SUMMARY AND PROCESS
o Integration organisation determined and process defined
o Firm-wide Integration Office/Steering Committee and
o Divisional integration teams established/fully operational
o Management structure decided and agreed
o Division heads plus next two levels
o Priority issues
o People retention
o Interim people and business transfers
o Transaction close
<PAGE>
NEW CSFB MANAGEMENT STRUCTURE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Chairman
Joe Roby
Chief Executive Officer
Allen Wheat
Investment Banking Chief Financial Officer
& Merchant Banking Fixed Income Equities & FA & O
Tony James/Chuck Ward Stephen Hester Brady Dougan Richard Thornburgh Regional Chairmen
International
David Mulford
Financial Services
Gates Hawn Europe
John Nelson
Asia/Pacific
Stephen Stonefield
</TABLE>
<PAGE>
OBJECTIVES OF INTEGRATION PROCESS
Overall Goals Success Measures
o Retention of key employees o Large majority of identified talent
retained
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o Maximum deliberate speed in o No significant operational, legal,
closing the deal while managing financial or regulatory issues associated
operational risk with transaction close
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o Maintain/exceed pro-forma o Realize full combined market share in
combined market position in high targeted products in 24-36 months,
priority products expanded client lists
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o Reach/exceed target goal of o Achieve bulk of planned cost savings
USD 1 bn annual on ongoing cost within 12-18 months
savings, deliver top line revenue
assumptions
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o Creation of a strong integrated o Modified Firm committees, decision-
culture, set of processes and making, people development
sense of ownership that combines o Adoption of best-of-breed management
the best of both firms systems and processes
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o Ensure the "engine" keeps o No business interruptions stemming from
running integration
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<PAGE>
INTEGRATION PROGRESS UPDATE
o Overall excellent progress - speed is impressive
o Regulatory approval (Hart Scott Rodino and EU) now received
o Equities business was integrated October 10th - less than 6 weeks after deal
was announced. Fixed Income integrating October 16th, Banking on ongoing
basis through October
o Appointment of staff and sign up of key DLJ individuals largely completed,
well ahead of schedule
o Confirmed similarities in cultures of two firms
o Close on November 3rd
<PAGE>
KEY NEXT STEPS
External
--------
o Tell the story to customers of the power of the combined DLJ/CSFB-
capitalize upon improved market position
o Renew focus on transactions and generating revenue
o Working towards achieving revenue synergies
Internal
--------
o Quickly finish remaining staffing decisions and get new teams up and rolling
o Ensure rapid internal communication of decisions and progress
o Finalise plans for achieving USD 750 m expense savings in 2001, USD 1 bn in
2002 and beyond
