Financial Targets and Achievements

To benchmark our achievements, we have defined a set of key performance indicators, for which we have targets to be achieved over a three to five year period across market cycles.

Credit Suisse performance indicators

Performance	For return on equity, we target an annual rate of return of above 20%.
	For total shareholder return, we target superior share price appreciation plus dividends compared to our peer group.
Growth	For earnings per share, we target a double-digit annual percentage growth.
	For net new assets, we target a growth rate above 6%.
	By 2010, we target integrated bank collaboration revenues in excess of CHF 10 billion.
Efficiency	For our Core Results, we target a cost/income ratio of 65% by 2010.
Capital strength	For the BIS tier 1 ratio under Basel II, we target a ratio of 10%.

Additional divisional performance indicators

Wealth Management	Pre-tax income margin of above 40%.
	Growth rate in net new assets of above 6% .
Corporate & Retail Banking	Pre-tax income margin of above 40%.
Investment Banking	Pre-tax income margin of above 30%.
Asset Management	Pre-tax income margin of above 35%.

For a discussion of our actual results against these targets, please refer to our quarterly reports.

Since the launch of our client-focused integrated bank strategy as of the beginning of 2006, we have made good progress in achieving our targets, benefiting from the favourable operating environment in 2006 and the first half of 2007. The strategy was tested in the more challenging operating conditions in the second half of 2007. With our client focus and balanced business mix, risk management and strong capital position, we performed relatively well. Since 2006, we improved our earnings quality by improving our operating leverage, diversifying our revenues and more efficiently deploying capital.

Broadened platforms for growth

We have a leading presence in Europe and North America, as well as in major emerging markets such as Brazil, China, Mexico, the Middle East and Russia. We have systematically developed these emerging markets over the last few years and will continue to expand our footprint to realize the opportunities from the ongoing globalization, increased capital flows and wealth creation in new markets. In 2007, we strengthened our presence in mature markets (Australia, Austria, Israel and the US) and emerging markets (China, India, Kazakhstan, Panama, Turkey and the Ukraine). In Brazil, we acquired a majority interest in Hedging-Griffo, a leading asset management and private banking firm. In many markets, we further developed our presence through partnerships and joint ventures.

As part of our strategy, we also invested in developing high growth and high margin product offerings. Our ambition is not only to fill competitive gaps, for example in commodities and equity derivatives, but also to develop new business areas such as alternative energy finance and trading. Over the last few years, we expanded businesses such as prime services, algorithmic trading, life finance and alternative investments, and we believe that we will benefit from these platforms going forward.