CREDIT : GROUP
SUISSE :
<PAGE>
PRESENTATION
INTRODUCTION
COMBINATION WITH DONALDSON, LUFKIN & JENRETTE
o OVERVIEW
o DONALDSON, LUFKIN & JENRETTE
o STRATEGIC FIT
o TRANSACTION SUMMARY
o FINANCIALS
2000 INTERIM RESULTS
o CONSOLIDATED RESULTS FIRST HALF 2000
o BUSINESS UNIT RESULTS
o PRIORITIES / OUTLOOK
o SUPPLEMENTS
--------------------------------------------------------------------------------
CREDIT : GROUP Slide 1
SUISSE :
<PAGE>
INTRODUCTION
o Major strategic move to expand our investment banking and asset management
business through the combination with Donaldson, Lufkin & Jenrette
o Announce strong first half 2000 results reflecting strong growth and
strategic progress of all BUs
o CHF 3,610 m net profit
o 21% ROE
--------------------------------------------------------------------------------
CREDIT : GROUP Slide 2
SUISSE :
<PAGE>
COMBINATION WITH
DONALDSON, LUFKIN & JENRETTE
o Combination of Donaldson, Lufkin & Jenrette Inc. ("DLJ") and CSG to create a
powerful global investment bank and significantly expand CSG's asset
gathering activities in the U.S.
o Excellent strategic and business fit for both investment banking and asset
gathering strategies at CSG
o USD 90.00 per share; total consideration of USD 11.5 bn (CHF 19.6 bn)
o Consideration 50% CSG stock, 50% cash
o Neutral to cash EPS (pre-goodwill) in 2001 and neutral to post-goodwill EPS
in 2002, accretive thereafter
o Transaction expected to close by year-end 2000
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 3
<PAGE>
FIT WITH CSG'S CORE STRATEGIES
Financial Intermediation Asset Gathering
------------------------------------ ----------------------------------
> Combination creates a more > High Net Worth, brokerage and
powerful "Bulge Bracket" asset management
investment bank
> Major online broker
> Fills key strategic gaps
> Technology driven transaction
> Adds a strong franchise with high processing, custody and
quality personnel and excellent correspondent network business
corporate culture
> Premier private equity business
Investment Private Equity HNW & Securities
Banking Direct Banking Processing
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 4
<PAGE>
DLJ OVERVIEW
Core > Investment Banking > HNW & Direct Banking
Activities > Private Equity > Securities Processing
<TABLE>
<CAPTION>
Donaldson Lufkin & Jenrette Inc.
Divisions Banking Equities Fixed Income Financial Services
<S> <C> <C> <C> <C>
o M&A, restructuring o Research o High-yield o Asset management
advisory o Sales & trading o Senior bank debt o Private banking
o Debt, equity & high o Equity derivatives o Investment grade o Direct brokerage
yield underwriting (research, sales & corporate bonds
trading) o U.S. government o Transaction
o Merchant banking / o Distribution of bonds processing
private equity independent o Real estate finance o Custody service
o Principal research (Autranet) o Research
investments
Pre-tax profit
o 1999/% total o USD 527 m / 42% o USD 116 m / 9% o USD 300 m / 24% o USD 312 m / 25%
o 5 yr CAGR o 31% o 26% o 29% o 30%
AuM 06/00 o USD 12 bn o USD 108 bn
</TABLE>
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 5
<PAGE>
DLJ FINANCIAL PERFORMANCE
Net Revenues Net Income
------------------------------------------ ------------------------------------
USD m USD m
+29% p.a. +36% p.a.
2'007 2'794 3'487 3'951 5'556 6'431 179 291 408 371 601 721
----------------------------------------- ------------------------------------
'95 '96 '97 '98 '99 LTM '95 '96 '97 '98 '99 LTM
Return on Equity Assets under Management
------------------------------------------ ------------------------------------
USD bn
+47% p.a.
17% 21% 24% 17% 19% 21% 21 32 46 63 108 120
------------------------------------------ ------------------------------------
'95 '96 '97 '98 '99 H1 00 '95 '96 '97 '98 '99 H1 00
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 6
<PAGE>
Investment Banking
BANKING
o Strong U.S. presence, especially in middle market
o #4 / # 1 M&A position by volume / number of transactions
o # 1 lead manager of U.S. high-yield bonds in each of the last 7
years
o Global M&A presence, growing European position
o Solid Equity Capital Markets position
Rank, market share in brackets 1998 1999
------------------------------------------------------------------------
High-yield bonds #1 (14.6%) #1 (18.1%)
Equity & equity-linked
Global #5 (5.0%) #7 (4.0%)
Americas #4 (8.0%) #6 (7.0%)
M&A:
Global completed #12 (4.8%) #6 (13.9%)
U.S. completed #15 (6.8%) #4 (19.4%)
------------------------------------------------------------------------
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 7
<PAGE>
Investment Banking
EQUITIES & FIXED INCOME
o Fixed Income
o Operations include high-yield, mortgage-backed, US governments and
investment grade corporates
o # 1 globally in high-yield bonds
o Complementary MBS/CMBS business
o Equities
o Client driven business, covers 2,300 of world's largest
institutional investors
o Research
o Institutional equities research ranked #6, covers more than 1,600
companies world-wide
o Strong ranked credit research in high-yield and investment grade
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 8
<PAGE>
Private Equity
PRIVATE EQUITY / MERCHANT BANKING
o Managed and direct investments ranging from venture capital to leveraged
buyouts
o Managed funds of USD 12.4 bn at mid-year 2000, approx. USD 20 bn expected by
year-end 2000
Assets Recurring fees
------------------------------------------ ------------------------------------
USD bn USD m
+50% p.a. +46% p.a.
3.6 7.7 7.7 9.2 12.2 20 19 27 70 82 97 127
------------------------------------------ ------------------------------------
'95 '96 '97 '98 '99 '00 P '95 '96 '97 '98 '99 '00 P
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 9
<PAGE>
FINANCIAL SERVICES
[DLJ AMG LOGO OMITTED] o HNW / Asset Management Group
[ISG LOGO OMITTED] o HNW / Private Banking / Investment Services Group
[DLJ direct LOGO OMITTED] o Online Brokerage
[Pershing LOGO OMITTED] o Securities Processing
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 10
<PAGE>
HNW/Direct
Banking
HNW ASSET INVESTMENT
MANAGEMENT SERVICES
o USD 27 bn AuM o Full range of investment services to
HNWI investors and institutions
o Offers traditional and alternative
investments, mutual funds, o 450 brokers
fiduciary services and
institutional cash management o 80,000+ customer accounts
(average size: c. USD 580,000)
(2,500+ clients above USD 1.0 m)
[DLJ AMG [ISG
LOGO OMITTED] Client Assets LOGO OMITTED] Client Assets
------------------------------------------ ------------------------------------
USD bn USD bn
+58% p.a. +37% p.a.
3.5 5.6 12.0 17.6 27.5 27.1 12 16 22 27 46 50
------------------------------------------ ------------------------------------
'95 '96 '97 '98 '99 2Q00 '95 '96 '97 '98 '99 2Q00
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 11
<PAGE>
[DLJ direct LOGO OMITTED] HNW/Direct
Banking
o Launched in 1988, now one of the world's premier online brokers
o Diversified range of investment products and services to sophisticated, self
directed investors
o USD 27 bn client assets and 1.0 million accounts
o > 50,000 trades per day
Accounts Client Assets
------------------------------------------ ------------------------------------
'000 USD bn
+40% p.a. +81% p.a.
207 280 390 529 795 992 1.9 2.5 4.6 8.9 21.7 27.1
------------------------------------------ ------------------------------------
'95 '96 '97 '98 '99 2Q00 '95 '96 '97 '98 '99 2Q00
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 12
<PAGE>
[Pershing Logo Omitted] Securities
Processing
o Comprehensive brokerage, execution, clearing, securities financing and
investment services
o More than 600 institutional customers, collectively maintaining
over 3.2 million client accounts
o Over USD 450 bn of assets and 41.4 m transactions in 1999
o Leadership in Internet technology through NetExchange product suite
o iNautix provides IT / e-commerce solutions for currently 37 companies
Net Revenues Client Assets
------------------------------------------ ------------------------------------
USD m USD bn
+28% p.a. +39% p.a.
393 505 572 730 970 1'175 116 139 182 279 407 466
------------------------------------------ ------------------------------------
'95 '96 '97 '98 '99 LTM '95 '96 '97 '98 '99 2Q00
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 13
<PAGE>
STRATEGIC FIT - OVERVIEW CREDIT
CREDIT : GROUP
SUISSE : Donaldson, Lufkin & Jenrette
Key Businesses Key Businesses
Financial CREDIT : FIRST Donaldson, Lufkin & Jenrette
Intermediation SUISSE : BOSTON
CREDIT : FINANCIAL [DLJ direct LOGO OMITTED]
SUISSE : SERVICES
[PERSHING LOGO OMITTED]
Asset CREDIT : ASSET
Gathering SUISSE : MANAGEMENT [DLJ AMG LOGO OMITTED]
CREDIT : PRIVATE
SUISSE : BANKING [ISG LOGO OMITTED]
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 14
<PAGE>
FINANCIAL INTERMEDIATION -
INVESTMENT BANKING
GLOBAL GLOBAL GLOBAL GLOBAL US
M&A EQUITY DEBT HIGH YIELD RESEARCH
o CSFB #4 #5 #4 #7 #5
o DLJ #11 #7 #4 #1 #6
o Combined
1999 #4 #4 #3 #1 #1
o Combined
1H00 #3 #4 #3 #1 #1
o Market
share 30% 11% 9% 18%
CREATES A MORE POWERFUL
GLOBAL INVESTMENT BANK
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 15
<PAGE>
PRIVATE EQUITY
o Recognised capabilities
DLJ CSFB/CSG
o Projected committed capital of o USD 3.7 bn committed capital
USD 21 bn by year-end 2000
o 175 employees o 157 employees
- Sprout - CSFB Private Equity
- DLJ Investment Partners - Warburg Pincus Private
- Phoenix Equity Partners Equity alliance
> Human & financial resources
> Market reach
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 16
<PAGE>
ASSET GATHERING
DLJ CSG
[ISG LOGO OMITTED] o Fit with similar strategic effort at CSFB:
growth in US HN W segment
[DLJ AMG LOGO OMITTED] o Adds US private banking capabilities
[DLJ direct LOGO OMITTED] o E-brokerage, a strategic focus for CSFB in US
[i:nautix LOGO OMITTED] o Close fit with capabilities for CSG's European
Personal Finance project and similar initiatives
around the world
[Pershing LOGO OMITTED] o Provides technology and expertise for US and
European securities processing capabilities
o Distribution channels for investment products
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 17
<PAGE>
DEAL TERMS
o Total purchase price: USD 11.5 bn / CHF 19.6 bn
o Consideration 50% CSG stock / 50% cash
o Offer price per DLJ share: USD 90.0 / CHF 153
o Premium over average last 5 days 36%
o Price / Earnings 2000 (IBES) 18.2x
o Exchange ratio for share exchange: 0.4018 CSG per DLJ share
o Option Plan: CSG to assume USD 2.2 bn (CHF 3.7 bn) of options held by DLJ
employees
o Retention Plan: CSG to fund 3 year retention program of USD 1.2 bn (CHF 2.1
bn) to key DLJ employees in form of CSG stock
o "Tracking" stock of DLJdirect and two classes of DLJ preferred stock will be
left outstanding
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 18
<PAGE>
TRANSACTION OVERVIEW
Share of
DLJ Capital Selling Shareholders Consideration Value
USD bn CHF bn %
71% > Private placement:
AXA S.A. & : 70% stock 5.7 9.7 50%
AXA Financial Inc. : 30% cash 2.4 4.1 21%
---- ---- ----
8.1 13.8 71%
29% > Tender offer:
Public 100% cash 3.4 5.7 29%
---- ---- ----
100% 11.5 19.6 100%
=== ==== ==== ====
--------------------------------------------------------------------------------
o Assumption of DLJ employee options 2.2 3.7
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 19
<PAGE>
TIMETABLE
o Approved/Recommended by CSG and DLJ Boards, and commitment by DLJ's
controlling shareholders AXA Financial Inc. & AXA S.A.
o Tender offer to the public minorities to commence early September
o CSG Extraordinary Shareholder Meeting to approve capital increase in late
September
o Transaction expected to close by year-end 2000
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 20
<PAGE>
PROFORMA FINANCIAL CONSEQUENCES (1/2)
o Earnings impact
o Cash EPS (pre-goodwill): Neutral in 2001, accretive thereafter
o Reported EPS (post-goodwill): Neutral in 2002, accretive
thereafter
o ROE forecast to significantly exceed cost of capital
o Lower volatility of investment banking earnings
o Synergies
o Expected annual cost savings of USD 750 m to USD 1.0 bn (CHF 1.3
bn to 1.7 bn) by 2002
o Additional tax benefit from exercise of vested employee options
o Modest revenue loss possible upon combination, revenue enhancing
in medium term
o Restructuring charge
o One-time charge of approx. USD 850 m (CHF 1.5 bn) in 2000
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 21
<PAGE>
PROFORM A FINANCIAL CONSEQUENCES (2/2)
USD bn CHF bn
o Goodwill - Approx. goodwill at closing 7.4 12.6
- Amortisation over 20 years
o Balance Sheet / Capitalisation Actual Expected
6/2000 12/2000
o BIS Tier 1 13.1% 9.5%
o BIS Total capital 19.3% 14.0%
o Strong cash flow in 2002 and beyond
o Objective is to minimise shares issued over time
o Wi11 move forward with a share repurchase program
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 22
<PAGE>
SUMMARY
o Compelling strategic fit
o Highly complementary franchises, compatible cultures
o Creates a more powerful global Investment Bank
o Addition of core asset gathering businesses with USD 120 bn in client assets
o Strong technology & processing capabilities
o Accretive to EPS from 2002
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 23
<PAGE>
2000 INTERIM RESULTS
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 24
<PAGE>
OVERVIEW FIRST HALF 2000 RESULTS
1st half 00 1st half 99 Change
Net profit after minorities, CHF m 3,610 2,665 +35%
Total AuM, CHF bn * 1,227 1,182 +4%
ROE Group 21.2% 19.4%
ROE banking 25.9% 24.2%
Earnings per share, CHF 13.21 9.85 +34%
Book value per share, CHF * 123.3 119.8 +3%
Continued strong top- and bottom-line growth and progress against strategic
priorities across all BUs
* 30.06.00 and 31.12.99 resp.
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 25
<PAGE>
BUSINESS UNIT RESULTS OVERVIEW
Net profit after minorities 1st half 00 1st half 99 Change
CHF m CHF m %
CSFS 948 704 +36%
WGR 625 503 +24%
CS 366 201 +82%
PFS -43 - -
CSPB 1,382 859 +61%
CSFB 1,240 1,014 +22%
CSAM 129 111 16%
CSAM cash earnings 161 116 +39%
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 26
<PAGE>
GROWTH IN ASSETS UNDER MANAGEMENT
in CHF billion
<TABLE>
<CAPTION>
CHF 45 (+3.8%)
total AuM growth
<S> <C> <C> <C> <C> <C> <C>
Total AuM12/99 Total AuM06/00
CSG CSFS CSPB CSAM Private performance CSG
12/99 Equity & structure effects 06/00
1,182 2 12 15 0.2 16 1,227
CHF 28 (+2.4%)
net new assets
</TABLE>
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 27
<PAGE>
REVENUE
1st half 00 1st half 99 Change
CHF m CHF m %
Net interest income 2,331 2,817 -17
Commission and service fees 7,535 4,983 51
Trading income 5,396 3,618 49
Insurance income * 2,761 2,260 22
Other ordinar income -175 126 -
Total revenue 17,848 13,804 29
* net premiums earned - claims incurred - net commissions + net investment
income
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 28
<PAGE>
CONSOLIDATED REVENUE COMPOSITION
in CHF m
13,804 +29% 17,848
21% 13% Balance sheet business
36% 42% Commission and service fees
26% 30% Trading
17% 15% Insurance
H1 1999 H1 2000
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 29
<PAGE>
EXPENSES
1st half 00 1st half 99 Change
CHF m CHF m %
Personnel expenses 8,917 6,723 33
Other operating expenses 2,798 2,410 16
Total operating expenses 11,715 9,133 28
Depreciation, write-offs 642 472 36
whereof goodwill amortisation 83 40 -
Losses, provisions 606 878 -31
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 30
<PAGE>
CONSOLIDATED INCOME STATEMENT
1st half 00 1st half 99 Change
CHF m CHF m %
Total revenue 17,848 13,804 29
Total operating expenses 11,715 9,133 28
Gross operating profit 6,133 4,671 31
Depr., write-offs, losses, provisions 1,248 1,350 -8
Profit pre e.o. & tax 4,885 3,321 47
e.o. items, net -90 49 -
Taxes 1,084 647 68
Net profit 3,711 2,723 36
Net profit after minorities 3,610 2,665 35
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 31
<PAGE>
KEY BANKING PERFORMANCE RATIOS
H1 1997 H1 1998 H1 1999 H1 2000
ROE 17.2% 23.3% 24.2% 25.9%
Cost/Income Ratio 66.7% 67.1% 69.8% 69.7%
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 32
<PAGE>
CAPITAL ADEQUACY - CREDIT SUISSE GROUP
30.06.00 31.12.99
BIS tier 1 ratio * % 13.1 13.2
BIS total capital ratio % 19.3 19.1
BIS tier 1 capital CHF m 28,275 28,261
BIS total capital CHF m 41,412 40,843
Risk weighted positions CHF m 215,078 213,298
* BIS tier 1 ratio banking only: 9.6% 9.1%
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 33
<PAGE>
CREDIT SUISSE FINANCIAL SERVICES HIGHLIGHTS FIRST HALF 2000
o Financial Services division operated under following structure during first
half 2000, also used as basis for reporting format:
o Winterthur (life and non-life)
o Credit Suisse
o Personal Financial Services Europe
o Overall results for new division:
o Net profit of CHF 948 m, up 36% over 1st half 1999
o 16.9% return on invested capital
o AuMat CHF 285 bn (+3%)
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 34
<PAGE>
WINTERTHUR
HIGHLIGHTS FIRST HALF 2000
o Net profit CHF 625 m (+24%), return on invested equity capital 18.7%
o Sustainable investment return of 6.2
o Non-life business
o Premiums +15%, significant re-pricing in Spain, UK and US
o Poor result in Italian motor as a result of government intervention
o Life business
o Premiums -2% (annual premiums up 9%, Swiss single
premium reduced in favour of profitability)
o UK and Japan acquisitions reinforced position in life and pensions
o Products
o B 2 C capabilities in 8 European markets and US
o Continued major investment in Euro life e-commerce platform
o Successful launch in July of unit-linked product family in Germany
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 35
<PAGE>
CREDIT SUISSE
HIGHLIGHTS FIRST HALF 2000
o Revenue up 16%, significant increases in all important income streams
o Cost/income ratio improved to 61.5% (down 4.9 percentage points)
o CHF 366 m net profit, ROE 16%
o Further improvement in credit risk portfolio, actual valuation
adjustments again below statistically expected figure
o Products
o Launched Flex Investment Account (money market geared interest)
o Online customers up 30% in first half to 220,000
o 300,000 visitor sessions at Yourhome, over 100 firms interested in
cooperation
o Announcement of joint finance portal with bluewin and TA-Media
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 36
<PAGE>
PERSONAL FINANCIAL SERVICES EUROPE HIGHLIGHTS FIRST HALF 2000
o C S Italy
o AuM up 27% to CHF 5 bn
o 16,100 customers
o Pan-European e-commerce development
o Italian finance portal launched in April
o Launch in coming weeks of Luxembourg-based European
onlineplatform offering brokerage and funds from
leading providers
o youtrade
o Ahead of expectations, break-even after 14 months of operation
o 20,000 clients, 35% Swiss market share
o Overall CHF 56 m pre-tax loss reflecting investment programme
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 37
<PAGE>
CREDIT SUISSE PRIVATE BANKING HIGHLIGHTS FIRST HALF 2000
o Net profit increased by 61 % to CHF 1.4 bn
o Net margin up from 41 by to 57 bp, gross margin improved to 130 by on
transaction volume
o 3.8% growth in AuM to CHF 495 bn due to healthy CHF 12 bn inflow of net new
assets coupled with negative Q2 market movements
o Revenue up 42% versus cost increase of 17% due mainly to higher
incentive-based compensation
o Broadened internet offering: over 730 funds in Fund Lab, introduced Estate
Lab, Financial Check-Up Online, Portfolio Tracker
o Launch of new alternative investment vehicles: Absolute Europe AG and
Absolute Technology AG
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 38
<PAGE>
CREDIT SUISSE PRIVATE BANKING
KEY GROWTH INDICATORS
Assets under Management (CHF bn)
13% CAGR
1996 1997 1998 1999 06/00
326 381 403 477 495
Revenue (CHF bn)
20% CAGR
1/2 96 H1 97 H1 98 H1 99 H1 00
1.5 1.8 2.1 2.3 3.2
Net new assets (CHF bn)
(excl. dividends and interest)
1/2 97 H1 98 H1 99 H1 00
5 5 9 12
1996 H1 97 H1 98 H1 99 H1 00
Net margin (bp) 31 40 41 41 57
Gross margin (bp) 94 105 104 107 130
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 39
<PAGE>
CREDIT SUISSE FIRST BOSTON HIGHLIGHTS FIRST HALF 2000
o Record 6-month results - revenue up 15%, ROE 23
o Consistent investment in building equity business and investment banking
continuing to show returns
o Equities (+74% revenue) compensating for decline in
FID (down 42% in difficult markets and on reduced risk
profile)
o IBD revenue up 41%, despite continued decrease in
lending business (equity capital markets +104%; M&A
+44%)
o 23% expense growth reflects increased headcount, continued investment in
customer businesses, and higher bonus compensation
o Global ranking by market share remains in top 4 or 5 category
o Combination with DLJ addresses market share and productivity gap
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 40
<PAGE>
CREDIT SUISSE ASSET MANAGEMENT HIGHLIGHTS FIRST HALF 2000
o Total AuM up 4.4% to CHF 443 bn
o 3 .1 % growth in discretionary AuM to CHF 334 bn
o CHF 14.6 bn net new assets (+4.5%)
o down CHF 4.5 bn (-1.4%) on market movements and FX
o Share of AuM in equity and balanced segment stable at 57% as negative market
movements offset more new business in equities
o 10.7% growth in mutual funds (primarily Luxembourg, Swiss and Australian)
o Expenses up on Warburg Pincus acquisition
o Cash earnings +39% at CHF 161 m; 7.4 by cash return on AuM
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 41
<PAGE>
GROWTH TRENDS
<TABLE>
<CAPTION>
Top line CAGR of 21 % u.a. since 1996 ... ... with sustained growth in AU.M
Revenue (in CHF bn) Net new assets (in CHF bn)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1/2 96 H1 97 H1 98 H1 99 H1 00 1/2 97 H1 98 H1 99 H1 00
8.3 10.3 12.6 13.8 17.8 10 13 33 28
</TABLE>
<TABLE>
<CAPTION>
feeding through to bottom line ------------------- Continued EPS growth momentum
Return on equity CAGR 33%---------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1996* H1 97 H1 98 H1 99 H1 00 1/2 96* H1 97 H1 98 H1 99 H1 00
9.8% 15.4% 18.4% 19.4% 21.2% 4.2 6.8 9.0 9.9 13.2
*1996 restated for exceptional items
</TABLE>
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 42
<PAGE>
PRIORITIES / OUTLOOK
o Focus on new Credit Suisse Financial Services business area
o Organic growth, possibly small-scale acquisitions
o Bancassurance, e-commerce initiatives
o Launch pan-European e-commerce platform in coming weeks
o Successfully integrate DLJ and leverage the strong franchise and the revenue
generation
o Further pursue e-commerce capability throughout Credit Suisse Group
o Build asset gathering / asset management activities - organically and where
possible through acquisitions
o Continued risk, capital and expense management throughout Credit Suisse
Group, complemented by value based metrics (VBA)
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 43
<PAGE>
IMPORTANT EGAIJ INFORMATION
Credit Suisse Group and Donaldson, Lufkin & Jenrette, Inc. are under no
obligation to (and expressly disclaim any such obligation to) update or alter
their forward-looking statements whether as a result of new information, future
events or otherwise. The Safe Harbor Provisions are not applicable to the
foregoing communications to the extent that they constitute tender offer
materials and have not been judicially determined to be applicable to such
communication to the extent that they constitute soliciting materials.
Holders of DLJ securities should read the Tender Offer Statement on Schedule TO
filed by Credit Suisse Group when it becomes available, as it will contain
important information about the tender offer. Investors can obtain such Tender
Offer Statement on Schedule TO, and other filed documents, for free from the
U.S. Securities and Exchange Commission's website http://www.sec.gov.
--------------------------------------------------------------------------------
CREDIT : GROUP Donaldson, Lufkin & Jenrette
SUISSE : Slide 44
