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DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.7February2018Europe/UnitedKingdomEquityResearchInvestmentStrategyGlobalEMEquityStrategySTRATEGYResearchAnalystsAlexanderRedman442078836896alex.redman@credit-suisse.comArunSai442078830002arun.sai@credit-suisse.comWhatelsecouldgowrongforEMequitiesFigure1:Emergingequitiesabsoluteandrelativetotalreturn8090100110120130140150160170Jan16Jan17Jan18MSCIEMMSCIEM/WorldSource:MSCI,CreditSuisseresearch