -30% -40% South Korea China Taiwan Brazil 8.17 Thailand 5.50 India 4.64 Russia 4.55 Hong Kong 4.30 Cash/Cash Equivalents 1.37 Others TSMC 4.73 Samsung Electronics 3.91 Tencent Hldg Ltd 3.60 Woori Bank 2.85 KT Corporation 2.46 Hon Hai Precision Industry 2.38 China Mobile 2.23 PTT Public Company Limited 2.16 Compal Electronics 2.13 Lukoil ADR 1.92 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 123

124 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund a subfund of Class IB Review previous quarter 4) Q offered a good showcase of the all-weather nature of the Fund, which provided outperformance during the January declines as well as the considerable rally that followed in February and March. A number of macro-oriented factors drove the market, including a rise in oil prices from January lows as OPEC informally agreed to production ceilings, a more dovish stance on rate hikes from the Fed, and progress in impeachment proceedings for the Brazilian President. These all conspired to drive investors back to last year s most beaten down assets, causing the Brazilian Outlook for the market 4) The last few years have offered numerous inflection points in Emerging Markets where leadership has passed from growth to value assets. Macro and geopolitical noise have consistently pushed growth assets back into favor in the subsequent periods. Much of the remainder of 2016 will hinge upon demand in market to gain 28%, Energy and Metals to rise 15% and 25%, respectively, the Restructuring stage to lead all Industrial Life Cycle (ILC) stages with a 12% positive move, and 2015 s weaker currencies the Brazilian Real and the Russian Ruble to gain 10% and 9%. The Fund s outperformance largely came from the sources of pain in 2015, namely the Restructuring stage, Brazil and Metals. In Restructuring, the portfolio generated nearly 500 bps of outperformance from both old and new names, including Argentinian steel producer Ternium, which gained 44% on the commodity China and the tightening schedule of the Fed. There has been a marked rotation of attractiveness within the Growth stage as momentum has inverted and highlighted new ideas in Turkish convenience stores and Latin American fast food. As valuation has receded in a number of sectors and countries, we are relief rally and strong results as its 6% dividend remained intact and cost controls and working capital improvements continued to improve free cash flow and de-lever the balance sheet. Taiwanese e-reader manufacturer E Ink rose 21% on gains from novel uses of the technology such as pricing tags in grocery stores and royalty payments on patents related to smartphone displays. Growth stage Chinese sportswear producer/retailer Anta Sports was one of the biggest detractors as the company s Q4 earnings review showed a deceleration in same store sales growth, causing the stock to fall 20%. seeing new later stage ideas bubbling up in disparate places such as Chinese appliances and South African life insurance. The discipline of the ILC process remains its competitive edge, and both new and old ideas should continue to drive performance in the coming quarter. Portfolio Management The Fund is managed by the Holt Active Equity Group. The investment team consists of eight investment professionals with an average of 15 years of experience. The Team, founded in 2012, has portfolio managers based in CSAM's Chicago, Zurich and Singapore offices. Current members of the Team were integral in developing the original ILC model at Credit Suisse in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 124

125 Risk profile (SRRI) 1) CS (Lux) Infrastructure Equity Fund a subfund of CS Investment Funds 5 - Class IB Investment policy This sector-based equity fund invests along the value chain of the global infrastructure opportunity set. The investment universe encompasses companies that provide the facilities and services necessary to maintain and develop modern infrastructure, and also includes companies supplying infrastructure-related products and services. The objective is to maximize total return from capital appreciation and dividends over extended periods of time. It follows an unconstrained, non-benchmark oriented approach to identify attractively valued companies positioned to benefit from the infrastructure theme. Fund facts Fund manager Werner Richli Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 1.51 Benchmark (BM) MSCI World (NR) (06/13) Swinging single pricing (SSP) 3) Yes Unit Class Category IB (capital growth) Unit class currency ISIN LU Bloomberg ticker CLAIFIB LX Valor no Net asset value (NAV) Min. Investment Amount 500'000 Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Infrastructure Equity Fund IB MSCI World (NR) (06/13) 20.0 Purchases Sales Fund Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Utilities Transportation Infrastructure Energy Telecommunication Services 9.69 Cash/Cash Equivalents 1.82 Currencies in % Significant Transactions Number of holdings EUR GBP 5.62 AUD 5.25 CHF 2.53 THB 2.28 NZD 2.25 CAD 2.12 JPY 1.89 Others 2.44 Countries in % Top 10 Holdings in % 50% 40% 30% 20% 10% 0% -10% -20% USA Italy 6.04 United Kingdom 5.62 Australia 5.25 France 3.57 Spain Thailand 2.28 Cash/Cash Equivalents 1.82 Others Crown Castle 5.46 Kinder Morgan 5.11 Atmos Energy 4.70 American Water Works 4.50 Cheniere Energy 4.39 American Tower 3.95 Sydney Airport 3.25 Nisource 3.23 Aqua America 2.95 Atlantia 2.83 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 125

126 Credit Suisse (Lux) Infrastructure Equity Fund Class IB Review previous quarter 4) The fund ended the quarter (in terms) with a positive performance of 6.1% (previous quarter +2.2%), thereby outperforming the MSCI World Index which ended the quarter unchanged (-0.2%). The start of 2016 has been characterized by considerable financial market turbulences, triggered by an array of negative drivers like the interest rate tightening initiated by the Fed in December 2015, the slide in oil prices, as well as ongoing soft Chinese economic growth data. February and March marked a solid rebound, thanks to dovish statements by the Fed, the imposed negative rate by the Bank of Japan and Outlook for the market 4) The long-term positive outlook for infrastructure investments remains unchanged. They offer attractive return prospects for long-term-oriented investors thanks to their quasi-monopoly business situation, long service life, as well as predictable and, in most cases, inflation adjusted cash flow streams. The fund is actively managed. Investment decisions are based on a proven and systematic investment process that relies on Credit Suisse's HOLT valuation model. For 2016 we expect ongoing moderate economic growth, supported by low oil and commodity prices, as well as still supportive further initiated measurements by the ECB in March. Infrastructure equities outperformed the general equity market as the defensive utilities provided a substantial cushion against the nose-dive at the beginning of the reporting period and as crude oil and therefore the oil related infrastructure sub-sectors rebounded strongly in the second half. Furthermore, weaker Chinese economic activities affected global container rates and marine port services. Vice versa, European airports and toll roads profited both from low oil prices and solid traffic growth. monetary policies combined with some fiscal easing. We expect the Fed to announce a moderate rate hike no sooner than June Furthermore, we believe the Bank of Japan is likely to cut the policy rate further this April, while the ECB may take further measures in September. While we see signs that the oil price has bottomed, inventories are still rising, albeit at a slower rate. We continue to prefer transport and utility infrastructure stocks, stay neutral in telecommunication, and are cautious towards oil & gas pipelines. Mainly airports should profit from A large allocation of defensive utility stocks and an only minor position in oil & gas related transportation and storage companies at the beginning of the year turned out to be correct. It was only in the second half when, after the bottoming of the oil price, positions in this sub-industry have been built up again. Top contributors to the fund s performance were the US water and the US gas & electric utility companies together with Italian SNAM. The latter is currently evaluating the possibility of spinning off Italgas to reallocate capital from saturated into more growing business areas. the strong international traffic growth, combined with low commodity prices and strong retail sales, as well as toll roads thanks to growing profitability and traffic recovery, mainly in Europe. We further favor regulated gas & electric utilities on their stable cash flow yields. Whereas US towers face some headwinds from their emerging market exposures, the positive outlook for their European counterparts is already fully priced. In view of the low oil price environment, triggered by still rising inventories, we remain underweight in the gas & oil storage & transport sector. Portfolio Management Werner Richli is Portfolio Manager and Senior Investment Professional for real estate securities. Mr. Richli was previously an equity analyst at Credit Suisse s Investment Banking Division (Credit Suisse First Boston) covering European real estate stocks. Prior to this role, he analyzed building materials, construction and utility stocks and was involved in several Initial Public Offerings. Mr. Richli joined Credit Suisse in Mr. Richli is earned the CIIA designation and received a Master s Degree in Business Administration from the University of Zurich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 126

127 Risk profile (SRRI) 1) CS (Lux) Global Emerging Market Property Equity Fund a subfund of CS Investment Funds 2 - Class B Investment policy The aim of the fund is to achieve the highest possible risk adjusted return in by investing worldwide in equities and equity-type securities of real estate companies and closed-end Real Estate Investment Trusts (REITs) which are domiciled in or carry out the bulk of their business activities in emerging countries. Fund facts Fund manager Werner Richli Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) 5.37 Inception date Management fee in % p.a TER (as of ) in % 2.94 Benchmark (BM) FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CSEQGPB LX Valor no Net asset value (NAV) 6.95 Redemptions Daily EU taxation Out of scope 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Emerging Market Property Equity Fund B FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Purchases Sales Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Homebuilding Real Estate Management & Development Real Estate Investment Trusts Cash/Cash Equivalents 2.69 Others 5.76 Countries in % Significant Transactions China Philippines South Africa 8.65 Mexico 6.25 Thailand 5.76 Indonesia 4.82 United Arab Emirates 3.63 Brazil 2.65 Russia 2.16 Cash/Cash Equivalents 2.69 Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 127

128 Credit Suisse (Lux) Global Emerging Market Property Equity Fund a subfund of Class B Review previous quarter 4) During Q1 2016, the EPRA Emerging Index (all figures in terms) rebounded slightly and ended the quarter with a small gain of 1.9%, thereby underperforming the MSCI Emerging Index, which was up 5.7%. Stocks from Latin America took the lead with a gain of 19.4%, ahead of EMEA (+15.1%), whereas Asia (-3.4%) dropped, triggered mainly by the disappointing performance of the Chinese market, by far the largest in Asia. The best single markets were Brazil (+42.4%) and Taiwan Outlook for the market 4) The long-term outlook for commercial real estate investments in emerging markets triggered by superior growth in demographics, wealth and private consumption is still positive. With the exception of China or India, emerging Asian property indices posted solid gains alongside the strength in their corresponding currencies. We remain positive on the Chinese property sector. China is in the process of forming several high-density mega cities, despite the Chinese government's policy of limiting migration into mega cities while encouraging migration into smaller ones. The recent policy announcement to cool the housing market - like the increase of down payments and the evidence that buyers have paid income taxes for a certain amount of years - may reduce housing sales volume in the (+26.9%). In contrast to that, China (-7.1%) and India (-2.6%) were most hit. Referring to the quarterly index review of March 21th, worth noting is the renewed inclusion of PDG after the recent rally of Brazilian homebuilders, the additions of Malayan REIT Sunway, as well as Grivalia from Greece. Vice versa, Emirates REIT and IGB from Malaysia have been deleted. near term, but should not reverse the trend. In Indonesia, the government announced another economic stimulus package with another cut of REIT taxes. The macro situation in Brazil remains difficult and continues to experience headwinds, which markedly limits our enthusiasm for the region. However, the more positive valuation/ sentiment mix suggests that much of these concerns have been priced in. We favor the shopping center landlords over the homebuilders. We think that Mexico s fundamentals remain comparatively solid within emerging markets, and the Fibras, and especially the industrial REITs, are still attractive from a valuation standpoint. Dubai s economy has not been spared from the regional economic slowdown, but its role as a During the quarter, the fund underperformed the benchmark. Top contributors to the fund s performance were the overweight positions in Guangzhou R&F, South African Resilient, and Central Pattana from Thailand and the underweight positions in Yuexiu (China). Vice versa, the overweight position in Shenzhen Investments, Jinmao and China Resources cost performance. business and logistical hub has provided relatively good resilience compared to other Gulf countries. Looking forward, we see significant potential for further growth in tourism, which accounts for c.25% of Dubai s GDP, as four new theme parks and a safari park are expected to open by 2019, with the first expected to launch in Q Whereas Dubai real estate should see signs of recovery by 2017, we see substantial downside risk to prices of Abu Dhabi real estate. The fund is overweight in Asia at the expense of Latin America and EMEA. The largest overweight positions are in China, the Philippines and Thailand. Portfolio Management Werner Richli is Portfolio Manager and Senior Investment Professional for real estate securities. Mr. Richli was previously an equity analyst at Credit Suisse s Investment Banking Division (Credit Suisse First Boston) covering European real estate stocks. Prior to this role, he analyzed building materials, construction and utility stocks and was involved in several Initial Public Offerings. Mr. Richli joined Credit Suisse in Mr. Richli is earned the CIIA designation and received a Master s Degree in Business Administration from the University of Zurich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 128

129 Risk profile (SRRI) 1) CS (Lux) Global Emerging Market Property Equity Fund a subfund of CS Investment Funds 2 - Class BH CHF Investment policy The aim of the fund is to achieve the highest possible risk adjusted return in by investing worldwide in equities and equity-type securities of real estate companies and closed-end Real Estate Investment Trusts (REITs) which are domiciled in or carry out the bulk of their business activities in emerging countries. Fund facts Fund manager Werner Richli Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) 5.37 Inception date Management fee in % p.a TER (as of ) in % 2.95 Benchmark (BM) FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency CHF ISIN LU Bloomberg ticker CSEQGRC LX Valor no Net asset value (NAV) 6.20 Redemptions Daily EU taxation Out of scope 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in CHF (rebased to 100) and yearly performance 2) CS (Lux) Global Emerging Market Property Equity Fund BH CHF FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Purchases Sales Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Homebuilding Real Estate Management & Development Real Estate Investment Trusts Cash/Cash Equivalents 2.69 Others 5.76 Countries in % Significant Transactions China Philippines South Africa 8.65 Mexico 6.25 Thailand 5.76 Indonesia 4.82 United Arab Emirates 3.63 Brazil 2.65 Russia 2.16 Cash/Cash Equivalents 2.69 Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 129

130 Credit Suisse (Lux) Global Emerging Market Property Equity Fund a subfund of Class BH CHF Review previous quarter 4) During Q1 2016, the EPRA Emerging Index (all figures in terms) rebounded slightly and ended the quarter with a small gain of 1.9%, thereby underperforming the MSCI Emerging Index, which was up 5.7%. Stocks from Latin America took the lead with a gain of 19.4%, ahead of EMEA (+15.1%), whereas Asia (-3.4%) dropped, triggered mainly by the disappointing performance of the Chinese market, by far the largest in Asia. The best single markets were Brazil (+42.4%) and Taiwan Outlook for the market 4) The long-term outlook for commercial real estate investments in emerging markets triggered by superior growth in demographics, wealth and private consumption is still positive. With the exception of China or India, emerging Asian property indices posted solid gains alongside the strength in their corresponding currencies. We remain positive on the Chinese property sector. China is in the process of forming several high-density mega cities, despite the Chinese government's policy of limiting migration into mega cities while encouraging migration into smaller ones. The recent policy announcement to cool the housing market - like the increase of down payments and the evidence that buyers have paid income taxes for a certain amount of years - may reduce housing sales volume in the (+26.9%). In contrast to that, China (-7.1%) and India (-2.6%) were most hit. Referring to the quarterly index review of March 21th, worth noting is the renewed inclusion of PDG after the recent rally of Brazilian homebuilders, the additions of Malayan REIT Sunway, as well as Grivalia from Greece. Vice versa, Emirates REIT and IGB from Malaysia have been deleted. near term, but should not reverse the trend. In Indonesia, the government announced another economic stimulus package with another cut of REIT taxes. The macro situation in Brazil remains difficult and continues to experience headwinds, which markedly limits our enthusiasm for the region. However, the more positive valuation/ sentiment mix suggests that much of these concerns have been priced in. We favor the shopping center landlords over the homebuilders. We think that Mexico s fundamentals remain comparatively solid within emerging markets, and the Fibras, and especially the industrial REITs, are still attractive from a valuation standpoint. Dubai s economy has not been spared from the regional economic slowdown, but its role as a During the quarter, the fund underperformed the benchmark. Top contributors to the fund s performance were the overweight positions in Guangzhou R&F, South African Resilient, and Central Pattana from Thailand and the underweight positions in Yuexiu (China). Vice versa, the overweight position in Shenzhen Investments, Jinmao and China Resources cost performance. business and logistical hub has provided relatively good resilience compared to other Gulf countries. Looking forward, we see significant potential for further growth in tourism, which accounts for c.25% of Dubai s GDP, as four new theme parks and a safari park are expected to open by 2019, with the first expected to launch in Q Whereas Dubai real estate should see signs of recovery by 2017, we see substantial downside risk to prices of Abu Dhabi real estate. The fund is overweight in Asia at the expense of Latin America and EMEA. The largest overweight positions are in China, the Philippines and Thailand. Portfolio Management Werner Richli is Portfolio Manager and Senior Investment Professional for real estate securities. Mr. Richli was previously an equity analyst at Credit Suisse s Investment Banking Division (Credit Suisse First Boston) covering European real estate stocks. Prior to this role, he analyzed building materials, construction and utility stocks and was involved in several Initial Public Offerings. Mr. Richli joined Credit Suisse in Mr. Richli is earned the CIIA designation and received a Master s Degree in Business Administration from the University of Zurich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 130

131 Risk profile (SRRI) 1) CS (Lux) Global Emerging Market Property Equity Fund a subfund of CS Investment Funds 2 - Class BH EUR Investment policy The aim of the fund is to achieve the highest possible risk adjusted return in by investing worldwide in equities and equity-type securities of real estate companies and closed-end Real Estate Investment Trusts (REITs) which are domiciled in or carry out the bulk of their business activities in emerging countries. Fund facts Fund manager Werner Richli Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) 5.37 Inception date Management fee in % p.a TER (as of ) in % 2.89 Benchmark (BM) FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEQGRE LX Valor no Net asset value (NAV) 6.30 Redemptions Daily EU taxation Out of scope 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Global Emerging Market Property Equity Fund BH EUR FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Purchases Sales Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Homebuilding Real Estate Management & Development Real Estate Investment Trusts Cash/Cash Equivalents 2.69 Others 5.76 Countries in % Significant Transactions China Philippines South Africa 8.65 Mexico 6.25 Thailand 5.76 Indonesia 4.82 United Arab Emirates 3.63 Brazil 2.65 Russia 2.16 Cash/Cash Equivalents 2.69 Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 131

132 Credit Suisse (Lux) Global Emerging Market Property Equity Fund a subfund of Class BH EUR Review previous quarter 4) During Q1 2016, the EPRA Emerging Index (all figures in terms) rebounded slightly and ended the quarter with a small gain of 1.9%, thereby underperforming the MSCI Emerging Index, which was up 5.7%. Stocks from Latin America took the lead with a gain of 19.4%, ahead of EMEA (+15.1%), whereas Asia (-3.4%) dropped, triggered mainly by the disappointing performance of the Chinese market, by far the largest in Asia. The best single markets were Brazil (+42.4%) and Taiwan Outlook for the market 4) The long-term outlook for commercial real estate investments in emerging markets triggered by superior growth in demographics, wealth and private consumption is still positive. With the exception of China or India, emerging Asian property indices posted solid gains alongside the strength in their corresponding currencies. We remain positive on the Chinese property sector. China is in the process of forming several high-density mega cities, despite the Chinese government's policy of limiting migration into mega cities while encouraging migration into smaller ones. The recent policy announcement to cool the housing market - like the increase of down payments and the evidence that buyers have paid income taxes for a certain amount of years - may reduce housing sales volume in the (+26.9%). In contrast to that, China (-7.1%) and India (-2.6%) were most hit. Referring to the quarterly index review of March 21th, worth noting is the renewed inclusion of PDG after the recent rally of Brazilian homebuilders, the additions of Malayan REIT Sunway, as well as Grivalia from Greece. Vice versa, Emirates REIT and IGB from Malaysia have been deleted. near term, but should not reverse the trend. In Indonesia, the government announced another economic stimulus package with another cut of REIT taxes. The macro situation in Brazil remains difficult and continues to experience headwinds, which markedly limits our enthusiasm for the region. However, the more positive valuation/ sentiment mix suggests that much of these concerns have been priced in. We favor the shopping center landlords over the homebuilders. We think that Mexico s fundamentals remain comparatively solid within emerging markets, and the Fibras, and especially the industrial REITs, are still attractive from a valuation standpoint. Dubai s economy has not been spared from the regional economic slowdown, but its role as a During the quarter, the fund underperformed the benchmark. Top contributors to the fund s performance were the overweight positions in Guangzhou R&F, South African Resilient, and Central Pattana from Thailand and the underweight positions in Yuexiu (China). Vice versa, the overweight position in Shenzhen Investments, Jinmao and China Resources cost performance. business and logistical hub has provided relatively good resilience compared to other Gulf countries. Looking forward, we see significant potential for further growth in tourism, which accounts for c.25% of Dubai s GDP, as four new theme parks and a safari park are expected to open by 2019, with the first expected to launch in Q Whereas Dubai real estate should see signs of recovery by 2017, we see substantial downside risk to prices of Abu Dhabi real estate. The fund is overweight in Asia at the expense of Latin America and EMEA. The largest overweight positions are in China, the Philippines and Thailand. Portfolio Management Werner Richli is Portfolio Manager and Senior Investment Professional for real estate securities. Mr. Richli was previously an equity analyst at Credit Suisse s Investment Banking Division (Credit Suisse First Boston) covering European real estate stocks. Prior to this role, he analyzed building materials, construction and utility stocks and was involved in several Initial Public Offerings. Mr. Richli joined Credit Suisse in Mr. Richli is earned the CIIA designation and received a Master s Degree in Business Administration from the University of Zurich,. 4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 132

133 CS (Lux) Global Energy Winners Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 5 - Class B Investment policy This sector-based equity fund invests mainly in companies engaged in energy production, transportation, transmission, distribution, and conservation, as well as suppliers of goods and services to the sector. The breadth, complexity and cyclicality create opportunities for patient investors. Given the currently massive change in the sector, the fund defines themes that should drive individual companies and then tries to pick early winners. The objective is to provide long-term capital appreciation. Investment decisions are based primarily on bottom-up fundamental research. The benchmark is used to measure performance but does not determine security selection. Fund facts Fund manager Thomas Amrein Fund manager since Location Zürich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.22 Benchmark (BM) MSCI World Energy (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CLAEEFB LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Energy Winners Equity Fund B MSCI World Energy (NR) Purchases Sales - ROYAL DUTCH SHELL Adr B - PETROLEO BRASILIERO Adr - SOCO INTERNATIONAL - ACUITY BRANDS - NEWFIELD EXPLORATION Fund Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Energy Utilities 9.74 Industrials 7.35 Materials 5.90 Cash/Cash Equivalents 0.43 Others 0.64 Currencies in % Significant Transactions Number of holdings EUR GBP 3.44 HKD 2.47 CAD 1.48 THB 1.34 AUD 0.85 CHF 0.01 Countries in % Top 10 Holdings in % 40% 20% 0% -20% -40% -60% USA France 8.57 Canada 6.99 China 5.59 Germany 4.59 United Kingdom 3.44 Netherlands 3.31 Spain 2.40 Cash/Cash Equivalents 0.43 Others 6.19 TOTAL SA 7.07 Tesoro 6.95 Acuity Brands 5.29 Wacker Chemie 4.59 Phillips 4.20 Diamondback Energy Inc 4.16 Royal Dutch 3.31 Cnooc 3.12 Baker Hughes Inc 3.07 Suncor Energy 3.00 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 133

134 Credit Suisse (Lux) Global Energy Winners Equity Fund Class B Review previous quarter 4) February 11th, the oil price fell to about 26 per barrel, the same level it had reached on January 20th. This correction was mostly seen to be rather short lived. Right into the recovery, the first quarterly reports in the US confirmed the trend to cut capex a reduction of around 50% compared to 2015 levels. Most companies expect to shrink production because of the low oil price. These production curtailments began to rebalance the market, thereby helping the oil price. Many of the stronger US companies announced secondary equity placements to bolster up their balance sheet. While dilutive, these placements found strong support. Outlook for the market 4) While we see signs that the oil price has bottomed, inventories are still rising, albeit at a slower pace. Therefore, we expect volatility to remain elevated in the next couple of months. Some highly cyclical stocks have shown the best performance off the lows, but in many cases we Portfolio Management Top contributors to performance were Cabot, EQT and Petrobras. Cabot and EQT are low cost gas producers, and both companies successfully placed equity mid-february. Petrobras was rising on hope of a political change in Brazil. The main negative contributors were Tesoro and Terraform Power. Tesoro suffered from an overbuild in gasoline inventories. Because this overbuild could be more temporary, we increased the size of the position. Terraform Power, a renewable electricity producer, suffered from the weak financial position of its sponsor SunEdison. However, due to the recurring nature of cash question the fundamental quality. We maintain an overweight in the best exploration companies. Also, we plan to hold on to refineries, because we still believe in a strong gasoline market as the driving season flows and long term contracts, there is the possibility of a recovery of the stock from the current level. We sold Neste (refining) after a strong performance. We bought AO Smith, which builds efficient boilers/water heaters, to get more exposure to the energy conservation theme. We increased some of the stocks that had suffered from the low oil price: Anadarko, Newfield and Hess. We selectively reduced some positions: EOG, Petrobras and Soco International. Towards the end of March we sold SunEdison due to their worsening liquidity situation. nears. Opportunistically, we trade positions by increasing or decreasing the size where we see overreactions in the markets. Over time, we could add to the weight of the energy conservation theme by selectively building new positions. Thomas Amrein joined Credit Suisse in 1996, as a Portfolio Manager for Special Mandates, a position in which he later also had direct client interaction. Since October 2002, he is Portfolio Manager for US Equities, specialized in the Healthcare and Energy sectors. Mr. Amrein holds a Master of Business Administration degree from University of St. Gallen (HSG). In 2008, he became a CFA charter holder. Thomas covers the US Energy sector since ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 134

135 CS (Lux) Global Energy Winners Equity Fund Risk profile (SRRI) 1) a subfund of CS Investment Funds 5 - Investment policy This sector-based equity fund invests mainly in companies engaged in energy production, transportation, transmission, distribution, and conservation, as well as suppliers of goods and services to the sector. The breadth, complexity and cyclicality create opportunities for patient investors. Given the currently massive change in the sector, the fund defines themes that should drive individual companies and then tries to pick early winners. The objective is to provide long-term capital appreciation. Investment decisions are based primarily on bottom-up fundamental research. The benchmark is used to measure performance but does not determine security selection. Fund facts Fund manager Thomas Amrein Fund manager since Location Zürich Fund domicile Luxembourg Fund currency Close of financial year 30. Sep Total net assets (in mil.) Inception date of share class Management fee in % p.a TER (as of ) in % 2.22 Benchmark (BM) MSCI World Energy (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CLAEEFH LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Class BH EUR Net performance in EUR (rebased to 100) and yearly performance 2) Purchases Sales - ROYAL DUTCH SHELL Adr B - PETROLEO BRASILIERO Adr - SOCO INTERNATIONAL - ACUITY BRANDS - NEWFIELD EXPLORATION Fund CS (Lux) Global Energy Winners Equity Fund BH EUR Yearly or year-to-date performance respectively (Fund) 1 month 3 months YTD 1 year 3 years 5 years Fund Sectors in % Fund Energy Utilities 9.74 Industrials 7.35 Materials 5.90 Cash/Cash Equivalents 0.43 Others 0.64 Currencies in % Significant Transactions Number of holdings EUR GBP 3.44 HKD 2.47 CAD 1.48 THB 1.34 AUD 0.85 CHF 0.01 Countries in % Top 10 Holdings in % 20% 10% 0% -10% -20% -30% -40% -50% USA France 8.57 Canada 6.99 China 5.59 Germany 4.59 United Kingdom 3.44 Netherlands 3.31 Spain 2.40 Cash/Cash Equivalents 0.43 Others 6.19 TOTAL SA 7.07 Tesoro 6.95 Acuity Brands 5.29 Wacker Chemie 4.59 Phillips 4.20 Diamondback Energy Inc 4.16 Royal Dutch 3.31 Cnooc 3.12 Baker Hughes Inc 3.07 Suncor Energy 3.00 Total Credit Suisse SICAV 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 135

136 Credit Suisse (Lux) Global Energy Winners Equity Fund Class BH EUR Review previous quarter 4) February 11th, the oil price fell to about 26 per barrel, the same level it had reached on January 20th. This correction was mostly seen to be rather short lived. Right into the recovery, the first quarterly reports in the US confirmed the trend to cut capex a reduction of around 50% compared to 2015 levels. Most companies expect to shrink production because of the low oil price. These production curtailments began to rebalance the market, thereby helping the oil price. Many of the stronger US companies announced secondary equity placements to bolster up their balance sheet. While dilutive, these placements found strong support. Outlook for the market 4) While we see signs that the oil price has bottomed, inventories are still rising, albeit at a slower pace. Therefore, we expect volatility to remain elevated in the next couple of months. Some highly cyclical stocks have shown the best performance off the lows, but in many cases we Portfolio Management Top contributors to performance were Cabot, EQT and Petrobras. Cabot and EQT are low cost gas producers, and both companies successfully placed equity mid-february. Petrobras was rising on hope of a political change in Brazil. The main negative contributors were Tesoro and Terraform Power. Tesoro suffered from an overbuild in gasoline inventories. Because this overbuild could be more temporary, we increased the size of the position. Terraform Power, a renewable electricity producer, suffered from the weak financial position of its sponsor SunEdison. However, due to the recurring nature of cash question the fundamental quality. We maintain an overweight in the best exploration companies. Also, we plan to hold on to refineries, because we still believe in a strong gasoline market as the driving season flows and long term contracts, there is the possibility of a recovery of the stock from the current level. We sold Neste (refining) after a strong performance. We bought AO Smith, which builds efficient boilers/water heaters, to get more exposure to the energy conservation theme. We increased some of the stocks that had suffered from the low oil price: Anadarko, Newfield and Hess. We selectively reduced some positions: EOG, Petrobras and Soco International. Towards the end of March we sold SunEdison due to their worsening liquidity situation. nears. Opportunistically, we trade positions by increasing or decreasing the size where we see overreactions in the markets. Over time, we could add to the weight of the energy conservation theme by selectively building new positions. Thomas Amrein joined Credit Suisse in 1996, as a Portfolio Manager for Special Mandates, a position in which he later also had direct client interaction. Since October 2002, he is Portfolio Manager for US Equities, specialized in the Healthcare and Energy sectors. Mr. Amrein holds a Master of Business Administration degree from University of St. Gallen (HSG). In 2008, he became a CFA charter holder. Thomas covers the US Energy sector since ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 136

137 Risk profile (SRRI) 1) CS (Lux) Global Security Equity Fund a subfund of CS Investment Funds 2 - Class BH EUR Investment policy The fund assets are invested worldwide in companies that are primarily active in Technology, Healthcare and Industrials, and that offer products and services related to health prevention/protection and environmental safety, IT security, transportation safety, and crime prevention. Fund facts Fund manager Patrick Kolb Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date of share class ) Management fee in % p.a TER (as of ) in % 2.19 Benchmark (BM) No Benchmark (06/13) Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSEQSRE LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Czech Republic, Finland, France, Germany, Gibraltar, Greece, Hungary, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, EU taxation In scope 3) Originally the fund was launched as of Oct. 19th 2006 as a FCP fund. 4) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Global Security Equity Fund BH EUR Purchases Sales - - Fund Yearly or year-to-date performance respectively (Fund) For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 02 May For the restructuring all assets and liabilities of the former CS EF (Lux) Global Security R EUR have been transferred to CS (Lux) Global Security Equity Fund BH EUR. Fund management and investment policy remained unchanged. The data provided in this document reflect the performance of the CS EF (Lux) Global Security R EUR as well as the performance of the CS (Lux) Global Security Equity Fund BH EUR. Past performance, whether actual or simulated, does not guarantee future results. Net performance in EUR 2) 1 month 3 months YTD 1 year 3 years 5 years ITD 5) Fund ) inception to date Sectors in % Fund IT security Crime prevention Environmental security Health care protection Transportation safety Cash/Cash Equivalents 3.00 Currencies in % Significant Transactions Number of holdings EUR GBP 7.42 SEK 2.72 CHF 2.25 CAD 0.85 JPY 0.73 AUD 0.71 Countries in % Top 10 Holdings in % 80% 60% 40% 20% 0% -20% -40% -60% USA United Kingdom 7.42 Israel 5.40 Spain 4.70 Netherlands 3.84 Germany 3.77 Sweden 2.71 France 2.51 Cash/Cash Equivalents 2.98 Others 4.56 Intertek Group 3.01 Thermo Fisher Scien 2.97 Stericycle Inc IDEXX Labs 2.85 Autoliv 2.71 Wabtec 2.60 Eurofins Scientific 2.51 TransDigm Grp Check Point Software 2.50 Intuitive Surgical 2.46 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 137

138 Credit Suisse (Lux) Global Security Equity Fund a subfund of Class BH EUR Review previous quarter 4) In the first quarter 2016 global equity markets were very volatile. In the first couple of weeks the MSCI World fell heavily but recovered afterwards. At the end of Q1 global equity markets ended almost flat. On the macro side the macroeconomic environment is improving, particularly in the US, where the latest data indicate that fears of a more pronounced US economic slowdown are exaggerated. The Fed kept rates steady, but lowered the projected policy rate rise to only 50 bps by year-end 2016 notwithstanding the good domestic backdrop, which was taken well by the market. In the Outlook for the market 4) In the short run we remain neutral on equities. A supportive announcement by the ECB and a dovish stance taken by the Fed have helped equity markets to recover further as fears of a global recession abate. However, there are uncertainties that could continue to weigh on equities. In Europe, the outcome of the British referendum in June about whether to exit the European Union remains unclear. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. In the medium term, we see the following Eurozone industrial production rebounded, indicating that first quarter 2016 GDP growth may accelerate compared to fourth quarter However, inflation and loan growth weakened again. Against this backdrop, the ECB cut the deposit rate to -0.4%, stepped up the pace of quantitative easing and announced new funding measures for commercial banks. The net performance of the Credit Suisse (Lux) Global Security Equity Fund (B-tranche, in ) was in line with the MSCI World index. The main positive contributors were Prosegur, a leading supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017; 2) Global excess liquidity, driven by the ECB and Bank of Japan, remains supportive for equities; and 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds. As long-term oriented investors with an investment horizon of 7 to 10 years, we believe that in such an environment the security and safety theme remains very attractive due to its structural growth nature: Technological innovation as well as the increasing free security company and Flir Systems, a provider of infrared cameras. Wirecard contributed the most on the negative side, mainly due to a negative unknown research report. In the portfolio we sold Tyco International and ADT (both were acquired by a competitor respectively by private equity). We invested the proceeds in Halma, a leading producer of safety sensors (environmental security) and in Equifax, a provider of critical information in the field of fraud prevention (crime prevention). movement of goods, capital and people are the drivers for products within this theme. Stricter regulatory trends are likely to remain, and IT security has a very high priority among government officials, company executives and individuals. This explains why our five investment themes within the security and safety segment stay attractive in the long run. In the short term we cannot do much about the cyclical nature of the market and the current volatility. Therefore, we continue to follow a balanced approach in favoring companies which have a strong market position, ability to increase margins as well as to grow earnings. Portfolio Management Patrick Kolb is working since June 2005 as a Portfolio Manager at Credit Suisse in Global Equities. After graduation in 2001 in major finance at University of Zurich, he was a PhD-Student and a Research Assistant at the Swiss Banking Institute of the University of Zurich. He finished his doctorate in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 138

139 Risk profile (SRRI) 1) CS (Lux) Global Security Equity Fund a subfund of CS Investment Funds 2 - Class BH CHF Investment policy The fund assets are invested worldwide in companies that are primarily active in Technology, Healthcare and Industrials, and that offer products and services related to health prevention/protection and environmental safety, IT security, transportation safety, and crime prevention. Fund facts Fund manager Patrick Kolb Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date of share class ) Management fee in % p.a TER (as of ) in % 2.19 Benchmark (BM) No Benchmark (06/13) Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Unit class currency CHF ISIN LU Bloomberg ticker CSEQSRC LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Czech Republic, Finland, France, Germany, Gibraltar, Greece, Hungary, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, EU taxation In scope 3) Originally the fund was launched as of Oct. 19th 2006 as a FCP fund. 4) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio - - Tracking Error (Ex post) - - Beta - - Net performance in CHF (rebased to 100) and yearly performance 2) CS (Lux) Global Security Equity Fund BH CHF Purchases Sales - - Fund Yearly or year-to-date performance respectively (Fund) For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 02 May For the restructuring all assets and liabilities of the former CS EF (Lux) Global Security R CHF have been transferred to CS (Lux) Global Security Equity Fund BH CHF. Fund management and investment policy remained unchanged. The data provided in this document reflect the performance of the CS EF (Lux) Global Security R CHF as well as the performance of the CS (Lux) Global Security Equity Fund BH CHF. Past performance, whether actual or simulated, does not guarantee future results. Net performance in CHF 2) 1 month 3 months YTD 1 year 3 years 5 years ITD 5) Fund ) inception to date Sectors in % Fund IT security Crime prevention Environmental security Health care protection Transportation safety Cash/Cash Equivalents 3.00 Currencies in % Significant Transactions Number of holdings EUR GBP 7.42 SEK 2.72 CHF 2.25 CAD 0.85 JPY 0.73 AUD 0.71 Countries in % Top 10 Holdings in % 80% 60% 40% 20% 0% -20% -40% USA United Kingdom 7.42 Israel 5.40 Spain 4.70 Netherlands 3.84 Germany 3.77 Sweden 2.71 France 2.51 Cash/Cash Equivalents 2.98 Others 4.56 Intertek Group 3.01 Thermo Fisher Scien 2.97 Stericycle Inc IDEXX Labs 2.85 Autoliv 2.71 Wabtec 2.60 Eurofins Scientific 2.51 TransDigm Grp Check Point Software 2.50 Intuitive Surgical 2.46 Total Credit Suisse SICAV One 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 139

140 Credit Suisse (Lux) Global Security Equity Fund a subfund of Class BH CHF Review previous quarter 4) In the first quarter 2016 global equity markets were very volatile. In the first couple of weeks the MSCI World fell heavily but recovered afterwards. At the end of Q1 global equity markets ended almost flat. On the macro side the macroeconomic environment is improving, particularly in the US, where the latest data indicate that fears of a more pronounced US economic slowdown are exaggerated. The Fed kept rates steady, but lowered the projected policy rate rise to only 50 bps by year-end 2016 notwithstanding the good domestic backdrop, which was taken well by the market. In the Outlook for the market 4) In the short run we remain neutral on equities. A supportive announcement by the ECB and a dovish stance taken by the Fed have helped equity markets to recover further as fears of a global recession abate. However, there are uncertainties that could continue to weigh on equities. In Europe, the outcome of the British referendum in June about whether to exit the European Union remains unclear. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. In the medium term, we see the following Eurozone industrial production rebounded, indicating that first quarter 2016 GDP growth may accelerate compared to fourth quarter However, inflation and loan growth weakened again. Against this backdrop, the ECB cut the deposit rate to -0.4%, stepped up the pace of quantitative easing and announced new funding measures for commercial banks. The net performance of the Credit Suisse (Lux) Global Security Equity Fund (B-tranche, in ) was in line with the MSCI World index. The main positive contributors were Prosegur, a leading supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017; 2) Global excess liquidity, driven by the ECB and Bank of Japan, remains supportive for equities; and 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds. As long-term oriented investors with an investment horizon of 7 to 10 years, we believe that in such an environment the security and safety theme remains very attractive due to its structural growth nature: Technological innovation as well as the increasing free security company and Flir Systems, a provider of infrared cameras. Wirecard contributed the most on the negative side, mainly due to a negative unknown research report. In the portfolio we sold Tyco International and ADT (both were acquired by a competitor respectively by private equity). We invested the proceeds in Halma, a leading producer of safety sensors (environmental security) and in Equifax, a provider of critical information in the field of fraud prevention (crime prevention). movement of goods, capital and people are the drivers for products within this theme. Stricter regulatory trends are likely to remain, and IT security has a very high priority among government officials, company executives and individuals. This explains why our five investment themes within the security and safety segment stay attractive in the long run. In the short term we cannot do much about the cyclical nature of the market and the current volatility. Therefore, we continue to follow a balanced approach in favoring companies which have a strong market position, ability to increase margins as well as to grow earnings. Portfolio Management Patrick Kolb is working since June 2005 as a Portfolio Manager at Credit Suisse in Global Equities. After graduation in 2001 in major finance at University of Zurich, he was a PhD-Student and a Research Assistant at the Swiss Banking Institute of the University of Zurich. He finished his doctorate in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 140

141 Risk profile (SRRI) 1) CS (Lux) Global Responsible Equity Fund Class B EUR Investment policy This fund's objective is to generate the highest possible return in euros by taking advantage of the possibilities for international diversification. The fund invests at least 80% in equities and equity-type securities worldwide. In addition to this equity portfolio, the fund may hold up to 20% of its assets in money market instruments. The selection of investments is geared largely toward compliance with international norms and standards in the field of Environment, Social and Corporate Governance (ESG) and the UN Principles for Responsible Investments (PRI). Fund facts Fund manager imacs Funds Team Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 2.16 Benchmark (BM) MSCI World (NR) (01/13) Unit Class Category B (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSFGREB LX Valor no Net asset value (NAV) Redemptions Daily EU taxation Out of scope 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Purchases Sales VALERO ENERGY AMERICAN WATER WORKS ABBVIE AMERISOURCEBERGEN INTERNATIONAL PAPER CONOCOPHILLIPS - MARATHON PETROLEUM Wi Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Global Responsible Equity Fund B EUR MSCI World (NR) (01/13) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Financials Health Care Consumer Discretionary Information Technology Industrials 9.28 Consumer Staples 9.16 Energy 7.45 Telecommunication Services 6.22 Cash/Cash Equivalents 2.33 Others 8.70 Currencies in % EUR JPY 7.73 GBP 6.65 CHF 3.21 CAD 2.44 HKD 2.32 DKK 2.05 AUD 1.94 Countries in % Top 10 Holdings in % 100% 80% 60% 40% 20% 0% -20% USA Japan 7.65 Germany 6.78 United Kingdom 6.62 France Netherlands 2.49 Canada 2.43 Cash/Cash Equivalents 2.33 Others 7.85 Accenture 1.99 Phillips 1.67 SAP SE 1.67 Microsoft Corp 1.52 Walt Disney 1.50 Nike 1.48 CAP Gemini 1.46 Sekisui House 1.45 Koninklijke Kpn 1.44 Alphabet -C Total Credit Suisse Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 141

142 Credit Suisse (Lux) Global Responsible Equity Fund Class B EUR Review previous quarter 4) The first quarter of 2016 was a rocky one for investors. Markets started to calm down a bit Outlook for the market 4) Against this backdrop, we are still cautious. First, most equity markets are not cheap despite the sharp market correction. Second, recent bouts after the recent turmoil, but are still quite volatile. It appears that market participants are very of volatility are a sign of increased vulnerability in the markets. On the other hand, equity markets are more or less fairly valued. Our preferred worried about the global economy and the potential risk of a recession. markets are Swiss, Eurozone and Australian equities, while we have an underweight in US stocks. Portfolio Management The portfolio is managed by a team of experienced investment professionals who are based in Zurich. The fund is managed according to CS private banking research stock selection and in line with CS Asset Management Investment views. The team includes several portfolio managers who contribute to the co-management of the fund according to their area of expertise. 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 142

143 Risk profile (SRRI) 1) CS (Lux) Global Security Equity Fund a subfund of CS Investment Funds 2 - Class B Investment policy The fund assets are invested worldwide in companies that are primarily active in Technology, Healthcare and Industrials, and that offer products and services related to health prevention/protection and environmental safety, IT security, transportation safety, and crime prevention. Fund facts Fund manager Patrick Kolb Fund manager since Location Zurich Fund domicile Luxembourg Fund currency Close of financial year 31. May Total net assets (in mil.) Inception date of share class ) Management fee in % p.a TER (as of ) in % 2.19 Benchmark (BM) MSCI World (NR) Swinging single pricing (SSP) 3) Yes Unit Class Category B (capital growth) Unit class currency ISIN LU Bloomberg ticker CSEQSBU LX Valor no Net asset value (NAV) Redemptions Daily Sales registration: Austria, Czech Republic, Finland, France, Germany, Gibraltar, Greece, Hungary, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, EU taxation In scope 3) Originally the fund was launched as of Oct. 19th 2006 as a FCP fund. 4) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Net performance in (rebased to 100) and yearly performance 2) CS (Lux) Global Security Equity Fund B MSCI World (NR) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 100% 80% 60% 40% 20% 0% -20% -40% -60% For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 02 May For the restructuring all assets and liabilities of the former CS EF (Lux) Global Security B have been transferred to CS (Lux) Global Security Equity Fund B. Fund management and investment policy remained unchanged. The data provided in this document reflect the performance of the CS EF (Lux) Global Security B as well as the performance of the CS (Lux) Global Security Equity Fund B. Past performance, whether actual or simulated, does not guarantee future results. Net performance in 2) 1 month 3 months YTD 1 year 3 years 5 years ITD 5) Fund Benchmark ) inception to date Sectors in % Fund IT security Crime prevention Environmental security Health care protection Transportation safety Cash/Cash Equivalents 3.00 Currencies in % EUR GBP 7.42 SEK 2.72 CHF 2.25 CAD 0.85 JPY 0.73 AUD 0.71 Countries in % USA United Kingdom 7.42 Israel 5.40 Spain 4.70 Netherlands 3.84 Germany 3.77 Sweden 2.71 France 2.51 Cash/Cash Equivalents 2.98 Others 4.56 Credit Suisse SICAV One Significant Transactions Purchases Sales - - Number of holdings Fund 50 Top 10 Holdings in % Intertek Group 3.01 Thermo Fisher Scien 2.97 Stericycle Inc IDEXX Labs 2.85 Autoliv 2.71 Wabtec 2.60 Eurofins Scientific 2.51 TransDigm Grp Check Point Software 2.50 Intuitive Surgical 2.46 Total ) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 143

144 Credit Suisse (Lux) Global Security Equity Fund a subfund of Class B Review previous quarter 4) In the first quarter 2016 global equity markets were very volatile. In the first couple of weeks the MSCI World fell heavily but recovered afterwards. At the end of Q1 global equity markets ended almost flat. On the macro side the macroeconomic environment is improving, particularly in the US, where the latest data indicate that fears of a more pronounced US economic slowdown are exaggerated. The Fed kept rates steady, but lowered the projected policy rate rise to only 50 bps by year-end 2016 notwithstanding the good domestic backdrop, which was taken well by the market. In the Outlook for the market 4) In the short run we remain neutral on equities. A supportive announcement by the ECB and a dovish stance taken by the Fed have helped equity markets to recover further as fears of a global recession abate. However, there are uncertainties that could continue to weigh on equities. In Europe, the outcome of the British referendum in June about whether to exit the European Union remains unclear. Questions around China s economic growth are likely to resurface, while the recovery in commodity prices remains fragile. In the medium term, we see the following Eurozone industrial production rebounded, indicating that first quarter 2016 GDP growth may accelerate compared to fourth quarter However, inflation and loan growth weakened again. Against this backdrop, the ECB cut the deposit rate to -0.4%, stepped up the pace of quantitative easing and announced new funding measures for commercial banks. The net performance of the Credit Suisse (Lux) Global Security Equity Fund (B-tranche, in ) was in line with the MSCI World index. The main positive contributors were Prosegur, a leading supporting factors for equities: 1) We see global growth accelerating slightly heading into 2017; 2) Global excess liquidity, driven by the ECB and Bank of Japan, remains supportive for equities; and 3) Equities look fairly valued on a 12-month forward basis but continue to look attractive compared to bonds. As long-term oriented investors with an investment horizon of 7 to 10 years, we believe that in such an environment the security and safety theme remains very attractive due to its structural growth nature: Technological innovation as well as the increasing free security company and Flir Systems, a provider of infrared cameras. Wirecard contributed the most on the negative side, mainly due to a negative unknown research report. In the portfolio we sold Tyco International and ADT (both were acquired by a competitor respectively by private equity). We invested the proceeds in Halma, a leading producer of safety sensors (environmental security) and in Equifax, a provider of critical information in the field of fraud prevention (crime prevention). movement of goods, capital and people are the drivers for products within this theme. Stricter regulatory trends are likely to remain, and IT security has a very high priority among government officials, company executives and individuals. This explains why our five investment themes within the security and safety segment stay attractive in the long run. In the short term we cannot do much about the cyclical nature of the market and the current volatility. Therefore, we continue to follow a balanced approach in favoring companies which have a strong market position, ability to increase margins as well as to grow earnings. Portfolio Management Patrick Kolb is working since June 2005 as a Portfolio Manager at Credit Suisse in Global Equities. After graduation in 2001 in major finance at University of Zurich, he was a PhD-Student and a Research Assistant at the Swiss Banking Institute of the University of Zurich. He finished his doctorate in ) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 144

145 Risk profile (SRRI) 1) CS (Lux) Global Responsible Equity Fund Class IB EUR Investment policy This fund's objective is to generate the highest possible return in euros by taking advantage of the possibilities for international diversification. The fund invests at least 80% in equities and equity-type securities worldwide. In addition to this equity portfolio, the fund may hold up to 20% of its assets in money market instruments. The selection of investments is geared largely toward compliance with international norms and standards in the field of Environment, Social and Corporate Governance (ESG) and the UN Principles for Responsible Investments (PRI). Fund facts Fund manager imacs Funds Team Fund manager since Location Zurich Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Total net assets (in mil.) Inception date Management fee in % p.a TER (as of ) in % 0.99 Benchmark (BM) MSCI World (NR) (01/13) Unit Class Category IB (capital growth) Unit class currency EUR ISIN LU Bloomberg ticker CSFGREI LX Valor no Net asset value (NAV) 1' Min. Investment Amount 500'000 Redemptions Daily EU taxation Out of scope 3 years 5 years Annualised volatility in % Information ratio Tracking Error (Ex post) Beta Significant Transactions Purchases Sales VALERO ENERGY AMERICAN WATER WORKS ABBVIE AMERISOURCEBERGEN INTERNATIONAL PAPER CONOCOPHILLIPS - MARATHON PETROLEUM Wi Net performance in EUR (rebased to 100) and yearly performance 2) CS (Lux) Global Responsible Equity Fund IB EUR MSCI World (NR) (01/13) Yearly or year-to-date performance respectively (Fund) Yearly or year-to-date performance respectively (Benchmark) 1 month 3 months YTD 1 year 3 years 5 years Fund Benchmark Sectors in % Fund Financials Health Care Consumer Discretionary Information Technology Industrials 9.28 Consumer Staples 9.16 Energy 7.45 Telecommunication Services 6.22 Cash/Cash Equivalents 2.33 Others 8.70 Currencies in % EUR JPY 7.73 GBP 6.65 CHF 3.21 CAD 2.44 HKD 2.32 DKK 2.05 AUD 1.94 Countries in % Top 10 Holdings in % 100% 80% 60% 40% 20% 0% -20% USA Japan 7.65 Germany 6.78 United Kingdom 6.62 France Netherlands 2.49 Canada 2.43 Cash/Cash Equivalents 2.33 Others 7.85 Accenture 1.99 Phillips 1.67 SAP SE 1.67 Microsoft Corp 1.52 Walt Disney 1.50 Nike 1.48 CAP Gemini 1.46 Sekisui House 1.45 Koninklijke Kpn 1.44 Alphabet -C Total Credit Suisse Fund 1) The calculation of the risk indicator is based on the CESR/ Directive. The risk indicator is based on historic and partly simulated data; it cannot be used to predict future developments. The classification of the fund may change in future and does not represent a guarantee. A classification into category 1 is no risk-free investment either. 2) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. The Important Information mentioned at the end of this document also applies to this page. 145

146 Credit Suisse (Lux) Global Responsible Equity Fund Class IB EUR Review previous quarter 4) The first quarter of 2016 was a rocky one for investors. Markets started to calm down a bit Outlook for the market 4) Against this backdrop, we are still cautious. First, most equity markets are not cheap despite the sharp market correction. Second, recent bouts after the recent turmoil, but are still quite volatile. It appears that market participants are very of volatility are a sign of increased vulnerability in the markets. On the other hand, equity markets are more or less fairly valued. Our preferred worried about the global economy and the potential risk of a recession. markets are Swiss, Eurozone and Australian equities, while we have an underweight in US stocks. Portfolio Management The portfolio is managed by a team of experienced investment professionals who are based in Zurich. The fund is managed according to CS private banking research stock selection and in line with CS Asset Management Investment views. The team includes several portfolio managers who contribute to the co-management of the fund according to their area of expertise. 3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream. 146

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148 Glossary Average remaining term The average remaining term until maturity of the investments comprising a bond fund. Annualized volatility Annualized volatility measures the risk of a fund. It describes the range of returns most likely to be achieved. The bigger the volatility, the greater the uncertainty regarding a fund's likely return, and the riskier it is. Annualized volatility may be calculated by using the lognormal annualized standard deviation of a fund's return distribution. Benchmark Index that serves as a basis of comparison when measuring a fund s performance. Benchmarks enable investors to compare the performance of fund managers and to make a balanced, objective judgement. Beta Beta is a factor describing the sensitivity of a fund's return to its market index. Values below 1 indicate a defensive fund, which moves less in either direction than the expected return of the index. Values greater than 1 indicate aggressive positioning and a beta value of 1 means that the fund is expected to move in line with market returns. EU taxation On July 1, 2005, the EU Savings Tax Directive came into force. It is applicable to cross-border interest payments to EU-domiciled natural persons (and associated products with an interest component) regardless of the country of domicile of the issuer of the interest-bearing securities (exception: the issuer's country of domicile is ). The tax rates are staggered as follows: : 15% : 20% From : 35% Current tax classification with regard to EU taxation In scope tax: In scope no tax: In scope tax exempt: Out of scope: EU taxation applies to the product No EU taxation, as the product meets one of the exemption rules (e.g. grandfathered bonds, funds with low taxable interest income) No EU taxation, as the distributions are also subject to Swiss withholding tax in the case of foreigners No EU taxation Distribution A dividend paid to unit holders, usually on a yearly basis, which may be made up of income derived from both the investment fund and from realised capital gains. The amount of the distribution is determined by the fund management. Duration (modified duration) The duration shows the weighted-average term to maturity of a bond s cash flows (i.e. interest payments and repayments of capital). Duration is also a risk yardstick for bonds. When the level of interest payable changes by 1%, the expected price change of the bond corresponds approximately to the duration, expressed as a percentage. Fund domicile The place where the investment fund is domiciled. The fund domicile defines the law by which the fund is regulated and is especially important for tax reasons. Gross portfolio yield The Gross Portfolio Yield is the total yield of a portfolio before the deduction of fees. It is equal to the investment yield of the securities held in the portfolio. A specialized identification system introduced by Credit Suisse reveals the degree to which products are affected. A distinction is drawn between the following designations: 148

149 Information ratio A fund s outperformance can be attributed to the skill of the portfolio management or market moves. The higher the information ratio, the higher the contribution of manager skill. To determine the information ratio, the difference between the average annualized return of a fund and the average annualized return of its benchmark is calculated and then divided by the tracking error of the two components. ISIN number (International Securities Identification Number) Fund identification: International equivalent to the Swiss security number. Issuing commission A commission charged to investors when they purchase units in the fund. Management fee Remuneration paid to the fund management company for managing the fund. The management fee is expressed on an annual basis as a percentage of the fund s assets and deducted from the fund s assets on a proportionate daily basis. Total return Total increase in value of an investment fund over a certain period of time, expressed as a percentage, and comprising both distributions and price gains. The cumulative return is the total return on the investment achieved over several years. The average increase in value over 3 and 5 years is the average annual performance over the last 36 and 60 months. Tracking error The tracking error shows (in %) the deviation of the return of a fund compared to the return of a benchmark over a fixed period of time. A small tracking error indicates a passively managed portfolio. Total expense ratio (TER) The TER shows the total costs of a fund in relation to the funds total assets and is expressed as a percentage. These costs include management fees, trading fees, legal fees, auditor fees and other operational expenses. Maximum drawdown The maximum drawdown is the biggest downside price movement for the observed period of time. Net asset value The NAV of a fund unit is the current market value of the fund on a particular reference date, less any liabilities, and divided by the number of outstanding units. The NAV is usually calculated and published on a daily basis (except for real estate funds). Net portfolio return Weighted average of returns upon maturity of all securities comprising a fund, after deduction of the fund management fee. Retail sales registration The fund is registered and can be sold in the retail markets of the listed countries. Information 149

150 Factsheet Explained A B XYZ D E M F I J K L N O P H G C Basic Information Credit Suisse logo Fund name and unit class Full legal name of Fund which has been detailed on the Factsheet. Factsheet month and distribution channel Date for which the Factsheet has been issued followed by the distribution channel. Investment policy A short description of the Fund s investment aim, primary asset class and key markets in which it invests. Fund facts Core information about a Fund. Where appropriate, details are separated out into share class specific information. Performance graph The Performance graph plots the monthly movement for a Fund and Benchmark, rebased to 100, and displays the Annual Return for each of the last five calendar years, in the Fund base currency. Performance table Table displaying the net Total Return of a Fund and Benchmark, over various time horizons, ranging from one month through to five years and since inception, to Factsheet month end, in the Fund base currency. Disclaimer/footnotes Legal text relevant for each Jurisdiction responsible for distributing the respective Factsheets. A B XYZ C Breakdowns (Fixed Income Funds) Maturities in % Bar chart depicting the percentage breakdown of Maturities in a Fund s portfolio, in terms of designated time bands, as at the last trading point relevant to the Factsheet month end. D E M F I K L N O G J P Credit ratings in % Pie Chart depicting the shares of each rating category in a fixed income portfolio. Currencies in % Table depicting the percentage breakdown of a Fund s currency split before versus after currency hedging. Number of holdings Table lists the number of holdings in a Fund s and it's Benchmark's portfolio. Asset allocation in % Table depicting the percentage breakdown of a Fund s portfolio holdings by asset class, as at the last trading point relevant to the Factsheet month end. Duration and yield Table depicting key statistics with respect to fixed income characteristics in the Fund s portfolio. Fund statistics This section covers major statistics, to describe a fund s behaviour with respect to its Market Index. H Top 10 holdings in % Table listing the largest Holdings, by percentage value in the portfolio of a Fund as at the last trading point relevant to the Factsheet month end. Table includes information on Coupons and Maturities. 150

151 Breakdowns (Equity Funds) Sectors in % Table depicting the sector breakdown, by percentage holding in the portfolio of a Fund and it s Benchmark as at the last trading point relevant to the Factsheet month end. Currencies in % Pie chart listing currency split within portfolio. Countries in % Pie chart listing the countries breakdown, by percentage holding in the portfolio of a Fund as at the last trading point relevant to the Factsheet month end. Significant transactions Table depicting the largest transactions within the Fund s portfolio since last month s end. Fund statistics This section covers major statistics, to describe a fund s behaviour with respect to its Market Index. Top 10 holdings in % Table listing the largest Holdings, by percentage value in the portfolio of a Fund as at the last trading point relevant to the Factsheet month end. A B XYZ D E Q R S F G T V U C H Breakdowns (Portfolio Funds) Allocation asset classes in % Pie chart depicting the percentage breakdown of a Fund s portfolio holdings by asset class, as at the last trading point relevant to the Factsheet month end. A B Credit Suisse Portfolio Fund (Lux) XYZ C Allocation currencies in % Pie chart listing currency split within portfolio. Asset allocation in % Matrix of Asset Classes and Currency Breakdowns as at the last trading point relevant to the Factsheet month end. Maturities in % Bar chart depicting the percentage breakdown of Maturities in a Fund s portfolio, in terms of designated time bands, as at the last trading point relevant to the Factsheet month end. Fund statistics This section covers major statistics, to describe a fund s behaviour with respect to its Market Index. Duration and yield Table depicting key statistics with respect to fixed income characteristics in the Fund s portfolio. Allocation of bonds in % Table depicting the percentage breakdown of a Fund s Fixed Income holdings by asset class, as at the last trading point relevant to the Factsheet month end. Top 10 holdings in % Table listing the largest Holdings, by percentage value in the portfolio of a Fund as at the last trading point relevant to the Factsheet month end. Table includes information on Coupons and Maturities. F D G E W X Y Z AB AD AA AC H Information 151