Who We Are: A Leading Global Bank

Our vision is to become

• Founded in 1856; one of the world’s leading global banks
the world’s most
• 405 offices in 55 countries; 49,200 employees from over 100
admired bank
countries

• Proven business strategy: integrated bank model, strong client

focus, excellent risk management and investing in our people.

• Sustained profitability over the last six quarters

–2Q10 net income of CHF 1.6 billion
–Tier 1 ratio of 16.3%; one of the strongest capital bases in the
industry

• Market share growth across our businesses

1
1
Key campus recruiting contacts

• Investment Banking (NY) – Mary Kate Rosato, marykate.rosato@credit-suisse.com

• Investment Banking (LA/San Fran) – Tracey Saulsberry, tracey.saulsberry@credit-suisse.com

• Equity Sales & Trading – Tara McDonald, tara.mcdonald@credit-suisse.com

• Equity Research – Gina Ferrugio, gina.ferrugio@credit-suisse.com

• Fixed Income Sales & Trading – Emily Nolan, emily.nolan@credit-suisse.com

• Global Markets Solutions Group – Debra Somers, debra.somers@credit-suisse.com

• Asia Pacific – Amie Wiseman, campus.recruitment-ap@credit-suisse.com

• Penn campus relations manager – Amanda Angulo, amanda.angulo@credit-suisse.com

• Diversity recruiter – Dani Mitchell, danielle.mitchell@credit-suisse.com

2
Upcoming events

1) Wednesday, October 6 – Firmwide coffee chats with CS employees

–Location: Marathon Grill (40th and Walnut Streets)
–Timing: 15 minute appointments from 11 am to 3 pm
–Divisions: IBD, Equity Sales & Trading, Fixed Income Sales & Trading, Equity Research, Global Markets Solutions Group,
and Alternative Investments
–To sign up, email the following information to amanda.angulo@credit-suisse.com
− Your preferred division(s)
− Availability for a 15 min appt between 11 am and 3 pm on Wed 10/6
− A copy of your resume
–Your appointment will be confirmed via email. One appointment per student please

2) Wednesday, October 6 – Trading Simulation with Paul Staneski

–Location: Huntsman Hall Room 250
–Time: 6:00 pm
–Event description: In this exercise the class will determine (through participants' buy and sell decisions) the prices of options
(which we will define) on an underlying asset. You will learn about arbitrage and look at some common trading strategies to guide us
("the market"). By the end of the exercise you will understand the correct sources of an option's value and will have discovered some
fundamental pricing relationships. Plus it will be fun!! Paul Staneski is Global Head of Derivatives Solutions & Training at Credit
Suisse. He has over 30 years of experience in the investment industry. Paul began his career as an equity research analyst and
quantitative portfolio strategist at a large bank where he helped pioneer some of the first ever uses of options in institutional money
management.
–To RSVP, please email your resume to Kimberly.Hirsch@credit-suisse.com

3
Upcoming events (continued…)

3) Tuesday, October 26 - Asia Pacific Summer Analyst Presentation

–Location: Inn at Penn
–Time: 5:00 pm
–Divisions: Investment Banking, Sales & Trading, Research opportunities in Hong Kong, Singapore and
Seoul.
–Stay tuned for sign ups!
–Questions: Please contact Amie Wiseman at campus.recruitment-ap@credit-suisse.com

4) SAVE THE DATE: Wednesday, January 12, 2011 – Firmwide Summer Analyst Presentation
–Location: University Sheraton
–Time: 6:00 pm
–Format: Keynote presentation followed by networking
–All interested students are welcome to attend

4
What Do We Do?

SHARED
Sales & Trading SERVICES Wealth
Prime Brokerage Management
Information
INVESTMENT Technology PRIVATE Solutions
Research BANKING Operations BANKING Corporate and
Capital Raising Risk Management
Retail
and Legal & Compliance
Banking
Advisory Services Human Resources
in Switzerland
Corporate
Communications

ASSET
MANAGEMENT

Alternatives
Asset Allocation
Global Distribution

5
Investment Bank Division: Departments

Department Clients Key Activities Typical Project Duration

Investment Banking Corporations and Financial • Provide advice on corporate finance and M&A to Longer time horizon: 4–8
Investment Bank
Sponsors senior executives and Boards of Directors of months per deal
client corporations
• Execute deals based on the above advice
Global Markets Solutions Corporations and Financial • Offer capital markets expertise (equity, debt and Longer time horizon
Group Sponsors capital derivatives products)
• Offer better value-added client solutions

Equities Institutional Investors • Comprised of client-facing businesses including Varies

sales, trading, prime services, syndication and
market-making
• Deal in common shares and equity-related
securities
• Activities include share repurchase, block trade
execution, securities finance, program trading,
equity derivatives design and execution, and
convertible securities issuance and trading
• Solve key strategic financing challenges of our
Fixed Income Institutional Investors Varies
corporate, sovereign and institutional clients
• Provide advice on managing debt liabilities and
financing opportunities up and down the capital
structure supported by strong relationships in the
international capital and trading markets

Asset Management Alterative Investments Corporations • Provide key investment solutions to clients Varies
through private equity, hedge funds, and
other related activities

Private Bank Private Banking Wealthy & ultra wealthy • Advise private clients on the optimal asset Multi-generational
entrepreneurs & executives, allocation designed to protect and grow their
family offices; and wealth
foundations

6
CS sole bookrunner for Freescale’s $1.38 Million
Senior Secured Notes offering
Transaction highlights

Background

 On April 7, 2010, Credit Suisse launched a $750 million senior secured notes
offering for Freescale Semiconductor, Inc.

Company description
 Freescale Semiconductor is a leader in the design and manufacture of
embedded processors and complementary devices for the automotive,
networking and industrial and consumer electronics markets
- 2009 sales $3.5 billion
- 2009 Adjusted EBITDA of $579 million
 Credit Suisse capitalized on its long history with the Company and the
Sponsors, and its deep presence in the semiconductor space by winning the
first major financing Freescale has awarded to a Sole Bookrunner
 The transaction is the culmination of a series of opportunistic transactions
Freescale has pursued to reduce its debt and lengthen its maturity profile:
−Feb 2009: completed $2.9 billion offer to exchange new senior secured
accordion loans for existing senior and sub notes at a fraction of par value
(CS acted as joint arranger)

Key Terms −Feb 2010: extended $2.3 billion of 2013 term loan to 2016, issued $750
million of secured notes to pay down bank debt (CS acted as joint
Notes bookrunner and joint lead arranger)
Principal amount: $1,380 million
Distribution: 144A for life Transaction highlights
Issue price: 100.0
Maturity: April 15, 2018  CS’ top ranked salesforce was able to generate robust demand and effectively
Coupon: 9.25% cash guide the market’s focus to Freescale's strong credit recovery story despite the
Ratings: B2 / B- Company's high leverage
Security: First lien on substantially all assets
Optional redemption: Call schedule  After talking the offering at 9 ¼%-9 ½%, CS was able to both:
4/15/14 to 4/15/15 104.625%
4/15/15 to 4/15/16 102.313% −Price at the tight end of talk
4/15/16 to maturity 100%
Equity clawback: 35% of Notes with proceeds of an equity issue −Upsize the offering from $750 million to $1.38 billion, allowing
for the first three years Freescale to raise proceeds to retire its entire term loan B and accordion
Change of control: 101% loans, completely eliminating major 2013 maturities and reducing 2014
maturities

7
THIS CASE STUDY IS BEING FURNISHED TO INVESTMENT BANKING CLIENTS OF CREDIT SUISSE FOR INFORMATION PURPOSES ONLY AND MAY NOT BE REPRODUCED FOR OR REDISTRIBUTED TO ANY OTHER
PERSON. THESE SECURITIES HAVE BEEN SOLD. THIS CASE STUDY DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE, ANY SECURITIES.
United Company Rusal plc:
US$2.2 Billion Initial Public Offering
Company description
United Company RUSAL Limited is the world’s largest producer of aluminum, with a
particular focus on the upstream segment of the industry — the production and sale of
primary aluminum (including alloys and value-added products). Within its upstream
business, RUSAL is vertically integrated to a high degree, having secured supplies of
bauxite and having the capacity to produce alumina in excess of its current
requirements. The Group’s core smelters are located in Siberia, Russia, and benefit from
access to low cost hydro generated electricity.
Offering characteristics
Pric ing multiple s :
Offering highlights
On January 22, 2010, Credit Suisse, as Stabilization Agent and one of only two Joint Global
Coordinators and Sponsors, priced the $2.2 billion US initial public offering for United
Company RUSAL Limited
High-profile transaction evidencing constructive buy-side outlook on aluminum
 Highly sensitive to aluminum price – for every US$0.10/lb change in aluminum prices, the
valuation would swing by US$8.4 bn or 46%, based on CS estimates
 Robust multiples achieved at pricing
Company highlights
 Global scale and reach
− The Group is the world’s largest producer of aluminum, producing 4.4 million tonnes and
2.0 million tonnes in 2008 and the first half of 2009, respectively, and accounting for ~12%
and ~11%, respectively, of global output in those periods, according to CRU
 Secure and sustainable low-cost position and power advantage
 Focus on higher margin upstream business
 High degree of vertical integration
 Proximity to China, the largest aluminum consumer in the world
 Proprietary R&D and leading internal EPCM expertise
 Strategic investments, including: a) acquisition of a more than 25% stake in Norilsk Nickel
(market value of ~$6.7 billion), and b) “Bogatyr” 50/50 joint venture in Kazakhstan, an
operator of one of the largest coal fields in the CIS
Comprehensive global roadshow to maximize demand

% pre mium/ % pre mium/

 Extensive 10-day, 2-team global roadshow, visiting over 600 accounts, more than 80 one-on-
EV/ IPO dis c o unt IPO dis c o unt
one meetings in 11 different cities around the world
EBITDA multiple to Chalco P/ E multiple to Chalc o  Book 2x+ covered at final price HK$10.80, with oversubscription to institutions net of
2010E 11.7x 2% 2010E 18.1x (52% ) Cornerstone/Anchors of approximately 3x
2011E 8.4x (7% ) 2011E 6.6x (31% )  Cornerstone/Anchor demand 50%+ of total layout with concentrated allocations thereafter
Mid-cycle 8.5x (5% ) Mid-cycle 10.5x (33% )
 Broad geographical participation across Asia, EMEA and US

THIS CASE STUDY IS BEING FURNISHED TO INVESTMENT BANKING CLIENTS OF CREDIT SUISSE FOR INFORMATION PURPOSES ONLY AND MAY
NOT BE REPRODUCED FOR OR REDISTRIBUTED TO ANY OTHER PERSON. THESE SECURITIES HAVE BEEN SOLD. THIS CASE STUDY DOES NOT
CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE, ANY SECURITIES.
8
Anchor Glass Dividend Recapitalization
$475,000,000 First Lien Term Loan
L + 400 (2% Floor) ; Issued at 99
6 Year tenor; Prepayable at par at any time
$125,000,000 Second Lien Term Loan
L + 800 (2% Floor); Issued at 98.5
6.5 Year tenor; Call protection (103 / 102 / 101 / 100)
Corporate Ratings: B1 / B+
Sole Lead Arranger and Sole Bookrunner
March 2, 2010
Transaction overview
• On March 2, 2010, Anchor Glass completed its $660mm dividend
recapitalization, including a $60mm ABL Revolver, a $475mm First lien
Term Loan and a $125mm Second lien Term Loan
• The offering proceeds were used to refinance existing debt and
distribute a $340 million dividend to shareholders
• Anchor Glass is the third largest manufacturer of glass containers in the
United States
• Pro forma net leverage of 3.1x and 4.0x through the first and second lien
term loans, respectively
• Represents the sixth transaction for the company that Credit Suisse has
executed since 2003
Transaction highlights and execution
• Anchor Glass $660mm dividend recapitalization financing is the largest
in the loan market since the $1.3bn CS-Lead Wide Open West
transaction completed in June 2007
• Following Feb 4 launch, the transaction was successfully syndicated at
the original price talk despite market headwinds due to renewed concerns
about global economic rebound, future of the Fed’s monetary policy, and
sovereign credit risk in Europe
• The Loan flow names index fell to 2010 lows of 92.5, 92.0 and 91.9
on Feb 9, Feb 11 and Feb 16, respectively
• The High Yield flow names index fell to a 2010 low and a 5 month
low to 90.6 and 88.8 on Feb 9 and Feb 11 respectively
• Weekly cash outflow in the High Yield market reached their highest
levels in 4.5 years during the week ended Feb 12
• A number of company-specific marketing issues has to be addressed
by the sales force
• Despite difficult market conditions, the 1st and 2nd lien loans broke for
trading above issue, at 99.5 – 100 and 98.5 – 99.5, respectively
£2.0 Billion Acquisition of RBS WorldPay by Advent International and
Bain Capital
Transaction summary
• Key deal terms
acquisition of • On 6 August 2010, Advent International and Bain Capital announced the
acquisition of RBS WorldPay, part of RBS Global Merchant Services, for
RBS WorldPay a total consideration of £2.0bn

for • RBS will retain a 20% ownership stake in RBS WorldPay

£2.0 billion
Exclusive financial advisor to Advent International and Bain Capital
Announced 6 August 2010
Overview of RBS WorldPay
• RBS WorldPay, headquartered in London and ranked 4th amongst
global merchant acquirers, offers end-to-end payment processing
services
• Serves 358,000 merchants and processes c. 6.8bn transactions per
year through three segments
− Streamline: #1 merchant acquirer and processor in the UK with a
market share of c. 45%
− eCommerce: industry leading provider of a broad range of internet
payment solutions with multi currency and multi payment methods
− RBSWP US: US based full service acquirer and processor
• Transaction is expected to close by end of year 2010, subject to
regulatory and antitrust approvals and customary closing conditions
• Transaction highlights
• Second largest European LBO and largest global financial technology
transaction in the last 3 years
• Highly complex carve out transaction involving operational separation,
multiple transition services agreements and the acquisition of assets and
entities located across Europe and the US
• Fulfills one of RBS’ disposal obligations as required by the EC in
relation to having received aid in 2008/2009
• Credit Suisse contribution
• Supported client in identifying, evaluating, and resolving carve out
issues, driven by CS’ execution experience
• Helped client in understanding industry opportunities and challenges by
leveraging CS’ industry expertise in the payments space
• Developed successful process tactics and helped position the consortium
with definitive credibility by leveraging CS’ relationships with RBS

Transaction continues Credit Suisse’s global leadership in the Financial Technology sector

THIS DOCUMENT IS BEING FURNISHED TO INVESTMENT BANKING CLIENTS OF CREDIT SUISSE FOR INFORMATION PURPOSES ONLY AND MAY NOT BE REPRODUCED
OR REDISTRIBUTED TO ANY OTHER PERSON. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE, ANY
BUSINESS OR SECURITIES.
10