Global Market Commentary Disclaimer HOLT Marketing Materials Disclaimer

HOLT Marketing Materials Disclaimer

IMPORTANT NOTICE – PLEASE READ

These materials do not constitute an offer or a solicitation of an offer to buy or sell investment products or securities including equity listed options or futures and securities-based swaps, nor do they constitute a prospectus for any securities, nor do they otherwise constitute an agreement to provide investment services. These materials are provided for information purposes only and do not contain all of the information that is material to an investor. By reading these materials, you agree as follows:

These materials, including any tools, services, strategies, methodologies and opinions, and any associated oral presentation or discussion (together the "materials") are strictly confidential and have been provided to you by Credit Suisse International and/or its affiliates as set out below (together, "Credit Suisse", "we" or "us") and may not be used or relied upon unless expressly agreed in writing with us. These materials and the information contained herein are intended solely for your information and may not be disclosed or distributed to any other person, or otherwise replicated in any form without the prior written consent of Credit Suisse. The materials are expressed as of the date hereof and are subject to change. Credit Suisse assumes no obligation to update or otherwise revise these materials. The information has been obtained from or based upon sources believed by Credit Suisse to be reliable, but Credit Suisse does not warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions, or changes or from the use of information presented in this document. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view. Any headings are for convenience of reference only and shall not be deemed to modify or influence the interpretation of the information contained.

These materials are not for distribution to Retail Clients. Any investment or services to which these materials may relate will not be made available to Retail Clients. These materials are provided solely to Professional Clients, Accredited Investors and Institutional Customers who are Eligible Contract Participants (as defined in the US Commodity Exchange Act).

These materials are not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Credit Suisse to any registration or licensing requirement within such jurisdiction.

CREDIT SUISSE IS ACTING SOLELY AS AN ARM'S LENGTH CONTRACTUAL COUNTERPARTY AND NOT AS A FINANCIAL ADVISER (OR IN ANY OTHER ADVISORY CAPACITY INCLUDING TAX, LEGAL, ACCOUNTING OR OTHERWISE) OR IN A FIDUCIARY CAPACITY. ANY INFORMATION PROVIDED DOES NOT CONSTITUTE ADVICE OR A RECOMMENDATION TO ENTER INTO OR CONCLUDE ANY TRANSACTION. BEFORE ENTERING INTO ANY TRANSACTION WITH US, YOU SHOULD ENSURE THAT YOU FULLY UNDERSTAND THE POTENTIAL RISKS AND REWARDS AND INDEPENDENTLY DETERMINE THAT IT IS APPROPRIATE FOR YOU GIVEN YOUR OBJECTIVES, EXPERIENCE, FINANCIAL AND OPERATIONAL RESOURCES, AND OTHER RELEVANT CIRCUMSTANCES. YOU SHOULD CONSULT WITH SUCH ADVISERS (INCLUDING, WITHOUT LIMITATION, TAX ADVISERS, LEGAL ADVISERS AND ACCOUNTANTS) AS YOU DEEM NECESSARY. NOTHING IN THESE MATERIALS CONSTITUTES INVESTMENT, LEGAL, ACCOUNTING OR TAX ADVICE OR A REPRESENTATION THAT ANY INVESTMENT STRATEGY OR SERVICE IS SUITABLE OR APPROPRIATE TO YOUR INDIVIDUAL CIRCUMSTANCES.

This material has been prepared by us based on assumptions and parameters determined by us in good faith. The assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness or reasonableness of any such quotations, disclosure or analyses. A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessment of the transaction described above.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. We assume no responsibility for independent verification of such information and have relied on such information being complete and accurate in all material respects. Any commentary in these materials constitutes our preliminary judgment at, and is based solely on the information received by us before, the date hereof and is subject to change without notice.

We make no representation as to the completeness or accuracy of the information. We do not accept any liability for any direct, indirect or consequential loss or damage arising from reliance on this information.

The price and value of investments mentioned and any income that might accrue may fluctuate and may fall or rise. If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income.

All projections, valuations and analyses are provided to assist you in the evaluation of the matters described herein and (i) may be based on subjective assessments and assumptions, (ii) may use one among alternative methodologies that produce different results and (iii) to the extent they are based on historical information, should not be relied upon as an accurate prediction of future performance. Certain analysis is presented herein and is intended solely for purposes of indicating a range of outcomes that may result from changes in market parameters. It is not intended to suggest any outcome is more likely than another, and it does not include all possible outcomes or the range of possible outcomes, one of which may be that the investment value declines to zero. All projections and forecasts in these materials are therefore illustrative only.

Back-tested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a back-tested model itself designed with the benefit of hindsight. The back-testing 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 back-test results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis.

To the extent that the products are structured securities or other forms of structured products, such instruments are complex instruments, typically involving a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security or structured product may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

These materials were designed for use by specific persons familiar with the business and the affairs of your company and we assume no obligation to update or otherwise revise these materials.

These materials have been prepared by Credit Suisse for use by Credit Suisse. Accordingly, any information reflected or incorporated herein, or in related materials or in ensuing transactions, may be shared in good faith by Credit Suisse with employees and agents of Credit Suisse, in any location.

Credit Suisse or its employees may have a position or holding, or other material interest, or effect transactions in, any securities mentioned or options thereon, or other investments related thereto. We may provide (or have already provided) significant advice or investment services in relation to the investment concerned or a related investment to any company or issuer mentioned, or may from time to time underwrite, maintain a position in, or act as a market maker with respect to any securities or financial instruments of any such company or issuer. Credit Suisse may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented herein. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them. Some investments referred to in this information will be offered by a single entity and, in the case of some investments, solely by us, or one of our affiliates. We have no obligation to use any information obtained from another source for the purposes of any the activities contemplated herein or to furnish such information to you or your affiliates.

Credit Suisse has adopted policies and guidelines designed to preserve the independence of its research analysts. Credit Suisse's policies prohibit employees from directly or indirectly offering a favorable research rating or specific price target, or offering to change a research rating or price target, as consideration for or an inducement to obtain business or other compensation. Credit Suisse's policies prohibit research analysts from being compensated for their involvement in investment banking transactions. This document does not constitute investment research or a research recommendation.

HOLT Methodology

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.

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.

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 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.

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.

Additional information is available from us upon request.

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

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