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This material is provided for informational purposes and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. It is directed exclusively at Credit Suisse's market professional and institutional investor clients (e.g. QIBs) as defined by the rules of the relevant regulatory authority, and must not be forwarded or shared with retail customers or the public. It is not intended for private customers and such persons should not rely on this material. Moreover, any investment or service to which this material may relate will not be made available by Credit Suisse to such private customers.

This material may have previously been communicated to the Credit Suisse trading desk or other Credit Suisse clients. You should assume that the trading desk makes markets and/or currently maintains positions in any of the securities mentioned above. Credit Suisse may, from time to time, participate or invest in transactions with issuers of securities that participate in the markets referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. Information provided on any trades executed with Credit Suisse will not constitute an official confirmation of the trade details, and all preliminary trade report information is subject to our formal written confirmation.

If this material is issued and distributed in the U.S., it is by Credit Suisse Securities (USA) LLC, a member of NYSE, FINRA, SIPC and the NFA, and CSSU accepts responsibility for its contents. Clients should contact their sales representative and execute transactions through a Credit Suisse subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise.

FOR IMPORTANT DISCLOSURES on companies covered in Credit Suisse Securities Research reports, please see www.credit-suisse.com/researchdisclosures.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance. Backtested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a backtested model itself designed with the benefit of hindsight. The backtesting of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis. Investment principal on securities can be eroded depending on sale price or market price. In addition, there are securities on which investment principal may be eroded due to changes in redemption amounts. Care is required when investing in such instruments.

HOLT Disclaimer  

The HOLT methodology does not assign ratings or a target price to a security. HOLT is an analytical tool that involves use of publicly available, fact-based data and applies a set of proprietary quantitative algorithms and warranted value calculations against such data, collectively called the HOLT valuation model. The HOLT methodology is consistently applied to all the companies included in its database. The HOLT valuation model is a discounted cash flow model (DCF). The % upside/downside is the difference between HOLT’s default warranted price (as determined by an objective, systematic DCF framework) and a security’s most recent closing price, expressed as a percentage. Third-party data (including consensus earnings estimates) are systematically translated into a number of default variables and incorporated into the algorithms available in the HOLT valuation model. The source financial statement, pricing, and earnings data provided by outside data vendors are subject to quality control and may also be adjusted to more closely measure the underlying economics of firm performance. These adjustments provide consistency when analyzing a single company across time, or analyzing multiple companies across industries or national borders.

The default scenario that is produced by the HOLT valuation model establishes a warranted price that represents the expected mean value for a security based upon various factors, including the use of third-party data and empirically derived fade algorithms that forecast a firm’s future cash return on capital and growth rates over an extended period of time. A default set of algorithms apply to all the securities. As the data are updated, the warranted price updates automatically. A company’s future achieved return on capital or growth rate may differ from the result generated from the default scenario that is produced by the HOLT valuation model.  Additional information about the HOLT methodology is available upon request.

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HOLT is a corporate performance and valuation advisory service of Credit Suisse.

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The date and time published on the title page of this material (the “Published Date and Time”) are the date and time of completion of production of this material and the date and time of its first dissemination.

The European Market Abuse Regulation (596/2014) and associated rules (“MAR”), as well as corresponding UK laws and regulations (including MAR as retained through the European Union (Withdrawal) Act 2018, as amended by the Market Abuse (Amendment) (EU Exit) Regulations (“UK MAR”)), define “investment recommendations” as information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public. To the extent this material contains any “investment recommendation” as defined under MAR and/or UK MAR in relation to a financial instrument admitted to trading, or traded on a regulated market, or other trading venue, in the EU and/or the UK, the Published Date and Time are also the date and time of completion of production, and the date and time of first dissemination, of any such “investment recommendation” (unless otherwise expressly specified in this material).

This material is produced and distributed by Credit Suisse and its subsidiaries and affiliates. Such subsidiaries and affiliates may include: Credit Suisse International; Credit Suisse Securities (Europe) Limited; Credit Suisse Securities (USA) LLC; Credit Suisse Management (Australia) Pty; Credit Suisse Securities (Japan) Limited; Credit Suisse Securities (Europe) Limited, Seoul Branch; Credit Suisse AG, Singapore Branch; Credit Suisse (Hong Kong) Limited; and/or Credit Suisse Bank (Europe), S.A.Please follow the attached hyperlink for important further information regarding conflicts of interest, disclosures, and a history of our “investment recommendations” as defined by MAR and/or UK MAR: https://holtlens.credit-suisse.com/static/mercurydoc/2000000235.pdf (PDF)

PRC Disclaimer

For the purpose of complying with relevant laws and regulations in the People’s Republic of China (which for the purpose of this disclaimer does not include Hong Kong, Macau or Taiwan, the “PRC”), certain functions of HOLT have been removed that are otherwise available to users of HOLT outside of the PRC. HOLT is not intended to provide securities investment advisory services in any form nor should HOLT be relied upon as such.

These materials have been provided to you by one or more of the following Credit Suisse entities¹:

Credit Suisse International (“CSI”) or Credit Suisse Securities (Europe) Limited (“CSSEL”) which are authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA. The registered address of CSI and CSSEL is One Cabot Square, London E14 4QJ, United Kingdom. CSI and CSSEL are registered in England under Company Registration Number 02500199 and 00891554 respectively. These materials are not for distribution to Retail Clients, as defined by the FCA Rules. Any investment or services to which these materials may relate will not be made available to Retail Clients.

Credit Suisse Bank (Europe), S.A. (“CSEB“)  is a company incorporated in Spain, registered with the Commercial Registry of Madrid with tax identification number A-79192258, under volume 4194, section 8, sheet M-69786, page 198, whose registered office is at calle Ayala 42, 3 Planta-B, Madrid, 28001, Spain, and is authorised as a credit institution by the European Central Bank and supervised and regulated by the Bank of Spain with reference number 0243 and, where applicable, regulated by the Comisión Nacional del Mercado de Valores, (the “CNMV”), for the provision of investment services and activities. CSEB is passported in France to provide banking, investment and ancillary service through its Paris branch (“Credit Suisse Bank (Europe), S.A., Paris branch” or “CSEB Paris”), located at 86, boulevard Haussmann, 75008 Paris, France, registered with the company register of Paris under number 844 577 981. Accordingly, CSEB Paris is also supervised in France by the Autorité des marchés financiers (“AMF”) and the Autorité de contrôle prudentiel et de résolution (“ACPR“) in France. To the extent you conduct business with CSEB through a branch that is outside the EU Member State in which you are located, Spanish conduct of business rules will apply. These materials are not for distribution to Retail Clients, as defined by the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) transposition into Spanish Law. Any investment or services to which these materials may relate will not be made available to Retail Clients.

Credit Suisse (Deutschland) Aktiengesellschaft (“CSD”), which is authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) and Deutsche Bundesbank and supervised by BaFin in Germany. The registered address of CSD is Taunustor 1, 60314 Frankfurt, Germany. CSD is registered with the Commercial Registry at the local court of Frankfurt am Main under HRB 44312. These materials are not for distribution to Retail Clients, as defined by MiFID II and its transposition into German Law. Any investment or services to which these materials may relate will not be made available to Retail Clients.

Credit Suisse Securities (USA) LLC (“CSSU”), which is registered with the Commodities Futures Trading Commission (“CFTC”) as a Futures Commission Merchant (“FCM”) and is registered with the Securities Exchange Commission (“SEC”) as a securities broker-dealer. These materials are not for distribution to Retail Customers, as defined under the CFTC and SEC Rules. Any investment or services to which these materials may relate will not be made available to Retail Customers.

CSI, CSSEL, CSEB, CSD, and CSSU do not hold an Australian Financial Services Licence (“AFSL”) and are exempt from the requirement to hold an AFSL under the Corporations Act (Cth) 2001 (“Corporations Act”) in respect of the financial services provided to Australian wholesale clients (within the meaning of section 761G of the Corporations Act).

Credit Suisse (Hong Kong) Limited (“CSHKL”), which is licensed and regulated by the Securities and Futures Commission of Hong Kong under the laws of Hong Kong, which differ from Australian laws. CSHKL does not hold an AFSL and is exempt from the requirement to hold an AFSL under the Corporations Act in respect of providing Financial Services.

In Japan, this material is distributed by Credit Suisse Securities (Japan) Limited (“CSJL”), a registered Financial Instruments Firm (Director-General of Kanto Local Finance Bureau (Kinsho) No.66). CSJL is a member of Japan Securities Dealers Association, Financial Futures Association of Japan, Japan Investment Advisers Association, Japan Insurance Brokers Association and Type II Financial Instruments Firms Association.

Credit Suisse Equities (Australia) Limited (ABN 35 068 232 708) is an AFSL holder in Australia (AFSL 237237). In Australia, this material may only be distributed to Wholesale investors as defined in the Corporations Act.  CS entities, other than Credit Suisse AG, Sydney Branch, are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth), and products described herein or their obligations do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch.  Credit Suisse AG, Sydney Branch does not guarantee or otherwise provide assurance in respect of any particular rate of return on, or the performance of any products described or the obligations of CS.

HOLT Sustainability Dashboard  (HSD) Disclaimer

There is currently no universal definition or exhaustive list defining the issues or factors that are covered by the concept of “sustainability” nor “ESG” (Environmental, Social, Governance). If not indicated otherwise, 'ESG' is used interchangeably with the terms 'sustainable' and 'sustainability'. The HOLT Sustainability Dashboard (HSD) is constructed by applying systematic processes on publicly available records and third-party data to generate quantitative measures. The HSD consistently assigns scores using a transparent combination of metrics and weights across financial, environmental and governance inputs. Individual companies can be scored on a global-size and/or region-size relative basis. The HSD is also translated into five textual assessments (e.g. “Highest” or “Lowest”) based on their quintile percentile rank. See link to Primer for further details on the HSD methodology HOLT Sustainability Score Primer. The HSD does not constitute or imply any endorsement or recommendation of any individual company.  CS has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information due to inconsistent reporting of data by companies. Additionally, as global laws, guidelines and regulations in relation to the tracking and provision of such data are evolving, all such disclosures are made on a non-reliance basis and are subject to change.  Any figures, values or other data published in this report are neither designed nor administered in line with the standards of the IOSCO Principles for Financial Benchmarks or the EU Benchmarks Regulation (EU) 2016/1011 or any other benchmark related regulatory guidelines and as such you are prohibited from using those figures, values or data in a way which would amount to use of a financial benchmark under those regimes (or any equivalent rules or regulations in any global jurisdiction). The data driven HSD material is not a product of the Credit Suisse Research Department and is not a research report.

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¹ For region specific disclosures, including information about applicable registrations and certain regulatory disclosures, please follow the links below:

Americas: https://www.credit-suisse.com/legal/en/ib/market_commentary.jsp|
Europe: https://www.credit-suisse.com/legal/en/ib/europe.jsp
Asia: https://www.credit-suisse.com/legal/en/ib/market_commentary_disclaimer_asia.jsp
http://www.credit-suisse.com/asiapac/legal/securities/

General investors in Japan should open the following link and read it: https://www.credit-suisse.com/jp/ja/investment-banking-apac/disclaimer.html