CREDIT SUISSE GROUP BANCASSURANCE OUR DISTRIBUTION EXPERIENCE Lukas

CREDIT SUISSE GROUP BANCASSURANCE – OUR DISTRIBUTION EXPERIENCE Lukas Mühlemann, Chairman and CEO 11 September 2001

MAJOR DISCONTINUITIES IN THE MARKET § Huge market potential t Changing demographics t More individual responsibility, more individual choice t Economic growth of developing countries § Significant change in consumer behavior t More interest in money, increased focus on returns t Better informed, more sophisticated t Increasing “emotional content” of dealing with money § Markets are growing together t Europe t Banking and life insurance t Use of communication channels (physical, telephone, internet, mobile) Page 1

SPEED OF CHANGE WILL INCREASE n Competition for good people will increase t People make strategies, develop technologies, implement new business models etc. t People still key in client interface t Limited supply n Internet will continue to change the world – despite current skepticism t Current technical problems will be overcome (security, speed etc. ) t Consumer convenience too convincing t Focus will shift to internal processes n Marketing challenge has only started t Importance of brand t Commodity character of most financial services requires differentiating element t Trust/confidence key when dealing with money Page 2

CREDIT SUISSE FINANCIAL SERVICES CLIENT BASE in millions CH Europe Ro. W (incl. CEE) Total n Winterthur Insurance 1. 45 9. 65 3. 60 14. 70 n Winterthur Life & Pensions 1. 10 3. 55 0. 45 5. 10 n Credit Suisse Banking - - 2. 55 n Credit Suisse Personal Finance - 0. 02 n Credit Suisse Financial Services 5. 10 13. 22 4. 05 22. 37 2. 55 Page 3

CROSS-SELLING VOLUMES 2000 n CHF 3. 15 bn of life premiums sold through banking channel (mainly Switzerland) n CHF 550 m of non-life premiums sold through banking channel (mainly UK) n Successful cross-selling of investment products in Germany. Initiated projects in Italy & Spain n CHF 1 bn of CSAM mutual funds sold as part of WLP unit-linked products n CHF 750 m mutual funds sold directly through insurance channel n CHF 1. 1 bn of mortgages sold through insurance channel n Reinvestment rate of 80 -90% at maturity of life insurance policies in Switzerland n New combined banking/insurance products for private and corporate clients n In most important countries heads of bancassurance have been assigned Page 4

CSPF BUSINESS MODEL Personal bankers Other CRM Margin lending Accounts Alternative invest-ment products Products Financial centres Cross-channel integration Life & pension products Financial planning Mutual funds Services Call centre Mortgages Web Investment management Channels Page 5

CSG'S STRENGTHS TO LEVERAGE Areas of strength Multiple country presence Specific examples g g Strong positive brand Asset accumulation strength g g g g Technology base g g Local customer base Pool of potential advisors Local management Licenses Strong brand recognition Security, discretion, trustworthiness Professionalism #2 in Europe Comprehensive range of asset accumulation products Mix of local and international products Proven e-commerce expertise Established telephone-based customer interface Advanced financial planning software Page 6

STATUS EUROPEAN ROLL-OUT Italy Launch date Main achievements January 1999 n n n Germany July 2001 n n Spain July 2001 n n 16 Investment Centres opened 350 advisors with average Au. M of EUR 10 m >20, 000 clients, EUR 3. 7 bn Au. M Key personnel and first 100 advisors hired IT set-up in place First Investment Centres ready to open First customers acquired Key personnel and first advisers hired First target acquired (GVC) First Investment Centre opened First customers acquired Page 7