Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette (DLJ) is a leading integrated investment and
merchant bank serving institutional, corporate, government and individual
clients. DLJs's businesses include securities underwriting, sales and trading,
investment and merchant banking, financial advisory services, investment
research, venture capital, correspondent brokerage services, online brokerage
services and asset management. Founded in 1959 and headquartered in New York
City, DLJ employs approximately 11,300 people worldwide and maintains offices in
13 cities in the United States and 16 cities in Europe, Latin America and Asia.
The company has two classes of common stock trading on the New York Stock
Exchange. Shares trading under the ticker symbol "DLJ" represent DLJ, Inc.
Shares trading under the ticker symbol "DLJD" track the performance of
DLJDirect, its online brokerage business. The French insurer and asset manager
AXA, together with its majority-owned subsidiary AXA Financial Inc., holds
approximately 71% of DLJ's issued and outstanding common stock.
DLJ operates and manages its business through four principal operating groups:
o Banking Group
o Equities Group
o Fixed Income Group
o Financial Services Group
Banking Group
The Company's Banking Group is a major participant in the raising of capital and
the providing of financial advice to companies. Through Investment Banking, the
Company manages and underwrites public offerings of debt and equity securities,
arranges private placements, originates both investment and non-investment-grade
debt, underwrites and syndicates senior bank debt and provides advisory and
other services in connection with mergers, acquisitions, restructuring and other
financial transactions. The Company's Merchant Banking Group pursues direct
investments in a variety of areas through a number of investment vehicles. The
Company's Private Fund Group raises private capital, primarily from
institutional investors, for direct investment by venture capital, management
buyout and other investment firms, and for certain of the Company's merchant
banking activities.
o Strong market position in competitive U.S. environment
o USD 12.4 billion of private equity under management at mid-year 2000
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Equities Group
The Equities Group provides domestic and foreign institutional clients with
global research, trading and sales services in U.S. listed and over-the-counter
equities, and foreign equities trading in the United States, Europe and Asia.
The Company's Equity Derivatives division provides a broad range of equity and
index option products. In addition, Autranet, Inc. is one of the oldest
distributors of research and investment material.
o analysts based in New York, London and Hong Kong cover more than 1,600
companies world-wide
o the Sales and Trading group provides 2,300 of the world's largest
institutional investors in 50 countries with its services
Fixed Income Group
The Fixed Income Group provides institutional clients with research, trading and
sales services for a broad range of fixed-income products, and distributes
fixed-income securities in connection with offerings underwritten by the
Company.
o market leadership position in origination of high-yield bonds in U.S. and
Western Europe;
o 1999: domestic underwritings of high-yield securities of more than USD 16 bn
Financial Services Group
The Financial Services Group provides a broad array of services to individual
investors and the financial intermediaries that represent them.
Asset Management Group
o offers traditional and alternative investments, mutual funds, fiduciary
services and institutional cash management
o USD 27 bn assets under management
Investment Services Group / Private Banking
o offers full range of investment and portfolio services to high net worth
individuals and medium and smaller size financial institutions and
corporations
o more than 450 brokers
o USD 50 bn assets under management; 79,400 customer accounts (average size:
USD 580,000), whereof over 2,500 client accounts with assets in excess of USD
1.0 million
o 12 offices in the U.S. and one in London (including Swiss banking facility)
DLJDirect
o a leading provider of online discount brokerage and related investment
services; broad range of investment services targeted at self-directed,
sophisticated online investors
o USD 27.1 bn customer assets; 992,000 accounts; more than 50'000 trades per
day
o 1,500 employees
o international expansion into US, UK, Japan, and Middle East, and Hong Kong
o excellence awards: Forbes, Barrons, etc
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Pershing
o a leading provider of comprehensive brokerage, execution, clearance, data
processing, and investment products and services to financial organisations
world-wide
o individual support of more than 600 customers, collectively maintaining over
3.2 million client accounts, holding over USD 450 bn of assets
o iNautix provides IT/e-commerce solutions for currently 37 companies
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Key figures (USD) H1 2000 1999
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Net revenues (m) 3,442 5,556
Banking 1,010 1,960
Equities 409 1,029
Fixed Income 809 912
Financial Services 1,243 1,793
Others -29 -138
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Non-interest expenses (m) 2,795 4,603
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Net profit (m) 407 601
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ROE 21.3% 19.1%
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Assets under management (bn) 120 108
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Headcount 11,300 10,200
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Ratings
Moody's: A3
Standard&Poor's: A-
Fitch IBCA: A
BankWatch: A+
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Credit Suisse First Boston
Credit Suisse First Boston (CSFB) is a leading global investment banking firm,
providing comprehensive financial advisory, capital raising, sales and trading,
and financial products for users and suppliers of capital around the world. It
operates in over 55 offices across more than 36 countries and six continents,
and has some 16,000 staff. The Firm is a business unit of the Zurich-based
Credit Suisse Group, a leading global financial services company.
Credit Suisse First Boston is organized around the following four major
operating divisions:
o Investment Banking
o Equity
o Fixed Income
o Private Equity
Investment Banking
Credit Suisse First Boston offers a wide breadth of financing and advisory
services to help its clients meet their strategic objectives:
o Mergers & Acquisitions Advisory
o Equity Capital Markets
o Specialty Finance
o Global Project Finance
o Debt Capital Markets
o Leveraged Finance
Equity
Credit Suisse First Boston's Equity Division engages in a broad range of
activities for investors around the world, including sales, trading, brokerage
and market-making in the U.S. and international equity and equity-related
securities, options and futures. The activities cover both exchange-traded and
over-the-counter traded securities, including American Depositary Receipts,
restricted stocks, equity repurchases, block trade executions, equity
derivatives and convertible securities. The division now has over 1,800
employees globally, acting on behalf of over 2,500 clients.
Fixed Income
Credit Suisse First Boston presents one unified group to handle all Fixed Income
cash and derivative products, assisting clients in managing their assets and
liabilities. The Firm's product and regional team structure allows to focus on
delivering product-based solutions to the constantly changing goals of our 5,000
corporate, sovereign and institutional customers worldwide. Credit Suisse First
Boston has organized its businesses so that similar or complementary activities
are grouped together to create centers of excellence and service.
Private Equity
Credit Suisse First Boston Private Equity is the global private equity arm of
the Credit Suisse Group. Credit Suisse First Boston Private Equity makes
privately negotiated, direct investments on a global basis generally in unlisted
and illiquid equity and equity-linked securities. With approximately USD 3.6
billion of committed capital from a diverse group of investors, including Credit
Suisse Group, Credit Suisse First Boston Private Equity is well positioned to
capitalize on investment opportunities generated by the extensive networks of
relationships of Credit Suisse First Boston and other Credit Suisse Group
business units.
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Selected League Table Rankings
Credit Suisse First Boston ranks amongst the top 4 or 5 investment banks in the
world as determined by market share achievements. Significant progress has been
made in the past three years in strengthening its competitive position in merger
& acquisition advisory, equity and debt new issuance, equity research rankings
in third party polls and secondary equity sales penetration.
At June 30, 2000, Credit Suisse First Boston had market share rankings in equity
new issuance of #5, #5 in M&A advisory, and #4 ranking in debt new issuance.
Credit Suisse First Boston's ranking in IPO's was #4 and particularly in tech
IPO's #1. The equity research rankings as measured by Institutional Investor in
the U.S. was #5, #4 in Europe and in non Japan Asia #6.
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Key figures (USD m) H1 2000 1999
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Net revenues 5,905 9,753
Fixed Income & Derivatives 1,433 4,221
Equity 2,947 3,212
Investment Banking 1,466 2,189
Private Equity 12 129
Others 46 2
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Non-interest expenses 4,421 7,443
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Net profit 761 1,262
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ROE 23.7% 19.1%
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Headcount 15,400 15,300
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Ratings
Moody's: A1
Standard&Poor's: AA
Fitch IBCA: AA
BankWatch: AA
<PAGE>
Credit Suisse Group
Credit Suisse Group is one of the world's leading international financial
services companies.
The Group is focused on two key areas:
o Asset Gathering / Asset Management
Credit Suisse Group - through Credit Suisse Financial Services, Credit
Suisse Private Banking and Credit Suisse Asset Management - provides
private investors, companies and institutions in Switzerland, in Europe and
worldwide with a comprehensive range of investment products and services,
financial advice, life insurance and pensions solutions, and a full array
of other banking and insurance services.
o Investment Banking / Financial Intermediation
Through its business unit Credit Suisse First Boston, Credit Suisse Group
acts as a financial market intermediary to help companies, countries and
major institutions finance their operations and make more efficient use of
their financial resources.
The Group, headquartered in Zurich, goes back to 1856. It employs around 67,000
staff and is listed on the Swiss Exchange as well as on the Frankfurt and Tokyo
stock exchanges.
Credit Suisse Group operates in the following structure:
o Credit Suisse Financial Services (comprehensive financial services)
o Winterthur Insurance (general insurance solutions for individuals and
corporations worldwide)
o Winterthur Life & Pensions (life and pensions solutions for private and
corporate clients worldwide)
o Credit Suisse Banking (the Swiss Bank for private and corporate clients)
o Credit Suisse Personal Finance (financial services for affluent investors
in Europe)
o Credit Suisse e-Business (financial e-Business services in Switzerland and
in Europe)
<PAGE>
o Credit Suisse Private Banking (services for wealthy clients in Switzerland
and internationally)
o Credit Suisse First Boston (global investment banking)
o Credit Suisse Asset Management (services for institutional and mutual fund
investors worldwide)
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Key figures (CHF) H1 2000 1999
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Revenue 17,848 m 27,870 m
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Gross operating profit 6,133 m 9,132 m
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Net profit 3,610 m 5,221 m
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ROE 21.2% 18.2%
Banking 25.9% 22.1%
Insurance 11.3% 11.0%
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Assets under management 1,227 bn 1,180 bn
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Headcount 66,765 63,963
of which in Switzerland 27,671 27,454
of which outside Switzerland 39,094 36,509
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Ratings
Moody's: Aa3
Standard&Poor's: AA-
Fitch IBCA: AA-
BankWatch: AA
<PAGE>
Important Legal 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.
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