leadership - · PDF filedefining global leadership. Credit Suisse First Boston is a leading global investment banking firm serving institutional, corporate, government and individual

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leadershipd e f i n i n g g l o b a l

Credit Suisse First Boston is a leadingglobal investment banking firm servinginstitutional, corporate, governmentand individual clients. Its businessesinclude securities underwriting, salesand trading, investment banking andprivate equity, financial advisory services,investment research, venture capital,brokerage services for financial institu-tions and on-line brokerage services.

Investment BankingPrivate EquityEquityFixed IncomeFinancial ServicesSupport Services

p r i v a t e b a n k i n g

Credit Suisse Private Banking isone of the world’s leading privatebanks thanks to its strong marketpresence both within and outsideSwitzerland. It specializes in pro-viding personal investment coun-seling and professional assetmanagement for high-net-worthindividuals.

a s s e t m a n a g e m e n t

Credit Suisse Asset Managementis a leading global asset managerfocusing on institutional, mutualfund and private client investors,providing investment products andportfolio management advice infive core markets around the world.

A S S E T M A N A G E M E N T

C r e d i t S u i s s e A s s e t M a n a g e m e n t

I N V E S T M E N T B A N K I N G

C r e d i t S u i s s e F i r s t B o s t o n

P R I V A T E B A N K I N G

C r e d i t S u i s s e P r i v a t eB a n k i n g

C R E D I T S U I S S E G R O U P

The new CSFB is a powerful investment bank with the global platform, resources and intellectualcapital to rival any financial services firm in the world. With more than 28,000employees and a presence inevery major financial marketworldwide, we are a leader in all major business segments.

f inancial highlights o f 2 0 0 0

2 0 0 0 ( 1 ) C H A N G E V S . 1 9 9 9

C S F B C S F B C S F B C S F B

R A N K S H A R E R A N K S H A R E

G l o b a l D e b t 4 9 . 1 % — + 2 . 1 %

G l o b a l E q u i t y ( 2 ) 4 1 0 . 7 % + 1 + 4 . 2 %

G l o b a l M & A ( 3 ) 3 2 7 . 0 % + 1 + 1 1 . 6 %

E q u i t y R e s e a r c h

N o r t h A m e r i c a 1 5 6 ( 4 ) + 4 + 1 6

E u r o p e ( 5 ) 1 4 1 ( 4 ) + 3 + 1 5

(1 ) I n c l u de s DLJ on a f u l l - y e a r p r o f o rma ba s i s( 2 ) I n c l u de s equ i t y - l i n k ed s e cu r i t i e s .( 3 ) Based on announced t r a n sac t i o n s .( 4 ) Numbe r o f r a nked ana l y s t s . ( 5 ) A s a t Feb r u a r y 2001 , Feb r ua r y 2000 .

Sources: Thomson Financial Securities Data, Institutional Investor, Bondware, EquiDesk

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Important Advances in Market Share

P E R C E N T

D O L L A R S I N M I L L I O N S ( U N A U D I T E D ) 2 0 0 0 1 9 9 9 C H A N G E

F O R T H E Y E A R

R e v e n u e s $ 1 2 , 1 9 4 $ 9 , 7 5 3 2 5 %

O p e r a t i n g e x p e n s e s $ 9 , 3 6 8 $ 7 , 1 9 0 3 0 %

G r o s s p r o f i t $ 2 , 8 2 6 $ 2 , 5 6 3 1 0 %

N e t i n c o m e ( l o s s ) ( 1 ) $ 1 , 4 1 2 $ 1 , 2 6 2 1 2 %

A T Y E A R - E N D

A l l o c a t e d e q u i t y $ 1 0 , 0 0 0 $ 7 , 7 9 5 2 8 %

T o t a l a s s e t s $ 4 0 9 , 7 3 8 $ 2 7 5 , 2 2 4 4 9 %

S E L E C T E D R A T I O S

R e t u r n o n a v e r a g e e q u i t y ( 1 ) 2 0 % 1 9 %

P r e t a x p r o f i t m a r g i n ( 1 ) 1 6 % 1 8 %

E x p e n s e / r e v e n u e s 8 1 % 7 7 %

S t a f f e x p e n s e / r e v e n u e s 5 9 % 5 5 %

T i e r 1 B I S - b a s e d c a p i t a l r a t i o ( 2 ) 1 3 . 6 % 9 . 9 %

T o t a l B I S - b a s e d c a p i t a l r a t i o ( 2 ) 2 2 . 2 % 1 7 . 9 %

E M P L O Y E E S 2 8 , 1 2 2 1 5 , 1 8 5 8 5 %

(1 ) E x c l u de s e x t r a o r d i n a r y /e x cep t i o na l i t ems and m i no r i t y i n t e r e s t s .( 2 ) These r a t i o s a pp l y t o t h e Bank .

Credit Suisse Group is one of theworld’s leading global financialservices companies. In the areaof asset management and assetgathering, specialized businessunits offer their clients — includ-ing private individuals, companies,governments and institutions —investment products, financial advi-sory services, life insurance, pen-sion solutions and the full rangeof other bank services, as well asnon-life insurance solutions fromWinterthur. In the area of invest-ment banking, Credit Suisse FirstBoston is one of the global lead-ers, playing a major role in manysignificant transactions.

Credit Suisse Group is headquar-tered in Zurich and was foundedin 1856. Credit Suisse Groupshares (CSGN) are listed on theSwiss Stock Exchange, inFrankfurt and in Tokyo. The sharesare also traded in New York asAmerican Depository Receipts(ADRs), in London and in Paris.The Group employs approximately80,000 staff worldwide.

f i n a n c i a l s e r v i c e s

Credit Suisse Financial Servicesis one of the leading providers ofcomprehensive financial servicesin Europe and other selectedmarkets. It is a market leader indeveloping innovative solutionsfor customers’ financial require-ments in banking and insurance,through its e-business applica-tions and integrated distributionand service channels.

p r i v a t e b a n k i n g

Credit Suisse Private Banking isone of the world’s leading privatebanks thanks to its strong marketpresence both within and outsideSwitzerland. It specializes in pro-viding personal investment coun-seling and professional assetmanagement for high-net-worthindividuals.

a s s

Credis a lfocusfund proviportffive c

F I N A N C I A L S E R V I C E S

W i n t e r t h u r I n s u r a n c e

W i n t e r t h u r L i f e a n dP e n s i o n s

C r e d i t S u i s s eB a n k i n g

C r e d i t S u i s s eP e r s o n a l F i n a n c e

C r e d i t S u i s s e e - B u s i n e s s

A

CA

P R I V A T E B A N K I N G

C r e d i t S u i s s e P r i v a t eB a n k i n g

C R E D I T S U I S S

Credit Suisse First Boston is a leadingglobal investment banking firm servinginstitutional, corporate, governmentand individual clients. Its businessesinclude securities underwriting, salesand trading, investment banking andprivate equity, financial advisory services,investment research, venture capital,brokerage services for financial institu-tions and on-line brokerage services.

Investment BankingPrivate EquityEquityFixed IncomeFinancial ServicesSupport Services

s e t m a n a g e m e n t

dit Suisse Asset Managementeading global asset managersing on institutional, mutualand private client investors,ding investment products andfolio management advice incore markets around the world.

S S E T M A N A G E M E N T

r e d i t S u i s s e s s e t M a n a g e m e n t

I N V E S T M E N T B A N K I N G

C r e d i t S u i s s e F i r s t B o s t o n

S E G R O U P

2

CSFB enters 2001 in anextremely strong competitiveposition

2000 was an historic yearfor Credit Suisse FirstBoston (CSFB), as our Firm recorded numeroussuccesses across our various global businessesand markets. During theyear, we:• successfully completed our merger

with Donaldson, Lufkin & Jenrette (DLJ), integrating the two businesses within seven weeks;

• made great progress in our equities and equity-linked businesses, where our rev-enues have grown faster than any major competitor during the past three years;

• continued to expand our investment banking franchise, strengthened client relationships and played a leading role in many of the most significant transactions worldwide — including the acquisition of Orange by France Telecom, the restruc-turing of AT&T, and the merger of Texaco and Chevron;

• developed the best technology banking franchise in the industry, ranking first in the number of U.S. initial public offeringsand also in the number of worldwide merger and acquisition transactions;

• further developed our leading emerging markets businesses in fixed income andother areas, posting particularly strong performance in our credit products businesses;

• captured the number one position in the Brazilian and Swiss fixed income and equity markets and improved our overall position in Japan, partly through the purchase of Schroders Japanese cash equities business; and

• implemented a number of critical control initiatives, including a sophisticated new credit exposure system.

CSFB’s revenues reached a record $12.2billion in 2000, up 25% from 1999 totals.Net income rose 12% from the prior yearto $1.412 billion, also a record. OurInvestment Banking Division experiencedstrong revenue growth as our new combinedM&A Group advised on more transactionsthan any other firm. Meanwhile, our EquityDivision, powered by strong results acrossall its product clusters, had another out-standing year, generating more revenuethan any other division. The year 2000 wasa difficult one in the debt markets, andCSFB’s revenues from the fixed incomearea suffered as a result. But with the addi-tion of DLJ’s award-winning high yield teamand recent interest rate developments —we expect to see improvement in perform-ance from the Fixed Income Division in 2001.

2000 was also a year in which, once again,we helped our clients capitalize on change.It was a fairly volatile period for the financialmarkets. CSFB succeeded in providing the products and services and the extraattention that clients needed in order toadjust to the constantly changing environ-ment. We endeavored to ensure that ourclients were not caught off guard or undulyaffected by events taking place in the markets.

In addition, we sought to capitalize on changeby being increasingly entrepreneurial in ourapproach to all our various businesses. Weenhanced our position as an industry leaderby developing new products to tap potentialand existing demand, expanding our globalreach into the most promising emerging

m a n a g e m e n t ’s letter

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markets around the world, and utilizingtechnology to the fullest extent in all ourbusinesses.

In 2001, we are implementing severalimportant new projects and initiativesthat should generate value and help usachieve our goals, to further strengthenCSFB’s competitive position and to main-tain our leadership in key businesses.These include plans to:

• build on the $750 million of cost reduc-tions identified for 2001, and on the momentum of CSFB’s Business Processand Technological Architecture program,in order to improve productivity;

• take advantage of industry consolidation and our deep commitment to our busi-nesses to attract and retain the best financial services professionals; and

• leverage the Firm’s enhanced global platform — and, in particular, our strength in virtually every major market and sector — to provide an even higher level ofservice to clients around the world.

One sad note: We mourn the loss ofGordon Rich, CSFB’s former Co-Head ofMergers and Acquisitions and of the MediaGroup, who died tragically in an automobileaccident in November 2000, at the age of 43. His contributions to our Firm, to hisfamily and his many friends, are impossibleto measure and will be sorely missed.

We are extremely grateful to all our employeesfor their valuable contributions during thepast year — and to our clients and partnersfor their invigorating ideas and their continuingconfidence in us. We look forward to evengreater success in 2001.

Joe L. RobyChairman

Allen D. WheatChief Executive Officer

4

c r e d i t s u i s s e f i r s t b o s t o n firm structureCredit Suisse First Boston is a leading globalinvestment banking firm, that provides financialadvisory services, capital raising, sales and trading,and financial products and services for users and suppliers of capital around the world.

Pr ivate Equi ty

Privately negotiated direct investments ona global basis, generally in unlisted andilliquid equity and equity-linked securities,from deal flow opportunities principallygenerated by the proprietary network ofCredit Suisse First Boston and otherCredit Suisse Group business units.Private Equity is a part of the InvestmentBanking Division

Investment Banking

Acquisition finance, asset finance, cor-porate lending and syndicated finance,equity and convertible securities under-writing, general financial advisory, highyield underwriting, investment-grade debtand preferred stock underwriting, lever-aged finance, mergers and acquisitions,acquisition advisory, corporate sales anddivestitures, joint ventures, leveragedbuyouts, restructurings, takeover defenseadvisory, private finance, privatizations,project finance, share repurchase pro-grams, structured products and supplychain finance

H a m i l t o n E . J a m e s

C o - H e a d o f I n v e s t m e n t B a n k i n g

C h a r l e s G . W a r d I I I

C o - H e a d o f I n v e s t m e n t B a n k i n g

L a w r e n c e M . S c h l o s s

H e a d o f P r i v a t e E q u i t y

C R E D I T S U I S S E F I R S T B O S T O N

J o e L . R o b y ( r i g h t )

C h a i r m a n

A l l e n D . W h e a t ( l e f t )

C h i e f E x e c u t i v e O f f i c e r

5

Equi ty

Research, sales, trading, new issueunderwriting, stock loan/prime brokerage,convertibles/warrants, listed/OTC deriv-atives, program trading, index arbitrageand risk arbitrage

Fixed Income

Underwriting, sales, trading and researchin government and corporate fixed incomesecurities, emerging markets securities,high yield securities, mortgage and asset-backed securities, foreign exchange,money markets, interest rate derivatives,credit derivatives, fund-linked derivatives,listed derivatives, real estate products,precious metals and energy products,and prime brokerage

Financia l Serv ices

Private client services, on-line brokerage, aleading provider of execution, settlement,clearance and a wide range of services andtechnology solutions

G a t e s H . H a w n

H e a d o f F i n a n c i a l S e r v i c e s

Support Serv ices

Finance, operations, technology, riskmanagement, legal and compliance,and administration

R i c h a r d E . T h o r n b u r g h

V i c e C h a i r m a n o f t h e

E x e c u t i v e B o a r d a n d

C h i e f F i n a n c i a l O f f i c e r

B r a d y W . D o u g a n

H e a d o f E q u i t y

S t e p h e n A . M . H e s t e r

H e a d o f F i x e d I n c o m e

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M A J O R H O U S E A W A R D S A W A R D P U B L I C A T I O N

C r e d i t S u i s s e F i r s t B o s t o n - Best Debt House Central European

- Best Equity House Central European

- M&A House of the Year Insto

- Best Project Finance House Euromoney

- Best Technology House FinanceAsia

- Best Lead Manager of Emerging Market Bonds Euroweek

- Equity Derivatives House of the Year International Financing Review

- Swiss Franc Bond House of the Year International Financing Review

- US Equity-Linked House of the Year International Financing Review

- Best Underwriter of IPOs Euromoney

- Americas Project Finance Loan House of the Year International Financing Review

- Best Underwriter of Asset-Backed Securities Euromoney

- Best Lead Manager of Retail Targeted Bonds Euroweek

D o n a l d s o n , L u f k i n & J e n r e t t e - European High Yield Bond House of the Year International Financing Review

- US High Yield Bond House of the Year International Financing Review

T R A N S A C T I O N A W A R D P U B L I C A T I O N

3 6 0 n e t w o r k s - Highly Commended — High-Tech Issuer Corporate Finance

A l T a w e e l a h A 1 - EMEA Power Deal of the Year Project Finance

- Power Deal of the Year, Europe/Middle East/Africa Project Finance International

- Project Finance Institutional Investor

C a l p i n e C o r p o r a t i o n - Americas Project Finance Loan International Financing Review

- Sponsor of the Year, Americas Project Finance International

C a l p i n e C o n s t r u c t i o n - North American Power Portfolio Deal of the Project Finance

F i n a n c e C o m p a n y I I of the Year

C e d a r B r a k e s - North American Power Hybrid Deal of the Year Project Finance

C o m m o n w e a l t h B a n k o f - Deal of the Year Insto

A u s t r a l i a / C o l o n i a l L t d . - M&A Deal of the Year, Australia/New Zealand Asiamoney

D e u t s c h e T e l e k o m A G / - Mergers & Acquisitions Institutional Investor

V o i c e S t r e a m W i r e l e s s

C o r p o r a t i o n

F i r s t R a n d 2 0 0 0 — - Best Securitisation of Emerging Market Assets Structured Finance International

A R e c e i v a b l e s T r u s t (Joint Winner)

F r a n c e T e l e c o m - Borrower of the Year International Financing Review

- Capital Raiser of the Year Corporate Finance

- European Borrower International Financing Review

- European Loan International Financing Review

F r a n c e T e l e c o m / O r a n g e - Loan Deal of the Year, New Technology The Banker

- M&A Deal of the Year, Mobile Communications The Banker

- Mergers & Acquisitions Institutional Investor

G r o h e H o l d i n g G m b H - Best High Yield Borrower Euroweek

- European High Yield Bond International Financing Review

H e a r t l a n d I n d u s t r i a l P a r t n e r s / - Mergers & Acquisitions Institutional Investor

M a s c o t e c h

I n n o g y H o l d i n g s p l c / - Highly Commended — M&A (Demerger) Corporate Finance

N a t i o n a l P o w e r P L C

L y c o s , I n c . / T e r r a N e t w o r k s - Best Deal for a High-Tech Issuer Corporate Finance


M e t L i f e , I n c . - US Equity Issue of the Year Euromoney

M S F F u n d i n g L L C , - Best Securitisation of Emerging Market Assets Structured Finance International

S e r i e s 2 0 0 0 - 1 (Joint Winner)

N i S o u r c e I n c . / C o l u m b i a - US M&A Deal of the Year Euromoney

E n e r g y G r o u p

N R M A I n s u r a n c e G r o u p L i m i t e d - Equity Deal of the Year, Australia/New Zealand Asiamoney

O r a s c o m T e l e c o m - Best Equity Issue — Middle East, Africa Emerging Markets Investor

P a c i f i c C e n t u r y C y b e r W o r k s / - Asia M&A Deal of the Year EuromoneyC a b l e & W i r e l e s s H K T L t d . - Best M&A Deal FinanceAsia

2 0 0 0 deals o f t h e y e a r

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P a c i f i c C e n t u r y C y b e r W o r k s / - Best M&A Issue The Asset

C a b l e & W i r e l e s s H K T L t d . - Highly Commended — M&A (Takeover) Corporate Finance

( c o n t i n u e d ) - M&A Deal of the Year/Buyout of the Year Asiamoney


P e t r o l e o B r a s i l e i r o S . A . - Corporate Finance Institutional Investor

- Latin America Equity Issue of the Year Euromoney

- Latin American Equity Issue International Financing Review

- Public-Sector Equity Latin Finance

P h i l i p M o r r i s C o m p a n i e s I n c . / - Best Strategic Deal of the Year Mergers and Acquisitions

N a b i s c o H o l d i n g s C o r p o r a t i o n - Highly Commended — M&A (Agreed Merger) Corporate Finance

- Loan Deal of the Year, Consumer Products The Banker


R e p u b l i c o f P o l a n d - Best Sovereign Issue — Emerging Europe Emerging Markets Investor

- Sovereigns Institutional Investor

R o b e r t W a l t e r s G r o u p - Best Initial Public Offering Shares

S i n g a p o r e A i r l i n e s / - Best Aircraft M&A Issue The Asset

V i r g i n A t l a n t i c A i r w a y s

T e x a c o I n c . / C h e v r o n - Breakthrough Deal — Mergers & Acquisitions Investment Dealers’ Digest

C o r p o r a t i o n - Deal of the Year: Energy Investment Dealers’ Digest

T h o m s o n - C S F / R a c a l - M&A Deal of the Year, Electronics The Banker

E l e c t r o n i c s P l c

U n i t e d M e x i c a n S t a t e s - Latin American Sovereign Issue of the Year Euromoney

- Long-Dated Sovereign Bond Latin Finance

U n i t e d M i c r o e l e c t r o n i c s - Deal of the Year, Taiwan Asiamoney

C o r p o r a t i o n - Technology-Related Equity Issue of the Year Asiamoney

U . S . T r u s t C o r p o r a t i o n / - Mergers & Acquisitions Institutional Investor

C h a r l e s S c h w a b

V E R I T A S S o f t w a r e C o r p o r a t i o n / - Best US Leveraged Buyout Euromoney

S e a g a t e T e c h n o l o g y - Breakthrough Deal — Mergers & Acquisitions Investment Dealers’ Digest

- Deal of the Year: Technology Investment Dealers’ Digest

- LBO of the Year Mergers and Acquisitions


- US Corporate Restructuring of the Year Euromoney

A D D I T I O N A L H O U S E A W A R D S A W A R D P U B L I C A T I O N

C r e d i t S u i s s e F i r s t B o s t o n - Best Arranger for North American Mortgage International Securitisation ReportBacked Securities — Runner-up

- Best Bank in Switzerland Euromoney

- Best Domestic Bond House in Switzerland Euromoney

- Best Domestic Equity House in Switzerland Euromoney

- Best Economic Research Central European

- Best Equity House — Australia The Asset

- Best Foreign Bond House in Austria Euromoney

- Best Foreign Equity House in Brazil Euromoney

- Best Foreign Equity House in France Euromoney

- Best Foreign Equity House in New Zealand Euromoney

- Best Foreign Investment Bank in Indonesia FinanceAsia

- Best Foreign M&A House in New Zealand Euromoney

- Best Foreign M&A House in Singapore Euromoney

- Best Foreign M&A House in the Czech Republic Euromoney

- Best Foreign Securities House in Greece Euromoney

- Best Global CBO/CLO Arranger — Runner-up International Securitisation Report

- Best Lead Manager of Bonds for Eastern EuroweekEuropean Borrowers

- Best Lead Manager of Bonds for Latin EuroweekAmerican Borrowers

- Best Lead Manager of High Yield Bonds – 3rd Place Euroweek

- Best Lead Manager of Swiss Franc Bonds – 2nd Place Euroweek

- Best Lead Manager of US Dollar Straight Bonds Euroweek

- Best M&A/Restructuring House — Malaysia The Asset

- Best M&A/Restructuring House — Singapore The Asset

- Best Overseas Share Dealing Service (DLJdirect) Shares

- Best Principal Finance House — Runner-up International Securitisation Report

- Best Site for Exchange-Traded Euromoney.comDerivatives Trading (PrimeTrade)

a i n v e s t m e n t b a n kpowerful

8

‘98

‘99

‘00

25%

20%

15%

10%

5%

GLOBAL MERGERS & ACQUISITIONS

C S F B M A R K E T S H A R E —2000 INCLUDES FULL YEAR DLJ

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The new CSFB is a powerfulinvestment bank with theglobal platform, resourcesand intellectual capital torival any financial servicesfirm in the world. With morethan 28,000 employees and a presence inevery major financial market worldwide, weare a leader in every aspect of investmentbanking, mergers and acquisitions, privateequity, fixed income and equity underwriting,research, sales and trading, and privateclient services.

Our dramatically expanded global equity andfixed income sales and trading capabilitiesare now supported by an allocated equitybase of $10 billion — as well as by whatare now the industry’s dominant equity andfixed income research franchises.

The addition of Donaldson, Lufkin & Jenrettealso strengthened our Investment BankingDivision. CSFB was one of the first invest-ment banks to create specialized globalindustry groups, and DLJ also excelled inworking with clients in a wide variety ofindustries — from media and telecommuni-cations to energy. The new CSFB is betterequipped than ever before to advise com-panies along industry sectors.

The merger also enhanced our ability toprovide tailored and innovative financingsolutions and advisory services to our cor-porate clients. We now offer a broader rangeof capabilities in equity and equity-linkedunderwriting, investment-grade and highyield debt issuance, syndicated lending andprivate placements than ever before, whilealso providing complex structuring andfinancial advice. Our increased ability todeliver multi-product solutions enables us tohelp our corporate clients take advantage ofchallenging periods of change.

For example, in the midst of a record yearfor M&A activity, the DLJ merger made

CSFB the top-ranked global advisor interms of number of M&A deals announcedin 2000. For the year, we ranked thirdworldwide in dollar volume of M&A trans-actions, with a market share of 27.0%, upfrom fourth, with a market share of 15.4%,a year earlier. CSFB was named the bestfirm in M&A advice in InstitutionalInvestor’s most recent CFO Survey.

CSFB Private Equity, which is part of ourInvestment Banking Division, is one of thelargest merchant banking operations in theworld — and draws on the market knowl-edge of our entire Firm. During 2000, our150 investment professionals investedassets totaling over $2 billion. At year-end,our global private equity group managedapproximately $22 billion in committed capital. Our $1.6 billion DLJ InvestmentPartners fund is the world’s largest mezza-nine fund.

Our Equity Division is another majorstrength for the Firm. In 2000, the EquityDivision generated more revenue for CSFBthan any other division. For the year,CSFB ranked first among investmentbanks in terms of number of IPOs com-pleted, as well as first in common stockofferings. Our equity market share gainshave exceeded our next closest competi-tor’s, as we have continued to build ourbusiness by providing the highest possiblelevel of service in key issuance sectorssuch as technology, telecommunica-tions/media, health care, energy, businessservices and the financial sponsor segment.According to Reuters, we rank second withrespect to the quality of execution deliveredto clients across all product categories.

CSFB’s superior execution track record is a direct result of building one of the mostpowerful and widely recognized equityresearch and trading and distribution plat-forms in the industry.

In equity sales and trading, CSFB hasextremely strong market penetration andthe largest institutional sales force of anyfirm. For the year 2000, our share in theU.S. listed secondary market has improvedby almost twenty percent; and in the U.S.OTC secondary market, we have increasedour market share for 2000 by thirty percent.

CSFB is also a leader in structured equityproducts. In 2000, CSFB was a leader involume of private equity-linked transactions.We were also one of the most activeproviders of equity and volatility swaps and“vanilla” and “exotic” equity options.

Excellence in research has always been ahallmark of CSFB and DLJ. Our equityresearch franchise is one of the strongestin the world, with more than 350 analystsfollowing 3,000 companies in the Americas,Europe and the Pacific Rim. The strengthand momentum of the CSFB EquityResearch department are reflected in ourInstitutional Investor rankings. Post-merger,our U.S. and European research teamshave more I.I.-ranked analysts than anyother investment bank. CSFB research also is distinguished by our value-basedapproach to security analysis. CSFBEdge, aproprietary, analytical framework for valuingequities on a global basis, reflects ourstrong commitment to delivering innovative,value-based research products to our clients.

Our Fixed Income Division is generallyrecognized as one of the premier fixedincome groups in the world, delivering animpressive breadth of capabilities acrossgeographic regions and products. CSFB isranked number one globally in terms ofunderwriting volume in high yield debt andis the leading investment bank in arrangingleveraged loans. Furthermore, we arewidely considered the top Firm in highyield research and one of the top four in

high-grade credit research. In 2000, withthe aid of the DLJ merger, we doubled thenumber of ranked analysts in our fixedincome research group.

In addition, we are a major participant ininvestment-grade capital raising, securitizedproducts, government bonds, foreignexchange and precious metals trading. Wehave broad strength in the fixed income OTCderivatives arena, ranging from the vanilla tothe highly exotic. We are also at the forefrontof the fund-linked derivatives market, whichprovides critical principal protection to abroad range of managed funds. Since con-cluding our first transaction in early 1996,CSFB has executed approximately $5 billionof fund-linked derivatives for clients withthis special need.

Through our Financial Services Group,which was created by the DLJ merger,CSFB now has new strength in individualand high-net-worth retail investment services,which complements our institutional offerings.Our Private Client Services Group’s 600 pro-fessionals, located chiefly in the U.S., offera full range of investment services to morethan 80,000 clients with accounts totalingroughly $60 billion in assets.

The backbone of the Financial ServicesGroup is Pershing, our correspondent finan-cial services business, with revenue in 2000of $1.2 billion. Through CSFBdirect, ouron-line brokerage operation, our productsare distributed to over one million accounts.

The Support Division facilitates the execution of our sales and trading divisionswhile assuring that all our businesses areoperating in a controlled manner. Risk man-agement activities, including credit, marketand strategic, are housed within theSupport Division.

a p o w e r f u l i n v e s t m e n t b a n k( c o n t i n u e d )

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I N T E R N A T I O N A L P A P E R :

I N T E G R A T E D M & A A N D F I N A N C I N G A D V I S O R Y A N D E X E C U T I O N

CSFB advised International Paper on its successful $9.6 billion unsolicited offerfor Champion International, which had planned on merging with a Europeancompany. The transaction, which further strengthens International Paper’s positionas the world’s leading paper and forest products company, is one of the largestever in the paper industry.

We acted as sole M&A advisor to International Paper and put together a compre-hensive financing package to help the company achieve its objective. In addition,we solely underwrote a $6 billion bank financing commitment to support the offer.This commitment was innovative because it provided the acquirer with a guar-antee of funds for its bid – without limiting its flexibility to tap multiple capitalmarkets in order to minimize the ultimate cost of funding the acquisition. Tocomplete the financing, CSFB acted as lead arranger and administrative agenton a $3 billion credit facility for International Paper and as lead manager on anissue of $3 billion in senior notes.

H U M A N G E N O M E S C I E N C E S :

S E C O N D - L A R G E S T P R I M A R Y B I O T E C H I S S U E T O D A T E

As lead manager on a $950 million follow-on equity offering for Human GenomeSciences (HGS), we played an integral role in helping to complete the second-largest primary share biotechnology issue ever. The transaction was highly suc-cessful in great part because of the effectiveness of our global marketing effort,which helped to increase already high levels of investor interest in HGS, a leadinggenomics and biopharmaceutical company. Ultimately, CSFB was able to under-write 12.7 million shares for the client — 50% more than originally anticipated.In addition, the stock enjoyed a successful first day of trading after the offering,rising 17.5% by the market close.

The secondary equity issue was the fifth that CSFB had led since June 1999 forHuman Genome Sciences. The first four were sole managed convertible offeringsthat raised a total of $850 million and together represented the largest-evervolume for a series of convertible biotechnology financings. By raising substantialamounts of capital for HGS, we are helping the company to remain at the fore-front of its industry as it mines the human genome to yield novel and powerfultherapeutics for the treatment of significant diseases.

( L I N E O F B U S I N E S S )

I n v e s t m e n t B a n k i n g

F i x e d I n c o m e

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T E X A C O :

C R E A T I O N O F F O U R T H - L A R G E S T P U B L I C L Y T R A D E D

O I L C O M P A N Y

We advised Texaco Inc. on its merger with Chevron Corporation for $43.3 billion instock and assumed debt. The transaction will create the world’s fourth-largestpublicly traded oil company in terms of reserves and production — and a U.S.-based, global enterprise that is highly competitive across all energy sectors.

Significantly, the merger should result in annual savings of at least $1.2 billionfor the new entity, ChevronTexaco, beginning six to nine months from the com-pletion date. The transaction is expected to be accretive to the new company’searnings and cash flow once the savings start to be realized. Moreover, it fostersimproved capital efficiency — and, hence, improved returns on capital over time— by funding the best growth opportunities available to the merged companies.Investment Dealers’ Digest named the merger “Breakthrough M&A Deal” for 2000.

R E P U B L I C O F P O L A N D :

F I R S T I N T E R N A T I O N A L D E B T I S S U E S I N C E 1 9 9 7 A N D

M A I D E N E U R O B O N D I S S U E

At €600 million, the debut 10-year bond issue joint lead-managed by CSFB for the Republic of Poland made major headlines in the March 2000 financial press.Not only was it Poland’s first international financing since 1997 — and its first-everEuro-denominated Eurobond issue — but advance marketing in five Europeancapitals created such demand that the issue was oversubscribed more than 2.5times. With indications of interest totaling almost €2 billion, the transaction wascomfortably increased by 50% from its original €400 million level, establishing anew liquid benchmark in what was the longest-term Eastern European transactionat the time. The pricing in relation with comparable issues for the region was highlycompetitive. Many of the investors in the Baa1/BBB+-rated issue were institutionshad never before purchased Eastern European paper.

With its successful return to the international debt markets, Poland accomplishedits objective of broadening its investor base to include a high-quality, pan-European audience, as well as buyers in the Middle East and Asia. Euromoneynamed the deal the “Best Central and Eastern European Sovereign” transactionof the year.




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M E T L I F E : L A R G E S T - E V E R G L O B A L D E M U T U A L I Z A T I O N I P O

CSFB acted as joint lead-manager for a simultaneous common stock IPO,mandatory convertible offering and common stock private placement for thedemutualization of Metropolitan Life Insurance Company. The $5.2 billion trans-action was the largest global demutualization IPO ever completed — and thesecond-largest U.S. IPO when all three pieces of the deal were included. It wasselected as the best U.S. IPO of 2000 by Euromoney. In addition, it madeMetLife stock the most widely held equity security in the United States, with aninitial bearer market of nine million shareholders.

The primary purpose of the demutualization was to allow MetLife, the largest lifeinsurance company in the U.S., more efficient access to capital markets andincreased flexibility in making acquisitions in a rapidly consolidating industry.The transaction’s innovative “Policyholder Trust” structure lessened market con-cern over the deal’s large share overhang and substantially reduced MetLife’scosts of shareholder maintenance.




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C M S E N E R G Y :

T H E N E W C S F B ’ S F I R S T H I G H Y I E L D B O N D F I N A N C I N G

Shortly after the merger between CSFB and DLJ was announced, the two Firmscombined their platforms to help CMS Energy raise capital in the debt markets.DLJ’s award-winning high yield team, now part of CSFB’s Fixed Income Division,lead-managed a $500 million high yield offering for the company. Simultaneously,in order to maintain its debt ratings, CMS raised $300 million in equity in anovernight transaction, lead-managed by CSFB. Both offerings were successfullydistributed.

14

“CEOs with the vision tomake a huge impact on theirbusiness tend to be capitalusers. As investment bankers,our job is to find these peopleand help them effect changethrough capital.”

BENNETT GOODMANGlobal Head of Leveraged Finance




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N E W P O W E R :

F I R S T I P O F O R T H E N E W C S F B

The first equity new issue jointly lead-managed by CSFB and DLJ after theannouncement of the merger, the $504 million IPO of The New Power Company,Inc., clearly benefited from the combination of the two Firms. DLJ’s team struc-tured the transaction for the company, which is a start-up business created byEnron, and CSFB’s sales force distributed the issued shares, completing thetransaction under very difficult market conditions. New Power’s stock closed up29% on its first day of trading after being 15 times oversubscribed. Beyondbringing New Power public, we advised the start-up on the optimal capitalstructure. And, through our Private Equity Group, we became an equity partici-pant in the company, along with AOL and IBM.

15

L E A D E R S H I P I N P R I VAT E E Q U I T Y:

CSFB Private Equity, a part of CSFB’s Investment Banking Division, is oneof the largest private equity firms in the world, with approximately $22 billion ofcapital commitment under management and offices in New York, Los Angeles,London, São Paulo, Buenos Aires, Tokyo and Hong Kong. The new groupincludes the impressive 15-year, pre-merger track record of DLJ MerchantBanking — and the 31-year expertise of DLJ’s venture capital affiliate, SproutGroup. Some of our largest funds under management are:

- DLJ Merchant Bank ing Par tners

- DLJ Merchant Bank ing Par tners I I

- DLJ Merchant Bank ing Par tners I I I

- Cred i t Su isse F i rs t Boston Equ i t y Par tners

- Cred i t Su isse F i rs t Boston In te rna t iona l Equ i t y Par tners

- DLJ Inves tment Par tners

- DLJ Inves tment Par tners I I

- DLJ Rea l Es ta te Cap i ta l Par tners

- DLJ Rea l Es ta te Cap i ta l Par tners I I

- Sprout Cap i ta l V I I

- Sprout Cap i ta l V I I I

- Sprout Cap i ta l IX

- DLJ Pr i va te Equ i t y Par tners

- DLJ Pr i va te Equ i t y Par tners I I

- Cred i t Su isse F i rs t Boston Garant ia

- Cred i t Su isse F i rs t Boston Fund Inves tments V I

- Abso lu te Pr i va te Equ i t y




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global

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a m a j o r f o r c e

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CSFB’s status as a trulyglobal investment bank isreflected in the geographicdistribution of our revenue: 51% emanated from NorthAmerica, 36% from Europeand 13% from the rest ofthe world.

With two home markets in Europe —London and Switzerland — and an historicstronghold in Eastern Europe, we have abroader European footprint than any com-petitor. In 2000, our M&A Group advisedclients around the world on more transactionsthan any other investment bank. In equityunderwriting for Continental Europe andthe U.K., CSFB is the investment bank withthe most experience and the most consis-tent performance record for clients acrossgeographic areas.

In 1999-2000, we lead-managed offeringsoriginating in 18 different countries —including Germany, France, Sweden, Russia,Hong Kong, Israel, and Greece. We were theleader in the Swiss IPO market, with morethan a 40% market share and a superioraftermarket performance record. We werealso the leading foreign underwriter inGerman large- and small-cap equity issuanceand the leading foreign underwriter in FrenchIPOs and Nouveau Marché issues. In theU.K., we ranked first in IPOs in 2000 andwere the only firm to claim a market sharein excess of 20%. Finally, we maintainedour long-standing 20% market share ofCentral and Eastern European equity offer-ings, leading more such offerings than anyother firm.

Our European research team placed firstoverall in Institutional Investor’s most recentAll Europe research poll. In addition, ourEuropean technology research team hasextremely broad expertise, and many of ouranalysts are highly ranked winners of cov-eted, top pan-European awards.

CSFB is also a leading firm in equity under-writing for clients in the Asia-Pacific region.We were number one in market share inlarge equity offerings in both Australia andNew Zealand. We also have one of the topInstitutional Investor-ranked research teamsin Asia (excluding Japan), and our Asiantechnology team won the prestigious “FirstTeam” Award in I.I.’s All-Asia ResearchTeam rankings for 2000.

CSFB is a leader in equity issuance in LatinAmerica as well. We have been active onbehalf of clients in this region since the1930s and have ranked number two interms of market share in the region since1993. Our research covers more than 200Latin American companies, more than anyother Wall Street firm.

Overall, approximately 10% of the invest-ments made by our Private Equity groupare international. Outside the Americas,CSFB’s private equity business investsprincipally in Europe.

CSFB is also — and has perennially been— a force outside the U.S. in the fixedincome area. From developing the firstEurobond to offering the first high yieldissue in Spain and the first sterling highyield Eurobond, CSFB’s list of firsts

C S F B G L O B A L F O O T P R I N T G E O G R A P H I C B R E A K D O W N —B Y R E V E N U E , 2 0 0 0

36% Europe

51% North America

13% Latin America/Asia

has historically defined key portions of theinternational debt market.

We are among the top five firms in theEuropean debt markets, and we continue tobe a leader in the fixed income emergingmarkets. In both Brazil and Eastern Europe,we hold a clear leadership position. Ouremerging markets research team, spreadacross various strategic locations world-wide, is extremely strong. Also, our East

European economists and global strategygroups recently achieved recognition in key industry surveys.

In the high yield area, CSFB’s secondaryand primary activities lead the Europeanbond market — and the Firm’s high yieldunit now includes the DLJ group that wonInternational Financing Review’s “EuropeanHigh Yield Bond House of the Year” awardfor 2000.

a m a j o r g l o b a l f o r c e( c o n t i n u e d )

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AL JACKSONGlobal Head of Equity Research

“Excellence in research hasalways been a hallmark ofCSFB. Our equity researchfranchise is one of thestrongest in the world. Post-merger, our U.S. and Europeanresearch teams have moreI.I.-ranked analysts than anyother research house onWall Street.”

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P A C I F I C C E N T U R Y C Y B E R W O R K S :

L A R G E S T A S I A N M & A T R A N S A C T I O N T O D A T E

CSFB advised 15-month-old Pacific Century CyberWorks (PCCW) on its success-ful $35.9 billion cash and shares acquisition of Cable & Wireless HKT, a 126-year-old former telephone monopoly that was Hong Kong’s major, full-servicecommunications provider. The takeover was the largest M&A transaction evercompleted in Asia and was named an Institutional Investor “International Deal ofthe Year” as well as “Deal of the Year” by seven other publications.

Despite competition for the company from a consortium led by SingaporeTelecommunications and Rupert Murdoch’s News Corporation, CSFB persuadedCable & Wireless to accept PCCW’s offer and then raised capital for PCCW froma diverse group of international equity investors. The result is a dynamic newcompany that integrates media, telecommunications and Internet technologies.




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D E U T S C H E T E L E K O M :

C O M P L E X $ 5 6 B I L L I O N C R O S S - B O R D E R A C Q U I S I T I O N

CSFB is currently advising Deutsche Telekom on its $56 billion acquisition ofU.S.-based carrier VoiceStream Wireless, a global assignment originally man-dated to DLJ in 2000. The enormous cross-border acquisition involves complexlegal, tax, shareholder and financial issues.

The DLJ team, now part of CSFB’s Investment Banking Division, played a crucialrole in structuring and negotiating a transaction that facilitated the German telecomleader’s entry into the U.S. market. First, the team secured voting and lockupagreements from VoiceStream’s major shareholders to limit the likelihood of acompeting offer; then, it implemented a $5 billion convertible preferred stockinvestment on Deutsche Telekom’s behalf to assist the target company in itsplanned bidding for licenses and the build-out of its existing networks. Afterannouncing the acquisition, Deutsche Telekom hired DLJ to advise it on itspending $6.7 billion acquisition of Powertel Inc.




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L Y C O S : C R E AT I O N O F F I R S T T R U LY G L O B A L I N T E R N E T C O M P A N Y

CSFB advised Lycos on its $12.5 billion stock-for-stock sale to Terra Networks S.A.,a cross-border transaction that created one of the largest global on-line medianetworks with operations in 37 countries. We structured and negotiated a three-level transaction: a share-for-share exchange between Terra and Lycos reflectingclose to a 100% premium to the Lycos shareholders; a $2 billion rights offering byTerra with a funding guarantee from Telefonica (former Terra parent); and a $1 billion, five-year commerce agreement between Terra Lycos and Bertelsmannthat eliminated a great deal of investment risk for the Lycos shareholders.

The acquisition positioned Terra Lycos as the first truly global Internet companyfocusing on both access and content. It also created a company with a uniqueconvergence of services, content and distribution, making it the Internet’sfourth-most-visited destination.

One of the most innovative features of the novel transaction structure was asymmetrical share-price collar, which guaranteed Lycos shareholders $97.55 pershare in Terra stock even if Terra’s stock price declined as much as 20% prior tothe closing date. Such a price protection provision is unusual for a technologydeal, and nearly unprecedented for a transaction of this size in any industry.

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P E T R O B R A S ( P E T R O L E O B R A S I L E I R O S . A . ) :

L A R G E S T L A T I N A M E R I C A N E Q U I T Y O F F E R I N G E V E R

In the largest Latin American equity offering ever, the Brazilian governmentraised a total of $4 billion from the sale of 16.64% of the country’s national oilcompany, Petrobras, including 71 million common shares that were sold in Brazil.CSFB Garantia acted as sole lead-manager and book-runner for the Braziliantranche, which was itself the largest-ever local tranche of an emerging marketsequity offering. The transaction was innovative because it marked the first timethe Brazilian government had allowed individuals to invest funds from their retire-ment plans in equity securities, and it paved the way for the future use of retaildistribution in Brazilian privatizations.




E q u i t y

C O M M O N W E A L T H B A N K O F A U S T R A L I A :

A C Q U I S I T I O N O F C O L O N I A L

A U S T R A L I A ’ S L A R G E S T - E V E R M & A T R A N S A C T I O N

As sole advisor to the Commonwealth Bank of Australia (CBA), CSFB was a keyparticipant in Australia’s largest-ever M&A transaction — the bank’s A$10.2 billionacquisition of Colonial Group Holdings Ltd. The massive stock-swap transactionrepresented a move by Australia’s largest bank to obtain the operations andassets of the country’s second-largest insurer. More significantly, it broughttogether two of Australia’s most successful, innovative financial services com-panies to create an international financial services force with leading marketpositions in banking, asset management and life insurance. Also, the acquisitionwill help CBA to accelerate growth and to diversify its revenue base both geo-graphically and by product. The merger was selected as “M&A Deal of the Year”by Asiamoney.

In 2000, CSFB ranked as the leading financial advisor in Australia for announcedM&A transactions involving an Australian target company. Overall, we advised ona total of 21 Australian deals with a cumulative value of A$27.7 billion.




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22

innovativea n a l l y

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Technology is, and will continue to be, a criticalcomponent of change in the business world. CSFBis heavily involved withtechnological innovation ontwo levels. First, we enable innova-tion throughout the world by bringing tech-nology clients to market, helping them tofinance growth, and advising them on strategictransactions that help them positionthemselves in a highly competitive businessenvironment. Second, we work continuallyto take advantage of new ways of employ-ing technology within our own industry andwithin our Firm, so that we can serveclients better by being more productive.

In 1998-1999, we achieved our goal ofbuilding the world’s leading franchise intechnology investment banking; in 2000,our Firm sustained its number one marketshare position in this arena, establishing abrand advantage that is being increasinglyrecognized. CSFB also placed first overallin the Reuters Survey of Fund Managersfor 2000, winning six individual votingcategories, including quality of new equityissues, quality of research product andservice in the aftermarket, and aftermarketperformance of equity issues.

Overall, the Technology Group’s performancefor the past year was even more exciting thanin 1999. We pulled ahead of the pack as theclear leader in technology banking, leading320 financing and M&A assignments valuedat more than $341 billion. We also rankednumber one in number of worldwide M&Atransactions and number of domestic IPOs,primary issues and convertible offerings. Moreover, our market share in technology

increased dramatically after May 2000, themonth following the market correction. Our industry expertise, our depth of equityresearch, our corporate advisory services, andour focused, industry-specific sales and over-the-counter market-making skills enabled usto serve our technology clients and investorsin the uneven market environment.

Beyond the Technology Group, CSFB’sdeployment of technology extends to ouron-line brokerage unit and its technologyaffiliate, iNautix, our financial services busi-ness, our institutional e-commerce effort,and our internal risk management and tech-nical support services.

CSFB has been at the forefront of institu-tional electronic trading since 1998, whenwe launched our PrimeTrade family ofproducts for institutional fixed income cus-tomers. Moreover, the recent merger withDLJ added a new dimension to our web-based trading capabilities, bringing us thewell-established on-line brokerage businessnow called “CSFBdirect.” ThroughCSFBdirect’s predecessor, DLJdirect, wepioneered on-line investing in 1988 and,are servicing more than one million on-linecustomer accounts with nearly $23 billion in assets. The addition of CSFBdirect givesus on-line brokerage platforms in the U.S.,London, Tokyo, Hong Kong and Dubai.More specifically, the acquisition enhancesour already powerful distribution networkand allows us to reach large numbers ofnew individual investors via the Internet,while facilitating trading for our existingretail clients. CSFBdirect and iNautix gen-erated $358 million of revenues in 2000and are growing, entrepreneurial activities.

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250

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COMBINED FINANCING AND M&A

$ B I L L I O N S

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200

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COMBINED FINANCING AND M&A

N U M B E R O F T R A N S A C T I O N S

C S F B D L J

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P H O N E . C O M : M E R G E R W I T H S O F T W A R E . C O M :I N D U S T R Y - T R A N S F O R M I N G T E C H N O L O G Y M E R G E R

We advised Phone.com on its industry-transforming $7.0 billion merger withSoftware.com to form Openwave Systems Inc. The stock-for-stock pooling ofinterests combines the leading software and infrastructure providers to wirelessand wireline service companies, respectively — and thereby creates the world’sleading enabler of e-mail, voicemail, unified messaging, and directory and wire-less Internet access for IP-based networks. The new company has roughly 150service provider customers worldwide that in turn serve more than 500 millioncustomers of their own and have more than 100 million licensed subscribers.These service providers include AT&T, Sprint PCS, Nextel, Verizon Wireless,British Telecom, KDD and DDI, Telecom Italia and Deutsche Telekom.

CSFB has had long-standing relationships with both Phone.com and Software.comthat include multiple financings and acquisition assignments for both parties.We lead-managed the IPOs for both companies in June 1999.




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H E W L E T T - P A C K A R D :

D E B U T G L O B A L B O N D O F F E R I N G

CSFB jointly lead-managed Hewlett-Packard Company’s $1.5 billion debut globalbond offering. HP’s first major foray into the debt markets after a long absence,the transaction enabled the company to re-establish itself as an actively tradedinvestment-grade credit and successfully positioned it for any future debtissuance it may wish to pursue.

The HP offering reflected both impeccable timing and seamless execution.Seizing on a relatively sudden reversal of sentiment in what had been a down-beat fixed income market, CSFB launched the issue quickly, achieving a one-day execution through the use of a well-orchestrated marketing plan. The offeringattracted more than $3 billion in demand, enabling the transaction size to beincreased 50% while attracting over 200 domestic and international investors.

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A S M L L I T H O G R A P H Y H O L D I N G N . V . :

T H E W O R L D ’ S L A R G E S T R E G I S T E R E D S E C O N D A R Y

T E C H N O L O G Y O F F E R I N G

The €2.76 billion secondary offering of ASM Lithography shares by Philips isthe world’s largest ever registered secondary offering for a technology company.Acting as sole global coordinator and joint-bookrunning lead-manager, CSFBexecuted this offering against a difficult market backdrop characterized by highvolatility and a number of pulled and postponed transactions. From the expiry ofPhilips’ lock-up in March to the launch of the transaction in June, CSFB main-tained a high degree of readiness and a continuous dialog with Philips and ASMLto ensure the selection of the optimal market window. An intensive, but rapid,marketing effort supported by an in-depth analysis of the investor base resultedin a successful placement with the book being covered 2.4 times and a strongaftermarket performance. The offering was the fourth CSFB-lead financing forPhilips and ASML since that company’s original IPO in 1995.




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V E R I T A S :

O N E O F T H E L A R G E S T T E C H N O L O G Y D E A L S E V E R C O M P L E T E D A N D

I N S T I T U T I O N A L I N V E S T O R ’ S “ T E C H N O L O G Y D E A L O F T H E Y E A R ”

CSFB advised VERITAS on the acquisition of a 32% interest in VERITAS and otherassets held by Seagate Technology — one of the largest technology deals evercompleted. VERITAS is a leading provider of enterprise-class application storagemanagement software and one of the largest software companies in the world.Seagate was the world’s largest manufacturer of disk drives and a leading devel-oper of Business Intelligence software, and a major holder of VERITAS shares(obtained through the sale of a portion of its software business to VERITAS in 1999).

The primary issue facing Seagate was that the value of its equity stake in VERITASalone exceeded its own market capitalization, and there was no straightforwardmethod to deliver this value to its shareholders without incurring a significant taxbill. The solution was a unique, two-step transaction structured by CSFB, in whichan investor group first acquired the operating businesses of Seagate and thenVERITAS acquired the remainder of Seagate (consisting solely of VERITAS stockand certain monetary assets). As a result of the transaction, VERITAS retired approxi-mately 18.7 million VERITAS shares, a guaranteed value recapture of approximately$3 billion based on share prices at announcement, and VERITAS freed itself ofany control by Seagate. Seagate, on the other hand, was able to unlock valuefor its shareholders, who received both the value of VERITAS common stock ina tax-efficient manner and value for Seagate’s core operating businesses.




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A L C A T E L :

L A R G E S T E U R O P E A N P U R C H A S E O F A N O R T H A M E R I C A N

T E C H C O M P A N Y

CSFB acted as sole financial advisor to Alcatel on its $7.1 billion acquisition ofNewbridge Networks — the biggest purchase at the time of a North Americantechnology company by a European suitor. This landmark transaction served as acornerstone in Alcatel’s strategy to become a global leader in the next-generationnetworking market by positioning Alcatel as a prime end-to-end telecom solutionssupplier and enhancing the company’s product offering to converged networks.As one of the foremost technology leaders in Canada, Newbridge is the leadingmanufacturer of telecommunications equipment for the carrier Wide Area Network.The transaction was extremely well received by the market, and helped Alcatelshares outperform the market over the months following the deal.

27

Pershing is our well-established custody,settlement and general financial servicesbusiness. It is a leading provider of technol-ogy solutions and value-added productsand services to its customers. Pershing isan important contributor to the overall prof-itability of the new CSFB. It covers a net-work of 1,000 financial intermediaries servicing 100,000 investment professionalsand four million active customers, withaccounts holding nearly $400 billion of totalassets. Pershing’s brand equity, developedover a period of 60 years, makes it an inte-gral part of CSFB’s participation in theworldwide asset-gathering business. For2000, Pershing’s revenue was $1.2billion. More than twelve percent of thatrevenue came from International business,including Pershing Limited, in London,which is the dominant securities clearingenterprise in the U.K.

CSFBNext, our Firm-wide institutional e-commerce effort, helps our clients antici-pate and take full advantage of change inthe e-financial markets. CSFB has a recordof leadership in e-commerce, from beingthe first to offer electronic trading in fixedincome products in the 1990s to morerecently offering multi-product, web-basedtrading and clearing to clients. CSFBNext isnow enabling our salespeople and coverageofficers to bring customized electronicallydelivered services to clients. We are alsohelping shape the very development of themarkets themselves through new products,

partnerships and networks. By blending abusiness and technology focus in partner-ship with CSFB’s other departments,CSFBNext applies the global resources andcreativity of our people to lead change inthis emerging field.

Finally, our risk control infrastructure andtechnical support services create value forthe entire Firm by employing and enhancingtechnology within CSFB. Our Firm hasemployees dedicated to internal control,service, risk management and efficiency.

In 2000, we installed a state-of-the-art globalcredit risk management system called“Insight,” which leverages the latest creditrisk measurement methodologies andapplies them to a base of more than 70,000counterparties. Insight allows us to monitorpotential exposure on our balance sheetthroughout CSFB’s worldwide operations.This system is helping us to analyze ourvarious businesses more accurately and toallocate the credit resource more efficientlyFirm-wide. In addition, we have been workingcontinually to enhance our process engi-neering and technological infrastructure.CSFB currently spends $1.4 billion on tech-nology and technical-related support forour professionals. As a direct result, wehave been experiencing a steady improve-ment in our operating efficiency, with regardto number and types of transactionsprocessed on a daily basis.

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P E R S H I N G — T O TA L A C T I V E C U S T O M E R A C C O U N T S( IN M ILL IO N S )

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PHILIP VASANGlobal Head of CSFBNext

L E A D E R S H I P I N F I N A N C I A L E - C O M M E R C E

CSFBNext is putting the full power of a global investment bank in clients’ hands,from smarter delivery of research and analysis, to on-line collaboration withclients, to anytime-anywhere access to the markets. We strengthened our positionin these areas in 2000, driving the creation of FXall, the first multi-dealer pricingand research platform for clients in foreign exchange, the world’s largest market.CSFB took a lead role in the creation of Virt-x, the electronic pan-Europeanexchange for blue chip stocks. We also joined other industry-leading initiativessuch as MarketAxess, Swapswire, TheMarkets.com and Capital IQ. TradeWeb,which CSFB helped launch, has achieved a number one on-line market share inelectronic trading of U.S. government securities. Our own single-dealer systemfor clients, PrimeTrade, was named winner of “Best Site for Exchange-TradedDerivatives Trading” in Euromoney’s Internet Awards 2000. The Firm is nowexpanding and integrating our on-line trading, issuance, tools and researchcapabilities into a one-stop financial network for clients.

“We are a Firm of entrepreneurs– everyone has to have a stake.To really get things done, thewhole Firm is participating inthis technology drive.”

29

Credit Suisse First BostonFirm Management

B O A R D O F D I R E C T O R S

LUKAS MÜHLEMANN (2)

Chairman Chief Executive Officer of Credit Suisse Group

PETER BRABECK-LETMATHE (2)

Vice Chairman Chief Executive Officer of Nestlé S.A.

THOMAS W. BECHTLER (1)

Chairman of the Board of Zellweger Luwa

MARC-HENRI CHAUDET (1)

Lawyer

GERALD CLARK (1)

Vice-Chairman of the Board and Chief Investment Officer of Metropolitan Life Insurance Company, New York

WALTER B. KIELHOLZ (1)

Chief Executive Officer of Swiss Re

DANIEL L. VASELLA (2)

Chairman and Chief Executive Officer ofNovartis International AG, Basle

E X E C U T I V E B O A R D

JOE L. ROBYChairman

ALLEN D. WHEATChairman of the Executive Board,President and Chief Executive Officer

PAUL CALELLOHead of Equity Derivatives and Convertibles

CHRISTOPHER CARTERHead of European Investment Banking and Global Chairman of Equity Capital Markets

ANTHONY F. DADDINOChief Administrative Officer

BRADY W. DOUGANHead of Equity

BENNETT J. GOODMANHead of Leveraged Finance

GATES H. HAWNHead of Financial Services

JAMES P. HEALYHead of Emerging Markets

STEPHEN A. M. HESTERHead of Fixed Income

HAMILTON E. JAMESCo-Head of Investment Banking

DAVID S. MOOREDeputy Head of Equity

DAVID C. MULFORDChairman – International

JOHN F. NELSONChairman – Europe

TREVOR PRICEHead of Developed Markets – Rates

STEPHEN E. STONEFIELDChairman – Pacific

RICHARD E. THORNBURGHVice Chairman of the Executive Board,Chief Financial Officer and Head ofSupport

CHARLES G. WARD IIICo-Head of Investment Banking

JOSEPH T. MCLAUGHLINExecutive Vice President Legal andRegulatory AffairsEx-Officio

DAVID P. WALKERHead of Strategic PlanningSecretary

(1 ) Member o f Aud i t Commi t tee(2) Member o f Compensat ion Commi t tee

30

M A N A G I N G

D I R E C T O R S

Osama S. Abbasi Osmar Abib, Jr.David M. AbramsNiso AbuafBartolomeo AcquavivaMarc J. AdamHarry AdamopolousJohn K. Adams, Jr.Joseph P. Adams, Jr.William D. AddasMark A. AdleyJon M. AfrickTom AhearneNasser A. AhmadBenedict AitkenheadJames L. AlexandreIsauro AlfaroKristin M. AllenEmmanuel AllierGuilherme AmaralJames L. AmineJames W. AnceyDavid L. AndersonDuff P. AndersonEric A. AndersonMark C. AndersonClifford S. AndrewsNicholas AndrewsNicole S. ArnaboldiRome G. ArnoldMichael W. ArpeyBernardo AttolicoRoger BachPeter A. BaconLiza BaileyTed H. BakerMichael G. BakerRobert F. BakerAlessandro A. BaldinDavid A. BallardSusan BallochGary J. BalterMarcelo BarbaraThomas K. BarberSteven K. BargKeven A. BarnumRichard J. BarrettJanos BarthaKasper BartholdyDavid C. Basile

William R. Battey, Jr.Carl BautistaTed W. BaxterGuillaume BébéarAnthony BelinkoffAndrew S. BenjaminJeremy J. BennettThomas M. BenningerDonald R. BensonWalter BerchtoldBarry BergmanPedro BeroyRobert M. BerryJeffrey A. BershK.R. BharatBenjamin A. BiscontiLeo P. BlackfordPeter B. BlantonBenjamin R. BloomstoneJeffrey F. BlumRhodes R. BobbittTimothy D. BockHarold W. BoglePatrick J. BolandJulia BondPatrick J. BoroianWillem G. BoschGeorge C. BoudourisGeorge F. BoutrosAnthony C. BoweAndrew J.L. BraceySean Thomas BradyWilliam J. B. Brady, IIITor R. BrahamJonathan D. BramOren BramsonPerry H. BraunRobert P. Brennan, Jr.Paul St. J. BrineDavid M. BrodskyRobert I. BrodyJames M. BronerAdam H. BrownDouglas V. BrownEdward M. BrownH. Andrew Brownfield IIIRichard F. BruecknerJohn BrydsonLouis P. Buck IIIPaul D. BuckleyJeffrey H. BunzelVan V. Burger, Jr.Colleen A. Burke

John G. BurkeJoseph P. BzezinskiPaul W. CaanMarc A. CabiMartin P. CaffreyCarlo M. CalabriaPeter E. CalamariJohn P. CallahanCraig R. CallenAndrea CampMichael J. CampbellLloyd E. CampbellStephen H. CanNajib CanaanDominic A. CapolongoGregory W. CappelliRichard B. CareyRichard G. CarlDavid K. CarlsonWayne F. CarrChristopher R. CarterPamela CarterAngela M. CasciatoCarlos E. Soares

CastanhoAndrew J. CattleJohn A. CavalierRobert F. CavanaughChristopher M. ChambersPhillippe O. ChambonCharlie Wai Kheong ChanLap W. ChanWilliam W. ChandlerPierre A. ChaoRichard J. CharJ.C. CheyssonAnthony R. ChidoniPedro ChomnalezMeirav ChoravAndrew H. ChristieJohn C. ChrystalJames F. ClarkMichael W. ClarkDavid H. ClaytonThomas P. ClerkinRobert H. Clymer IIIPeter C. CohanBenjamin H. CohenRobert A. CohenJohn C. ColaoLee R. ColeGeorge W. ColemanPatrick D. Coleman

James CollierJoseph A. ConeenyMichael J. ConnellyDavid M. ConnorsThomas A. ConnorsBrian M. CookKevin D. CookAdrian R.T. CooperEldad CoppensOmar Martin CordesRaymond J. CosmanBertrand X. CothierJulie A. CraddockW. John CravenJustin CrookendenMichael V. CrooksAndrew C. CrossJames T. CrowleyErnesto CruzTamas CsonkaChristopher G.

CunninghamRobert A. Curley, Jr.Robert E. CurryEdmond J. CurtinDavid R. CurtisPhilip CushmaroTerrence E. CuskleyPaul N. D’AddarioRodd A. DalinkaMichael S. DanaJames A. D’AquilaEugene DarconteK. Blake DarcyJoseph J. DattoloHoyt L. DavidsonMark J. DaviesAllen M. DavisThomas DavisGael de BoissardAdam F. de Courcy LingGilles de DumastVincent De GiaimoAdam de JongJean De SkowronskiManuel B. de Souza-

GirãoLodewijk de VinkThompson DeanJames D. DeasyGiacomo DeBenedettoRonald DeCiccoFrank J. DeCongelio

Debora Del FaveroAnthony M. DeluiseChris DeMarcoKenneth P. DenglerDavid A. DeNunzioSameh M. Derosa-FaragJean-Manuel P. DersyPhilip F. DesantisJeffrey S. DetwilerDonald J. DevineEdward W. DevineJerry A. DevitoJohn M. DiamantisStephen M. DiamondThomas DickerRobert E. Diemar, Jr.Marc K. DienKatherine E. DietzeJack J. DiMaio, Jr. Alec D’JanoeffNichola H. DobinsonPaul J. DoelgerJoseph D. DonnellyJoseph M. DonovanRaymond J. DoradoIsabel H. DovertyGreg DowlingBrian S. DoyalWilliam B. DrewryJean-Francois DreyfusMichael A. DucaCatherine DuffyRobert J. DuffyMichael P. DuganPatrick J. DurkinAndrew DurnfordTimothy M. DwyerCharles B. EdelsteinStuart C. EdenBrian J. EdmondsCharles P. Egerton-

WarburtonMichael EggletonJ. Anthony EhingerMark A. EllmanRusty G.C.S. ElvidgeAmy E. EmanuelD. Wilson ErvinJoaquin EslavaMichael B. ExsteinJonathan EzrowBertrand FaconMagnus Falk

m a n a g i n g directors

31

Patrick FallonFrank J. Fanzilli, Jr.Michael A. FederAndrew B. FederbuschPeter J. FerresJames E. FieldsMark W. FilipskiJames S. FinchMark L. FinermanLori B. FinkelRobert N. FinneyRobert FinziSteven L. Fisch, M.D.David C. FisherH. Andrew FisherPatrick M. FlahertyDaniel K. FlatleyRobert S FleischerJohn L. FlemingBryan C. FletcherJeremy P. FletcherSteven R. FolandVictor FontanaSimon J.H. FordJean-Marc ForneriThomas B. Fox, Jr.Reginald O. FrazierAlan H. FreudensteinHerbert FriedmanMichael P. FriezoAnthony M. FryYukio FukudaMichael F. FurmanKoji FusaAnand N. GajjarLeandro S. Galban, Jr.Richard W. GallantThomas M. GalvinJohn G. GansCarlos J. GarciaEdward P. GardenSteven H. GarnettSeth D. GarrettAndrew GarthwaiteKeith GeeslinChristian GellJohn C. GetzelmanSurojit GhoshRichard D. GillingwaterPaul M. GimsonAlan J. GinsbergJames T. Glerum, Jr.Steven L. Glick

Joel GlodowskiDavid P. GoldmanRobert F. GoldrichNicholas Gordon-SmithMatthew W. GormanDavid C. GottliebJohn GrahamMarc D. GranetzPeter T. GrauerMichael D. GreenspanJill A. GreenthalSteven S. GreenwaldRobert C. GrienRobert E. GriffithMark L. GrotevantMichael S. GrunwaldJonathan P. GrussingThomas K. GubaThomas F. GuinanMarek GulSanjeev GuptaJonathan J. GurnseyMartin GutGeorge G. GuthrieMichael B. GuyFrancis J. HagerMichael George

HajialexandrouMark HallockLawrence A. HamdanNeil Robert HammerSheldon HanauA. Robert HarkerMarisa J. HarneyMatthew C. HarrisSpencer H. HartMark R. B. HarveyNeil A. S. HarveyThomas E. HassenMark HassenbergEdward R. Hatfield IIIThomas P. HavranekHugo HeathJudith R. HeicklenGerhard HeinrichColin H. Hely-HutchinsonPaul S. HendersonWallace C. HendersonThomas C. HendrickIngrid HengsterCiaran P. HenryLarry L. HenryDavid A. Hermer

Peter HerrmannJohn D. HerveyJanet A. HickeyAlan G. HighetEric P. HimeD. Scott HinchmanJohn F. HindelongHerman C. HintzenF. Perkins Hixon, Jr.David R. HodesJohn C. HodgeMichael HodgsonJames B. HoesleyMichael J. HoganFrank Hohmann IIILindsay HollisterMark A. HolmesStanley W. HoltzMichael K. HooksStephen W. HopkinsWendy A. HornChristopher G. B. HorneGeorge R. HornigAlan E. HowardAlan H. HowardKevin W. HudsonKeith HumfressJohn W. HurleySung June HwangPeter M. HydePer Otto HylandHarris Hyman IVMarco M. IllyAdam InselbuchDebra E. IsenbergAlfred G. JacksonHenry D. JacksonPhilippe L. JacobJohn W. JacobsRichard S. JaffeDavid L. JaffeRobert JainSpencer JakabBenoit JamarJohn B. JardineRobert A. JeffeIan S. JenkinsErik M. JensenMatthijs J.M. JochemsDaniel J. JohnsonRobert K. JohnsonLeslie JohnstonGerald Joiner

Alton C. JonesTrevor JonesGary JonesThomas L. JonesTimothy M. JoyceDaniel S. JurkowitzSteven L. KantorMalik KarimAndrew R. KassoyNagi R. KawkabaniRemy R. KawkabaniPhilip KayFrancois KayatBrendan J. KeaneGiles B. KeatingMartin L. KeatingRobert A. KellanAndreas I. Keller SarmientoGerard J. KeneallyPatrick T. KennedyPatrick P. KerriganRichard A. KersleyJames D. KiggenSusan S. KilsbyAndrew A. KimuraDonald S. KinseyCharles E. KinzerThomas KirkpatrickJohn V. KirnanCharles P. Kirwan-TaylorThomas KlamkaM. Kristin KleinRobert A. KlugmanColin KnudsenCary A. KochmanJaw Sheng KongDominic KonstamGrace J. KooRichard J. KradjelJ. Steven KrausJames E. KreitmanRobert S. KricheffRichard E. KroonKenneth KuljuSuresh KumarPaul KuoRaymond S. KuramotoAdam S. KurzerChester Tun Ho KwokKathleen D. La PorteDouglas M. LaddenMark C. LamarreMark B. Landis

Valérie LandonMark W. LaniganKarim LariRobert S. LaRueCurtis N. Launer Lawrence N. LavineStephen M. Lazarus Karsten le Blanc Thomas F. Leddy Bryce W. Lee John Eng Lee Sung Jin LeeEdgar Legaspi James H. Leigh-

Pemberton K. Adam LeightPhilip H. Lenon Stephanie M. LéouzonRichard M. LernerGeorge M. Levin, Jr.Mitchell E. Levine Mark L. Levitt Barry LewisThomas H. LindbergBruce W. LingDavid B. Lippman Andrew A. LipskySamuel G. Liss Grant F. Little III Hong Henry Liu Genghis L. Lloyd-HarrisCampbell M. LobbCharles A. LocastroGerald M. LodgeCaitlin F. Long David J. Loo Ann F. Lopez Frank H. Lopez Roland LorenzoGeoffrey D. Love Timothy Q. Lu Christian Lubicz Joseph M. LucianoAlexander M. Lyall Ralph Lynch Robin R. Macdonald Rod Maclean George M. Maddison Bernardo MaiaJohn B. Maier IIFrancois Maisonrouge G. David M. Maletta II Vikram Malhotra

32

Guillaume MalleLee F. Mallett Robert G. Mann Jason P. ManskeMark Manson R. Aldo Mareuse Nels V. Marin Michael A. Marriott Ian Marsh Jeremy Marshall Christopher G. Martin Keith T. Martin Laura A. Martin Michael E. MartinCyril Martinez Janelle MatharooDavid R. Mathers David J. Matlin Peter R. MattMichael J. MauboussinDavid A. MayesTimothy Mayopoulos Arthur U. Mbanefo John M. McAvoyClaire M. McCarthyKevin A. McCarthy Rosemary T. McFaddenPatrick J. McGarveyRosemary S. McGeeMichael J. McGhee John E. McGinty Jonathan F. McHardy Patricia J. McLaughlin Christopher C. McMahonW. Patrick McMullan IIIRobert McMullanJohn F.X. McNally Jeremy S. Mead Scott F. Meadow Sharon M. MeadowsSimon L. Meadows Marcelo Medeiros Chris Megalou Michael Meinhardt Donald MeltzerSimon MenneerAlan H. Mentle Dena J. Merson Janice L. Meyer Michael G. Meyers Costas MichaelidesPeter S. MilhauptRodney M. Miller

Terran A. Miller Ben E. Mingay Charles MinterBarry B. MioneJonathan I. Mishkin Robert W. Mitchell Robin Mitra Jun Miyazaki Phil MoineauJ. Ronald MorganJohn M. Moriarty, Jr.Lawrence A. MorilloChristopher R. Morin Kevin J. MorleyChristopher E. MorrisHarold D. MoseleyNeil Moskowitz Richard H. Moulder Theodore B. Muftic Alastair W. MuirheadBrian MullenYasushi MurofushiThomas C. Murphy Peter J. MurrayRamaswamy NagappanAllan W. Nalder Stefano Natella Laurence J. NathWendy B. NeedhamDavid C. Nelson Thomas L. Newberry Martin J. NewsonNils NilsenAndrew NormanPedro M. NunesGeorge A. Nunn James D. O’BrienKathleen D. O’Brien Robert C. O’Brien Marc A. Odendall Scott D. O’DonnellFiachra T. O’Driscoll William S. OglesbyAdebayo O. OgunlesiTimothy P. O’HaraPeder Oien David C. O’Leary James A. Oliverio David D. OlsonWayne C. Olson Thomas F.X. O’MaraSusumu Omori Yoshinori Onaka

Carlos Onis Stephen L. Oplinger Moshe OrenbuchCrispin M. Osborne Eoin O’Shea Douglas I. Ostrover Daniel Otth John S. Owen J. Craig OxmanPhillip Z. Pace Craig W. PackerRobert L. Padala Luc P. Pajot Richard P. PalmieriJames P. Parmelee Adam P. Parten Thomas V. Pascale Massimo PaschettoGordon R. Paterson Mark J. Pattinson Ricardo PauloSarah Pearson Peer T. PedersenTod D. Perkins Reid PerperClayton T. Perry Anthony M. PescoA. Markman PetersJake C. Peters George Petrides Anthony M. PetrilliDang T. Phan Carlos Pinheiro, Jr. Harry C. PinsonSteven M. Plag Kenneth E. Plageman Masha M. Plotnitsky Donald E. Pollard Philip B. Pool, Jr. David A. Popowitz Christian W. Porath David F. Posnick Grant E. Pothast Jennifer L. Powers Fernando PradoJoseph M. PrendergastTownes G. Pressler, Jr.Malcolm K. Price Simon E. Prior-Palmer Craig A. Puffenberger Thomas W. PulleyZhi Zhong Qiu Charles L. Quaintance

Frank P. Quattrone James A. QuellaKathryn M. Quigley Matthew W. Quigley Jeffrey Quinn Kieran P. QuinnAntonio C. Quintella Adam L. Raboy D. Neil RadeyStephen M. RaeberRobert I. Rafford, Jr.Lawrence D. RaimanWilliam L. Raincsuk, Jr.Michael W. Ranger Jagdish G. RangwaniEvan B. Ratner Steven RattnerRussell T. Ray Hugh E. Reams, Jr.Robert Reback Thomas M. Reid Richard W. ReinemannDaniel P. Reingold Norbert ReisMichael RemingtonPhilip J. Remnant Edward J. ReschFrançois ReylDouglas A. Reynolds John N. ReynoldsThomas G. RiceEric Richard Melanie J. RichmondGregory P. Richter Andrew P. Rifkin Guy P. RigdenNick RileyM. Roderick RiveraRobert R. Rivett Kenneth A. Rivkin Joseph S. RizzelloPhilippe RobertPatricia A. RobertsJohn C. Robertshaw Nancy A. RochfordCarolynn H. Rockafellow G. Davide RodriguesLuis Alberto RodriguesAntonio Rodriguez-PinaPeter Roemer Matthew S. Roeser Douglas E. Rogers Hartley R. Rogers

John J. Romanelli Alexander RosenMark A. Rosen Robert RossmanSusan L. RothJonathan K. Rouner Barry R. RundleMatt J. RuppelAndrew H. RushKevin R. RushDavid Russell Joseph L. RussellFernando RussoOlivier SachsMichael D. SafkoJason J. Safriet Klaus SaidJohn M. SallayJeffrey J. Salzman Karim SamiiThomas J. SandsEdward J. Santoro Olivier P. SarkozyGuglielmo Sartori di

Borgoricco Noriaki SasakiRobert J. Scanlon Frank C. ScheuerPaul G. Scheufele Daniel V. SchleifmanFederico SchlesingerLawrence M. SchlossMichael SchmertzlerJohn E. SchmidtPeter H. SchmukiSusan C. Schnabel J. Christopher SchoenMichael H. Schoen Maurits S. SchoutenGeorge A. Schreiber, Jr. Mark J. Schroeder Steven R. Schuh Chad S. Schultz Diane Schumaker KriegScott W. Seaton Steven E. Seltzer John C. Sesko Vikas Seth A. Lee Seward IIIHoward ShamsDavid J. ShannonWilliam C. Sharpstone Steven Shaw

33

Brian T. SheaGillian SheldonAlan R. Sheriff Fred SherrillHyun Joe ShinTony L. ShiretEraj ShirvaniBarry A. SholemAndrew ShoresDavid M. Shriver Craig S. SimHong Boon SimJames T. SingtonJohn A. Sipp Matthew I. SirovichLauri A. Sivaslian John A. Sivright, Jr. Peter O. SkoglundDan M. Skolds David C. SladeBruce H.SlaterMason C. Sleeper Robert S. SloanGeoffrey T. Smailes J. Albert SmithAllerton G. Smith Edward R. SmithEric J. SmithFrederick M. R. SmithGerard L. Smith Kevin S. Smith Steven D. Smith Stuart F. SmithThomas L. SmithVaughn F. Smith James R. Socas Marko Soinimaki Anatol SokolovJoan S. Solotar Rakesh Sood Elon D. Spar Alison W.M. SparksDavid B. SpaughtonLawrence D. SperlingMatthew N. Spicer Hansruedi StadlerJean-Michel M. Steg Maarten G. StegweeDavid R.W. StephenMark StephensLee S. Stettner Michael G. SteuererPeter J. Stevens

Robert B. StevensEwen J. Stevenson John E. Stevenson Robert T. StewartAdam Sticpewich Andrew G. StockThomas D. StoddardCarsten H.A. StoehrCharles G. StonehillRebecca F. StonesKevin StuddStephan Sturm Thomas E. Sullivan G.T. SweeneyPaul T. Sweeney Jay Kent Sweezey Marc TabahSatoru Tagami Mavis B. TaintorRobert E. TannerJoshua B. TanzerAndrew R. TaussigColin A. TaylorMark J. Tecotzky Luther L. Terry, Jr. Sudip V. ThakorJames R. ThomasPaul Thompson III Daniel W. ThompsonDavid J. Thompson William N. ThompsonRoger J. Thomson Kevin S. Tice Simon D.T. TillCarey H. TimbrellEarnswell T. TiuGlenn H. TongueEthan M. TopperNicholas J. TortorellaPaul TregidgoWilliam R. Trotter David D. TrudeAndrew Tuckey Bruce A. TuckmanGeorge TwillJohn J. Twomey Alan L. TysonScott J. Ulm Andrew S. Umbers Richard A. Vaccari Rajendra J. VakhariaBas van RhijnJohn W. Van Poznak

Edward T. Van TasselGeorge Varughese Eric M. Varvel Philip S. VasanJoseph W. VencilMatty Vengerik Karen VernamontiKenneth A. ViellieuJoachim von SchorlemerJustin J. VorwerkJames H. VosRichard J. Vossler Jr.David M. WahThaddeus J. WalkowiczJohn J. WalshAlastair J. M. Walton Maryann WasikSteven A. WebsterDavid R. WeilDouglas M. WeillJamie W. WelchHenry WendtBenjamin C. WestonMary L. Whalen Graham R. Whaling Thomas F. WhayneDavid P. WheelerRobert C. WheelerR. Alicia Whitaker Marc A. White, Jr.Stewart L. Whitman IIJohn N. WhitmanRichard H. Whitney Ashley A. WhittomeMichael A. WildishBrendan H. WilliamsLloyd WilliamsonRobert L. WilloughbyJonathan J. WilmotRobin W.G. WilsonRonald Kent WilsonWilliam WilsonRichard K. Winckles Richard D. Winter Lewis H. Wirshba David M. Wittels Mark Wolfenberger Theodore WongRaymond S. WoodPeter M. WoodburySteven E. WoottonRoger WrightKarl R. Wyss

Gary H. YablonSteven M. Yanez Neil M. Yaris Simon D. YatesEdward M. Yorke Yvonne YoungMargaret A. YoungKashif ZafarJohn ZafiriouRonald F. Zampolin, Jr. Gail S. Zauder Ivy L. Zelman Arthur Zuckerman

M A N A G I N G

D I R E C T O R —

S E N I O R A D V I S O R S

Allan J. BaumJuerg BrandNicholas O. BrigstockeNorman H. Brown, Jr.Alan P. BuddPatrick J. Callahan, Jr. Diana W. ChazaudEdward F. ComeauJohn D. David-JonesRaymond DavisJaime De MarichalarRichard B. DubuscStuart S. FlambergMichael M. FortierCharles B. GatesGordon T. HallDavid HanJohn P. HarrimanJohn S. HarrisonWilliam W. HigginsJoseph F. HuberThomas W. KeaveneyHans Albert KellerWilliam J. KimmelFrederick C. LaneDennis H. LeibowitzHamish Leslie MelvilleStephen T. LongJosiah O. Low IIIWilliam P. MelchionniThomas John MooreAndrea A. MoranteRobert A. NauWilliam S. PitofskyAnthony Rebello

H. Elliott Rogers, Jr.Clayton J. Rohrbach IIIAnne C. SchaumburgJ. Curtis ShambaughAlan H. SmithNeal M. SossMarc H. Steglitz Peter ThomasClark R. Van NostrandPote P. VidetJohn C. WilsonWilliam R. Young

V I C E C H A I R M E N

Richard H. BottJonathan R. DavieSimon M. De Zoete*Honorable Ernie EavesCharles HaleSteven KochChristopher LawrenceD. Scott LindsayKen MillerRobert S. Murley Mark R. Patterson Douglas L. PaulDidier M. Pineau-

Valencienne Jonathan PlutzikLuis RinaldiniHector W. SantsMark D. Seligman*George B. Weiksner

C H A I R M A N E M E R I T U S

Donaldson, Lufkin

& Jenrette, Inc.

John S. Chalsty

S E N I O R A D V I S O R S

Richard H. JenretteJohn M. Hennessy

* Depu t y Cha i rman , C r ed i t Su i s s e F i r s t Bos t on (Eu r ope )

P E R C E N T


R e v e n u eF I D $ 2 , 9 1 9 $ 4 , 4 6 4 - 3 5 %E q u i t y 5 , 0 7 6 3 , 2 1 2 5 8 %I B D 3 , 6 8 1 2 , 3 1 8 5 9 %F S G 2 6 8 — N / AO t h e r 2 5 0 ( 2 4 1 ) N / A

T o t a l R e v e n u e 1 2 , 1 9 4 9 , 7 5 3 2 5 %

E x p e n s e sP e r s o n n e l E x p e n s e 7 , 1 9 2 5 , 3 6 8 3 4 %E x e c u t i o n , C l e a r i n g a n d B r o k e r a g e 2 8 3 2 9 3 - 3 %O t h e r O p e r a t i n g E x p e n s e s 1 , 8 9 3 1 , 5 2 9 2 4 %

T o t a l E x p e n s e s 9 , 3 6 8 7 , 1 9 0 3 0 %

G r o s s P r o f i t 2 , 8 2 6 2 , 5 6 3 1 0 %D e p r e c i a t i o n a n d A m o r t i z a t i o n 5 3 8 2 9 4 8 3 %W r i t e - d o w n s , P r o v i s i o n s & L o s s e s 3 2 2 5 2 7 - 3 9 %

P r e t a x I n c o m e b e f o r e E x t r a o r d i n a r y /E x c e p t i o n a l I t e m s a n d M i n o r i t y I n t e r e s t 1 , 9 6 6 1 , 7 4 2 1 3 %I n c o m e T a x e s 5 5 4 4 8 0 1 5 %

N e t I n c o m e b e f o r e E x t r a o r d i n a r y /E x c e p t i o n a l I t e m s a n d M i n o r i t y I n t e r e s t $ 1 , 4 1 2 $ 1 , 2 6 2 1 2 %

E x t r a o r d i n a r y / E x c e p t i o n a l I t e m s , n e t — — —

N e t P r o f i t b e f o r e M i n o r i t y I n t e r e s t $ 1 , 4 1 2 $ 1 , 2 6 2 1 2 %

( 1 ) The i n come s t a t emen t s a r e f o r t h e C r ed i t Su i s s e F i r s t Bos t on g l o ba l i n v e s tmen t b ank i ng bu s i n e s s un i t . T he y a r e b a sed on Sw i s s a c coun t i n g r u l e s f o r b ank s a s mod i f i e d f o r r e v enue p r e sen t a t i o n a nd t h e t r e a tmen t o f e x e cu t i o n , c l e a r i n g a nd b r o ke r age c o s t s a s a n e xpense r a t h e r t h an a s a c on t r a - r e v enue .

( 2 ) Ce r t a i n 1999 amoun t s h a ve been r e c l a s s i f i e d t o c on f o rm t o t h e 2000 p r e sen t a t i o n .

34

Income Statementsof the Business Unit

financial s t a t e m e n t s

Ye a r E n d e d D e c e m b e r 3 1 , 2 0 0 0

a n d Ye a r E n d e d D e c e m b e r 3 1 , 1 9 9 9

35

P E R C E N T


A s s e t s

C a s h $ 8 0 9 $ 7 2 7 1 1 %

M o n e y m a r k e t p a p e r s 1 6 , 1 2 9 1 4 , 3 2 7 1 3 %

D u e f r o m b a n k s 1 5 0 , 0 9 5 1 0 5 , 7 8 2 4 2 %

o f w h i c h s e c u r i t i e s l e n d i n g a n d

r e v e r s e r e p u r c h a s e a g r e e m e n t s 1 2 7 , 3 0 6 8 4 , 1 1 4 5 1 %

D u e f r o m o t h e r b u s i n e s s u n i t s 1 , 9 0 3 1 , 5 5 1 2 3 %

D u e f r o m c u s t o m e r s 5 5 , 8 1 0 3 3 , 8 7 7 6 5 %

o f w h i c h s e c u r i t i e s l e n d i n g a n d

r e v e r s e r e p u r c h a s e a g r e e m e n t s 1 4 , 1 2 4 1 4 , 8 8 4 - 5 %

M o r t g a g e s 1 1 , 9 7 0 4 , 6 0 1 1 6 0 %

S e c u r i t i e s a n d p r e c i o u s m e t a l s t r a d i n g p o r t f o l i o s 1 1 7 , 6 4 3 7 6 , 8 7 4 5 3 %

F i n a n c i a l i n v e s t m e n t s 6 , 4 8 7 3 , 9 7 6 6 3 %

N o n - c o n s o l i d a t e d p a r t i c i p a t i o n s 7 1 1 6 4 0 1 1 %

F i x e d a s s e t s 2 , 3 3 7 1 , 5 7 4 4 8 %

I n t a n g i b l e a s s e t s 1 0 , 6 3 7 7 0 6 N / A

A c c r u e d i n c o m e a n d p r e p a i d e x p e n s e s 5 , 5 8 3 3 , 6 4 4 5 3 %

O t h e r a s s e t s 2 9 , 6 2 4 2 6 , 9 4 5 1 0 %

o f w h i c h r e p l a c e m e n t v a l u e o f d e r i v a t i v e s 2 6 , 9 0 4 2 4 , 6 6 5 9 %

To t a l A s s e t s $ 4 0 9 , 7 3 8 $ 2 7 5 , 2 2 4 4 9 %

L i a b i l i t i e s a n d S h a r e h o l d e r ’ s E q u i t y

L i a b i l i t i e s i n r e s p e c t o f m o n e y p a p e r $ 1 8 , 6 9 2 $ 1 8 , 8 4 8 - 1 %

D u e t o b a n k s 2 2 6 , 9 8 8 1 3 9 , 4 3 4 6 3 %

o f w h i c h s e c u r i t i e s b o r r o w i n g a n d

r e p u r c h a s e a g r e e m e n t s 8 0 , 5 9 5 4 2 , 0 2 4 9 2 %

D u e t o o t h e r b u s i n e s s u n i t s 6 , 0 1 1 5 , 9 6 8 1 %

D u e t o c u s t o m e r s , i n s a v i n g s a n d i n v e s t m e n t d e p o s i t s 3 0 6 9 - 5 7 %

D u e t o c u s t o m e r s , o t h e r d e p o s i t s 6 2 , 6 6 4 4 3 , 5 2 6 4 4 %

o f w h i c h s e c u r i t i e s b o r r o w i n g a n d

r e p u r c h a s e a g r e e m e n t s 2 3 , 1 6 3 1 9 , 6 2 4 1 9 %

B o n d s a n d m o r t g a g e - b a c k e d b o n d s 2 7 , 8 0 4 2 1 , 5 7 7 2 9 %

A c c r u e d e x p e n s e s a n d d e f e r r e d i n c o m e 1 3 , 8 0 5 6 , 5 1 5 1 1 2 %

O t h e r l i a b i l i t i e s 3 3 , 6 2 1 3 0 , 0 1 3 1 2 %

o f w h i c h r e p l a c e m e n t v a l u e o f d e r i v a t i v e s 3 0 , 3 6 9 2 5 , 4 3 6 1 9 %

V a l u a t i o n a d j u s t m e n t s 2 , 0 3 7 1 , 4 7 9 3 8 %

T o t a l l i a b i l i t i e s 3 9 1 , 6 5 2 2 6 7 , 4 2 9 4 6 %

T o t a l s h a r e h o l d e r ’ s e q u i t y 1 8 , 0 8 6 7 , 7 9 5 1 3 2 %

To t a l L i a b i l i t i e s a n d S h a r e h o l d e r ’ s E q u i t y $ 4 0 9 , 7 3 8 $ 2 7 5 , 2 2 4 4 9 %

( 1 ) The abo ve b a l a n ce s hee t s a r e b a sed on Sw i s s a c coun t i n g r u l e s f o r b ank s . The y i n c l u de a l l o c a t i o n s f r om t he r e a l e s t a t e u n i t s w i t h i n C r ed i t Su i s s e G r oup .

Balance Sheets ofthe Business Unit

36

Introduction

Credit Suisse First Boston is a leading global investmentbanking firm serving institutional, corporate, government andindividual clients. Its businesses include securities underwriting,sales and trading, investment banking and private equity,financial advisory services, investment research, venturecapital, brokerage services for financial institutions and on-line brokerage services. CSFB is a business unit of CreditSuisse Group (“CSG”).

CSFB operates primarily within the legal entity Credit SuisseFirst Boston (the “Bank”), a Swiss bank and a subsidiary of CSG. The Bank also contains the activities of the Credit Suisse Asset Management business unit of CSG.Shown herein is financial data for the CSFB business unit,which constitutes substantially all of the assets and liabilitiesof the Bank as of December 31, 2000 and 1999, respectively.The results of the CSFB business unit also reflect certaintransactions recorded within CSG subsidiaries other than theBank. More detailed financial information on the Bank andrelated unqualified audit opinion is contained in the AnnualReport of the Bank.

On November 3, 2000, CSFB merged with Donaldson,Lufkin & Jenrette (“DLJ”). After the merger date and exceptfor results of the DLJ Asset Management business, the DLJresults are included in CSFB’s activities.

CSFB operates in a highly competitive environment and itsactivities are subject to various risks including fluctuations intrading markets, currency risk, national economic and politicalrisk and in the volume of market activity. Consequently, CSFB’searnings may be subject to fluctuations. While the legalreporting currency of the Bank is the Swiss franc, CSFBprimarily manages its businesses based on a U.S. dollarfunctional currency, as presented herein, which is consistentwith its earnings and asset mix.

CSFB’s strategic plans contemplate continued investment in its businesses through organic growth and, if appropriate,selective acquisitions.

Market Environment

The equity markets faced many shifts during 2000. The earlypart of the year saw great demand for technology stocks.During the summer, the stocks of more traditional industriesgained favor only to give way to a rebound in the technologysector in the third quarter. By year-end, however, many ofthe key market indices around the world had declined ascompared to 1999. The Dow Jones Industrial Average fell6.2%, the NASDAQ 36.8% and the FTSE 10.2%. Theslowdown of the technology share price expansion, theunanticipated increase in fuel prices and indications of weak-ness in the U.S. economy all contributed to the falling markets.Despite the volatility of the markets, primary equity issuancesexpanded globally both in volume and dollar terms in 2000versus 1999. Equity markets, including new issues, were gen-erally robust throughout 1999, notwithstanding volatilitycaused by inflation fears and higher short-term rates.

The fixed income market was difficult in 2000, impacted byseveral adverse factors including lower volumes, increasedvolatility and the widening of credit spreads. The issuance ofhigh yield securities also fell sharply as compared to 1999.In 1999, the market environment for CSFB’s fixed incomeproducts was strong, particularly in the first third of 1999,but slowed considerably thereafter as interest rates rosein response to inflation fears. Y2K concerns also servedto contract the market towards the end of 1999.

Results of Operations

CSFB achieved record revenues of $12.2 billion in 2000,25% higher than 1999’s revenues of $9.8 billion. Revenuesincreased substantially in all divisions with the exception of FID,which recognized significantly lower revenues due to the diffi-cult markets and relative underperformance.

The sources of divisional revenues are primarily realized andunrealized net trading gains, net interest income resultingfrom trading and lending activities, fee-based earnings fromcapital markets activities, and commissions on customertransactions and advisory services. Divisional revenues arebased on Swiss accounting rules for banks as modified forrevenue presentation by the classification of execution, clearingand brokerage costs as an expense as opposed to a contra-revenue, and CSFB’s internal management reporting processin which revenues, including capital markets revenues andinterest costs, are allocated to divisional results. Capital markets

Financial condition and results of operations

management’s discussionand analysis of

revenues and related costs are shared among IBD and FIDand Equity, respectively. Divisional revenues for the yearsended December 31, 2000 and 1999 are as follows andinclude the reclassification of Private Equity from Other toIBD and the reclassification of the discontinued real estateinvestment group from FID to Other:

The geographic distribution of revenues and employees for theyears ended December 31, 2000 and 1999 are as follows:

The DLJ merger and particularly strong U.S. equity capitalmarkets and M&A results in 2000 have contributed to theincreased prominence of the North America region. Thedecline in the 2000 Latin America/Asia revenues versus

1999 reflects reduced results in the fixed income distressedmarkets, which in 1999 included the rebound effect after the1997 Asia crisis. Additionally, the 1999 Latin America resultswere particularly strong.

Fixed Income

FID revenue declined 35% from 1999 reflecting unfavorablefixed income markets, characterized by lower volumes,increased volatility and the widening of credit spreads, and theimpact of risk reduction policies established in 1998. However,the division adopted a new strategic plan in 2000 emphasizinggrowth in customer businesses. The emerging-markets resultsdropped significantly versus 1999 mostly due to the approxi-mately $400 million decline in revenue from Latin America.CSFB, however, did reduce its risk profile in emerging marketsby 14%. The division’s distressed trading activity suffered oneof the largest fall-offs, accounting for approximately one-thirdof the division’s year-to-year decline, whereas 1999 had par-ticularly strong results in distressed trading activity due to theAsian rebound. The money market and foreign exchange busi-nesses also experienced revenue erosion, with both segmentsdropping approximately 35% from their 1999 levels. But, morepositively, the credit product, interest rate product, listed deriv-atives and precious metal segments all had strong resultsapproximately equal to 1999, and the fund-linked derivativesgroup increased its revenue by approximately 50%. Significantly,CSFB retained its number four ranking in global debtissuances and increased its market share modestly. In the highyield sector, for 2000, the Firm ranks number one with a21% market share (pro forma basis).

Equity

For the first time, Equity was the highest revenue generatingdivision in the Firm. With revenue in excess of $5.0 billion,the division reported an increase of 58% versus the prior year.Every region and business line in the division exceeded its1999 result. The cash businesses, principally through com-mission and market-making activity, generated a 65% increaseversus 1999. The U.S. sector was the standout contributingan increase of approximately $750 million, but Europe’sincrease of 50% and Latin America’s doubling of prior yearresults are also noteworthy. Market share in both U.S. listedand OTC secondary securities have increased by almost20%, and 30% respectively. Additionally, the U.S. equityresearch team is ranked number one on a pro forma basis.

The division’s derivatives business has also performedexceedingly well with revenues increasing by approximately55% versus 1999 and contributing approximately one-thirdof the division’s year-to-year increase. The index arbitragearea profited from large volatilities in the market and theconvertible securities and OTC derivatives businesses gainedfrom strong customer demand.

Equity revenue, including gross capital markets revenue,exceeded $5.8 billion and $3.7 billion for the years endedDecember 31, 2000 and 1999, respectively.

( $ M I L L I O N S ) 2 0 0 0 1 9 9 9 % CHANGE

FID $ 2.919 $ 4,464 -35%Equ i ty 5,076 3,212 58%IBD 3,681 2,318 59%FSG 268 — n/aOther 250 (241) n/a

$ 12,194 $ 9,753 25%

1 9 9 9 E M P L O Y E E S

45% Europe

38% North America


1 9 9 9 R E V E N U E S

35% Europe

42% North America


2 0 0 0 E M P L O Y E E S

25% Europe

64% North America


37

2 0 0 0 R E V E N U E S

36% Europe

51% North America


38

Financial Services

The Financial Services Group became part of CSFB followingthe merger with DLJ and is comprised of three businesses.Pershing is a leading provider of execution, settlement, clear-ance and a wide range of services and technology solutionsto financial institutions worldwide. On average, Pershingcleared over 200,000 trades per day during 2000 for morethan 3.9 million active customers. Private Client Servicesdelivers a full range of wealth management services to high-net-worth individuals. CSFBdirect provides on-line Internetbrokerage services to self-directed investors. CSFBdirectalso includes a technology group, iNautix, which designs,develops and hosts e-commerce solutions. CSFBdirect hasover 520,000 active customer accounts worldwide, withnearly $23 billion in assets, and averaged 21,800 trades perday in the period after the merger.

Investment Banking

IBD’s 2000 revenues increased by 59% over 1999 withapproximately 70% of the increase attributable to M&A andequity capital markets, particularly in the American region.The M&A team increased their revenue by nearly 70% versus1999 and expanded their market share from 15.4% oneyear ago to 27.0%. In terms of announced deals CSFB, ona pro forma basis, is number three globally and number two inthe U.S. The Firm earned credit for participating in moredeals, over 700, than any of our competitors. On a year-to-year basis, revenue generated from primary equity issuanceshas risen by over 50%. Once again, results in the U.S. wereextremely encouraging, rising over 75% from 1999 levels.CSFB’s share of equity capital market issuances globally andin the U.S. is number four and number two, respectively.

IBD revenues, inclusive of gross debt and equity capital markets revenues, exceeded $4.6 billion and $3.0 billion forthe years ended December 31, 2000 and 1999, respectively.

Although accounting for lesser percentages of the division’sresults, CSFB’s private placement business has more thandoubled its 1999 results. The Firm maintained its numberfour rank in the debt sector and increased its market sharefrom 7.0% to 9.1%. Revenues from leasing and lendingactivities declined in 2000 versus 1999.

Additionally, the division includes CSFB’s Private Equitybusiness. The $262 million revenue for the Private Equitysegment is primarily the result of the sale of a strategicinvestment and the disposition of fund investments. Thebreadth of this business has increased significantly as aresult of the DLJ merger. Through a variety of funds, thegroup invests generally in unlisted and illiquid equity andequity-linked securities, in venture capital endeavors and inleveraged buyouts. At year-end, Private Equity had committedcapital under management of approximately $22 billion.

Other

In 1999, CSFB restructured the real estate investment groupand initiated a strategy to substantially reduce risk concentra-tions. The activity from this discontinued business has beentransferred from FID to Other with 1999 now reflecting aloss as a result of recorded reserves. In 2000, economicrisk capital allocated to real estate is down approximately40% from 1999 levels. The other division also includescorporate items and certain treasury activities.

Expenses

Total operating expenses have increased 30% versus 1999.Approximately two months of costs associated with DLJ areincluded in CSFB’s results.

CSFB, which operates in an industry with very competitivepay practices, has increased staff costs by 34% over thepreceding year. The rise in personnel costs reflects an increasein headcount, an increase in incentive compensation awardsand the associated payroll taxes commensurate with theyear’s greater contribution, particularly in Equity and IBD, anda continued commitment on the part of the Firm to invest inselect key areas. By October 2000, or prior to the DLJacquisition, headcount had increased 9% from year-end 1999.After the completion of the DLJ acquisition, the number ofCSFB employees rose to over 28,000, an increase of over85% from 1999. CSFB’s staff costs as a percent of revenueswas 59% for 2000, which is slightly higher than its com-petitors and reflects the impact of the FID revenue declineand the investment in building our customer businesses.

Other operating expenses include costs for communicationsand equipment, professional services, occupancy and busi-ness development. The distribution of operating expenses for2000 and 1999 was as follows:

These costs have increased 24% from the preceding year,much of it in response to increased pressures from expandedbusiness activity. Volume-sensitive costs such as travel, com-munications and technology reflect the influence of increasedusers and deal flow. 2000 also included advertising costsassociated with CSFB’s rebranding initiative. With the themeof “Empowering Change,” CSFB launched a campaigndesigned to differentiate the Firm in the global marketplaceand provide a platform from which to communicate the Firm’sleadership position in the industry. Additionally, CSFB continuedto invest in infrastructure projects.

2 0 0 0 1 9 9 9

Commun i c a t i o n a nd Equ i pmen t 2 2 % 21%P r o f e s s i o n a l S e r v i c e s 31% 31%O c c u p a n c y 13% 17%B u s i n e s s D e v e l o p m e n t 17% 16%A l l O t h e r 17% 15%

39

Write-Downs, Provisions and Losses

Although provisions for the restructured real estate investmentgroup have increased from 1999, write-downs, provisionsand losses in total decreased due to the release of a numberof credit provisions related to the 1998 economic collapse ofRussia. Specifically, credit provisions had been made againstforward contracts, loans, reverse repurchase agreements, andother assets and derivative contracts involving Russian prod-ucts and/or Russian counterparties. At December 31, 2000and 1999, CSFB’s credit provisions related to Russia totaledapproximately $166 million and $790 million, respectively. At December 31, 2000 and 1999, CSFB’s credit provisionbalances related to the real estate investment group totaledapproximately $450 million and $100 million, respectively.

CSFB also has substantial credit provisions related to loansoutstanding in Asia. CSFB’s credit provisions related to Asiatotaled approximately $310 million and $410 million atDecember 31, 2000 and 1999, respectively.

Also contained in write-downs, provisions and losses are vari-ous litigation provisions as well as amounts relating to othercredit-sensitive trading operations. Additional information onwrite-downs, provisions and losses, and related exposures iscontained in the Bank’s and CSG’s Annual Reports.

Income Taxes

CSFB’s effective tax rate in both 2000 and 1999 wasapproximately 28%. CSFB’s significant geographic diversifi-cation results in widely dispersed income tax expense onearnings. Consequently, this rate represents a blended taxrate of the various jurisdictions in which CSFB operates.

Acquisitions and Investments

D L J A C Q U I S I T I O N

On November 3, 2000, DLJ became an indirect whollyowned subsidiary of CSG and changed its name to CreditSuisse First Boston (USA), Inc. (“USA”). Total considerationpaid to AXA, S.A. and certain affiliates, the former ultimateparent of DLJ, included (i) 25,727,167 newly issued sharesof CSG and (ii) approximately $2.4 billion in cash. AXA, S.A.subsequently sold its shares of CSG. Additionally, approxi-mately $5.0 billion of cash consideration was paid to publicshareholders pursuant to a tender offer of $90.00 per share.As a result of the acquisition, approximately $9.0 billion ofgoodwill and intangible assets, net of deferred taxes, wereadded to CSFB’s balance sheet.

In connection with the acquisition, a retention plan has beenestablished for certain DLJ employees. The retention planprovides for grants of CSG shares, which vest over a three-year period, for future services above current compensationlevels. Additionally, a certain amount of employee loans willbe forgiven over a four-year period. The cost of these one-time items is approximately $1.3 billion and will be expensedover these designated periods within personnel expenses.

A restructuring charge of approximately $865 million, primarilyassociated with severance payments to employees, eliminationof redundant office facilities and write-off of related assets, isreflected in the financial statements of the Bank.

S C H R O D E R S A C Q U I S I T I O N

During 2000, CSFB completed the acquisition of theJapanese cash equities division of Schroders. The keyemployees of the acquired business agreed to join CSFB.The acquired business employed over 100 people largely inTokyo, with related separate teams in London, Zurich andNew York. The transaction has facilitated the growth ofCSFB’s Japanese equities business.

G A R A N T I A A C Q U I S I T I O N

Pursuant to a retention plan established with the 1998 pur-chase of Banco de Investimentos Garantia S.A., and certainof its affiliates (collectively “Garantia”), additional considerationmay become payable, principally to continuing employees ofGarantia, should Garantia meet certain performance targets.If the performance targets are met, additional goodwill of$135 million will be recognized in June 2001.

Liquidity and Capital Resources

Assets and Leverage

CSFB maintains a liquid balance sheet with a majority of theFirm’s assets consisting of marketable securities inventories,other trading positions and collateralized financing agree-ments. Collateralized financing agreements consist of resaleagreements and securities lending predominantly secured bygovernment and corporate obligations. Levels of tradinginventory and collateralized financing agreements are depend-ent on market conditions, volume of activity and customerneeds. Accordingly, CSFB’s total assets and financial leveragecan fluctuate significantly.

CSFB, as part of its investment banking and fixed incomeemerging-market activities, also maintains a loan portfolio. Inaddition, as part of CSFB’s fixed income activities, tradinginventories include emerging-markets positions, whole loans,leveraged funds and high yield securities. CSG and its sub-sidiaries also make private equity investments through thePrivate Equity segment of Investment Banking.

Total assets at December 31, 2000 had increased whencompared with total assets at December 31, 1999, reflectingincreases in trading positions and securities lending and repobusinesses as well as the DLJ merger. CSFB’s ability tosupport increases in total assets is a function of its ability toobtain short-term secured and unsecured funding and toaccess long-term capital markets.

40

Funding and Capital Strategy

F U N D I N G

The Bank has a broad-based worldwide funding franchise.Global short-term funding is managed by a centralizedfinancing unit, which oversees local funding operations. Thisglobal funding function provides coordination and control ofpricing and funding tactics, while the local market presenceprovides for investor diversity and access to unique marketopportunities. The Bank aims to continually broaden its fundingbase by geography, investor and instrument type.

The Bank’s funding sources include interest-bearing and non-interest-bearing deposits, commercial paper, certificates ofdeposit, federal funds purchased, medium-term notes, long-term debt, capital securities and shareholder’s equity. TheBank places particular emphasis on a large base of well-diversified and historically stable fiduciary deposits for its day-to-day funding needs. Notwithstanding the historic stability ofthe Bank’s unsecured funding sources, CSFB has a secondarysource of liquidity flowing through its broker/dealer businesses.CSFB can access significant liquidity through the securedfunding markets (repurchase agreements and other collater-alized arrangements), which have proven reliable in high-stressenvironments. This secondary source of liquidity is an importantmeans of ensuring availability of alternative funding for the pur-pose of meeting business plans and commercial commitments.

Finally, CSFB’s liquidity (i.e., unsecured and secured sources)is continually monitored to ensure that the Firm can meet itsbusiness objectives through various high-stress scenarios.

To provide back-up liquidity, the Bank, through its subsidiaries,has a number of committed revolving credit facilities with var-ious banks that, if drawn upon, would bear interest at short-term rates. These facilities are for general corporate purposes.This facility provides for borrowings of up to $4.295 billionduring 2001. As of the date hereof, there were no amountsoutstanding under these facilities.

C A P I T A L S T R A T E G Y

The Bank and its subsidiaries issue long-term debt throughvarious U.S. and Euro Medium-Term Note Programs as wellas syndicated and privately placed offerings around theworld. To satisfy Swiss and local regulatory capital needs ofits regulated subsidiaries, the Bank raises subordinated long-term borrowings. At December 31, 2000, the Bank hadlong-term debt (including the current portion) of $28 billion,with $9 billion representing subordinated debt. The Bankexpects to continue to access the capital markets to supportthe Bank’s existing businesses, as well as any new businessinitiatives and their capital and funding requirements.

During 2000, the Bank issued $643 million of subordinateddebt and $555 million of qualified Tier 1 capital.

In selecting the most appropriate funding sources at any pointin time, such factors as market conditions, interest rate levels,liquidity needs and maturity profile objectives are considered.Further, in order to manage interest rate, currency and otherrisks associated with the above borrowings, the Bank hasentered into various derivative transactions.

The Bank’s access to external financing is dependent on theshort- and long-term credit ratings of the Bank and certain ofits subsidiaries. The cost and availability of external funding isgenerally a function of the ratings. As of the date hereof, theBank’s debt ratings were as follows:

Following the completion of the DLJ merger, the long-termexisting debt of USA was upgraded by all the rating agenciesand the short-term ratings were upgraded by Moody’s andS&P and affirmed by Fitch and BankWatch. The chart belowshows these changes:

In 2001, the Bank intends to pay a dividend of 10 millionSwiss francs to its shareholder. In 2000, the Bank paid adividend of 1,322 million Swiss francs to its shareholder.

The Bank and its subsidiaries are subject to various capitalrequirements imposed by various regulatory bodies aroundthe world, including the Swiss Banking Commission. AtDecember 31 2000, the Bank was in compliance with theserequirements. At December 31, 2000, the Bank had a BISTier 1 and total capital ratio of 13.6% and 22.2%, respectively,compared with 9.9% and 17.9% at the end of the prior year.

Risk Management

G E N E R A L A P P R O A C H

The general risk management policy of CSG serves as thebasis for CSFB’s risk management programs. The primaryresponsibility for risk management lies with CSFB’s seniorbusiness line managers. They are held accountable for allrisks associated with their businesses, including credit risk,market risk, liquidity risk, legal risk, reputational risk andoperating risk, and are responsible for supplementing CSFB’sindependent controls by maintaining adequate internal controlsystems. The risk management programs are designed toensure that there are sufficient independent controls to monitorall risks properly.

The CSG Board of Directors is responsible for determiningthe general risk policy and risk management strategy ofCSFB. The Board of Directors approves the overall marketrisk ceiling, reviews risk exposure on a quarterly basis, andapproves country limits and other risk ceilings.

LONG-TERM

SHORT- Senior JuniorTERM Senior Subordinated Subordinated

Moody’s P-1 A1 A2 A2S&P A-1+ AA AA- A+Fi tch/BankWatch F-1+ AA AA- AA-

PRE-MERGER POST-MERGER

Shor t - Long- Shor t - Long-Term Term Term Term

Moody’s P-2 A3 P-1 A1S&P A-2 A- A-1+ AA-F i tch IBCA Ltd . F-1 A F-1 A+BankWatch TBW-1 A+ TBW-1 AA-

41

M A N A G E M E N T O F O T H E R R I S K S

Other business-specific risks are managed primarily throughdesignated groups and committees within the different divi-sions. These committees include groups that addressInvestment Banking and Private Equity transactions and newbusiness initiatives. In addition, to supplement its controlenvironment, CSFB has an oversight function that is structuredregionally to complement CSFB’s functional organization.The oversight functions consists of (i) selected ExecutiveBoard members who have overall responsibility for oversightin their respective regions, (ii) regional oversight managerswho assist the Executive Board members with this responsi-bility and (iii) a country manager in each country whomanages local oversight issues. Regional Oversight and

Country Management serve as an additional line of controland concentrate on regulatory and reputational issues, super-vise legal entities and support management in efforts toimprove the control environment. This oversight function workswith business and Finance, Administration and Operationsexecutives to monitor and enhance CSFB’s controls.Various control committees act as clearinghouses for certaincontrol issues. The Legal and Compliance department advisesCSFB on how to conduct its businesses and other activitiesin compliance with applicable laws, rules and regulations andassists in setting compliance policies and ethical standards.

Additional disclosure on CSFB’s risk management practicesis contained in the Bank’s Annual Reports.

42

The Americas

o f f i c e locations

A t l a n t a

Georgia Pacific Center133 Peachtree Street N.E.40th FloorAtlanta, GA 30303-1841USAphone 404 656 9500

One Atlantic Center1201 West Peachtree Street, N.E.Atlanta, GA 30309USAphone 404 897 3300

B a l a C y n w y d

401 City Line AvenueBala Cynwyd, PA 19004USAphone 610 660 8900

B a l t i m o r e

First Union Signet Tower7 Saint Paul StreetSuite 500Baltimore, MD 21202USAphone 410 223 3000

Harborplace Tower111 South Calvert StreetSuite 1810Baltimore, MD 21202USAphone 410 659 8800

B o s t o n

100 Federal Street30th FloorBoston, MA 02110-1802USAphone 617 556 5500

One Boston Place30th FloorBoston, MA 02108USAphone 617 854 7100

75 State StreetBoston, MA 02109USAphone 617 342 8000

B u e n o s A i r e s

Esmeralda 130Piso 221035 Buenos AiresArgentinaphone 54 11 4131 2700

Avenida Bouchard #547Piso 111106 Buenos AiresArgentinaphone 54 11 4312 3505

C h i c a g o

AT&T Corporate Center227 West Monroe StreetChicago, IL 60606-5016USAphone 312 750 3000

200 West Madison StreetChicago, IL 60606USAphone 312 345 6000

D a l l a s

2900 Texas Commerce Tower2200 Ross AvenueDallas, TX 75201USAphone 214 979 4000

H o u s t o n

600 Travis Street, Suite 3030Houston, TX 77002-3003USAphone 713 220 6700

Wells Fargo Plaza1000 Louisiana StreetHouston, TX 77002USAphone 713 652 6000

L o s A n g e l e s

2121 Avenue of the StarsLos Angeles, CA 90067USAphone 310 282 6100

M e x i c o

Campos Eliseos #345Piso 9Edificio OmegaCol. Chapultepec Polanco11560 Mexico, D.F.Mexicophone 52 5 283 89 00

M i a m i

One Biscayne TowerTwo South Biscayne BoulevardMiami, FL 33131USAphone 305 347 2000

M o n t e r r e y

Ave. de la Industria #555-BPiso 5Fracc. Santa EngraciaGarza Garcia, N.L. 66267Mexicophone 528 335 4024

M o n t r e a l

1250 Rene Levesque Boulevard West

Suite 3935Montreal H3B 4W8Canadaphone 514 933 8774

N a s s a u

Bahamas Financial Centre4th FloorCharlotte & Shirley StreetP.O. Box N 4928NassauBahamasphone 242 356 8100

N e w Yo r k

Eleven Madison AvenueNew York, NY 10010USAphone 212 325 2000

277 Park AvenueNew York, NY 10172USAphone 212 892 3000

P a l o A l t o

2400 Hanover StreetPalo Alto, CA 94304USAphone 650 614 5000

1510 Page Mill RoadPalo Alto, CA 94304-1135USAphone 650 614 1600

P a s a d e n a

Two North Lake AvenueSuite 860Pasadena, CA 91101USAphone 626 395 5100

P h i l a d e l p h i a

11 Penn Center10th FloorPhiladelphia, PA 19103-2929USAphone 215 851 1000

S a n F r a n c i s c o

201 Spear StreetSan Francisco, CA 94105USAphone 415 836 7600

600 California StreetSan Francisco, CA 94108USAphone 415 904 4510

650 California StreetSan Francisco, CA 94108USAphone 415 249 2100

S ã o P a u l o

Avenida Brigadeiro FariaLima, 306401451 000 São Paulo, SPBrazilphone 55 11 3841 6000

To r o n t o

One First Canadian PlaceSuite 3000P.O. Box 301Toronto, Ontario M5X 1C9Canadaphone 416 352 4500

W a s h i n g t o n , D C

The Franklin Tower1401 Eye Street NWSuite 910Washington, DC 20005USAphone 202 354 2600

43

Africa, Europe andMiddle East

A m s t e r d a m

Honthorststraat 191071 DC AmsterdamThe Netherlandsphone 31 20 5754 890

B u d a p e s t

Nagy Jeno U.12H 1126 BudapestHungaryphone 36 1 202 2188

C a i r o

21 Charles de Gaulle StreetNile Tower, Floor #24, GizaP.O. Box 224 El DokkiEgyptphone 202 567 7600

F r a n k f u r t

MesseTurm60308 Frankfurt am MainGermanyphone 49 69 75 38 0

G e n e v a

59 Route De ChancyP.O. Box 900CH 1211 Geneva 70Switzerland phone 41 22 394 70 00

67 rue du RhoneCH 1024 GenevaSwitzerlandphone 41 22 718 1500

I s t a n b u l

Buyukdere CaddesiAli Kaya SokakPolat Plaza B Blok

No. 4 Kat 1380840 Levent, IstanbulTurkeyphone 90 212 278 2500

J o h a n n e s b u r g

Sandton City Office Tower9th Floor5th Street, Corner Rivonia Road2196 SandtonRepublic of South Africa phone 27 11 505 00 00

Ground/1st FloorJan Smuts Office ParkRosebank CornerJan Smuts AvenueParktown NorthRepublic of South Africaphone 27 11 343 22 00

K i e v

34 Chervonoarmiyska Street01004 KievUkrainephone 380 44 247 1900

L i m a s s o l

100 Christodoulou HadjipavolouAvenue

P.O. Box 575303316 LimassolCyprusphone 357 534 12 44

L o n d o n

One Cabot SquareLondon E14 4QJUnited Kingdomphone 44 20 7888 8888

L u g a n o

Via Canova 15P.O. Box 2836 CH 6900 LuganoSwitzerlandphone 41 91 802 6000

M a d r i d

Ortega y Gasset 22-2428006 MadridSpainphone 34 91 423 1600

M i l a n

Via Turati 920121 MilanoItalyphone 39 02 7702 1

M o s c o w

5 Nikitsky PereulokMoscow 103 009Russiaphone 7 501 967 8200

P a r i s

21 Boulevard de la MadeleineF-75038 ParisCedex 01Francephone 33 1 40 76 88 88

21/25 Rue BalzacF-75008 ParisCedex 08Francephone 33 1 53 75 86 00

P r a g u e

Staromestske Nam. 15110 00 Prague 1Czech Republicphone 420 2 210 83111

V i e n n a

Palais CorsoMahlerstrasse 12/151010 ViennaAustriaphone 43 1 512 3023

W a r s a w

FIM Tower, XIII FloorAl Jerozolimskie 8102 001 WarsawPolandphone 48 22 695 0050

Z u g

Bahnhofstrasse 17P.O. Box 234CH 6301 Zug Switzerlandphone 41 41 727 97 00

Z u r i c h

Uetlibergstrasse 231P.O. Box 900CH 8070 ZurichSwitzerlandphone 41 1 333 55 55

44

Asia/Pacific

A u c k l a n d

The ANZ Centre23-29 Albert Street Level 20AucklandNew Zealandphone 64 9 302 5500

B a n g k o k

Abdulrahim Place, 27th Floor990 Rama IV RoadKwaeng Silom, Khet BangrakBangkok 10500Thailandphone 66 2 614 6000

B e i j i n g

Silver Tower, 31st Floor2 Dong San Huan Bei RoadBeijing 100027People’s Republic of Chinaphone 86 10 6410 6611

H o n g K o n g

Two Exchange Square45th Floor8 Connaught PlaceCentral, Hong KongPeople’s Republic of Chinaphone 852 2101 6000

J a k a r t a

Danamon Aetna Life Building24th FloorJalan Jenderal Sudirman Kav. 45Jakarta 12930Indonesiaphone 62 21 577 0762

K u a l a L u m p u r

Menara Keck SengSuite 27-02, 27th Floor203 Jalan Bukit Bintang55100 Kuala LumpurMalaysiaphone 60 3 242 5199

L a b u a n

Main Office TowerLevel 10 BFinancial Park Labuan87000 Labuan F.T.Malaysiaphone 60 87 425 381

M a n i l a

The Enterprise Center18th Floor, Tower 2Ayala Avenue Corner

Paseo de RoxasMakati CityPhilippinesphone 63 2 886 5670

M e l b o u r n e

101 Collins Street, 27th FloorMelbourne, Victoria 3000Australiaphone 61 3 9280 1666

M u m b a i

35/39 Free Press House3rd Floor215 Free Press Journal MargNaiman PointMumbai 400 021Indiaphone 91 22 230 6333

S e o u l

Hanwha Building, 13th Floor100 Sokong DongChung Ku Seoul 100 070Koreaphone 82 2 3707 3700

S h a n g h a i

South Tower, 17th FloorStock Exchange Building528 Pudong South RoadPudong, ShanghaiPeople’s Republic of Chinaphone 86 21 6881 8418

S i n g a p o r e

One Raffles Link#03-01Singapore 039393phone 65 212 2000

S y d n e y

Gateway Level 311 Macquarie PlaceSydney, New South Wales 2000Australiaphone 61 2 8205 4400

Ta i p e i

Union Enterprise Plaza6th FloorNo. 109, Section 3Min Sheng East RoadTaipeiTaiwanphone 886 2 2715 6388

260 Tun Hwa North Road3rd FloorTaipeiTaiwanphone 886 2 8712 5222

To k y o

Shiroyama Hills, 26th Floor4-3-1 ToranomonMinato KuTokyo 105-6002Japanphone 81 3 5404 9000

W e l l i n g t o n

Caltex Tower282-292 Lambton QuayLevel 10WellingtonNew Zealandphone 64 4 474 4400

The terms “Credit Suisse First Boston,” “CSFB,” “Firm,” “we” and “our” in this Annual Review typically refer to the businessunit (versus the legal entity, which has the same name but also includes Credit Suisse Asset Management and certain realestate assets and which is referred to herein as the “Bank”).

This Annual Review was prepared by the Corporate Communications Department of Credit Suisse First Boston and includesthe most current information through April 1, 2001. Additional copies and/or additional information can be obtained on theInternet at www.csfb.com or through Corporate Communications in New York, London or Hong Kong.

© Copyright 2001, Credit Suisse First BostonIssued in the United Kingdom by D E S I G N Russell Design Associates, NYCCredit Suisse First Boston (Europe) Ltd: regulated by SFA. E D I T O R I A L Jamieson Witty Associates, NYC

CSFBdirect/Pershing/Sprout

C S F B D I R E C T

C h a r l o t t e

2105 Water Ridge ParkwaySuite 300Charlotte, NC 28217USAphone 704 423 9898

One Lake Point4235 South Stream BoulevardCharlotte, NC 28217USAphone 704 423 4898

D e l r a y B e a c h

16950 Jog Road, Suite 111Delray Beach, FL 33446USAphone 561 638 5889

J e r s e y C i t y

Harborside Financial CenterPlaza IIJersey City, NJ 07311USAphone 201 308 2525

N e w Yo r k


S a n d y

150 West Civic Center DriveSandy, UT 84070USAphone 801 617 5222

L o n d o n

DLJdirectCapstan HouseEast India DockLondon E14 2BHUnited Kingdomphone 44 20 7864 8000

DLJdirectMoorgate Hall155 Moorgate 3rd FloorLondon EC2M 6XBUnited Kingdomphone 44 20 7866 3550

D u b a i

DLJdirect-eUnionDubai Internet CityBuilding 1, Office 304DubaiUnited Arab Emiratesphone 971 4 391 2030

To k y o

DLJdirect SFG SecuritiesTakebashi Yasuda Building 8F-13 Kanda Nishikicho, Chiyoda-kuTokyo 101-0054Japanphone 813 5282 7510

H o n g K o n g

Hutchinson CSFBdirect, LtdSuites 1705-11, 17th FloorCityplaza One1111 King’s RoadTaikoo Shing, Hong KongPeople’s Republic of Chinaphone 852 2121 0088

P E R S H I N G

C h a r l o t t e

2105 Water Ridge ParkwaySuite 310Charlotte, NC 28217USAphone 877 413 3368

C h i c a g o

111 West Jackson BoulevardChicago, IL 60604USAphone 312 322 1850

F l o r h a m P a r k

6 Vreeland Road Florham Park, NJ 07932USAphone 973 360 3001

19 Vreeland RoadFlorham Park, NJ 07932USAphone 973 360 3001

J e r s e y C i t y

One Pershing PlazaJersey City, NJ 07399USAphone 201 413 2000

Harborside Financial CenterPlaza IIIJersey City, NJ 07311USAphone 201 536 5400

L o s A n g e l e s

777 South FigueroaLos Angeles, CA 90017USAphone 213 624 6100

M t . P r o s p e c t

1331 Business Center DriveMt. Prospect, IL 60056USAphone 847 391 6300

O a k B r o o k

1515 West 22nd StreetSuite 1000Oak Brook, IL 60523USAphone 630 472 7400

S a n F r a n c i s c o

505 Sansome StreetSan Francisco, CA 94111USAphone 415 398 3565

L o n d o n

Pershing LimitedCapstan HouseEast India DockLondon E14 2BHUnited Kingdomphone 44 20 7864 8000

Pershing LimitedMaritime House1 Linton RoadBarkingIG11 8HGUnited Kingdomphone 44 20 7864 8000

To k y o

Toyosu Center Building3rd Floor3-3-3 ToyosuKoto-skuTokyo 135-6003Japanphone 813 5548 7810

S P R O U T

C h i c a g o

200 West Madison5th FloorChicago, IL 60606USAphone 312 345 8275

M e n l o P a r k

3000 Sand Hill RoadBuilding 3, Suite 170Menlo Park, CA 94025USAphone 650 234 2700

N e w Yo r k


Uetlibergstrasse 231P.O. Box 900CH-8070 ZurichSwitzerland

One Cabot SquareLondon E14 4QJUnited Kingdom

Eleven Madison AvenueNew York, NY 10010-3629USA

www.csfb .com

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leadership - · PDF filedefining global leadership. Credit Suisse First Boston is a leading global investment banking firm serving institutional, corporate, government and individual