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

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

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

Page 3 CREDIT SUISSE FINANCIAL SERVICES CLIENT BASE in millions CHEuropeRoWTotal (incl. CEE) Winterthur Insurance Winterthur Life & Pensions Credit Suisse Banking Credit Suisse Personal Finance Credit Suisse Financial Services

Page 4 CROSS-SELLING VOLUMES 2000 CHF 3.15 bn of life premiums sold through banking channel (mainly Switzerland) CHF 550 m of non-life premiums sold through banking channel (mainly UK) Successful cross-selling of investment products in Germany. Initiated projects in Italy & Spain CHF 1 bn of CSAM mutual funds sold as part of WLP unit-linked products CHF 750 m mutual funds sold directly through insurance channel CHF 1.1 bn of mortgages sold through insurance channel Reinvestment rate of 80-90% at maturity of life insurance policies in Switzerland New combined banking/insurance products for private and corporate clients In most important countries heads of bancassurance have been assigned

Page 5 CSPF BUSINESS MODEL Channels Services Products Mutual funds WebCall centre Financial centres Personal bankers Other Life & pensionproductsAlternativeinvest-mentproductsInvestmentmanagementAccountsMortgagesMargin lendingOther Cross-channel integration Financial planning CRM

Page 6 Specific examples  Local customer base  Pool of potential advisors  Local management  Licenses Multiple country presence Strong positive brand Asset accumu- lation strength Technology base Areas of strength  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 CSG'S STRENGTHS TO LEVERAGE

Page 7 Main achievements Italy Germany Spain 16 Investment Centres opened 350 advisors with average AuM of EUR 10 m >20,000 clients, EUR 3.7 bn AuM 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 Launch date January 1999 July 2001 STATUS EUROPEAN ROLL-OUT