1. CREDIT SUISSE ASSET MANAGEMENT FUNDS (UK) LIMITED Credit Suisse/Aberdeen Multi-Manager June 2009 Corporate Bond Sector - Caveat Emptor ? What lies within the Corporate Bond Sectors?

2. Credit Suisse Multi-Manager June 2009 Slide 2 Asset Management Agenda : Corporate Bond Sector - Caveat Emptor ?  From Zurich to Aberdeen  Corporate bonds – the ‘in vogue’ sector  The divergence in performance of corporate bond funds  What does UCITS III mean for corporate bond funds?  What type of bond funds do we buy?  Summary

3. Credit Suisse Multi-Manager June 2009 Slide 3 Asset Management From Zurich to Aberdeen - The Multi Manager Team at Credit Suisse  12 multi-manager funds  FUM £700m TIMELINE: 1st July Team; 1st August Funds No Change  Fund Range  Investment Process Aberdeen Funds under Management at 18 th June 2009

4. Credit Suisse Multi-Manager June 2009 Slide 4 Asset Management IMA Fund Flow Statistics – Corporate Bond Fund Sector is in Vogue! Source: IMA 31/12/08 - 30/04/09 Gross sales in £ Corporate Bond Sector in 2009 is £4.8bn

5. Credit Suisse Multi-Manager June 2009 Slide 5 Asset Management IMA Sterling Bond Sector 2009 Performance–Surprising Divergence Source: Lipper Hindsight 31/12/08 – 29/05/09 CS MM £ Bond 4.6% IMA Sector Avg -1.6% +7.7% -14.4% The difference in performance between top and bottom year to date is 22%

6. Credit Suisse Multi-Manager June 2009 Slide 6 Asset Management IMA Sterling Bond Sector 2009 Performance–Surprising Divergence Source: Lipper Hindsight 31/12/08 – 29/05/09 CS MM £ Bond 4.6% IMA Sector Avg -1.6% L&G Dynamic 16.0% Caz Strategic 11.9% Invesco Stg11.3% RWC Glb Conv 10.3% M&G Strategic 7.5% Bluebay Inv Grd 7.2% Thread Abslt 2.3% Temp Glbl TR -2.5% Thames R Glbl -5.7% +7.7% -14.4% The difference in performance between top and bottom year to date is 22%

7. Credit Suisse Multi-Manager June 2009 Slide 7 Asset Management Bond Classifications Funds In Sector  IMA UK Corporate Bonds88  IMA £ Strategic Bonds61  IMA £ High Yield21  Lipper Global £ Corporates24  Lipper Global £ High Yield8  Lipper Global Global Corporates28  Lipper Global £164  Lipper Global Bond Global381 TOTAL775 Source: Lipper Hindsight 31/12/08 – 29/05/09

8. Credit Suisse Multi-Manager June 2009 Slide 8 Asset Management What is UCITS III? - UCITS rules framework issued in 2002 - Adapted and implemented 2007 onwards - Extends use of eligible instruments e.g. derivatives -Underlying asset must be available as direct investment -Increased risk management demands e.g. value-at-risk -Convergence of sophisticated strategies into retail world

9. Credit Suisse Multi-Manager June 2009 Slide 9 Asset Management US All Corporate Bonds Default Rate: Trailing 12 month Issuer Weighted Source: Moody’s Investors Service, Thomson Datastream & Cazenove Capital Management

10. Credit Suisse Multi-Manager June 2009 Slide 10 Asset Management Risk Reward Profile - Asymmetric Risk - Interest Rate Risk or Duration -Credit Risk and Credit Ratings -Research Process -Portfolio Construction

11. Credit Suisse Multi-Manager June 2009 Slide 11 Asset Management What funds we hold and why? SECTORKEYYIELD % - Cazenove Strategic BondIMA £ Strat BondActive/HY7.5%8% - Templeton Global Total ReturnLG Bond GlobalResource/Global 6.5%8% - Invesco Sterling BondLG Bond £Credit Beta 8.4%16% - BlueBay Investment GradeLG Bond £ CorpLow Beta6%16% - L&G Dynamic BondIMA £ StratConviction Mgt-8% - Threadneedle Absolute Return BdIMA Absolute RetDownside protection-8% - M&G Strategic Corporate Bond£ Corp BondMacro Approach3.6%8% Includes all holdings of the Credit Suisse MM Sterling Bond Fund as at 29 th May 2009 except the Thames River Global Bond Fund which is entirely sovereign debt. A number of the above funds are held in our other mandates.

12. Credit Suisse Multi-Manager June 2009 Slide 12 Asset Management BlueBay Investment Grade Fund We bought the Bluebay Investment Grade Fund September 2008

13. Credit Suisse Multi-Manager June 2009 Slide 13 Asset Management M&G Strategic Bond vs New Star Sterling Bond vs Old Mutual Corporate Bond funds We sold the Old Mutual fund in February 2008 and sold New Star September 2008

14. Credit Suisse Multi-Manager June 2009 Slide 14 Asset Management Our selections: look through AAAAA/ABBBBB-CNRCASH Cazenove Strategic Bond1.3%21.9%22.5%50.3%0.0%4.0% FT Invest Global Total Return6.0%35.2%30.2%25.2%3.4%0.0% Invesco Sterling Bond3.1%36.5%35.7%15.9%6.9%1.9% L&G Dynamic Bond Trust1.5%43.0%32.2%16.4%0.4%6.5% M&G Strategic Corporate Bond7.3%45.2%29.6%6.0%5.2%6.7% Threadneedle Absolute Return41.2%64.6%2.0%0.0% -7.8% BlueBay Investment Grade11.0%60.1%26.1%1.5%0.6%0.7% Investment GradeHigh Yield Source: Credit Suisse 29.05.09

15. Credit Suisse Multi-Manager June 2009 Slide 15 Asset Management CS Multi-Manager £ Corporate Bond Fund Source: Lipper HSW Growth TR GBP Figures 30.03.07 – 31.05.09 from the date that the new team started to manage the fund. Please note that past performance is not necessarily a guide to the future.

16. Credit Suisse Multi-Manager June 2009 Slide 16 Asset Management Disparity of returns – it’s not just the Corporate Bond Sector Source: Lipper HSW Growth TR GBP Figures 31.05.08 – 31.05.09. Please note that past performance is not necessarily a guide to the future.

17. Credit Suisse Multi-Manager June 2009 Slide 17 Asset Management Disparity of Returns – also amongst multi-manager funds Source: Lipper HSW Growth TR GBP Figures 31.05.08 – 31.05.09. Please note that past performance is not necessarily a guide to the future. -14% CS MM Cautious Managed (19 th of 53) CS MM Multi Asset Growth (3 rd of 54) -17% CS MM Balanced Managed (7 th of 54) -21% CS MM Equity Managed (16 th of 46) Key 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile

18. Credit Suisse Multi-Manager June 2009 Slide 18 Asset Management Summary – Corporate Bond Sector - Caveat Emptor ?  A seamless transition from CS to Aberdeen Asset Management  Buyer beware, not only with single manager funds but also multi- manager funds  Corporate bond funds – handle with care Source: Lipper Hindsight 31/12/08 – 16/06/09 10 out of 12 of the Credit Suisse Multi Manager Funds are top quartile year to date

19. Credit Suisse Multi-Manager June 2009 Slide 19 Asset Management Important Information  This presentation has been produced for professional advisers only and is not for circulation to or to be relied upon by retail clients in any form.  Any research included in this document is for illustrative purposes only. It was procured for the Asset Management business of Credit Suisse, One Cabot Square, London E14 4QJ, Tel: 020 7888 0134, www.credit-suisse.com/uk, for its own purposes and is no longer current. The mention of specific funds should not be construed as a recommendation to deal. For your own protection telephone conversations may be recorded.  Issued by CREDIT SUISSE ASSET MANAGEMENT LIMITED and CREDIT SUISSE ASSET MANAGEMENT FUNDS (UK) LIMITED (both authorised and regulated by the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS).  The information contained in this presentation is believed to be correct. Whilst every care has been taken in compiling this presentation, CREDIT SUISSE ASSET MANAGEMENT LIMITED and CREDIT SUISSE ASSET MANAGEMENT FUNDS (UK) LIMITED cannot be held responsible for any errors or omissions.  The price of shares and income from them may fall as well as rise. You may not get back the amount of your original investment. Please not that past performance is not a guide to future returns. Please ask your Sales Manager or visit our website at www.credit-suisse.com/uk for up to date performance information.