Cer

tific

ate This certifies that

Tom Williamshas mastered the

HOLT Valuation Challengeand has been awarded the status of

HOLT Champion

The Challenge is an online interactive course that covers accounting, finance andvaluation. Students apply the concepts learned to real companies, resulting in a betterunderstanding of how the stock market values these companies and what the marketexpectations imply about the companies' future prospects.

Students who master the challenge are given access to HOLT Lens™, a premierinvestment tool used by leading investment professionals around the world, for theiracademic careers.

These students apply HOLT Lens and showcase their knowledge by preparing a stockpitch video presentation that is evaluated by finance professionals and world renownedprofessors from Project Firefly's prestigious Academic Review Board. The Challengeattracted a very high standard of competition from around the world. Students certifiedas HOLT Champions are the best performers in the HOLT Valuation Challenge andhave demonstrated exceptional analytical, communication, and asset valuation skills.

Students certified as HOLT Champions have excelled in the HOLT ValuationChallenge.

February 2015CREDIT SUISSE SECURITIES (USA) LLC

Jim Ostry, CFACredit SuisseManaging DirectorHOLT Strategy and BrandingHOLT. Clarity is Confidence.