Credit Suisse Asset Management (Switzerland) Ltd.
Credit Suisse Asset Management (Switzerland) Ltd. belongs to the Asset Management business area of Credit Suisse Group (referred to as "Credit Suisse"). Credit Suisse Asset Management is part of Credit Suisse's International Wealth Management division and manages assets worth over CHF 440 billion worldwide (as at December 31, 2020). Based on the stability and the range of opportunities offered by Credit Suisse's global market presence, the Asset Management area of Credit Suisse offers active and passive solutions for traditional and alternative investments as well as proven product expertise in Switzerland, EMEA, APAC, and America. The individuals mentioned above only conduct regulated activities in the jurisdiction(s) where they are properly licensed, where relevant.”

Important information
This material has been prepared by the International Wealth Management division of Credit Suisse (“Credit Suisse”) and not by Credit Suisse's Research Department. It does not constitute investment research and does not comply with all legal requirements designed to ensure the independence of investment research. This material is not subject to any prohibition on dealing ahead of the publication of investment research. This material qualifies as marketing communication that has been published for advertising purposes only. It is provided for informational and illustrative purposes and is intended for your use only. It does not constitute an invitation or an offer to the public to subscribe to or purchase any of the products or services mentioned. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax, or other regulated financial service. It does not take into account the financial objectives, situation, or needs of any persons, which are necessary considerations before making any investment decision. The information provided is not intended to provide a sufficient basis on which to make an investment decision and is not a personal recommendation or investment advice. It is intended only to provide observations and views of the said individual International Wealth Management personnel at the date of writing, regardless of the date on which the reader may receive or access the information. Observations and views of the individual International Wealth Management personnel may be different from, or inconsistent with, the observations and views of Credit Suisse analysts or other Credit Suisse International Wealth Management personnel, or the proprietary positions of Credit Suisse, and may change at any time without notice and with no obligation to update. To the extent that these materials contain statements about future performance, such statements are forward looking and subject to a number of risks and uncertainties. Information and opinions presented in this material have been obtained or derived from sources which in the opinion of Credit Suisse are reliable, but Credit Suisse makes no representation as to their accuracy or completeness. Credit Suisse accepts no liability for loss arising from the use of this material. Unless indicated to the contrary, all figures are unaudited. All valuations mentioned herein are subject to Credit Suisse valuation policies and procedures. It should be noted that historical performance indications and financial market scenarios are no reliable indicator for current or future performance. Every investment involves risk and in volatile or uncertain market conditions, significant fluctuations in the value or return on that investment may occur. Investments in foreign securities or currencies involve additional risk as the foreign security or currency might lose value against the investor's reference currency. Alternative investments products and investment strategies (e.g. Hedge Funds or Private Equity) may be complex and may carry a higher degree of risk. Such risks can arise from extensive use of short sales, derivatives and leverage. Furthermore, the minimum investment periods for such investments may be longer than traditional investment products. Alternative investment strategies (e.g. Hedge Funds) are intended only for investors who understand and accept the risks associated with investments in such products. This material is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or is located in, any jurisdiction where such distribution, publication, availability, or use would be contrary to applicable laws or regulations or which would subject Credit Suisse and/or its subsidiaries or affiliates to any registration or licensing requirement within such jurisdiction. Materials have been furnished to the recipient and should not be re-distributed without the express written consent of Credit Suisse. When distributed in or accessed from Germany, this is distributed by Credit Suisse (Deutschland) AG which is authorized and regulated by the German Federal Financial Supervisory Authority (BaFin). CREDIT SUISSE (DEUTSCHLAND) AKTIENGESELLSCHAFT, Taunustor 1 D-60310 Frankfurt am Main.