16-40_17-00ETIENNELACROIX

Confidential

Base Metal Outlook, Financing Alternatives and Risk Management

February 2011

PRELIMINARY | SUBJECT TO FURTHER REVIEW AND EVALUATIONThese materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit Suisse.

February 2011

Table of Contents

� Credit Suisse is pleased to sponsor and participate in the PROEXPLO 2011 – Congreso Internacional de

Prospectadores y Exploradores.

� Credit Suisse has been consistently recognized for its presence in metals markets.

� Over the past few years, Credit Suisse has become the counterparty of choice for many metals producers and

consumers around the world.

� Credit Suisse has a complete team of traders and marketers with many years of experience and unparalleled

execution skills.

� Our strategic long term licensing and consulting agreement with Glencore provides us with unique insights and

differentiates Credit Suisse from our peers.

� In this presentation, we will cover the following topics:

– Economic outlook and commodity markets

– Financing alternatives

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– Price risk management

– Questions & Answers

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Commodity Markets Outlook


Factors driving metals prices higher

Commodities should continue to perform well in 2011, with growth likely

to remain above average

� Strongest performance to come from commodities

heavily used in construction/infrastructure and

2010 Price Performance by Commodity

heavily used in construction/infrastructure and

production, as well as agricultural products

� Crude and coal prices likely to remain more range

bound – macro stability may be at risk should energy

prices break significantly higher

� Robust new inflow into commodities as an

investment class

� We believe that global recovery strengthens, the

Credit Suisse Commodity Forecasts 2011

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3

� We believe that global recovery strengthens, the

correlation between the US$ and commodity prices

will weaken gradually

� Expectation of continued low interest rate in G7

countries should also support commodities

75

100

125

150

175

200

225

250

(5)

0

5

10

Inflows (Left Axis) AUM (Right Axis)

Robust new flows into commodities push prices higher

50

100

150

200

250

300 Commercial Non-commercial Physically backed ETFs

Commodity Linked AUM (US$Bn, estimate) Commodity Linked AUM (US$Bn, estimate)

0

25

50

75

Jan-11

Oct-10

Aug-10

May-10

Feb-10

Nov-09

Sep-09

Jun-09

Mar-09

Dec-08

Sep-08

Jul-08

(10)

(5)

Source: the BLOOMBERG PROFESSIONAL™ service, Credit Suisse Global Commodities Research Source: the BLOOMBERG PROFESSIONAL™ service, Credit Suisse Global Commodities Research

0 Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

EUR/USD and Commodity Price Correlations

Price correlations have changed since January 2010

� Dropping for Brent

� Reverting for Gold

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� Holding steady for Copper

Source: Credit Suisse calculations

Global growth is gathering momentum

Global Manufacturing PMI New Orders Index vs. Global IP Momentum

Global Composite PMI New Orders Index vs. Global GDP Growth

Growth Gap between Emerging and Developed Markets

Global Real Fixed Asset Investment

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China PMI DataChina PMI weakened further in January

� January PMI weakened by 1% to 52.9, reflecting a mild

moderation in economic activities, though partially distorted

by the early arrival of the Chinese New Year festival.

� The PMI new orders index declined 0.5% to 54.9. Most

infrastructure related items and metal items fell, while other

Pressure on inflation rebounded

sectors were mixed. The PMI new export orders index was

down 2.8% to 50.7, dragged by a sharp fall in metal export

orders.

� The PMI input price index was up 2.6 p.p. to 69.3, with the

indices of most infrastructure-related items rising. Pressure

on raw material prices remains acute in China, fuelled by the

resilience of the economy and excess liquidity conditions.

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� A slowdown of this magnitude should not trigger any policy

change in Beijing. The rise of the PMI input prices index in

this survey does not offer any comfort to inflation concerns

among policy makers, in our view.

Global Economic Forecast

Summary Forecast Table

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Commodity Price Forecasts

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Source: Credit Suisse Research: Commodities Quarterly, Jan 7th 2011Please consult in conjunction with the complete Research report being made available concurrent with the presentation

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Financing


Roadmap for Long Term Capital Structure

Early Stage Equity

Bank BondIPO / Follow-on

offerings

Company building, exploration and early stage development

Company grows in size and seeks financing from banks

Company builds a market reputation and start to issue bonds

To achieve a mixed capital structure Company gains access to equity market

Commodities Group and Private

Bank

Debt Capital Market / High-

Yield

Equity Capital Market

- Project loan facilities

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Credit Suisse offers a full product suite to build long-term relationships and assist clients in each step to achieve their ultimate goals

- Project loan facilities- Equipment finance- Structured trade finance

- Commodity risk management

Lending Considerations

TARGET BORROWER

Market Identifiable market with positive long-term fundamentals

Reserve Base Sizable JORC compliant proven reserve base

Management Strong management team with proven experience

Track Record Strong track record of performance

Solid Margins Healthy cash margin at current price and futures implied priceSolid Margins Healthy cash margin at current price and futures implied price

Ownership Solid equity base with reputable shareholders

Price Hedging Limited commodity price risk, through physical or financial contracts

TARGET SECURITY

Senior Secured Senior pari passu to all outstanding obligations

Licenses and Titles Assignment of mining rights, titles, licenses (to the extent permitted by law)

Off-take Contracts Assignment of off-take contracts

Assets Charge over fixed assets or other available asset collateral

Price Hedge Charge over any hedging agreements

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Price Hedge Charge over any hedging agreements

Cash Accounts All receivables paid directly to designated accounts held by the Lender

TARGET LOAN TERMS

Tenor 3 – 6 years

Size USD 30 – 75 million, as sole arranger

Spread Approx. 3.0 – 8.0% over LIBOR1

Transaction Time 1 – 2 months

(1) Margins determined based on loan size, tenor, and company credit quality.

Summary Transaction Diagram

1CS Secured FinancingUS$50 million

Security Package2

3

Offtake Contract

Offtake PaymentsCollection Accounts

4

Excess Cashflows(subject to maintenance threshold)

5

Metal Price Hedge

Metal Price Hedge Payments

6

7

COMMODITY TRADINGOfftaker Borrower / Sponsor

8Spot metal / mineral sales

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Debt ServiceCapital

ExpenditureOperating Expenses

Taxes and Royalty

Timeline for deal execution

Pre-mandate/Initial due diligence(Primary Requirements Needed)

1-2 weeks

Term sheet negotiation / Exclusive CS Lending Mandate

1-2 weeks

1-4 weeks

Detailed due diligence(Secondary Requirements Needed)

(Independent Report Prepared)

4-6 weeks

Documentation

3-6 weeks

2-4 weeks

CS Credit Internal Approval(Site Visit and Mgnt Meetings)

3-4 weeks

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Process can typically be completed within 5-10 weeks depending on availability of information, complexity of asset/structure and market conditions

Market Syndication (if any)2-4 weeks

US$55,000,000 upsize

Project term loan

Sole Lead Arranger

December 2010

US$85,000,000

Joint Lead Arranger

December 2010

Project finance term loan facility

US$50,000,000

Project finance term loan

Sole Arranger

October 2010

Mining finance transactions

US$13,000,000

Sole Lead Arranger

December 2010

Silver Prepay

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US$45,000,000


Sole Arranger

November 2009

GB£45,000,000

5 year term loan due December 2014

Mandated Lead ArrangerMarch 2010May 2010

US$100,000,000 /US$ 30,000,000 Term loan / revolving facility

Co-Lead Arranger

US$47,000,000US$25,000,000 upsize

Term loan

Sole Arranger

September 2010

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US$30,000,000

Term loan

Sole Arranger and Underwriter

February 2009

US$190,000,000 / US$80,000,000Project finance term loan / Bridge facilityJoint Lead Arranger and UnderwriterApril 2009

US$30,000,000

Term loan

Sole Arranger and UnderwriterJune 2009

US$20,000,000

Senior Secured Export Finance Facility

Sole ArrangerJune 2009

Kingsrose Mining, Way Linggo Project.

A$13,000,000

Kingsrose Mining –Prepay Financing Case Study

Summary Terms and Conditions

Project finance loan

� Borrower: Kingsrose Mining

� Amount: A$13 million.

� Maturity: March 2013.

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A$13,000,000Sole Arranger

December 2010

� Maturity: March 2013.

� Silver: 486,000 oz delivered.

� Security: Parent Guarantee and Asset Security.

� Documentation: Transacted under ISDA.

Transaction highlights

� Silver prepay proceeds used to retire existing shareholder debt and provide liquidity to company.

� Time period from board decision to receipt of funds was very short, ~ 4 weeks.

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� Transacted under ISDA documentation, minimising legal costs and execution time.

� Company was able to move quickly to take advantage of high silver prices and capture the high forward prices to repay

existing debt.

Orvana Minerals Corp. Kinbauri Espana

Summary terms and conditions


� Borrower: Kinbauri Espana S.L.U.

� Loan amount: US $50 million

� Maturity date: 31 December 2015US $50 million structured trade finance loanGold hedging facility

Kinbauri gold project

� Rate: LIBOR + 4.00%

� Sole Arranger: Credit Suisse

� Security over assets of the project including mining rights, processing plant, mining equipment, and ground leases


� Refurbishment of existing gold mine with 10-year mining history

� Loan used to finance new equipment [and capital expenditures]

� 5-year term loan underwritten by Credit Suisse

Gold hedging facility

Mandated Lead Arranger

October 2010

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� 5-year term loan underwritten by Credit Suisse

� One-bank approach leveraging resources of the Private Bank and the Commodities Group

� Copper hedge for 13,672 tonnes from 2011 to 2015 at US $3.11 per tonne

� 37,500 ounces of gold sold forward from 2012 -2015 at a forward price of US $1,334

� Credit Suisse selected from 8 banks in a competitive process

Coeur d’Alene MinesKensington financing case study


� Borrower: Coeur Alaska Inc.� Guarantor: Coeur d’Alene Mines Corporation � Loan amount: US $45 million

� Maturity date: December 2014� Rate: LIBOR + 5.00% (upsize at LIBOR + 4.50%)

� Purpose: Finance equipment and tailings facilityUS $45,000,000 term loanUS $55,000,000 upsize

Coeur Alaska; Kensington gold project

� Purpose: Finance equipment and tailings facility� Security:

– First rank over Proceeds and DSRA– Shares of the borrower– Fixed and floating charges over all assets and

equipment


� Kensington is a 2 million ounce underground gold mine in Southern Alaska� Credit Suisse acted as sole arranger and underwriter� Rapid execution in approximately 2 months� Project gold cash cost of US $372 per ounce

US $55,000,000 upsize125,000 ounce gold hedging facility 125,000 ounce gold hedging facility upsizeSole Arranger and Underwriter

December 2009 & December 2010

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� Project gold cash cost of US $372 per ounce� Hedge:

− 125,000 ounce 5-year Mandatory Gold Hedging program− Costless collars structured to ensure repayment of debt with comfortable DSCRs

� Upsized transaction closed within 4 weeks of mandate− Reduced debt margin from 5.00% to 4.50%− Increased facility from $45 million to $100 million− Doubled the size of the hedge facility from 125,000 ounces to 250,000 ounces

Great Basin GoldFinancing case study



� Borrower: Great Basin Gold Ltd.

� Guarantor: Southgold Exploration (PTY) Ltd.US $47 million project finance term loanUS $25 million loan upsize

Great Basin Gold, Burnstone Gold Mine


� Loan proceeds used to complete construction of Burnstone Gold Mine in Witwatersrand Basin, South Africa

� US $47 million project loan, upsized to US $72 million

� Initial loan amount: US $47 million funded in April 2010

� Upsized loan amount: US $25 million funded in August 2010

� Maturity date: May 2014


� Grace period: 9 months

� Security: First ranking charge over assets of the mine, pledge

over offtake contract, pledge of shares in Southgold,

US $25 million loan upsize Gold Hedging Facility

Sole Arranger

April 2010 & September 2010

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� Great Basin implemented hedging program consisting of 105,000 ounces using zero cost collar

� Offtake contract signed with Red Kite Explorers Trust for 3.5 million ounces over 10 year period

� 4 million ounce gold project with a 15-year mine life

� Average mine life cash cost below US $400 per ounce

� Rapid execution - Initial transaction ($47 million) from inception to financial close took 6 weeks

� Amortization sculpted to maximize Debt Service Coverage Ratio

Case study: Mineral Park Inc.

Transaction summary

Asset overview

� Copper / molybdenum mine located in Northwestern Arizona� Expansion of concentrator capacity from 30,000 tons/day to 50,000 tons/day

expected to be completed by Q1 2011

Transaction overview

� Financing:−$100million 6-year term loan and $30mm 4-year revolving facility−$100million 6-year term loan and $30mm 4-year revolving facility−Proceeds used to prepay existing $120mm notes (under the indenture of which

hedging was not permitted), associated penalties and transaction costs−Hybrid corporate / project covenant package providing operating flexibility to

borrower while mitigating single asset, partially operating project risk:− Full security in assets and typical PF financial covenants− No completion guarantee allowing listed parent to develop other

projects−Silver by-product had been pre-sold in Q1 2008 through stream loan from

Silver Wheaton� Hedge:

−145 million pounds copper 6-year forward swap executed within 10 days of financial close

−Structured to ensure repayment of debt with comfortable DSCRs under

US $100mm term loan

US $30mm revolving facility

145 million pounds copper hedge

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−Structured to ensure repayment of debt with comfortable DSCRs under conservative copper and molybdenum pricing scenarios

Highlights

� CS co-led and structured project financing and hedge, holding 25% of the transaction

� Fast execution in approximately 2 months � Funded out of CS’ dedicated commodity finance fund� Confirms Credit Suisse leadership in financing junior miners

Co-lead arranger and hedge provider

May 2010

Miller Argent Ffos-y-fran Land Reclamation Scheme



� Borrower: Miller Argent (South Wales) Limited

� Loan amount: GB £45 million

� Maturity date: 31 December 2014GB £45 million project finance term loanCoal hedging facility

Ffos-y-fran opencast mine and land reclamation scheme


� Mandated Lead Arrangers: Caterpillar Financial, Credit Suisse

� Security over assets of the project including mining rights, processing plant, mining equipment, and ground leases


� Loan used to refinancing project and equipment capital expenditures

� 5-year project term loan underwritten by Credit Suisse and Caterpillar


Coal hedging facility

Mandated Lead Arranger

March 2010

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� API#2 swap for 1,160,000 tonnes of coal in aggregate for 2011 an 2012

� 240,000 tonnes of coal put swaptions for both 2013 and 2014

� 120,000 tonnes of coal call swaptions for both 2013 and 2014 to offset put swaption premiums

� RWE offtake agreement for 580,000 tonnes of coal in 2010 – 2012 with options to renew for 2013 and 2014

− Option to increase volume by an additional 120,000 tonnes for 2010 - 2012

Mirabela Nickel LTDFinancing case study


Project finance term loan� Borrower: Mirabela Mineração do Brasil Ltd� Loan amount: $190 million� Maturity date: September 2015� Rate: LIBOR + 5.75% pre-completion

LIBOR + 5.25% post-completion� Mandated Lead Arrangers: Barclays Capital, Caterpillar

US $190 million project finance term loanUS $80 million bridge facility

Mirabela Nickel, Santa Rita Nickel Project

� Mandated Lead Arrangers: Barclays Capital, Caterpillar Financial Credit Suisse, UniCredit, WestLB

Bridge facility� Borrower: Mirabela Mineração do Brasil Ltd� Facility amount: $80 million� Maturity: June 2009 (extended from December 2008)� Mandated Lead Arrangers: Barclays Capital, Credit Suisse


� Loan proceeds used to complete construction of Santa Rita nickel sulfide mine in Bahia, Brazil

� $80 million bridge facility arranged in July 2008 to provide interim capital pending closing of takeout project financing

− Facility repaid from proceeds of project term loan

US $80 million bridge facility Nickel Hedging Facility

Joint Mandated Lead Arranger and Underwriter

April 2009

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− 2% extension fee for extending bridge for 6 month

� Mirabela sold/hedged 17,000 tonnes of nickel and 9,000 tonnes of copper forward to support bridge debt service

− Credit Suisse and Barclays acted as hedge banks

� Closed US $190 million project finance term loan in the wake of credit market crisis in April 2009, supported by positive hedge MTM

� Votorantim and Norilsk are offtake counterparties for 100% of Nickel concentrate production. Offtakers provided $100 million of subordinated debt during construction of Santa Rita

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Risk Management


Risk Management: General Topics

► Risk Management should not be a financial product-driven process but rather an

analytical, consistent, recurrent and rational decision-based part of any Risk Assessment

and Mitigation Analysis

� Analytical: considers a complete analysis and understanding of the different exposures and their � Analytical: considers a complete analysis and understanding of the different exposures and their

relationships.

� Consistent: it is part of a Risk Management Policy and decisions are not one-off events.

� Recurrent: it recognizes and addresses the dynamic nature of the financial exposures.

� Rational: decisions are not made randomly.

� Discussion of financial risk mitigation products and their advantages/disadvantages will be part of the

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last stage of the Risk Management Policy (and not vice versa)

At Credit Suisse we emphasize the full understanding of the different exposures before recommending any derivative product for risk mitigation purposes.

Establishing a Consistent Hedge Policy

Determining factors for weightings

� Leverage

Consumption exposure composition

Baseline hedging� Swaps

Floating portion

� Leverage

� Industry

� Competitive landscape

� Equilibrium point

� Diversification in product lines

� Client diversification

� Financial sophistication

� Financing needs

Tactical Hedging� More sophisticated products� Exotics

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� Swaps� Collars� Options

� Financing needs

� Investment projects - CAPEX

Multiple combinations of volumes, tenors, products and rebalancing frequencies may be implemented.

Standard Producer Hedging Strategies Comparison

Swap Collar 3-Way Collar

� Appropriate for client

seeking to fix the sale price of

Commodity.

� Appropriate for client willing

to secure a range for future

Commodity sale price.

� Combination of purchased

put and sold call.

� Appropriate for client willing to

secure a better range (relative to

two- way collar) for future

Commodity sale price.

� Combination of a 2-way collar

with an additional sold put with a

Put

� Appropriate for client

seeking to insure a minimum

price for Commodity sale price,

and not limit upside.

Considerations

� Provides certainty in future

sale price.

� No upfront premium.

� Client has set a floor on

Commodity sale prices while

keeping a certain amount of

upside.

� May be structured to be

zero cost.

with an additional sold put with a

lower strike.

� Client has achieved a higher

floor and/or cap on Commodity

sale prices while keeping a certain

amount of upside.

� May be structured to be zero

cost.

� Client has set a floor on

Commodity sale prices.

� Client participates fully on

the upside.

� No future payment

obligations.

Pros

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� Potential future payment

obligations.

� No upside participation.


obligations.

� Client has set a cap on



obligations.

� Client exposed to prices falling

below the lowest strike (sold put),

but still better than Spot.

� Client has set a cap on


� Client must pay a premium

upfront or deferred to purchase

the put.

Cons

Plain Vanilla Swap

Unhedged

Plain Vanilla Swap

Revenue

Clients establishes fixed price for commodity sales by selling a swap to Credit Suisse

Benefits

� Producers are able to lock-in a fixed price for future commodity sales, providing cash flow stability

� If a percentage of total production is hedged via swaps, producers still retain the upside participation on the unhedged production

Market swaps are zero-cost at inception

Average Market Price

Swap Level

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Considerations

� Market swaps are zero-cost at inception

� Producer gives up the potential upside of higher prices on this percentage of production hedged

Purchased Put Option

Unhedged

Hedged with Put Option

Revenue

Clients establishes a floor on commodity sales by buying a put with Strike K from Credit Suisse

Benefits


K

� Producers are able to establish a price floor on future commodity sales, protecting margins on hedged production

� Producers retain upside participation on both hedged and unhedged production

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Considerations� Producer pays upfront or deferred premium for Put option

Producer Collar

Unhedged

Hedged with Collar

Revenue

Client establishes a floor and cap on commodity sales prices by selling a collar (buy put, sell call)

Benefits

� Producers are able to establish a price floor on future commodity sales, helping to protect margins

� Generally structured to be zero-cost

� Producer participates in price increases up to the cap (call strike) on hedged volumes

� If a percentage of total production is hedged, producers still retain the full upside participation on the unhedged


KPut KCall

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Considerations

� If a percentage of total production is hedged, producers still retain the full upside participation on the unhedged production

� Producer establishes a maximum sale price on hedged volumes, through the sale of a call

Producer 3-Way Collar

Unhedged

Hedged with 3-way

Revenue

Client establishes improves floor and/or cap on two-way collar through the sale of an OTM Put (strike Put2)

Benefits

� Producers are able to enhance the levels on a two-way collar, and maintain zero-cost structure

� Producer participates in price increases up to the cap (call strike) on hedged volumes

� If a percentage of total production is hedged, producers still retain the full upside participation on the unhedged


KPut KCallKPut2

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Considerations

� If a percentage of total production is hedged, producers still retain the full upside participation on the unhedged production

� Producer establishes a maximum sale price on hedged volumes, through the sale of a call

� Producer exposed to price falls below KPut2, but still better than Spot

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Credit Suisse Global Commodities


Credit Suisse Global Commodities Group

� Credit Suisse has a fully integrated commodities business offering OTC and listed products across base and precious metals, oil and refined products, coal and freight, iron ore, emissions, agricultural commodities, power and gas

� The business provides risk management, financing and investment solutions to Credit Suisse’s corporate and institutional client base

� Credit Suisse has become a counterparty of choice given its strong credit rating and capital position and its ability to come up with innovative solutions for both corporate and institutional clients

� Credit Suisse continues to expand its Commodities business and has the advantage of leveraging its trading partner Glencore, one of the largest physical commodity traders, giving CS an information and liquidity edge

� This combination of physical and financial expertise means that Credit Suisse is uniquely placed to assist clients with every aspect of their business, from acquiring or disposing, to funding, hedging, investing or even physical off-take

� Credit Suisse has been at the forefront of developing new commodity markets including thermal seaborne

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� Credit Suisse has been at the forefront of developing new commodity markets including thermal seaborne coal, iron ore, alumina and minor metals

� This business includes a highly developed structured investor products capability which delivers sophisticated instruments across all commodities and indices, wrapped in a wide variety of formats e.g. certificates, senior notes, funds, warrants etc.

Global Commodities Presence

Singapore

Sales and trading

� Oil and Refined Products

� Precious Metals

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Sydney

Sales

� Base and Precious Metals� Oil and Gas

New York, Stamford

Sales and Trading, Structuring

� Oil and Refined Products� North American Natural Gas� Emissions� Base and Precious Metals� Agricultural Commodities

London


� Base and Precious Metals� Coal and freight� Emissions� UK Natural Gas� Oil and Refined Products� Indices

Zurich


� Precious Metals� Exotics� Cross commodities

Products - We offer a full range of commodity underlyings

Oil and

refined products

Precious &

minor metalsSoftsIndustrial metalsCoal & freight

� WTI Crude oil

� Brent Crude oil

� Heating oil

� Fuel oil

� Unleaded gasoline

� IPE gasoil

� Corn

� Sugar

� Wheat

� Soybeans

� Coffee

� Cotton

� Cocoa

� API #2

� API #4

� NEWC FOB

� Capesize TC

� Panamax TC

� Supramax TC

Base Metals

� Aluminium

� Aluminium Alloy

� Copper

� Zinc

� Nickel

� Lead

� Tin

Precious Metals

� Gold

� Silver

� Platinum

� Palladium

� Physical

Minor Metals

� Cobalt

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� IPE gasoil

� Jet fuel

� Naphtha

� Crack spreads

� Urals crude

� Cocoa

� Orange Juice

Distinctive illiquid offerings

� Tin

� NASAAC

Bulks

� Alumina

� Iron Ore

� Steel

� Cobalt

� Molybdenum

� Vanadium

14.2 12.1 10.8 13.0 10.0 10.5 10.3 9.5 9.9 7.6 8.5 8.4 8.5

2.5 4.6 5.7 2.73.2 2.3 2.2 2.4 1.6 3.9 2.7 2.2 1.2

UBS Credit Suisse Morgan Stanley Goldman

Sachs

Barclays RBS Citigroup JPM Chase HSBC Deutsche Bank Bank of

America

BNP Paribas Santander

Core tier 1 capital Other tier 1 capital

Tier 1 capital ratios 3Q 10 – Basel II (European Banks) / Basel I (US Banks)

Credit Suisse Institutional Strength = Capital Strength

(in %)

(1) (2) (1)(1) (1)

–

10%

20%

30%

UBS Credit Suisse Santander Goldman Sachs JPM Chase Citigroup Deutsche Bank Bank of America

Core tier 1 capital Other tier 1 capital

Sound profitability and leading return on equity – 9M 2010

Source: 3Q10 company financial statements, as reported.

Source: Per 3Q10 company financial statements, as reported; other tier 1 capital includes hybrid capital.(1) Per 2Q10 company financial statements, as reported.(2) Includes Postbank.

CDS spreads

Net income 9M10 5.5 4.0 8.0 5.5 12.5 9.3 2.2 (2.0)(US$ in billions)

18% 16%12% 12% 10% 8% 6%

(neg)

Return on equity

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6691 94 95 96 100 111

142 155 161 162 170 197

38 45 55 71 10050495028 46 43 46 67

HSBC BNP Paribas JPM Chase Credit Suisse UBS Deutsche Bank Barclays Goldman

Sachs

Santander RBS Citigroup Morgan Stanley Bank of

AmericaOctober 20, 2010 Year-end 2007

CDS spreads

(in basis points)

Source: Reuters, as of October 20, 2010, except for RBS, as of October 7, 2010.

Credit Suisse Ideas that Lead in Fixed Income

� Our Commodities team provides market insights into financial flows, physical market fundamentals as well as offering innovative commodities indices.

� Our relationship with Glencore provides unique insights and market leading investment and hedging solutions.

�Credit Suisse Commodity Benchmark (CSCB): Recently selected as designated benchmark for PIMCO CommoditiesPLUS Strategy Fund

� Our Credit team has one of the largest, most accomplished credit franchises in the business.

� They provide a full spectrum of products, are recognized for their top ranked distribution platform and provide liquidity andcapital solutions for both cash and derivatives markets

�The Credit Suisse Global Credit Products Conference in September is one of the biggest in the industry

Credit Suisse continues to garner awards for best performance as recognized by Euromoney 2010 Awards for Excellence: Best GlobalBank, Best Emerging Markets Investment Bank, and Best Investment Bank 2009. IFR Awards 2009: Bank of the Year.

Commodities

Credit�The Credit Suisse Global Credit Products Conference in September is one of the biggest in the industry

� Top Tier ranking in the 1H 2010 league tables

� Our Emerging Markets team has extensive experience with unlocking new opportunities in fast growing markets.

� Our risk management expertise and customized solutions have been widely recognized within the industry and have resulted in a number of accolades.

�Continuing to top league tables in Emerging Markets: #1 Emerging Markets High Yield Issuance YTD 2010

� The Foreign Exchange team is a pioneer in providing complete trading solutions for our clients.

� They deliver online analytics, indices, modeling, trading and provide unparalleled speed and scalability for our clients.

�Credit Suisse is the First bank to offer live, dealable FX option prices on the iPhoneTM

�Merlin won Best FX Platform for the second year in 2010.

� The Rates team has been a leading flow franchise with key partner clients for cash and derivatives for years.

� Most recently, the team is delivering electronic trading solutions that give clients access to liquidity as well as innovative algorithmic and index capabilities.

� The team has a global view with regionally dedicated teams.

EmergingMarkets

FX

Rates

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� Recently launched interest rate swap trading on Bloomberg in the Fall of 2010

� Recently partnered with Dow Jones on launch of new Inflation Indexes

� Direct electronic and algorithmic access to Credit Suisse trading liquidity across cash and OTC Rates products

� Our Structured Products business has been a gold star performing team through the crisis up to today.

� They offer a full spectrum of private label, government guaranteed and agency trading.

� The team provides transaction management, structured client solutions and mortgage servicing.

� Launching the MBS Monitor on our eAnalytics platform

� They won The Banker’s Deal of the Year in 2010 for structured finance and are First in MBS pass-throughs for the past 4 consecutive years.

Structured Products

Credit Suisse recognized in LatinFinance’s 20 years of excellence

CREDIT SUISSE NAMED BEST INVESTMENT BANK OF THE PAST 20 YEARS

“The best of the last 20 years in Latin financial markets have a combination of skill, tenacity, commitment, execution and innovation…Credit Suisse wins for its meteoric rise over the last eight years…Many of those who have been present for 20 years were left in the dust by the Swiss shop. Some of its competitors have

LatinFinance: Investment Bank – Credit Suisse

OF THE PAST 20 YEARS 20 years were left in the dust by the Swiss shop. Some of its competitors have come and gone, others are far less relevant now than they used to be.”

Credit Suisse’s head of Brazil Investment Banking, José Olympio, “having weathered the vicissitudes of Latin capital markets,” took the sell-side LatinFinancier award. Olympio led the “glory year [of] 2007, when Credit Suisse appeared to own the Brazil equity boom.”

LatinFinancier: Sell side – José Olympio

“The fifth largest IPO globally in 2007 and the most substantial to date from any exchange was an exercise in brand creation and public relations that demanded flawless execution

Best Equity Transaction: Bovespa’s 2007 US$3.2BN IPO

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was an exercise in brand creation and public relations that demanded flawless execution from start to finish.” Credit Suisse led the transaction.

“For sheer size and audacity, as well as lasting value for Vale shareholders, the blowout transaction is not just the biggest acquisition so far – it is the best.” Credit Suisse led the transaction, as well as the US$3.75BN CVRD international bond offering and a BRL local offering to finance the transaction

Best M&A Transaction: US$19.2BN acquisition by CVRD of Inco

Credit Suisse – “IFR’s Bank of the Year 2009”

“Those in charge of CS in the last few years have, in fact, done something pretty remarkable: they’ve changed the entire culture of the institution”

“Changing an investment bank’s culture can be a slow, painful and fraught endeavour. Driving fundamental change in the midst of a cataclysmic market dislocation and in the absence of a transformational merger is no mean feat. One bank did just that without sacrificing business execution, at the same time as pre-empting regulatory outcomes on compensation and generating one of the highest ROEs in the business”

IFR Awards won by Credit Suisse in 2009:

Bank of the year

Structured equity house of the year

Asia-Pacific Structured equity house of the year

Equity derivatives house of the year

Issuer of the year 2009: Roche

“CS emerged from the financial crisis with just about the best financial ratios in the industry. Its Tier 1 ratio as of the end of the third quarter 2009, for example, was 16.4%, while its core capital number at the same point was 11.3%”

“That more careful attitude combined with the decisiveness with which the bank reacted to the onset of the crisis had one vital effect: CS has not taken any government investment, nor did it need to issue any government-supported debt”

“Reducing risk and exiting businesses is easy if no thought is paid to the financial consequences. The real trick is to do both without also slashing profitability. That CS has been able to do that – while also maintaining potentially profit-sapping capital ratios – is perhaps its most impressive achievement. At 21.8% for the first three quarters of this year

“In the DCM arena, the bank helped reopen the markets and re-established issuer benchmarks to take into account changed circumstances. It was, for instance, at the forefront of the mega M&A financings that got done through the bond markets in the US, with roles on Roche (US$33bn), Pfizer (US$24bn) and Verizon (US$14bn)”

Corporate Issuer of the year 2009: Roche

USD Investment Grade bond of 2009: Roche, USD16.5bn

Swiss Franc bond of 2009: Roche, CHF4bn

Emerging EMEA bond of 2009: Qatar, USD7.0bn

Leveraged Loan of 2009: Warner Chilcott, USD4.15bn

Senior financial bond of 2009: Rabobank, EUR5bn

State of

Sub. financial bond of 2009: Standard Chartered, USD1.5bn

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with roles on Roche (US$33bn), Pfizer (US$24bn) and Verizon (US$14bn)”

“The high-yield highlight was the €2.7bn issue for Wind, the largest ever European high-yield note, while the bank can also claim to have reopened the Swiss franc markets for the supranationals, with deals for the World Bank, Inter-American Bank and African Development Bank”

USD16.5bn offering

Joint Bookrunner

EUR9.75bn offering

GBP1.25bn offering

CHF4.0bn offering

Joint Bookrunner

EUR5.0bn offeringUSD4.15bn leveraged loan

Joint underwriterJoint Bookrunner

USD1.7bn high-yield offering

Joint Bookrunner

State of Qatar

USD7.0bn offeringUSD1.5bn perpetual hybrid Tier1

Joint Bookrunner

“The Credit Suisse Group can plausibly claim to have come through the biggest downturn in 80 years not just intact, but even with its reputation and its business enhanced” - IFR

CS does not provide any tax advice. Any tax statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of the transaction(s) or matter(s) to which the statement relates. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.These materials have been provided to you by Credit Suisse ("CS") in connection with an actual or potential mandate or engagement and These materials have been provided to you by Credit Suisse ("CS") in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with CS. In addition, these materials may not be disclosed, in whole or in part, or summarized or otherwise referred to except as agreed in writing by CS. The information used in preparing these materials was obtained from or through you or your representatives or from public sources. CS assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by or reviewed or discussed with the managements of your company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). These materials were designed for use by specific persons familiar with the business and the affairs of your company and CS assumes no obligation to update or otherwise revise these materials. Nothing contained herein should be construed as tax, accounting or legal advice. You (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by these materials and all materials of any kind (including opinions or other tax analyses) that are provided to you relating to such tax treatment and structure. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. federal income tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the

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federal income tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of the transaction.

CS has adopted policies and guidelines designed to preserve the independence of its research analysts. CS’s policies prohibit employees from directly or indirectly offering a favorable research rating or specific price target, or offering to change a research rating or price target, as consideration for or an inducement to obtain business or other compensation. CS’s policies prohibit research analysts from being compensated for their involvement in investment banking transactions.

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