Credit Suisse Global Convertibles November 2009 Asset Management
Credit Suisse Global Convertibles November 2009 Asset Management
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 2
Executive Summary § Convertibles are a very attractive asset class with a tremendous performance record in the last 13 years, beating most other asset classes § Due to the uniqueness of the current situation, a convertibles investment makes especially sense now § In the last three years, the convertible team of Credit Suisse Asset Management has achieved a very good track record, outperforming the benchmark with various products § Credit Suisse Global Convertible products offer investors the opportunity to participate in convertible bonds in a transparent and diversified way Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 3
Convertibles with significant higher return than bonds with much lower volatility than equities Historical performance indications and financial market scenarios are no guarantee for current or future performance Source: Credit Suisse, UBS, Merrill Lynch, Bloomberg; Data until 30. 08. 2009 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 4
Convertibles have regained their defensive profile in negative market phases, but show good upside potential in positive ones Historical performance indications and financial market scenarios are no guarantee for current or future performance Source: Credit Suisse, UBS, Bloomberg, Data until 28. 10. 2009 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 5
Why investing in convertible bonds? § Asymmetric Risk/Return-Profile. Unlimited upside-potential and bond-floor limit risk of losses (exception: default of issuer) § Diversification opportunity. Global universe; convertible bonds profit from increases in volatility, embedded options with very long maturity § Dynamic adjustment of sensitivities to bond and equity markets. Utilization of trend-following mechanisms § Anti-cyclical behavior of issuers to place bonds. Issuers have the tendency to issue convertible bonds when share prices are low and spreads are high and reversely to call paper back when the underlying shares have risen strongly (thus forcing investors to profit-taking) § Historical performance: Convertibles have performed very well in comparison to other asset classes Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 6
Recent developments § Economic situation has stabilized on a low level § Market sentiment has much improved § Equity and credit markets alike have shown a tremendous performance since beginning of March 09 § After falling of a cliff, earnings revisions show a positive tendency now Historical performance indications and financial market scenarios are no guarantee for current or future performance Source: Bloomberg, Data until 29. 10. 2009 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 7
Positive sentiment dominates recently, . . . After being in the worst crisis since the 1930's, the sentiment has shifted successively due to a couple of positive developments: § The banking sector is still weak, but seems to stabilize finally § Recent company results give the impression that the worst could be over. § Many economic indicators show signs of growth. The currently depressed economic level in many developed countries lead to good chance for an unusual combination of strong growth and low inflation § The strength of some emerging market economies are an important support for to the global development § Strong fiscal and monetary support § V-shaped economic recovery is not unlikely anymore Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 8
. . . nevertheless the situation is still relatively uncertain The current crisis is unprecedented in history which makes it difficult to predict the future performance of asset classes even more than usually. Simultaneously, there are still some areas of concern: § Threat of inflation. Government liabilities reach alarming proportions § US consumer is hurt by jobless claims and rising energy costs § Tight lending standards could have negative effects on economic growth potential § Discussions on central bank exit strategies § Increasing defaults from companies and consumers alike have and will lead to rising loan loss provisions in banks' income statements § Equity valuation not necessarily cheap § Risk of W-shaped recovery Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 9
Delta and convexity at an attractive level Source: Credit Suisse, UBS, Data until 28. 10. 2009 Source: Credit Suisse, UBS, Bloomberg Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 10
Spreads are still above long-term average Source: Credit Suisse, UBS, Data until 28. 10. 2009 Source: Credit Suisse, UBS, Bloomberg Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 11
Global Convertibles – Primary market activity Source: Credit Suisse, UBS, Data until 30. 09. 2009 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 12
Reasons for investing now in convertible bonds § Uncertainty regarding the path of recovery (v- vs. w-shaped) warrants dynamic investment approaches § Limited loss potential. Delta of convertible bonds are not high by historical standards which should provide protection in case of weak equity markets. In addition, the relatively short life time and positive correlation to equity markets offer protection against inflation § Good performance perspectives. The valuation of convertibles (yield, implied volatility) offers an attractive return perspective. Rising equity markets and further spread tightening would increase the return significantly § Investor interest is increasing. New issues have been received very well during the last couple of months and the positive market momentum gains steam Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 13
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 14
Structure of a convertible bond § A convertible is a bond that can be exchanged into shares at a specified conversion ratio (typically at any time) Bond Nominal value of bond Prospectus Convertible ≈ At maturity the investor receives (but not both) Stocks Option § A convertible bond is a combination of a corporate bond a call option on a stock Convertible Bond ≈ Corporate Bond + Embedded Call Stock Option Source: Credit Suisse Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 15
Price behaviour of a convertible The bond floor of the convertible protects typically a large portion of the investment Bond-like Balanced Equity-alternative Distressed Price of convertible Convertible Bond floor Bond Parity (= conversion ratio x current stock price) 1 Price of underlying stock Source: Credit Suisse Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 16
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 17
Credit Suisse Asset Management - Global Platform Source: Credit Suisse (as of end of year 2008) Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 18
Investment process – Sources and types of input Credit Suissse Asset Management CIO-Office ü Asset Allocation recommendation ü Directional market forecasts (equity, credit spreads, rates) ü Sector/Country selection Equity Fixed Income / Forex Structured Derivatives ü Style preference ü Bottom-up fundamentals (equity, credit) ü Valuations Global Convertibles Team ü Technical/Sentiment analysis ü Momentum Alternative funds ü Volatility analysis ü Hedge fund activity Investment banks & Brokers (external) ü Flows ü External studies The Fund’s active management leverages Credit Suisse’s global investment platform. Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Source: Credit Suisse Asset Management November 2009 Slide 19
Company Research – State-of-the-art quantitative stock selection tools Source: Credit Suisse Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 20
Global Fixed Income Strategy Investment Groups Global Credit Group Global Interest Rate Group Ø Luc Mathys Ø Dominic Barnes Ø Alex Bouchardy Ø Philipp Büchler Ø Siegfried Cordes Ø Daniel Egger Ø Anna Guglielmetti Ø Michael Markovic Ø Eric Suter Ø Lena Teoh Ø Michael Schmid Ø Oliver Gasser Ø Stuart Goh Ø Giuseppe Quarto di Palo Ø Fidel Kasikci Ø Daniele Paglia Ø Hans Boije Ø Global Market Allocation Ø Swap and Credit Strategy Ø Duration/Curve Strategy Ø Credit Sector Strategy FISC Global Currency Group Ø Philipp Büchler Ø Alex Bouchardy Ø Christoph Durst Ø Marcus Hettinger Ø Mónica Mastroberardino Ø Joe Prendergast Ø Ralf Seschek Ø Global Currency Strategy FISC Asset Allocation Committee (AAC) Source: Credit Suisse Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 21
Investment Process - Portfolio Structuring Markets & Sector Research § Global economic Framework § Top-down fundamentals & technicals INVESTMENT Company Research Portfolio Construction Instrument Research § Quantative stock selection tool § Global Fixed Income ISG results § Specific Convertible Bond themes OPPORTUNITIES § Analyze bond characteristics § Solve complex issues with state-of § Selecting the most appropriate the-art tools (modeling software “MONIS”) § Consider legal terms and conditions convertible bonds to fulfill the desired allocation of delta, yield, and convexity for portfolio, sector and issuer § Valuation § Momentum § Credit Quality § Peer Group Comparison § Relative Value Assessment Risk & Performance Monitoring Performance Attribution, Risk-Weighted Positioning, Diversification, Corporate Actions Management, Active Sell Discipline § § Consider and dynamically manage the top down components of the convertible bond universe. § Disciplined risk management and dedicated quantitative tools are key to profitably capture opportunities. From the bottom up perspective, a global approach to company analysis is applied that both involves credit and equity research. Source: Credit Suisse Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 22
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 23
Global Convertibles – Product Overview Product offering – Products with different risk-return profiles § Assets under Management: CHF 1. 1 bn. § Mutual funds: Delta Equity-like Balanced Bond-like Product Credit Suisse SICAV II (Lux) Global Convertible Credit Suisse SICAV One (Lux) Global Convertibles Credit Suisse Bond Fund (CH) Convert International § We also offer individual mandates for institutional investors Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Source: Credit Suisse Asset Management November 2009 Slide 24
Credit Suisse SICAV II (Lux) Global Convertible Focus tries to select the issues with the most balanced profile § Benchmark: UBS Global Convertibles Focus Yield (FX hedged) – Broad universe: Global Convertibles Bond-like Balanced Equity-like Minimum requirements regarding liquidity and pricing – 2. Filter: Focus Ongoing rebalancing ensures that the classical convertible-profile dominates – 3. Filter: Select bonds (denominated in USD, EUR and JPY) with the Price of convertible – 1. Filter: UBS Global Convertibles convertible bond stock highest yields Price of underlying stock Important fund restrictions § § min. 40% of NAV has to be BBB or better rating max. 15% straight bonds max. 20% cash issuers below BBB-: max. (5%, BM-weight + 1. 5%) Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 25
Credit Suisse SICAV II (Lux) Global Convertible Fund manager: Convertible Bonds Team (Zürich) Fund domicile: Luxembourg Fund currency: USD (FX hedged) Issue date: 12. 10. 2007 Management Fee in % p. a. : 1. 20% p. a. Benchmark: UBS Global Convertibles Focus Yield (FX hedged) B USD: 3323024 Swiss security number: R EUR: 3323039 R CHF: 3323045 B USD: LU 0315566785 ISIN: R EUR: LU 0315567247 R CHF: LU 0315567320 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 26
Credit Suisse SICAV One (Lux) Global Convertibles Focus tries to select the issues with the most balanced profile § Benchmark: UBS Global Convertibles Focus (FX hedged) – Broad universe: Global Convertibles Bond-like Balanced Equity-like Minimum requirements regarding liquidity and pricing – 2. Filter: Focus Ongoing rebalancing ensures that the classical convertible-profile dominates Price of convertible – 1. Filter: UBS Global Convertibles – Advantage: Extreme characteristics are excluded Fast adjustments to market environment convertible bond stock Price of underlying stock Important fund restrictions § max. 30% straight bonds § max. 20% cash § issuers below BBB-: max. (5%, BM-weight + 2%) Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 27
Credit Suisse SICAV One (Lux) Global Convertibles Rating allocation* Sector allocation * Rating sources are external as well as internal providers. Source: S&P, Moody's, Credit Suisse (as of 31. 10. 2009) Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 28
Credit Suisse SICAV One (Lux) Global Convertibles Regional allocation Currency exposure is usually hedged Source: Bloomberg, Credit Suisse (as of 31. 10. 2009) Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 29
Credit Suisse SICAV One (Lux) Global Convertibles 10 largest holdings Source: Credit Suisse (as of 31. 10. 2009) Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 30
Credit Suisse SICAV One (Lux) Global Convertibles Fund manager: Convertible Bonds Team (Zürich) Fund domicile: Luxembourg Fund currency: EUR/CHF/USD (FX hedged) Issue date: 19. 10. 2009 Management Fee in % p. a. : 1. 20% p. a. Benchmark: UBS Global Convertibles Focus (FX hedged) B USD: 10169270 Swiss security number: R EUR: 10639347 S EUR: 10627572 B EUR: LU 0426279682 ISIN: R EUR: LU 0457025293 S EUR: LU 0456270396 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 31
Credit Suisse Bond Fund (CH) Convert International This benchmark covers the whole universe including extreme outliers § UBS Global Convertibles (FX unhedged) – Broad universe: Global Convertibles Bond-like Balanced Equity-like Minimum requirements regarding liquidity and pricing Price of convertible – Filter: UBS Global Convertibles convertible bond stock Price of underlying stock Important restrictions § § min. 40% of NAV has to be BBB or better rating max. 15% straight bonds max. 20% cash issuers below BBB-: max(5%, BM-weight + 1. 5%) Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 32
Credit Suisse Bond Fund (CH) Convert International Fund manager: Convertible Bonds Team (Zürich) Fund domicile: Switzerland Fund currency: CHF/USD (FX unhedged) Issue date: 29. 06. 1984 Management Fee in % p. a. : 1. 20% p. a. Benchmark: Swiss security number: ISIN: UBS Global Convertibles (FX unhedged) A CHF: 1930836 A USD: 277151 A CHF: CH 0019308367 A USD: CH 0002771514 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 33
Global Convertibles – Product characteristics As of 02. 11. 2009 Source: Credit Suisse Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 34
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 35
Significant outperformance in difficult environment (Gross performance figures) Performance data takes no account of management and administration fee Historical performance indications and financial market scenarios are no guarantee for current or future performance Source: Credit Suisse, Bloomberg, Data until 28. 10. 2009 Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 36
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 37
Why Credit Suisse? Various reasons to choose Credit Suisse for your convertible investment § Credit Suisse - Global Player – Strong in-house portfolio management & research resources – Market power gives an advantage in terms of order execution & broker services – Convertible expertise & funds for more than 25 years § Credit Suisse - Convertible Team – Highly qualified and experienced team – Longtime collaboration within the team – Very good track record of the team – Strong investment process § Active management of all three segments (equity, credit, balanced) § Focus on bottom-up analysis § Credit Suisse - Convertible Products – Wide range of convertible products – Feasibility of individual solutions Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 38
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 39
Opportunities & Risks Opportunities Risks § Asymmetric Risk/Return-Profile. Unlimited upside- § Default of an issuer potential, but limited downside-potential due to bond § -floor (exception: default of an issuer) § Positive correlation effects to other asset classes § Participate from a brightening economic Under extreme conditions with a strong credit spread widening and simultaneously falling stock prices, the performance of convertibles could disappoint (but maybe only temporary) environment § Global Convertible offers a highly diversified and international investment opportunity Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 40
Executive Summary § Convertibles are a very attractive asset class with a tremendous performance record in the last 13 years, beating most other asset classes § Due to the uniqueness of the current situation, a convertibles investment makes especially sense now § In the last three years, the convertible team of Credit Suisse Asset Management has achieved a very good track record, outperforming the benchmark with various products § Credit Suisse Global Convertible products offer investors the opportunity to participate in convertible bonds in a transparent and diversified way Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 41
Agenda § Reasons to invest § Convertibles Basics § Investment Process § Products § Performance § Why Credit Suisse? § Conclusion § Management Team Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 42
Credit Suisse Multi Asset Class Solutions Fixed Income Organization MACS International Fixed Income Trading MACS Fixed Income Frankfurt: Siegfried Cordes Milano: Anna Guglielmetti London: Dominic Barnes Singapore: Stuart Goh Roger Tschantre Samuel Brun Renzo Bagorda Matthias Gehrig Michel D. Degen Maurizio Pedrini, CEFA Global Rates & Credit / Discretionary Solutions Structured Finance Global Convertibles Investment Solutions & Capabilities Global Fixed Income Institutional Solutions CHF Fixed Income Engineered Solutions Libor Products Luc Mathys CFA, FRM Oliver Gasser CFA Patrick Blauth CFA Dominik Scheck CFA Philipp Büchler CFA Eric Suter CEFA Daniele Paglia Michael Schmid CEFA § Robert Moreth § Marcel Rüede, § Michel Berger § Alexandre Bruhin § Christoph Durst § Laura Slater, CIIA § Peter Schilling, CEFA CFA § Dominique Gilgen § Alexandre Bouchardy CFA § Ph. D Mónica Mastroberardino § Ph. D Doris Röhl- § Ph. D Urs Schmidt § Christian Senn § Roger Wyss, Haberthür § Ph. D Manuel Walker § Thomas Baumgartner CEFA § Simone Stäuble CFA Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 43
Global Convertibles – Team Patrick Blauth, Diplom-Kaufmann, CFA After a vocational education in banking at Deutsche Bank in Frankfurt, Patrick studied in Germany and the United States, earning a Master in business studies (Diplom-Kaufmann) from Universität Mannheim. In 1999 he started to work as portfolio manager for Deka Investment in Frankfurt. Being firstly mainly involved with liquid interest rates products, he shifted his focus successively towards credits and specialized products. Since 2003 he was member of the corporate team at Deka. Besides the responsibility for some pure credit portfolios, he was the fund manager of Deka’s flagship mutual funds for convertibles (Deka-Wandelanleihen) and subordinated debt (Deka. Genüsse+Renten). Since the start of 2008 he works as Senior Portfolio Manager and heads the Global Convertible Team at Credit Suisse Asset Management. Robert Moreth, MBA After finishing a vocational education in the automotive industry, Robert joined the military forces in order to take over a position at NATO in the Netherlands. He studied at the same time and graduated with a Bachelor’s degree in International Finance and Accounting. Robert applied his interest in finance when he did internships with KPMG in their business research division as well as with Deutsche Bank where he was a member of the Global Markets Research team. In addition he earned an MBA in Finance from the University of Nottingham. In 2006 Robert accepted a position as Portfolio Manager for Convertible Bonds at Deka Investment. He managed institutional convertible bond funds with a focus on European issuers before he was also responsible for Deka‘s convertible bond mutual fund (Deka Wandelanleihen). Robert joined Credit Suisse in 2008. Peter Schilling, Diplom-Kaufmann, CEFA Peter holds a degree in business studies (Diplom-Kaufmann) from the J. W. Goethe University in Frankfurt. After his studies in 1990 he worked for the Nassauische Sparkasse, Delbrück and Deka Investment in different fund management divisions. During his career he had a variety of positions in the fields of equity, fixed income, corporate credit, strategy as well as balanced mandates. His comprehensive and diverse knowledge in addition to his close to 20 years capital markets experience makes him an highly qualified senior fund manager and ideal complement for our team. Peter joined Credit Suisse in 2008. Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 44
Important Information This presentation was produced by CREDIT SUISSE (hereafter "Bank") with the greatest of care and to the best of its knowledge and belief. However, the Bank provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of the Bank at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of the Bank. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. It should be noted that historical returns and financial market scenarios are no guarantee of future performance. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor‘s reference currency. Fund management company of the Funds under Swiss law as well as representative of the foreign funds registered for public sale in Switzerland is CREDIT SUISSE ASSET MANAGEMENT FUNDS AG, Zurich. Custodian Bank of the funds under Swiss law as well as Paying Agent of the foreign funds registered for public sale in Switzerland is CREDIT SUISSE, Zurich. Subscriptions are only valid on the basis of the current sales prospectus and the most recent annual report (or halfyearly report, if this is more recent). The prospectus, the simplified prospectus, the management regulations and the annual and half-yearly reports may be obtained free of charge from CREDIT SUISSE ASSET MANAGEMENT FUNDS AG, Zurich and from any bank in the Credit Suisse Group AG in Switzerland. Copyright © 2009 Credit Suisse Group AG and/or its affiliates. All rights reserved. Please see “Important Information” at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material. Asset Management November 2009 Slide 45
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