1. 2015
High-TechForum:
London
Post Event Summary
17 November 2015
London

2. 2High Tech Forum
As a leading private and
investment bank, Credit Suisse
is ideally placed to support UK
technology entrepreneurs and
their companies at every step
from early stage to exit. Alongside
meeting corporate needs such as
access to capital, strategic advice,
M&A and corporate banking,
Credit Suisse can also help
manage the private wealth of
entrepreneurs.
The High-Tech Forum
demonstrated Credit Suisse’s
ability to connect companies
seeking capital and institutional
and wealthy private investors
looking to invest.
Credit Suisse welcomed 180
technology entrepreneurs, investors
and experts to the Ham Yard Hotel in
London’s West End. “Credit Suisse
is passionate about supporting
technology companies. The lifecycle of
a company requires both private and
institutional money. We have brought
the two together for the first time
at this event,” said Ian Dembinski,
Managing Director in Private Banking
at Credit Suisse.
David Wah, Global Head of the
Technology Group in Investment
Banking at Credit Suisse, spoke about
disruptive themes to watch in the
sector and current trends in investing
— among them, the closer relationship
between companies and investors
facilitated by this event. “Increasingly,
our corporate and entrepreneur
clients want to engage more with their
sources of capital,” he said.
Panel discussions covered many
current hot topics within the
technology community. Why are
companies staying private for longer?
How should entrepreneurs prepare for
exit? Where can professional investors
add real value to their investments?
Themes of the day included
whether the threat of another
technology bubble is imagined, or
real. Philippe Cerf, Co-Head of
the EMEA Technology Group in
Investment Banking at Credit Suisse,
is in no doubt. He said: “Technology-
led disruption is a long-term trend
across the whole of the economy.
We are seeing a new generation of
entrepreneurs who are trying to be
innovative and disruptive and building
real businesses the old-fashioned way,
step by step.”
Event Summary
The UK technology scene is thriving.
London is establishing itself as a global technology hub.
The UK is home to more technology “unicorns” and
attracts more venture capital-backed deals than
any other country in Europe.

3. 3High Tech Forum
Early-stage investor
Maria Dramalioti-Taylor of
Beacon Capital also emphasised
the importance of building on strong
fundamentals. “The team must have
the skills to push the business forward,
the idea has to be a new technology or
user experience and the addressable
market has to be big. Today, that
means over USD 1 billion,” she said.
Keynote speaker Andrew Fisher
offered insights into how Shazam has
become the world’s leading media
engagement company. He is one of
many technology entrepreneurs giving
back as investors and as mentors
to the next generation. “There are
so many phenomenal young people
across Europe who have great ideas
and the reality is they can put them
into practice. This is a great time to be
an entrepreneur,” he said.
The Forum concluded with a start-up
showcase. Kano Computing won the
most votes and will receive mentoring
from the Credit Suisse Corporate Finance
team and access to the NOAH London
technology conference, sponsored by
Credit Suisse, in 2016. “Events like this
are fantastic for a growing business.
It is so important to have access to
people who can help,” said Kano’s COO
Thomas Enraght-Moony.
“I have never seen such energy, ideas and
great speakers,” said Ian Dembinski in
his closing remarks. The connecting of
business and capital continued long into
the evening.
“Technology-led disruption is
a long-term trend across the
whole of the economy. We
are seeing a new generation
of entrepreneurs who are
trying to be innovative and
disruptive and building real
businesses the old-fashioned
way, step by step”
Philippe Cerf
“There are so many
phenomenal young people
across Europe who have
great ideas and the reality
is they can put them into
practice. This is a great time
to be an entrepreneur”
Andrew Fisher
“I have never seen
such energy, ideas
and great speakers”
Ian Dembinski

4. 4High Tech Forum
Ask the Audience
Ian Dembinski polled the audience on the kinds of
investments that interested them.
Q. How Do You Currently Invest in Technology?
44% Private placement
7% Direct investments and venture capital
7% Private equity
15% Mutual funds
26% Not yet
Q. Which Trends Offer the Best Investment Opportunities?
29% Data analytics
23% Internet of things
21% Cyber security
20% e-commerce
6% Cloud

5. 5High Tech Forum
Themes for Technology Investors
Four Disruptive
Themes to Watch
1. One-Click to On-Demand
The shift from “one-click” to on-demand
made possible by mobile is a creating a
new paradigm for consumer behaviour, said
David. Today’s consumer knows what they
want, how and when they want it. Matching
supply to this demand is a “huge” opportunity
and a great part of the labour market is now
“people who can satisfy on demand”.
2.Sharing Economy
From ride-sharing to matching
providers of lodging services to those
looking for it, aggregating demand is
another economic principle that is “very
compelling”. The sharing economy
that comes from being able to connect
people through mobile devices will
disrupt many industries in future.
3.Education
The mismatch between what the education
system is teaching and the demand in
society is “a real problem to fix”, observed
David. He predicted the “democratisation
of education” through technology: “We
are going to be able to reach many more
people using technology than the traditional
way.” This trend is tied to demographic
change. Credit Suisse research suggests
many more people will live to be 100 years
old in future. As people work for longer,
continued education will be a necessity
to access the job market.
4. Healthcare
Healthcare is a USD 3 trillion problem
for the US economy, said David,
referring to a report by Euromonitor.
Technology can help reduce the cost
of healthcare provision by bringing
efficiencies to monitoring, data storage
and analytics and more. “We are going to
see real advancements in the application
of technology in terms of getting people
closer to wellness, disease prediction
and prevention. We are just scratching
the surface of that today.”
Coming Soon…
DNA Storage
“In the future we will see DNA structures
as a more revolutionary way to store
data. By replicating DNA, we will have
storage that will last for 1,000 years.”
Artificial Intelligence
“We will see the benefits from AI in
almost every aspect of society in the
next couple of decades. The three
fundamental building blocks to advance
AI are the ability of the microprocessor
to simulate thinking, algorithms that can
replicate neural networks and enough
data so systems can learn.”
Driverless Cars
“Driverless cars will bring more than just
safer roads. They will fundamentally
change how we consume transportation.
People will transact and be entertained
in the car. We are going to see a whole
ecosystem of change around innovations
in the car in the next 10 years.”
… And Not Going Away
Big Tech
“Some of the well-known bellwethers
in technology have an unprecedented
history in the industry. There is a treasure
trove of innovation in these companies.
They just have to find a way to unlock it.”
David Wah
Global Head,
Technology Group,
Investment Banking,
Credit Suisse
Every investible theme today emanates from one of four technology
megatrends: mobility, the cloud, social and big data.
Technology Megatrends
“If I have to pick one of these
megatrends as the most important,
it is mobility,” said David. According
to Morgan Stanley data, almost one-
third of the world’s population can
connect to the internet “anywhere,
anytime” via a mobile device.
Mobile penetration is predicted
to reach two-thirds of the global
population by 2018 and even this
estimate may be low, he added.
The whole concept of mobile is
different today, he continued.
“We are always on and always
connected through our mobiles,
even in our homes.
That has really important
implications for consumer behaviour
and what we expect from those
who provide us with goods and
services”.

6. 6High Tech Forum
Philippe Cerf of Credit Suisse asked a panel of investors
and entrepreneurs about strategies for raising capital in
the current market environment.
Sourcing Growth Capital
Q.
How Vibrant is the European
Start-up Scene?
Europe is catching up with the US,
said Henrik Persson of venture capital
firm Lakestar Advisors. “With the first
generation of general e-commerce
platforms, the European markets were
won by US players like eBay and
Amazon. With the second generation,
European companies won the markets,
not only in Europe but globally, with
great companies like Zalando, ASOS,
Net-a-Porter and Farfetch,” he said.
He also named gaming and fintech as
other areas that seem “to suit Europe
very well”.
Fundraising in Europe is still harder than
in the US but is getting easier, said Lopo
Champalimaud, the founder and CEO of
online hair and beauty booking business
Wahanda. The participation of private
high net worth investors means there are
“more options than ever”.
Tom Singer of boutique hospitality
business onefinestay offered further
evidence of a broadening of the investor
community. Its major investor is a
corporate making a strategic investment.
The world is becoming more crowded,
said Morgan Seigler of growth capital
firm TA Associates. “But if you know
your spot and you are disciplined, you
can still make a return.”
Q.
Why Are Companies Staying
Private for Longer?
Why go public if you don’t need to,
asked Morgan Seigler. Going public can
be “a huge pain” due to the regulatory
burden and expectations of investors.
In the current market environment it is
“a tough argument” to sell. Some of
the appeal is because public markets
offer “a natural endpoint to the journey”,
said Tom Singer. But going public is
only a viable exit route for companies
that can demonstrate “a high degree
of predictability and stability”, as public
markets can be “a cruel mistress” when
things go wrong.
Public life doesn’t suit everyone,
agreed Lopo Champalimaud, and
public companies in Europe do face
a “harder time” in the markets than
US counterparts. A strategic investor
became the majority shareholder in
Wahanda, which was “a long way” from
being ready to go public. “I was given
capital and the freedom to operate,
and I can sell my shares without any
reporting hassles,” he explained.
Cyclicality is a factor too, argued Henrik
Persson. He stressed the merits of
the IPO process in enabling interested
parties to take a good, long look at
companies before investing. Sentiment
changes quickly, he said: “A few
hiccups in the private market and all of
a sudden investors will think the IPO
process adds value.”
Philippe Cerf
Co-Head of EMEA
Technology Group,
Investment Banking,
Credit Suisse

7. 7High Tech Forum
Q.
Is it Worth Taking on a
Strategic Investor?
It has been for onefinestay, said Tom
Singer, as it has provided a relationship
that will help the business to develop
and grow. He described the “halo
effect” that strategic investment can
have on perception of a business
and its brand: “It implies quality
to other investors and the wider
market.” Wahanda structured the deal
so there was “no path to control”,
explained Lopo Champalimaud. He
too stressed the importance of a
long-term relationship: “It was a great
process because it allowed me to get
comfortable that this was somebody I
wanted to work for and with in
the future.”
Q.
Is There a Bubble
in the Market?
Henrik Persson compared the market
today to 2006. He said: “It can feel like
everything has already happened and
is highly valued but I don’t think that is
true. If you are creative and innovative,
you will find a lot of investment
opportunities. Not really cheap, but
interesting. Just keep looking.” Morgan
Seigler also drew a historical parallel.
“In 1999, everything was up and it did
not matter what the business model
was,” he said. Now, “if you have a great
business, you get a great price. But
if you do not deliver on the numbers,
you get crushed.” He sees signs of
adjustment in the market rather than
fundamental change: “People are being
a little more conservative on the margin.”
Philippe Cerf
Moderator
Credit Suisse
Lopo Champalimaud
Wahanda
Henrik Persson
Lakestar Advisors
J Morgan Seigler
TA Associates
Tom Singer
onefinestay

8. 8High Tech Forum
Keynote Speaker
Andrew Fisher shared what he has learned
from building Shazam into the world’s leading
media engagement company.
No Better Time
“It is a great time to be an entrepreneur,”
said Andrew. “With the maturing of the
startup sector in Europe, it is easier to
start a company, raise finance, go to
market and, if you get it right, to get
real scale.” Yet with 1.5 million digital
apps on the market already, a start-up
today has a long way to go to emulate
the success of Shazam, one of the most
popular apps in the world and used by
120 million people in 200 countries
every month. Andrew recounted some
of the key lessons he has learned on the
journey.
Andrew Fisher
Executive Chairman
Shazam
1. A Unique Proposition
“There is a basic principle that many
people forget when trying to start a
digital business: why would people
be motivated to use your offer rather
than somebody else’s?” said Andrew.
Shazam has succeeded because it
adds something the consumer cannot
do on any other device or environment,
he explained. The new trend in
consumer behaviour towards fewer
apps presents a dramatic change in
the mobile market and the race is to
become a habitual service. “You have
to think about how to become part
of the user’s everyday life,” Andrew
advised would-be digital entrepreneurs
and their investors.
2. Have Cash
“I am always raising money,” said
Andrew. He recounted some of the
growing pains Shazam had to go
through as a company ahead of its
time, among them the need to make
cash last while waiting for consumer
behaviour to change. The result of
those experiences is a highly proactive
financing strategy: “The best time to
take money is when you do not need it.
Having that extra cash buffer is really
important.”
3. Know Your Investors
Having supportive investors is key
when you are trying to grow an
unpredictable business, said Andrew.
“We had tremendous support from
investors who had a huge amount of
staying power. Shazam would not be
here without the people who took the
risk on this business and supported
the team.”
7 Lessons
of Success

9. 9High Tech Forum
4. Pivot
“Be prepared to make decisions quickly
and to go back on your decisions,” he
recommended. Shazam “pivoted” from
music (a USD 15 billion market) into
television advertising (a USD 300 billion
market). Having experimented with
paid-for and ‘freemium’ (part free, pay
to upgrade) business models, it reverted
to a free model funded by advertising
when a competitor gained momentum
in its marketplace. “In this space, in our
proposition, people love free services,”
Andrew acknowledged.
5. Pay Attention to Talent
People may be surprised to learn that
Shazam sees Amazon, Facebook,
Google and LinkedIn as rivals given
they are all competing for the best
talent, said Andrew. “If you can’t match
the compensation packages of others,
sell the vision and the contribution the
individual can make to your company,”
he recommended. Talent has become so
important for success in the digital sector
that CEOs are making hiring a personal
responsibility.
6. Keep the Trust
Using data appropriately without abusing
trust is one of the biggest issues
facing the digital industry, he warned.
Companies must be careful not to be
intrusive: “People need to understand
why you are interacting with them. I may
not be expecting a notification whilst I
am out shopping.” The practise should
be to engage at the right time in the right
way and to make sure there is “a very
clear value exchange.”
Personal healthcare could begin
reshaping our attitudes to privacy, he
suggested: “Many of us will get implants
that disclose everything about our bodies
because we want preventative medicine.
Once you have done that for your health,
you are going to start getting a little bit
more relaxed about disclosure for other
things, providing you trust the entity you
are engaging with”
7. Continue to Grow
Shazam is not only holding on to
customers, it is adding 1 million net
new users per week. Andrew described
how Shazam keeps winning in a highly
competitive and ever more crowded
digital market. “Google can prove
economically that for every fraction of a
second shaved off their search speed,
revenues go up. We see the same in our
company. We keep rewriting our core
algorithm because as well as expanding,
we know we have to keep getting better
and better at our core user experience.
It is about getting that balance right
between innovative new features
and continually enhancing your core
proposition.”
7 Lessons
of Success

10. 10High Tech Forum
How should a company prepare for an IPO
or other major liquidity event?
Structuring Pre-IPO
Start Early
Paul Matthews of UK share registrar
Equiniti was ideally placed to comment
on preparing to go public, having
been through the process recently.
Credit Suisse was joint bookrunner on
Equiniti’s GBP 317 million IPO. “It is
a positive step and we look forward to
what listed life brings,” he said. “Start
planning as early as possible,” he
advised. “It is very time consuming and
the due diligence is tough.”
Know Your Story
It is essential to think about how to
present the story of why you are going
public, said Omri Lumbroso of Credit
Suisse, as “the question will be asked
at every investor meeting”. Whatever
the reason, “do the groundwork to build
conviction in the story”, as there will
be “natural scepticism” from investors.
Being a public company does not
preclude a company from doing things
that are not in the IPO prospectus,
added Omri: “You can do big shifts in
strategy, do M&A, go into new areas.
But you have to be able to explain the
reasons and bring your shareholders with
you.” As corporate broker, Credit Suisse
helps listed companies to communicate
to shareholders and the market.
“Historically, there has been
pressure from US investors
for UK companies to flip
into a US parent company.
Yet the UK is a favourable
tax jurisdiction and a UK
company can expand into
the US through a subsidiary,”
Daniel Glazer
“Certain clients may want to
consider delaying an exit until
they are non-UK tax resident”
John Williams
Camilla Hughes
Moderator
Credit Suisse
Daniel Glazer
Fried, Frank, Harris,
Shriver & Jacobson
Omri Lumbroso
Credit Suisse
Paul Matthews
Equiniti
John Williams
Credit Suisse

11. 11High Tech Forum
Protect Property
“I cannot tell you the number of
times due diligence reveals that the
founders did not assign all the property
to the company or code is no longer
proprietary,” said Omri Lumbruso.
He urged entrepreneurs to make proper
filings for intellectual property, adding:
“Things may seem immaterial early in
your development but as you get bigger,
they cost more to fix.”
Paul Matthews supported this advice
with his experience from Equiniti’s
pre-IPO roadshow. He said: “The threat
to our business is one of the biggest
questions we are asked and IP is a big
part of that for tech companies. It is very
important to show investors that it is
being thought about.”
Look For the Best Home
The question of where to list is a
common topic of debate among
companies and their shareholders, said
Omri Lumbroso. “Valuation is only one
variable,” he cautioned.
A listing can support a strategic shift
towards a particular location or region.
Companies should also locate their
“natural nexus”, which is increasingly
London for technology: 2015 has seen
the highest number of tech IPOs on the
London market.
London is gaining ground, agreed
Daniel Glazer of law firm Fried,
Frank, Harris, Shriver & Jacobson.
“Historically, there has been pressure
from US investors for UK companies to
flip into a US parent company. Yet the
UK is a favourable tax jurisdiction and
a UK company can expand into the US
through a subsidiary,” he said.
“In recent years, the higher tax rates in
the US relative to the UK suggest US
investors will generally do a lot better
investing into a UK parent company,” he
added.
Remember Private
Wealth Planning
Entrepreneurs should not overlook
personal wealth planning, said
John Williams of Credit Suisse.
He tells entrepreneurs to focus on
planning both pre and post liquidity.
The tax relief for entrepreneurs in the
UK provides a “very attractive” exit rate
of 10% tax on up to GBP 10 million
of gains. Entrepreneurs may not be
aware of the inheritance tax planning
opportunity available through business
property relief either, which “will be lost
post-liquidity.” The non-domicile regime
is still attractive in the UK, he added, and
international clients should structure their
affairs well before exit or IPO.
Also, “certain clients may want to
consider delaying an exit until they are
non-UK tax resident.”
“It is a positive step and we
look forward to what listed
life brings”
Paul Matthews

12. 12High Tech Forum
Three investors shared how and where they invest
in the technology sector.
How to Maximise Returns
When Investing in High Tech
Greg Grimaldi
Moderator
Credit Suisse
Maria Dramalioti-Taylor
Beacon Capital
Fidel Manolopoulos
Kennet Partners
Jörg Mohaupt
Access Industries
Finding the Right Opportunities
Maximising return is about “buying
low, selling high and not raising too
much capital in between,” said Maria
Dramalioti-Taylor of Beacon Capital,
one of the most successful pre-A
round investors. She believes the B2B
space will offer the most interesting
investment opportunities and is following
the “exciting” developments in artificial
intelligence and quantum computing,
but warned that valuations are becoming
“more problematic”. Jörg Mohaupt of
family office Access Industries is also
wary of valuations at “the very top”.
He anticipates “loads of things we
have not even thought of yet” from
digital platforms. New opportunities
are coming in software, predicted Fidel
Manolopoulos of investment firm Kennet
Partners. The many types of investor and
many stages of investing in technology
“mixes up” the investment cycle, but
there remain “enough opportunities to
find companies with different valuations”.
Adding Value to Investments
Greg Grimaldi asked the panel how
they convince entrepreneurs to take
their capital versus someone else’s.
Fidel Manolopoulos stressed the value
of investors who have “seen it or done
it before” in the same segment and
whose expertise is a match for the
stage of the business. Capital used to
be enough, said Maria Dramalioti-Taylor,
but investors now have to show they
can add value if they want to attract
the most talented entrepreneurs. A
history of building companies from
scratch into something significant shows
that “you can add value beyond just
adding capital”, said Jörg Mohaupt.
Entrepreneurs like to talk to other
entrepreneurs, he added. Potential for
crossover is also important: “Music drives
a lot of eyeballs.”
What to Do When
Things Don’t Go to Plan
“Pivoting” businesses happens quite
often, said Jörg Mohaupt. Businesses
can “work beautifully but have no
customers”, or they may work well in a
certain space but “it is time to take the
next leap”. Then again, it may be that a
company requires new talent “to really
make it work”. Write offs are a fact of
life for early-stage investors, said Maria
Dramalioti-Taylor, but there are still
positives that can be taken. “A write off
is an indication that you are taking risk. If
there is no risk and no pain, there is no
gain,” she explained. Some businesses
just need more time, said Fidel
Manolopoulos: “The question is when
do you stop reinvesting? How much to
refinance a business to take it further is
a tough decision.”

13. 13High Tech Forum
When to Exit
“Whether an exit is quicker or slower
depends on the performance of the
business and its segment. You cannot
predict how aggressively you can make
it happen,” said Fidel Manolopoulos. A
five or ten-year cycle can be a long time
in the technology market, he cautioned:
“If you do not make it or have a clear
exit route by then, it might get difficult.”
Exiting is a more fluid concept for an
early-stage investor like Beacon Capital,
said Maria Dramalioti-Taylor. “We go
in when it is difficult to see where the
business is going and how it is going
to end up.” Beacon typically provides
funding to take the business to Series
A, but stays all the way through to help
build “a substantial asset”.
Funds or Direct Investment?
For investors who are new to the sector,
the advantage of using fund structures
is that teams really know what they are
doing and are not going to pack up when
things get tough, said Jörg Mohaupt.
Fidel Manolopoulos concurred: “We
specialise in this type of investment and
we are measured on the return we bring
our investors.” Direct investment is easy
to do but can come at a high price, said
Maria Dramalioti-Taylor. “This is going
to take over your life,” she said. “If you
are not prepared to invest a substantial
amount of time, look at alternative ways
to get exposure.”
How to Maximise Returns
When Investing in High Tech (cont’d)

14. 14High Tech Forum
Start-Up Showcase
The Forum provided a platform for the
next wave of UK technology companies.
Carsten Kølbek
Moderator
Serial entrepreneur and seed investor
Going Places
Four early-stage ventures were invited to pitch
for the prize of mentoring by the Corporate
Finance team at Credit Suisse and participation
in the NOAH London technology conference,
which is sponsored by Credit Suisse, in 2016.
The showcase was introduced by serial entrepreneur
and seed investor Carsten Kølbek, who told the
audience: “We looked at hundreds of start-ups around
the UK to bring you four companies who have really
cool technology, an interesting business model, venture
capital financing and real traction in the market.
Vote for your favourite.”
Digital Shadows
digitalshadows.com
Digital Shadows provides cyber
situational awareness to help
organisations protect against cyber-
attack, loss of intellectual property,
brand and reputational damage. Its
managed service, which was designed
in collaboration with large financial
institutions, monitors the digital footprint
of an organisation and provides real-time
alerts of malicious activity. Its competitive
advantage is the breadth of its coverage.
“Our view of the internet ecosystem
allows us to pick out lots of different
types of threats,” said James Merrick,
Vice-President of Operations.
James Merrick
Audience Vote

15. 15High Tech Forum
Property Partner
propertypartner.co
The difficulties in accessing UK
residential property as an asset class
led the team behind Property Partner
to create a crowdfunding platform and
trading exchange for investors. “Direct
investment in residential property is not
a smart way to invest as you end up
with a small and undiversified portfolio,”
explained founder and CEO Dan
Gandesha. Investors choose from a
range of residential properties, receive a
share of the rental income as a dividend
and they can sell whenever they like.
Since launch in January 2015 over £13
million has been invested through the
platform, funding the acquisition of more
than 80 properties.
Dan Gandesha
“You never know where
the next helping hand will
come from. As we continue
to grow, having access
to sources of capital and
people who can advise us is
so important.”
Thomas Enraght-Moony
Chief Operating Officer
Kano Computing
Start-Up Showcase (cont’d)
eReceipts
ereceipts.co.uk
“We enable retailers to identify their
customers, understand their customers
and better engage with their customers,”
said Andrew Carroll, founder and
CEO of eReceipts. The company uses
customer intelligence to enable retailers
to target customers more effectively
with product offers and discounts. This
can help bricks and mortar retailers to
compete with digital rivals by building
one-to-one relationships with customers
through customer-centric retailing, said
Andrew. eReceipts has over 12.5 million
customers on its database, for clients
who include major UK retailers such
as Argos.
Kano Computing
kano.me
Kano computers are designed to be as
simple and fun to use as Lego. With
a Kano kit, children can build their
own computer and learn how to code
through play. To date, nearly 50,000
kits have been sold worldwide. “What’s
really interesting is what people are
doing with them,” said Thomas Enraght-
Moony, Chief Operating Officer. After
building their computers, children share
their programmes with each other
online. “This is our vision of the future:
combining kids with technology with
online learning,” said Thomas. Kano has
recently launched two extension kits and
further hardware and software additions
are planned.
Thomas Enraght-MoonyAndrew Carroll

16. This material has been prepared by an Advisor of CREDIT SUISSE (UK) LIMITED or its subsidiaries or affiliates (collectively “Credit Suisse”) and not by Credit Suisse’s
research department. It is not investment research or a research recommendation for the purposes of the FCA rules as it does not constitute substantive research or analysis.
The information provided is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of the said
Advisor, which may be different from, or inconsistent with, the observations and views of the Credit Suisse analysts or other Credit Suisse Advisors or the proprietary positions
of Credit Suisse. Observations and views of the Advisor may change at any time without notice. Credit Suisse accepts no liability for loss arising from the use of this material. All
valuations are subject to Credit Suisse valuation terms. Information provided on trades executed with Credit Suisse will not constitute an official confirmation of the trade details.
Credit Suisse (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority for the
conduct of investment business in the United Kingdom. The registered address of Credit Suisse (UK) Limited is Five Cabot Square, London, E14 4QR.
If you have any questions regarding the document, please contact your Relationship Manager.
© Credit Suisse (UK) Limited 2015
1469158_November15
CREDIT SUISSE (UK) LIMITED
Five Cabot Square
London,
E14 4QR
credit-suisse.com
Contact
For information on future events,
please contact your Relationship Manager
or call us on +44 (0)20 7883 9900.
credit-suisse.com/uk