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CREDIT SUISSE GROUP BANCASSURANCE – OUR DISTRIBUTION EXPERIENCE

CREDIT SUISSE GROUP BANCASSURANCE – OUR DISTRIBUTION EXPERIENCE. Lukas Mühlemann, Chairman and CEO 11 September 2001. MAJOR DISCONTINUITIES IN THE MARKET. Huge market potential Changing demographics More individual responsibility, more individual choice

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CREDIT SUISSE GROUP BANCASSURANCE – OUR DISTRIBUTION EXPERIENCE

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

  2. 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)

  3. 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

  4. CREDIT SUISSE FINANCIAL SERVICES CLIENT BASE in millions CH Europe RoW Total(incl. CEE) • Winterthur Insurance 1.45 9.65 3.60 14.70 • Winterthur Life & Pensions 1.10 3.55 0.45 5.10 • Credit Suisse Banking 2.55 - - 2.55 • Credit Suisse Personal Finance - 0.02 - 0.02 • Credit Suisse Financial Services 5.10 13.22 4.05 22.37

  5. 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

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

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

  8. STATUS EUROPEAN ROLL-OUT Launch date Main achievements Italy January1999 • 16 Investment Centres opened • 350 advisors with average AuM of EUR 10 m • >20,000 clients, EUR 3.7 bn AuM Germany July 2001 • Key personnel and first 100 advisors hired • IT set-up in place • First Investment Centres ready to open • First customers acquired Spain July 2001 • Key personnel and first advisers hired • First target acquired (GVC) • First Investment Centre opened • First customers acquired

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