2008-09-10 Citi Swiss Private Banking Roundtable

Private Banking Update

Citigroup Swiss Private Banking
Roundtable
Zurich, September 9, 2008

Martin Mende, Private Banking
Head of Business Development

Cautionary statement

Cautionary statement regarding forward-looking and non-GAAP information
This presentation contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties, and we might not be
able to achieve the predictions, forecasts, projections and other outcomes we describe
or imply in forward-looking statements.
A number of important factors could cause results to differ materially from the plans,
objectives, expectations, estimates and intentions we express in these forward-looking
statements, including those we identify in quot;Risk Factorsquot; in our Annual Report on Form
20-F for the fiscal year ended December 31, 2007 filed with the US Securities and
Exchange Commission, and in other public filings and press releases.
We do not intend to update these forward-looking statements except as may be required
by applicable laws.
This presentation contains non-GAAP financial information. Information needed to
reconcile such non-GAAP financial information to the most directly comparable measures
under GAAP can be found in Credit Suisse Group's second quarter report 2008.

Citi Swiss Private Banking Roundtable
September 9, 2008, Page 2

Agenda

Status & overall Strategy

International Growth

Client Value Proposition

The Integrated Bank

Financial Targets


Key trends in Wealth Management
From ... To ...

Focus on total client wealth, including
Services around free investible assets
all asset classes as well as liabilities

Narrow focus on classical private Comprehensive solutions, combining
banking offerings private and investment banking skills

Segmentation mostly along asset size Needs-based segmentation will finally
and product usage take off

Focus on home markets and offshore Global business models, on- and
centers offshore capabilities in all major regions


Current markets: Where do we stand?

! Long-term growth prospects for wealth managers remain
intact
– Rise of emerging markets
– Generational transfers of wealth
– Private investment banking

! Credit Suisse is well positioned to face challenges and to
outperform its competitors
– Global presence
– Strong balance sheet
– Unique Integrated Bank approach


Good net new asset growth in Wealth Management

NNA growth on AuM in %
5.8 7.5 7.3 6.4 6.91)

CHF bn

31 43 51 50 29
WM NNA

AuM grew by 36%
(2004-1H08),
representing a
WM AuM 784 839 774
568 693 CAGR of 9%

2004 2005 2006 2007 1H08
1) Annualized Citi Swiss Private Banking Roundtable

Continued strong gross margin

WM gross margin on AuM (bps)

113 112 115 117
Transaction-based
40 38 35 31 Recurring

73 74 80 86

2005 2006 2007 1H08


Credit Suisse as the premier global private bank –
What will it mean?

! We lead the industry in client solutions

! We work as part of a truly integrated bank

! We are the preferred employer for top performers and talent

! We outgrow the competition, globally and in core markets

! Our productivity is benchmark

! We deliver superior returns to our shareholders
Our clients are our ambassadors


Private Banking: Strategy overview

Premier global
private bank
Market share Integrating Productivity
International Client value
gains in the banking and financial Best people
growth proposition
Switzerland businesses performance Premier bank
in Switzerland


Agenda




The Integrated Bank

Financial Targets


Strong growth in mature markets and increased presence
in key emerging markets
Continued +14 offices in 10
investment in countries/+550 RMs
Accelerated Russia and since 2007
Continued turn- growth in Eastern Europe
around and growth Western Europe
in the US
China onshore
India onshore established
launched
Gulf: Leverage
integrated bank Japan onshore
Mexico onshore in preparation
in preparation Relationship Managers
at year-end
4'100
Expanded
3'140
presence in Brazil
2'540
(Hedging-Griffo) +330 p.a.
Australia onshore
+200 p.a.
launched
Goal
2004 2007
2010


Our hiring philosophy

Prudent economics Cultural fit

! Clear business case for each ! Entrepreneurial spirit
hired RM (NNA, revenues)
! Share our view on how
! Average break-even for we serve clients

+
RMs 18-24 months
! Broad solution and product
! Focus on pay for expertise
performance;
limited upfront bonus


Region EMEA: Key figures and achievements
Key figures 1H08 Key achievements
! Segment initiatives for UHNWI and
AuM (CHF bn) 285
entrepreneurs successfully rolled-out
growth1)
NNA 5.1% ! Improved UHNWI coverage
! Continuously expanded product offering
Relationship managers 1'300
! Expanded footprint in UK and Italy
! Launched India onshore
! Launched Austria onshore
! Opened offices in Israel, Kazakhstan, Ukraine
Way forward
! Accelerate growth in France, Germany, Italy, Spain and UK
! Continue investment into Moscow onshore platform; launch Poland onshore
! Further develop the Gulf region in an Integrated Bank approach
! Expand UHNWI franchise, e.g., by hiring additional dedicated RMs and improved solution
offering
! Further roll-out client need segmentation, client profitability and sales cycle


Region Asia-Pacific: Key figures and achievements
! Launched Australia onshore
AuM (CHF bn) 64
! Acquired Hindal
NNA growth1) 19.4%
! Opened branch in Shanghai
Relationship managers 440 ! Strengthened sales management functions
! Continued product innovation
! Established UHNWI competence center
! Well ahead of hiring targets ytd.
Way forward
! Further invest in regional platform, e.g., product and solution capabilities, operations,
shared services
! Realize value from new onshore presences (Australia, China, Indonesia)
! Launch Japan onshore
! Expand UHNWI franchise and leverage Integrated Bank


Region Americas: Key figures and achievements
! Expanded presence in Latin America
AuM (CHF bn) 112
– Successful integration of Hedging Griffo
growth1)
NNA 9.3% – Opened Panama office
! Continued turnaround of US business, e.g.,
Relationship managers 510
– Strengthened management, added various top
RMs
– Expanded service/product suite
– Opened 4 new offices
Way forward
! Latin America: Further growth
– Broaden collaboration between CS and Hedging Griffo in Brazil (e.g., referrals, product
distribution)
– Launch Mexico onshore leveraging IB and AM platforms
– Further enhance product offering
! US: Further growth and increase of profitability
– Continue recruiting best in class RM teams
– Strengthen products and services by leveraging PB global expertise and Integrated Bank


Agenda




The Integrated Bank

Financial Targets


Client Centricity as strategic way to innovate around
client needs
Segment specific
Client understanding Advisory process Client profitability
value propositions
Illustrative

Profitable Not
Life- cycle phase

profitable

+ + +
e
yp
rt

Client 1

Client 2

Client 3
vio
ha
Be

Source of wealth
Revenue Economic profit

! Needs-based customer ! Targeted offering, e.g., ! Comprehensive advice ! Client Profit and Loss
segmentation around succession in five structured steps including Economic
planning Profit
! Example: Entrepreneurs ! Boost in client
! Dedicated ! Identification and
as key segment satisfaction
Entrepreneur Desks development of focus
! Increased profitability
clients (sales cycle)

! Basis and new insights for growth drivers
! Clients' needs met holistically through high-quality advice and service


Managed Investment Products as key thrust
Benefits

! Broad risk diversification
Client ! Large variety of innovative solutions
! Professional investment management

! Broad range of components for tailor made solutions
Relationship
! More time for advice and relationship building
Manager
! Improved efficiency

! Reduced revenue volatility
Bank ! Higher margins through higher value added
! Increased revenues for Investment Banking and Asset Mgmt


Agenda




The Integrated Bank

Financial Targets


Unique value proposition to Private Banking clients
through integrated coverage and solution delivery

Client

Relationship Manager
Solution Specialists
Investment Banking Private Banking Asset Management
! Traditional services: ! Financial planning and ! Traditional Investment
Equities, FI, FX, Prime investment consulting: funds: Equities, FI...
Services, Research... Pension Planning, Trust ! Discretionary Mandates
Services, Inheritance &
! Alternative Investments: ! Alternative Investments:
Tax Consulting...
Structured Products, Private Equity, Hedge
! Banking products: Pay-
Commodities... Funds, Real Estate...
ments, Deposits, Lending,
! Corporate Finance ! Labeled fund solutions
Leasing, Cards...
Services: M&A, Equity/ ! ...
Debt Capital Markets...

Shared Services

Leveraging the Integrated Bank: Key examples

Solution Partners team
International growth

! Enable RMs to find out quickly what
! Leverage local IB and AM
the entire bank can offer
presences for PB market
entries ! Leverage IB and AM capabilities for
! Examples include Brazil, UHNWI clients
Mexico, Russia, China, ! Provide customized solutions across
Japan and Australia all asset classes with institutional
discipline

Swiss Entrepreneur/UHNWI desks Key Client Coverage

! Set up of eight dedicated ! Cross-divsional client coverage
Desks on regional level management for largest clients in all
regions
! Servicing UHNWI and
! Particularly broad effort in Switzerland,
Entrepreneur & Executive
clients with 1'250 clients covered and over
1'300 employees involved in cross-
! Joint cross-divisional
divisional teams
offering (PB, IB, AM)


Integrated Bank model maintains momentum

Gross margin with Wealth Management clients (in bps)

135
130
18
14
Referred
to IB/AM

116 117
Booked in
Wealth
Management

1H07 1H08


Agenda




The Integrated Bank

Financial Targets


Our target: Delivering strong results, while investing
continuously and significantly in growth

Growth investments of CHF 300m+ p.a. Medium term-targets
! International platforms
! Top Relationship Managers
Pre-tax income margin
> 40%
Supported by revenue growth initiatives
! Innovative client value proposition
! Managed Investment Products
! Leverage the integrated bank
Net new assets growth
And stringent cost management > 6% (WM only)
! Centers of Excellence
! Operational Excellence


2008-09-10 Citi Swiss Private Banking Roundtable

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