2. PRESENTATION
S INTRODUCTION
S CONSOLIDATED RESULTS
S CREDIT SUISSE FINANCIAL SERVICES
S CREDIT SUISSE FIRST BOSTON
S SUMMARY
S CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Slide 1
3. RESULTS OVERVIEW
2002 4Q/02
2001 3Q/02
in CHF million
Credit Suisse
Financial Services (165) 3,585 705 (1,165)
Credit Suisse
First Boston (1,862) (1,388) (1,252) (679)
Corporate Center & adjustments (1,282) (610) (403) (304)
Group reported net profit/(loss) (3,309) 1,587 (950) (2,148)
including:
Amortization of acquired
(1,440) (348)
intangible assets and goodwill (1,563) (333)
(1,581) (1,462)
Exceptional items (1,428) (119)
373 190
Tax impact 604 56
Cumulative effect of change in
520 520
accounting principles - -
Slide 2
4. SPECIAL ITEMS AFFECTING NET PROFIT
in CHF million
Special Items
Q4 2002 2002
Equity-related investment
99 (2,392)
losses in insurance units (1)
Downsizing CSFB and
(290) (409)
restructuring PB Europe
quot;Legacyquot; assets (2)
(289) (1,206)
SEC settlement and
(649) (649)
litigation reserve
(390) (390)
Pershing loss
(92) (422)
Retention payments
Net gains/(losses)
202 183
on investments
Cumulative effect of
520 520
accounting change
(889) (4,765)
TOTAL
(2) non-continuing businesses: real estate and distressed
(1) assuming break-even of insurance units based on current investment income only
trading, and quot;legacyquot; private equity
Slide 3
5. UPDATE ON KEY PRIORITIES (1/2)
Update as of Q4 2003 Objective
S Successful issuance of Mandatory
Ensure S Positive impact from Pershing
Convertible Securities
adequate sale
S Continued balance sheet
capital
S Internal capital generation
resources management
S Full effect from USD 500 m cost
reduction program at CSFB
S CSFB costs down by USD 2.7 bn
Continue
S Savings from consolidation of
or 23% vs 2001
to reduce
Swiss Securities and Treasury
costs in S Series of cost reduction measures Infrastructure
banking underway in CSFS's businesses
S Further cost reductions at CSFS
banking
S Exposure down to USD 3.0 bn '02
Resolve
S Earnings drag now largely
quot;legacyquot; – reduction of USD 2.3 bn in 2002 behind us
assets and USD 750 m in Q4/02
Slide 4
6. UPDATE ON KEY PRIORITIES (2/2)
Update as of Q4 2003 Objective
S Refocus local businesses in S Significantly reduced cost base
Refocus Germany and Spain on Private
S Focused client approach and
European Banking clients
Private services
S Reduced infrastructure, IT and
Banking
S Leverage of core capabilities
personnel expenses
Return to profitability:
S Reported profit in Q4 S Reduction of administration
expenses in Swiss head office
S Stabilized investment income
Return
S Focused management structure
Winterthur
S Improvement in operational
to
S Positive pricing environment in
performance
profitability
non-life business
S Exit from sub-scale markets S Further focusing of business and
product portfolio
Slide 5
7. WINTERTHUR: BACKGROUND OF ANNOUNCED
MEASURES
S Paradigm shift in the European insurance industry
No more easy returns from the stock markets
B
Capital base eroded, limiting growth options
B
Increased focus on technical results and costs
B
S At Winterthur, a number of measures already initiated
Investment strategy adapted
B
Premium increases, cost reduction programs
B
Selective re-underwriting to re-price/remove underperforming business
B
Divestitures of several smaller operations
B
Slide 6
8. WINTERTHUR: KEY STRATEGY ELEMENTS
S Focus on cost management and profitability
B Leverage existing strengths and positions
B Prudently manage capital and risks
S Aligned management model
B Life and non-life divisions brought together in selected countries
B Realize synergies in distribution and support functions
B One Executive Board, one corporate center
S Operational excellence throughout the company
B Starting at the corporate center: focused support for market units - reduction
of around 350 job positions in 2003
B Rigorous implementation of all measures already initiated
S Continued focus on selected core markets
Slide 7
9. WINTERTHUR: NEW EXECUTIVE BOARD
CEO
L. Fischer
Technical
CFO CIO
Services
J. Dacey S. Moser H. Lauber
Switzerland Switzerland DBV- Market Market
Churchill
Non-Life Life Winterthur Group I Group II
H. Nickel- W. Schmidt-
Ph. Egger R. Hefti M. Long Ch. Schnor
Waninger Soelch
Slide 8
10. PRESENTATION
S INTRODUCTION
S CONSOLIDATED RESULTS
S CREDIT SUISSE FINANCIAL SERVICES
S CREDIT SUISSE FIRST BOSTON
S SUMMARY
S CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Slide 9
13. PROVISIONS
Valuation Adjustments, Provisions and Losses
in CHF million
Total (1)
1,440
973 Inherent loss allowance
778
892
155
662
73 Non credit-related
106
562 24
471 164 Credit-related at CSFS
51
734
81
819 129
471
88 Credit-related at CSFB
387
213
(18)
Q4
Q4 Q1 Q2 Q3
2001 2002
(1) totals include Corporate Center and adjustments but exclude exceptional provisions of CHF 397 m in Q4/01 and CHF 984 m in Q4/02
Slide 12
14. CSFB CREDIT-RELATED PROVISIONS
S Record US default rates drove 22% increase in corporate credit provisions
S Provisions for quot;legacyquot; assets (sales and writedowns) to reduce exposure
CSFB Credit-Related Valuation Adjustments, Provisions and Losses (1)
2,335
in CHF million
Inherent loss
530
+530 allowance
241
+305
1,214 +286 quot;Legacyquot; assets
1,564
Credit-related (2)
1,278 +22%
(64)
2002
2001 Change in Change New
credit- in quot;legacyquot; inherent loss
related assets reserve
provisions
(1) excluding restructuring-related charges of CHF 397 m in 2001 and CHF 984 m in 2002
(2) excluding quot;legacyquot; assets shown separately
Slide 13
15. IMPAIRED LOANS
Total Impaired Loans
in CHF billion
15.6
14.5
13.0 12.3 12.4
6.0
5.7
5.0 5.0 5.5 CSFB
9.5 8.8 8.0 7.3 6.9 CSFS
12/01 03/02 06/02 09/02 12/02
6.0% 5.0% 5.1% 4.6% 4.9% Impaired loans as % of due
from banks and customers (1)
59.5% 60.4% 60.2% 60.0% 62.3% Valuation allowance as % of
impaired loans
(1) due from banks and customers and mortgages (excluding securities lending and reverse repurchase agreements)
Slide 14
16. BANKING CAPITAL RATIOS
AS OF DECEMBER 31, 2002
CSG CSG
Credit Suisse (1)
in CHF million (1) (2)
Banking Consol.
Credit Suisse First Boston
Book equity 7,589 19,789 29,846 31,394
Deduction of goodwill (288) (9,098) (9,953) (11,035)
Other tier 1 adjustments (1’183) (95) (198) (816)
Tier 1 capital 6,118 10,596 19,695 19,544
(3)
acquired intangible assets 74 3,234 3,304 3,304
hybrid capital 0 1,023 2,162 2,162
BIS risk-weighted assets 82,728 103,308 196,485 201,466
Tier 1 capital ratio 7.4% 10.3% 10.0% 9.7%
excl. acquired intangible assets 7.3% 7.4% 8.5% 8.2%
S Pershing transaction to raise CSFB's and Group's tier 1 ratio by approximately
1% and 0.5%, respectively
(1) consolidated banking entities Credit Suisse and Credit Suisse First Boston
(2) including holding company and other banking units (e.g. independent private banks)
(3) net of tax liability
Slide 15
17. WINTERTHUR GROUP EU SOLVENCY MARGIN
AS OF DECEMBER 31, 2002
EU Solvency Capital and Requirements
10.5
in CHF billion
0.5
3.3 +67%
6.3
5.6 1.1
2.4 Non-Life Business
3.9 Life Business
Share- Altern. Real Net Total Required
holders' solvency estate adjust- solvency solvency
equity capital reserves ments capital capital
Slide 16
18. PRESENTATION
S INTRODUCTION
S CONSOLIDATED RESULTS
S CREDIT SUISSE FINANCIAL SERVICES
S CREDIT SUISSE FIRST BOSTON
S SUMMARY
S CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Slide 17
19. CREDIT SUISSE FINANCIAL SERVICES OVERVIEW
S CSFS net operating profit of CHF 535 m in Q4 and
net operating loss of CHF 136 m for 2002
Results
S Net profit of CHF 705 m in Q4 includes cumulative effect of
2002
change in accounting principles of CHF 266 m and exceptional
items of CHF -73 m (CHF -192 m in 2002)
S Operating income in banking segments decreased 8% y-o-y,
only partially offset by reduced expenses of 3%
Key drivers
S Operating income suffered from lower asset base (down CHF
in banking
segments 67 bn in 2002), lower transaction volumes and low interest rate
environment
S Lower investment income with a NOP impact of CHF -3.3 bn
Key drivers
versus 2001
in insurance
S Continued strong premium growth and operational
segments
improvements
Slide 18
20. PRIVATE BANKING
Segment result (1) Key Profit & Loss Items
in CHF million
Change vs Change vs
634
579 2002 2001 Q4/02 Q3/02
486
6,461 (11%) 1,477
Operating income 3%
339
303
Operating expenses (3,862) (4%) (951) 2%
12%
1,762 (23%) 339
Segment result 12%
(41%)
S 2002 operating income negatively affected by decreased
Gross- AuM base (down CHF 59 bn in 2002), reduced securities
turnover and low interest rate environment
margin 131 133 127 114 118
(bp) (1) S Reduced NNA inflow, negatively impacted by increased
attention surrounding CSG’s financial performance in the
NNA
course of 2002
8.6 9.2 5.6 3.4 0.5
(CHF bn)
S Reduction of cost base by CHF 162 m vs 2001 despite
Q4 Q1 Q2 Q3 Q4 international expansion
2001 2002 S Good progress in refocusing European Private Banking
(1) before exceptional items, cumulative effect of change in accounting principles and minority interests
Slide 19
21. CORPORATE & RETAIL BANKING
(1)
Segment result Key Profit & Loss Items
in CHF million 120
Change vs Change vs
102 2002 2001 Q4/02 Q3/02
95
2,435 575
Operating income 2% (7%)
Operating expenses (1,585) (2%) (421) 8%
46
45
(293) (72)
Provisions(3) (5%) 3%
(55%)
2%
363 46
Segment result 19% (55%)
C/I- (2)
ratio (%) 74.6 60.6 69.8 67.6 77.6
S Operating income CHF 37 m (2%) higher vs 2001 but
ROE (2) down 7% in Q4 due to lower transaction-based income
4.6 12.1 9.5 10.5 4.8
(%)
S Expenses down CHF 35 m (2%) vs 2001 but up 8% in
Q4 Q1 Q2 Q3 Q4 Q4 due to project costs; cost/income ratio 2002 of
2002
2001 68.7%, down 2.4 ppts vs 2001
(1) before exceptional items, cumulative effect of change in
S ROE 2002 of 9.3%, up 1.5 ppts vs 2001
accounting principles and minority interests
(2) operating
(3) valuation adjustments, provisions and losses (provisions based on ACP)
Slide 20
22. LIFE & PENSIONS
Segment result (1) Key Profit & Loss Items
in CHF million Change vs
2002
93
80 2001
15
19,019
Gross premiums written 9%
(20,442)
Benefits & claims (3) 9%
(427)
1,758
Policyholder dividends n.m.
(2,179)
(1,081) Operating expenses 17%
9.9%(2) Investment income (4)
Expense 10.9%
1,438 (70%)
ratio (full-year)
(1,400)
Segment result n.m.
Return on
invested 2.5 3.2 0.1 1.2 1.2
SImpact of lower investment income on
assets (%)
segment result vs 2001: CHF -1.6 bn
Q2 Q3
Q4 Q1 Q4 SSegment result of CHF 93 m in Q4 includes CHF 220 m
2002
2001 impact from deferred tax assets on net operating losses
SStrong premium growth of 9.2%
(1) before exceptional items, cumulative effect of change in
accounting principles and minority interests
(organic 10.4% in local currency)
(2) excluding DAC/PVFP writedown, reported 11.5%
SExcluding DAC/PVFP writedown of CHF 292 m, expense
(3) death and other benefits incurred & change in provision for
future policyholder benefits (technical)
ratio down to 9.9% for full year
(4) excluding separate account business
Slide 21
23. INSURANCE
Segment result (1) Key Profit & Loss Items
Change vs
in CHF million
2002 2001
82
6 15,703
Net premiums earned 5%
(11,749)
Claims & annuities 2%
106
Policyholder dividends n.m.
(147)
(4,488)
Operating expenses 4%
(361) (10)
Investment income n.m.
(490) (992)
Segment result n.m.
Combined 105.6% 103.4%
S Impact of lower investment income on
ratio (full-year)
segment result vs 2001: CHF -1.7 bn
S Segment result of CHF 6 m in Q4 includes
Return on
CHF 276 m impact from deferred tax assets on net
invested 6.3 1.2 (3.8) 1.6 0.5 operating losses
assets (%) S Impact from discontinued/divested business of
CHF -90 m net of tax in Q4 (2002: CHF -251 m)
Q4 Q1 Q2 Q3 Q4
S Net premiums earned up 4.6%
2002
2001
(organic 9.4% in local currency)
S Combined ratio down 2.2 ppts to 103.4% (claims ratio
(1) before exceptional items, cumulative effect of change in
down 1.9 ppts, expense ratio down 0.3 ppts)
accounting principles and minority interests
Slide 22
24. CSFS OBJECTIVES FOR 2003
Overall:
S Strong efforts initiated to further reduce cost base
Private Banking:
S Lower asset base with impact on operating income
Corporate & Retail Banking:
S Some increase in credit risk costs likely
Winterthur:
S Measures taken to allow profitability for the full year
S However, quarterly results likely to be impacted by volatility in financial markets
Slide 23
25. PRESENTATION
S INTRODUCTION
S CONSOLIDATED RESULTS
S CREDIT SUISSE FINANCIAL SERVICES
S CREDIT SUISSE FIRST BOSTON
S SUMMARY
S CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Slide 24
26. CREDIT SUISSE FIRST BOSTON OVERVIEW
S Net operating profit of USD 11 m in Q4/02 and USD 140 m in 2002
S Revenue decline of 21% due to protracted downturn in the markets
S Operating expenses down USD 2.7 bn (23%) vs 2001
Results
S Exceptional charges of USD 890 m (USD 813 m after tax) and
positive cumulative effect of change in accounting principles
amounting to USD 162 m
S Reached agreement in principle to settle US Regulatory probe into
industry research practices
Significant S Definitive agreement to sell Pershing
Events
S Continued to right-size platform to match market reality
S Substantially reduced exposure to legacy assets
S Maintain revenue-generating capabilities and market positions
S Drive further expense efficiencies
Objectives
S Manage risk exposure for flexibility in face of geopolitical uncertainty
S Generate sustained profitability
Slide 25
27. CSFB RESULTS
Net Operating Profit (1) Earnings Drivers
in USD million in USD million Change vs Change vs
229
2002 2001 Q4/02 Q3/02
155
11,769 (21%) 2,361 (11%)
Revenues
11
Operating expenses 9,277 (23%) 1,870 (14%)
(114)
1,679 84% 657
Provisions 17%
(255)
S Revenues reflect weak market environment and
(1)
writedown on legacy portfolio
ROE
(in %) (5.0) 6.9 9.9 (11.8) 0.4 S Continued to right-size and reduce expenses
S Provisions reflect
Q4 Q1 Q2 Q3 Q4
2001 2002 record credit defaults for industry, particularly in
B
the US
establishment of USD 340 m reserve for losses
B
(1) excluding exceptional items, cumulative effect of
inherent in non-impaired portfolio
change in accounting principles and amortization of
acquired intangible assets and goodwill
Slide 26
28. CSFB NET OPERATING PROFIT CONTRIBUTION
2001 2002
in USD million
Q4 2002
Q4 Q1 Q2 Q3 2001
63 394
Institutional Securities (83) 218 296 (183) 918
48 226
CSFB Financial Services 121 70 71 37 259
111 620
Subtotal 38 288 367 (146) 1,177
(138) (109) (100) (647) (480)
Acquisition-related costs (152) (133)
(1)
11 140
Net operating profit/(loss) (114) 155 229 (255) 530
(1) excluding exceptional items, cumulative effect of change in accounting principles and amortization of acquired intangible assets and goodwill
Slide 27
29. CSFB NET PROFIT/(LOSS)
Q4/02 Q4/01
in USD million
Net operating profit/(loss) 11 (114)
Covers estimated exposure
(150)
Regulatory agreement (100)
related to research, Enron and
(450)
Civil litigation provision - certain IPO allocation practices
(86)
Pershing (pre-tax) -
Continue to right-size the firm;
(204)
Restructuring (745)
reduced headcount by approx.
(165)
Severance-related (583)
1,500 during Q4/02
(21)
Excess facilities charges (103)
(18)
Exit charges for non-core business (59)
77
Tax impact 199
Total exceptional items (813) (646)
Cumulative effect of change in
162
accounting principles -
Amortization of acquired
(171)
intangibles assets and goodwill (179)
Net profit/(loss) (811) (939)
Slide 28
30. REVENUES
S Decline of 47% vs Q3/02 – developed credit products,
Fixed Income Division
USD bn 1.3 incl. NCFE, lower securitization results and widened
1.3 1.1
spreads
0.8
0.6
S Decline in emerging markets, particularly in Brazil
S Lower interest rate products, incl. seasonal effect
Equities Division S Decline of 22% vs. Q3/02
USD m
S Stable cash business but lower EDCU revenues due to
855 760 718
699 562 limited arbitrage opportunities, equity market uncertainty
and reduced customer trading
Investment Banking Division S Increase of 68% vs. Q3/02 – primarily Private Equity gain
on sale of Swiss Re, with improvement across banking
USD m
695 871 813
589 products
485
S M&A and equity new issuance activity remain depressed
Financial Services Segment S Decline of 3% vs. Q3/02
USD m
S Lower global equity market values, net asset outflows at
597 536 553 501 484
CSAM and lower trading and customer debit volumes
at Pershing and PCS
Q4 Q1 Q2 Q3 Q4
2001 2002
Slide 29
31. MARKET SHARES REMAIN STRONG
2002 2001
Rank Share Rank Share
3 16.8%
Global M&A 4 22.6%
4 8.2%
Global Equity 5 10.0%
2 7.9%
Global Debt 3 8.4%
1 15.5%
High Yield 1 16.4%
Equity Research
1 21RA
Global 3 18 RA
Fixed Income Research
2 31 RA
North America 3 32 RA
RA = Ranked analysts
Slide 30
32. CSFB FINANCIAL SERVICES REVENUE DRIVERS
S Net asset outflow reduced vs. Q3/02
S Year-on-year AuM adversely impacted by performance, net asset outflows and
sale of CSFBdirect (USD 21 bn)
S Lower customer activity at Private Client Services
Q4/02 2002
Q3/02 Q4/01 2001
(in USD billion)
(5.8) (20.1)
Institutional asset management (7.9) 1.1 5.5
1.8 5.1
Private client services 0.1 2.7 9.3
(4.0) (15.0)
Total net new assets (7.8) 3.9 14.8
350
Assets under management 336 382
Private Client Services:
630 742 1,172
Avg. debit balances (USD m) 692 887
1.4
Trading volume (USD bn) 1.7
Slide 31
33. SUBSTANTIAL RIGHT-SIZING OF EXPENSE BASE
S Expenses down USD 2.7 bn (23%) vs 2001
S Headcount reduced 14% during 2002; 23% since 2000
S Progress in bringing compensation/revenue ratio more in line with peers
S Cost reductions achieved while maintaining revenue-generating capabilities and
market positions
Change vs 2001
2002 2001
(in USD billion) in USD billion in %
6,191
Personnel expenses (1) 8,125 (1,934) (24)
3,086
Other operating expenses 3,852 (766) (20)
9,277
Total operating expenses 11,977 (2,700) (23)
23,424
Headcount (period-end) 27,302 (3,878) (14)
52.6%
Compensation/revenue (2) 54.4%
(1) excludes amortization of retention payments and exceptional items
(2) excludes acquisition interest, amortization of retention payments and exceptional items
Slide 32
34. quot;LEGACYquot; ASSETS EXPOSURE REDUCED BY 45%
S 2002 results include charges of quot;Legacyquot; Assets Impact On:
USD 1.1 bn from quot;legacyquot; assets Q4/02 2002
in USD million
Net operating profit drag of
B Revenues (281) (919)
USD 773 m
Provisions 8 (154)
S Exposure reduced in 2002 by USD
Total (273) (1,074)
2.3 bn to USD 3.0 bn
Taxes 76 301
B Q4/02 reduction of USD 0.8 bn
Net operating profit (196) (773)
quot;Legacyquot; Assets Net Exposure
S Q4/02 charges of USD 273 m offset
12/01 12/02
by USD 309 m Swiss Re gains in USD billion 12/99 12/00
1.5
Real estate 8.9 4.8 2.9
0.5
Distressed 2.0 1.5 1.1
S 2003 P&L charges expected to be
1.0
Private equity (1) 1.0
substantially lower 1.7 1.3
Total 11.9 8.0 5.3 3.0
(1) only non-continuing business, excluding unfunded commitments of USD 1.2 bn, 1.0 bn, 0.9 bn and 0.8 bn as of 12/99, 12/00, 12/01 and
12/02 respectively, of which USD 0.4 bn represents employee commitments as of 12/01 and 12/02
Slide 33
35. CSFB OBJECTIVES FOR 2003
S Will build on strong franchise and market share
S Lower expense base in line with expected revenues
S Earnings drag from quot;legacyquot; assets largely behind us
S Provisions expected to decrease but vulnerable to general credit cycle
S Well positioned for improved return on equity
Slide 34
36. PRESENTATION
S INTRODUCTION
S CONSOLIDATED RESULTS
S CREDIT SUISSE FINANCIAL SERVICES
S CREDIT SUISSE FIRST BOSTON
S SUMMARY
S CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Slide 35
37. SUMMARY
S In the 4th quarter, we took further steps towards returning to profitability
addressed a number of exceptional cost items
B
strengthened our balance sheet and improved capital base
B
S Core businesses continued to hold leadership positions in key markets
S Economic and geopolitical outlook remains uncertain
S Measures taken in 2002 expected to restore the Group to profitability in 2003
Slide 36
38. CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
This presentation contains statements that constitute forward-looking statements. In addition, in the future we, and others on
our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without
limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect
on our future performance of certain contingencies; and assumptions underlying any such statements.
Words such as “believes,” “anticipates,” “expects,” quot;intends” and “plans” and similar expressions are intended to identify
forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these
forward-looking statements except as may be required by applicable laws.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks
exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be
achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest
rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we
conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes
in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest
or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries
in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors
such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to
our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws,
regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our
operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands;
(xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and
acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii)
acquisitions, including the ability to integrate successfully acquired businesses; (xviii) the adverse resolution of litigation and other
contingencies; and (xix) our success at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you
should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently
filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission.
Slide 37
