Fund Factbook Swiss Market Data As at March 2016

booklet issuerId channelId languageId perDate Fund Factbook9926 9913 18 20160331

Fund Factbook Swiss Market Data as at March 2016

Overview

Overview Credit Suisse SICAV Contents 3 Credit Suisse (Lux) Russian Equity Fund B RUB 51 Fund Performance 6

Credit Suisse Equity Fund Credit Suisse Select Fund Credit Suisse (Lux) USA Growth Opportunities Equity Fund IB USD 53 Credit Suisse (CH) 130/30 Swiss Equity Fund B CHF 11

Credit Suisse SICAV Credit Suisse Equity Fund Credit Suisse (Lux) Russian Equity Fund B USD 55 Credit Suisse (CH) Small and Mid Cap Switzerland Equity Fund B 13 Credit Suisse (CH) Swiss Blue Chips Equity Fund B 15 Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund B EUR 57 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 Prime Select Trust CSPST (Lux) Multi Strategy 59 Credit Suisse Equity Fund Credit Suisse (CH) Swissac Equity Fund B 21 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 SICAV Credit Suisse (Lux) USA Value Equity Fund B USD 64 Credit Suisse (Lux) Asia Consumer Equity Fund B USD 23 Credit Suisse (Lux) USA Value Equity Fund BH EUR 66 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 USD 29 Credit Suisse SICAV 31 Credit Suisse (Lux) Asian Equity Dividend Plus Fund IB USD Credit Suisse (Lux) Russian Equity Fund BH EUR 68

Credit Suisse Fund Credit Suisse Equity Fund 33 Credit Suisse (Lux) Commodity Index Plus USD Fund B Credit Suisse (Lux) USA Value Equity Fund IB USD 70 Credit Suisse (Lux) Commodity Index Plus USD Fund BH EUR 34 Credit Suisse (Lux) Commodity Index Plus USD Fund IB 35 Credit Suisse (Lux) Commodity Index Plus USD Fund IBH EUR 36 Credit Suisse Prime Select Trust CSPST (Lux) Global Equities Long/Short B 72 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 SICAV Credit Suisse (Lux) European Dividend Plus Equity Fund BH CHF 41 Credit Suisse (Lux) Russian Equity Fund IB USD 73 Credit Suisse (Lux) European Dividend Plus Equity Fund IB EUR 43 Credit Suisse Solutions Credit Suisse Equity Fund Credit Suisse (Lux) Prima Multi-Strategy Fund B EUR 75 Credit Suisse (Lux) Small and Mid Cap Europe Equity Fund B EUR 45 Credit Suisse (Lux) Prima Multi-Strategy Fund BH GBP 76 Credit Suisse (Lux) USA Growth Opportunities Equity Fund B USD 47 Credit Suisse (Lux) USA Growth Opportunities Equity Fund BH EUR 49 Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund IB EUR 77

3 Contents Funds distributed in Switzerland

Credit Suisse Solutions Credit Suisse SICAV One Credit Suisse (Lux) Prima Multi-Strategy Fund FBH GBP 79 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund IB USD 123 Credit Suisse (Lux) Prima Multi-Strategy Fund FBH USD 80

Credit Suisse SICAV Credit Suisse SICAV One Credit Suisse (Lux) Infrastructure Equity Fund IB USD 125 Credit Suisse (Lux) Eurozone Active Opportunities Equity Fund B EUR 81

Credit Suisse SICAV One Credit Suisse Equity Fund Credit Suisse (Lux) Global Emerging Market Property Equity Fund B USD 127 Credit Suisse (Lux) Italy Equity Fund B EUR 83 Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH CHF 129 Credit Suisse (Lux) Italy Equity Fund IB EUR 85 Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH EUR 131

Credit Suisse SICAV Credit Suisse SICAV Credit Suisse (Lux) Global Biotech Innovators Equity Fund B USD 87 Credit Suisse (Lux) Global Energy Winners Equity Fund B USD 133 Credit Suisse (Lux) Global Biotech Innovators Equity Fund BH EUR 89 Credit Suisse (Lux) Global Energy Winners Equity Fund BH EUR 135 Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund B USD 91 Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund Credit Suisse SICAV One 93 IB USD Credit Suisse (Lux) Global Security Equity Fund BH EUR 137 Credit Suisse (Lux) Global Security Equity Fund BH CHF 139 Credit Suisse Equity Fund Credit Suisse (Lux) Global Value Equity Fund B EUR 95 Credit Suisse Fund 97 Credit Suisse (Lux) Global Value Equity Fund BH CHF Credit Suisse (Lux) Global Responsible Equity Fund B EUR 141

Credit Suisse SICAV Credit Suisse SICAV One 99 Credit Suisse (Lux) Global Biotech Innovators Equity Fund IB USD Credit Suisse (Lux) Global Security Equity Fund B USD 143

Credit Suisse Equity Fund Credit Suisse Fund 101 Credit Suisse (Lux) Global Value Equity Fund BH CZK Credit Suisse (Lux) Global Responsible Equity Fund IB EUR 145 Credit Suisse (Lux) Global Value Equity Fund BH USD 103 Credit Suisse (Lux) Global Value Equity Fund IB EUR 105 Information Glossary 148 Credit Suisse SICAV One Factsheet Explained 150 107 Credit Suisse (Lux) Global Dividend Plus Equity Fund B USD Where to find the current prices of our funds 152 109 Credit Suisse (Lux) Global Dividend Plus Equity Fund BH CHF Important Information 153 111 Credit Suisse (Lux) Global Dividend Plus Equity Fund IB USD Contacts 156 Credit Suisse (Lux) Global Dividend Plus Equity Fund IBH CHF 113 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund B USD 115 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund BH EUR 117

Credit Suisse SICAV Credit Suisse (Lux) Infrastructure Equity Fund B USD 119 Credit Suisse (Lux) Infrastructure Equity Fund BH EUR 121

4 5 Fund Performance as of 31.03.2016

Total return in % as of 31.03.2016* Risk Fund Fund in fund Fund currency currency CHF CHF currency % Fund Name currency* 1 year 3 years 1 year 3 years 3 years** Page Credit Suisse Select Fund Credit Suisse (CH) 130/30 Swiss Equity Fund B CHF CHF -12.7 13.8 -12.7 13.8 13.8 11 Credit Suisse Equity Fund Credit Suisse (CH) Small and Mid Cap Switzerland Equity Fund B CHF 0.3 33.6 0.3 33.6 14.0 13 Credit Suisse (CH) Swiss Blue Chips Equity Fund B CHF -10.6 9.6 -10.6 9.6 12.2 15 Credit Suisse Select Fund Credit Suisse (CH) Swiss Real Estate Securities Fund A CHF 2.4 23.0 2.4 23.0 8.6 17 Credit Suisse (CH) Swiss Real Estate Securities Fund IB CHF 2.8 24.5 2.8 24.5 8.5 19 Credit Suisse Equity Fund Credit Suisse (CH) Swissac Equity Fund B CHF -9.2 13.6 -9.2 13.6 13.2 21 Credit Suisse SICAV Credit Suisse (Lux) Asia Consumer Equity Fund B USD USD -19.3 -12.7 -20.5 -11.7 16.1 23 Credit Suisse (Lux) Asia Consumer Equity Fund BH CHF CHF -20.3 -14.9 -20.3 -14.9 16.1 25 Credit Suisse (Lux) Asia Consumer Equity Fund BH EUR EUR -19.4 -13.4 -15.7 -22.3 16.0 27 Credit Suisse (Lux) Asian Equity Dividend Plus Fund B USD USD -15.4 -15.7 -16.6 -14.8 15.0 29 Credit Suisse (Lux) Asian Equity Dividend Plus Fund IB USD USD -14.6 -13.1 -15.8 -12.1 15.0 31 Credit Suisse Fund Credit Suisse (Lux) Commodity Index Plus USD Fund B USD -20.1 -44.0 -21.3 -43.4 12.6 33 Credit Suisse (Lux) Commodity Index Plus USD Fund BH EUR EUR -20.8 -45.1 -17.2 -50.7 12.5 34 Credit Suisse (Lux) Commodity Index Plus USD Fund IB USD -19.4 -42.4 -20.5 -41.7 12.6 35 Credit Suisse (Lux) Commodity Index Plus USD Fund IBH EUR EUR -20.1 -43.4 -16.4 -49.2 12.5 36 Credit Suisse SICAV One Credit Suisse (Lux) European Dividend Plus Equity Fund B EUR EUR -10.8 23.9 -6.7 11.2 12.2 37 Credit Suisse (Lux) Japan Value Equity Fund B JPY JPY -6.9 28.3 -2.0 8.6 15.2 39 Credit Suisse (Lux) European Dividend Plus Equity Fund BH CHF CHF -12.0 21.2 -12.0 21.2 12.1 41 Credit Suisse (Lux) European Dividend Plus Equity Fund IB EUR EUR -10.0 27.3 -5.9 14.2 12.2 43 Credit Suisse Equity Fund Credit Suisse (Lux) Small and Mid Cap Europe Equity Fund B EUR EUR -7.7 49.6 -3.4 34.3 13.4 45 Credit Suisse (Lux) USA Growth Opportunities Equity Fund B USD USD -7.6 27.1 -8.9 28.6 12.1 47

6 Overview

Total return in % as of 31.03.2016* Risk Fund Fund in fund Fund currency currency CHF CHF currency % Fund Name currency* 1 year 3 years 1 year 3 years 3 years** Page Credit Suisse (Lux) USA Growth Opportunities Equity Fund BH EUR EUR -7.7 26.0 -3.5 13.0 12.0 49 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund B RUB RUB 12.1 48.1 -3.9 -30.3 18.8 51 Credit Suisse Equity Fund Credit Suisse (Lux) USA Growth Opportunities Equity Fund IB USD USD -7.1 29.4 -8.4 30.9 12.1 53 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund B USD USD -2.6 -31.1 -4.0 -30.4 31.2 55 Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund B EUR EUR -5.1 53.9 -0.7 38.1 15.2 57 Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund B EUR EUR -3.5 42.8 0.9 28.2 13.9 60 Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund IB EUR EUR -2.5 47.3 2.0 32.2 13.9 62 Credit Suisse (Lux) USA Value Equity Fund B USD USD -11.1 -5.6 -12.3 -4.5 16.4 64 Credit Suisse (Lux) USA Value Equity Fund BH EUR EUR -11.6 -7.2 -7.6 -16.7 16.3 66 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund BH EUR EUR -3.0 -32.1 1.5 -39.1 31.1 68 Credit Suisse Equity Fund Credit Suisse (Lux) USA Value Equity Fund IB USD USD -10.2 -2.6 -11.4 -1.5 16.4 70 Credit Suisse SICAV Credit Suisse (Lux) Russian Equity Fund IB USD USD -1.9 -29.5 -3.3 -28.7 31.2 73 Credit Suisse Solutions Credit Suisse (Lux) Prima Multi-Strategy Fund B EUR EUR -6.8 0.5 -2.5 -9.8 3.6 75 Credit Suisse (Lux) Prima Multi-Strategy Fund BH GBP GBP -6.8 0.7 -11.0 -3.6 3.6 76 Credit Suisse Equity Fund Credit Suisse (Lux) European Property Equity Fund IB EUR EUR -4.1 58.7 0.3 42.4 15.2 77 Credit Suisse Solutions Credit Suisse (Lux) Prima Multi-Strategy Fund FBH GBP GBP -5.8 3.4 -10.1 -1.0 3.5 79 Credit Suisse (Lux) Prima Multi-Strategy Fund FBH USD USD -5.7 3.3 -7.0 4.4 3.5 80 Credit Suisse SICAV One Credit Suisse (Lux) Eurozone Active Opportunities Equity Fund B EUR EUR -8.8 21.0 -4.6 8.6 13.8 81

7 Fund Performance as of 31.03.2016

Total return in % as of 31.03.2016* Risk Fund Fund in fund Fund currency currency CHF CHF currency % Fund Name currency* 1 year 3 years 1 year 3 years 3 years** Page Credit Suisse Equity Fund Credit Suisse (Lux) Italy Equity Fund B EUR EUR -17.5 43.2 -13.7 28.5 19.2 83 Credit Suisse (Lux) Italy Equity Fund IB EUR EUR -16.5 48.5 -12.7 33.3 19.3 85 Credit Suisse SICAV Credit Suisse (Lux) Global Biotech Innovators Equity Fund B USD USD -26.5 54.3 -27.5 56.0 25.9 87 Credit Suisse (Lux) Global Biotech Innovators Equity Fund BH EUR EUR -26.5 53.0 -23.1 37.3 25.9 89 Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund B USD -8.3 -3.5 -9.5 -2.4 16.3 91 USD Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund IB USD -7.6 -1.4 -8.9 -0.3 16.3 93 USD Credit Suisse Equity Fund Credit Suisse (Lux) Global Value Equity Fund B EUR EUR -10.9 6.3 -6.8 -4.6 11.8 95 Credit Suisse (Lux) Global Value Equity Fund BH CHF CHF -12.0 4.1 -12.0 4.1 11.8 97 Credit Suisse SICAV Credit Suisse (Lux) Global Biotech Innovators Equity Fund IB USD USD -25.7 59.1 -26.8 60.9 25.9 99 Credit Suisse Equity Fund Credit Suisse (Lux) Global Value Equity Fund BH CZK CZK -11.9 4.3 -6.1 -10.9 11.9 101 Credit Suisse (Lux) Global Value Equity Fund BH USD USD -11.7 5.1 -13.0 6.3 12.0 103 Credit Suisse (Lux) Global Value Equity Fund IB EUR EUR -10.0 9.5 -5.9 -1.7 11.8 105 Credit Suisse SICAV One Credit Suisse (Lux) Global Dividend Plus Equity Fund B USD USD 0.1 15.8 -1.3 17.1 11.0 107 Credit Suisse (Lux) Global Dividend Plus Equity Fund BH CHF CHF -1.4 12.8 -1.4 12.8 10.9 109 Credit Suisse (Lux) Global Dividend Plus Equity Fund IB USD USD 0.9 18.9 -0.5 20.3 11.0 111 Credit Suisse (Lux) Global Dividend Plus Equity Fund IBH CHF CHF -0.3 16.1 -0.3 16.1 10.9 113 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund B USD USD -12.8 -14.6 -14.1 -13.7 17.6 115 Credit Suisse (Lux) Global Emerging Market ILC Equity Fund BH EUR EUR -13.2 -15.6 -9.2 -24.3 17.5 117 Credit Suisse SICAV Credit Suisse (Lux) Infrastructure Equity Fund B USD USD 0.1 14.0 -1.3 15.3 10.9 119 Credit Suisse (Lux) Infrastructure Equity Fund BH EUR EUR -0.5 12.0 4.1 0.5 10.9 121

8 Overview

Total return in % as of 31.03.2016* Risk Fund Fund in fund Fund currency currency CHF CHF currency % Fund Name currency* 1 year 3 years 1 year 3 years 3 years** Page Credit Suisse SICAV One Credit Suisse (Lux) Global Emerging Market ILC Equity Fund IB USD USD -12.2 -12.3 -13.5 -11.3 17.6 123 Credit Suisse SICAV Credit Suisse (Lux) Infrastructure Equity Fund IB USD USD 0.8 16.5 -0.6 17.8 10.9 125 Credit Suisse SICAV One Credit Suisse (Lux) Global Emerging Market Property Equity Fund B USD USD -10.9 -24.5 -12.2 -23.7 20.4 127 Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH CHF CHF -12.1 -26.5 -12.1 -26.5 20.4 129 Credit Suisse (Lux) Global Emerging Market Property Equity Fund BH EUR EUR -11.1 -25.4 -7.0 -33.0 20.4 131 Credit Suisse SICAV Credit Suisse (Lux) Global Energy Winners Equity Fund B USD USD -22.1 -35.5 -23.2 -34.8 21.9 133 Credit Suisse (Lux) Global Energy Winners Equity Fund BH EUR EUR -22.5 -36.7 -18.9 -43.2 21.8 135 Credit Suisse SICAV One Credit Suisse (Lux) Global Security Equity Fund BH EUR EUR -4.9 26.4 -0.5 13.5 13.1 137 Credit Suisse (Lux) Global Security Equity Fund BH CHF CHF -5.8 25.1 -5.8 25.1 13.1 139 Credit Suisse Fund Credit Suisse (Lux) Global Responsible Equity Fund B EUR EUR -12.9 23.7 -8.9 11.0 11.7 141 Credit Suisse SICAV One Credit Suisse (Lux) Global Security Equity Fund B USD USD -4.7 27.8 -6.0 29.2 13.1 143 Credit Suisse Fund Credit Suisse (Lux) Global Responsible Equity Fund IB EUR EUR -11.9 28.2 -7.8 15.0 11.7 145

9 Fund Performance as of 31.03.2016

Total return in % as of 29.02.2016* Risk Fund Fund in fund Fund currency currency CHF CHF currency % Fund Name currency* 1 year 3 years 1 year 3 years 3 years** Page Credit Suisse Prime Select Trust CSPST (Lux) Multi Strategy USD -2.8 3.3 2.2 10.3 3.1 59 CSPST (Lux) Global Equities Long/Short B USD 0.5 11.8 5.5 19.3 5.2 72

* 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (CH) 130/30 Swiss Equity Fund

Class B CHF

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The fund targets its investments on equities of 180 80% companies that are domiciled in Switzerland or are included in the SPI. Criteria for stock 160 60% selection include the valuation of the company, 140 40% 27.3 the business climate, the company`s positioning 23.8 24.6 120 17.7 20% and the quality of its management. The aim is 13.7 13.0 1.6 2.7 to outperform the SPI over the long term. 100 0% -6.6 Fluctuations in the value of the fund units may -7.7 -10.7 -8.5 80 -20% differ substantially from those in the SPI. The 2011 2012 2013 2014 2015 2016 long exposure can go up to 130% and the short CS (CH) 130/30 Swiss Equity Fund B CHF Yearly or year-to-date performance respectively (Fund) exposure to -30%. SPI (TR) Yearly or year-to-date performance respectively (Benchmark)

Fund facts Net performance in CHF 2) Fund manager Marcel Schibli 1 month 3 months YTD 1 year 3 years 5 years Fund manager since 01.09.2009 Fund -0.86 -10.70 -10.70 -12.68 13.84 53.27 Location Zurich Benchmark 0.82 -8.55 -8.55 -8.98 14.82 43.60 Fund domicile Switzerland Fund currency CHF Close of financial year 31. May Sectors in % Total net assets (in mil.) 143.56 Fund Inception date 17.12.2004 Health Care 41.03 Management fee in % p.a. 1.60 Consumer Staples 20.58 TER (as of 31.05.2015) in % 1.67 Industrials 19.89 Benchmark (BM) SPI (TR) Financials 19.43 Swinging single pricing (SSP) 3) Yes Materials 13.02 Unit Class Category B Information Technology 7.25 (capital growth) Consumer Discretionary 6.30 Unit class currency CHF Cash/Cash Equivalents 1.12 ISIN CH0017229615 Others -28.61 Bloomberg ticker CSEQSSA SW Valor no. 1722961 Fund statistics 2) Top 10 Holdings in % Net asset value (NAV) 19.70 3 years 5 years Nestle SA 17.02 Redemptions Daily Annualised volatility in % 13.81 13.82 Roche Holding AG 14.18 EU taxation In scope - no tax Information ratio -0.09 0.38 Novartis AG 14.08 3) For more details, please refer to the relevant chapter "Net Tracking Error (Ex post) 3.30 3.42 UBS Group AG 5.07 Asset Value" of the Fund’s prospectus. Credit Suisse Select Fund Beta 1.14 1.12 Syngenta AG 4.46 Actelion 3.10 Significant Transactions ABB 3.00 Zurich Financial Services AG 2.96 Purchases Sales Cie Financiere Richemont 2.88 Lafargeholcim Reg Nestle Reg Partners Group Holding AG 2.69 Cs Group Reg Roche Holding Cert Total 69.44 Barry Callebaut Reg Swiss Reinsurance - Novartis Reg - Sika

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%

1) The calculation of the risk indicator is based on the CESR/10-673 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 March 31, 2016 Switzerland

Credit Suisse (CH) 130/30 Swiss Equity Fund Class B CHF

Review previous quarter 4) Equity markets were quite volatile in the first supportive announcement by the European into the year, the cyclical cluster outperformed quarter of 2016. Weaker-than-expected Central Bank and a dovish stance taken by the the market massively in the second half of the economic data, low oil prices, pressure on Fed helped equity markets to recover as fears first quarter and was the only cluster that closed European banks and uncertainty about the US of a global recession abated. However the SPI the time period with an absolute plus (+0.7%). Federal Reserve’s (Fed) monetary policy led closed the quarter 8.5% lower and was weaker Medium-cyclicals (-0.7%) also outperformed. equity markets to record significant losses in the than a lot of other stock markets. While defensives and insurances slightly first six weeks of this year. Until February 11th, underperformed, banks were by far the weakest the Swiss Performance Index (SPI) lost 14.4%. While Swiss small and mid caps lost only 0.28%, cluster, losing on average 21.3%. Improved macro data, notably in the US, a large caps declined 10.2%. After a weak start

Outlook for the market 4) Central bank support should lead to better reduced following the recent rally, suggesting years. This high value also indicates that equity is liquidity conditions. Latest US data indicate that relatively limited upside unless economic data still attractive compared to bonds. As we expect fears of a more pronounced US economic provides positive surprises. the current very low interest rate environment slowdown are exaggerated. Going forward, the to persist for quite a while, we see this as a US economy should remain fairly robust, though As regard to the Swiss equity market, we remain supportive factor for equities. On a medium term still driven mainly by consumer spending rather relatively constructive. The forward looking view we acknowledge the need for rising than by investment. Eurozone industrial dividend yield is at an attractive 3.6%. Despite corporate earnings to give the stock market production rebounded significantly, indicating negative earnings revisions the stock market has further upside. Economic indicators will keep on that first quarter 2016 GDP growth may become slightly less expensive since the end of sending inconsistent signals. This together with accelerate compared to the fourth quarter of 2015. At the end of the first quarter of 2016 political uncertainties (e.g. “Brexit” vote on June 2015. However, inflation and loan growth the P/E stands at 16.3 compared to 16.8 three 23) will most likely lead to further volatility in weakened again. We continue to expect the months ago. The equity risk premium rose more markets in 2016. Chinese economy to slow further this year. The than 50bps to 6.56%. The current reading is value cases for worldwide equities have been 50bps more than the average of the last ten

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 1987. 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 1997. 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (CH) Small and Mid Cap Switzerland Equity Fund

Class B

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The fund’s investment objective is long-term 150 50% capital growth through investments in a 140 40% diversified portfolio of Swiss small and mid-cap 130 27.8 27.7 30% 120 18.8 20% stocks. Investments are guided by the SPI 13.9 11.4 11.0 EXTRA Index (Small & Mid Caps). Preference is 110 10.0 8.9 10% given to shares indicating above-average value 100 -0.2 0% -3.3 growth. In addition to company valuation, key 90 -10% 80 -19.1 -20% assessment criteria include the economic -22.5 70 -30% climate, the company’s market positioning and 2011 2012 2013 2014 2015 2016 management quality. CS (CH) Small and Mid Cap Switzerland Equity Yearly or year-to-date performance respectively (Fund) Fund B

Yearly or year-to-date performance respectively Credit Suisse Equity Fund Fund facts SPI EXTRA (TR) (10/05) (Benchmark) Fund manager Patrik Carisch Fund manager since 28.01.2013 Net performance in CHF 2) Location Zurich Fund domicile Switzerland 1 month 3 months YTD 1 year 3 years 5 years Fund currency CHF Fund 2.13 -3.34 -3.34 0.29 33.56 37.69 Close of financial year 30. Sep Benchmark 3.62 -0.22 -0.22 5.73 43.22 44.93 Total net assets (in mil.) 82.88 Inception date 14.01.1994 Sectors in % Management fee in % p.a. 1.60 Fund TER (as of 30.09.2015) in % 1.68 Industrials 23.27 Benchmark (BM) SPI EXTRA (TR) (10/05) Financials 19.97 Swinging single pricing (SSP) 3) Yes Health Care 15.54 Unit Class Category B Information Technology 11.10 (capital growth) Materials 10.01 Unit class currency CHF Consumer Staples 8.72 ISIN CH0001632147 Consumer Discretionary 8.07 Bloomberg ticker CSEQSMS SW Telecommunication Services 1.36 Valor no. 163214 Cash/Cash Equivalents 1.95 Net asset value (NAV) 977.14 Redemptions Daily 2) EU taxation In scope - no tax Fund statistics Top 10 Holdings in % 3) For more details, please refer to the relevant chapter "Net 3 years 5 years Sika 5.69 Asset Value" of the Fund’s prospectus. Annualised volatility in % 14.04 14.53 Lonza 5.50 Information ratio -0.67 -0.31 Partners Group Holding AG 5.32 Tracking Error (Ex post) 3.50 3.34 Lindt & Sprüngli 5.11 Beta 1.20 1.18 Schindler Holding PC 4.60 Sonova Holding AG 4.00 Significant Transactions Clariant 3.80 Purchases Sales Baloise 3.39 Helvetia Holding Swiss Life Reg Schweiter Tech. 3.00 - Siegfried Holding Reg Aryzta 2.98 Valora Holding Reg Dufry Total 43.39 Sunrise Communications Group Aryzta

Credit Suisse (CH) Small and Mid Cap Switzerland Equity Fund Class B

Review previous quarter 4)

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 Switzerland.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

14 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (CH) Swiss Blue Chips Equity Fund

Class B

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

Launched in 1949, the fund gives investors 180 80% access to the Swiss equity market. The broadly diversified portfolio is geared to long-term value 160 60% growth, its performance benchmark being the 140 40% SPI. Preference is given to big-cap stocks. Stock 23.0 24.6 120 17.5 17.7 20% selection is based on criteria such as company 11.4 13.0 1.3 2.7 valuation, business climate, market positioning 100 0% and management quality. -9.7 -7.7 -9.1 -8.5 80 -20% 2011 2012 2013 2014 2015 2016 Fund facts CS (CH) Swiss Blue Chips Equity Fund B Yearly or year-to-date performance respectively (Fund) Fund manager Urs Kunz SPI (TR) (07/06) Yearly or year-to-date performance respectively (Benchmark) Fund manager since 10.04.2007 Credit Suisse Equity Fund Location Zurich Net performance in CHF 2) Fund domicile Switzerland 1 month 3 months YTD 1 year 3 years 5 years Fund currency CHF Fund 0.49 -9.11 -9.11 -10.58 9.60 34.23 Close of financial year 30. Sep Benchmark 0.82 -8.55 -8.55 -8.98 14.82 43.60 Total net assets (in mil.) 405.09 Inception date 10.05.1949 Management fee in % p.a. 1.60 Sectors in % TER (as of 30.09.2015) in % 1.66 Fund Benchmark Compared with benchmark Benchmark (BM) SPI (TR) (07/06) Health Care 33.91 33.53 0.38 3) Swinging single pricing (SSP) Yes Financials 19.07 18.51 0.56 Unit Class Category B Consumer Staples 18.92 21.76 -2.84 (capital growth) Industrials 9.28 10.76 -1.48 Unit class currency CHF Materials 9.15 7.97 1.18 ISIN CH0002788906 Consumer Discretionary 4.48 4.99 -0.51 Bloomberg ticker CRSASWI SW Information Technology 2.23 1.09 1.14 Valor no. 278890 Telecommunication Services 2.19 1.33 0.86 Net asset value (NAV) 243.42 Cash/Cash Equivalents 0.76 - 0.76 Redemptions Daily EU taxation In scope - no tax Currencies in % Countries in % 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. CHF 100.00 Switzerland 99.24 Cash/Cash Equivalents 0.76

Fund statistics 2) Top 10 Holdings in % 3 years 5 years Nestle SA 18.27 Annualised volatility in % 12.22 12.37 Roche Holding AG 14.26 Information ratio -1.34 -1.18 Novartis AG 14.10 Tracking Error (Ex post) 1.16 1.14 UBS Group AG 5.17 Beta 1.03 1.03 Syngenta AG 3.62 Zurich Financial Services AG 3.59 Significant Transactions Cie Financiere Richemont 2.96 ABB 2.93 Purchases Sales Actelion 1.98 Lafargeholcim Reg Swiss Reinsurance CS Group 1.84 The Swatch Group Nestle Reg Total 68.72 Abb Reg Roche Holding Cert Zurich Insurance Group Reg Novartis Reg Ubs Group Baloise-Holding Reg

Credit Suisse (CH) Swiss Blue Chips Equity Fund Class B

Review previous quarter 4) Equity markets were quite volatile in the first supportive announcement by the European the year, the cyclical cluster outperformed the quarter of 2016. Weaker-than-expected Central Bank and a dovish stance taken by the market massively in the second half of the first economic data, low oil prices, pressure on Fed helped equity markets to recover as fears quarter and was the only cluster that closed the European banks and uncertainty about the US of a global recession abate. However the SPI time period with an absolute plus (+0.7%). Also Federal Reserve’s (Fed) monetary policy led closed the quarter 8.5% lower and was weaker clearly outperforming were medium-cyclicals equity markets to record significant losses in the than a lot of other stock markets. (-0.7%). While defensives and insurances first six weeks of this year. Until February 11 slightly underperformed, banks were by far the the Swiss Performance Index (SPI) lost 14.4%. While small and mid caps lost only 0.28%, large weakest cluster (-21.3%). Improved macro data, notably in the US, a caps declined 10.2%. After a weak start into

Outlook for the market 4) Central bank support should lead to better reduced following the recent rally, suggesting This high value also indicates that equities are liquidity conditions. Latest US data indicate that relatively limited upside unless economic data still attractive compared to bonds. As we expect fears of a more pronounced US economic provides positive surprises. the current very low interest rate environment slowdown are exaggerated. Going forward, the to persist for quite a while, we see this as a US economy should remain fairly robust, though As regard to the Swiss equity market, we remain supportive factor for equities. On a medium term still driven mainly by consumer spending rather relatively constructive. The forward looking view we acknowledge the need for rising than by investment. Eurozone industrial dividend yield is at an attractive 3.6%. Despite corporate earnings to give the stock market production rebounded significantly, indicating negative earnings revisions, the stock market got further upside. Economic indicators will keep on that first quarter 2016 GDP growth may slightly less expensive since the end of 2015. sending inconsistent signals. This, together with accelerate compared to the fourth quarter of At the end of the first quarter of 2016 the P/E political uncertainties (e.g. Brexit vote on June 2015. However, inflation and loan growth stands at 16.3 compared to 16.8 three months 23), will most likely lead to further volatility in weakened again. We continue to expect the ago. The equity risk premium rose more than markets in 2016. Chinese economy to slow further this year. The 50 bps to 6.56%. The current reading is 50 value cases for worldwide equities have been bps more than the average of the last ten years.

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 Switzerland 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 Switzerland 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (CH) Swiss Real Estate Securities Fund

Class A

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The broadly diversified portfolio (25–30 150 50% securities) consists of funds and equities from 140 40% the Swiss real estate sector, with the SXI Swiss Real Estate® TR Index serving as the 130 30% performance benchmark. The real estate funds 120 20% 13.8 14.4 are exchange-traded and invest predominantly 8.7 8.3 110 5.9 6.8 7.0 6.2 10% in residential properties in Switzerland. The real 4.5 4.2 100 0% estate equities are also traded on the stock -4.3 -3.7 90 -10% exchange and invest almost exclusively in office 2011 2012 2013 2014 2015 2016 buildings and retail space in Switzerland. CS (CH) Swiss Real Estate Securities Fund Yearly or year-to-date performance respectively (Fund) A Yearly or year-to-date performance respectively Fund facts SXI Swiss Real Estate (TR) (Benchmark) Fund manager Christoph Bieri, Christoph Knecht Fund manager since 16.04.2010, 01.01.2014 Net performance in CHF 2) Location Zurich, Zurich Fund domicile Switzerland 1 month 3 months YTD 1 year 3 years 5 years Fund currency CHF Fund 2.10 4.51 4.51 2.39 22.97 35.15 Close of financial year 31. May Benchmark 1.78 4.19 4.19 1.11 23.04 35.90 Total net assets (in mil.) 241.89 Inception date 16.04.2010 Types of property in % Management fee in % p.a. 1.00 TER (as of 31.05.2015) in % 1.69 Office and retail 55.30 Benchmark (BM) SXI Swiss Real Estate (TR) Residential 34.50 Swinging single pricing (SSP) 3) Yes Commercial and other use 10.20 Unit Class Category A (distribution) Unit class currency CHF ISIN CH0110177414 Valor no. 11017741 Net asset value (NAV) 14.13 Last distribution 21.07.2015 Distribution value 0.22 Geographical breakdown in % EU taxation In scope - no tax Region Zurich 43.30 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Region Central Switzerland 22.60

Region Western Switzerland 17.70 Credit Suisse Select Fund Region Eastern Switzerland 6.90 Region Berne 6.80 Region Southern Switzerland 2.70 Abroad 0.00

Sectors in % Fund Benchmark Real estate funds 57.60 63.90 Corporations 42.30 36.10 Cash/Cash Equivalents 0.10 0.00

Fund statistics 2) Top 5 Holdings in % 3 years 5 years UBS Swiss Mixed Sima 18.89 Annualised volatility in % 8.61 7.37 Swiss Prime Site AG 16.39 Information ratio -0.02 -0.12 PSP Swiss Property 10.96 Tracking Error (Ex post) 0.95 0.94 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 82.26

Credit Suisse (CH) Swiss Real Estate Securities Fund Class A

Review previous quarter 4) Financial market turbulence and concerns that interest level in CHF remains at very low levels. into the indirect real estate segment. In addition, monetary policy could be approaching its limits The 3-month Libor is -0.76% and the 10-year annual results of Swiss real estate companies are currently in focus. The economic outlook of government bond yield is -0.35%. were solid and generally fulfilled market most developed countries has dampened slightly, expectations. Concerning dividend payments, a while for emerging markets it remains weak. Real estate funds (+3.8%) as well as the real majority of firms were able to increase their Under these circumstances, central banks tried estate companies (+6.7%) had a good start to payments. This underlines the attractiveness of to ease off the financial markets. In Switzerland the year. Increasing uncertainties due to volatile the real estate segment. the SNB left interest rates unchanged as the financial markets and the fear of rising negative CHF was stable against the EUR. Therefore, the interest rates led to a steady inflow of new money

Outlook for the market 4) We expect economic growth to remain subdued. economy. Nevertheless, the continued high level new office space continues to hover around the With a growth rate of 1%, it will continue to of immigration, ongoing increase in purchasing long-term average. In light of the muted trend in lie well below potential in 2016 and even be power and favorable lending rates are having office employment, the sharp increase in supply negative on a per capita basis in view of the rising a stabilizing effect, thereby averting the risk of in recent years as well as high vacancies, the population. While the improved economy abroad recession. reduction in planning is a welcome development. is exerting a positive impact on the demand for Since many new construction projects are only exports, many companies will still find themselves Construction of rental apartments has been just coming to market, finding tenants for new struggling with severe margin pressure as they consolidating at a high level over the last year. and existing offices is likely to remain attempt to defend market positions. Without a Despite high immigration the additional supply is challenging. marked depreciation of the CHF – given the not going to be absorbed. Therefore, we expect additional monetary easing in the Eurozone we slightly increasing vacancy rates, especially in The difference between CHF bond and indirect consider this to be unlikely – there will be no peripheral areas. Although decent investment real estate yields stands at a record level of 3%. broad based recovery in exports. There are also opportunities have become even more scarce This shows that real estate investments are still a no strong growth impulses for the domestic since the beginning of the year, planning for 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 2002.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

18 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (CH) Swiss Real Estate Securities Fund

Class IB

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The broadly diversified portfolio (25–30 150 50% securities) consists of funds and equities from 140 40% the Swiss real estate sector, with the SXI Swiss Real Estate® TR Index serving as the 130 30% performance benchmark. The real estate funds 120 20% 14.2 14.4 are exchange-traded and invest predominantly 9.1 8.3 110 6.3 6.8 7.4 6.2 10% in residential properties in Switzerland. The real 4.6 4.2 100 0% estate equities are also traded on the stock -3.9 -3.7 90 -10% exchange and invest almost exclusively in office 2011 2012 2013 2014 2015 2016 buildings and retail space in Switzerland. CS (CH) Swiss Real Estate Securities Fund Yearly or year-to-date performance respectively (Fund) IB Yearly or year-to-date performance respectively Fund facts SXI Swiss Real Estate (TR) (Benchmark) Fund manager Christoph Bieri, Christoph Knecht Fund manager since 16.04.2010, 01.01.2014 Net performance in CHF 2) Location Zurich, Zurich Fund domicile Switzerland 1 month 3 months YTD 1 year 3 years 5 years Fund currency CHF Fund 2.06 4.56 4.56 2.76 24.46 37.77 Close of financial year 31. May Benchmark 1.78 4.19 4.19 1.11 23.04 35.90 Total net assets (in mil.) 241.89 Inception date 16.04.2010 Types of property in % Management fee in % p.a. 0.60 TER (as of 31.05.2015) in % 1.29 Office and retail 55.30 Benchmark (BM) SXI Swiss Real Estate (TR) Residential 34.50 Swinging single pricing (SSP) 3) Yes Commercial and other use 10.20 Unit Class Category I (capital growth) Unit class currency CHF ISIN CH0110177422 Valor no. 11017742 Net asset value (NAV) 1'513.19 EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Geographical breakdown in % Asset Value" of the Fund’s prospectus. Region Zurich 43.30 Region Central Switzerland 22.60

Region Western Switzerland 17.70 Credit Suisse Select Fund Region Eastern Switzerland 6.90 Region Berne 6.80 Region Southern Switzerland 2.70 Abroad 0.00

Sectors in % Fund Benchmark Real estate funds 57.60 63.90 Corporations 42.30 36.10 Cash/Cash Equivalents 0.10 0.00

Fund statistics 2) Top 5 Holdings in % 3 years 5 years UBS Swiss Mixed Sima 18.89 Annualised volatility in % 8.49 7.28 Swiss Prime Site AG 16.39 Information ratio 0.31 0.25 PSP Swiss Property 10.96 Tracking Error (Ex post) 1.22 1.09 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 82.26

Credit Suisse (CH) Swiss Real Estate Securities Fund Class IB

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

20 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (CH) Swissac Equity Fund

Class B

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

Swissac invests primarily in shares of companies 180 80% that are domiciled in Switzerland. Stock selection is based on qualitative and quantitative analyses. 160 60% 140 40% Fund facts 24.0 24.6 120 16.8 17.7 20% Fund manager Patrik Carisch 12.8 13.0 2.2 2.7 Fund manager since 01.09.1993 100 0% Location Zurich -11.0 -7.7 -8.5 -8.5 Fund domicile Switzerland 80 -20% 2011 2012 2013 2014 2015 2016 Fund currency CHF Close of financial year 30. Sep CS (CH) Swissac Equity Fund B Yearly or year-to-date performance respectively (Fund) SPI (TR) Yearly or year-to-date performance respectively (Benchmark) Total net assets (in mil.) 385.21 Credit Suisse Equity Fund Inception date 01.12.1982 2) Management fee in % p.a. 1.60 Net performance in CHF TER (as of 30.09.2015) in % 1.66 1 month 3 months YTD 1 year 3 years 5 years Benchmark (BM) SPI (TR) Fund 0.70 -8.52 -8.52 -9.23 13.64 36.13 Swinging single pricing (SSP) 3) Yes Benchmark 0.82 -8.55 -8.55 -8.98 14.82 43.60 Unit Class Category B (capital growth) Unit class currency CHF Sectors in % ISIN CH0002793757 Fund Bloomberg ticker CRSSWSI SW Health Care 34.54 Valor no. 279375 Financials 16.71 Net asset value (NAV) 322.51 Consumer Staples 16.66 Redemptions Daily Industrials 11.54 EU taxation In scope - no tax Materials 11.50 3) For more details, please refer to the relevant chapter "Net Consumer Discretionary 4.35 Asset Value" of the Fund’s prospectus. Information Technology 3.65 Telecommunication Services 0.12 Cash/Cash Equivalents 0.92

Fund statistics 2) Top 10 Holdings in % 3 years 5 years Nestle SA 15.95 Annualised volatility in % 13.16 13.01 Novartis AG 14.11 Information ratio -0.17 -0.59 Roche Holding AG 13.58 Tracking Error (Ex post) 2.06 1.81 UBS Group AG 4.54 Beta 1.10 1.07 Syngenta AG 3.84 ABB 3.02 Significant Transactions Actelion 2.98 Purchases Sales Givaudan 2.91 Abb Reg Nestle Reg Cie Financiere Richemont 2.64 Lafargeholcim Reg Roche Holding Cert Geberit 2.43 Cs Group Reg Novartis Reg Total 66.00 Ubs Group Swiss Reinsurance Temenos Group -

Credit Suisse (CH) Swissac Equity Fund Class B

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

22 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Asia Consumer Equity Fund

a subfund of CS Investment Funds 5 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

This theme-based equity fund is one of the very 130 30% few mutual funds focusing on the investments in Greater China, developed and emerging Asia, 120 20% together with the central Asian region. The fund 110 9.0 10% typically invests the majority of its assets in 3.8 3.2 2.2 companies engaged in the consumer 100 0% discretionary, consumer staples and -4.3 -5.2 90 -9.5 -10% telecommunication sectors. This includes, but is -10.4 80 -20% not limited to, retailers and wholesalers of 2012 2013 2014 2015 2016 regional brands, casinos and hotels, food CS (Lux) Asia Consumer Equity Fund B Yearly or year-to-date performance respectively (Fund) producers, supermarkets, mobile device USD Yearly or year-to-date performance respectively manufacturers and so on. MSCI AC Far East ex Japan (NR) (Benchmark)

Repositioning as per 01.09.2012 (old Fund 2) name: CS SICAV (Lux) Equity Silk Road) Net performance in USD 1 month 3 months YTD 1 year 3 years 5 years Fund 9.00 -5.19 -5.19 -19.32 -12.73 -21.77 Fund facts Benchmark 11.04 2.25 2.25 -11.75 -0.71 1.00 Fund manager Juan Manuel Mendoza Fund manager since 01.10.2011 Sectors in % Location Singapore Fund domicile Luxembourg Fund Fund currency USD Financials 27.99 Close of financial year 30. Sep Information Technology 24.81 Total net assets (in mil.) 16.35 Consumer Discretionary 22.22 Inception date of share class 31.10.2008 Consumer Staples 15.07 Management fee in % p.a. 1.92 Telecommunication Services 4.24 TER (as of 30.09.2015) in % 2.31 Materials 3.59 Benchmark (BM) MSCI AC Far East ex Japan (NR) Cash/Cash Equivalents 2.09 Swinging single pricing (SSP) 3) Yes Unit Class Category B Currencies in % Countries in % (capital growth) Unit class currency USD HKD 41.99 China 39.50 ISIN LU0383587234 KRW 15.13 South Korea 15.13 Bloomberg ticker CLSILBU LX USD 13.91 Taiwan 9.43 Valor no. 4491453 TWD 6.62 Hong Kong 9.28 Net asset value (NAV) 154.96 PHP 6.55 Philippines 6.55 IDR 6.11 Indonesia 6.11 Redemptions Daily JPY 4.61 Japan 4.59 Sales registration: SGD 2.17 United Kingdom 1.59 Austria, Finland, France, Germany, Italy, GBP 1.59 Cash/Cash Luxembourg, Norway, Singapore, Spain, Sweden, Others 1.34 Equivalents 2.09 Switzerland Others 5.72 EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Significant Transactions Top 10 Holdings in % 2) Fund statistics Purchases Sales Tencent Hldg Ltd 5.87 3 years 5 years AIA GROUP SAMSUNG ELECTRONICS Amorepacific 5.10 Annualised volatility in % 16.12 18.89 GALAXY ENTERTAINMENT GROUP LG Household & Healthcare Ltd. 4.29 Information ratio -0.70 -0.67 Amorepacific Corp China Mobile 4.19 Tracking Error (Ex post) 6.13 7.63 BAIDU.COM Adr KT&G Corp AIA Group Limited 4.07 Beta 0.95 0.98 BLOOMAGE BIOTECHNOLOGY Bloomage Biotechnology 3.55 DBS Group Holdings Ltd Jd Com Inc 3.40 KOSE Wisdom Sports Group Alibaba ADR 3.28 Sands China Ltd. 3.18 Number of holdings Samsung Electronics 3.15 Fund 41 Total 40.08 Credit Suisse SICAV

Credit Suisse (Lux) Asia Consumer Equity Fund Class B USD

Review previous quarter 4) Q1 2016 saw the worst January since 2008 sales trends in the region. In China, we saw E-commerce showed strong momentum (+50% for Asian equities, especially China. After more better consumption trends. China property sales y-o-y). Senior management at Baidu expects a dovish than expected comments by the Fed and have been strong. In Shanghai, with the property higher rate of monetization of both PC and a weaker USD, Asian equity markets (MSCI Asia market increasing 25% y-o-y. In February, the mobile, which should be reflected in earnings this Pacific ex Japan +11.56%), and in particular National Bureau of Statistics announced that year. We have positioned the fund for the MSCI the Chinese equity market (CSI300 +13.59%), nationwide residential property sales volume changes in May when the second phase of the rallied in March after the correction in February. increased 30.4% y-o-y and sales value grew inclusion of Chinese ADRs will be implemented. In the first quarter of 2016, the Credit Suisse 49.2% y-o-y. In fact, retail sales in China were We expect that our holdings Baidu, JD.com and (Lux) Asia Consumer Fund underperformed the up double digit (11.2% y-o-y). One of the areas Alibaba will benefit the most given that IT and MSCI Far East ex Japan Index given it had no which did better during Chinese new year was consumer discretionary will be in demand at the exposure to Materials and Energy sectors which Macau. The casino operators in Macau have expense of financials and telecoms. led quarterly returns on the back of recovering reported better-than-expected earnings helped commodity and oil prices. by stronger visitors during Chinese New Year During the quarter, best performance as well as stronger mass market Gross Gaming contributors were Taiwan Semiconductor, Sands This is in contrast with healthy trends during Revenue which has higher margins. A China, Bank Mandiri, DBS Group Holdings and Chinese New Year holidays. Many consumers sustainable improving Gross Gaming Revenue Best Pacific International. Negative contributions in the Asia Pacific region (e.g. Indonesian trend will continue to re-rate the gaming sector in came from Wisdom Sports, China Vanke, consumers) benefited from a recovery of their Macau. JD.com, Anta Sports and Vipshop Holdings. local currency and we saw first signs of better

Outlook for the market 4) The MSCI Asia ex Japan Consumer electronics, Macau gaming and quality ASEAN Discretionary index is now trading at a forward consumer stocks in Indonesia and Philippines. With the CSI300 A-share market stabilizing, we 12m P/E of 12.34. Absolute and relative We increased exposure to Macau gaming in are looking to add investments in the A-share valuation in consumer discretionary and March. We sold out of Wisdom Sports on news market via the Shanghai-Hong Kong Connect consumer staples, as well as for China and South of an unexpected profit warning. We will meet Program, which will allow us to invest in Korea, have continued at the Asian financial the company in April and re-assess our well-established and household consumer crisis levels. assumptions. We remain invested in Greater names. We expect EPS growth to accelerate China (Taiwan, Hong Kong, Macau, China) and from -5% in 2015 to +7% in 2016 for the The fund is also positioned to capture long-term overweight in the Chinese internet sector with region. structural growth themes in Korean cosmetic large positions in Tencent, Alibaba, Baidu and brands, China e-commerce, high-tech consumer JD.com.

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 2011. 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Asia Consumer Equity Fund

a subfund of CS Investment Funds 5 - Class BH CHF

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

This theme-based equity fund is one of the very 125 25% few mutual funds focusing on the investments 120 20% in Greater China, developed and emerging Asia, 115 15% together with the central Asian region. The fund 110 8.4 10% 105 5% typically invests the majority of its assets in 100 0% companies engaged in the consumer 95 -5% -4.7 -5.6 discretionary, consumer staples and 90 -10% telecommunication sectors. This includes, but is 85 -11.4 -15% 80 -20% not limited to, retailers and wholesalers of 2012 2013 2014 2015 2016 regional brands, casinos and hotels, food CS (Lux) Asia Consumer Equity Fund BH CHF Yearly or year-to-date performance respectively (Fund) producers, supermarkets, mobile device manufacturers and so on. Net performance in CHF 2) 1 month 3 months YTD 1 year 3 years 5 years Repositioning as per 01.09.2012 (old Fund Fund 8.80 -5.60 -5.60 -20.31 -14.89 -25.36 name: CS SICAV (Lux) Equity Silk Road) Sectors in % Fund facts Fund Fund manager Juan Manuel Mendoza Financials 27.99 Fund manager since 01.10.2011 Information Technology 24.81 Location Singapore Consumer Discretionary 22.22 Fund domicile Luxembourg Consumer Staples 15.07 Fund currency USD Telecommunication Services 4.24 Close of financial year 30. Sep Materials 3.59 Total net assets (in mil.) 16.35 Cash/Cash Equivalents 2.09 Inception date of share class 31.10.2008 Management fee in % p.a. 1.92 TER (as of 30.09.2015) in % 2.32 Currencies in % Countries in % Benchmark (BM) No Benchmark HKD 41.99 China 39.50 Swinging single pricing (SSP) 3) Yes KRW 15.13 South Korea 15.13 Unit Class Category BH USD 13.91 Taiwan 9.43 (capital growth) TWD 6.62 Hong Kong 9.28 Unit class currency CHF PHP 6.55 Philippines 6.55 ISIN LU0383588042 IDR 6.11 Indonesia 6.11 Bloomberg ticker CLSILHC LX JPY 4.61 Japan 4.59 Valor no. 4491484 SGD 2.17 United Kingdom 1.59 Net asset value (NAV) 139.15 GBP 1.59 Cash/Cash Redemptions Daily Others 1.34 Equivalents 2.09 Sales registration: Others 5.72 Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, Significant Transactions Top 10 Holdings in % Switzerland EU taxation In scope - no tax Purchases Sales Tencent Hldg Ltd 5.87 3) For more details, please refer to the relevant chapter "Net AIA GROUP SAMSUNG ELECTRONICS Amorepacific 5.10 Asset Value" of the Fund’s prospectus. GALAXY ENTERTAINMENT GROUP LG Household & Healthcare Ltd. 4.29 Fund statistics 2) Amorepacific Corp China Mobile 4.19 BAIDU.COM Adr KT&G Corp AIA Group Limited 4.07 3 years 5 years BLOOMAGE BIOTECHNOLOGY Bloomage Biotechnology 3.55 Annualised volatility in % 16.06 18.62 DBS Group Holdings Ltd Jd Com Inc 3.40 Information ratio - - KOSE Wisdom Sports Group Alibaba ADR 3.28 Tracking Error (Ex post) - - Sands China Ltd. 3.18 Beta - - Number of holdings Samsung Electronics 3.15 Fund 41 Total 40.08 Credit Suisse SICAV

Credit Suisse (Lux) Asia Consumer Equity Fund Class BH CHF

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

26 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Asia Consumer Equity Fund

a subfund of CS Investment Funds 5 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

This theme-based equity fund is one of the very 125 25% few mutual funds focusing on the investments 120 20% in Greater China, developed and emerging Asia, 115 15% together with the central Asian region. The fund 110 8.5 10% typically invests the majority of its assets in 105 5% companies engaged in the consumer 100 0% 95 -5% discretionary, consumer staples and -4.5 -5.4 90 -10% telecommunication sectors. This includes, but is -10.4 85 -15% not limited to, retailers and wholesalers of 2012 2013 2014 2015 2016 regional brands, casinos and hotels, food CS (Lux) Asia Consumer Equity Fund BH EUR Yearly or year-to-date performance respectively (Fund) producers, supermarkets, mobile device manufacturers and so on. Net performance in EUR 2) 1 month 3 months YTD 1 year 3 years 5 years Repositioning as per 01.09.2012 (old Fund Fund 8.87 -5.44 -5.44 -19.44 -13.45 -24.04 name: CS SICAV (Lux) Equity Silk Road) Sectors in % Fund facts Fund Fund manager Juan Manuel Mendoza Financials 27.99 Fund manager since 01.10.2011 Information Technology 24.81 Location Singapore Consumer Discretionary 22.22 Fund domicile Luxembourg Consumer Staples 15.07 Fund currency USD Telecommunication Services 4.24 Close of financial year 30. Sep Materials 3.59 Total net assets (in mil.) 16.35 Cash/Cash Equivalents 2.09 Inception date of share class 31.10.2008 Management fee in % p.a. 1.92 Benchmark (BM) No Benchmark Currencies in % Countries in % Swinging single pricing (SSP) 3) Yes HKD 41.99 China 39.50 Unit Class Category BH KRW 15.13 South Korea 15.13 (capital growth) USD 13.91 Taiwan 9.43 Unit class currency EUR TWD 6.62 Hong Kong 9.28 ISIN LU0383586699 PHP 6.55 Philippines 6.55 Bloomberg ticker CLSILHE LX IDR 6.11 Indonesia 6.11 Valor no. 4491436 JPY 4.61 Japan 4.59 Net asset value (NAV) 147.10 SGD 2.17 United Kingdom 1.59 Redemptions Daily GBP 1.59 Cash/Cash Sales registration: Others 1.34 Equivalents 2.09 Austria, Finland, France, Germany, Italy, Others 5.72 Luxembourg, Norway, Singapore, Spain, Sweden, Switzerland Significant Transactions Top 10 Holdings in % EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Purchases Sales Tencent Hldg Ltd 5.87 Asset Value" of the Fund’s prospectus. AIA GROUP SAMSUNG ELECTRONICS Amorepacific 5.10 Fund statistics 2) GALAXY ENTERTAINMENT GROUP LG Household & Healthcare Ltd. 4.29 Amorepacific Corp China Mobile 4.19 3 years 5 years BAIDU.COM Adr KT&G Corp AIA Group Limited 4.07 Annualised volatility in % 16.04 18.72 BLOOMAGE BIOTECHNOLOGY Bloomage Biotechnology 3.55 Information ratio - - DBS Group Holdings Ltd Jd Com Inc 3.40 Tracking Error (Ex post) - - KOSE Wisdom Sports Group Alibaba ADR 3.28 Beta - - Sands China Ltd. 3.18 Number of holdings Samsung Electronics 3.15 Fund 41 Total 40.08 Credit Suisse SICAV

Credit Suisse (Lux) Asia Consumer Equity Fund Class BH EUR

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

28 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Asian Equity Dividend Plus Fund

a subfund of CS Investment Funds 5 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The fund´s objective is to achieve maximum 130 30% long-term capital gains by investing in securities, 22.0 120 17.5 20% while maintaining an adequate diversification of risks. It actively invests primarily in shares and 110 10% 3.8 3.2 1.9 similar instruments issued by companies 100 0.1 0% -1.1 -0.5 established in Asia, a region that includes China, 90 -10.1 -10% Hong Kong, Indonesia, Malaysia, the Philippines, -14.8 -14.0 80 -18.2 -20% Singapore, South Korea and Taiwan as well as 70 -30% Thailand but excluding Japan. The fund seeks 2011 2012 2013 2014 2015 2016 to identify undervalued stocks across all market CS (Lux) Asian Equity Dividend Plus Fund B Yearly or year-to-date performance respectively (Fund) capitalization classes and industry sectors. It USD Yearly or year-to-date performance respectively provides investors with access to some of the MSCI AC Asia Pacific ex Japan (NR) (03/15) (Benchmark) world´s fastest-growing economies and enables them to participate in the region´s long-term Former Track Record of Clariden Leu (Gue) Asia Pacific Equity Fund (December 21, 1990 - August 19, 2009). sustainable growth. Net performance in USD 2) 1 month 3 months YTD 1 year 3 years 5 years Fund facts Fund 10.47 0.12 0.12 -15.45 -15.73 -21.25 Fund manager Credit Suisse (Singapore) Limited Benchmark 11.56 1.90 1.90 -11.58 -1.65 0.04 Fund manager since 01.04.2013 Location Singapore Fund domicile Luxembourg Countries in % Sectors in % Fund currency USD China 24.27 Financials 32.72 Close of financial year 30. Sep Australia 22.07 Telecommunication Total net assets (in mil.) 16.14 South Korea 9.35 Services 12.69 Inception date 19.08.2009 Taiwan 8.72 Information Management fee in % p.a. 1.92 Hong Kong 7.82 Technology 12.21 TER (as of 30.09.2015) in % 2.30 Singapore 6.07 Consumer Staples 8.67 Benchmark (BM) India 5.64 Materials 7.59 MSCI AC Asia Pacific ex Japan (NR) (03/15) Indonesia 4.83 Industrials 7.53 Swinging single pricing (SSP) 3) Yes Cash/Cash Consumer Unit Class Category B Equivalents 3.07 Discretionary 5.34 (capital growth) Others 8.16 Energy 5.01 Unit class currency USD Cash/Cash ISIN LU0434327028 Equivalents 3.07 Bloomberg ticker CCLAPEB LX Others 5.17 Valor no. 10258773 Net asset value (NAV) 121.73 Fund statistics 2) Top 10 Holdings in % Redemptions Daily 1 year 3 years Wesfarmers Ltd. 3.65 EU taxation In scope - no tax Annualized volatility in % 21.44 14.96 Sydney Airport 3.51 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Tracking Error (Ex post) 2.76 2.77 China Mobile 3.45 Number of holdings Beta 0.97 0.98 TSMC 3.27 Macquarie Group 2.93 Fund 58 Nat. Australia Bk 2.63 China Const. Bank 2.37 BHP Billiton 2.25 Tencent Hldg Ltd 2.15 Samsung Electronics 2.06 Total 28.27 Credit Suisse SICAV

Credit Suisse (Lux) Asian Equity Dividend Plus Fund Class B USD

Review previous quarter 4) In Q1 2016, the fund underperformed both the performance. The company is the largest sold off earlier in January on concerns over lower MSCI Asia Pacific ex Japan and the MSCI Asia manufacturer of instant noodles in Indonesia and contracted sales in 2015 and further RMB Pacific ex Japan High Dividend Yield indices. has seen stronger demand for food products devaluation. However the People’s Bank of Q1 2016 saw the worst January since 2008 on the back of stronger consumer confidence, China (PBOC) launched new mortgage policies for Asian equities, followed by a strong rebound which has risen in consecutive months. Their in February which lowered minimum down in March. The materials and energy sectors led instant noodles have strong pricing power and a payments in various cities and recent data quarterly returns on the back of recovering 66% market share in the country. Sydney Airport showed strong and recovering property growth. commodity and oil prices, while financials, in has been a key beneficiary with the AUD at particular banks, declined on asset quality historical lows. International traffic saw a 9.5% The highest contributions to return in Q1 2016 concerns. Overweighting ASEAN helped as growth since January, with the China market came from Indofood Sukses, Sydney Airport and sentiment improved and capital inflows increased alone growing by 39%. Flights from and to China Amcor Limited. However, Shimao Property, over the quarter, but China and Taiwan led have increased and estimates for international Xinjiang Goldwind and Kepco Plant Service and declines. capacity growth in 2016 are around 10%. Engineering underperformed. Conversely, Shimao Property underperformed Over the quarter, Indofood Sukses showed good over the quarter. China property developers were

Outlook for the market 4) 2015 was a challenging year for the region as continues to prefer companies with strong cash year-on-year. The top ten cities in China saw a concerns of slowing global and emerging market flow; quality names trading at sensible valuations, 9.9% price increase year-on-year, with property growth weighed on investor sentiment. However, with the potential to provide consistent prices in Shenzhen particularly strong (up 52.6% we believe Asia continues to offer significant outperformance. year-on-year). China property stocks on average structural advantages of growth potential over yield a 4.5% dividend and many have attractive the longer-term. The consensus EPS growth for The recent stability of Asian currencies has seen valuations. the region is expected to remain stable at 8.8% better consumption trends. The fund remains and 5.2% in 2016 and 2017 respectively. overweight consumer names with a strong Heading into Q2 2016, the fund will look to household brand presence, particularly in increase its Australia and ASEAN allocation, as Notwithstanding growth, Asia Pacific also offers emerging Indonesia and Thailand. China property well as position itself for upcoming MSCI investors high dividend yields. The MSCI Asia has also seen recovery with resilient contracted changes which will see the implementation of the Pacific ex Japan index has a well-diversified pool sales, declining inventory levels in tier 1 and 2 second phase of the inclusion of China ADRs. of dividend paying companies, with over 95% cities and nationwide average sales price (ASP) The fund currently has a dividend yield of 4.2%. of the index paying out dividends. The fund for the top 100 cities in China growing 5.2%

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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Asian Equity Dividend Plus Fund

a subfund of CS Investment Funds 5 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The fund´s objective is to achieve maximum 130 30% long-term capital gains by investing in securities, while maintaining an adequate diversification of 120 20% risks. It actively invests primarily in shares and 110 10% similar instruments issued by companies 3.8 3.2 0.5 1.9 100 0.4 0% established in Asia, a region that includes China, -0.1 Hong Kong, Indonesia, Malaysia, the Philippines, 90 -10.1 -10% Singapore, South Korea and Taiwan as well as -13.1 80 -20% Thailand but excluding Japan. The fund seeks 2012 2013 2014 2015 2016 to identify undervalued stocks across all market CS (Lux) Asian Equity Dividend Plus Fund IB Yearly or year-to-date performance respectively (Fund) capitalization classes and industry sectors. It USD Yearly or year-to-date performance respectively provides investors with access to some of the MSCI AC Asia Pacific ex Japan (NR) (03/15) (Benchmark) world´s fastest-growing economies and enables them to participate in the region´s long-term Net performance in USD 2) sustainable growth. 1 month 3 months YTD 1 year 3 years 5 years Fund 10.57 0.37 0.37 -14.58 -13.10 - Fund facts Benchmark 11.56 1.90 1.90 -11.58 -1.65 - Fund manager Credit Suisse (Singapore) Limited Fund manager since 01.04.2013 Location Singapore Countries in % Sectors in % Fund domicile Luxembourg China 24.27 Financials 32.72 Fund currency USD Australia 22.07 Telecommunication Close of financial year 30. Sep South Korea 9.35 Services 12.69 Total net assets (in mil.) 16.14 Taiwan 8.72 Information Inception date 11.09.2012 Hong Kong 7.82 Technology 12.21 Management fee in % p.a. 0.90 Singapore 6.07 Consumer Staples 8.67 TER (as of 30.09.2015) in % 1.27 India 5.64 Materials 7.59 Benchmark (BM) Indonesia 4.83 Industrials 7.53 MSCI AC Asia Pacific ex Japan (NR) (03/15) Cash/Cash Consumer Swinging single pricing (SSP) 3) Yes Equivalents 3.07 Discretionary 5.34 Unit Class Category IB Others 8.16 Energy 5.01 (capital growth) Cash/Cash Unit class currency USD Equivalents 3.07 ISIN LU0808572415 Others 5.17 Bloomberg ticker CSAEDPI LX Valor no. 19077394 Fund statistics 2) Top 10 Holdings in % Net asset value (NAV) 819.36 1 year 3 years Wesfarmers Ltd. 3.65 Min. Investment Amount 500'000 Annualized volatility in % 21.46 14.98 Sydney Airport 3.51 Redemptions Daily Tracking Error (Ex post) 2.76 2.78 China Mobile 3.45 EU taxation In scope - no tax Beta 0.97 0.98 TSMC 3.27 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Macquarie Group 2.93 Number of holdings Nat. Australia Bk 2.63 China Const. Bank 2.37 Fund 58 BHP Billiton 2.25 Tencent Hldg Ltd 2.15 Samsung Electronics 2.06 Total 28.27 Credit Suisse SICAV

Credit Suisse (Lux) Asian Equity Dividend Plus Fund Class IB USD

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

32 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Commodity Index Plus USD Fund

Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the fund is to track the Bloomberg 110 10% Commodity Index as closely as possible by 100 0.6 0.4 0% -3.1 -1.1 investing in various derivatives. The fund also 90 -10% -10.7 -9.5 endeavors to achieve enhancement through -12.8 -13.3 80 -17.5 -17.0 -20% actively managing the derivatives. Its low 70 -25.5 -24.7 -30% correlation with traditional asset classes makes the fund an ideal portfolio diversification 60 -40% instrument. Furthermore, it offers good 50 -50% 40 -60% protection from inflation risks in the event of a 2011 2012 2013 2014 2015 2016 rise in commodity prices. CS (Lux) Commodity Index Plus USD Fund Yearly or year-to-date performance respectively (Fund) B Yearly or year-to-date performance respectively Fund facts Bloomberg Commodity Index (TR) (Benchmark) Fund manager Christopher Burton, Nelson Louie Credit Suisse Fund Fund manager since 07.11.2005, 19.08.2010 Net performance in USD 2) Location New York, New York Fund domicile Luxembourg 1 month 3 months YTD 1 year 3 years 5 years Fund currency USD Fund 3.76 0.59 0.59 -20.13 -43.98 -55.68 Min. Investment Amount None Benchmark 3.82 0.42 0.42 -19.56 -42.54 -53.35 Close of financial year 31. March Total net assets (in mil.) 446.60 Fund statistics 2) Top collateral holdings in % Inception date 07.11.2005 3 years 5 years Position Coupon % Maturity as % of Management fee in % p.a. 1.40 Annualised volatility in % 12.55 14.32 assets TER (as of 31.03.2015) in % 1.52 Information ratio -1.02 -1.08 US Treasury 0.449 31.10.17 11.14 Benchmark (BM) Bloomberg Commodity Index (TR) Tracking Error (Ex post) 0.83 0.95 US Treasury 0.622 31.01.18 9.02 Unit Class Category B Beta 0.99 0.98 US Treasury 0.097 31.07.17 7.87 (capital growth) US Treasury Bill 07.04.16 6.97 Unit class currency USD US Treasury 0.334 31.10.16 5.74 ISIN LU0230918368 Commodity Sectors in % US Treasury 0.104 31.01.17 5.74 Bloomberg ticker CSFLCUB LX US Treasury 0.275 30.04.17 5.69 Valor no. 2288457 Energy 31.00 Agriculture 29.91 US Treasury 0.250 15.04.16 4.50 Net asset value (NAV) 49.67 Industrial Metals 16.94 US Treasury 0.625 15.11.16 4.17 Precious Metals 16.52 US Treasury 0.250 15.05.16 3.94 Livestock 5.63 Total 64.78

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Commodity Index Plus USD Fund

Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2) The aim of the fund is to track the Bloomberg (Simulated prior to April 17, 2012) * Commodity Index as closely as possible by 110 10% investing in various derivatives. The fund also 100 0.3 0.2 0% -1.4 -4.0 endeavors to achieve enhancement through 90 -10% -11.2 -9.8 -13.1 -13.7 actively managing the derivatives. Its low 80 -17.7 -17.2 -20% correlation with traditional asset classes makes 70 -26.2 -25.3 -30% the fund an ideal portfolio diversification 60 -40% instrument. Furthermore, it offers good 50 -50% protection from inflation risks in the event of a 40 -60% rise in commodity prices. 2011 2012 2013 2014 2015 2016 CS (Lux) Commodity Index Plus USD Fund BH Yearly or year-to-date performance respectively Fund facts EUR (Fund) Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) Yearly or year-to-date performance respectively Fund manager Christopher Burton, Nelson Louie (09/13) (Benchmark) Fund manager since 07.11.2005, 19.08.2010 Location New York, New York The shareclass was launched on 17.04.2012 and therefore no actual performance data are available prior to this date. The simulated performance presented above, up to and including 16.04.2012, is intended to provide an indication of how the shareclass may have performed in the past. It is based on the performance of Fund domicile Luxembourg CSF (Lux) Commodity Index Plus (Euro) with same investment policy and characteristics, managed by the investment manager of the Fund continuously since Fund currency USD 01.01.2007. Past performance, whether actual or simulated, does not guarantee future results. Close of financial year 31. March Net performance in EUR 2) Total net assets (in mil.) 446.60 Inception date 17.04.2012 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 1.40 Fund 3.57 0.26 0.26 -20.84 -45.06 -57.20 TER (as of 31.03.2015) in % 1.57 Benchmark 3.68 0.19 0.19 -20.18 -43.36 -54.40 Benchmark (BM) Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) Fund statistics 2) Top collateral holdings in % (09/13) 3 years 5 years Position Coupon % Maturity as % of Unit Class Category BH assets (capital growth) Annualised volatility in % 12.54 14.33 US Treasury 0.449 31.10.17 11.14 Unit class currency EUR Information ratio -1.26 -1.35 US Treasury 0.622 31.01.18 9.02 ISIN LU0755570602 Tracking Error (Ex post) 0.81 0.94 US Treasury 0.097 31.07.17 7.87 Bloomberg ticker CSCIPRE LX Beta 0.98 0.98 US Treasury Bill 07.04.16 6.97 Valor no. 18118457 US Treasury 0.334 31.10.16 5.74 Net asset value (NAV) 41.75 Commodity Sectors in % US Treasury 0.104 31.01.17 5.74 Energy 31.00 US Treasury 0.275 30.04.17 5.69 Agriculture 29.91 US Treasury 0.250 15.04.16 4.50 Industrial Metals 16.94 US Treasury 0.625 15.11.16 4.17 Precious Metals 16.52 US Treasury 0.250 15.05.16 3.94 Livestock 5.63 Total 64.78

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Commodity Index Plus USD Fund

Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the fund is to track the Bloomberg 110 10% 0.8 Commodity Index as closely as possible by 100 0.4 0% investing in various derivatives. The fund also -2.1 -1.1 90 -9.9 -9.5 -10% endeavors to achieve enhancement through -11.9 -13.3 80 -16.7 -17.0 -20% actively managing the derivatives. Its low 70 -24.8 -24.7 -30% correlation with traditional asset classes makes the fund an ideal portfolio diversification 60 -40% instrument. Furthermore, it offers good 50 -50% 40 -60% protection from inflation risks in the event of a 2011 2012 2013 2014 2015 2016 rise in commodity prices. CS (Lux) Commodity Index Plus USD Fund Yearly or year-to-date performance respectively (Fund) IB Yearly or year-to-date performance respectively Fund facts Bloomberg Commodity Index (TR) (Benchmark) Fund manager Christopher Burton, Nelson Louie Credit Suisse Fund Fund manager since 07.11.2005, 19.08.2010 Net performance in USD 2) Location New York, New York Fund domicile Luxembourg 1 month 3 months YTD 1 year 3 years 5 years Fund currency USD Fund 3.85 0.82 0.82 -19.37 -42.35 -53.47 Close of financial year 31. March Benchmark 3.82 0.42 0.42 -19.56 -42.54 -53.35 Total net assets (in mil.) 446.60 Inception date 31.07.2006 Fund statistics 2) Top collateral holdings in % Management fee in % p.a. 0.40 3 years 5 years Position Coupon % Maturity as % of TER (as of 31.03.2015) in % 0.57 Annualised volatility in % 12.55 14.32 assets Benchmark (BM) Bloomberg Commodity Index (TR) Information ratio 0.14 -0.05 US Treasury 0.449 31.10.17 11.14 Unit Class Category IB Tracking Error (Ex post) 0.82 0.95 US Treasury 0.622 31.01.18 9.02 (capital growth) Beta 0.99 0.98 US Treasury 0.097 31.07.17 7.87 Unit class currency USD US Treasury Bill 07.04.16 6.97 ISIN LU0230918954 US Treasury 0.334 31.10.16 5.74 Bloomberg ticker CSFLCUI LX Commodity Sectors in % US Treasury 0.104 31.01.17 5.74 Valor no. 2288461 US Treasury 0.275 30.04.17 5.69 Net asset value (NAV) 502.22 Energy 31.00 Agriculture 29.91 US Treasury 0.250 15.04.16 4.50 Min. Init. Investm. Amount (in mill.) 3 Industrial Metals 16.94 US Treasury 0.625 15.11.16 4.17 Precious Metals 16.52 US Treasury 0.250 15.05.16 3.94 Livestock 5.63 Total 64.78

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Commodity Index Plus USD Fund

Class IBH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2) The aim of the fund is to track the Bloomberg (Simulated prior to April 17, 2012) * Commodity Index as closely as possible by 110 10% investing in various derivatives. The fund also 100 0.5 0.2 0% -3.0 -1.4 endeavors to achieve enhancement through 90 -10% -10.3 -9.8 -12.3 -13.7 actively managing the derivatives. Its low 80 -16.9 -17.2 -20% correlation with traditional asset classes makes 70 -25.5 -25.3 -30% the fund an ideal portfolio diversification 60 -40% instrument. Furthermore, it offers good 50 -50% protection from inflation risks in the event of a 40 -60% rise in commodity prices. 2011 2012 2013 2014 2015 2016 CS (Lux) Commodity Index Plus USD Fund IBH Yearly or year-to-date performance respectively Fund facts EUR (Fund) Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) Yearly or year-to-date performance respectively Fund manager Christopher Burton, Nelson Louie (09/13) (Benchmark) Fund manager since 07.11.2005, 19.08.2010 Location New York, New York The shareclass was launched on 17.04.2012 and therefore no actual performance data are available prior to this date. The simulated performance presented above, up to and including 16.04.2012, is intended to provide an indication of how the shareclass may have performed in the past. It is based on the performance of Fund domicile Luxembourg CSF (Lux) Commodity Index Plus (Euro) I with same investment policy and characteristics, managed by the investment manager of the Fund continuously since Fund currency USD 01.01.2007. Past performance, whether actual or simulated, does not guarantee future results. Close of financial year 31. March Net performance in EUR 2) Total net assets (in mil.) 446.60 Inception date 17.04.2012 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 0.40 Fund 3.65 0.52 0.52 -20.05 -43.38 -55.01 TER (as of 31.03.2015) in % 0.58 Benchmark 3.68 0.19 0.19 -20.18 -43.36 -54.40 Benchmark (BM) Bloomberg Commodity (TR) (EUR-Hgd Daily Mod.) Fund statistics 2) Top collateral holdings in % (09/13) 3 years 5 years Position Coupon % Maturity as % of Unit Class Category IBH assets (capital growth) Annualised volatility in % 12.54 14.33 US Treasury 0.449 31.10.17 11.14 Unit class currency EUR Information ratio -0.01 -0.28 US Treasury 0.622 31.01.18 9.02 ISIN LU0755571592 Tracking Error (Ex post) 0.81 0.95 US Treasury 0.097 31.07.17 7.87 Bloomberg ticker CSCIPSE LX Beta 0.98 0.98 US Treasury Bill 07.04.16 6.97 Valor no. 18118539 US Treasury 0.334 31.10.16 5.74 Net asset value (NAV) 438.97 Commodity Sectors in % US Treasury 0.104 31.01.17 5.74 Min. Init. Investm. Amount (in mill.) 3 Energy 31.00 US Treasury 0.275 30.04.17 5.69 Agriculture 29.91 US Treasury 0.250 15.04.16 4.50 Industrial Metals 16.94 US Treasury 0.625 15.11.16 4.17 Precious Metals 16.52 US Treasury 0.250 15.05.16 3.94 Livestock 5.63 Total 64.78

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) European Dividend Plus Equity Fund

a subfund of CS Investment Funds 2 - Class A EUR & B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The subfund invests in a broadly diversified 170 70% European equity portfolio that can be expected to 160 60% yield above-average dividends. 150 50% 140 40% 130 30% Fund facts 19.8 120 15.1 17.3 18.0 20% Fund manager Felix Maag, Nicola Nolè 110 7.2 6.8 8.7 8.2 10% Fund manager since 09.09.2009, 01.04.2011 100 0% -4.9 Location Zurich, Zurich 90 -6.5 -8.1 -7.1 -10% Fund domicile Luxembourg 80 -20% 2011 2012 2013 2014 2015 2016 Fund currency EUR CS (Lux) European Dividend Plus Equity Fund B Close of financial year 31. May Yearly or year-to-date performance respectively (Fund) EUR Total net assets (in mil.) 353.47 Yearly or year-to-date performance respectively MSCI Europe (NR) Inception date 09.09.2009 (Benchmark) Management fee in % p.a. 1.60 TER (as of 30.11.2015) in % 1.86 Net performance in EUR 2) Benchmark (BM) MSCI Europe (NR) Swinging single pricing (SSP) 3) Yes 1 month 3 months YTD 1 year 3 years 5 years Fund 1.83 -4.89 -4.89 -10.82 23.94 41.05 Unit Class Category A Category B (distribution) (capital growth) Benchmark 1.33 -7.06 -7.06 -13.71 22.11 37.94 Unit class currency EUR EUR ISIN LU0439729285 LU0439729368 Sectors in % Bloomberg ticker CSEUEQA CSEUEQB LX Fund Benchmark Compared with benchmark LX Financials 22.49 20.36 2.13 Valor no. 10348225 10348228 Consumer Staples 14.41 15.65 -1.24 Net asset value 14.04 16.15 Health Care 13.85 13.33 0.52 (NAV) Industrials 11.83 11.87 -0.04 Last distribution 14.12.2015 - Consumer Discretionary 8.82 12.01 -3.19 Distribution value 0.07 - Telecommunication Services 6.76 5.06 1.70 Redemptions Daily Daily Energy 6.63 6.38 0.25 EU taxation In scope - no tax Utilities 5.88 4.05 1.83 3) For more details, please refer to the relevant chapter "Net Cash/Cash Equivalents 2.85 - 2.85 Asset Value" of the Fund’s prospectus. Fund statistics 2) Others 6.49 11.29 -4.80 Dividend Yield (Fund/BM) 4.80/3.80 Currencies in % Countries in % 3 years 5 years Annualised volatility in % 12.15 11.88 EUR 46.58 United Kingdom 29.07 Information ratio 0.20 0.16 GBP 30.19 Switzerland 17.83 Tracking Error (Ex post) 2.50 2.76 CHF 17.83 France 13.16

Beta 0.89 0.88 SEK 3.58 Germany 12.88 Credit Suisse SICAV One NOK 1.73 Netherlands 6.10 USD 0.09 Italy 4.49 Sweden 3.58 Finland 3.22 Cash/Cash Equivalents 2.85 Significant Transactions Others 6.82 Purchases Sales DEUTSCHE POST Reg VINCI Top 10 Holdings in % CEMBRA MONEY Reg Nestle SA 4.77 BANQUE CANTONALE VAUDOISE Roche Holding AG 3.47 ROYAL DUTCH SHELL A - 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 Sat1 2.38 Allianz 2.19 Total 30.43

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 strengthening of the euro which harms asset purchase program was increased and a sharp decline in equity markets, which bottomed competitiveness and leads to lower inflation new funding program for banks to help increase mid-February. A steep recovery then set in. rates. The banking sector was again under their loan book was introduced. However, the MSCI Europe NR index did not stress. The turnaround was then helped by the manage to recoup all of the previous losses and release of economic data, which turned out to be The most notable outperforming sectors were closed the quarter significantly lower. The better than feared. Energy and Materials on the back of a relief rally correction was driven primarily by concerns of their underlyings. Once more, the Financials related to a potential slowdown of the Chinese There was once more the helping hand of the sector was among the worst performing sectors. economy and the continued price slump in crude US Federal Reserve (the Fed) and the European Surprisingly, the Health Care sector also oil and in commodities. At some point investors Central Bank (ECB). At the meeting in March, suffered considerably and thus failed to show its raised the question about a looming global the Fed left the key interest rate unchanged and defensive characteristics. In terms of investment recession. lowered the projection of further rate hikes. The style, the European high dividend yield style was ECB announced an expansion of monetary policy of no particular help for this quarter’s overall In this context the eurozone economy was seen measures (quantitative easing): the deposit rate performance. as particularly exposed. The reason was a was cut by a further 10 bps, the size of the

Outlook for the market 4) Shorter-term we remain neutral on equities. In the medium term, we see the following leaving the EU following the vote on EU There remain pockets of uncertainty that could supporting factors for equities: 1) We see global membership on June 23, imbalances in the oil continue to weigh on equities. Questions around growth accelerating slightly heading into 2017, market, tensions in the Middle East and China’s economic growth are likely to resurface, supported by still accommodative monetary uncertainty regarding the path for Fed rates in while the recovery in commodity prices remains policy overall; 2) Global excess liquidity, driven by 2016. fragile. And, importantly, equity markets will need the ECB and Bank of Japan remains supportive earnings growth to move higher. While earnings for equities; 3) Equities look fairly valued on a Given our view that, in the medium term equity revisions appear to have troughed, they remain 12-month forward basis but continue to look returns - although positive - could be range negative, and earnings growth expectations for attractive compared to bonds; and 4) Positioning bound, dividend income will remain in the focus 2016 are now in the low single digits for global of retail and institutional investors remains as the most important component of total return. equities. As the value case for equities is weaker cautious. Furthermore, we expect Central Banks leaving after the recent market recovery, we stay neutral interest rates on low levels for a prolonged time on equities shorter term. Risks to our equity market view include: Growth and in general dividend yields still compare concerns in China, the possibility of the UK 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 1995. 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 1999. 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 2002. 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Japan Value Equity Fund

a subfund of CS Investment Funds 2 - Class B JPY

This Fund is not suitable for investors with Net performance in JPY (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 220 120% investment horizon of less than 5 years. 200 100% 180 80% 54.6 Investment policy 160 48.8 60% The Credit Suisse (Lux) Japan Value Equity Fund 140 40% 22.0 21.6 pursues a "deep value" approach based on the 120 8.9 9.5 9.1 9.9 20% classic Graham & Dodd discipline. To this end 100 0% -9.2 the fund invests in undervalued companies which 80 -12.7 -20% 60 -40% are domiciled or conduct a majority of their 2011 2012 2013 2014 2015 2016 business activities in Japan. The investment CS (Lux) Japan Value Equity Fund B JPY Yearly or year-to-date performance respectively (Fund) decisions are not made on the basis of a MSCI Japan (NR) Yearly or year-to-date performance respectively (Benchmark) benchmark; nevertheless, investors can use the MSCI Japan Index as a long-term yardstick. The Net performance in JPY 2) value approach can deliver above-average results 1 month 3 months YTD 1 year 3 years 5 years over a long period because it disciplines investors Fund 4.93 -9.17 -9.17 -6.89 28.33 74.40 not to pay too much for an investment. Benchmark 4.29 -12.66 -12.66 -12.90 33.87 65.25

Fund facts Sectors in % Fund manager Gregor Trachsel Fund Benchmark Compared with benchmark Fund manager since 14.07.2010 Industrials 34.68 19.29 15.39 Location Zurich Materials 15.80 5.38 10.42 Fund domicile Luxembourg Consumer Staples 13.02 8.29 4.73 Fund currency JPY Utilities 9.36 2.51 6.85 Close of financial year 31. May Consumer Discretionary 7.59 21.30 -13.71 Total net assets (in mil.) 12'300.82 Financials 6.90 17.80 -10.90 Inception date 30.03.2011 Information Technology 5.97 10.32 -4.35 Management fee in % p.a. 1.92 Energy 3.18 0.81 2.37 TER (as of 30.11.2015) in % 2.18 Cash/Cash Equivalents 0.78 - 0.78 Benchmark (BM) MSCI Japan (NR) Others 2.71 14.31 -11.60 Swinging single pricing (SSP) 3) Yes Unit Class Category B Fund statistics 2) Top 10 Holdings in % (capital growth) 3 years 5 years Hokkaido Gas 2.11 Unit class currency JPY Annualised volatility in % 15.19 16.12 Mitsubishi Heavy Ind. 2.05 ISIN LU0496466821 Information ratio -0.20 0.15 Nippon Valqua Ind. 2.05 Bloomberg ticker CSEJPVB LX Tracking Error (Ex post) 7.13 7.42 Maruyama 2.03 Valor no. 11145891 Beta 0.77 0.79 Techno Ryowa 1.99 Net asset value (NAV) 1'744.00 Itochu-Shokuhin 1.98 Credit Suisse SICAV One Redemptions Daily Mitsubishi Gas Chem. 1.98 EU taxation In scope - tax Significant Transactions Gakken Hld Co. Ltd 1.96 3) For more details, please refer to the relevant chapter "Net Purchases Sales JBCC 1.94 Asset Value" of the Fund’s prospectus. - COCA-COLA WEST Taisei Lamick 1.92 Total 20.01

Credit Suisse (Lux) Japan Value Equity Fund a subfund of Class B JPY

Review previous quarter 4) Performance: The Fund’s net asset value AuM. central bank-driven markets lend heavy (EB-shares) fell by 8.90% in Q1 2016. Since importance to the task of proper portfolio the Fund became responsibility of the Value Corporate actions / mergers and acquisitions: management. In our separate quarterly letter on Team on July 14, 2010, it has compounded at There were no major events during the quarter. the global strategy, we would like to offer a brief an annual net return rate of 11.81%. review of how we construct, shape and adjust Commentary: There were no noteworthy issues the Fund’s portfolio on an ongoing basis. We Transactions: During the reporting we sold one which may have caused an alteration in portfolio believe that we follow a highly disciplined process holding: the price of the Japanese beverage strategy (see outlook section below) or structure which has worked very well over time and which distributor Coca-Cola West Co., Ltd. has in Q1 2016. consequently has remained unchanged since we reached our conservative estimate of intrinsic began managing the Fund. value. We did not buy anything new. Overall the The erratic stock price swings we have been cash balance remains low at less than 1% of witnessing in recent history on the back of

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses still appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the global value of legacy-burdened incumbents while

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 (Switzerland) 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) European Dividend Plus Equity Fund

a subfund of CS Investment Funds 2 - Class BH CHF

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The subfund invests in a broadly diversified 160 60% European equity portfolio that can be expected to 150 50% yield above-average dividends. 140 40% 130 30% 17.9 Fund facts 120 14.4 20% Fund manager Felix Maag, Nicola Nolè 110 6.8 7.0 10% Fund manager since 09.09.2009, 01.04.2011 100 0% Location Zurich, Zurich 90 -5.1 -10% Fund domicile Luxembourg 80 -20% 2011 2012 2013 2014 2015 2016 Fund currency EUR Close of financial year 31. May CS (Lux) European Dividend Plus Equity Fund BH Yearly or year-to-date performance respectively CHF (Fund) Total net assets (in mil.) 353.47 Inception date 17.03.2011 2) Management fee in % p.a. 1.60 Net performance in CHF TER (as of 30.11.2015) in % 1.86 1 month 3 months YTD 1 year 3 years 5 years Benchmark (BM) No Benchmark Fund 1.67 -5.15 -5.15 -12.01 21.21 35.53 Swinging single pricing (SSP) 3) Yes Unit Class Category BH (capital growth) Sectors in % Unit class currency CHF Fund ISIN LU0603361998 Financials 22.49 Bloomberg ticker CSEEDRC LX Consumer Staples 14.41 Valor no. 12634678 Health Care 13.85 Net asset value (NAV) 14.00 Industrials 11.83 Last distribution - Consumer Discretionary 8.82 Distribution value - Telecommunication Services 6.76 Redemptions Daily Energy 6.63 EU taxation In scope - no tax Utilities 5.88 3) For more details, please refer to the relevant chapter "Net Cash/Cash Equivalents 2.85 Asset Value" of the Fund’s prospectus. Others 6.49 Fund statistics 2) 3 years 5 years Currencies in % Countries in % Annualised volatility in % 12.14 11.92 EUR 46.58 United Kingdom 29.07 Information ratio - - GBP 30.19 Switzerland 17.83 Tracking Error (Ex post) - - CHF 17.83 France 13.16 Beta - - SEK 3.58 Germany 12.88 NOK 1.73 Netherlands 6.10 USD 0.09 Italy 4.49 Sweden 3.58 Credit Suisse SICAV One Finland 3.22 Cash/Cash Equivalents 2.85 Significant Transactions Others 6.82 Purchases Sales DEUTSCHE POST Reg VINCI Top 10 Holdings in % CEMBRA MONEY Reg Nestle SA 4.77 BANQUE CANTONALE VAUDOISE Roche Holding AG 3.47 ROYAL DUTCH SHELL A - 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 Sat1 2.38 Allianz 2.19 Total 30.43

Credit Suisse (Lux) European Dividend Plus Equity Fund a subfund of Class BH CHF

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

42 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) European Dividend Plus Equity Fund

a subfund of CS Investment Funds 2 - Class IB EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The subfund invests in a broadly diversified 180 80% European equity portfolio that can be expected to yield above-average dividends. 160 60% 140 40% Fund facts 17.3 19.0 19.8 Fund manager Felix Maag, Nicola Nolè 120 16.2 20% 8.2 6.8 9.7 8.2 Fund manager since 09.09.2009, 01.04.2011 100 0% -4.7 Location Zurich, Zurich -5.5 -8.1 -7.1 Fund domicile Luxembourg 80 -20% 2011 2012 2013 2014 2015 2016 Fund currency EUR CS (Lux) European Dividend Plus Equity Fund IB Close of financial year 31. May Yearly or year-to-date performance respectively (Fund) EUR Total net assets (in mil.) 353.47 Yearly or year-to-date performance respectively MSCI Europe (NR) Inception date 12.10.2009 (Benchmark) Management fee in % p.a. 0.70 TER (as of 30.11.2015) in % 0.96 Net performance in EUR 2) Benchmark (BM) MSCI Europe (NR) Swinging single pricing (SSP) 3) Yes 1 month 3 months YTD 1 year 3 years 5 years Fund 1.87 -4.67 -4.67 -10.03 27.28 47.59 Unit Class Category IB (capital growth) Benchmark 1.33 -7.06 -7.06 -13.71 22.11 37.94 Unit class currency EUR ISIN LU0439729798 Sectors in % Bloomberg ticker CSEUEQI LX Fund Benchmark Compared with benchmark Valor no. 10348388 Financials 22.49 20.36 2.13 Net asset value (NAV) 1'691.40 Consumer Staples 14.41 15.65 -1.24 Last distribution - Health Care 13.85 13.33 0.52 Distribution value - Industrials 11.83 11.87 -0.04 Min. Investment Amount 500'000 Consumer Discretionary 8.82 12.01 -3.19 Redemptions Daily Telecommunication Services 6.76 5.06 1.70 EU taxation In scope - no tax Energy 6.63 6.38 0.25 3) For more details, please refer to the relevant chapter "Net Utilities 5.88 4.05 1.83 Asset Value" of the Fund’s prospectus. 2) Cash/Cash Equivalents 2.85 - 2.85 Fund statistics Others 6.49 11.29 -4.80 Dividend Yield (Fund/BM) 4.80/3.80 3 years 5 years Currencies in % Countries in % Annualised volatility in % 12.17 11.90 Information ratio 0.56 0.49 EUR 46.58 United Kingdom 29.07 Tracking Error (Ex post) 2.47 2.75 GBP 30.19 Switzerland 17.83 Beta 0.90 0.88 CHF 17.83 France 13.16

SEK 3.58 Germany 12.88 Credit Suisse SICAV One NOK 1.73 Netherlands 6.10 USD 0.09 Italy 4.49 Sweden 3.58 Finland 3.22 Cash/Cash Equivalents 2.85 Significant Transactions Others 6.82 Purchases Sales DEUTSCHE POST Reg VINCI Top 10 Holdings in % CEMBRA MONEY Reg Nestle SA 4.77 BANQUE CANTONALE VAUDOISE Roche Holding AG 3.47 ROYAL DUTCH SHELL A - 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 Sat1 2.38 Allianz 2.19 Total 30.43

Credit Suisse (Lux) European Dividend Plus Equity Fund a subfund of Class IB EUR

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

44 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Small and Mid Cap Europe Equity Fund

a subfund of CS Investment Funds 11 - Class B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 200 100% capital growth possible. The Fund invests at least 180 80% two-thirds of its assets in small and 160 60% medium-sized European companies with a 140 30.4 33.4 40% market capitalization of EUR 5 billion or less. The 27.0 23.5 120 19.0 20.1 20% investment region Europe includes all EU and 9.6 6.5 100 0% EFTA countries. -7.8 -5.7 80 -18.6 -17.4 -20% 60 -40% Fund facts 2011 2012 2013 2014 2015 2016 Fund manager Jan Berg CS (Lux) Small and Mid Cap Europe Equity Fund Yearly or year-to-date performance respectively (Fund) Fund manager since 21.02.2007 B EUR

Yearly or year-to-date performance respectively Credit Suisse Equity Fund Location Zurich MSCI Europe Small Cap (NR) (09/06) Fund domicile Luxembourg (Benchmark) Fund currency EUR 2) Close of financial year 31. March Net performance in EUR Total net assets (in mil.) 109.00 1 month 3 months YTD 1 year 3 years 5 years Inception date 28.01.1994 Fund 2.14 -7.82 -7.82 -7.70 49.60 60.54 Management fee in % p.a. 1.92 Benchmark 3.27 -5.71 -5.71 -1.29 52.86 73.86 TER (as of 31.03.2015) in % 2.13 Benchmark (BM) MSCI Europe Small Cap (NR) (09/06) Sectors in % Swinging single pricing (SSP) 3) Yes Fund Unit Class Category B Industrials 26.07 (capital growth) Information Technology 16.56 Unit class currency EUR Consumer Discretionary 12.60 ISIN LU0048365026 Financials 11.95 Bloomberg ticker CRSESEI LX Health Care 10.80 Valor no. 140168 Materials 8.37 Net asset value (NAV) 2'303.05 Consumer Staples 7.84 Redemptions Daily Energy 3.97 EU taxation In scope - no tax Utilities 0.91 3) For more details, please refer to the relevant chapter "Net Cash/Cash Equivalents 0.94 Asset Value" of the Fund’s prospectus. Fund statistics 2) Currencies in % Countries in % 3 years 5 years Annualised volatility in % 13.40 14.10 EUR 52.11 France 17.30 Information ratio -0.14 -0.33 GBP 16.41 United Kingdom 16.80 Tracking Error (Ex post) 5.12 4.81 SEK 11.02 Sweden 10.41 NOK 8.76 Germany 9.58 Beta 0.96 0.95 CHF 8.20 Norway 8.62 DKK 3.50 Switzerland 8.41 Finland 5.57 Spain 5.35 Cash/Cash Equivalents 0.94 Significant Transactions Others 17.02 Purchases Sales SUBSEA 7 LADBROKES Top 10 Holdings in % FIGEAC AERO FREENET Reg Orpea 3.29 ORIFLAME HOLDING Reg DRILLISCH Verkkokauppa.com 3.08 SAAB B PLASTIC OMNIUM Kion Group GmbH 2.90 NEXITY A ACKERMANS V HAAREN 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 26.09

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 The fund was down 7.82% in Q1, net of fees from high salmon prices and strong operational of 2016, which was characterized by high for the B share class. The MSCI Small Cap index performance. The financial services group volatility. The economic slowdown in China and reported a fall of 5.71%. The fund suffered from Henderson suffered from the generally weak the decline in the price of oil, which touched an underweight in Financials and an overweight environment for financial companies in Q1. The record lows, spurred global recession fears. in IT. Automotive company Autoneum and online market place for restaurant delivery Just Major European equity indices touched levels not salmon producer Bakkaforst were the best Eat had a good start in 2016 but suffered on seen since 2013/2014. Markets rebounded attributors. Henderson Group and Just Eat were the announcement of the launch of UberEATS in towards the end of the quarter with oil price the worst attributors. Autoneum reported good London, a potential competitor. We have sold the recovering from its lows. FY15 figures and the company’s initiatives position. should drive growth further. Bakkaforst benefits

Outlook for the market 4) After the recent sell-off we believe that market sentiment index in Germany. This relatively due to weak emerging markets and recent equity concerns that the slowdown in China, the fallout comforting picture in core Europe is challenged market volatility, but the underlying trend of from cheap oil or banking issues could stall the by uncertainty in Southern Europe (ongoing economic data continue to point to a stable, economic upswing in Europe are overdone. In Italian banking crisis, political stalemate in Spain, moderately positive economic environment. This Europe, increased industrial production due to the potential for Greece to flare up again) and the should be supportive for European equities, lower commodity prices and solid Purchasing “Brexit” vote in the UK. whose valuations remain attractive in the current Managers’ Index data were complemented by zero-interest rate environment. a surprisingly strong rebound in the business The world economy has lost some momentum

Portfolio Management Jan Berg, Director, is a portfolio manager within the Equity Team. Jan joined the CS Small&Mid Cap Team in August 2006. 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 2001.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

46 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) USA Growth Opportunities Equity Fund

a subfund of CS Investment Funds 11 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve long-term 180 80% capital appreciation by investing in a growth style biased portfolio of US companies. The Fund 160 60% invest primarily in well-established medium to 140 40% large-sized US companies that have the ability to 32.1 31.8 120 15.3 20% deliver superior growth compared to their peers 11.7 10.7 12.7 1.4 and the overall US market. Stock selection is 100 0.4 0.7 0.8 0% driven by proprietary quantitative growth screens, -3.4 -4.9 80 -20% followed by deep fundamental research and a 2011 2012 2013 2014 2015 2016 strong emphasis on risk controls within the CS (Lux) USA Growth Opportunities Equity Fund Yearly or year-to-date performance respectively (Fund) portfolio. B USD

Yearly or year-to-date performance respectively Credit Suisse Equity Fund MSCI USA (NR) (Benchmark) Fund facts Fund manager Marcello Musio Net performance in USD 2) Fund manager since 01.08.2012 Location Zurich 1 month 3 months YTD 1 year 3 years 5 years Fund domicile Luxembourg Fund 5.11 -4.87 -4.87 -7.64 27.15 43.88 Fund currency USD Benchmark 6.78 0.78 0.78 0.24 36.40 66.50 Close of financial year 31. March Total net assets (in mil.) 477.54 Sectors in % Inception date 07.06.1991 Fund Benchmark Compared with benchmark Management fee in % p.a. 1.25 Information Technology 20.92 20.87 0.05 TER (as of 31.03.2015) in % 1.46 Health Care 14.23 14.24 -0.01 Benchmark (BM) MSCI USA (NR) Financials 13.98 15.62 -1.64 Unit Class Category B Consumer Discretionary 13.76 13.71 0.05 (capital growth) Industrials 10.53 9.70 0.83 Unit class currency USD Consumer Staples 10.45 10.18 0.27 ISIN LU0055732977 Energy 6.42 6.59 -0.17 Bloomberg ticker CRSNABI LX Utilities 5.19 3.37 1.82 Valor no. 349533 Cash/Cash Equivalents 0.13 - 0.13 Net asset value (NAV) 1'013.42 Others 4.39 2.94 1.45 Redemptions Daily EU taxation In scope - no tax Fund statistics 2) Top 10 Holdings in % 3 years 5 years Alphabet -A- 3.04 Annualised volatility in % 12.09 13.25 Facebook 2.58 Information ratio -0.50 -0.78 Amazon.Com 2.11 Tracking Error (Ex post) 4.65 3.75 Home Depot 2.06 Beta 0.98 1.04 Qualcomm 2.03 NEXTERA Energy 2.02 Significant Transactions Edwards Lifesciences Corp. 1.88 Purchases Sales Nike 1.85 SPDR S&P METALS & MINING ETF MICROSOFT Apple Inc 1.83 BROADCOM KROGER Arista Networks Inc 1.80 MEDIVATION SIGNATURE BANK Total 21.20 HONEYWELL INTERNATIONAL SPDR S&P METALS & MINING ETF SIMON PROPERTY GROUP CELGENE

Credit Suisse (Lux) USA Growth Opportunities Equity Fund Class B USD

Review previous quarter 4) It was a wild ride for equity investors in the first Energy and Consumer Discretionary contributed quarter of 2016. After a tumultuous start - hitting For the first quarter, the MSCI US (TR Net) Index most to underperformance. the panic button in January - the US stock returned 0.8%, while the MSCI Europe (TR Net) market ended the quarter close to where it Index and MSCI Emerging Market (TR Net) Index At the level of individual holdings, Tyler started. Concerns that the US might be heading returned -2.5% and 5.7% respectively in USD Technologies (TYL), J2 Global (JCOM) and into recession and an oil price below USD 27 terms . From an investment style perspective, Royal Caribbean (RCL) were the biggest per barrel, curbed risk appetite and sent investors value stocks finished ahead of growth stocks. detractors. TYL and RCL dropped by more than into safe-havens. A fall of more than 10% in the Looking at sector performance, defensive 15% after earning results, due to disappointing first six weeks of the year, was followed by a sectors like Utilities (+15.6%), Telecom growth outlooks. JCOM lost nearly 20% after sharp turnaround as global concerns abated and (+15.4%) and Consumer Staples (+5.5%) were Citron Research (a short seller) released a report central banks’ actions surprised on the dovish the top performing group, while Health Care saying JCOM’s fax-to-email business is a dying side. The big winners on the turnaround were (-6.1%) and Financials (-5.1%) lagged. The business and its proprietary technology is rolling emerging markets and commodity-based portfolio declined 4.9%, underperforming its off patent protection in 2017. equities. benchmark by 5.7%. Stock selection within IT,

Outlook for the market 4) Global economies continue to remain lackluster and usually weighs on valuations. We expect market has either overlooked or underestimated and the macroeconomic environment is more volatility as the Fed normalizes policy and companies’ potential to disrupt. We will continue uncertain. Low interest rates reflect massive the business and credit cycles mature. Our base to emphasize stocks of companies in Health quantitative easing by central banks around the case cyclical outlook and asset implication has Care and IT and continue to remain underweight world, artificially boosting many asset prices. not changed. Energy, Telecom and new Financials as we have Significant currency distortion, weak commodity difficulties in finding good risk/reward prices, slowing growth in China and mixed We continue to look for companies across the opportunities. Health Care should benefit in the economic data in Europe and the US have added mid- & large-cap growth spectrum, with a long run from the innovation wave under way to the uncertainty. The outlook for the US specific emphasis on revenue and profit derived across all parts of the sector, particularly in the mid-cycle economic expansion remains solid either from secular themes like energy efficiency biotechnology industry. In IT positive consumer despite global weakness. In our view, equity and urbanization of emerging markets or from and corporate demand trends should bode well markets are also increasingly vulnerable towards domestic markets. Disruptive technology is for 2016. the fact that the economic cycle has entered a shaking up traditional industries and we are mature stage, when earnings growth moderates focused on finding opportunities where the

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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) USA Growth Opportunities Equity Fund

a subfund of CS Investment Funds 11 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve long-term 240 140% capital appreciation by investing in a growth style 220 120% biased portfolio of US companies. The Fund 200 100% invest primarily in well-established medium to 180 80% large-sized US companies that have the ability to 160 60% 140 40% deliver superior growth compared to their peers 31.4 26.1 28.3 120 10.9 13.6 10.4 12.2 20% and the overall US market. Stock selection is 4.8 100 0.2 0% driven by proprietary quantitative growth screens, -5.1 -5.0 -3.9 80 -20% followed by deep fundamental research and a 2011 2012 2013 2014 2015 2016 strong emphasis on risk controls within the CS (Lux) USA Growth Opportunities Equity Fund Yearly or year-to-date performance respectively portfolio. BH EUR (Fund)

Yearly or year-to-date performance respectively Credit Suisse Equity Fund MSCI USA (NR) (Benchmark) Fund facts Fund manager Marcello Musio Net performance in EUR 2) Fund manager since 01.08.2012 Location Zurich 1 month 3 months YTD 1 year 3 years 5 years Fund domicile Luxembourg Fund 4.94 -5.03 -5.03 -7.74 25.95 38.96 Fund currency USD Benchmark 1.81 -3.93 -3.93 -5.53 53.69 107.34 Close of financial year 31. March Total net assets (in mil.) 477.54 Sectors in % Inception date 31.05.2002 Fund Benchmark Compared with benchmark Management fee in % p.a. 1.25 Information Technology 20.92 20.87 0.05 TER (as of 31.03.2015) in % 1.45 Health Care 14.23 14.24 -0.01 Benchmark (BM) MSCI USA (NR) Financials 13.98 15.62 -1.64 Unit Class Category BH Consumer Discretionary 13.76 13.71 0.05 (capital growth) Industrials 10.53 9.70 0.83 Unit class currency EUR Consumer Staples 10.45 10.18 0.27 ISIN LU0145374574 Energy 6.42 6.59 -0.17 Bloomberg ticker CRSNAHI LX Utilities 5.19 3.37 1.82 Valor no. 1402727 Cash/Cash Equivalents 0.13 - 0.13 Net asset value (NAV) 13.59 Others 4.39 2.94 1.45 Redemptions Daily EU taxation In scope - no tax Fund statistics 2) Top 10 Holdings in % 3 years 5 years Alphabet -A- 3.04 Annualised volatility in % 11.98 13.21 Facebook 2.58 Information ratio -0.80 -0.83 Amazon.Com 2.11 Tracking Error (Ex post) 8.33 9.69 Home Depot 2.06 Beta 0.76 0.82 Qualcomm 2.03 NEXTERA Energy 2.02 Significant Transactions Edwards Lifesciences Corp. 1.88 Purchases Sales Nike 1.85 SPDR S&P METALS & MINING ETF MICROSOFT Apple Inc 1.83 BROADCOM KROGER Arista Networks Inc 1.80 MEDIVATION SIGNATURE BANK Total 21.20 HONEYWELL INTERNATIONAL SPDR S&P METALS & MINING ETF SIMON PROPERTY GROUP CELGENE

Credit Suisse (Lux) USA Growth Opportunities Equity Fund Class BH EUR

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

50 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Russian Equity Fund

a subfund of CS Investment Funds 5 - Class B RUB

Investment policy Net performance in RUB (rebased to 100) and yearly performance 2)

The fund aims to achieve long-term capital 150 50% appreciation by investing primarily in equities of 140 40% issuers incorporated in Russia or conducting their 130 28.3 30.4 30% 120 18.0 20% principal business activities within Russia. It 10.2 110 9.1 6.5 10% offers broad diversification across sectors such 3.5 100 0% as energy, materials, telecommunications, -3.2 -2.1 90 -8.5 -10% consumer goods and banking. The investment 80 -20% -20.4 strategy is based on fundamental analysis. The 70 -28.4 -30% 60 -40% fund targets investments in shares of attractively 2011 2012 2013 2014 2015 2016 valued companies expected to benefit from CS (Lux) Russian Equity Fund B RUB Yearly or year-to-date performance respectively (Fund) growth in the Russian economy and global MSCI Russia 10-40 (NR) Yearly or year-to-date performance respectively (Benchmark) demand for natural resources. Net performance in RUB 2) Fund facts 1 month 3 months YTD 1 year 3 years 5 years Fund manager Anna Väänänen Fund 1.19 -2.14 -2.14 12.06 48.15 12.14 Fund manager since 01.09.2011 Benchmark 2.72 6.52 6.52 21.40 56.54 27.51 Location Zurich Fund domicile Luxembourg Sectors in % Fund currency USD Fund Close of financial year 30. Sep Energy 26.48 Total net assets (in mil.) 58.98 Consumer Staples 20.29 Inception date of share class 30.09.2009 Financials 16.50 Management fee in % p.a. 1.92 Information Technology 14.50 TER (as of 30.09.2015) in % 2.34 Materials 11.74 Benchmark (BM) MSCI Russia 10-40 (NR) Industrials 6.54 Swinging single pricing (SSP) 3) Yes Consumer Discretionary 2.02 Unit Class Category B Telecommunication Services 1.44 (capital growth) Cash/Cash Equivalents 0.50 Unit class currency RUB ISIN LU0348404236 Currencies in % Countries in % Bloomberg ticker CLLRURB LX Valor no. 3786540 USD 99.90 Russia 88.72 Net asset value (NAV) 1'729.03 RUB 0.09 USA 6.47 Redemptions Daily EUR 0.01 Cyprus 4.32 Sales registration: Cash/Cash Austria, Finland, France, Germany, Italy, Equivalents 0.50 Luxembourg, Norway, Singapore, Spain, Sweden, Switzerland 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) Significant Transactions Top 10 Holdings in % 3 years 5 years Purchases Sales Sberbank of Russia 8.66 Annualised volatility in % 18.75 20.31 NOVOLIPETSK STEEL Reg Gdr Magnit 7.92 Information ratio -0.22 -0.38 PHOSAGRO Reg S Gdr X 5 Retail Group 7.38 Tracking Error (Ex post) 8.19 6.83 SEVERSTAL Gdr Reg S S Oct06 Yandex 5.23 Beta - - SURGUTNEFTEGAZ JSC Pref Lukoil ADR 5.22 DIXY GROUP EON Russia Mobile Telesystems 4.75 Global SPGDR 4.32 Number of holdings Novatek 4.17 Fund 30 Luxoft 4.15 GROUP LSR 4.06 Total 55.86 Credit Suisse SICAV

Credit Suisse (Lux) Russian Equity Fund Class B RUB

Review previous quarter 4) The oil price remained volatile, but recovered in month, while inflation slowed down sharply from economic data improved across sectors. While February from the lows reached in January. The 12.9%. The Russian equity market continued to it is too early to draw conclusions, this supports short lived spike was caused by Saudi Arabia and perform strongly as the oil price rebounded by the thesis that the economy is stabilizing. Inflation Russia agreeing to freeze oil output at January 10% to USD 40/barrel. The RBL strengthened in March is expected to have been 0.6%, which 2016 levels. The RUB remained flat during the to 67 against the USD, up by 8% YTD. February would mean full year inflation of around 7.5%.

Outlook for the market 4) Expecting oil price to fluctuate at around USD scenario we believe domestic companies will flows to active funds. The fund’s PEG ratio is 40/barrel, we expect the RUB and the Russian continue reporting improving results. During the currently at 0.36x and we believe there to be economy to stabilize during the spring. Inflation first quarter inflows were mainly through passive significant upside once fund flows improve. also shows signs of deceleration and this should products. In order for the non-index companies lead to the CBR cutting interest rates. In this to start performing we need to see improving

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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) USA Growth Opportunities Equity Fund

a subfund of CS Investment Funds 11 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve long-term 180 80% capital appreciation by investing in a growth style biased portfolio of US companies. The Fund 160 60% invest primarily in well-established medium to 140 32.9 40% large-sized US companies that have the ability to 31.8 120 15.3 20% deliver superior growth compared to their peers 12.3 11.3 12.7 1.4 1.0 and the overall US market. Stock selection is 100 0.7 0.8 0% driven by proprietary quantitative growth screens, -2.8 -4.7 80 -20% followed by deep fundamental research and a 2011 2012 2013 2014 2015 2016 strong emphasis on risk controls within the CS (Lux) USA Growth Opportunities Equity Fund Yearly or year-to-date performance respectively (Fund) portfolio. IB USD

Yearly or year-to-date performance respectively Credit Suisse Equity Fund MSCI USA (NR) (Benchmark) Fund facts Fund manager Marcello Musio Net performance in USD 2) Fund manager since 01.08.2012 Location Zurich 1 month 3 months YTD 1 year 3 years 5 years Fund domicile Luxembourg Fund 5.16 -4.74 -4.74 -7.12 29.41 48.21 Fund currency USD Benchmark 6.78 0.78 0.78 0.24 36.40 66.50 Close of financial year 31. March Total net assets (in mil.) 477.54 Sectors in % Inception date 14.04.2000 Fund Benchmark Compared with benchmark Management fee in % p.a. 0.70 Information Technology 20.92 20.87 0.05 TER (as of 31.03.2015) in % 0.85 Health Care 14.23 14.24 -0.01 Benchmark (BM) MSCI USA (NR) Financials 13.98 15.62 -1.64 Unit Class Category IB Consumer Discretionary 13.76 13.71 0.05 (capital growth) Industrials 10.53 9.70 0.83 Unit class currency USD Consumer Staples 10.45 10.18 0.27 ISIN LU0108804591 Energy 6.42 6.59 -0.17 Bloomberg ticker CRSNAII LX Utilities 5.19 3.37 1.82 Valor no. 1057955 Cash/Cash Equivalents 0.13 - 0.13 Net asset value (NAV) 1'452.92 Others 4.39 2.94 1.45 Min. Investment Amount 500'000 Redemptions Daily 2) EU taxation In scope - no tax Fund statistics Top 10 Holdings in % 3 years 5 years Alphabet -A- 3.04 Annualised volatility in % 12.09 13.25 Facebook 2.58 Information ratio -0.38 -0.62 Amazon.Com 2.11 Tracking Error (Ex post) 4.65 3.75 Home Depot 2.06 Beta 0.98 1.04 Qualcomm 2.03 NEXTERA Energy 2.02 Significant Transactions Edwards Lifesciences Corp. 1.88 Purchases Sales Nike 1.85 SPDR S&P METALS & MINING ETF MICROSOFT Apple Inc 1.83 BROADCOM KROGER Arista Networks Inc 1.80 MEDIVATION SIGNATURE BANK Total 21.20 HONEYWELL INTERNATIONAL SPDR S&P METALS & MINING ETF SIMON PROPERTY GROUP CELGENE

Credit Suisse (Lux) USA Growth Opportunities Equity Fund Class IB USD

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

54 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Russian Equity Fund

a subfund of CS Investment Funds 5 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The fund aims to achieve long-term capital 140 40% appreciation by investing primarily in equities of 120 14.7 15.9 16.4 20% issuers incorporated in Russia or conducting their 9.7 5.4 7.2 6.9 principal business activities within Russia. It 100 0% offers broad diversification across sectors such -3.8 80 -20% as energy, materials, telecommunications, -24.3 consumer goods and banking. The investment 60 -31.8 -40% strategy is based on fundamental analysis. The -47.0 -49.9 40 -60% fund targets investments in shares of attractively 2011 2012 2013 2014 2015 2016 valued companies expected to benefit from CS (Lux) Russian Equity Fund B USD Yearly or year-to-date performance respectively (Fund) growth in the Russian economy and global MSCI Russia 10-40 (NR) Yearly or year-to-date performance respectively (Benchmark) demand for natural resources. Former Track Record of Clariden Leu (Gue) Russia Equity Fund (September 30, 1994 - August 20, 2009). Fund facts For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 20 August 2009. For the restructuring all assets and liabilities of the former Clariden Leu (Gue) Russia Equity Fund have been transferred to CS Fund manager Anna Väänänen (Lux) Russian Equity Fund B USD. Fund management and investment policy remained unchanged. The data provided in this document Fund manager since 01.09.2011 reflect the performance of the Clariden Leu (Gue) Russia Equity Fund as well as the performance of the CS (Lux) Russian Equity Fund Location Zurich B USD. Past performance, whether actual or simulated, does not guarantee future results. 2) Fund domicile Luxembourg Net performance in USD Fund currency USD 1 month 3 months YTD 1 year 3 years 5 years Close of financial year 30. Sep Fund 13.55 6.87 6.87 -2.59 -31.14 -53.20 Total net assets (in mil.) 58.98 Benchmark 15.29 16.36 16.36 5.54 -27.22 -45.80 Inception date of share class 20.08.2009 Management fee in % p.a. 1.92 Sectors in % TER (as of 30.09.2015) in % 2.30 Fund Benchmark (BM) MSCI Russia 10-40 (NR) Energy 26.48 Swinging single pricing (SSP) 3) Yes Consumer Staples 20.29 Unit Class Category B Financials 16.50 (capital growth) Information Technology 14.50 Unit class currency USD Materials 11.74 ISIN LU0348403774 Industrials 6.54 Bloomberg ticker CLLRUSB LX Consumer Discretionary 2.02 Valor no. 3786520 Telecommunication Services 1.44 Net asset value (NAV) 90.06 Cash/Cash Equivalents 0.50 Redemptions Daily Sales registration: Currencies in % Countries in % Austria, Finland, France, Germany, Italy, Luxembourg, Norway, Singapore, Spain, Sweden, USD 99.90 Russia 88.72 Switzerland RUB 0.09 USA 6.47 EU taxation In scope - no tax EUR 0.01 Cyprus 4.32 3) For more details, please refer to the relevant chapter "Net Cash/Cash Asset Value" of the Fund’s prospectus. Equivalents 0.50 Fund statistics 2) 3 years 5 years Annualised volatility in % 31.18 34.20 Information ratio -0.22 -0.39 Tracking Error (Ex post) 8.22 7.56 Beta 1.04 1.07 Significant Transactions Top 10 Holdings in % Purchases Sales Sberbank of Russia 8.66 NOVOLIPETSK STEEL Reg Gdr Magnit 7.92 PHOSAGRO Reg S Gdr X 5 Retail Group 7.38 SEVERSTAL Gdr Reg S S Oct06 Yandex 5.23 SURGUTNEFTEGAZ JSC Pref Lukoil ADR 5.22 DIXY GROUP EON Russia Mobile Telesystems 4.75 Global SPGDR 4.32 Number of holdings Novatek 4.17 Fund 30 Luxoft 4.15 GROUP LSR 4.06 Total 55.86 Credit Suisse SICAV

Credit Suisse (Lux) Russian Equity Fund Class B USD

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

56 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) European Property Equity Fund

a subfund of CS Investment Funds 11 - Class B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The subfund invests throughout Europe in stocks 200 100% of companies operating in the real estate market 180 80% and related industries. This sector consists of 160 60% enterprises which provide, produce, develop, 140 40% finance and/or sell services and products for the 26.9 27.1 24.3 25.4 120 17.9 18.1 20% real estate market. There will not be any direct 9.2 10.8 100 0% investments in real estate. -4.3 -2.8 80 -14.5 -10.4 -20% 60 -40% Fund facts 2011 2012 2013 2014 2015 2016 Fund manager Frederik De Block Yearly or year-to-date performance respectively CS (Lux) European Property Equity Fund B EUR Fund manager since 01.10.2010 (Fund)

Location Zurich FTSE EPRA/NAREIT Dev. Europe Capped (NR) Yearly or year-to-date performance respectively Credit Suisse Equity Fund Fund domicile Luxembourg (01/10) (Benchmark) Fund currency EUR 2) Close of financial year 31. March Net performance in EUR Total net assets (in mil.) 24.80 1 month 3 months YTD 1 year 3 years 5 years Inception date 06.07.2001 Fund 5.83 -4.30 -4.30 -5.10 53.90 63.07 Management fee in % p.a. 1.92 Benchmark 5.94 -2.83 -2.83 -3.83 59.35 76.48 TER (as of 31.03.2015) in % 2.16 Benchmark (BM) FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/ Sectors in % 10) Fund Unit Class Category B Diversified REITs 30.79 (capital growth) Retail REITs 24.70 Unit class currency EUR Residential REITs 23.18 ISIN LU0129337381 Industrial & Office REITs 16.30 Bloomberg ticker CSEFEPB LX Speciality REITs 2.52 Valor no. 1235387 Free Cash 2.51 Net asset value (NAV) 22.70 Redemptions Daily Currencies in % Countries in % EU taxation In scope - no tax 2) EUR 53.23 United Kingdom 32.86 Fund statistics GBP 33.08 Germany 22.06 3 years 5 years SEK 8.45 France 20.98 Annualised volatility in % 15.18 14.77 CHF 5.24 Sweden 8.40 Information ratio -0.74 -0.94 Switzerland 5.24 Tracking Error (Ex post) 1.58 1.68 Spain 3.90 Beta 1.04 1.05 Netherlands 2.03 Ireland 2.02 Cash/Cash Equivalents 2.51 Significant Transactions Purchases Sales ------

Credit Suisse (Lux) European Property Equity Fund Class B EUR

Review previous quarter 4) European real estate stocks showed a relatively for June 23rd) continued to weigh on stock the highest in Europe. The real estate market weak performance in comparison to other global prices. Also Italy was weak as investors were remains strong as well with declining vacancy real estate markets during the reporting period. positioning more defensively. That is why rates and strongly increasing rent levels. All in During Q1 2016, the benchmark, the EPRA Germany and Switzerland were the strongest all, fund management is overweight France, Europe Capped Index (all figures in EUR terms), performing countries. Germany and Ireland. Fund management lost 2.8%, while the EPRA Global Index gained remains underweight Switzerland, Norway, 5.4%. There were big differences between the During the quarter, we further reduced our Belgium and most other Eurozone countries as different countries. The UK was by far the overweight position in the UK to an underweight, uncertainties remain and growth will remain weakest country (-13.5%) as the uncertainty and totally sold our exposure to Italy and Austria. subdued in the short to mid-term while valuations around an eventual “Brexit” (the referendum to On the other hand, we increased our exposure are relatively expensive. stay in or leave the EU, which currently is touted to Ireland as economic growth remains among

Outlook for the market 4) Commercial real estate values are still likely to UK REIT prices have already corrected Fund management continues to prefer benefit from the low level of interest rates and substantially, whereby as at the end of March UK companies with attractive valuations and gradual economic growth this year, especially in REITs prices reflect an implied cap rate of 5.3%. potential for future growth, but is aware of the the Eurozone. Against a backdrop of low interest That said, European REITs held up better than power of quantitative easing. Therefore, the rates, modest expansion of floor space and their British counterparts. However, a “Brexit” overweight in the UK was eliminated, whilst positive growth in rents, a turning point in the vote has the potential to cause a domino effect positions in Ireland, France and Germany have overall performance of real estate equities is not across the continent, leading to the dismantling been increased. UK companies are on average expected until after 2016. Britain’s upcoming of the European project. The implied cap rate cheaper than the slower growing other European vote on continued EU membership, scheduled of 4.6% for the Continent is justified as long as stocks, but these will be supported by for June 23rd, is weighing on sentiment for the the ECB leaves the door open for further easing quantitative easing in the Eurozone whereas the London market, despite good economic measurements. “Brexit” referendum will continue to negatively headlines about low inflation and interest rates. 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 February 29, 2016 Switzerland

Credit Suisse Prime Select Trust (Lux) Multi Strategy 2)

Class B

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The Multi Strategy Subfund strives to generate 108 8% 6.3 absolute returns with low volatility irrespective 106 6% of the market situation with a highly diversified 104 3.4 4% portfolio of hedge funds. The Subfund allocates 102 1.0 2% its assets across the following hedge fund 0.5 100 0% strategies: long/short equity, relative value, event 98 -2% driven, global macro and managed futures. To -2.4 keep overall volatility low the fund manager builds 96 -4% 94 -5.0 -6% a well diversified product through an appropriate 2011 2012 2013 2014 2015 2016 choice of target funds. CSPST (Lux) Multi Strategy B Yearly or year-to-date performance respectively (Fund)

Fund facts Net performance in USD 2) Fund manager 1 month 3 months YTD 1 year 3 years 5 years Hechinger Bernard, Stéphane Julen, Keller Ulrich Fund -2.13 -2.60 -2.40 -2.76 3.32 2.50 Fund manager since 01.12.2011 Location Zurich Fund domicile Luxembourg Historical monthly performance in % 2) Fund currency USD Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Close of financial year 31. December 2016 -0.28 -2.13 ------2.40 Total net assets (in mil.) 41.45 2015 0.04 0.79 0.58 -0.43 1.23 -1.24 0.77 -0.93 -0.76 0.02 0.63 -0.20 0.46 Inception date 30.06.2004 2014 0.00 1.11 -1.44 -1.69 0.88 0.42 -0.15 0.92 0.42 -0.04 0.92 -0.30 1.02 Management fee in % p.a. 1.50 2013 1.61 0.25 0.99 0.79 0.59 -1.25 1.07 -1.04 1.05 1.01 0.64 0.42 6.26 TER without performance fee (12.2014) in % 5.43 2012 1.22 1.01 0.38 0.17 -1.51 0.07 0.68 0.66 -0.28 -0.22 0.30 0.88 3.37 Performance fee in % with Highwatermark 10.00 2011 0.28 0.57 0.09 0.91 -0.78 -0.86 -0.34 -2.64 -1.97 1.04 -0.69 -0.64 -4.99 TER with performance fee (12.2014) in % 5.53 2010 0.29 0.74 1.23 0.60 -2.37 -0.46 0.27 0.03 1.51 0.88 0.03 1.54 4.32 Subscription Monthly with 3 business days notice 2009 -0.43 0.08 0.59 0.62 2.23 -0.27 1.60 1.21 1.20 -0.12 0.75 0.68 8.42 Redemption Monthly with 50 calendar days notice Unit Class Category B Sector weightings in % 0) (capital growth) Unit class currency USD Long/Short Equity 32.50 ISIN LU0173109256

Corporate 16.00 Credit Suisse Prime Select Trust Bloomberg ticker CREMULS LX Global Macro 15.50 Valor no. 1649824 Fixed Income 9.70 Net asset value (NAV) 1'344.43 CTA 8.80 Min. Investment Amount 10'000 Event Driven 8.70 EU taxation Out of scope Commodities 5.70 Contact information Cash/Cash Equivalents 3.10 Product Contact Dirk Wieringa Phone +41 44 332 09 84 Portfolio allocation and performance attribution E-Mail [email protected] Strategy # of Strategy Est. Ret. Est. Ret. Attribution Number of holdings Managers Allocation MTD YTD MTD 0) Fund 26 Long/Short Equity 8 32.50% -2.14% -1.92% -70.00% Corporate 4 16.00% -1.46% -1.65% -23.00% Top Holdings Global Macro 4 15.50% -2.48% -2.92% -39.00% DB Platinum IV Clinton 5.80 Fixed Income 3 9.70% 0.37% 0.61% 4.00% Stone Milliner Macro 5.63 CTA 2 8.80% 0.01% 1.83% 0.00% Sector Healthcare FD 5.45 Event Driven 3 8.70% -2.59% -5.56% -23.00% Man Ahl Evolution 5.39 Commodities 2 5.70% -7.71% -7.23% -47.00% DB Platinum Terraa Grove P.Asia 5.28 Cash/Cash Equivalents - 3.10% N/A N/A N/A Total 27.55 Total 26 100.00%

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 Switzerland as a foreign investment fund with special risk.

59 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Small and Mid Cap Germany Equity Fund

a subfund of CS Investment Funds 11 - Class B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 220 120% possible capital growth. Investment focus is on 200 100% small and mid-sized companies domiciled in 180 80% Germany. Small and mid sized companies are 160 60% 39.5 40.3 companies not being part of the DAX 30 Index. 140 33.1 31.3 40% 25.7 120 19.5 20% 4.4 Fund facts 100 0.3 0% -5.8 -4.2 Fund manager Felix Meier 80 -15.3 -13.9 -20% 60 -40% Fund manager since 01.01.2003 2011 2012 2013 2014 2015 2016 Location Zurich CS (Lux) Small and Mid Cap Germany Equity Fund Yearly or year-to-date performance respectively Fund domicile Luxembourg B EUR (Fund) Fund currency EUR Yearly or year-to-date performance respectively Midcap Market Index (TR) (07/08) Close of financial year 31. March (Benchmark) Total net assets (in mil.) 364.96 Inception date 26.08.1994 Net performance in EUR 2) Management fee in % p.a. 1.92 1 month 3 months YTD 1 year 3 years 5 years TER (as of 31.03.2015) in % 2.12 Fund 3.07 -5.79 -5.79 -3.51 42.81 70.60 Benchmark (BM) Midcap Market Index (TR) (07/08) Benchmark 3.88 -4.21 -4.21 -1.09 56.84 93.29 Unit Class Category B (capital growth) Unit class currency EUR Sectors in % ISIN LU0052265898 Fund Bloomberg ticker CRSESGI LX Industrials 31.38 Valor no. 248590 Information Technology 18.33 Net asset value (NAV) 2'002.08 Financials 13.50 Redemptions Daily Consumer Discretionary 11.09 EU taxation In scope - no tax Health Care 11.01 Fund statistics 2) Materials 9.18 Telecommunication Services 3.51 3 years 5 years Consumer Staples 1.54 Annualised volatility in % 13.87 15.54 Utilities 0.35 Information ratio -0.90 -0.76 Cash/Cash Equivalents 0.11 Tracking Error (Ex post) 3.49 3.28 Beta 0.94 0.97 Currencies in % Countries in %

EUR 100.00 Germany 89.42 France 9.27 Luxembourg 1.19 Cash/Cash Equivalents 0.11

Significant Transactions Top 10 Holdings in % Purchases Sales Airbus Group 9.27 K & S PROSIEBEN SAT.1 MEDIA Wire Card 4.50 DRILLISCH ELRINGKLINGER Morphosys 4.31 EVONIK INDUSTRIES Reg AIRBUS GROUP NV GEA Group AG 4.01 ALSTRIA OFFICE REIT WACKER CHEMIE Deutsche Wohnen 3.69 CTS EVENTIM WIRE CARD Brenntag 3.31 Grenkeleasing 3.05 Symrise 3.02 Hannover Rueck 2.87 Rheinmetall 2.61 Total 40.64

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 -4.21%. The fund suffered mainly from the report distributed overnight through a dubious of the year, which was characterized by high overweight in Health Care and IT. Within Health website. volatility. The economic slowdown in China and Carer, biotech company Morphosys (-26.44%) the decline in the price of oil, which touched was among our worst attributors. The stock was The best attributors were our underweight in record lows, spurred global recession fears. down despite the announcement of a clinical Hugo Boss and Freenet. Hugo Boss issued a Major European equity indices touched levels not milestone for the start of a phase 2 trial with material profit warning and slashed guidance for seen since 2013/2014. Markets rebounded Bayer. The stock recovered again at the end of the near future. Due to significant strategic towards the end of the quarter with oil price the quarter with the publication of good FY15 issues, the CEO left the company. Investors recovering from its lows. results and a positive pipeline update. Within IT, disliked Freenet’s decision to buy a minority Wirecard was down -28.39% in Q1. The stake in Sunrise, as the potential for synergies The fund was down 5.79% in Q1, net of fees company was the victim of a short-attack based might be limited. for the B share class. The benchmark reported on allegations published through a third-party Credit Suisse Equity Fund Outlook for the market 4) In Europe, increased industrial production due couple of months. the underlying trend of economic data continue to lower commodity prices and solid Purchasing to point to a stable, moderately positive economic Managers Index data were complemented by a We believe that market concerns that the environment. This should be supportive for the surprisingly strong rebound in the business slowdown in China, the fallout from cheap oil or export-led German economy and the German sentiment index in Germany. The German banking issues could stall the economic upswing stock market as equity valuations remain business climate improved in almost all sectors in Europe are overdone. The world economy has attractive in the current zero interest rate and we especially liked that manufacturing lost some momentum due to weak emerging environment. bounced back from low readings in the last markets and recent equity market volatility, but

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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Small and Mid Cap Germany Equity Fund

a subfund of CS Investment Funds 11 - Class IB EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 220 120% possible capital growth. Investment focus is on 200 100% small and mid-sized companies domiciled in 180 80% Germany. Small and mid sized companies are 160 60% 40.9 40.3 companies not being part of the DAX 30 Index. 140 34.5 31.3 40% 25.7 120 20.7 20% 4.4 Fund facts 100 1.3 0% -5.5 -4.2 Fund manager Felix Meier 80 -14.5 -13.9 -20% 60 -40% Fund manager since 01.01.2003 2011 2012 2013 2014 2015 2016 Location Zurich CS (Lux) Small and Mid Cap Germany Equity Fund Yearly or year-to-date performance respectively Fund domicile Luxembourg IB EUR (Fund) Fund currency EUR Yearly or year-to-date performance respectively Midcap Market Index (TR) (07/08) Close of financial year 31. March (Benchmark) Total net assets (in mil.) 364.96 Inception date 29.08.2005 Net performance in EUR 2) Management fee in % p.a. 0.90 1 month 3 months YTD 1 year 3 years 5 years TER (as of 31.03.2015) in % 1.10 Fund 3.16 -5.55 -5.55 -2.51 47.28 79.60 Benchmark (BM) Midcap Market Index (TR) (07/08) Benchmark 3.88 -4.21 -4.21 -1.09 56.84 93.29 Unit Class Category IB (capital growth) Unit class currency EUR Sectors in % ISIN LU0108803940 Fund Bloomberg ticker CSEFSCI LX Industrials 31.38 Valor no. 1057945 Information Technology 18.33 Net asset value (NAV) 2'586.35 Financials 13.50 Min. Investment Amount 500'000 Consumer Discretionary 11.09 Redemptions Daily Health Care 11.01 EU taxation In scope - no tax Materials 9.18 Fund statistics 2) Telecommunication Services 3.51 Consumer Staples 1.54 3 years 5 years Utilities 0.35 Annualised volatility in % 13.88 15.55 Cash/Cash Equivalents 0.11 Information ratio -0.60 -0.45 Tracking Error (Ex post) 3.49 3.28 Currencies in % Countries in % Beta 0.94 0.97 EUR 100.00 Germany 89.42 France 9.27 Luxembourg 1.19 Cash/Cash Equivalents 0.11

Credit Suisse (Lux) Small and Mid Cap Germany Equity Fund Class IB EUR

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

63 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) USA Value Equity Fund

a subfund of CS Investment Funds 11 - Class B USD

This Fund is not suitable for investors with Net performance in USD (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 180 80% investment horizon of less than 5 years. 160 60% 39.9 Investment policy 140 31.8 40% 18.9 The Credit Suisse Equity Fund (Lux) USA Value 120 15.3 12.7 20% 1.1 4.1 pursues a "deep value" approach based on the 100 0.7 0.8 0% classic Graham & Dodd discipline. To this end -6.5 -7.7 80 -18.2 -20% the fund invests in undervalued companies which 60 -40% are domiciled or conduct a majority of their 2011 2012 2013 2014 2015 2016 business activities in the USA. The investment CS (Lux) USA Value Equity Fund B USD Yearly or year-to-date performance respectively (Fund) decisions are not made on the basis of a MSCI USA (NR) (09/11) Yearly or year-to-date performance respectively (Benchmark) benchmark; nevertheless, investors can use the MSCI USA (NR) Index as a long-term yardstick. Net performance in USD 2) The value approach can deliver above-average 1 month 3 months YTD 1 year 3 years 5 years results over a long period because it disciplines Fund 10.04 4.11 4.11 -11.09 -5.56 14.03 investors not to pay too much for an investment. Benchmark 6.78 0.78 0.78 0.24 36.40 65.12

Fund facts Sectors in % Fund manager Gregor Trachsel Fund Benchmark Compared with benchmark Fund manager since 30.04.2008 Industrials 24.77 9.70 15.07 Location Zurich Materials 21.60 2.94 18.66 Fund domicile Luxembourg Consumer Discretionary 17.69 13.71 3.98 Fund currency USD Consumer Staples 12.33 10.18 2.15 Close of financial year 31. March Utilities 10.17 3.37 6.80 Total net assets (in mil.) 55.37 Financials 9.49 15.62 -6.13 Inception date 30.03.2004 Energy 2.66 6.59 -3.93 Management fee in % p.a. 1.92 Cash/Cash Equivalents 1.30 - 1.30 TER (as of 31.03.2015) in % 2.12 Benchmark (BM) MSCI USA (NR) (09/11) Currencies in % Countries in % Unit Class Category B (capital growth) USD 92.96 USA 74.74 Unit class currency USD BRL 2.74 Brazil 10.69 ISIN LU0187731129 GBP 2.27 United Kingdom 4.54 Bloomberg ticker CSEUSVB LX CHF 2.03 Italy 2.64 Valor no. 1806067 Switzerland 2.03 Net asset value (NAV) 16.99 Cash/Cash Redemptions Daily Equivalents 1.30 EU taxation In scope - no tax Others 4.07 Fund statistics 2) 3 years 5 years Significant Transactions Top 10 Holdings in % Annualised volatility in % 16.37 17.97 Purchases Sales Layne Christensen 4.22 Information ratio -1.20 -0.78 Pearson Plc. Universal Corp. ASA Gold and Precious Metals 4.07 Tracking Error (Ex post) 10.19 9.53 International Paper - Seneca Foods 3.61 Beta 1.15 1.26 Bunge Ltd. - Gerdau Adr 3.54 AES Corp. - Briggs & Stratton 3.24 Owens-Illinois 3.17 Belmond A 3.00 Donnelley & Sons 2.96 Otter Tail 2.94 Schweitzer-Mauduit Intl. 2.84 Total 33.59

Credit Suisse (Lux) USA Value Equity Fund Class B USD

Review previous quarter 4) Performance: Net asset value (IB-shares) rose businesses: an education services provider; a The erratic stock price swings we have been by 4.38% in Q1 2016. Since the Fund became paper and packaging manufacturer; an witnessing in recent history on the back of responsibility of the Value Team on April 30, agricultural products processor and wholesaler; central bank-driven markets lend heavy 2008, it has compounded at an annual net return and an integrated electric utility. Overall the cash importance to the task of proper portfolio rate of 4.78%. balance remains low at less than 1% of AuM. management. In our separate quarterly letter on the global strategy, we would like to offer a brief Transactions: One position was sold during the Corporate actions / mergers and acquisitions: review of how we construct, shape and adjust reporting period: the share price of tobacco There were no major events during the quarter. the Fund’s portfolio on an ongoing basis. We merchant Universal Corp. reached our believe that we follow a highly disciplined process conservative estimate of intrinsic value. On the Commentary: There were no noteworthy issues which has worked very well over time and which other hand we were able to reestablish four new which may have caused an alteration in portfolio consequently has remained unchanged since we positions at attractive prices, that is they had strategy (see outlook section below) or structure began managing the Fund.

already been held by the Fund in previous years. in Q1 2016. Credit Suisse Equity Fund All of them are large, globally diversified

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the global value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

65 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) USA Value Equity Fund

a subfund of CS Investment Funds 11 - Class BH EUR

This Fund is not suitable for investors with Net performance in EUR (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 150 50% investment horizon of less than 5 years. 140 39.1 40% 130 30% Investment policy 120 18.0 20% 110 10% The Credit Suisse Equity Fund (Lux) USA Value 3.8 pursues a "deep value" approach based on the 100 0% classic Graham & Dodd discipline. To this end 90 -7.9 -10% the fund invests in undervalued companies which 80 -18.8 -20% 70 -30% are domiciled or conduct a majority of their 2011 2012 2013 2014 2015 2016 business activities in the USA. The investment CS (Lux) USA Value Equity Fund BH EUR Yearly or year-to-date performance respectively (Fund) decisions are not made on the basis of a benchmark; nevertheless, investors can use the Net performance in EUR 2) MSCI USA (NR) Index as a long-term yardstick. 1 month 3 months YTD 1 year 3 years 5 years The value approach can deliver above-average Fund 9.69 3.77 3.77 -11.63 -7.15 - results over a long period because it disciplines investors not to pay too much for an investment. Sectors in % Fund facts Fund Industrials 24.77 Fund manager Gregor Trachsel Materials 21.60 Fund manager since 30.04.2008 Consumer Discretionary 17.69 Location Zurich Consumer Staples 12.33 Fund domicile Luxembourg Utilities 10.17 Fund currency USD Financials 9.49 Close of financial year 31. March Energy 2.66 Total net assets (in mil.) 55.37 Cash/Cash Equivalents 1.30 Inception date 27.06.2011 Management fee in % p.a. 1.92 Currencies in % Countries in % TER (as of 31.03.2015) in % 2.12 Benchmark (BM) No Benchmark USD 92.96 USA 74.74 Unit Class Category BH BRL 2.74 Brazil 10.69 (capital growth) GBP 2.27 United Kingdom 4.54 Unit class currency EUR CHF 2.03 Italy 2.64 ISIN LU0187731558 Switzerland 2.03 Bloomberg ticker CSUSAER LX Cash/Cash Valor no. 1806069 Equivalents 1.30 Net asset value (NAV) 11.55 Others 4.07 Redemptions Daily EU taxation In scope - no tax Significant Transactions Top 10 Holdings in % Fund statistics 2) Purchases Sales Layne Christensen 4.22 1 year 3 years Pearson Plc. Universal Corp. ASA Gold and Precious Metals 4.07 Annualized volatility in % 19.99 16.31 International Paper - Seneca Foods 3.61 Tracking Error (Ex post) - - Bunge Ltd. - Gerdau Adr 3.54 Beta - - AES Corp. - Briggs & Stratton 3.24 Owens-Illinois 3.17 Belmond A 3.00 Donnelley & Sons 2.96 Otter Tail 2.94 Schweitzer-Mauduit Intl. 2.84 Total 33.59

Credit Suisse (Lux) USA Value Equity Fund Class BH EUR

already been held by the Fund in previous years. in Q1 2016. Credit Suisse Equity Fund All of them are large, globally diversified

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the global value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

67 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Russian Equity Fund

a subfund of CS Investment Funds 5 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The fund aims to achieve long-term capital 120 20% 13.0 appreciation by investing primarily in equities of 8.8 110 4.9 6.7 10% issuers incorporated in Russia or conducting their 100 0% principal business activities within Russia. It 90 -10% offers broad diversification across sectors such 80 -20% as energy, materials, telecommunications, 70 -30% -32.6 consumer goods and banking. The investment 60 -40% strategy is based on fundamental analysis. The 50 -47.0 -50% 40 -60% fund targets investments in shares of attractively 2011 2012 2013 2014 2015 2016 valued companies expected to benefit from Yearly or year-to-date performance respectively CS (Lux) Russian Equity Fund BH EUR growth in the Russian economy and global (Fund) demand for natural resources. Yearly or year-to-date performance respectively (Benchmark)

Fund facts Net performance in EUR 2) Fund manager Anna Väänänen 1 month 3 months YTD 1 year 3 years 5 years Fund manager since 01.09.2011 Fund 13.29 6.66 6.66 -2.99 -32.09 -55.07 Location Zurich Fund domicile Luxembourg Sectors in % Fund currency USD Fund Close of financial year 30. Sep Energy 26.48 Total net assets (in mil.) 58.98 Consumer Staples 20.29 Inception date of share class 31.08.2009 Financials 16.50 Management fee in % p.a. 1.92 Information Technology 14.50 TER (as of 30.09.2015) in % 2.31 Materials 11.74 Benchmark (BM) No Benchmark Industrials 6.54 Swinging single pricing (SSP) 3) Yes Consumer Discretionary 2.02 Unit Class Category BH Telecommunication Services 1.44 (capital growth) Cash/Cash Equivalents 0.50 Unit class currency EUR ISIN LU0348404079 Bloomberg ticker CLLRUIH LX Currencies in % Countries in % Valor no. 3786535 USD 99.90 Russia 88.72 Net asset value (NAV) 78.92 RUB 0.09 USA 6.47 Redemptions Daily EUR 0.01 Cyprus 4.32 Sales registration: Cash/Cash Austria, Finland, France, Germany, Italy, Equivalents 0.50 Luxembourg, Norway, Singapore, Spain, Sweden, Switzerland EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. 2) Fund statistics Significant Transactions Top 10 Holdings in % 3 years 5 years Purchases Sales Sberbank of Russia 8.66 Annualised volatility in % 31.06 33.99 NOVOLIPETSK STEEL Reg Gdr Magnit 7.92 Information ratio - - PHOSAGRO Reg S Gdr X 5 Retail Group 7.38 Tracking Error (Ex post) - - SEVERSTAL Gdr Reg S S Oct06 Yandex 5.23 Beta - - SURGUTNEFTEGAZ JSC Pref Lukoil ADR 5.22 DIXY GROUP EON Russia Mobile Telesystems 4.75 Global SPGDR 4.32 Number of holdings Novatek 4.17 Fund 30 Luxoft 4.15 GROUP LSR 4.06 Total 55.86

Credit Suisse (Lux) Russian Equity Fund Class BH EUR

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

69 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) USA Value Equity Fund

a subfund of CS Investment Funds 11 - Class IB USD

This Fund is not suitable for investors with Net performance in USD (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 180 80% investment horizon of less than 5 years. 160 60% 41.3 Investment policy 140 31.8 40% 20.1 The Credit Suisse Equity Fund (Lux) USA Value 120 15.3 12.7 20% 1.1 4.4 pursues a "deep value" approach based on the 100 0.7 0.8 0% classic Graham & Dodd discipline. To this end -5.5 -6.7 80 -17.3 -20% the fund invests in undervalued companies which 60 -40% are domiciled or conduct a majority of their 2011 2012 2013 2014 2015 2016 business activities in the USA. The investment CS (Lux) USA Value Equity Fund IB USD Yearly or year-to-date performance respectively (Fund) decisions are not made on the basis of a MSCI USA (NR) (09/11) Yearly or year-to-date performance respectively (Benchmark) benchmark; nevertheless, investors can use the MSCI USA (NR) Index as a long-term yardstick. Net performance in USD 2) The value approach can deliver above-average 1 month 3 months YTD 1 year 3 years 5 years results over a long period because it disciplines Fund 10.12 4.38 4.38 -10.17 -2.59 20.02 investors not to pay too much for an investment. Benchmark 6.78 0.78 0.78 0.24 36.40 65.12

Fund facts Sectors in % Fund manager Gregor Trachsel Fund Benchmark Compared with benchmark Fund manager since 30.04.2008 Industrials 24.77 9.70 15.07 Location Zurich Materials 21.60 2.94 18.66 Fund domicile Luxembourg Consumer Discretionary 17.69 13.71 3.98 Fund currency USD Consumer Staples 12.33 10.18 2.15 Close of financial year 31. March Utilities 10.17 3.37 6.80 Total net assets (in mil.) 55.37 Financials 9.49 15.62 -6.13 Inception date 19.10.2007 Energy 2.66 6.59 -3.93 Management fee in % p.a. 0.90 Cash/Cash Equivalents 1.30 - 1.30 TER (as of 31.03.2015) in % 1.10 Benchmark (BM) MSCI USA (NR) (09/11) Currencies in % Countries in % Unit Class Category IB (capital growth) USD 92.96 USA 74.74 Unit class currency USD BRL 2.74 Brazil 10.69 ISIN LU0187731806 GBP 2.27 United Kingdom 4.54 Bloomberg ticker CSELUVI LX CHF 2.03 Italy 2.64 Valor no. 1806073 Switzerland 2.03 Net asset value (NAV) 1'317.84 Cash/Cash Min. Investment Amount 500'000 Equivalents 1.30 Redemptions Daily Others 4.07 EU taxation In scope - no tax Fund statistics 2) Significant Transactions Top 10 Holdings in % 3 years 5 years Purchases Sales Layne Christensen 4.22 Annualised volatility in % 16.39 17.98 Pearson Plc. Universal Corp. ASA Gold and Precious Metals 4.07 Information ratio -1.10 -0.67 International Paper - Seneca Foods 3.61 Tracking Error (Ex post) 10.20 9.54 Bunge Ltd. - Gerdau Adr 3.54 Beta 1.14 1.26 AES Corp. - Briggs & Stratton 3.24 Owens-Illinois 3.17 Belmond A 3.00 Donnelley & Sons 2.96 Otter Tail 2.94 Schweitzer-Mauduit Intl. 2.84 Total 33.59

Credit Suisse (Lux) USA Value Equity Fund Class IB USD

already been held by the Fund in previous years. in Q1 2016. Credit Suisse Equity Fund All of them are large, globally diversified

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the global value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

71 February 29, 2016 Switzerland

Credit Suisse Prime Select Trust (Lux) Global Equities Long/ Short

Class B

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The Global Equities Long/Short subfund invests 120 20% with hedge fund managers who implement 115 14.9 15% directional strategies in the worldwide equities 110 10% markets by going both long and/or short. The 6.7 7.2 level of systematic market exposure is left to 105 5% the discretion of the underlying managers and 100 0% therefore can be either positive or negative (long -1.0 95 -5% or short) at any given time. The subfund is -4.9 90 -8.0 -10% expected to have some degree of correlation to 2011 2012 2013 2014 2015 2016 the equity markets. The subfund seeks to limit CSPST (Lux) Global Equities Long/Short B Yearly or year-to-date performance respectively (Fund) the correlation between the underlying managers to dampen its volatility. Net performance in USD 2) 1 month 3 months YTD 1 year 3 years 5 years Fund facts Fund -2.82 -4.21 -4.86 0.46 11.81 14.68 Fund manager Hechinger Bernard, Stéphane Julen, Keller Ulrich 2) Fund manager since 01.12.2011 Historical monthly performance in % Location Zurich, Zurich, Zurich Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Fund domicile Luxembourg 2016 -2.11 -2.82 ------4.86 Fund currency USD 2015 0.19 1.28 0.98 -0.11 2.56 -1.12 1.87 -0.48 -0.65 0.72 1.06 0.69 7.15 Close of financial year 31. December 2014 -0.12 1.48 -2.95 -3.76 1.19 0.21 -0.58 1.51 0.24 0.05 1.40 0.50 -0.99 Total net assets (in mil.) 109.67 2013 3.36 0.38 1.11 0.68 1.25 0.01 2.53 -1.39 1.78 1.24 1.51 1.64 14.94 Inception date 31.03.1999 2012 1.86 1.72 1.12 0.20 -2.05 0.84 0.65 0.95 0.98 -0.71 0.84 0.17 6.70 Management fee in % p.a. 1.50 2011 -1.33 0.67 0.32 0.40 -1.13 -0.57 -1.63 -3.39 -2.24 2.58 -1.17 -0.65 -7.98 TER without performance fee (06.2013) in % 1.87 2010 -1.39 1.18 1.39 -0.79 -2.74 -3.66 1.62 -1.13 3.20 1.65 0.56 2.43 2.11 Performance fee in % with Highwatermark 10.00 2009 0.69 -0.10 -0.38 -0.99 1.04 0.13 0.57 0.60 1.22 -0.63 0.94 0.59 3.72 TER with performance fee (12.2014) in % 5.79 Subscription Monthly with 3 business day notice Sector weightings in % 0) Redemption Monthly with 50 calendar days notice Unit Class Category B Long/Short Equity 78.10 (capital growth) Corporate 15.90 Unit class currency USD Event Driven 6.10 ISIN LU0096382964 Cash/Cash Equivalents 0.20 Bloomberg ticker CREGELA LX Valor no. 603200 Net asset value (NAV) 2'087.15 Min. Investment Amount 10'000 EU taxation Out of scope Contact information Portfolio allocation and performance attribution Product Contact Dirk Wieringa Strategy Phone +41 44 332 09 84 # of Strategy Est. Ret. Est. Ret. Attribution E-Mail [email protected] Managers Allocation MTD YTD MTD 0) Long/Short Equity 13 78.10% -3.32% -5.65% -262.00% Number of holdings Corporate 3 15.90% 0.02% 1.11% 0.00% Fund 17 Event Driven 1 6.10% -0.72% -3.94% -4.00% Cash/Cash Equivalents - 0.20% N/A N/A N/A Top Holdings Total 17 100.30% 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 43.17

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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Russian Equity Fund

a subfund of CS Investment Funds 5 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The fund aims to achieve long-term capital 140 40% appreciation by investing primarily in equities of 120 15.9 15.9 16.4 20% issuers incorporated in Russia or conducting their 10.7 6.2 7.2 7.1 principal business activities within Russia. It 100 0% offers broad diversification across sectors such -3.8 80 -20% as energy, materials, telecommunications, -24.3 -31.0 consumer goods and banking. The investment 60 -40% strategy is based on fundamental analysis. The -46.6 -49.9 40 -60% fund targets investments in shares of attractively 2011 2012 2013 2014 2015 2016 valued companies expected to benefit from CS (Lux) Russian Equity Fund IB USD Yearly or year-to-date performance respectively (Fund) growth in the Russian economy and global MSCI Russia 10-40 (NR) Yearly or year-to-date performance respectively (Benchmark) demand for natural resources. Former Track Record of Clariden Leu (Gue) Russia Equity Fund (December 20, 2005 - August 20, 2009). Fund facts For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 20 August 2009. For the restructuring all assets and liabilities of the former Clariden Leu (Gue) Russia Equity Fund have been transferred to CS Fund manager Anna Väänänen (Lux) Russian Equity Fund IB USD. Fund management and investment policy remained unchanged. The data provided in this document Fund manager since 01.09.2011 reflect the performance of the Clariden Leu (Gue) Russia Equity Fund as well as the performance of the CS (Lux) Russian Equity Fund Location Zurich IB USD. Past performance, whether actual or simulated, does not guarantee future results. 2) Fund domicile Luxembourg Net performance in USD Fund currency USD 1 month 3 months YTD 1 year 3 years 5 years Close of financial year 30. Sep Fund 13.62 7.06 7.06 -1.88 -29.51 -50.17 Total net assets (in mil.) 58.98 Benchmark 15.29 16.36 16.36 5.54 -27.22 -45.80 Inception date of share class 20.08.2009 Management fee in % p.a. 1.20 Sectors in % TER (as of 30.09.2015) in % 1.46 Fund Benchmark (BM) MSCI Russia 10-40 (NR) Energy 26.48 Swinging single pricing (SSP) 3) Yes Consumer Staples 20.29 Unit Class Category IB Financials 16.50 (capital growth) Information Technology 14.50 Unit class currency USD Materials 11.74 ISIN LU0348403857 Industrials 6.54 Bloomberg ticker CLLRUIB LX Consumer Discretionary 2.02 Valor no. 3786523 Telecommunication Services 1.44 Net asset value (NAV) 96.02 Cash/Cash Equivalents 0.50 Min. Investment Amount 500'000 Redemptions Daily Currencies in % Countries in % Sales registration: Austria, Finland, France, Germany, Italy, USD 99.90 Russia 88.72 Luxembourg, Norway, Singapore, Spain, Sweden, RUB 0.09 USA 6.47 Switzerland EUR 0.01 Cyprus 4.32 EU taxation In scope - no tax Cash/Cash 3) For more details, please refer to the relevant chapter "Net Equivalents 0.50 Asset Value" of the Fund’s prospectus. Fund statistics 2) 3 years 5 years Annualised volatility in % 31.20 32.76 Information ratio -0.13 -0.25 Tracking Error (Ex post) 8.21 6.83 Significant Transactions Top 10 Holdings in % Beta 1.04 1.02 Purchases Sales Sberbank of Russia 8.66 NOVOLIPETSK STEEL Reg Gdr Magnit 7.92 PHOSAGRO Reg S Gdr X 5 Retail Group 7.38 SEVERSTAL Gdr Reg S S Oct06 Yandex 5.23 SURGUTNEFTEGAZ JSC Pref Lukoil ADR 5.22 DIXY GROUP EON Russia Mobile Telesystems 4.75 Global SPGDR 4.32 Number of holdings Novatek 4.17 Fund 30 Luxoft 4.15 GROUP LSR 4.06 Total 55.86 Credit Suisse SICAV

Credit Suisse (Lux) Russian Equity Fund Class IB USD

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

74 March 31, 2016 Switzerland

Credit Suisse (Lux) Prima Multi-Strategy Fund

a subfund of CS Investment Funds 4 - Class B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

Credit Suisse (Lux) Prima Multi-Strategy (CS 112 12% Prima Multi-Strategy) is a UCITS III compliant 110 10% multi-strategy fund of funds. 108 8% The CS Prima Multi-Strategy fund allocates 106 5.6 6% 104 4% assets across multiple strategies in the liquid 2.3 102 1.8 2% UCITS compliant universe. It targets attractive 100 0% risk-adjusted returns through active portfolio 98 -1.0 -2% management, and may invest in various 96 -2.8 -3.4 -4% 94 -6% alternative investment strategies, including 2011 2012 2013 2014 2015 2016 equities, event driven, convertibles, macro, CS (Lux) Prima Multi-Strategy Fund B EUR Yearly or year-to-date performance respectively (Fund) credit, managed futures, fixed income, emerging 2) markets’ equities and rates. The fund is Net performance in EUR domiciled in Luxembourg and will be passported 1 month 3 months YTD 1 year 3 years 5 years into other countries. The fund is open to both Fund -0.35 -3.37 -3.37 -6.82 0.52 2.09 institutional and retail investors and offers weekly Historical monthly performance in % 2) liquidity. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2016 -1.73 -1.32 -0.35 ------3.37 Fund facts 2015 0.71 0.67 1.25 0.13 0.49 -0.36 -0.80 -2.42 -1.61 0.65 0.46 -0.11 -1.02 Fund manager Stéphane Julen 2014 0.06 1.24 -0.96 -1.53 0.79 0.15 0.18 0.31 0.30 -0.64 1.46 0.51 1.83 Fund manager since since inception 2013 1.23 0.11 0.95 0.29 1.18 -1.88 1.47 -1.05 1.00 0.90 0.83 0.50 5.57 Location Zurich 2012 0.61 1.66 0.40 -0.20 -1.20 -0.22 0.62 0.23 -0.24 -0.38 0.18 0.82 2.26 Fund domicile Luxembourg 2011 -0.09 0.70 -0.49 0.81 -0.61 -0.87 0.81 -1.92 -0.67 0.08 -0.44 -0.11 -2.80 Fund currency EUR 2010 ------0.29 0.88 0.55 -0.61 0.70 - Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, FIN, HUN, SIN Strategies in % Close of financial year 30. Nov Long/Short Equity 44.80 Total net assets (in mil.) 743.65 Global Macro 18.10 Inception date 21.07.2010 Event Driven 13.40 Management fee in % p.a. 1.50 Corporate 13.00 TER without performance fee (11.2015) in % 3.71 CTA 10.60 Performance fee in % with Highwatermark 10.00 Cash/Cash Equivalents 0.10 TER with performance fee (11.2015) in % 3.71 Subscription Weekly Redemption Weekly Unit Class Category B (capital growth) Unit class currency EUR ISIN LU0522193027 Bloomberg ticker CSPMSBE LX Valor no. 11480397 Net asset value (NAV) 104.07 EU taxation In scope - tax Credit Suisse Solutions 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 32.69

Credit Suisse (Lux) Prima Multi-Strategy Fund

a subfund of CS Investment Funds 4 - Class BH GBP

Investment policy Net performance in GBP (rebased to 100) and yearly performance 2)

Credit Suisse (Lux) Prima Multi-Strategy (CS 112 12% Prima Multi-Strategy) is a UCITS III compliant 110 10% multi-strategy fund of funds. 108 8% The CS Prima Multi-Strategy fund allocates 106 5.7 6% 104 4% assets across multiple strategies in the liquid 2.4 102 1.8 2% UCITS compliant universe. It targets attractive 100 0% risk-adjusted returns through active portfolio 98 -0.9 -2% management, and may invest in various 96 -3.3 -4% 94 -6% alternative investment strategies, including 2011 2012 2013 2014 2015 2016 equities, event driven, convertibles, macro, CS (Lux) Prima Multi-Strategy Fund BH GBP Yearly or year-to-date performance respectively (Fund) credit, managed futures, fixed income, emerging 2) markets’ equities and rates. The fund is Net performance in GBP domiciled in Luxembourg and will be passported 1 month 3 months YTD 1 year 3 years 5 years into other countries. The fund is open to both Fund -0.30 -3.34 -3.34 -6.77 0.66 - institutional and retail investors and offers weekly Historical monthly performance in % 2) liquidity. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2016 -1.71 -1.36 -0.30 ------3.34 Fund facts 2015 0.67 0.68 1.33 0.11 0.52 -0.32 -0.87 -2.51 -1.61 0.68 0.50 -0.06 -0.95 Fund manager Stéphane Julen 2014 0.02 1.24 -0.93 -1.55 0.77 0.15 0.17 0.30 0.32 -0.65 1.48 0.52 1.81 Fund manager since since inception 2013 1.30 0.12 0.95 0.29 1.23 -1.86 1.45 -1.04 1.01 0.88 0.82 0.49 5.73 Location Zurich 2012 0.62 1.66 0.39 -0.17 -1.20 -0.20 0.61 0.23 -0.23 -0.39 0.20 0.84 2.36 Fund domicile Luxembourg 2011 ------0.93 0.69 -2.01 -0.65 0.06 -0.46 -0.09 - Fund currency EUR Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, Strategies in % FIN, HUN, SIN Long/Short Equity 44.80 Close of financial year 30. Nov Global Macro 18.10 Total net assets (in mil.) 743.65 Event Driven 13.40 Inception date 18.05.2011 Corporate 13.00 Management fee in % p.a. 1.50 CTA 10.60 TER without performance fee (11.2015) in % 3.65 Cash/Cash Equivalents 0.10 Performance fee in % with Highwatermark 10.00 TER with performance fee (11.2015) in % 3.65 Subscription Weekly Redemption Weekly Unit Class Category BH (capital growth) Unit class currency GBP ISIN LU0627515090 Bloomberg ticker CSPMSRS LX Valor no. 12983829 Net asset value (NAV) 101.94 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 32.69

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) European Property Equity Fund

a subfund of CS Investment Funds 11 - Class IB EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The subfund invests throughout Europe in stocks 200 100% of companies operating in the real estate market 180 80% and related industries. This sector consists of 160 60% enterprises which provide, produce, develop, 140 40% finance and/or sell services and products for the 28.2 27.1 25.5 25.4 120 19.1 18.1 20% real estate market. There will not be any direct 10.3 10.8 100 0% investments in real estate. -4.1 -2.8 80 -13.6 -10.4 -20% 60 -40% Fund facts 2011 2012 2013 2014 2015 2016 Fund manager Frederik De Block Yearly or year-to-date performance respectively CS (Lux) European Property Equity Fund IB EUR Fund manager since 01.10.2010 (Fund)

Location Zurich FTSE EPRA/NAREIT Dev. Europe Capped (NR) Yearly or year-to-date performance respectively Credit Suisse Equity Fund Fund domicile Luxembourg (01/10) (Benchmark) Fund currency EUR 2) Close of financial year 31. March Net performance in EUR Total net assets (in mil.) 24.80 1 month 3 months YTD 1 year 3 years 5 years Inception date 06.07.2001 Fund 5.93 -4.08 -4.08 -4.13 58.68 71.60 Management fee in % p.a. 0.90 Benchmark 5.94 -2.83 -2.83 -3.83 59.35 76.48 TER (as of 31.03.2015) in % 1.14 Benchmark (BM) FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/ Sectors in % 10) Fund Unit Class Category IB Diversified REITs 30.79 (capital growth) Retail REITs 24.70 Unit class currency EUR Residential REITs 23.18 ISIN LU0129337548 Industrial & Office REITs 16.30 Bloomberg ticker CSEFEPI LX Speciality REITs 2.52 Valor no. 1235389 Free Cash 2.51 Net asset value (NAV) 2'637.52 Min. Investment Amount 500'000 Currencies in % Countries in % Redemptions Daily EU taxation In scope - no tax EUR 53.23 United Kingdom 32.86 2) GBP 33.08 Germany 22.06 Fund statistics SEK 8.45 France 20.98 3 years 5 years CHF 5.24 Sweden 8.40 Annualised volatility in % 15.18 14.79 Switzerland 5.24 Information ratio -0.09 -0.33 Spain 3.90 Tracking Error (Ex post) 1.58 1.70 Netherlands 2.03 Beta 1.04 1.05 Ireland 2.02 Cash/Cash Equivalents 2.51 Significant Transactions Purchases Sales ------

Credit Suisse (Lux) European Property Equity Fund Class IB EUR

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

78 March 31, 2016 Switzerland

Credit Suisse (Lux) Prima Multi-Strategy Fund

a subfund of CS Investment Funds 4 - Class FBH GBP

Investment policy Net performance in GBP (rebased to 100) and yearly performance 2)

Credit Suisse (Lux) Prima Multi-Strategy (CS 115 15% Prima Multi-Strategy) is a UCITS III compliant multi-strategy fund of funds. 110 10% The CS Prima Multi-Strategy fund allocates 6.6 assets across multiple strategies in the liquid 105 5% 3.1 UCITS compliant universe. It targets attractive 2.7 risk-adjusted returns through active portfolio 100 0.0 0% management, and may invest in various -3.2 95 -5% alternative investment strategies, including 2011 2012 2013 2014 2015 2016 equities, event driven, convertibles, macro, CS (Lux) Prima Multi-Strategy Fund FBH GBP Yearly or year-to-date performance respectively (Fund) credit, managed futures, fixed income, emerging 2) markets’ equities and rates. The fund is Net performance in GBP domiciled in Luxembourg and will be passported 1 month 3 months YTD 1 year 3 years 5 years into other countries. The fund is open to both Fund -0.25 -3.18 -3.18 -5.80 3.44 - institutional and retail investors and offers weekly Historical monthly performance in % 2) liquidity. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2016 -1.66 -1.30 -0.25 ------3.18 Fund facts 2015 0.72 0.74 1.34 0.26 0.54 -0.16 -0.62 -2.45 -1.55 0.73 0.55 0.00 0.04 Fund manager Stéphane Julen 2014 0.17 1.24 -0.77 -1.50 0.83 0.20 0.23 0.35 0.37 -0.59 1.53 0.61 2.67 Fund manager since since inception 2013 1.31 0.13 0.99 0.34 1.27 -1.62 1.49 -0.96 1.06 0.99 0.88 0.55 6.57 Location Zurich 2012 0.67 1.73 0.45 -0.12 -1.15 -0.15 0.66 0.30 -0.18 -0.33 0.26 0.90 3.06 Fund domicile Luxembourg 2011 - - - - -0.65 -0.81 0.70 -1.94 -0.61 0.11 -0.39 -0.04 - Fund currency EUR Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, Strategies in % FIN, HUN, SIN Long/Short Equity 44.80 Close of financial year 30. Nov Global Macro 18.10 Total net assets (in mil.) 743.65 Event Driven 13.40 Inception date 30.03.2011 Corporate 13.00 Management fee in % p.a. 0.85 CTA 10.60 TER without performance fee (11.2015) in % 2.71 Cash/Cash Equivalents 0.10 Performance fee in % with Highwatermark 15.00 TER with performance fee (11.2015) in % 2.71 Subscription Weekly Redemption Weekly Unit Class Category FBH (capital growth) Unit class currency GBP ISIN LU0566065560 Bloomberg ticker CSPMSTS LX Valor no. 12068363 Net asset value (NAV) 1'052.63 EU taxation In scope - tax Credit Suisse Solutions 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 32.69

Credit Suisse (Lux) Prima Multi-Strategy Fund

a subfund of CS Investment Funds 4 - Class FBH USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

management, and may invest in various -2.7 -3.2 95 -5% alternative investment strategies, including 2011 2012 2013 2014 2015 2016 equities, event driven, convertibles, macro, CS (Lux) Prima Multi-Strategy Fund FBH USD Yearly or year-to-date performance respectively (Fund) credit, managed futures, fixed income, emerging 2) markets’ equities and rates. The fund is Net performance in USD domiciled in Luxembourg and will be passported 1 month 3 months YTD 1 year 3 years 5 years into other countries. The fund is open to both Fund -0.23 -3.15 -3.15 -5.71 3.26 5.84 institutional and retail investors and offers weekly Historical monthly performance in % 2) liquidity. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2016 -1.63 -1.32 -0.23 ------3.15 Fund facts 2015 0.71 0.74 1.25 0.27 0.51 -0.18 -0.54 -2.45 -1.52 0.71 0.56 0.01 0.02 Fund manager Stéphane Julen 2014 0.19 1.23 -0.78 -1.52 0.82 0.20 0.23 0.35 0.33 -0.60 1.50 0.59 2.54 Fund manager since since inception 2013 1.25 0.11 1.00 0.37 1.36 -1.80 1.52 -0.98 1.07 0.97 0.88 0.55 6.43 Location Zurich 2012 0.65 1.74 0.43 -0.13 -1.13 -0.19 0.66 0.33 -0.17 -0.32 0.24 0.90 3.05 Fund domicile Luxembourg 2011 -0.01 0.70 -0.50 0.75 -0.67 -0.73 0.84 -1.94 -0.74 0.07 -0.41 -0.01 -2.67 Fund currency EUR 2010 ------Passport ESP, ITA, UK, GER, AUT, CHF, FR, NL, LUX, SWE, LIE, NOR, FIN, HUN, SIN Strategies in % Close of financial year 30. Nov Long/Short Equity 44.80 Total net assets (in mil.) 743.65 Global Macro 18.10 Inception date 16.12.2010 Event Driven 13.40 Management fee in % p.a. 0.85 Corporate 13.00 TER without performance fee (11.2015) in % 2.75 CTA 10.60 Performance fee in % with Highwatermark 15.00 Cash/Cash Equivalents 0.10 TER with performance fee (11.2015) in % 2.75 Subscription Weekly Redemption Weekly Unit Class Category FBH (capital growth) Unit class currency USD ISIN LU0566063516 Bloomberg ticker CSPMSTU LX Valor no. 12068362 Net asset value (NAV) 1'068.86 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 32.69

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Eurozone Active Opportunities Equity Fund

a subfund of CS Investment Funds 2 - Class B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 160 60% possible return by investing in European 150 50% companies predominantly characterised by high 140 40% 130 30% profitability, a sound financial structure and 21.4 23.4 120 19.3 20.1 20% successful management. 11.7 9.8 110 4.3 10% 100 0% -2.3 Fund facts 90 -5.7 -6.7 -10% -14.9 Fund manager Julio Alberto Giró 80 -20.1 -20% 70 -30% Fund manager since 01.06.2012 2011 2012 2013 2014 2015 2016 Location Zurich CS (Lux) Eurozone Active Opportunities Equity Fund Yearly or year-to-date performance respectively Fund domicile Luxembourg B EUR (Fund) Fund currency EUR Yearly or year-to-date performance respectively MSCI EMU (NR) Close of financial year 31. May (Benchmark) Total net assets (in mil.) 120.01 simulation based on Equis Europe and F share class Track Record with adjusted Management Fee (06.12.2005-24.06.2011) Inception date 27.06.2011 Management fee in % p.a. 1.60 Net performance in EUR 2) TER (as of 30.11.2015) in % 1.90 1 month 3 months YTD 1 year 3 years 5 years Benchmark (BM) MSCI EMU (NR) Fund 3.15 -5.68 -5.68 -8.78 20.97 19.22 3) Swinging single pricing (SSP) Yes Benchmark 2.76 -6.66 -6.66 -13.63 28.96 29.05 Unit Class Category B (capital growth) Unit class currency EUR Sectors in % ISIN LU0496466151 Fund Benchmark Compared with benchmark Bloomberg ticker CSEEZAB LX Financials 22.63 20.60 2.03 Valor no. 11145861 Industrials 15.75 14.04 1.71 Net asset value (NAV) 12.46 Consumer Discretionary 12.40 15.19 -2.79 Redemptions Daily Consumer Staples 11.94 11.79 0.15 EU taxation In scope - tax Information Technology 7.60 6.80 0.80 3) For more details, please refer to the relevant chapter "Net Materials 7.23 7.54 -0.31 Asset Value" of the Fund’s prospectus. Telecommunication Services 6.07 5.33 0.74 Duration and Yield Utilities 5.85 5.58 0.28 Modified duration in years 0.00 Cash/Cash Equivalents 0.69 - 0.69 Others 9.84 13.15 -3.31 Number of holdings 2) Fund 48 Fund statistics Top 10 Holdings in % 3 years 5 years TOTAL SA 4.36 Annualised volatility in % 13.77 15.21 BASF 4.04 Information ratio -0.56 -0.48 Schneider Electric 3.85 Credit Suisse SICAV One Tracking Error (Ex post) 3.83 3.31 AXA 3.27 Beta 0.88 0.95 Allianz 3.25 Siemens AG 3.24 Significant Transactions SAP SE 3.15 Deutsche Telekom 2.96 Purchases Sales Anheuster Busch 2.95 VOESTALPINE L'OREAL Iberdrola 2.85 BANCO SANTANDER Reg INDITEX Total 33.92 SCHNEIDER ELECTRIC SANOFI ROYAL DUTCH SHELL A LAGARDERE Reg

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 We made few changes to our strategy in Q1 MSCI Eurozone Index, dropped 6.6% in Q1 Our stock selection contributed to 2016. The common denominator of the portfolio 2016. The Fund fell 5.4% over the same period, outperformance relative to the European index in adjustments has been rebalancing the Fund’s outpacing the benchmark by 1.2%. Similar to seven out of ten sectors as defined by MSCI in cyclical exposure over the period. Signs of a previous months, European equities were volatile Q1 2016. Positions in Health Care, Industrials, deceleration in the contraction of emerging as investors weighed the possible impact of Consumer Staples, Energy and Utilities brought market economies represent selective monetary policy in the US and Europe on most of the relative returns over the period. investment opportunities in cyclical stocks. We corporate earnings. At the same time, investors Selective cyclical exposure in Consumer either increased or added positions in Financials, rotated actively in and out of sectors such as Discretionary and Materials lagged behind the Industrials and Materials, while we reduced Energy reflecting large swings in commodity market. holdings in Health Care and Consumer sectors prices. over the period. The fund remains fully invested.

Outlook for the market 4) European equity markets continue to extend the sources of volatility to equity markets. credit quality concerns in Italy. Signs of progress correction initiated almost a year ago. The to resolve asset quality problems at Italian banks slowdown in Chinese growth and uncertainty European stocks failed to recover in Q1. First, at the onset of Q2 could be promising for both around the change in US monetary policy have German and French sovereign bond yields financials and the market as a whole. triggered the initial correction. By now, remain at low levels; second, the measures taken uncertainty over China has receded: restocking by the ECB to reignite inflation in the Eurozone Summing up, the European economic outlook in China has spurred the recovery of certain have not achieved all the desired impact yet. remains promising. Non-financial corporations commodities and cyclical stocks. Some of these GDP growth consensus expectations of over are on track to exceed mid-single digit earnings stocks have large valuation potential and could 1.5% per annum until 2018 should be supportive growth in 2016 and financial stocks’ valuations further appreciate. Yet market participants for non-financial corporations’ earnings. Yet are attractive. This coupled with supportive continue to hesitate on the extent of interest rate financials, with a large market weight, face dividend yield make European equities attractive hikes in the US over the coming months, adding challenges of extremely low interest rates and 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Italy Equity Fund

a subfund of CS Investment Funds 11 - Class B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 160 60% possible capital growth by investing in leading 140 40% Italian companies characterised by high 28.0 24.1 20.1 profitability, a sound financial structure and 120 15.1 15.2 16.2 20% successful management. 6.2 5.5 100 0%

Fund facts 80 -14.7 -16.9 -20% Fund manager Marco Bolzoni -22.9 -25.4 60 -40% Fund manager since 31.07.2015 2011 2012 2013 2014 2015 2016 Location Milano CS (Lux) Italy Equity Fund B EUR Yearly or year-to-date performance respectively (Fund) Fund domicile Luxembourg MSCI Italy 10/40 (NR) (07/11) Yearly or year-to-date performance respectively (Benchmark)

Fund currency EUR Credit Suisse Equity Fund Close of financial year 31. March 2) Total net assets (in mil.) 81.97 Net performance in EUR Inception date 25.09.1992 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 1.92 Fund 3.35 -14.69 -14.69 -17.53 43.17 17.11 TER (as of 31.03.2015) in % 2.13 Benchmark 2.56 -16.87 -16.87 -20.96 34.91 1.11 Benchmark (BM) MSCI Italy 10/40 (NR) (07/11) Unit Class Category B Sectors in % (capital growth) Unit class currency EUR Fund ISIN LU0055733355 Financials 36.95 Bloomberg ticker CRSITBI LX Industrials 14.46 Valor no. 349537 Consumer Discretionary 13.97 Net asset value (NAV) 356.87 Utilities 13.90 Redemptions Daily Energy 13.85 Telecommunication Services 4.59 EU taxation In scope - no tax Information Technology 0.82 Materials 0.70 Health Care 0.11 Cash/Cash Equivalents 0.64

Fund statistics 2) Top 10 Holdings in % 3 years 5 years Intesa Sanpaolo 7.95 Annualised volatility in % 19.24 20.92 ENI 7.76 Information ratio 0.70 1.01 Enel 5.42 Tracking Error (Ex post) 2.82 2.91 Snam Rete Gas 4.95 Beta 0.94 0.93 Tenaris 4.92 Unicredit Fin. 4.54 Significant Transactions Atlantia 4.44 Purchases Sales Ferrari 4.03 ACEA MOLESKINE Finmeccanica 3.82 SARAS RAFFINERIE SARDE FINMECCANICA Luxottica 3.54 SALINI IMPREGILO ENI Total 51.37 CREDITO VALTELLINESE TENARIS - INTESA SANPAOLO

Credit Suisse (Lux) Italy Equity Fund Class B EUR

Review previous quarter 4) The Italian market registered an unexpected and consumer goods were among the best performing stocks were some of those that strongly negative performance (MSCI ITALY10/ performing stocks. performed poorly during the previous months, 40 TR Net EUR -16.87%) in the first quarter of such as Finmeccanica (+17%), Anima (+15%), 2016. February was again a negative month (MSCI FCA (+12%) and Mediaset (+10%). The ECB ITALY10/40 TR Net EUR -5.36%). Similar to meeting introduced a further rate cut, a EUR January: in the context of a global market sell-off the previous month, banks were the worst 20bn increase in monthly asset purchases and triggered by concerns about global economic performers, while other sectors such as energy, new four-year targeted longer-term refinancing growth, the Italian market underperformed as telecoms, insurance and industrials recovered operations. Nevertheless, Italian banks were uncertainty over a government backed solution to some of their January losses. again weak, and Banco Popolare was the worst banks’ doubtful loans took center stage (MSCI performing stock (-20%), as the plan to merge ITALY10/40 TR Net EUR -14.36%). By sector, After three consecutive negative months, March with Popolare di Milano involved an unexpected most banks together with insurance and energy finally saw a rebound of the market (MSCI EUR 1bn capital injection. stocks underperformed, while utilities and ITALY10/40 TR Net EUR +2.56%). The best

Outlook for the market 4) The financial sector is trading below long term Italian economic recovery story, along with months, as the Fed’s rate hike postponement average multiples, but the market will probably earnings upgrades as well as M&A, should be is weakening the US dollar. Finally, liquidity maintain a skeptic stance towards the sector until the most important positive drivers for Italian (investors switching from bonds to equity) should a credible solution to the non-performing loans stocks during 2016. be another important support for Italian equities issue is found. In terms of the macroeconomic and the pipeline of IPOs (which might drain environment, most indicators still point to a The euro could be increasingly unsupportive for liquidity from the market), could probably be gradual improvement in the Italian economy. The the earnings of Italian exporters in the coming 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 2009. Marco graduated in Business Administration from the Università Commerciale Luigi Bocconi in October 1995.

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

84 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Italy Equity Fund

a subfund of CS Investment Funds 11 - Class IB EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 180 80% possible capital growth by investing in leading 160 60% Italian companies characterised by high 140 40% profitability, a sound financial structure and 29.6 24.1 21.6 successful management. 120 16.5 15.2 16.2 20% 7.5 5.5 100 0% Fund facts 80 -14.4 -16.9 -20% Fund manager Marco Bolzoni -21.9 -25.4 60 -40% Fund manager since 31.07.2015 2011 2012 2013 2014 2015 2016 Location Milano CS (Lux) Italy Equity Fund IB EUR Yearly or year-to-date performance respectively (Fund) Fund domicile Luxembourg MSCI Italy 10/40 (NR) (07/11) Yearly or year-to-date performance respectively (Benchmark)

Fund currency EUR Credit Suisse Equity Fund Close of financial year 31. March 2) Total net assets (in mil.) 81.97 Net performance in EUR Inception date 19.10.2007 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 0.70 Fund 3.45 -14.43 -14.43 -16.52 48.53 24.47 TER (as of 31.03.2015) in % 0.92 Benchmark 2.56 -16.87 -16.87 -20.96 34.91 1.11 Benchmark (BM) MSCI Italy 10/40 (NR) (07/11) Unit Class Category IB Sectors in % (capital growth) Unit class currency EUR Fund ISIN LU0108801654 Financials 36.95 Bloomberg ticker CRSITLI LX Industrials 14.46 Valor no. 1057956 Consumer Discretionary 13.97 Net asset value (NAV) 847.30 Utilities 13.90 Min. Investment Amount 500'000 Energy 13.85 Redemptions Daily Telecommunication Services 4.59 Information Technology 0.82 EU taxation In scope - no tax Materials 0.70 Health Care 0.11 Cash/Cash Equivalents 0.64

Fund statistics 2) Top 10 Holdings in % 3 years 5 years Intesa Sanpaolo 7.95 Annualised volatility in % 19.26 20.94 ENI 7.76 Information ratio 1.14 1.43 Enel 5.42 Tracking Error (Ex post) 2.81 2.90 Snam Rete Gas 4.95 Beta 0.94 0.93 Tenaris 4.92 Unicredit Fin. 4.54 Significant Transactions Atlantia 4.44 Purchases Sales Ferrari 4.03 ACEA MOLESKINE Finmeccanica 3.82 SARAS RAFFINERIE SARDE FINMECCANICA Luxottica 3.54 SALINI IMPREGILO ENI Total 51.37 CREDITO VALTELLINESE TENARIS - INTESA SANPAOLO

Credit Suisse (Lux) Italy Equity Fund Class IB EUR

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

86 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Biotech Innovators Equity Fund

a subfund of CS Investment Funds 5 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

This sector-based equity fund globally invests in 450 350% stocks of biotechnology companies to achieve 400 300% long-term capital appreciation while maintaining 350 250% an adequate distribution of risks. It offers access 300 200% to one of the fastest-growing segments of the 250 150% health sector, and opportunity to participate in 200 100% 61.1 66.0 growth in value tied to clinical progress of 150 35.1 32.3 31.1 34.4 50% 1.6 12.1 9.4 11.8 innovative products from early stage to those 100 0% 50 -22.8 -22.9 -50% ready to be brought to market. The fund invests 2011 2012 2013 2014 2015 2016 in numerous therapeutics areas, as well as CS (Lux) Global Biotech Innovators Equity Fund B Yearly or year-to-date performance respectively (Fund) diagnosis and preventative treatments. The USD Yearly or year-to-date performance respectively portfolio is not constrained either in terms of NASDAQ Biotechnology Index (TR) (04/07) (Benchmark) geography or by market capitalization. The NASDAQ Biotechnology TR serves as the Net performance in USD 2) benchmark. 1 month 3 months YTD 1 year 3 years 5 years Fund 4.06 -22.83 -22.83 -26.50 54.30 129.13 Fund facts Benchmark 2.56 -22.88 -22.88 -23.90 64.70 165.60 Fund manager Irene Beatrice Puettner Fund manager since 01.02.2008 Location Zurich Sectors in % Fund domicile Luxembourg Fund Fund currency USD Biotechnology 87.89 Close of financial year 30. Sep Pharmaceuticals 7.20 Total net assets (in mil.) 166.40 Life Sciences Tools & Services 3.72 Inception date of share class 05.10.2001 Health care equipment and services 0.12 Management fee in % p.a. 1.92 Cash/Cash Equivalents 1.06 TER (as of 30.09.2015) in % 2.19 Benchmark (BM) Currencies in % Countries in % NASDAQ Biotechnology Index (TR) (04/07) Swinging single pricing (SSP) 3) Yes USD 88.37 USA 87.68 Unit Class Category B CHF 6.66 Denmark 4.78 (capital growth) DKK 4.85 Switzerland 3.75 Unit class currency USD EUR 0.06 Cash/Cash ISIN LU0130190969 GBP 0.05 Equivalents 0.85 Bloomberg ticker CLABIOT LX Others 2.94 Valor no. 1258035 Net asset value (NAV) 351.07 Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Significant Transactions Top 10 Holdings in % Singapore, Spain, Switzerland Purchases Sales Gilead Sciences 7.50 EU taxation In scope - no tax - - Celgene 7.44 3) For more details, please refer to the relevant chapter "Net Biogen 7.38 Asset Value" of the Fund’s prospectus. Number of holdings Amgen 6.06 Fund statistics 2) Regeneron Pharma. 5.00 Fund 60 3 years 5 years Alexion Pharma. 4.43 Annualised volatility in % 25.90 24.26 Biomarin Pharmaceutical 4.25 Information ratio -0.54 -0.44 Incyte 3.93 Tracking Error (Ex post) 4.06 6.73 Medivation 3.88 Beta 1.04 1.09 Illumina 3.58 Total 53.45 Credit Suisse SICAV

Credit Suisse (Lux) Global Biotech Innovators Equity Fund Class B USD

Review previous quarter 4) The biotech group closed Q1 2016 in negative approvals of therapies for patients with contributors to return during the first quarter were territory and underperformed world equity Duchenne Muscular Dystrophy seem to be the overweight in Actelion (driven by strong Q4 markets. Negative sentiment continued to pushed out after clinical and regulatory setbacks. 2015 results), Genmab (impressive launch of dominate performance. In March more positive Biosimilars were in focus, as the first biosimilar Darzalex in multiple myeloma), Theravance headlines resulted in stabilization and positive monoclonal antibody was recommended for Biopharma (company highlighted Phase 3 returns. Clinical and regulatory updates released approval in all indications by an FDA advisory pipeline catalysts they expect in 2016) and by companies were mixed: positive news flow committee. The FDA decision is expected in Medivation (issued a higher than expected 2016 came from Neurocrine and Abbvie’s Elagolix that April. sales guidance for prostate cancer drug Xtandi met the primary endpoint in the second Phase III and M&A speculation). Performance detractors trial in endometriosis. Regulus reported sustained Over the reporting period, the fund performed included Alkermes, Halozyme and Incyte. virologic responses in a Phase 2 study with its in line with its benchmark. In an environment of Alkermes announced that two late-stage clinical micro-RNA therapy RG-101 in Hepatitis C, negative sentiment, positive news flow was not studies for treatment of depression failed. potentially offering an option to shorten the appropriately acknowledged, while stocks were Halozyme issued a disappointing financial therapy to four weeks. Alder released positive hit disproportionally on clinical and regulatory guidance for 2016. Incyte declined after the data points in a phase 2b study with its migraine failures, disappointing fourth quarter results or company stopped cancer trials with Ruxolitinib prevention candidate drug ALD403. Regulatory lackluster guidance. Besides stocks not owned did not show sufficient levels of efficacy. setbacks affected Vertex, Biomarin, Alkermes, like Endo, Mylan and Portola and underweights PTC Therapeutics and Cara Therapeutics. First in Regeneron, Biogen and Celgene, the best

Outlook for the market 4) We remain constructive on the fundamentals of disease and multiple sclerosis, might be triggers approved by the FDA might be exemplary for biotech in the long term as the industry is in to gradually turn the tape, pending the outcome future biosimilar biologics and transiently impact the earlier stages of an innovation cycle with of the study results. the sector, in our view. promising future commercial potential. However, we expect that the weak sentiment and volatility We consider valuations to be at attractive levels Thinking of potential reimbursement constraint might continue in Q2, because macro factors like and pharma as well as large biotech are in need and biosimilars on the horizon, we believe that the US presidential election, drug pricing debates to complement their pipelines, M&A activities biotech innovators offer a unique strategy to and further interest rate hikes are not off the might accelerate and bring positive momentum evade these pressures. We consider new truly table. to the sector, in our opinion. On the other hand, differentiated therapies based on leading-edge we expect that the payers will probably make science to have the best chance to gain a first High profile events are needed to turn the focus more use of their power and use reimbursement mover market advantage, pricing power and fair back to fundamentals and pipeline catalysts. We constraints to put pressure on makers of me-too reimbursement. As such, we expect biotech believe that upcoming pipeline progress and drugs with identical mechanisms and profiles. innovators will continue to produce highly convincing clinical concept validation of new We also await the FDA decision for the first profitable therapies and help save patients’ lives. mechanisms that target, for example Alzheimer’s biosimilar monoclonal antibody. The label

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 2008. From 2001–2007 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 Switzerland, 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, Switzerland.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

88 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Biotech Innovators Equity Fund

a subfund of CS Investment Funds 5 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

This sector-based equity fund globally invests in 400 300% stocks of biotechnology companies to achieve 350 250% long-term capital appreciation while maintaining 300 200% an adequate distribution of risks. It offers access 250 150% to one of the fastest-growing segments of the 200 100% health sector, and opportunity to participate in 60.1 growth in value tied to clinical progress of 150 34.7 30.8 50% 1.1 9.4 innovative products from early stage to those 100 0% 50 -22.9 -50% ready to be brought to market. The fund invests 2011 2012 2013 2014 2015 2016 in numerous therapeutics areas, as well as CS (Lux) Global Biotech Innovators Equity Fund BH Yearly or year-to-date performance respectively diagnosis and preventative treatments. The EUR (Fund) portfolio is not constrained either in terms of Yearly or year-to-date performance respectively (Benchmark) geography or by market capitalization. The NASDAQ Biotechnology TR serves as the Net performance in EUR 2) benchmark. 1 month 3 months YTD 1 year 3 years 5 years Fund 4.00 -22.91 -22.91 -26.48 53.02 126.60 Fund facts Fund manager Irene Beatrice Puettner Fund manager since 01.02.2008 Sectors in % Location Zurich Fund Fund domicile Luxembourg Biotechnology 87.89 Fund currency USD Pharmaceuticals 7.20 Close of financial year 30. Sep Life Sciences Tools & Services 3.72 Total net assets (in mil.) 166.40 Health care equipment and services 0.12 Inception date of share class 28.02.2006 Cash/Cash Equivalents 1.06 Management fee in % p.a. 1.92 TER (as of 30.09.2015) in % 2.19 Currencies in % Countries in % Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes USD 88.37 USA 87.68 Unit Class Category BH CHF 6.66 Denmark 4.78 (capital growth) DKK 4.85 Switzerland 3.75 Unit class currency EUR EUR 0.06 Cash/Cash ISIN LU0240068329 GBP 0.05 Equivalents 0.85 Bloomberg ticker CLBIEHE LX Others 2.94 Valor no. 2388468 Net asset value (NAV) 236.05 Redemptions Daily Sales registration: Austria, France, Germany, Italy, Luxembourg, Significant Transactions Top 10 Holdings in % Singapore, Spain, Switzerland Purchases Sales Gilead Sciences 7.50 EU taxation In scope - no tax - - Celgene 7.44 3) For more details, please refer to the relevant chapter "Net Biogen 7.38 Asset Value" of the Fund’s prospectus. Number of holdings Amgen 6.06 Fund statistics 2) Regeneron Pharma. 5.00 Fund 60 3 years 5 years Alexion Pharma. 4.43 Annualised volatility in % 25.88 24.09 Biomarin Pharmaceutical 4.25 Information ratio - - Incyte 3.93 Tracking Error (Ex post) - - Medivation 3.88 Beta - - Illumina 3.58 Total 53.45 Credit Suisse SICAV

Credit Suisse (Lux) Global Biotech Innovators Equity Fund Class BH EUR

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

90 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund

a subfund of CS Investment Funds 5 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 130 30% possible risk adjusted return in USD whilst 120 19.0 18.2 20% investing in small and mid cap companies 110 10% domiciled in Emerging Markets or conducting the 4.9 4.6 5.3 5.2 100 0% bulk of their business activities in Emerging -3.8 -2.6 90 -10% Markets, and having a market capitalization of -11.9 -13.2 less than 10 billion USD at the time of the 80 -18.4 -20% 70 -30% investment. -30.1 60 -40% 2011 2012 2013 2014 2015 2016 Fund facts CS (Lux) Global Small & Mid Cap Emerging Market ILC Yearly or year-to-date performance Fund manager HOLT Active Equity Group Equity Fund B USD respectively (Fund) Yearly or year-to-date performance Fund manager since 02.05.2013 MSCI EM Mid Cap (NR) (06/13) respectively (Benchmark) Location Zurich Fund domicile Luxembourg Former Track Record of Clariden Leu (Gue) Emerging Markets Equity Fund (30.11.2005 -20.08.2009). The fund was formely known as Clariden Leu (Lux) Equity Fund currency USD Emerging Markets (20.08.2009 -01.04.2012) prior to the integration of Clariden Leu AG into Credit Suisse AG that took place on April 2, 2012. Close of financial year 30. Sep Net performance in USD 2) Total net assets (in mil.) 105.81 Inception date 20.08.2009 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 1.92 Fund 12.27 5.34 5.34 -8.25 -3.52 -15.51 TER (as of 30.09.2015) in % 2.27 Benchmark 12.67 5.22 5.22 -11.17 -13.01 -19.12 Benchmark (BM) MSCI EM Mid Cap (NR) (06/13) Swinging single pricing (SSP) 3) Yes Countries in % Top 10 Holdings in % Securities lending No Truworths International 3.02 Unit Class Category B South Korea 16.33 PT INDOFOOD 2.92 (capital growth) China 15.23 Liberty Holdings 2.71 Unit class currency USD Taiwan 11.82 Emlak Konut Reit 2.65 ISIN LU0348402883 Brazil 11.46 Energias Do Brasil 2.55 Bloomberg ticker CLLEMEB LX South Africa 11.23 Transmissora Alianca Energia Eletr Units 2.37 Valor no. 3786494 Turkey 6.42 Chongqing Rural 2.26 Net asset value (NAV) 124.32 India 5.70 LG Household & Healthcare Ltd. 2.26 Redemptions Daily Indonesia 4.25 Cash/Cash Pegatron Corporation 2.02 EU taxation In scope - no tax Equivalents 1.55 LG Uplus 1.96 3) For more details, please refer to the relevant chapter "Net Total 24.72 Asset Value" of the Fund’s prospectus. Others 16.01 Fund statistics 2) 3 years 5 years Sectors in % Annualised volatility in % 16.31 20.97 Financials 23.52 Information ratio 0.70 0.12 Consumer Tracking Error (Ex post) 4.96 7.13 Discretionary 19.03 Beta 0.96 1.09 Consumer Staples 13.86 Information Number of holdings Technology 10.24 Fund 79 Industrials 8.24 Utilities 7.30 Telecommunication Services 5.22 Materials 4.64 Cash/Cash Equivalents 1.55 Others 6.41 Credit Suisse SICAV

Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund Class B USD

Review previous quarter 4) Q1 2016 offered a good showcase of the market to gain 28%, Energy and Metals to rise relief rally and strong results as its 6% dividend all-weather nature of the Fund, which provided 15% and 25%, respectively, the Restructuring remained intact and cost controls and working outperformance during the January declines as stage to lead all ILC stages with a 12% positive capital improvements continued to improve free well as the considerable rally that followed in move, and 2015’s weaker currencies – the cash flow and de-lever the balance sheet. February and March. Brazilian Real and the Russian Ruble – to gain Taiwanese e-reader manufacturer E Ink rose 10% and 9%. 21% on gains from novel uses of the technology A number of macro-oriented factors drove the such as pricing tags in grocery stores and royalty market, including a rise in oil prices from January The Fund’s outperformance largely came from payments on patents related to smartphone lows as OPEC informally agreed to production the sources of pain in 2015, namely the displays. Growth stage Chinese sportswear ceilings, a more dovish stance on rate hikes from Restructuring stage, Brazil and Metals. In producer/retailer Anta Sports was one of the the Fed, and progress in impeachment Restructuring, the portfolio generated nearly 500 biggest detractors as the company’s Q4 proceedings for the Brazilian President. These all bps of outperformance from both old and new earnings review showed a deceleration in same conspired to drive investors back to last year’s names, including Argentinian steel producer store sales growth, causing the stock to fall most beaten down assets, causing the Brazilian Ternium, which gained 44% on the commodity 20%.

Outlook for the market 4) The last few years have offered numerous China and the tightening schedule of the Fed. stage ideas bubbling up in disparate places such inflection points in emerging markets where There has been a marked rotation of as Turkish prepared foods and South African leadership has passed from growth to value attractiveness within the Growth stage as life insurance. The discipline of the ILC process assets. Macro and geopolitical noise have momentum has inverted and highlighted new remains its competitive edge, and both new and consistently pushed growth assets back into ideas in Chinese education and Latin American old ideas should continue to drive performance in favor in the subsequent periods. Much of the fast food. As valuation has receded in a number the coming quarter. remainder of 2016 will hinge upon demand in of sectors and countries, we are seeing new later

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 2005.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

92 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund

a subfund of CS Investment Funds 5 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 130 30% 21.3 possible risk adjusted return in USD whilst 120 18.2 20% investing in small and mid cap companies 110 10% domiciled in Emerging Markets or conducting the 5.7 5.4 5.5 5.2 100 0% bulk of their business activities in Emerging -3.8 -2.6 90 -10% Markets, and having a market capitalization of -11.3 -13.2 less than 10 billion USD at the time of the 80 -18.4 -20% 70 -30% investment. -29.9 60 -40% 2011 2012 2013 2014 2015 2016 Fund facts CS (Lux) Global Small & Mid Cap Emerging Market ILC Yearly or year-to-date performance Fund manager HOLT Active Equity Group Equity Fund IB USD respectively (Fund) Yearly or year-to-date performance Fund manager since 02.05.2013 MSCI EM Mid Cap (NR) (06/13) respectively (Benchmark) Location Zurich Fund domicile Luxembourg Former Track Record of Clariden Leu (Gue) Emerging Markets Equity Fund (30.11.2005 -20.08.2009). The fund was formely known as Clariden Leu (Lux) Equity Fund currency USD Emerging Markets (20.08.2009 -01.04.2012) prior to the integration of Clariden Leu AG into Credit Suisse AG that took place on April 2, 2012. Close of financial year 30. Sep Net performance in USD 2) Total net assets (in mil.) 105.81 Inception date 19.02.2010 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 1.20 Fund 12.35 5.53 5.53 -7.58 -1.38 -11.54 TER (as of 30.09.2015) in % 1.54 Benchmark 12.67 5.22 5.22 -11.17 -13.01 -19.12 Benchmark (BM) MSCI EM Mid Cap (NR) (06/13) Swinging single pricing (SSP) 3) Yes Countries in % Top 10 Holdings in % Securities lending No Truworths International 3.02 Unit Class Category IB South Korea 16.33 PT INDOFOOD 2.92 (capital growth) China 15.23 Liberty Holdings 2.71 Unit class currency USD Taiwan 11.82 Emlak Konut Reit 2.65 ISIN LU0348402966 Brazil 11.46 Energias Do Brasil 2.55 Bloomberg ticker CLLEMIB LX South Africa 11.23 Transmissora Alianca Energia Eletr Units 2.37 Valor no. 3786497 Turkey 6.42 Chongqing Rural 2.26 Net asset value (NAV) 116.48 India 5.70 LG Household & Healthcare Ltd. 2.26 Min. Investment Amount 500'000 Indonesia 4.25 Pegatron Corporation 2.02 Redemptions Daily Cash/Cash Equivalents 1.55 LG Uplus 1.96 EU taxation In scope - no tax Others 16.01 Total 24.72 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Fund statistics 2) Sectors in % 3 years 5 years Financials 23.52 Annualised volatility in % 16.32 20.48 Consumer Information ratio 0.84 0.25 Discretionary 19.03 Tracking Error (Ex post) 4.96 7.14 Consumer Staples 13.86 Beta 0.96 1.05 Information Technology 10.24 Number of holdings Industrials 8.24 Fund 79 Utilities 7.30 Telecommunication Services 5.22 Materials 4.64 Cash/Cash Equivalents 1.55 Others 6.41 Credit Suisse SICAV

Credit Suisse (Lux) Global Small & Mid Cap Emerging Market ILC Equity Fund Class IB USD

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

94 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Value Equity Fund

a subfund of CS Investment Funds 11 - Class B EUR

This Fund is not suitable for investors with Net performance in EUR (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 200 100% investment horizon of less than 5 years. 180 80% 160 60% Investment policy 140 40% The Credit Suisse Equity Fund (Lux) Global 23.1 21.2 19.5 120 14.0 10.4 20% Value pursues a "deep value" approach based on 3.9 2.0 100 -0.1 0% the classic Graham & Dodd discipline. To this -2.4 -3.1 -5.0 80 -13.1 -20% end the fund invests in undervalued companies 60 -40% which are listed worldwide on regulated and 2011 2012 2013 2014 2015 2016 accessible markets. The investment decisions CS (Lux) Global Value Equity Fund B EUR Yearly or year-to-date performance respectively (Fund) are not made on the basis of a benchmark; MSCI World (NR) Yearly or year-to-date performance respectively (Benchmark) nevertheless, investors can use the MSCI World Credit Suisse Equity Fund Index as a long-term yardstick. The value Net performance in EUR 2) approach can deliver above-average results over 1 month 3 months YTD 1 year 3 years 5 years a long period because it disciplines investors not Fund 3.04 -3.09 -3.09 -10.92 6.27 12.47 to pay too much for an investment. Benchmark 1.82 -5.01 -5.01 -9.01 37.34 70.72 Sectors in % Fund facts Fund Benchmark Compared with benchmark Fund manager Gregor Trachsel Materials 22.24 4.60 17.64 Fund manager since 30.04.2008 Consumer Discretionary 19.25 13.27 5.98 Location Zurich Industrials 18.01 10.97 7.04 Fund domicile Luxembourg Consumer Staples 11.61 10.94 0.67 Fund currency EUR Utilities 11.38 3.49 7.89 Close of financial year 31. March Financials 8.66 19.57 -10.91 Total net assets (in mil.) 145.35 Energy 3.38 6.36 -2.98 Inception date 08.06.2001 Information Technology 2.54 14.41 -11.87 Management fee in % p.a. 1.92 Cash/Cash Equivalents 0.11 - 0.11 TER (as of 31.03.2015) in % 2.11 Others 2.81 16.39 -13.58 Benchmark (BM) MSCI World (NR) Unit Class Category B Currencies in % Countries in % (capital growth) Unit class currency EUR EUR 23.24 Japan 21.96 ISIN LU0129338272 JPY 22.21 Italy 16.25 Bloomberg ticker CSEFSIE LX USD 17.37 Brazil 13.22 Valor no. 1235254 BRL 11.75 USA 10.89 Net asset value (NAV) 8.48 CHF 9.15 Switzerland 9.15 Redemptions Daily GBP 6.55 United Kingdom 6.55 EU taxation In scope - no tax CLP 4.39 Chile 4.39 2) SGD 2.71 France 3.76 Fund statistics AUD 1.50 Cash/Cash 3 years 5 years CAD 1.13 Equivalents 0.11 Annualised volatility in % 11.83 11.54 Others 13.71 Information ratio -1.01 -1.04 Significant Transactions Tracking Error (Ex post) 8.48 8.03 Top 10 Holdings in % Beta 0.76 0.79 Purchases Sales LafargeHolcim Ltd. Coca-Cola West Co. Ltd. Edmond de RothSchild 2.96 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit. 2.32 Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total 23.90

Credit Suisse (Lux) Global Value Equity Fund Class B EUR

Review previous quarter 4) Performance: The Fund’s net asset value position in a prominent global cement producer. The erratic stock price swings we have been (IB-shares) fell by 2.88% during Q1 2016. Since Overall the cash balance remains low at less than witnessing in recent history on the back of April 30, 2008, when the Fund became 1% of AuM. central bank-driven markets lend heavy responsibility of the Value Team, it has importance to the task of proper portfolio compounded at an annual net return rate of Corporate actions / mergers and acquisitions: management. In our separate quarterly letter on 6.01%. There were no major events during the quarter. the global strategy, we would like to offer a brief review of how we construct, shape and adjust Transactions: During the reporting we sold one Commentary: There were no noteworthy issues the Fund’s portfolio on an ongoing basis. We holding: the price of the Japanese beverage which may have caused an alteration in portfolio believe that we follow a highly disciplined process distributor Coca-Cola West Co., Ltd. has strategy (see outlook section below) or structure which has worked very well over time and which reached our conservative estimate of intrinsic in Q1 2016. consequently has remained unchanged since we value. On the other side, we established a new began managing the Fund.

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

96 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Value Equity Fund

a subfund of CS Investment Funds 11 - Class BH CHF

This Fund is not suitable for investors with Net performance in CHF (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 130 30% investment horizon of less than 5 years. 22.9 120 20%

Investment policy 110 10% 3.3 The Credit Suisse Equity Fund (Lux) Global 0.5 100 0% Value pursues a "deep value" approach based on -0.4 -3.3 the classic Graham & Dodd discipline. To this 90 -10% end the fund invests in undervalued companies -14.5 80 -20% which are listed worldwide on regulated and 2011 2012 2013 2014 2015 2016 accessible markets. The investment decisions CS (Lux) Global Value Equity Fund BH CHF Yearly or year-to-date performance respectively (Fund) are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Net performance in CHF 2) Credit Suisse Equity Fund Index as a long-term yardstick. The value 1 month 3 months YTD 1 year 3 years 5 years approach can deliver above-average results over Fund 2.92 -3.34 -3.34 -12.01 4.06 7.94 a long period because it disciplines investors not to pay too much for an investment. Sectors in % Fund Fund facts Materials 22.24 Consumer Discretionary 19.25 Fund manager Gregor Trachsel Industrials 18.01 Fund manager since 30.04.2008 Consumer Staples 11.61 Location Zurich Utilities 11.38 Fund domicile Luxembourg Financials 8.66 Fund currency EUR Energy 3.38 Close of financial year 31. March Information Technology 2.54 Total net assets (in mil.) 145.35 Cash/Cash Equivalents 0.11 Inception date 18.10.2006 Others 2.81 Management fee in % p.a. 1.92 TER (as of 31.03.2015) in % 2.12 Benchmark (BM) No Benchmark (06/14) Currencies in % Countries in % Unit Class Category BH EUR 23.24 Japan 21.96 (capital growth) JPY 22.21 Italy 16.25 Unit class currency CHF USD 17.37 Brazil 13.22 ISIN LU0268334421 BRL 11.75 USA 10.89 Bloomberg ticker CSEFWRC LX CHF 9.15 Switzerland 9.15 Valor no. 2705191 GBP 6.55 United Kingdom 6.55 Net asset value (NAV) 11.28 CLP 4.39 Chile 4.39 Redemptions Daily SGD 2.71 France 3.76 EU taxation In scope - no tax AUD 1.50 Cash/Cash 2) CAD 1.13 Equivalents 0.11 Fund statistics Others 13.71 3 years 5 years Annualised volatility in % 11.83 11.56 Significant Transactions Information ratio -0.37 -0.42 Purchases Sales Top 10 Holdings in % Tracking Error (Ex post) 15.84 14.00 LafargeHolcim Ltd. Coca-Cola West Co. Ltd. Edmond de RothSchild 2.96 Beta -0.11 0.21 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit. 2.32 Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total 23.90

Credit Suisse (Lux) Global Value Equity Fund Class BH CHF

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

98 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Biotech Innovators Equity Fund

a subfund of CS Investment Funds 5 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

This sector-based equity fund globally invests in 450 350% stocks of biotechnology companies to achieve 400 300% long-term capital appreciation while maintaining 350 250% an adequate distribution of risks. It offers access 300 200% to one of the fastest-growing segments of the 250 150% health sector, and opportunity to participate in 200 100% 62.8 66.0 growth in value tied to clinical progress of 150 36.3 32.3 32.5 34.4 50% 3.7 12.1 10.5 11.8 innovative products from early stage to those 100 0% 50 -22.6 -22.9 -50% ready to be brought to market. The fund invests 2011 2012 2013 2014 2015 2016 in numerous therapeutics areas, as well as CS (Lux) Global Biotech Innovators Equity Fund IB Yearly or year-to-date performance respectively (Fund) diagnosis and preventative treatments. The USD Yearly or year-to-date performance respectively portfolio is not constrained either in terms of NASDAQ Biotechnology Index (TR) (04/07) (Benchmark) geography or by market capitalization. The NASDAQ Biotechnology TR serves as the Net performance in USD 2) benchmark. 1 month 3 months YTD 1 year 3 years 5 years Fund 4.16 -22.63 -22.63 -25.75 59.11 141.34 Fund facts Benchmark 2.56 -22.88 -22.88 -23.90 64.70 165.60 Fund manager Irene Beatrice Puettner Fund manager since 01.02.2008 Location Zurich Sectors in % Fund domicile Luxembourg Fund Fund currency USD Biotechnology 87.89 Close of financial year 30. Sep Pharmaceuticals 7.20 Total net assets (in mil.) 166.40 Life Sciences Tools & Services 3.72 Inception date of share class 05.10.2001 Health care equipment and services 0.12 Management fee in % p.a. 0.90 Cash/Cash Equivalents 1.06 TER (as of 30.09.2015) in % 1.17 Benchmark (BM) Currencies in % Countries in % NASDAQ Biotechnology Index (TR) (04/07) Swinging single pricing (SSP) 3) Yes USD 88.37 USA 87.68 Unit Class Category IB CHF 6.66 Denmark 4.78 (capital growth) DKK 4.85 Switzerland 3.75 Unit class currency USD EUR 0.06 Cash/Cash ISIN LU0130191181 GBP 0.05 Equivalents 0.85 Bloomberg ticker CLABI1B LX Others 2.94 Valor no. 1258038 Net asset value (NAV) 382.71 Min. Investment Amount 500'000 Redemptions Daily Sales registration: Significant Transactions Top 10 Holdings in % Austria, France, Germany, Italy, Luxembourg, Purchases Sales Gilead Sciences 7.50 Singapore, Spain, Switzerland - - Celgene 7.44 EU taxation In scope - no tax Biogen 7.38 3) For more details, please refer to the relevant chapter "Net Number of holdings Amgen 6.06 Asset Value" of the Fund’s prospectus. Regeneron Pharma. 5.00 Fund 60 Fund statistics 2) Alexion Pharma. 4.43 3 years 5 years Biomarin Pharmaceutical 4.25 Annualised volatility in % 25.92 22.97 Incyte 3.93 Information ratio -0.28 -0.43 Medivation 3.88 Tracking Error (Ex post) 4.06 4.48 Illumina 3.58 Beta 1.04 1.06 Total 53.45 Credit Suisse SICAV

Credit Suisse (Lux) Global Biotech Innovators Equity Fund Class IB USD

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

100 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Value Equity Fund

a subfund of CS Investment Funds 11 - Class BH CZK

This Fund is not suitable for investors with Net performance in CZK (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 130 30% investment horizon of less than 5 years. 22.9 120 20%

Investment policy 110 10% 4.0 The Credit Suisse Equity Fund (Lux) Global 0.9 100 0% Value pursues a "deep value" approach based on -0.6 -3.2 the classic Graham & Dodd discipline. To this 90 -10% end the fund invests in undervalued companies -13.6 80 -20% which are listed worldwide on regulated and 2011 2012 2013 2014 2015 2016 accessible markets. The investment decisions CS (Lux) Global Value Equity Fund BH CZK Yearly or year-to-date performance respectively (Fund) are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Net performance in CZK 2) Credit Suisse Equity Fund Index as a long-term yardstick. The value 1 month 3 months YTD 1 year 3 years 5 years approach can deliver above-average results over Fund 2.90 -3.24 -3.24 -11.87 4.30 10.07 a long period because it disciplines investors not to pay too much for an investment. Sectors in % Fund Fund facts Materials 22.24 Consumer Discretionary 19.25 Fund manager Gregor Trachsel Industrials 18.01 Fund manager since 30.04.2008 Consumer Staples 11.61 Location Zurich Utilities 11.38 Fund domicile Luxembourg Financials 8.66 Fund currency EUR Energy 3.38 Close of financial year 31. March Information Technology 2.54 Total net assets (in mil.) 145.35 Cash/Cash Equivalents 0.11 Inception date 19.11.2009 Others 2.81 Management fee in % p.a. 1.92 TER (as of 31.03.2015) in % 2.13 Benchmark (BM) No Benchmark (06/14) Currencies in % Countries in % Unit Class Category BH EUR 23.24 Japan 21.96 (capital growth) JPY 22.21 Italy 16.25 Unit class currency CZK USD 17.37 Brazil 13.22 ISIN LU0458681094 BRL 11.75 USA 10.89 Bloomberg ticker CSEGVRC LX CHF 9.15 Switzerland 9.15 Valor no. 10665619 GBP 6.55 United Kingdom 6.55 Net asset value (NAV) 1'487.78 CLP 4.39 Chile 4.39 Redemptions Daily SGD 2.71 France 3.76 EU taxation In scope - no tax AUD 1.50 Cash/Cash 2) CAD 1.13 Equivalents 0.11 Fund statistics Others 13.71 3 years 5 years Annualised volatility in % 11.91 11.58 Significant Transactions Information ratio -0.78 -0.88 Purchases Sales Top 10 Holdings in % Tracking Error (Ex post) 14.15 12.37 LafargeHolcim Ltd. Coca-Cola West Co. Ltd. Edmond de RothSchild 2.96 Beta 0.20 0.41 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit. 2.32 Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total 23.90

Credit Suisse (Lux) Global Value Equity Fund Class BH CZK

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

102 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Value Equity Fund

a subfund of CS Investment Funds 11 - Class BH USD

This Fund is not suitable for investors with Net performance in USD (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 130 30% investment horizon of less than 5 years. 23.3 120 20%

Investment policy 110 10% 4.1 The Credit Suisse Equity Fund (Lux) Global 1.2 100 0% Value pursues a "deep value" approach based on -0.5 -3.3 the classic Graham & Dodd discipline. To this 90 -10% end the fund invests in undervalued companies -13.7 80 -20% which are listed worldwide on regulated and 2011 2012 2013 2014 2015 2016 accessible markets. The investment decisions CS (Lux) Global Value Equity Fund BH USD Yearly or year-to-date performance respectively (Fund) are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World Net performance in USD 2) Credit Suisse Equity Fund Index as a long-term yardstick. The value 1 month 3 months YTD 1 year 3 years 5 years approach can deliver above-average results over Fund 3.13 -3.25 -3.25 -11.73 5.09 10.82 a long period because it disciplines investors not to pay too much for an investment. Sectors in % Fund Fund facts Materials 22.24 Consumer Discretionary 19.25 Fund manager Gregor Trachsel Industrials 18.01 Fund manager since 30.04.2008 Consumer Staples 11.61 Location Zurich Utilities 11.38 Fund domicile Luxembourg Financials 8.66 Fund currency EUR Energy 3.38 Close of financial year 31. March Information Technology 2.54 Total net assets (in mil.) 145.35 Cash/Cash Equivalents 0.11 Inception date 18.10.2006 Others 2.81 Management fee in % p.a. 1.92 TER (as of 31.03.2015) in % 2.12 Benchmark (BM) No Benchmark (06/14) Currencies in % Countries in % Unit Class Category EB EUR 23.24 Japan 21.96 (capital growth) JPY 22.21 Italy 16.25 Unit class currency USD USD 17.37 Brazil 13.22 ISIN LU0268334777 BRL 11.75 USA 10.89 Bloomberg ticker CSEFWRU LX CHF 9.15 Switzerland 9.15 Valor no. 2705196 GBP 6.55 United Kingdom 6.55 Net asset value (NAV) 12.19 CLP 4.39 Chile 4.39 Redemptions Daily SGD 2.71 France 3.76 EU taxation In scope - no tax AUD 1.50 Cash/Cash 2) CAD 1.13 Equivalents 0.11 Fund statistics Others 13.71 3 years 5 years Annualised volatility in % 11.99 11.63 Significant Transactions Information ratio -0.41 -0.37 Purchases Sales Top 10 Holdings in % Tracking Error (Ex post) 12.50 11.94 LafargeHolcim Ltd. Coca-Cola West Co. Ltd. Edmond de RothSchild 2.96 Beta 0.39 0.48 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit. 2.32 Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total 23.90

Credit Suisse (Lux) Global Value Equity Fund Class BH USD

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

104 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Value Equity Fund

a subfund of CS Investment Funds 11 - Class IB EUR

This Fund is not suitable for investors with Net performance in EUR (rebased to 100) and yearly performance 2) a relative-return perspective and a rolling 200 100% investment horizon of less than 5 years. 180 80% Investment policy 160 60% The Credit Suisse Equity Fund (Lux) Global 140 40% 24.3 21.2 Value pursues a "deep value" approach based on 120 19.5 20% 14.0 10.4 the classic Graham & Dodd discipline. To this 4.9 0.9 3.1 100 0% end the fund invests in undervalued companies -2.4 -2.9 -5.0 80 -12.2 -20% which are listed worldwide on regulated and 2011 2012 2013 2014 2015 2016 accessible markets. The investment decisions CS (Lux) Global Value Equity Fund IB EUR Yearly or year-to-date performance respectively (Fund) are not made on the basis of a benchmark; MSCI World (NR) Yearly or year-to-date performance respectively (Benchmark) nevertheless, investors can use the MSCI World Credit Suisse Equity Fund Index as a long-term yardstick. The value Net performance in EUR 2) approach can deliver above-average results over 1 month 3 months YTD 1 year 3 years 5 years a long period because it disciplines investors not Fund 3.11 -2.88 -2.88 -10.01 9.53 18.31 to pay too much for an investment. Benchmark 1.82 -5.01 -5.01 -9.01 37.34 70.72 Sectors in % Fund facts Fund Benchmark Compared with benchmark Fund manager Gregor Trachsel Materials 22.24 4.60 17.64 Fund manager since 30.04.2008 Consumer Discretionary 19.25 13.27 5.98 Location Zurich Industrials 18.01 10.97 7.04 Fund domicile Luxembourg Consumer Staples 11.61 10.94 0.67 Fund currency EUR Utilities 11.38 3.49 7.89 Close of financial year 31. March Financials 8.66 19.57 -10.91 Total net assets (in mil.) 145.35 Energy 3.38 6.36 -2.98 Inception date 16.01.2007 Information Technology 2.54 14.41 -11.87 Management fee in % p.a. 0.90 Cash/Cash Equivalents 0.11 - 0.11 TER (as of 31.03.2015) in % 1.11 Others 2.81 16.39 -13.58 Benchmark (BM) MSCI World (NR) Unit Class Category IB Currencies in % Countries in % (capital growth) Unit class currency EUR EUR 23.24 Japan 21.96 ISIN LU0129339833 JPY 22.21 Italy 16.25 Bloomberg ticker CSEFLEI LX USD 17.37 Brazil 13.22 Valor no. 1235366 BRL 11.75 USA 10.89 Net asset value (NAV) 1'324.87 CHF 9.15 Switzerland 9.15 Min. Investment Amount 500'000 GBP 6.55 United Kingdom 6.55 Redemptions Daily CLP 4.39 Chile 4.39 EU taxation In scope - no tax SGD 2.71 France 3.76 2) AUD 1.50 Cash/Cash Fund statistics CAD 1.13 Equivalents 0.11 3 years 5 years Others 13.71 Annualised volatility in % 11.84 11.53 Significant Transactions Information ratio -0.89 -0.91 Top 10 Holdings in % Tracking Error (Ex post) 8.49 8.04 Purchases Sales Beta 0.75 0.79 LafargeHolcim Ltd. Coca-Cola West Co. Ltd. Edmond de RothSchild 2.96 Del Monte Pacific 2.71 Cofide 2.55 Masisa 2.48 Anglo American 2.38 Arnoldo Mondadori Edit. 2.32 Cia Saneamento Minas Gerais 2.22 Caltagirone Editore 2.16 Layne Christensen 2.16 Valora 1.96 Total 23.90

Credit Suisse (Lux) Global Value Equity Fund Class IB EUR

Outlook for the market 4) The medium- to long-term strategy (5-10 years) macroeconomic slowdown (e.g., machinery, placing heavy bets on newcomers with a clean followed by the Fund places its emphasis on four engineering and commercial services). For the slate. Taking history as a guide, sometimes it main investment situations: investor who is willing to look patiently over the turns out that late-movers with deep pockets course of an entire cycle, as we are, some may in the end prevail against an aggressive new First, we select companies in industries whose businesses now appear too cheap given their entrant. margins get temporarily squeezed by rising input entrenched market positions and healthy balance costs (chemicals, packaging and food sheets. Last but not least, at these prices we also like processors, among others). With a time lag, the select owners of land (forestry, agriculture, real shrewd competitors in this space typically find Third, we select companies in industries facing estate). These equities have sold off due to the ways to apply stringent cost control and/or adjust structural issues that require a fundamental slump in global real estate finance. However, pricing to a level that will restore, or at least transformation in strategy and execution (e.g., we believe that their long-term benefits as approach, historic margins. traditional media, advertising services, basic inflation-protected assets far outweigh those materials, certain utility services). Here, the shorter-term concerns. Second, we select companies experiencing market now and then tends to over-discount the cyclical weakness triggered by the value of legacy-burdened incumbents while

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

106 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Dividend Plus Equity Fund

a subfund of CS Investment Funds 2 - Class A USD & B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The subfund invests in a broadly diversified 160 60% worldwide equity portfolio that can be expected 150 50% to yield above-average dividends. 140 40% 130 26.7 30% 21.1 Fund facts 120 15.8 20% 12.7 110 10% Fund manager Felix Maag, Aude Scheuer 2.5 4.9 2.8 Fund manager since 09.04.2010, 01.04.2011 100 0% -2.7 -2.6 -0.9 -0.3 Location Zurich, Zurich 90 -5.5 -10% Fund domicile Luxembourg 80 -20% 2011 2012 2013 2014 2015 2016 Fund currency USD CS (Lux) Global Dividend Plus Equity Fund B Close of financial year 31. May Yearly or year-to-date performance respectively (Fund) USD Total net assets (in mil.) 124.15 Yearly or year-to-date performance respectively MSCI World (NR) Inception date 15.04.2010 (Benchmark) Management fee in % p.a. 1.60 TER (as of 30.11.2015) in % 1.91 Net performance in USD 2) Benchmark (BM) MSCI World (NR) Swinging single pricing (SSP) 3) Yes 1 month 3 months YTD 1 year 3 years 5 years Fund 6.75 2.83 2.83 0.07 15.76 30.87 Unit Class Category A Category B (distribution) (capital growth) Benchmark 6.79 -0.35 -0.35 -3.45 21.89 37.09 Unit class currency USD USD ISIN LU0439730374 LU0439730457 Sectors in % Bloomberg ticker CSGEDPA CGSEDPB LX Fund Benchmark Compared with benchmark LX Financials 19.05 19.57 -0.52 Valor no. 10348395 10348396 Health Care 12.92 12.74 0.18 Net asset value 13.24 14.54 Information Technology 12.65 14.41 -1.76 (NAV) Consumer Discretionary 11.95 13.27 -1.32 Redemptions Daily Daily Consumer Staples 11.94 10.94 1.00 EU taxation In scope - no tax Industrials 11.21 10.97 0.24 3) For more details, please refer to the relevant chapter "Net Energy 5.93 6.36 -0.43 Asset Value" of the Fund’s prospectus. Fund statistics 2) Telecommunication Services 5.39 3.65 1.74 Cash/Cash Equivalents 0.46 - 0.46 Dividend Yield (Fund/BM) 4.05/2.70 Others 8.51 8.09 0.42 3 years 5 years Annualised volatility in % 10.98 12.45 Currencies in % Countries in % Information ratio -0.61 -0.30 Tracking Error (Ex post) 2.79 3.09 USD 51.68 USA 51.58 Beta 0.90 0.91 EUR 14.57 United Kingdom 7.54 GBP 7.65 Switzerland 6.48

CHF 6.51 Canada 6.07 Credit Suisse SICAV One CAD 6.13 Germany 4.85 HKD 3.23 France 4.46 SGD 2.76 Hong Kong 3.20 AUD 2.55 Singapore 2.75 JPY 1.95 Cash/Cash Others 2.97 Equivalents 0.46 Others 12.59 Significant Transactions Purchases Sales Top 10 Holdings in % VERIZON COMMUNICATIONS CENTURYLINK 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 21.59

Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class A USD & B USD

Review previous quarter 4) The start to the year was characterized by a competitiveness and leads to lower inflation asset purchase program was increased and a sharp decline in equity markets, which bottomed rates. The banking sector was again under new funding program for banks to help increase mid-February. A steep recovery then set in which stress. The turnaround was then helped by the their loan book was introduced. would leave the MSCI World Index practically release of economic data, which turned out to be unchanged for the quarter. The correction was better than feared. The most notable outperforming sectors were driven primarily by concerns related to a potential Utilities and Telecom. Surprisingly, the most slowdown of the Chinese economy and the There was once more the helping hand of the notable underperforming sector was Health continued price slump in crude oil and in US Federal Reserve (the Fed) and the European Care, which failed to show its defensive commodities. At some point investors raised the Central Bank (ECB). At the meeting in March, characteristics. Once more the Financials sector question about a looming global recession. the Fed left the key interest rate unchanged and was among the laggards. In terms of investment lowered the projection of further rate hikes. The style, the global high dividend yield style In this context the Eurozone economy was seen ECB announced an expansion of monetary policy outperformed the MSCI World during the first as particularly exposed. The reason was a measures (quantitative easing): the deposit rate quarter. strengthening of the euro which harms was cut by a further 10 bps, the size of the

Outlook for the market 4) Shorter-term we remain neutral on equities. In the medium term, we see the following leaving the EU following the vote on EU There remain pockets of uncertainty that could supporting factors for equities: 1) We see global membership on June 23, imbalances in the oil continue to weigh on equities. Questions around growth accelerating slightly heading into 2017, market, tensions in the Middle East and China’s economic growth are likely to resurface, supported by still accommodative monetary uncertainty regarding the path for Fed rates in while the recovery in commodity prices remains policy overall; 2) Global excess liquidity, driven by 2016. fragile. And, importantly, equity markets will need the ECB and Bank of Japan remains supportive earnings growth to move higher. While earnings for equities; 3) Equities look fairly valued on a Given our view that, in the medium term equity revisions appear to have troughed, they remain 12-month forward basis but continue to look returns - although positive - could be range negative, and earnings growth expectations for attractive compared to bonds; and 4) Positioning bound, dividend income will remain in the focus 2016 are now in the low single digits for global of retail and institutional investors remains as the most important component of total return. equities. As the value case for equities is weaker cautious. Furthermore, we expect central banks to leave after the recent market recovery, we stay neutral interest rates at low levels for a prolonged time on equities shorter term. Risks to our equity market view include: Growth and, in general, dividend yields still compare concerns in China, the possibility of the UK favorably to corporate bond yields.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

108 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Dividend Plus Equity Fund

a subfund of CS Investment Funds 2 - Class BH CHF

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The subfund invests in a broadly diversified 130 30% worldwide equity portfolio that can be expected 20.3 to yield above-average dividends. 120 20% 11.3 110 10% Fund facts 2.1 2.4 Fund manager Felix Maag, Aude Scheuer 100 0% -3.7 Fund manager since 09.04.2010, 01.04.2011 90 -10% Location Zurich, Zurich Fund domicile Luxembourg 80 -20% 2011 2012 2013 2014 2015 2016 Fund currency USD Yearly or year-to-date performance respectively Close of financial year 31. May CS (Lux) Global Dividend Plus Equity Fund BH CHF (Fund) Total net assets (in mil.) 124.15 Yearly or year-to-date performance respectively Inception date 15.04.2011 (Benchmark) Management fee in % p.a. 1.60 TER (as of 30.11.2015) in % 1.91 Net performance in CHF 2) Benchmark (BM) No Benchmark Swinging single pricing (SSP) 3) Yes 1 month 3 months YTD 1 year 3 years 5 years Fund 6.47 2.44 2.44 -1.38 12.79 - Unit Class Category BH (capital growth) Unit class currency CHF Sectors in % ISIN LU0612865351 Fund Bloomberg ticker CSGEDRC LX Financials 19.05 Valor no. 12784788 Health Care 12.92 Net asset value (NAV) 12.17 Information Technology 12.65 Redemptions Daily Consumer Discretionary 11.95 EU taxation In scope - no tax Consumer Staples 11.94 3) For more details, please refer to the relevant chapter "Net Industrials 11.21 Asset Value" of the Fund’s prospectus. 2) Energy 5.93 Fund statistics Telecommunication Services 5.39 Dividend Yield (Fund/BM) 4.05/ - Cash/Cash Equivalents 0.46 1 year 3 years Others 8.51 Annualized volatility in % 14.01 10.87 Tracking Error (Ex post) - - Currencies in % Countries in % Beta - - USD 51.68 USA 51.58 EUR 14.57 United Kingdom 7.54 GBP 7.65 Switzerland 6.48 CHF 6.51 Canada 6.07

CAD 6.13 Germany 4.85 Credit Suisse SICAV One HKD 3.23 France 4.46 SGD 2.76 Hong Kong 3.20 AUD 2.55 Singapore 2.75 JPY 1.95 Cash/Cash Others 2.97 Equivalents 0.46 Others 12.59 Significant Transactions Purchases Sales Top 10 Holdings in % VERIZON COMMUNICATIONS CENTURYLINK 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 21.59

Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class BH CHF

Outlook for the market 4) Shorter-term we remain neutral on equities. In the medium term, we see the following leaving the EU following the vote on EU There remain pockets of uncertainty that could supporting factors for equities: 1) We see global membership on June 23, imbalances in the oil continue to weigh on equities. Questions around growth accelerating slightly heading into 2017, market, tensions in the Middle East and China’s economic growth are likely to resurface, supported by still accommodative monetary uncertainty regarding the path for Fed rates in while the recovery in commodity prices remains policy overall; 2) Global excess liquidity, driven by 2016. fragile. And, importantly, equity markets will need the ECB and Bank of Japan remains supportive earnings growth to move higher. While earnings for equities; 3) Equities look fairly valued on a Given our view that, in the medium term equity revisions appear to have troughed, they remain 12-month forward basis but continue to look returns - although positive - could be range negative, and earnings growth expectations for attractive compared to bonds; and 4) Positioning bound, dividend income will remain in the focus 2016 are now in the low single digits for global of retail and institutional investors remains as the most important component of total return. equities. As the value case for equities is weaker cautious. Furthermore, we expect central banks to leave after the recent market recovery, we stay neutral interest rates at low levels for a prolonged time on equities shorter term. Risks to our equity market view include: Growth and, in general, dividend yields still compare concerns in China, the possibility of the UK favorably to corporate bond yields.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

110 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Dividend Plus Equity Fund

a subfund of CS Investment Funds 2 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The subfund invests in a broadly diversified 140 40% worldwide equity portfolio that can be expected to yield above-average dividends. 130 26.7 30% 22.3 120 20% Fund facts 110 10% Fund manager Felix Maag, Aude Scheuer 4.9 3.4 3.1 Fund manager since 09.04.2010, 01.04.2011 100 0% Location Zurich, Zurich -1.7 -0.9 -0.3 Fund domicile Luxembourg 90 -10% 2013 2014 2015 2016 Fund currency USD CS (Lux) Global Dividend Plus Equity Fund IB Close of financial year 31. May Yearly or year-to-date performance respectively (Fund) USD Total net assets (in mil.) 124.15 Yearly or year-to-date performance respectively MSCI World (NR) Inception date 14.12.2012 (Benchmark) Management fee in % p.a. 0.70 TER (as of 30.11.2015) in % 1.00 Net performance in USD 2) Benchmark (BM) MSCI World (NR) Swinging single pricing (SSP) 3) Yes 1 month 3 months YTD 1 year 3 years 5 years Fund 6.79 3.07 3.07 0.93 18.94 - Unit Class Category IB (capital growth) Benchmark 6.79 -0.35 -0.35 -3.45 21.89 - Unit class currency USD ISIN LU0439730887 Sectors in % Bloomberg ticker CSGEDVI LX Fund Benchmark Compared with benchmark Valor no. 10348401 Financials 19.05 19.57 -0.52 Net asset value (NAV) 1'287.96 Health Care 12.92 12.74 0.18 Min. Investment Amount 500'000 Information Technology 12.65 14.41 -1.76 Redemptions Daily Consumer Discretionary 11.95 13.27 -1.32 EU taxation In scope - no tax Consumer Staples 11.94 10.94 1.00 3) For more details, please refer to the relevant chapter "Net Industrials 11.21 10.97 0.24 Asset Value" of the Fund’s prospectus. 2) Energy 5.93 6.36 -0.43 Fund statistics Telecommunication Services 5.39 3.65 1.74 Dividend Yield (Fund/BM) 4.05/2.70 Cash/Cash Equivalents 0.46 - 0.46 1 year 3 years Others 8.51 8.09 0.42 Annualized volatility in % 14.19 10.95 Tracking Error (Ex post) 3.39 2.80 Currencies in % Countries in % Beta 0.89 0.90 USD 51.68 USA 51.58 EUR 14.57 United Kingdom 7.54 GBP 7.65 Switzerland 6.48

Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class IB USD

Outlook for the market 4) Shorter-term we remain neutral on equities. In the medium term, we see the following leaving the EU following the vote on EU There remain pockets of uncertainty that could supporting factors for equities: 1) We see global membership on June 23, imbalances in the oil continue to weigh on equities. Questions around growth accelerating slightly heading into 2017, market, tensions in the Middle East and China’s economic growth are likely to resurface, supported by still accommodative monetary uncertainty regarding the path for Fed rates in while the recovery in commodity prices remains policy overall; 2) Global excess liquidity, driven by 2016. fragile. And, importantly, equity markets will need the ECB and Bank of Japan remains supportive earnings growth to move higher. While earnings for equities; 3) Equities look fairly valued on a Given our view that, in the medium term equity revisions appear to have troughed, they remain 12-month forward basis but continue to look returns - although positive - could be range negative, and earnings growth expectations for attractive compared to bonds; and 4) Positioning bound, dividend income will remain in the focus 2016 are now in the low single digits for global of retail and institutional investors remains as the most important component of total return. equities. As the value case for equities is weaker cautious. Furthermore, we expect central banks to leave after the recent market recovery, we stay neutral interest rates at low levels for a prolonged time on equities shorter term. Risks to our equity market view include: Growth and, in general, dividend yields still compare concerns in China, the possibility of the UK favorably to corporate bond yields.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

112 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Dividend Plus Equity Fund

a subfund of CS Investment Funds 2 - Class IBH CHF

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The subfund invests in a broadly diversified 140 40% worldwide equity portfolio that can be expected 130 30% to yield above-average dividends. 21.5 120 20% 12.4 Fund facts 110 10% 3.1 2.7 Fund manager Felix Maag, Aude Scheuer 100 0% Fund manager since 09.04.2010, 01.04.2011 -2.8 Location Zurich, Zurich 90 -10% Fund domicile Luxembourg 80 -20% 2011 2012 2013 2014 2015 2016 Fund currency USD Close of financial year 31. May CS (Lux) Global Dividend Plus Equity Fund IBH Yearly or year-to-date performance respectively CHF (Fund) Total net assets (in mil.) 124.15 Inception date 20.07.2011 2) Management fee in % p.a. 0.70 Net performance in CHF TER (as of 30.11.2015) in % 1.01 1 month 3 months YTD 1 year 3 years 5 years Benchmark (BM) No Benchmark Fund 6.56 2.70 2.70 -0.25 16.13 - Swinging single pricing (SSP) 3) Yes Unit Class Category IBH (capital growth) Sectors in % Unit class currency CHF Fund ISIN LU0439730960 Financials 19.05 Bloomberg ticker CSGEDSC LX Health Care 12.92 Valor no. 10348403 Information Technology 12.65 Net asset value (NAV) 1'311.17 Consumer Discretionary 11.95 Min. Investment Amount 500'000 Consumer Staples 11.94 Redemptions Daily Industrials 11.21 EU taxation In scope - no tax Energy 5.93 3) For more details, please refer to the relevant chapter "Net Telecommunication Services 5.39 Asset Value" of the Fund’s prospectus. Cash/Cash Equivalents 0.46 Fund statistics 2) Others 8.51 Dividend Yield (Fund/BM) 4.05/ - 1 year 3 years Currencies in % Countries in % Annualized volatility in % 14.01 10.87 USD 51.68 USA 51.58 Tracking Error (Ex post) - - EUR 14.57 United Kingdom 7.54 Beta - - GBP 7.65 Switzerland 6.48 CHF 6.51 Canada 6.07 CAD 6.13 Germany 4.85 HKD 3.23 France 4.46 SGD 2.76 Hong Kong 3.20 Credit Suisse SICAV One AUD 2.55 Singapore 2.75 JPY 1.95 Cash/Cash Others 2.97 Equivalents 0.46 Others 12.59 Significant Transactions Purchases Sales Top 10 Holdings in % VERIZON COMMUNICATIONS CENTURYLINK 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 21.59

Credit Suisse (Lux) Global Dividend Plus Equity Fund a subfund of Class IBH CHF

Outlook for the market 4) Shorter-term we remain neutral on equities. In the medium term, we see the following leaving the EU following the vote on EU There remain pockets of uncertainty that could supporting factors for equities: 1) We see global membership on June 23, imbalances in the oil continue to weigh on equities. Questions around growth accelerating slightly heading into 2017, market, tensions in the Middle East and China’s economic growth are likely to resurface, supported by still accommodative monetary uncertainty regarding the path for Fed rates in while the recovery in commodity prices remains policy overall; 2) Global excess liquidity, driven by 2016. fragile. And, importantly, equity markets will need the ECB and Bank of Japan remains supportive earnings growth to move higher. While earnings for equities; 3) Equities look fairly valued on a Given our view that, in the medium term equity revisions appear to have troughed, they remain 12-month forward basis but continue to look returns - although positive - could be range negative, and earnings growth expectations for attractive compared to bonds; and 4) Positioning bound, dividend income will remain in the focus 2016 are now in the low single digits for global of retail and institutional investors remains as the most important component of total return. equities. As the value case for equities is weaker cautious. Furthermore, we expect central banks to leave after the recent market recovery, we stay neutral interest rates at low levels for a prolonged time on equities shorter term. Risks to our equity market view include: Growth and, in general, dividend yields still compare concerns in China, the possibility of the UK favorably to corporate bond yields.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

114 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Emerging Market ILC Equity Fund

a subfund of CS Investment Funds 2 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 130 30% possible risk adjusted return in USD whilst 120 18.2 20% investing in companies domiciled in Emerging 13.3 110 7.0 10% Markets or in global companies that execute the 5.7 100 0% bulk of their business activities in Emerging -1.0 -2.6 -2.0 -2.2 90 -10% Markets. -14.9 80 -18.4 -18.6 -20% -23.9 Fund facts 70 -30% 60 -40% Fund manager HOLT Active Equity Group 2011 2012 2013 2014 2015 2016 Fund manager since 01.10.2012 CS (Lux) Global Emerging Market ILC Equity Fund Yearly or year-to-date performance respectively Location New York B USD (Fund) Yearly or year-to-date performance respectively Fund domicile Luxembourg MSCI EM (NR) Fund currency USD (Benchmark) Close of financial year 31. May Total net assets (in mil.) 269.35 Net performance in USD 2) Inception date 20.01.2010 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 1.60 Fund 14.58 7.00 7.00 -12.85 -14.62 -28.85 TER (as of 30.11.2015) in % 2.03 Benchmark 13.23 5.71 5.71 -12.03 -12.90 -19.02 Benchmark (BM) MSCI EM (NR) Swinging single pricing (SSP) 3) Yes Securities lending No Sectors in % Unit Class Category B Fund Benchmark Compared with benchmark (capital growth) Financials 25.19 27.40 -2.21 Unit class currency USD Information Technology 22.25 20.69 1.56 ISIN LU0456267680 Consumer Discretionary 12.41 9.80 2.61 Bloomberg ticker CSEMRGB LX Consumer Staples 9.27 8.25 1.02 Valor no. 10627705 Telecommunication Services 7.21 6.89 0.32 Net asset value (NAV) 8.41 Energy 6.20 7.67 -1.47 Redemptions N/A Materials 4.32 6.63 -2.31 EU taxation In scope - tax Utilities 3.12 3.24 -0.12 3) For more details, please refer to the relevant chapter "Net Cash/Cash Equivalents 1.37 - 1.37 Asset Value" of the Fund’s prospectus. Others 8.64 9.43 -0.79 Fund statistics 2) 3 years 5 years Currencies in % Countries in % Annualised volatility in % 17.60 19.45 Information ratio -0.20 -0.79 HKD 19.71 South Korea 18.18 Tracking Error (Ex post) 3.27 3.28 KRW 18.73 China 17.84 Beta 1.04 1.02 TWD 14.13 Taiwan 14.13

USD 13.76 Brazil 8.17 Credit Suisse SICAV One BRL 8.71 Thailand 5.50 THB 5.53 India 4.64 ZAR 4.35 Russia 4.55 TRY 3.62 Hong Kong 4.30 EUR 2.82 Cash/Cash Others 8.63 Equivalents 1.37 Others 21.34 Significant Transactions Purchases Sales Top 10 Holdings in % PTT PUBLIC COMPANY LIMITED Nvdr TSMC 4.73 JARDINE MATHESON HOLDINGS Samsung Electronics 3.91 TENCENT HOLDINGS CNOOC Tencent Hldg Ltd 3.60 BIM BIRLESIK MAGAZALAR ECOPETROL Adr Woori Bank 2.85 LIBERTY HOLDINGS RICHTER GEDEON KT Corporation 2.46 KRUNG THAI BANK Nvdr LOJAS RENNER 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 28.37

Credit Suisse (Lux) Global Emerging Market ILC Equity Fund a subfund of Class B USD

Review previous quarter 4) Q1 2016 offered a good showcase of the market to gain 28%, Energy and Metals to rise relief rally and strong results as its 6% dividend all-weather nature of the Fund, which provided 15% and 25%, respectively, the Restructuring remained intact and cost controls and working outperformance during the January declines as stage to lead all Industrial Life Cycle (ILC) stages capital improvements continued to improve free well as the considerable rally that followed in with a 12% positive move, and 2015’s weaker cash flow and de-lever the balance sheet. February and March. currencies – the Brazilian Real and the Russian Taiwanese e-reader manufacturer E Ink rose Ruble – to gain 10% and 9%. 21% on gains from novel uses of the technology A number of macro-oriented factors drove the such as pricing tags in grocery stores and royalty market, including a rise in oil prices from January The Fund’s outperformance largely came from payments on patents related to smartphone lows as OPEC informally agreed to production the sources of pain in 2015, namely the displays. Growth stage Chinese sportswear ceilings, a more dovish stance on rate hikes from Restructuring stage, Brazil and Metals. In producer/retailer Anta Sports was one of the the Fed, and progress in impeachment Restructuring, the portfolio generated nearly 500 biggest detractors as the company’s Q4 proceedings for the Brazilian President. These all bps of outperformance from both old and new earnings review showed a deceleration in same conspired to drive investors back to last year’s names, including Argentinian steel producer store sales growth, causing the stock to fall most beaten down assets, causing the Brazilian Ternium, which gained 44% on the commodity 20%.

Outlook for the market 4) The last few years have offered numerous China and the tightening schedule of the Fed. seeing new later stage ideas bubbling up in inflection points in Emerging Markets where There has been a marked rotation of disparate places such as Chinese appliances and leadership has passed from growth to value attractiveness within the Growth stage as South African life insurance. The discipline of the assets. Macro and geopolitical noise have momentum has inverted and highlighted new ILC process remains its competitive edge, and consistently pushed growth assets back into ideas in Turkish convenience stores and Latin both new and old ideas should continue to drive favor in the subsequent periods. Much of the American fast food. As valuation has receded performance in the coming quarter. remainder of 2016 will hinge upon demand in in a number of sectors and countries, we are

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

116 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Emerging Market ILC Equity Fund

a subfund of CS Investment Funds 2 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 115 15% possible risk adjusted return in USD whilst 110 10% 6.7 investing in companies domiciled in Emerging 105 5% Markets or in global companies that execute the 100 0% -1.5 bulk of their business activities in Emerging 95 -2.2 -5% Markets. 90 -10% 85 -15% Fund facts 80 -19.0 -20% 75 -25% Fund manager HOLT Active Equity Group 2012 2013 2014 2015 2016 Fund manager since 01.10.2012 CS (Lux) Global Emerging Market ILC Equity Fund BH Yearly or year-to-date performance respectively Location New York EUR (Fund) Fund domicile Luxembourg Fund currency USD Net performance in EUR 2) Close of financial year 31. May Total net assets (in mil.) 269.35 1 month 3 months YTD 1 year 3 years 5 years Inception date 11.09.2012 Fund 14.34 6.74 6.74 -13.17 -15.64 - Management fee in % p.a. 1.60 TER (as of 30.11.2015) in % 2.07 Sectors in % Benchmark (BM) No Benchmark Fund Swinging single pricing (SSP) 3) Yes Financials 25.19 Securities lending No Information Technology 22.25 Unit Class Category BH Consumer Discretionary 12.41 (capital growth) Consumer Staples 9.27 Unit class currency EUR Telecommunication Services 7.21 ISIN LU0475784855 Energy 6.20 Bloomberg ticker CSEMRRE LX Materials 4.32 Valor no. 10852328 Utilities 3.12 Net asset value (NAV) 84.61 Cash/Cash Equivalents 1.37 Redemptions N/A Others 8.64 EU taxation In scope - tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Currencies in % Countries in % Fund statistics 2) HKD 19.71 South Korea 18.18 1 year 3 years KRW 18.73 China 17.84 Annualized volatility in % 23.99 17.51 TWD 14.13 Taiwan 14.13 Tracking Error (Ex post) - - USD 13.76 Brazil 8.17 Beta - - BRL 8.71 Thailand 5.50 THB 5.53 India 4.64 ZAR 4.35 Russia 4.55 Credit Suisse SICAV One TRY 3.62 Hong Kong 4.30 EUR 2.82 Cash/Cash Others 8.63 Equivalents 1.37 Others 21.34 Significant Transactions Purchases Sales Top 10 Holdings in % PTT PUBLIC COMPANY LIMITED Nvdr TSMC 4.73 JARDINE MATHESON HOLDINGS Samsung Electronics 3.91 TENCENT HOLDINGS CNOOC Tencent Hldg Ltd 3.60 BIM BIRLESIK MAGAZALAR ECOPETROL Adr Woori Bank 2.85 LIBERTY HOLDINGS RICHTER GEDEON KT Corporation 2.46 KRUNG THAI BANK Nvdr LOJAS RENNER 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 28.37

Credit Suisse (Lux) Global Emerging Market ILC Equity Fund a subfund of Class BH EUR

Review previous quarter 4) Q1 2016 offered a good showcase of the market to gain 28%, Energy and Metals to rise relief rally and strong results as its 6% dividend all-weather nature of the Fund, which provided 15% and 25%, respectively, the Restructuring remained intact and cost controls and working outperformance during the January declines as stage to lead all Industrial Life Cycle (ILC) stages capital improvements continued to improve free well as the considerable rally that followed in with a 12% positive move, and 2015’s weaker cash flow and de-lever the balance sheet. February and March. currencies – the Brazilian Real and the Russian Taiwanese e-reader manufacturer E Ink rose Ruble – to gain 10% and 9%. 21% on gains from novel uses of the technology A number of macro-oriented factors drove the such as pricing tags in grocery stores and royalty market, including a rise in oil prices from January The Fund’s outperformance largely came from payments on patents related to smartphone lows as OPEC informally agreed to production the sources of pain in 2015, namely the displays. Growth stage Chinese sportswear ceilings, a more dovish stance on rate hikes from Restructuring stage, Brazil and Metals. In producer/retailer Anta Sports was one of the the Fed, and progress in impeachment Restructuring, the portfolio generated nearly 500 biggest detractors as the company’s Q4 proceedings for the Brazilian President. These all bps of outperformance from both old and new earnings review showed a deceleration in same conspired to drive investors back to last year’s names, including Argentinian steel producer store sales growth, causing the stock to fall most beaten down assets, causing the Brazilian Ternium, which gained 44% on the commodity 20%.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

118 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Infrastructure Equity Fund

a subfund of CS Investment Funds 5 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

This sector-based equity fund invests along the 150 50% value chain of the global infrastructure 140 40% opportunity set. The investment universe 130 30% encompasses companies that provide the 23.7 120 20.0 20% facilities and services necessary to maintain and 11.3 10.6 110 9.1 10% develop modern infrastructure, and also includes 4.9 6.1 100 0% companies supplying infrastructure-related -0.9 -0.3 products and services. The objective is to 90 -8.9 -9.0 -6.7 -10% 80 -20% maximize total return from capital appreciation 2011 2012 2013 2014 2015 2016 and dividends over extended periods of time. CS (Lux) Infrastructure Equity Fund B USD Yearly or year-to-date performance respectively (Fund) It follows an unconstrained, non-benchmark MSCI World (NR) (06/13) Yearly or year-to-date performance respectively (Benchmark) oriented approach to identify attractively valued companies positioned to benefit from the Net performance in USD 2) infrastructure theme. 1 month 3 months YTD 1 year 3 years 5 years Fund 5.00 6.12 6.12 0.10 13.98 14.44 Fund facts Benchmark 6.79 -0.35 -0.35 -3.45 18.22 30.45 Fund manager Werner Richli Fund manager since 02.05.2013 Sectors in % Location Zurich Fund Fund domicile Luxembourg Utilities 46.33 Fund currency USD Transportation Infrastructure 26.30 Close of financial year 30. Sep Energy 15.86 Total net assets (in mil.) 77.37 Telecommunication Services 9.69 Inception date of share class 31.03.2006 Cash/Cash Equivalents 1.82 Management fee in % p.a. 1.92 TER (as of 30.09.2015) in % 2.22 Benchmark (BM) MSCI World (NR) (06/13) Currencies in % Countries in % Swinging single pricing (SSP) 3) Yes USD 62.11 USA 58.52 Unit Class Category B EUR 13.51 Italy 6.04 (capital growth) GBP 5.62 United Kingdom 5.62 Unit class currency USD AUD 5.25 Australia 5.25 ISIN LU0246496953 CHF 2.53 France 3.57 Bloomberg ticker CLAIFFB LX THB 2.28 Spain 2.73 Valor no. 2459821 NZD 2.25 Switzerland 2.53 Net asset value (NAV) 126.18 CAD 2.12 Thailand 2.28 Redemptions Daily JPY 1.89 Cash/Cash Sales registration: Others 2.44 Equivalents 1.82 Austria, France, Germany, Italy, Luxembourg, Others 11.64 Singapore, Spain, Switzerland EU taxation In scope - no tax Significant Transactions Top 10 Holdings in % 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Purchases Sales Crown Castle 5.46 Fund statistics 2) - - Kinder Morgan 5.11 - - Atmos Energy 4.70 3 years 5 years - - American Water Works 4.50 Annualised volatility in % 10.94 14.17 - - Cheniere Energy 4.39 Information ratio -0.16 -0.33 - - American Tower 3.95 Tracking Error (Ex post) 7.71 7.94 Sydney Airport 3.25 Beta 0.71 0.87 Number of holdings Nisource 3.23 Aqua America 2.95 Fund 49 Atlantia 2.83 Total 40.37 Credit Suisse SICAV

Credit Suisse (Lux) Infrastructure Equity Fund Class B USD

Review previous quarter 4) The fund ended the quarter (in USD terms) with further initiated measurements by the ECB in A large allocation of defensive utility stocks and a positive performance of 6.1% (previous quarter March. an only minor position in oil & gas related +2.2%), thereby outperforming the MSCI World transportation and storage companies at the Index which ended the quarter unchanged Infrastructure equities outperformed the general beginning of the year turned out to be correct. (-0.2%). equity market as the defensive utilities provided a It was only in the second half when, after the substantial cushion against the nose-dive at the bottoming of the oil price, positions in this The start of 2016 has been characterized by beginning of the reporting period and as crude sub-industry have been built up again. Top considerable financial market turbulences, oil and therefore the oil related infrastructure contributors to the fund’s performance were the triggered by an array of negative drivers like the sub-sectors rebounded strongly in the second US water and the US gas & electric utility interest rate tightening initiated by the Fed in half. Furthermore, weaker Chinese economic companies together with Italian SNAM. The latter December 2015, the slide in oil prices, as well activities affected global container rates and is currently evaluating the possibility of spinning as ongoing soft Chinese economic growth data. marine port services. Vice versa, European off Italgas to reallocate capital from saturated February and March marked a solid rebound, airports and toll roads profited both from low oil into more growing business areas. thanks to dovish statements by the Fed, the prices and solid traffic growth. imposed negative rate by the Bank of Japan and

Outlook for the market 4) The long-term positive outlook for infrastructure monetary policies combined with some fiscal the strong international traffic growth, combined investments remains unchanged. They offer easing. We expect the Fed to announce a with low commodity prices and strong retail attractive return prospects for long-term-oriented moderate rate hike no sooner than June 2016. sales, as well as toll roads thanks to growing investors thanks to their quasi-monopoly Furthermore, we believe the Bank of Japan is profitability and traffic recovery, mainly in Europe. business situation, long service life, as well as likely to cut the policy rate further this April, We further favor regulated gas & electric utilities predictable and, in most cases, inflation adjusted while the ECB may take further measures in on their stable cash flow yields. Whereas US cash flow streams. The fund is actively managed. September. While we see signs that the oil price towers face some headwinds from their Investment decisions are based on a proven and has bottomed, inventories are still rising, albeit at emerging market exposures, the positive outlook systematic investment process that relies on a slower rate. for their European counterparts is already fully Credit Suisse's HOLT valuation model. priced. In view of the low oil price environment, We continue to prefer transport and utility triggered by still rising inventories, we remain For 2016 we expect ongoing moderate infrastructure stocks, stay neutral in underweight in the gas & oil storage & transport economic growth, supported by low oil and telecommunication, and are cautious towards oil sector. commodity prices, as well as still supportive & gas pipelines. Mainly airports should profit from

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 1987. Mr. Richli is earned the CIIA designation and received a Master’s Degree in Business Administration from the University of Zurich, Switzerland.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

120 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Infrastructure Equity Fund

a subfund of CS Investment Funds 5 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

This sector-based equity fund invests along the 130 30% value chain of the global infrastructure opportunity set. The investment universe 120 20% encompasses companies that provide the 110 10.2 10.0 8.8 10% facilities and services necessary to maintain and 5.8 develop modern infrastructure, and also includes 100 0% companies supplying infrastructure-related -7.3 90 -10.0 -10% products and services. The objective is to 80 -20% maximize total return from capital appreciation 2011 2012 2013 2014 2015 2016 and dividends over extended periods of time. CS (Lux) Infrastructure Equity Fund BH EUR Yearly or year-to-date performance respectively (Fund) It follows an unconstrained, non-benchmark oriented approach to identify attractively valued Net performance in EUR 2) companies positioned to benefit from the 1 month 3 months YTD 1 year 3 years 5 years infrastructure theme. Fund 4.84 5.80 5.80 -0.51 12.00 10.11 Fund facts Sectors in % Fund manager Werner Richli Fund manager since 02.05.2013 Fund Location Zurich Utilities 46.33 Fund domicile Luxembourg Transportation Infrastructure 26.30 Fund currency USD Energy 15.86 Close of financial year 30. Sep Telecommunication Services 9.69 Total net assets (in mil.) 77.37 Cash/Cash Equivalents 1.82 Inception date of share class 31.03.2006 Management fee in % p.a. 1.92 Currencies in % Countries in % TER (as of 30.09.2015) in % 2.22 Benchmark (BM) No Benchmark USD 62.11 USA 58.52 Swinging single pricing (SSP) 3) Yes EUR 13.51 Italy 6.04 GBP 5.62 United Kingdom 5.62 Unit Class Category BH AUD 5.25 Australia 5.25 (capital growth) CHF 2.53 France 3.57 Unit class currency EUR THB 2.28 Spain 2.73 ISIN LU0246498066 NZD 2.25 Switzerland 2.53 Bloomberg ticker CLAIFHE LX CAD 2.12 Thailand 2.28 Valor no. 2459827 JPY 1.89 Cash/Cash Net asset value (NAV) 103.12 Others 2.44 Equivalents 1.82 Redemptions Daily Others 11.64 Sales registration: Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, Switzerland Significant Transactions Top 10 Holdings in % EU taxation In scope - no tax Purchases Sales Crown Castle 5.46 3) For more details, please refer to the relevant chapter "Net - - Kinder Morgan 5.11 Asset Value" of the Fund’s prospectus. - - Atmos Energy 4.70 Fund statistics 2) - - American Water Works 4.50 3 years 5 years - - Cheniere Energy 4.39 Annualised volatility in % 10.93 14.00 - - American Tower 3.95 Information ratio -0.56 -0.68 Sydney Airport 3.25 Tracking Error (Ex post) 12.19 12.87 Number of holdings Nisource 3.23 Aqua America 2.95 Beta 0.39 0.64 Fund 49 Atlantia 2.83 Total 40.37 Credit Suisse SICAV

Credit Suisse (Lux) Infrastructure Equity Fund Class BH EUR

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

122 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Emerging Market ILC Equity Fund

a subfund of CS Investment Funds 2 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the Fund is to achieve the highest 130 30% possible risk adjusted return in USD whilst 120 18.2 20% investing in companies domiciled in Emerging 14.5 110 7.2 10% Markets or in global companies that execute the 5.7 100 0.0 0% bulk of their business activities in Emerging -2.6 -1.0 -2.2 90 -10% Markets. -14.9 80 -18.4 -18.1 -20% -23.1 Fund facts 70 -30% 60 -40% Fund manager HOLT Active Equity Group 2011 2012 2013 2014 2015 2016 Fund manager since 01.10.2012 CS (Lux) Global Emerging Market ILC Equity Fund Yearly or year-to-date performance respectively Location New York IB USD (Fund) Yearly or year-to-date performance respectively Fund domicile Luxembourg MSCI EM (NR) Fund currency USD (Benchmark) Close of financial year 31. May Total net assets (in mil.) 269.35 Net performance in USD 2) Inception date 01.02.2010 1 month 3 months YTD 1 year 3 years 5 years Management fee in % p.a. 0.90 Fund 14.64 7.19 7.19 -12.23 -12.31 -25.37 TER (as of 30.11.2015) in % 1.25 Benchmark 13.23 5.71 5.71 -12.03 -12.90 -19.02 Benchmark (BM) MSCI EM (NR) Swinging single pricing (SSP) 3) Yes Securities lending No Sectors in % Unit Class Category IB Fund Benchmark Compared with benchmark (capital growth) Financials 25.19 27.40 -2.21 Unit class currency USD Information Technology 22.25 20.69 1.56 ISIN LU0456267847 Consumer Discretionary 12.41 9.80 2.61 Bloomberg ticker CSEMRGI LX Consumer Staples 9.27 8.25 1.02 Valor no. 10627709 Telecommunication Services 7.21 6.89 0.32 Net asset value (NAV) 919.09 Energy 6.20 7.67 -1.47 Min. Investment Amount 500'000 Materials 4.32 6.63 -2.31 Redemptions N/A Utilities 3.12 3.24 -0.12 EU taxation In scope - tax Cash/Cash Equivalents 1.37 - 1.37 3) For more details, please refer to the relevant chapter "Net Others 8.64 9.43 -0.79 Asset Value" of the Fund’s prospectus. Fund statistics 2) Currencies in % Countries in % 3 years 5 years Annualised volatility in % 17.62 19.46 HKD 19.71 South Korea 18.18 Information ratio 0.07 -0.50 KRW 18.73 China 17.84 Tracking Error (Ex post) 3.26 3.27 TWD 14.13 Taiwan 14.13 Beta 1.04 1.02 USD 13.76 Brazil 8.17 Credit Suisse SICAV One BRL 8.71 Thailand 5.50 THB 5.53 India 4.64 ZAR 4.35 Russia 4.55 TRY 3.62 Hong Kong 4.30 EUR 2.82 Cash/Cash Others 8.63 Equivalents 1.37 Others 21.34 Significant Transactions Purchases Sales Top 10 Holdings in % PTT PUBLIC COMPANY LIMITED Nvdr TSMC 4.73 JARDINE MATHESON HOLDINGS Samsung Electronics 3.91 TENCENT HOLDINGS CNOOC Tencent Hldg Ltd 3.60 BIM BIRLESIK MAGAZALAR ECOPETROL Adr Woori Bank 2.85 LIBERTY HOLDINGS RICHTER GEDEON KT Corporation 2.46 KRUNG THAI BANK Nvdr LOJAS RENNER 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 28.37

Credit Suisse (Lux) Global Emerging Market ILC Equity Fund a subfund of Class IB USD

Review previous quarter 4) Q1 2016 offered a good showcase of the market to gain 28%, Energy and Metals to rise relief rally and strong results as its 6% dividend all-weather nature of the Fund, which provided 15% and 25%, respectively, the Restructuring remained intact and cost controls and working outperformance during the January declines as stage to lead all Industrial Life Cycle (ILC) stages capital improvements continued to improve free well as the considerable rally that followed in with a 12% positive move, and 2015’s weaker cash flow and de-lever the balance sheet. February and March. currencies – the Brazilian Real and the Russian Taiwanese e-reader manufacturer E Ink rose Ruble – to gain 10% and 9%. 21% on gains from novel uses of the technology A number of macro-oriented factors drove the such as pricing tags in grocery stores and royalty market, including a rise in oil prices from January The Fund’s outperformance largely came from payments on patents related to smartphone lows as OPEC informally agreed to production the sources of pain in 2015, namely the displays. Growth stage Chinese sportswear ceilings, a more dovish stance on rate hikes from Restructuring stage, Brazil and Metals. In producer/retailer Anta Sports was one of the the Fed, and progress in impeachment Restructuring, the portfolio generated nearly 500 biggest detractors as the company’s Q4 proceedings for the Brazilian President. These all bps of outperformance from both old and new earnings review showed a deceleration in same conspired to drive investors back to last year’s names, including Argentinian steel producer store sales growth, causing the stock to fall most beaten down assets, causing the Brazilian Ternium, which gained 44% on the commodity 20%.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

124 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Infrastructure Equity Fund

a subfund of CS Investment Funds 5 - Class IB USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

This sector-based equity fund invests along the 150 50% value chain of the global infrastructure 140 40% opportunity set. The investment universe 130 30% encompasses companies that provide the 23.7 120 20.0 20% facilities and services necessary to maintain and 12.7 11.5 110 9.9 10% develop modern infrastructure, and also includes 4.9 6.3 100 0% companies supplying infrastructure-related -0.9 -0.3 -6.0 products and services. The objective is to 90 -8.0 -9.0 -10% 80 -20% maximize total return from capital appreciation 2011 2012 2013 2014 2015 2016 and dividends over extended periods of time. CS (Lux) Infrastructure Equity Fund IB USD Yearly or year-to-date performance respectively (Fund) It follows an unconstrained, non-benchmark MSCI World (NR) (06/13) Yearly or year-to-date performance respectively (Benchmark) oriented approach to identify attractively valued companies positioned to benefit from the Net performance in USD 2) infrastructure theme. 1 month 3 months YTD 1 year 3 years 5 years Fund 5.06 6.31 6.31 0.83 16.48 20.03 Fund facts Benchmark 6.79 -0.35 -0.35 -3.45 18.22 30.45 Fund manager Werner Richli Fund manager since 02.05.2013 Sectors in % Location Zurich Fund Fund domicile Luxembourg Utilities 46.33 Fund currency USD Transportation Infrastructure 26.30 Close of financial year 30. Sep Energy 15.86 Total net assets (in mil.) 77.37 Telecommunication Services 9.69 Inception date of share class 31.03.2006 Cash/Cash Equivalents 1.82 Management fee in % p.a. 1.20 TER (as of 30.09.2015) in % 1.51 Benchmark (BM) MSCI World (NR) (06/13) Currencies in % Countries in % Swinging single pricing (SSP) 3) Yes USD 62.11 USA 58.52 Unit Class Category IB EUR 13.51 Italy 6.04 (capital growth) GBP 5.62 United Kingdom 5.62 Unit class currency USD AUD 5.25 Australia 5.25 ISIN LU0246497258 CHF 2.53 France 3.57 Bloomberg ticker CLAIFIB LX THB 2.28 Spain 2.73 Valor no. 2459825 NZD 2.25 Switzerland 2.53 Net asset value (NAV) 136.22 CAD 2.12 Thailand 2.28 Min. Investment Amount 500'000 JPY 1.89 Cash/Cash Redemptions Daily Others 2.44 Equivalents 1.82 Sales registration: Others 11.64 Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, Switzerland EU taxation In scope - no tax Significant Transactions Top 10 Holdings in % 3) For more details, please refer to the relevant chapter "Net Purchases Sales Crown Castle 5.46 Asset Value" of the Fund’s prospectus. - - Kinder Morgan 5.11 Fund statistics 2) - - Atmos Energy 4.70 - - American Water Works 4.50 3 years 5 years - - Cheniere Energy 4.39 Annualised volatility in % 10.94 12.94 - - American Tower 3.95 Information ratio -0.06 -0.23 Sydney Airport 3.25 Tracking Error (Ex post) 7.70 7.36 Nisource 3.23 Beta 0.71 0.81 Number of holdings Aqua America 2.95 Fund 49 Atlantia 2.83 Total 40.37 Credit Suisse SICAV

Credit Suisse (Lux) Infrastructure Equity Fund Class IB USD

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

126 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Emerging Market Property Equity Fund

a subfund of CS Investment Funds 2 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The aim of the fund is to achieve the highest 150 50% 40.9 42.0 possible risk adjusted return in USD by investing 140 40% worldwide in equities and equity-type securities 130 30% of real estate companies and closed-end Real 120 20% 110 4.8 10% Estate Investment Trusts (REITs) which are 1.2 1.9 100 0% domiciled in or carry out the bulk of their business 90 -5.5 -5.0 -3.5 -10% activities in emerging countries. 80 -15.6 -14.2 -20% 70 -27.4 -29.3 -30% 60 -40% Fund facts 2011 2012 2013 2014 2015 2016 Fund manager Werner Richli CS (Lux) Global Emerging Market Property Equity Yearly or year-to-date performance respectively Fund manager since 01.01.2010 Fund B USD (Fund) Yearly or year-to-date performance respectively Location Zurich FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Fund domicile Luxembourg (Benchmark) Fund currency USD 2) Close of financial year 31. May Net performance in USD Total net assets (in mil.) 5.37 1 month 3 months YTD 1 year 3 years 5 years Inception date 30.05.2008 Fund 9.97 -3.47 -3.47 -10.90 -24.54 -14.62 Management fee in % p.a. 1.92 Benchmark 12.51 1.86 1.86 -5.99 -15.35 -5.20 TER (as of 30.11.2015) in % 2.94 Benchmark (BM) FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Sectors in % Swinging single pricing (SSP) 3) Yes Fund Unit Class Category B Homebuilding 51.34 (capital growth) Real Estate Management & Development 27.13 Unit class currency USD Real Estate Investment Trusts 13.08 ISIN LU0339603879 Cash/Cash Equivalents 2.69 Bloomberg ticker CSEQGPB LX Others 5.76 Valor no. 3675133 Net asset value (NAV) 6.95 Countries in % Redemptions Daily EU taxation Out of scope China 52.36 3) For more details, please refer to the relevant chapter "Net Philippines 11.03 Asset Value" of the Fund’s prospectus. South Africa 8.65 Fund statistics 2) Mexico 6.25 Thailand 5.76 3 years 5 years Indonesia 4.82 Annualised volatility in % 20.39 21.69 United Arab Information ratio -1.10 -0.59 Emirates 3.63 Tracking Error (Ex post) 3.48 3.56

Brazil 2.65 Credit Suisse SICAV One Beta 0.98 0.97 Russia 2.16 Cash/Cash Equivalents 2.69

Significant Transactions Purchases Sales ------

Credit Suisse (Lux) Global Emerging Market Property Equity Fund a subfund of Class B USD

Review previous quarter 4) During Q1 2016, the EPRA Emerging Index (all (+26.9%). In contrast to that, China (-7.1%) and During the quarter, the fund underperformed the figures in USD terms) rebounded slightly and India (-2.6%) were most hit. benchmark. Top contributors to the fund’s ended the quarter with a small gain of 1.9%, performance were the overweight positions in thereby underperforming the MSCI Emerging Referring to the quarterly index review of March Guangzhou R&F, South African Resilient, and Index, which was up 5.7%. Stocks from Latin 21th, worth noting is the renewed inclusion of Central Pattana from Thailand and the America took the lead with a gain of 19.4%, PDG after the recent rally of Brazilian underweight positions in Yuexiu (China). Vice ahead of EMEA (+15.1%), whereas Asia homebuilders, the additions of Malayan REIT versa, the overweight position in Shenzhen (-3.4%) dropped, triggered mainly by the Sunway, as well as Grivalia from Greece. Vice Investments, Jinmao and China Resources cost disappointing performance of the Chinese versa, Emirates REIT and IGB from Malaysia performance. market, by far the largest in Asia. The best single have been deleted. markets were Brazil (+42.4%) and Taiwan

Outlook for the market 4) The long-term outlook for commercial real estate near term, but should not reverse the trend. business and logistical hub has provided relatively investments in emerging markets triggered by good resilience compared to other Gulf superior growth in demographics, wealth and In Indonesia, the government announced another countries. Looking forward, we see significant private consumption is still positive. With the economic stimulus package with another cut of potential for further growth in tourism, which exception of China or India, emerging Asian REIT taxes. The macro situation in Brazil remains accounts for c.25% of Dubai’s GDP, as four property indices posted solid gains alongside the difficult and continues to experience headwinds, new theme parks and a safari park are expected strength in their corresponding currencies. which markedly limits our enthusiasm for the to open by 2019, with the first expected to region. However, the more positive valuation/ launch in Q4 2016. Whereas Dubai real estate We remain positive on the Chinese property sentiment mix suggests that much of these should see signs of recovery by 2017, we see sector. China is in the process of forming several concerns have been priced in. We favor the substantial downside risk to prices of Abu Dhabi high-density mega cities, despite the Chinese shopping center landlords over the homebuilders. real estate. government's policy of limiting migration into We think that Mexico’s fundamentals remain mega cities while encouraging migration into comparatively solid within emerging markets, and The fund is overweight in Asia at the expense smaller ones. The recent policy announcement the Fibras, and especially the industrial REITs, of Latin America and EMEA. The largest to cool the housing market - like the increase are still attractive from a valuation standpoint. overweight positions are in China, the Philippines of down payments and the evidence that buyers and Thailand. have paid income taxes for a certain amount of Dubai‘s economy has not been spared from the years - may reduce housing sales volume in the regional economic slowdown, but its role as a

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

128 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Emerging Market Property Equity Fund

a subfund of CS Investment Funds 2 - Class BH CHF

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The aim of the fund is to achieve the highest 150 50% possible risk adjusted return in USD by investing 140 38.9 39.0 40% worldwide in equities and equity-type securities 130 30% of real estate companies and closed-end Real 120 17.1 20% 110 10% Estate Investment Trusts (REITs) which are 0.7 100 0% -2.6 domiciled in or carry out the bulk of their business 90 -6.8 -4.3 -3.9 -10% activities in emerging countries. 80 -16.0 -16.7 -20% 70 -28.8 -29.0 -30% 60 -40% Fund facts 2011 2012 2013 2014 2015 2016 Fund manager Werner Richli CS (Lux) Global Emerging Market Property Equity Yearly or year-to-date performance respectively Fund manager since 01.01.2010 Fund BH CHF (Fund) Yearly or year-to-date performance respectively Location Zurich FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Fund domicile Luxembourg (Benchmark) Fund currency USD 2) Close of financial year 31. May Net performance in CHF Total net assets (in mil.) 5.37 1 month 3 months YTD 1 year 3 years 5 years Inception date 30.05.2008 Fund 9.73 -3.88 -3.88 -12.06 -26.45 -19.59 Management fee in % p.a. 1.92 Benchmark 8.17 -2.56 -2.56 -7.32 -14.40 -0.77 TER (as of 30.11.2015) in % 2.95 Benchmark (BM) FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Sectors in % Swinging single pricing (SSP) 3) Yes Fund Unit Class Category BH Homebuilding 51.34 (capital growth) Real Estate Management & Development 27.13 Unit class currency CHF Real Estate Investment Trusts 13.08 ISIN LU0339604174 Cash/Cash Equivalents 2.69 Bloomberg ticker CSEQGRC LX Others 5.76 Valor no. 3675144 Net asset value (NAV) 6.20 Countries in % Redemptions Daily EU taxation Out of scope China 52.36 3) For more details, please refer to the relevant chapter "Net Philippines 11.03 Asset Value" of the Fund’s prospectus. South Africa 8.65 Fund statistics 2) Mexico 6.25 Thailand 5.76 3 years 5 years Indonesia 4.82 Annualised volatility in % 20.38 21.75 United Arab Information ratio -0.55 -0.38 Emirates 3.63 Tracking Error (Ex post) 9.14 11.09

Brazil 2.65 Credit Suisse SICAV One Beta 0.96 1.05 Russia 2.16 Cash/Cash Equivalents 2.69

Significant Transactions Purchases Sales ------

Credit Suisse (Lux) Global Emerging Market Property Equity Fund a subfund of Class BH CHF

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

130 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Emerging Market Property Equity Fund

a subfund of CS Investment Funds 2 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The aim of the fund is to achieve the highest 150 50% possible risk adjusted return in USD by investing 140 40.0 39.8 40% worldwide in equities and equity-type securities 130 30% 19.3 of real estate companies and closed-end Real 120 20% 110 5.8 10% Estate Investment Trusts (REITs) which are 0.9 100 0% domiciled in or carry out the bulk of their business 90 -5.6 -3.7 -2.9 -10% activities in emerging countries. 80 -16.1 -17.9 -20% 70 -28.6 -26.9 -30% 60 -40% Fund facts 2011 2012 2013 2014 2015 2016 Fund manager Werner Richli CS (Lux) Global Emerging Market Property Equity Yearly or year-to-date performance respectively Fund manager since 01.01.2010 Fund BH EUR (Fund) Yearly or year-to-date performance respectively Location Zurich FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Fund domicile Luxembourg (Benchmark) Fund currency USD 2) Close of financial year 31. May Net performance in EUR Total net assets (in mil.) 5.37 1 month 3 months YTD 1 year 3 years 5 years Inception date 30.05.2008 Fund 9.76 -3.67 -3.67 -11.14 -25.36 -17.75 Management fee in % p.a. 1.92 Benchmark 7.27 -2.90 -2.90 -11.40 -4.62 18.06 TER (as of 30.11.2015) in % 2.89 Benchmark (BM) FTSE EPRA/NAREIT Emerging Index (NR) (05/10) Sectors in % Swinging single pricing (SSP) 3) Yes Fund Unit Class Category BH Homebuilding 51.34 (capital growth) Real Estate Management & Development 27.13 Unit class currency EUR Real Estate Investment Trusts 13.08 ISIN LU0339604257 Cash/Cash Equivalents 2.69 Bloomberg ticker CSEQGRE LX Others 5.76 Valor no. 3675145 Net asset value (NAV) 6.30 Countries in % Redemptions Daily EU taxation Out of scope China 52.36 3) For more details, please refer to the relevant chapter "Net Philippines 11.03 Asset Value" of the Fund’s prospectus. South Africa 8.65 Fund statistics 2) Mexico 6.25 Thailand 5.76 3 years 5 years Indonesia 4.82 Annualised volatility in % 20.40 21.74 United Arab Information ratio -0.94 -0.78 Emirates 3.63 Tracking Error (Ex post) 8.71 9.29

Brazil 2.65 Credit Suisse SICAV One Beta 0.96 1.06 Russia 2.16 Cash/Cash Equivalents 2.69

Significant Transactions Purchases Sales ------

Credit Suisse (Lux) Global Emerging Market Property Equity Fund a subfund of Class BH EUR

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

132 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Energy Winners Equity Fund

a subfund of CS Investment Funds 5 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

This sector-based equity fund invests mainly in 140 40% companies engaged in energy production, 120 18.1 20% transportation, transmission, distribution, and 12.2 2.7 1.9 2.7 5.1 conservation, as well as suppliers of goods and 100 0.2 0% services to the sector. The breadth, complexity -11.6 80 -12.9 -20% and cyclicality create opportunities for patient -20.5 -22.8 -27.3 investors. Given the currently massive change in 60 -40% the sector, the fund defines themes that should 40 -60% drive individual companies and then tries to pick 2011 2012 2013 2014 2015 2016 early winners. The objective is to provide CS (Lux) Global Energy Winners Equity Fund B Yearly or year-to-date performance respectively (Fund) long-term capital appreciation. Investment USD Yearly or year-to-date performance respectively decisions are based primarily on bottom-up MSCI World Energy (NR) (Benchmark) fundamental research. The benchmark is used to measure performance but does not determine Net performance in USD 2) security selection. 1 month 3 months YTD 1 year 3 years 5 years Fund 10.35 2.67 2.67 -22.08 -35.49 -48.28 Fund facts Benchmark 8.73 5.12 5.12 -15.49 -19.58 -24.04 Fund manager Thomas Amrein Fund manager since 01.05.2014 Location Zürich Sectors in % Fund domicile Luxembourg Fund Fund currency USD Energy 75.95 Close of financial year 30. Sep Utilities 9.74 Total net assets (in mil.) 74.40 Industrials 7.35 Inception date of share class 28.02.2006 Materials 5.90 Management fee in % p.a. 1.92 Cash/Cash Equivalents 0.43 TER (as of 30.09.2015) in % 2.22 Others 0.64 Benchmark (BM) MSCI World Energy (NR) Swinging single pricing (SSP) 3) Yes Currencies in % Countries in % Unit Class Category B (capital growth) USD 75.06 USA 58.51 Unit class currency USD EUR 15.36 France 8.57 ISIN LU0240067867 GBP 3.44 Canada 6.99 Bloomberg ticker CLAEEFB LX HKD 2.47 China 5.59 Valor no. 2388494 CAD 1.48 Germany 4.59 Net asset value (NAV) 69.29 THB 1.34 United Kingdom 3.44 Redemptions Daily AUD 0.85 Netherlands 3.31 CHF 0.01 Spain 2.40 Sales registration: Cash/Cash Austria, France, Germany, Italy, Luxembourg, Equivalents 0.43 Singapore, Spain, Switzerland Others 6.19 EU taxation In scope - no tax 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. Significant Transactions Top 10 Holdings in % 2) Fund statistics Purchases Sales TOTAL SA 7.07 3 years 5 years - ROYAL DUTCH SHELL Adr B Tesoro 6.95 Annualised volatility in % 21.90 25.66 - PETROLEO BRASILIERO Adr Acuity Brands 5.29 Information ratio -1.19 -0.90 - SOCO INTERNATIONAL Wacker Chemie 4.59 Tracking Error (Ex post) 6.19 8.56 - ACUITY BRANDS Phillips 4.20 Beta 1.15 1.27 - NEWFIELD EXPLORATION Diamondback Energy Inc 4.16 Royal Dutch 3.31 Number of holdings Cnooc 3.12 Baker Hughes Inc 3.07 Fund 41 Suncor Energy 3.00 Total 44.76 Credit Suisse SICAV

Credit Suisse (Lux) Global Energy Winners Equity Fund Class B USD

Review previous quarter 4) February 11th, the oil price fell to about USD flows and long term contracts, there is the 26 per barrel, the same level it had reached on Top contributors to performance were Cabot, possibility of a recovery of the stock from the January 20th. This correction was mostly seen EQT and Petrobras. Cabot and EQT are low cost current level. to be rather short lived. Right into the recovery, gas producers, and both companies successfully the first quarterly reports in the US confirmed placed equity mid-February. Petrobras was rising We sold Neste (refining) after a strong the trend to cut capex – a reduction of around on hope of a political change in Brazil. The main performance. We bought AO Smith, which builds 50% compared to 2015 levels. Most companies negative contributors were Tesoro and Terraform efficient boilers/water heaters, to get more expect to shrink production because of the low Power. Tesoro suffered from an overbuild in exposure to the energy conservation theme. We oil price. These production curtailments began gasoline inventories. Because this overbuild increased some of the stocks that had suffered to rebalance the market, thereby helping the oil could be more temporary, we increased the size from the low oil price: Anadarko, Newfield and price. Many of the stronger US companies of the position. Terraform Power, a renewable Hess. We selectively reduced some positions: announced secondary equity placements to electricity producer, suffered from the weak EOG, Petrobras and Soco International. Towards bolster up their balance sheet. While dilutive, financial position of its sponsor SunEdison. the end of March we sold SunEdison due to their these placements found strong support. However, due to the recurring nature of cash worsening liquidity situation.

Outlook for the market 4) While we see signs that the oil price has question the fundamental quality. nears. Opportunistically, we trade positions by bottomed, inventories are still rising, albeit at a increasing or decreasing the size where we see slower pace. Therefore, we expect volatility to We maintain an overweight in the best overreactions in the markets. Over time, we remain elevated in the next couple of months. exploration companies. Also, we plan to hold could add to the weight of the energy Some highly cyclical stocks have shown the best on to refineries, because we still believe in a conservation theme by selectively building new performance off the lows, but in many cases we strong gasoline market as the driving season positions.

Portfolio Management 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 2001.

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

134 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Energy Winners Equity Fund

a subfund of CS Investment Funds 5 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

This sector-based equity fund invests mainly in 120 20% 11.4 companies engaged in energy production, 110 10% 1.3 2.5 transportation, transmission, distribution, and 100 0% conservation, as well as suppliers of goods and 90 -10% services to the sector. The breadth, complexity 80 -14.6 -20% and cyclicality create opportunities for patient -20.7 investors. Given the currently massive change in 70 -28.0 -30% the sector, the fund defines themes that should 60 -40% 50 -50% drive individual companies and then tries to pick 2011 2012 2013 2014 2015 2016 early winners. The objective is to provide CS (Lux) Global Energy Winners Equity Fund BH Yearly or year-to-date performance respectively long-term capital appreciation. Investment EUR (Fund) decisions are based primarily on bottom-up fundamental research. The benchmark is used Net performance in EUR 2) to measure performance but does not determine 1 month 3 months YTD 1 year 3 years 5 years security selection. Fund 10.17 2.51 2.51 -22.50 -36.67 -50.69

Fund facts Sectors in % Fund manager Thomas Amrein Fund Fund manager since 01.05.2014 Energy 75.95 Location Zürich Utilities 9.74 Fund domicile Luxembourg Industrials 7.35 Fund currency USD Materials 5.90 Close of financial year 30. Sep Cash/Cash Equivalents 0.43 Total net assets (in mil.) 74.40 Others 0.64 Inception date of share class 28.02.2006 Management fee in % p.a. 1.92 Currencies in % Countries in % TER (as of 30.09.2015) in % 2.22 Benchmark (BM) MSCI World Energy (NR) USD 75.06 USA 58.51 3) Swinging single pricing (SSP) Yes EUR 15.36 France 8.57 Unit Class Category BH GBP 3.44 Canada 6.99 (capital growth) HKD 2.47 China 5.59 Unit class currency EUR CAD 1.48 Germany 4.59 ISIN LU0240068089 THB 1.34 United Kingdom 3.44 Bloomberg ticker CLAEEFH LX AUD 0.85 Netherlands 3.31 Valor no. 2388503 CHF 0.01 Spain 2.40 Net asset value (NAV) 57.09 Cash/Cash Redemptions Daily Equivalents 0.43 Sales registration: Others 6.19 Austria, France, Germany, Italy, Luxembourg, Singapore, Spain, Switzerland Significant Transactions Top 10 Holdings in % EU taxation In scope - no tax Purchases Sales TOTAL SA 7.07 3) For more details, please refer to the relevant chapter "Net Asset Value" of the Fund’s prospectus. - ROYAL DUTCH SHELL Adr B Tesoro 6.95 Fund statistics 2) - PETROLEO BRASILIERO Adr Acuity Brands 5.29 - SOCO INTERNATIONAL Wacker Chemie 4.59 3 years 5 years - ACUITY BRANDS Phillips 4.20 Annualised volatility in % 21.83 25.41 - NEWFIELD EXPLORATION Diamondback Energy Inc 4.16 Information ratio - - Royal Dutch 3.31 Tracking Error (Ex post) - - Number of holdings Cnooc 3.12 Beta - - Baker Hughes Inc 3.07 Fund 41 Suncor Energy 3.00 Total 44.76 Credit Suisse SICAV

Credit Suisse (Lux) Global Energy Winners Equity Fund Class BH EUR

4) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

136 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Security Equity Fund

a subfund of CS Investment Funds 2 - Class BH EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

The fund assets are invested worldwide in 180 80% companies that are primarily active in 160 60% Technology, Healthcare and Industrials, and that 140 40% 25.0 25.2 offer products and services related to health 19.3 120 13.4 13.2 20% prevention/protection and environmental safety, 9.6 100 0% IT security, transportation safety, and crime -4.7 -0.1 -0.5 prevention. 80 -20% 60 -33.1 -40% 40 -60% Fund facts 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fund manager Patrick Kolb CS (Lux) Global Security Equity Fund BH EUR Yearly or year-to-date performance respectively (Fund) Fund manager since 01.03.2007 Location Zurich For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 02 May Fund domicile Luxembourg 2013. For the restructuring all assets and liabilities of the former CS EF (Lux) Global Security R EUR have been transferred to CS Fund currency USD (Lux) Global Security Equity Fund BH EUR. Fund management and investment policy remained unchanged. The data provided in this Close of financial year 31. May 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. Total net assets (in mil.) 220.12 2) Inception date of share class 02.05.2013 3) Net performance in EUR Management fee in % p.a. 1.92 1 month 3 months YTD 1 year 3 years 5 years ITD 5) TER (as of 30.11.2015) in % 2.19 Fund 7.56 -0.47 -0.47 -4.87 26.43 45.12 67.90 Benchmark (BM) No Benchmark (06/13) 5) inception to date Swinging single pricing (SSP) 3) Yes Unit Class Category BH Sectors in % (capital growth) Fund Unit class currency EUR IT security 24.60 ISIN LU0909472069 Crime prevention 19.90 Bloomberg ticker CSEQSRE LX Environmental security 19.80 Valor no. 21007214 Health care protection 19.20 Net asset value (NAV) 16.79 Transportation safety 13.50 Redemptions Daily Cash/Cash Equivalents 3.00 Sales registration: Austria, Czech Republic, Finland, France, Germany, Gibraltar, Greece, Hungary, Italy, Liechtenstein, Currencies in % Countries in % Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland USD 72.33 USA 62.12 EU taxation In scope EUR 12.99 United Kingdom 7.42 GBP 7.42 Israel 5.40 3) Originally the fund was launched as of Oct. 19th 2006 as a FCP fund. SEK 2.72 Spain 4.70 4) For more details, please refer to the relevant chapter "Net CHF 2.25 Netherlands 3.84 Asset Value" of the Fund’s prospectus. CAD 0.85 Germany 3.77 Credit Suisse SICAV One Fund statistics 2) JPY 0.73 Sweden 2.71 AUD 0.71 France 2.51 3 years 5 years Cash/Cash Annualised volatility in % 13.10 14.36 Equivalents 2.98 Information ratio - - Others 4.56 Tracking Error (Ex post) - - Beta - - Significant Transactions Top 10 Holdings in % Purchases Sales Intertek Group 3.01 - - Thermo Fisher Scien 2.97 Stericycle Inc. 2.87 Number of holdings IDEXX Labs 2.85 Autoliv 2.71 Fund 50 Wabtec 2.60 Eurofins Scientific 2.51 TransDigm Grp. 2.51 Check Point Software 2.50 Intuitive Surgical 2.46 Total 26.99

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 Eurozone industrial production rebounded, security company and Flir Systems, a provider of were very volatile. In the first couple of weeks indicating that first quarter 2016 GDP growth infrared cameras. Wirecard contributed the most the MSCI World fell heavily but recovered may accelerate compared to fourth quarter on the negative side, mainly due to a negative afterwards. At the end of Q1 global equity 2015. However, inflation and loan growth unknown research report. In the portfolio we sold markets ended almost flat. On the macro side weakened again. Against this backdrop, the ECB Tyco International and ADT (both were acquired the macroeconomic environment is improving, cut the deposit rate to -0.4%, stepped up the by a competitor respectively by private equity). particularly in the US, where the latest data pace of quantitative easing and announced new We invested the proceeds in Halma, a leading indicate that fears of a more pronounced US funding measures for commercial banks. producer of safety sensors (environmental economic slowdown are exaggerated. The Fed security) and in Equifax, a provider of critical kept rates steady, but lowered the projected The net performance of the Credit Suisse (Lux) information in the field of fraud prevention (crime policy rate rise to only 50 bps by year-end 2016 Global Security Equity Fund (B-tranche, in USD) prevention). notwithstanding the good domestic backdrop, was in line with the MSCI World index. The main which was taken well by the market. In the positive contributors were Prosegur, a leading

Outlook for the market 4) In the short run we remain neutral on equities. supporting factors for equities: 1) We see global movement of goods, capital and people are the A supportive announcement by the ECB and a growth accelerating slightly heading into 2017; drivers for products within this theme. Stricter dovish stance taken by the Fed have helped 2) Global excess liquidity, driven by the ECB and regulatory trends are likely to remain, and IT equity markets to recover further as fears of Bank of Japan, remains supportive for equities; security has a very high priority among a global recession abate. However, there are and 3) Equities look fairly valued on a 12-month government officials, company executives and uncertainties that could continue to weigh on forward basis but continue to look attractive individuals. This explains why our five investment equities. In Europe, the outcome of the British compared to bonds. themes within the security and safety segment referendum in June about whether to exit the stay attractive in the long run. In the short term European Union remains unclear. Questions As long-term oriented investors with an we cannot do much about the cyclical nature of around China’s economic growth are likely to investment horizon of 7 to 10 years, we believe the market and the current volatility. Therefore, resurface, while the recovery in commodity prices that in such an environment the security and we continue to follow a balanced approach in remains fragile. safety theme remains very attractive due to its favoring companies which have a strong market structural growth nature: Technological position, ability to increase margins as well as to In the medium term, we see the following innovation as well as the increasing free 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 2005.

6) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

138 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Security Equity Fund

a subfund of CS Investment Funds 2 - Class BH CHF

Investment policy Net performance in CHF (rebased to 100) and yearly performance 2)

The fund assets are invested worldwide in 180 80% companies that are primarily active in 160 60% Technology, Healthcare and Industrials, and that offer products and services related to health 140 40% 24.9 25.1 prevention/protection and environmental safety, 120 18.5 20% 11.9 12.5 9.3 IT security, transportation safety, and crime 100 0% -0.7 -0.6 prevention. -4.8 80 -20% 60 -32.5 -40% Fund facts 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fund manager Patrick Kolb CS (Lux) Global Security Equity Fund BH CHF Yearly or year-to-date performance respectively (Fund) Fund manager since 01.03.2007 Location Zurich For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 02 May Fund domicile Luxembourg 2013. For the restructuring all assets and liabilities of the former CS EF (Lux) Global Security R CHF have been transferred to CS Fund currency USD (Lux) Global Security Equity Fund BH CHF. Fund management and investment policy remained unchanged. The data provided in this Close of financial year 31. May 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. Total net assets (in mil.) 220.12 2) Inception date of share class 02.05.2013 3) Net performance in CHF Management fee in % p.a. 1.92 1 month 3 months YTD 1 year 3 years 5 years ITD 5) TER (as of 30.11.2015) in % 2.19 Fund 7.46 -0.61 -0.61 -5.79 25.06 42.34 62.70 Benchmark (BM) No Benchmark (06/13) 5) inception to date Swinging single pricing (SSP) 3) Yes Unit Class Category BH Sectors in % (capital growth) Fund Unit class currency CHF IT security 24.60 ISIN LU0909471681 Crime prevention 19.90 Bloomberg ticker CSEQSRC LX Environmental security 19.80 Valor no. 21007212 Health care protection 19.20 Net asset value (NAV) 16.27 Transportation safety 13.50 Redemptions Daily Cash/Cash Equivalents 3.00 Sales registration: Austria, Czech Republic, Finland, France, Germany, Gibraltar, Greece, Hungary, Italy, Liechtenstein, Currencies in % Countries in % Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland USD 72.33 USA 62.12 EU taxation In scope EUR 12.99 United Kingdom 7.42 GBP 7.42 Israel 5.40 3) Originally the fund was launched as of Oct. 19th 2006 as a FCP fund. SEK 2.72 Spain 4.70 4) For more details, please refer to the relevant chapter "Net CHF 2.25 Netherlands 3.84 Asset Value" of the Fund’s prospectus. CAD 0.85 Germany 3.77 Credit Suisse SICAV One Fund statistics 2) JPY 0.73 Sweden 2.71 AUD 0.71 France 2.51 3 years 5 years Cash/Cash Annualised volatility in % 13.07 14.36 Equivalents 2.98 Information ratio - - Others 4.56 Tracking Error (Ex post) - - Beta - - Significant Transactions Top 10 Holdings in % Purchases Sales Intertek Group 3.01 - - Thermo Fisher Scien 2.97 Stericycle Inc. 2.87 Number of holdings IDEXX Labs 2.85 Autoliv 2.71 Fund 50 Wabtec 2.60 Eurofins Scientific 2.51 TransDigm Grp. 2.51 Check Point Software 2.50 Intuitive Surgical 2.46 Total 26.99

Credit Suisse (Lux) Global Security Equity Fund a subfund of Class BH CHF

6) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

140 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Responsible Equity Fund

Class B EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

This fund's objective is to generate the highest 200 100% possible return in euros by taking advantage of 180 80% the possibilities for international diversification. The fund invests at least 80% in equities and 160 60% equity-type securities worldwide. In addition to 140 40% 21.2 this equity portfolio, the fund may hold up to 120 15.5 16.5 19.5 20% 13.7 10.4 20% of its assets in money market instruments. 9.6 5.6 100 0% The selection of investments is geared largely -6.7 -4.8 -6.1 -5.0 80 -20% toward compliance with international norms and 2011 2012 2013 2014 2015 2016 standards in the field of Environment, Social and CS (Lux) Global Responsible Equity Fund B Yearly or year-to-date performance respectively (Fund) Corporate Governance (ESG) and the UN EUR Yearly or year-to-date performance respectively Principles for Responsible Investments (PRI). MSCI World (NR) (01/13) (Benchmark) Credit Suisse Fund

Fund facts Net performance in EUR 2) Fund manager iMACS Funds Team 1 month 3 months YTD 1 year 3 years 5 years Fund manager since 01.03.2012 Fund 2.03 -6.13 -6.13 -12.87 23.73 39.39 Location Zurich Benchmark 1.82 -5.01 -5.01 -9.01 37.34 66.14 Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Sectors in % Total net assets (in mil.) 51.00 Fund Inception date 15.01.2009 Financials 18.59 Management fee in % p.a. 1.92 Health Care 13.13 TER (as of 31.03.2015) in % 2.16 Consumer Discretionary 12.63 Benchmark (BM) MSCI World (NR) (01/13) Information Technology 12.51 Unit Class Category B Industrials 9.28 (capital growth) Consumer Staples 9.16 Unit class currency EUR Energy 7.45 ISIN LU0395641813 Telecommunication Services 6.22 Bloomberg ticker CSFGREB LX Cash/Cash Equivalents 2.33 Valor no. 4751729 Others 8.70 Net asset value (NAV) 197.24 Redemptions Daily Currencies in % Countries in % EU taxation Out of scope Fund statistics 2) USD 56.61 USA 54.36 EUR 17.04 Japan 7.65 3 years 5 years JPY 7.73 Germany 6.78 Annualised volatility in % 11.74 10.88 GBP 6.65 United Kingdom 6.62 Information ratio -1.88 -1.71 CHF 3.21 France 6.30 Tracking Error (Ex post) 1.85 2.05 CAD 2.44 Switzerland 3.21 Beta 0.99 0.93 HKD 2.32 Netherlands 2.49 DKK 2.05 Canada 2.43 Significant Transactions AUD 1.94 Cash/Cash Equivalents 2.33 Purchases Sales Others 7.85 VALERO ENERGY AMERICAN WATER WORKS ABBVIE AMERISOURCEBERGEN INTERNATIONAL PAPER CONOCOPHILLIPS Top 10 Holdings in % - MARATHON PETROLEUM Wi 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- 1.41 Total 15.59

Credit Suisse (Lux) Global Responsible Equity Fund Class B EUR

Review previous quarter 4) The first quarter of 2016 was a rocky one for after the recent turmoil, but are still quite volatile. worried about the global economy and the investors. Markets started to calm down a bit It appears that market participants are very potential risk of a recession.

Outlook for the market 4) Against this backdrop, we are still cautious. First, of volatility are a sign of increased vulnerability in markets are Swiss, Eurozone and Australian most equity markets are not cheap despite the the markets. On the other hand, equity markets equities, while we have an underweight in US sharp market correction. Second, recent bouts are more or less fairly valued. Our preferred 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 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Security Equity Fund

a subfund of CS Investment Funds 2 - Class B USD

Investment policy Net performance in USD (rebased to 100) and yearly performance 2)

The fund assets are invested worldwide in 200 100% companies that are primarily active in 180 80% Technology, Healthcare and Industrials, and that 160 60% offer products and services related to health 140 40% 26.630.0 25.826.7 20.2 prevention/protection and environmental safety, 120 15.8 14.211.8 15.8 20% 9.0 9.8 4.9 IT security, transportation safety, and crime 100 0.3 0% -2.9-5.5 -0.9 -0.3-0.3 prevention. 80 -20% 60 -31.9 -40% -40.7 40 -60% Fund facts 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fund manager Patrick Kolb CS (Lux) Global Security Equity Fund B Yearly or year-to-date performance respectively (Fund) Fund manager since 01.03.2007 USD Yearly or year-to-date performance respectively Location Zurich MSCI World (NR) Fund domicile Luxembourg (Benchmark) Fund currency USD Close of financial year 31. May For the evaluation of the performance data please be aware that the fund has been restructured and relaunched with effect of 02 May 2013. For the restructuring all assets and liabilities of the former CS EF (Lux) Global Security B have been transferred to CS (Lux) Global Total net assets (in mil.) 220.12 Security Equity Fund B USD. Fund management and investment policy remained unchanged. The data provided in this document reflect Inception date of share class 02.05.2013 3) the performance of the CS EF (Lux) Global Security B as well as the performance of the CS (Lux) Global Security Equity Fund B USD. Management fee in % p.a. 1.92 Past performance, whether actual or simulated, does not guarantee future results. TER (as of 30.11.2015) in % 2.19 Net performance in USD 2) Benchmark (BM) MSCI World (NR) 1 month 3 months YTD 1 year 3 years 5 years ITD 5) Swinging single pricing (SSP) 3) Yes Fund 7.68 -0.32 -0.32 -4.70 27.76 50.57 86.40 Unit Class Category B Benchmark 6.79 -0.35 -0.35 -3.45 21.89 37.09 42.72 (capital growth) 5) inception to date Unit class currency USD ISIN LU0909471251 Bloomberg ticker CSEQSBU LX Sectors in % Valor no. 21007211 Fund Net asset value (NAV) 18.64 IT security 24.60 Redemptions Daily Crime prevention 19.90 Sales registration: Environmental security 19.80 Austria, Czech Republic, Finland, France, Germany, Health care protection 19.20 Gibraltar, Greece, Hungary, Italy, Liechtenstein, Transportation safety 13.50 Luxembourg, Netherlands, Norway, Portugal, Spain, Cash/Cash Equivalents 3.00 Sweden, Switzerland EU taxation In scope Currencies in % Countries in % 3) Originally the fund was launched as of Oct. 19th 2006 as a FCP fund. USD 72.33 USA 62.12 4) For more details, please refer to the relevant chapter "Net EUR 12.99 United Kingdom 7.42 Asset Value" of the Fund’s prospectus. GBP 7.42 Israel 5.40 Credit Suisse SICAV One 2) Fund statistics SEK 2.72 Spain 4.70 3 years 5 years CHF 2.25 Netherlands 3.84 Annualised volatility in % 13.13 14.37 CAD 0.85 Germany 3.77 Information ratio 0.20 0.27 JPY 0.73 Sweden 2.71 Tracking Error (Ex post) 7.66 6.95 AUD 0.71 France 2.51 Beta 0.91 0.94 Cash/Cash Equivalents 2.98 Others 4.56

Significant Transactions Top 10 Holdings in % Purchases Sales Intertek Group 3.01 - - Thermo Fisher Scien 2.97 Stericycle Inc. 2.87 Number of holdings IDEXX Labs 2.85 Autoliv 2.71 Fund 50 Wabtec 2.60 Eurofins Scientific 2.51 TransDigm Grp. 2.51 Check Point Software 2.50 Intuitive Surgical 2.46 Total 26.99

Credit Suisse (Lux) Global Security Equity Fund a subfund of Class B USD

6) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

144 March 31, 2016 Switzerland

Risk profile (SRRI) 1) 1 2 3 4 5 6 7 CS (Lux) Global Responsible Equity Fund

Class IB EUR

Investment policy Net performance in EUR (rebased to 100) and yearly performance 2)

This fund's objective is to generate the highest 200 100% possible return in euros by taking advantage of 180 80% the possibilities for international diversification. The fund invests at least 80% in equities and 160 60% equity-type securities worldwide. In addition to 140 40% 21.2 this equity portfolio, the fund may hold up to 16.9 17.8 19.5 120 10.8 13.7 20% 20% of its assets in money market instruments. 6.9 10.4 100 0% The selection of investments is geared largely -5.6 -4.8 -5.9 -5.0 80 -20% toward compliance with international norms and 2011 2012 2013 2014 2015 2016 standards in the field of Environment, Social and CS (Lux) Global Responsible Equity Fund IB Yearly or year-to-date performance respectively (Fund) Corporate Governance (ESG) and the UN EUR Yearly or year-to-date performance respectively Principles for Responsible Investments (PRI). MSCI World (NR) (01/13) (Benchmark) Credit Suisse Fund

Fund facts Net performance in EUR 2) Fund manager iMACS Funds Team 1 month 3 months YTD 1 year 3 years 5 years Fund manager since 01.03.2012 Fund 2.14 -5.85 -5.85 -11.85 28.15 47.78 Location Zurich Benchmark 1.82 -5.01 -5.01 -9.01 37.34 66.14 Fund domicile Luxembourg Fund currency EUR Close of financial year 31. March Sectors in % Total net assets (in mil.) 51.00 Fund Inception date 13.11.2009 Financials 18.59 Management fee in % p.a. 0.75 Health Care 13.13 TER (as of 31.03.2015) in % 0.99 Consumer Discretionary 12.63 Benchmark (BM) MSCI World (NR) (01/13) Information Technology 12.51 Unit Class Category IB Industrials 9.28 (capital growth) Consumer Staples 9.16 Unit class currency EUR Energy 7.45 ISIN LU0395641904 Telecommunication Services 6.22 Bloomberg ticker CSFGREI LX Cash/Cash Equivalents 2.33 Valor no. 4751734 Others 8.70 Net asset value (NAV) 1'714.93 Min. Investment Amount 500'000 Currencies in % Countries in % Redemptions Daily EU taxation Out of scope USD 56.61 USA 54.36 Fund statistics 2) EUR 17.04 Japan 7.65 JPY 7.73 Germany 6.78 3 years 5 years GBP 6.65 United Kingdom 6.62 Annualised volatility in % 11.74 10.88 CHF 3.21 France 6.30 Information ratio -1.25 -1.14 CAD 2.44 Switzerland 3.21 Tracking Error (Ex post) 1.85 2.05 HKD 2.32 Netherlands 2.49 Beta 0.99 0.93 DKK 2.05 Canada 2.43 AUD 1.94 Cash/Cash Significant Transactions Equivalents 2.33 Others 7.85 Purchases Sales VALERO ENERGY AMERICAN WATER WORKS ABBVIE AMERISOURCEBERGEN Top 10 Holdings in % INTERNATIONAL PAPER CONOCOPHILLIPS Accenture 1.99 - MARATHON PETROLEUM Wi 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- 1.41 Total 15.59

Credit Suisse (Lux) Global Responsible Equity Fund Class IB EUR

3) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

146 147 Glossary

Average remaining term Current tax classification with regard to EU taxation The average remaining term until maturity of the investments In scope – tax: EU taxation applies to the product comprising a bond fund. In scope – no tax: No EU taxation, as the product Annualized volatility meets one of the exemption rules Annualized volatility measures the risk of a fund. It describes (e.g. grandfathered bonds, funds the range of returns most likely to be achieved. The bigger with low taxable interest income) the volatility, the greater the uncertainty regarding a fund's In scope – tax exempt: No EU taxation, as the distributions likely return, and the riskier it is. Annualized volatility may be are also subject to Swiss calculated by using the lognormal annualized standard deviation withholding tax in the case of of a fund's return distribution. foreigners Benchmark Out of scope: No EU taxation Index that serves as a basis of comparison when measuring a fund’s performance. Benchmarks enable investors to compare Distribution the performance of fund managers and to make a balanced, A “dividend” paid to unit holders, usually on a yearly basis, which objective judgement. may be made up of income derived from both the investment fund and from realised capital gains. The amount of the Beta distribution is determined by the fund management. Beta is a factor describing the sensitivity of a fund's return to its market index. Values below 1 indicate a defensive fund, which Duration (modified duration) moves less in either direction than the expected return of the The duration shows the weighted-average term to maturity of index. Values greater than 1 indicate aggressive positioning and a bond’s cash flows (i.e. interest payments and repayments of a beta value of 1 means that the fund is expected to move in capital). Duration is also a risk yardstick for bonds. When the line with market returns. level of interest payable changes by 1%, the expected price change of the bond corresponds approximately to the duration, EU taxation expressed as a percentage. On July 1, 2005, the EU Savings Tax Directive came into force. It is applicable to cross-border interest payments to Fund domicile EU-domiciled natural persons (and associated products with an The place where the investment fund is domiciled. The fund interest component) – regardless of the country of domicile domicile defines the law by which the fund is regulated and is of the issuer of the interest-bearing securities (exception: the especially important for tax reasons. issuer's country of domicile is Switzerland). Gross portfolio yield The Gross Portfolio Yield is the total yield of a portfolio before The tax rates are staggered as follows: the deduction of fees. It is equal to the investment yield of the 01.07.2005 – 30.06.2008: 15% securities held in the portfolio. 07-01-2008 – 06-30-2011: 20% From 07-01-2011: 35%

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 Information ratio Total return A fund’s outperformance can be attributed to the skill of the Total increase in value of an investment fund over a certain portfolio management or market moves. The higher the period of time, expressed as a percentage, and comprising information ratio, the higher the contribution of manager skill. both distributions and price gains. The cumulative return is the To determine the information ratio, the difference between the total return on the investment achieved over several years. The average annualized return of a fund and the average annualized average increase in value over 3 and 5 years is the average return of its benchmark is calculated and then divided by the annual performance over the last 36 and 60 months. tracking error of the two components. Tracking error ISIN number (International Securities Identification The tracking error shows (in %) the deviation of the return of a Number) fund compared to the return of a benchmark over a fixed period Fund identification: International equivalent to the Swiss security of time. A small tracking error indicates a passively managed number. portfolio.

Issuing commission Total expense ratio (TER) A commission charged to investors when they purchase units in The TER shows the total costs of a fund in relation to the funds the fund. total assets and is expressed as a percentage. These costs include management fees, trading fees, legal fees, auditor fees Management fee and other operational expenses. 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.

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 Factsheet Explained

Basic Information A 2BRUBI9BS./.1. C 852$ Credit Suisse logo B SBAFU2VFTTBQPA"VPA 'VY XYZ !2$%%*:( Fund name and unit class 1FTG0SQcHB 1 Full legal name of Fund which has been detailed on the Factsheet. %PWBTUIBPU0QHF@` )BURBSCQSI8P@BFP$" SB98TBAUQ1.. 8PA`B8SH`RBSCQSI8P@B 1

D $ ' ' % $= $ $ ; %$3 !" 82% $& $ ; ' %3 ' $#$2 D ' =%% Factsheet month and distribution channel ; $ $ 2 F$23 F % $ E $ =$$2 $ %% ; D Date for which the Factsheet has been issued followed by the distribution ' 8 $ 2$% 8 +% $ $ ; + + !" D $3 =% % + +; $ !" D #$ ' % =%% + channel. + ; 8 % $ $% !" $3 ; ' G%$%%% !( ,.'( <$23 3$+ +$#' $%#=23 () ***+(((,-)., / . <$23 3$+ +$#' $%#=23 "VPA"8@UT H##4$-%! #$3 Investment policy "VPAI8P8DBS 1 "VPAI8P8DBSTFP@B )BURBSCQSI8P@BFP$" 'Q@8UFQP 1IQPUE IQPUET 63 1`B8S `B8ST `B8ST %3 A short description of the Fund’s investment aim, primary asset class and "VPAAQIF@FHB + G "VPA@VSSBP@` !" ($& + HQTBQCcP8P@F8H`B8S # . # $ key markets in which it invests. 3QU8HPBU8TTBUT FPIFH E %P@BRUFQPA8UB (8UVSFUFBTFP`B8ST(8UVSFUFBTFP`B8ST SBAFU18UFPDTFPSBAFU18UFPDTFP (8P8DBIBPUCBBFPR8 ; ; 3QU8HBYRBPTBS8UFQ BY8PUB FP ****** 0QSUCQHFQUVSPQWBSS8UBFP + ;; **? Fund facts %TTVFPD@QIIFTTFQP $%#$&'% ;; ** BP@EI8SG ( () ***+(((,-)., / . ; **+ *?? Core information about a Fund. Where appropriate, details are separated ; I J 4PFUH8TT 8UBDQS` 8UBDQS` * AFTUSF9VUFQP @8RFU8HDSQXUE ; *+ out into share class specific information. 4PFU@H8TT@VSSBP@` !" !" ; (((? + + + + + + + > %2%) 0 0 ((( 58HQSPQ 1 )BU8TTBUW8HVB )5 VSSBP@FBTFPVSSBP@FBTFP *=$ I* QIR8SBAXFUE9BP@EI8SGQIR8SBAXFUE9BP@EI8SG '8TUAFTUSF9VUFQP + 9BCQSBEBADFPD 8CUBSEBADFPD Performance graph *** FTUSF9VUFQPW8HVB + !" **? 1BABIRUFQPT 1$23 1$23 0- K 1BU8FHT8HBTSBDFTUS8UFQP *%$4!5-#24 ** The Performance graph plots the monthly movement for a Fund and 2$4 $46$346$2$464" $34 **+ )$234%4 472$%4 )VI9BSQCEQHAFPDT *? 7 8$349 $24#$484852$ L * Benchmark, rebased to 100, and displays the Annual Return for each of !4U8Y8UFQP )% #+$ *+ (((?(((? VS8UFQP8PA6FBHAVS8UFQP8PA6FBHA the last five calendar years, in the Fund base currency. TTBUHHQ@8UFQPFPTTBUHHQ@8UFQPFP ((( "VPA BP@BP@EI8SGEI8SG 1 ! # $( %! # $( % 6 %%# ' 2 32; + 6 =( %6 =( % M *=$ $ + CC $33$%$33$% N !$%/!$%F=$2%!$%/!$%F=$2% B E$ 3$% + 3QR1.$QHAFPDTFP3QR1.$QHAFPDTFP Performance table 3QU8H3QU8H 1...11...1 0QTFUFQP0QTFUFQP QVRQPQVRQP ((8UVSFU`8UVSFU` 8TQ 8TQCC "VPA2U8UFTUF@T"VPA2U8UFTUF@T 8TTB8TTBUTUT 66$22$22 Table displaying the net Total Return of a Fund and Benchmark, over `B8ST`B8ST `B8S`B8STT @ $2 ( **$2%= 2$23$2%= 2$23 ($($& '*$& '*$ various time horizons, ranging from one month through to five years and ))' $ $ ' $ $ O + + + + !!6%36%3 D$& 4$$2% ($ B$B$$8 8$8 8 + + + + (7(766 P since inception, to Factsheet month end, in the Fund base currency. A & B$B$ $ $ !!$$$)#$2$$$)#$2 (& 11$$ Disclaimer/footnotes $C* $C*DD 33QU8HQU8H 1.1. Legal text relevant for each Jurisdiction responsible for distributing the respective Factsheets. . "% $2 #' $ $ % $ E$$2 $& %$ % $ $$ ' ' ' #' $ 9' $ $ % % %% % 2= $ %%# $/ # H D%2$ $ '% $2% $##2% %#$

Breakdowns (Fixed Income Funds) A 2BRUBI9BS./.1.2BRUBI9BS./.1. 852$852$ C Maturities in % B SBAFU2VFTTBQPA"VPA 'VYSBAFU2VFTTBQPA"VPA 'VY 2CSXYZ Bar chart depicting the percentage breakdown of Maturities in a Fund’s !!2$%%*:(2$%%*:( portfolio, in terms of designated time bands, as at the last trading point 1FTG0SQcHB1FTG0SQcHB 1 relevant to the Factsheet month end. %PWBTUIBPU0QHF@`%PWBTUIBPU0QHF@` )BURBSCQSI8P@BFP$" SB98TBAUQ1..)BURBSCQSI8P@BFP$" SB98TBAUQ1.. 8PA`B8SH`RBSCQSI8P@B 1

D $ ' ' ' ' % $= $ $ ; ; %$3 ! !" " 82% $& $ ; ; ' %3%3 ' $$#$2#$2 D ' ' =%=%%% Credit ratings in % ; ; $ $ 2 F$23 F % $ E $ =$$2 $ %% ; Pie Chart depicting the shares of each rating category in a fixed income D ' 8 $ 2$% 8 +% $ $ ; + + + !" D $3 =% %% ++ +; portfolio. $ ! !" " D #$ '' % =%=%%% + + ;+ ; 8 % $ $% ! !" " $3 ; ' G%$%%% ; ' G%$%%% !( ,.'(!( ,.'( <$2<$23 3$+ +$#' $%#=233 3$+ +$#' $%#=23 () ***+(((,-)., / . <$23 3$+ +$#' $%#=23 "VPA"8@UT"VPA"8@UT H##4$-%! #$3 H##4$-%! #$3 Currencies in % "VPAI8P8DBS"VPAI8P8DBS )BURBSCQSI8P@BFP$")BURBSCQSI8P@BFP$" 1 "VPAI8P8DBSTFP@B"VPAI8P8DBSTFP@B Table depicting the percentage breakdown of a Fund’s currency split 'Q@8UFQP'Q@8UFQP 1IQPUE IQPUET 63 1`B8S `B8ST `B8ST %3 "VPAAQIF@FHB"VPAAQIF@FHB + G "VPA@VSSBP@`"VPA@VSSBP@` !" (($&$& + before versus after currency hedging. HQTBQCcP8P@F8H`B8S # # . # $ 3QU8HPBU8TTBUT FPIFH3QU8HPBU8TTBUT FPIF E %P@BRUFQPA8UB%P@BRUFQPA8UB (8UVSFUFBTFP`B8ST SBAFU18UFPDTFP (8P8DBIBPUCBBFPR8(8P8DBIBPUCBBFPR8 ; 33QU8HBYRBPTBS8UFQ BY8PUBQU8HBYRBPTBS8UFQ BY8PUB FP *** Number of holdings 00QSUCQHFQUVSPQWBSS8UBFPQSUCQHFQUVSPQWBSS8UBFP + + ; **? %TTVFPD@QIIFTTFQP%TTVFPD@QIIFTTFQP $%#$&'%$%#$&'% ; ** BP@EI8SG (BP@EI8SG ( () () ***+(((,-)., / . ; **+ Table lists the number of holdings in a Fund’s and it's Benchmark's *? ; I J 4PFUH8TT4PFUH8TT 8UBDQS`8UBDQS` 8UBDQS`8UBDQS` * AFTUSF9VUFQP AFTUSF9VUFQP @8RFU8HDSQXUE @8RFU8HDSQXUE ; *+ portfolio. 4PFU@H8TT@VSSBP@`4PFU@H8TT@VSSBP@` !" !" !" ; (((? + + + + + + > %2%) 0 0 0 0 ((( 58HQSPQ58HQSPQ 1 ))BU8TTBUW8HVB )5BU8TTBUW8HVB )5 VSSBP@FBTFP *=$ I* QIR8SBAXFUE9BP@EI8SG Asset allocation in % '8TUAFTUSF9VUFQP'8TUAFTUSF9VUFQP + 9BCQSBEBADFPD 8CUBSEBADFPD *** FTUSF9VUFQPW8HVBFTUSF9VUFQPW8HVB + !" **? 1BABIRUFQPT1BABIRUFQPT 1$231$23 1$231$23 0- K 1BU8FHT8HBTSBDFTUS8UFQP1BU8FHT8HBTSBDFTUS8UFQP *%$4!5-#24*%$4!5-#24 ** Table depicting the percentage breakdown of a Fund’s portfolio holdings 2$4 $46$346$2$464" 2$4 $46$346$2$464" $34$34 **+ )$234%4 )$234%4 472$%4472$%4 )VI9BSQCEQHAFPDT *? by asset class, as at the last trading point relevant to the Factsheet month 7 8$349 7 8$349 $24#$484852$$24#$484852$ L * !4U8Y8UFQP!4U8Y8UFQP )% #+$)% #+$ *+ (((? VS8UFQP8PA6FBHA end. TTBUHHQ@8UFQPFP ((( "VPA BP@EI8SG 1 ! # $( % 6 %%# ' 2 32; + 6 =( % M *=$ $ N + C $33$% Duration and yield !$%/!$%F=$2% B E$ 3$% + 3QR1.$QHAFPDTFP 3QU8H 1...1 0QTFUFQP QVRQP (8UVSFU` 8TQC "VPA2U8UFTUF@T 8TTBUT Table depicting key statistics with respect to fixed income characteristics 6$22 `B8ST `B8ST @ $2 ( *$2%= 2$23 ($& '*$ in the Fund’s portfolio. )' $ $ O + + !6%3 D$& 4$$2% ($ B$$8 8 + + (76 P A & B$ $ Fund statistics !$$$)#$2 (& 1$ This section covers major statistics, to describe a fund’s behaviour with $C*D 3QU8H 1. respect to its Market Index.

. "% $2 #' $ $ % $ E$$2 $& %$ % $ $$ ' ' ' #' $ 9' $ $ % % %% % 2= $ %%# $/ Top 10 holdings in % # # H D%2$ $ '% $2% $##2% %D%2$ $ '% $2% $##2% %#$#$ 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 Breakdowns (Equity Funds) A " ./.1. C Sectors in % 968#+(24968#+(24 Table depicting the sector breakdown, by percentage holding in the B ### b XYZ portfolio of a Fund and it’s Benchmark as at the last trading point relevant +(+(& to the Factsheet month end. ) ) # " 1.. 1

*# #46 .# <.65 %.24 ,./. "+'1(+"+'1(+ ; (+.#(+.# ..# ( M4## 4## :(+.#:(+.#M ( '()*( '()* 2 +2#+2# Currencies in % ; 96*96* 6*# )+() "(*(0"(*(0 : !'44 0'4#+ ' 6* $ ,, 1.1 . ,; #24 6*# 3.243.24 2:#6 2 .24#:(+.#4 )'0 (2#)'0 (2# %& Pie chart listing currency split within portfolio. 9*)*9*)* (# +6#4+6#4 9'+494#9'+494#'2# '2 #$.+(6#4$.+(6#4 (24(24 F ; ())#1+# 0(K#6 *# 2:#60#26 4#)'2 , ,; (# 2'6 0(4# '2 6*#D 1( '3 ( 1#2)*0(K? ; 2#:#6*#+#7 2:#6' )(2 .# 6*# '+4 24#/ ( ( +'2$ 6#0 5(46)K *# :(+.# ; Countries in % , , ,, ( '()* )(2 4#+:# (1':# (:#($# #.+6 ':#':# %,./."+'1(+ (+.#& J#(+5'5#( 6' 4(6# #3'0(2)## #)6:#+5 ( +'2$+'2$ #'4 #'41 1#)(.##)(.# 6 4) +2#4) +2# 2:#6' 2'6 '+4,,.J. J#(+5'5#( 6' 4(6# #3'0(2)# #3'0(2)## #)6:#+5# #)6:#+5 Pie chart listing the countries breakdown, by percentage holding in the 6'6' (56''0.)*3'3'(22:#60#262:#60#26 '.)#@ #7 #7(#.6#'0 (25'0 (25 portfolio of a Fund as at the last trading point relevant to the Factsheet # 1 1 '( 1 ( %.24%.24 ,, G month end. &)*0(#2)*0(K , ,. 2)# 6'26'4(6#4(6# "#$'()*#+()*#+ , , -.)*-.)* Significant transactions ./#01'.$./#01'.$ a" 24.6(+ ,, f ()*()* '2.0#!)#6'2(5 , Table depicting the largest transactions within the Fund’s portfolio since E , , (6#(+ , , '2.0#6( +# , ,, %2(2)(+ Q , last month’s end. b b ,, #+#)'00.2)(6'2#:)# , ) , , 6+6# ,, ( # #1(2K3##3## 23'0(6'2#)*2'+'$5 '+4,. (*;(*<.:(+#26 6*# , Fund statistics a This section covers major statistics, to describe a fund’s behaviour with , ,,, ,, =J =( (2 7 , , , , ! , respect to its Market Index. ) *7 6(+5 , !(+5!(+5 & &(8+ ! ! .6(78#)*8#)*# .1+)7# .1+)7 R % S 968#+(24 %2+(247%(2)#7"#0(257"1(+6(7"##)#7.2$(57 ! , (2(4( , 6(+576(+57#)*6#26#27#)*6#26#27./#01'.$7./#01'.$7#6*#+(247#6*#+(247 ! ,, .6(+( , Top 10 holdings in % '9(57'9(57'6.$(+7 (27 (279#4#279#4#27968#+(24968#+(24 "& ,, 26#4>2$4'0 ,,, #b 2)' # 2'6(/ "! #6*#+(24 Table listing the largest Holdings, by percentage value in the portfolio of a > , 6*# f 1.& Fund as at the last trading point relevant to the Factsheet month end. /' , J & ()' '+' , !"#$ T ! !#+'26#()L) %J &"": (*!(0'2424 J!!,.! V (.(.( # , &(K#0 , *1.5(>'$5' , 1 #+#'6# , 22.(+#4:'+(6+65 1& ()K2$#'7(22.(+#4U (

. 6')(+ #3'0(2)# 24)(6'2 (24 L2(2)(+ 0(K#6 )#2(' (# 2' $.((26## 3' ).#26 '3 3.6.# #3'0(2)# #3'0(2)# 24)(6'2 4' 2'6 )'24# )'00'2 +#:#4 (6 .1) 6'2 (24;' #4#0 6'2#4#0 6'2 H *#4)+(0#0#26'2#4(66*##24''336*4').0#26(+'( +#6'6* ($# ($#

Breakdowns (Portfolio Funds) A 0RYCP@CU&&&&& 0968#+(24 C 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 B CreditCredit Suisse Portfolio Fund ((Lux)Lux) XYXYZZ Factsheet month end. +(' &(

Allocation currencies in % &QYCVWPCQW&QYCVWPCQWSRSRIGAbIGAb 0CW0CWSCUDRUP9QACGQ"52UC@9VCBWR&&9QBbC9UIbSCUDRUP9QAC *#" 0(5 2:#60#26 9'1A#)6:#? '3 '0 0'6 % %; 2#5 ,./-. 24#/#+#)6'2 0 &(+(2)#4( ,.'. %. .; Pie chart listing currency split within portfolio. #(+ 6#0 )( 6(+ ##:(6'2 (24 +'2$ 6#0 )( 6(+ " #2*(2)#0#26 ""6*'.$* #$.+( ;2)'0#7 ( %+ +; F 9#++ ( )( 6(+ (24 ).#2)5D #$(2 " *# 3.24 %& &; 2:#6 2 ( 9 1'(4+5 4:#L #4 '63'+' '3 ,% , ; 24#/ +2 K #4 26.0#26 ".)* ( "#/)*(2$# %% %; Asset allocation in % 6(4#4 3.24 ,1%.;7 2:#60#26 3.247; *. , ; 6.)6.#4 '4.)67 ; (24 #4#:(6:# " *# 3.24 , %%* , %% Matrix of Asset Classes and Currency Breakdowns as at the last trading 2:#6#4 9'+494# 2 #<.6#7@ ; 9 ;1'247 '00'6 2#5 ,./-.24#/#+#)6'2 0 &(+(2)#4( ,.'.&( J#(+5 '5#( 6' 4(6# #3'0(2)# # #)6:#+5 ;).#2)#7 ;)'00'46#7 (24 " '6*# (+6#2(6:# &'('00'6 2#5 ,./-.0&(+(2)#4( ,.'.J. J #(+5'5#( 6' 4(6# #3'0(2)# # #)6:#+5 point relevant to the Factsheet month end. 2:#60#26 # 0 :- ;4 '' #XQB#XQBDD9AWV9AWV 0CWSSCUDRUP9QACCUDRUP9QACGQ"5"522 +#XQBXQBP9Q9ECUP9Q9ECU 0()*("= 42 PRQWF PRQWFV 74! bC9U bC9UV bC9UV &4! #XQBP9Q9P9Q9ECUECUVGQAC ,,*#%*# %%* %.241 %# , )# G &#)* +#* 3#, 3 Maturities in % (RA9WGRQ(RA9WGRQ -.)*> " ()*0( "K %#%) ,#3+ # , .#+ .#. ). 2)# 6'26' 4(6# #XQB#XQBBRBRPGAGICPGAGIC E -./#01'.$ 9 ##XQBXQBAXUUCQAAXUUCQAbb 24 Bar chart depicting the percentage breakdown of Maturities in a Fund’s IRVCRDQ9QAG9IbbC9UC9U )#(5 IIRA9WGRQVVCWAI9VVCVGQ IIRA9WGRQ XUUCQAGCVGQ 4RW9IQCW9VVCWVGQPGI &# %. portfolio, in terms of designated time bands, as at the last trading point &&QACSWGRQQACSWGRQB9WCB9WC ,, *#%*# %%* <.65 )9Q9ECPCQWDCCGQS9 #)% &'24 , ! 4RW9ICaSCQVCCaSCQVCU9WGRCa9QWCGQ #.+ +6#2(6:# 6*# relevant to the Factsheet month end. CQAFP9UH) (*;(* "& &'('00'6 2#5 ,./-.0&(+(2)#4( ,.'. W<.:(+#26 , X =J , % 5QGW5QGW I9VV 9WCERUb9WCERUb A9SGW9IEUR`WFEUR`WF Fund statistics 5QGWAI9VVAXUUCQAbAXUUCQAb 24 &3&0&3&0 , -2%&)*3) + 69IRU669IRUQRQR %)&.& VVCWIIRA9WGRQGQ This section covers major statistics, to describe a fund’s behaviour with 0CW9VVCWY9IXC06 ,%3# 3 RQBV IW&QY "TXGWb 9VF0 9VF"TXGY9ICQWV 4RW9I "5"5W9a9WGRQW9a9WGRQ 2)' # 6(/ .'+(24 ,, respect to its Market Index. 6*# )9WXUGWGCVGQbC9UV , , 0#$2$(K#6 ,,, Y ; =( (2 , , , ; > , ,, ,; 968#+(24 Duration and yield '6(+ , , ; Z ; Table depicting key statistics with respect to fixed income characteristics ; !XU9WGRQ9QB7GCIB 4RS&%RIBGQEVGQ ; $ ; #% '01,.0'2 )#& in the Fund’s portfolio. AB &#%% '00- / *#+3 L #% '01,. (24$56) .#&3 #XQBVW9WGVWGAV '01,.0:7%% 3#* " '# +#3* bC9U bC9UV IIRA9WGRQRD@RQBVGQ AD '01,-.0'#K +#%+ ' ( )*#+& '01,.0'8 &#* Allocation of bonds in % $ ( )&# 110 &#.3 K ,. AA , - K ( #% '01,.0'2 )#3 . AC Table depicting the percentage breakdown of a Fund’s Fixed Income K ( .#*+ 9 1 #*3 . ! " / "J ( +# . 4RW9I holdings by asset class, as at the last trading point relevant to the # 4RW9I &&&& Factsheet month end.

Top 10 holdings in % . / L K # 7 9 < # # H 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. Information Table includes information on Coupons and Maturities.

151 Where to find the current prices of our funds

Internet www.credit-suisse.com/ch daily

Reuters CSFUNDS00 daily Please ask for our detailed publication “FundCodes”, where you can find the respective tickers for Reuters.

Bloomberg CREDIT SUISSE daily Please ask for our detailed publication “FundCodes”, where you can find the respective tickers for Bloomberg.

Telekurs Contributor code 192 daily Please ask for our detailed publication “FundCodes”, where you can find the respective tickers for Telekurs.

Newspapers (Switzerland) Neue Zürcher Zeitung daily Finanz und Wirtschaft in every publication Le Temps daily Corriere del Ticino daily

Newspapers (International) Frankfurter Allgemeine daily Die Welt daily Der Standard daily Liechtensteiner Vaterland twice monthly (Saturday)

152 Important Information

This document was produced by Credit Suisse AG and/or its risk. Some of the investment products include Commodity affiliates (hereafter "CS") with the greatest of care and to the investments. Commodity investmets are subject to greater best of its knowledge and belief. However, CS provides no fluctuations in value than normal investments and may lead to guarantee with regard to its content and completeness and additional investment risks. Some of the investment products does not accept any liability for losses which might arise from include alternative investments. Alternative investments (e.g. making use of this information. The opinions expressed in this Hedge Funds or Private Equity) are complex instruments and document are those of CS at the time of writing and are subject may carry a very high degree of risk. Such risks can arise to change at any time without notice. If nothing is indicated from extensive use of short sales, derivatives and debt capital. to the contrary, all figures are unaudited. This document is Furthermore, the minimum investment periods can be long. provided for information purposes only and is for the exclusive Hedge Funds are intended only for investors who understand use of the recipient. It does not constitute an offer or a and accept the associated risks. recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/ 1a Immo PK was issued in Switzerland. The target group of her own judgment. The recipient is in particular recommended investors is restricted to tax-exempt domestic occupational to check that the information provided is in line with his/her benefit institutions and tax-exempt domestic social insurance own circumstances with regard to any legal, regulatory, tax or institutions and compensation funds. other consequences, if necessary with the help of a professional Credit Suisse Real Estate Fund International was launched advisor. This document may not be reproduced either in part or in Switzerland under the type "other funds for traditional in full without the written permission of CS. It is expressly not investments." The target group of investors is restricted to intended for persons who, due to their nationality or place of qualified investors as defined in art. 10, para. 3 of the Swiss residence, are not permitted access to such information under Federal Act on Collective Investment Schemes (CISA). local law. Neither this document nor any copy thereof may be CS PortfolioReal and the CS MACS Funds are a Gemischtes sent, taken into or distributed in the United States or to any Sondervermögen (mixed fund) pursuant to the German U. S. person. Every investment involves risk, especially with Investment Act (InvG). regard to fluctuations in value and return. Investments in foreign Credit Suisse Prime Select Trust (hereinafter "the Company") currencies involve the additional risk that the foreign currency is an investment company with variable capital established in might lose value against the investor's reference currency. Luxembourg pursuant to Part II of the Luxembourg law on Historical performance indications and financial market undertakings for collective investment of December 20, 2002, scenarios are no guarantee for current or future performance. and approved for sale in Switzerland as a foreign collective Performance indications do not consider commissions levied at investment scheme with special risks.The subfunds of the subscription and/or redemption. Furthermore, no guarantee can Company invest as funds of funds in hedge funds that engage be given that the performance of the benchmark will be reached in alternative investments and employ investment techniques or outperformed. involving risks that are not comparable to those of securities funds. Investors are expressly made aware of the risks outlined Some of the investment products include investments in in the prospectus and must in particular be willing to accept Emerging Markets. Emerging Markets are located in countries substantial price losses. The Company and the management that possess one or more of the following characteristics: A company endeavor, however, to minimize these risks through certain degree of political instability, relatively unpredictable a strict selection of the funds purchased (target funds) and financial markets and economic growth patterns, a financial adequate risk diversification. However, a total loss for individual market that is still at the development stage or a weak target funds cannot be ruled out. economy. Emerging markets investments usually result in higher risks such as political risks, economical risks, credit The CS ETFs family includes Exchange Traded Funds (ETF) risks, exchange rate risks, market liquidity risks, legal risks, under Swiss law, Luxembourg law and Irish law. The Collective settlement risks, market risks, shareholder risk and creditor investment schemes with domicile in Luxembourg were issued Information

153 pursuant to Part I and Part II of the Luxembourg law of The Nikkei 225 is a copyrighted material calculated in a December 20, 2002, on undertakings for collective investment. methodology independently developed and created by Nikkei Inc., and Nikkei Inc., is the sole exclusive owner of the copyright Fund management company of the Funds under Swiss law and other intellectual property rights in the Nikkei 225 itself as well as representative of the foreign funds registered for and the methodology to calculate the Nikkei 225. Nikkei Digital public sale in Switzerland is Credit Suisse Funds AG, Zurich. Media Inc. as authorized by Nikkei Inc. granted a license to Custodian Bank of the funds under Swiss law as well as Paying the Licensee to use the Nikkei 225 as basis for the Fund. Agent of the foreign funds registered for public sale in The intellectual property and any other rights in the marks to Switzerland is Credit Suisse AG, Zurich. 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The Fund is managed exclusively at the risk of the Licensee and Index-Disclaimer Nikkei Inc. and/or Nikkei Digital Media, Inc. shall assume no The product is not sponsored, endorsed, sold or promoted by obligation or responsibility for its management and transactions SIX Swiss Exchange Ltd and SIX Swiss Exchange Ltd makes of the Fund. Nikkei Inc. and/or Nikkei Digital Media, Inc. is no representation regarding the advisability of investing in the not responsible for the accuracy and the calculation of the product. SMI®, SMIM®, SLI®, SBI® and the relevant indices Fund or the data contained therein. Nikkei Inc. and/or Nikkei are registered trademarks of SIX Swiss Exchange Ltd and may Digital Media, Inc. shall not have the obligation to continuously be used only under license from the owner. announce the Nikkei 225 and shall not be liable for any error, The MSCI indices are exclusively owned by MSCI. MSCI as well delay, interruption, suspension or cessation of announcement as names of MSCI indices are registered traded marks of MSCI thereof; and Nikkei Inc. and Nikkei Digital Media, Inc. shall have and/or its affiliates and have been licensed to use in predefined the right to change the description of the stocks included in the manner by Credit Suisse Fund Management S.A. and Credit Nikkei 225, the calculation methodology of the Nikkei 225 or Suisse Fund Management Company (Ireland) Limited. All any other details of the Nikkei 225 and shall have the right to subfunds of CS ETF (LUX) as well as of CS ETF (IE) which are suspend or cease the announcement of the Nikkei 225 without based on MSCI indices are not issued, signed, confirmed, sold owning any liability to the Licensor or any other third party. or marketed by MSCI. MSCI neither provides any guarantee The EURO STOXX 50® is the intellectual property (including nor assumes any liability for CS ETF funds. Furthermore, MSCI registered trademarks) of STOXX Limited, Zurich, Switzerland does not take responsibility for selling CS ETF fund shares and and/or its licensors (“Licensors”), which is used under license. is not involved in the management of CS ETF funds. The Fund based on the Index is in no way sponsored, endorsed, "Dow Jones" and "Dow Jones Industrial AverageSM” are sold or promoted by STOXX and its Licensors and neither of trademarks of Dow Jones & Company, Inc. and have been the Licensors shall have any liability with respect thereto. licensed for use for certain purposes by Credit Suisse Fund “FTSE®”, "FT-SE®", "Footsie®", “FTSE4Good®” and Management Company (Ireland) Limited. Credit Suisse Fund “techMARK” are trade marks jointly owned by the London Stock Management Company (Ireland) Limited's CS ETF (IE) on the Exchange Plc and The Financial Times Limited and are used Dow Jones Industrial AverageSM is not sponsored, endorsed, by FTSE International Limited (“FTSE”) under licence. sold or promoted by Dow Jones, and Dow Jones makes no “All-World®”, “All-Share®” and “All-Small®” are trade marks of representation regarding the advisability of trading in such FTSE. The FTSE 100 is calculated by FTSE. FTSE does not product(s). sponsor, endorse or promote this product and is not in any way

154 connected to it and does not accept any liability in relation to its shares in the Fund. issue, operation and trading. All copyright and database rights CSI Indices are compiled and calculated by China Securities in the index values and constituent list vest in FTSE. Index Co. Ltd. CSI will apply all necessary means to ensure “FTSE®” is a trade mark of the London Stock Exchange plc the accuracy of the CSI Indices. However, neither CSI nor the and the Financial Times Limited, “MIB®” is a trade mark of Shanghai Stock Exchange nor the Shenzhen Stock Exchange Borsa Italiana SpA (“Borsa Italiana”) and both are used by shall be liable (whether in negligence or otherwise) to any FTSE International Limited (“FTSE”) under licence. The FTSE person for any error in the CSI Indices and neither CSI nor the MIB Index is calculated by FTSE with the assistance of Borsa Shanghai Stock Exchange nor the Shenzhen Stock Exchange Italiana. Neither FTSE nor its licensors nor Borsa Italiana shall be under any obligation to advise any person of any error sponsor, endorse or promote this product and are not in any therein. All copyright in the index values and constituent list way connected to it and do not accept any liability in relation vests in CSI. to its issue, operation and trading. All copyright in the index Standard & Poor’s® and S&P® are registered trademarks of values and constituent list vest in FTSE. Credit Suisse Fund Standard & Poor’s Financial Services LLC (“S&P”) and have Management Company (Ireland) Limited has obtained full been licensed for use by the Manager. The Fund is not licence from FTSE to use such copyright in the creation of this sponsored, endorsed, sold or promoted by S&P or its Affiliates, product. and S&P and its Affiliates make no representation, warranty or Standard & Poor’s® and S&P® are registered trademarks of condition regarding the advisability of buying, selling or holding Standard & Poor’s Financial Services LLC (“S&P”) and have shares in the Fund. been licensed for use by the Manager. The Fund is not sponsored, endorsed, sold or promoted by S&P or its Affiliates, Copyright © 2016 Credit Suisse Group AG and/or its affiliates. and S&P and its Affiliates make no representation, warranty or All rights reserved. condition regarding the advisability of buying, selling or holding Information

155 Contacts

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Quarterly produced by: Marketing EMEA, Asset Management

International Standard Serial Number: ISSN 1663-1463

156 booklet issuerId channelId languageId perDate Fund Factbook9926 9913 18 20160331