▪ “One-stop shop” for the research team’s best ideas. Every US research analyst identifies their #1 top stock pick based on a 6- to 12-month time horizon. For each #1 name, we include: a short summary of our analyst’s reasoning, a thesis, catalysts, debate, pushbacks, valuation, latest related research, and a relevant chart as a starting point for further analysis.

▪ Credit Suisse HOLT®: For each US research analyst’s #1 top stock pick, we have worked with our partners in HOLT® to include a chart on Top Picks That Rank in Top 25% in HOLT ®, Page 58. See Appendix for more details, Page 59.

▪ ‘Above Consensus Calls’:We assess the conviction level of CS analysts for their Top Outperform and Top Underperform picks by comparing their (i) EPS estimates (FY2) and (ii) target price estimates (12-month rolling) to consensus estimates. We measure the level of consensus bullishness by calculating the Net Consensus recommendation balance as: (Number of Buy recommendations – Number of Hold recommendations – Number of Sell recommendations) / Total Number of ratings.

▪ These top picks should not be viewed as portfolios; they are simply a current snapshot of the analysts’ top picks in their coverage universes.