Banking for 7 billion and 7 million

GLOBAL INVESTOR 3.06 Services — 73
As at the date of this report, Credit Suisse acts as a market maker or liquidity provider in the
securities of the subject issuer AKAMAI TECHNOLOGIES, ALTRIA GROUP, BASF, BMW,
CATERPILLAR INC, CITIGROUP, COCA-COLA CO, COLGATE-PALMOLIVE, DU PONT
NEMOURS & CO, GENERAL ELECTRIC, GENERAL MOTORS, GOOGLE-A, HONDA MOTOR
CO, INBEV, KYOCERA, MATSUSHITA EL INDL, PEPSICO, SHARP CORP OSAKA, SONY,
TOYOTA MOTOR, UNILEVER CERT, WALT DISNEY, WASTE MANAGEMENT, YAHOO.
Credit Suisse holds a trading position in the subject issuer AKAMAI TECHNOLOGIES,
ALTRIA GROUP, BASF, BHP BILLITON, BHP BILLITON, BMW, BBVA R, BRIT AMER
TOBACCO, CADBURY SCHWEPPES, CAMECO, CATERPILLAR INC, CITIGROUP, COCA-
COLA CO, COLGATE-PALMOLIVE, DANONE, DIAGEO, DU PONT NEMOURS & CO,
ENERGY RES AUST -A-, GENERAL ELECTRIC, GENERAL MOTORS, GOOGLE-A, HSBC
HLDG, HONDA MOTOR CO, INBEV, KUALA LUMP.KEP.BER., KYOCERA, L’OREAL,
LVMH, MATSUSHITA EL INDL, MITSUI & CO, NESTLE N, NEWS-A, NOKIA, OPAP,
PEPSICO, PERNOD RICARD, SABMILLER, SHANGHAI ELECT -H-, SHARP CORP
OSAKA, SHISEIDO CO LTD, SONY, THE SWATCH GRP, TOYOTA MOTOR, UNILEVER
CERT, VIACOM-B, WALT DISNEY, WASTE MANAGEMENT, YAHOO, WILLIAM HILL.
As at the end of the preceding month, Credit Suisse beneficially owned 1% or more of a class
of common equity securities of BHP BILLITON, GENERAL MOTORS, HSBC HLDG.
Swiss American Securities Inc. disclosures
Swiss American Securities Inc. or its affiliates has managed or comanaged a public offering
of securities for the subject issuer BMW, BRIT AMER TOBACCO, CITIGROUP, DIAGEO,
GENERAL ELECTRIC, GENERAL MOTORS, GOOGLE-A, HSBC HLDG, HONDA MOTOR
CO, NESTLE N, OPAP, SHANGHAI ELECT -H-, TOYOTA MOTOR, WALT DISNEY within
the past 12 months.
Swiss American Securities Inc. or its affiliates has received investment banking – related
compensation from the subject issuer ALTRIA GROUP, BASF, BHP BILLITON, BMW, BBVA
R, BRIT AMER TOBACCO, CATERPILLAR INC, CITIGROUP, COLGATE-PALMOLIVE,
DIAGEO, DU PONT NEMOURS & CO, ENERGY RES AUST -A-, GENERAL ELECTRIC,
GENERAL MOTORS, GOOGLE-A, HSBC HLDG, HONDA MOTOR CO, LVMH, MITSUI &
CO, NESTLE N, NOKIA, OPAP, SHANGHAI ELECT -H-, SONY, TOYOTA MOTOR, VIACOM-
B, WALT DISNEY within the past 12 months.
Swiss American Securities Inc. or its affiliates expects to receive or intends to seek investment
– banking related compensation from the subject issuer AKAMAI TECHNOLOGIES,
ALTRIA GROUP, BASF, BHP BILLITON, BMW, BBVA R, BRIT AMER TOBACCO, CADBURY
SCHWEPPES, CAMECO, CATERPILLAR INC, CITIGROUP, COCA-COLA CO, COLGATE-
PALMOLIVE, DANONE, DIAGEO, DU PONT NEMOURS & CO, ENERGY RES AUST -A-,
GENERAL ELECTRIC, GENERAL MOTORS, GOOGLE-A, HSBC HLDG, HONDA MOTOR
CO, INBEV, KYOCERA, L’OREAL, LVMH, MATSUSHITA EL INDL, MITSUI & CO, NESTLE N,
NEWS-A, NOKIA, OPAP, PEPSICO, PERNOD RICARD, SABMILLER, SHANGHAI ELECT
-H-, SHARP CORP OSAKA, SHISEIDO CO LTD, SONY, TOYOTA MOTOR, VIACOM-B,
WALT DISNEY, WASTE MANAGEMENT, YAHOO within the next three months.
As of the date of this report, Swiss American Securities Inc. acts as a market maker or
liquidity provider in the equity securities of the subject issuer ALTRIA GROUP, BASF, BHP
BILLITON, BBVA R, CADBURY SCHWEPPES, CAMECO, CATERPILLAR INC, CITIGROUP,
COCA-COLA CO, COLGATE-PALMOLIVE, DIAGEO, DU PONT NEMOURS & CO, GENERAL
ELECTRIC, GENERAL MOTORS, HONDA MOTOR CO, MATSUSHITA EL INDL, PEPSICO,
SONY, TOYOTA MOTOR, VIACOM-B, WALT DISNEY, WASTE MANAGEMENT.
Swiss American Securities Inc. or its affiliates holds a trading position in the subject
issuer AKAMAI TECHNOLOGIES, ALTRIA GROUP, BASF, BHP BILLITON, BHP
BILLITON, BMW, BBVA R, BRIT AMER TOBACCO, CADBURY SCHWEPPES, CAMECO,
CATERPILLAR INC, CITIGROUP, COCA-COLA CO, COLGATE-PALMOLIVE, DANONE,
DIAGEO, DU PONT NEMOURS & CO, ENERGY RES AUST -A-, GENERAL ELECTRIC,
GENERAL MOTORS, GOOGLE-A, HSBC HLDG, HONDA MOTOR CO, INBEV, KUALA
LUMP.KEP.BER., KYOCERA, L’OREAL, LVMH, MATSUSHITA EL INDL, MITSUI &
CO, NESTLE N, NEWS-A, NOKIA, OPAP, PEPSICO, PERNOD RICARD, SABMILLER,
SHANGHAI ELECT -H-, SHARP CORP OSAKA, SHISEIDO CO LTD, SONY, THE SWATCH
GRP, TOYOTA MOTOR, UNILEVER CERT, VIACOM-B, WALT DISNEY, WASTE MANAGE-
MENT, YAHOO, WILLIAM HILL.
Additional disclosures for the following jurisdictions
Hong Kong: Other than any interests held by the analyst and/or associates as disclosed
in this report, Credit Suisse Hong Kong branch does not hold any disclosable interests.
United Kingdom: For fixed income disclosure information for clients of Credit Suisse (UK)
Limited and Credit Suisse Securities (Europe) Limited, please call +41 44 333 12 11.
For further information, including disclosures with respect to any other issuers, please
refer to the Credit Suisse Global Research Disclosure site at:
https://entry4.credit-suisse.ch/csfs/research/p/d/de/disclosure_en.html
Rating allocation as of 24/08/2006
Overall
With investment interests only
BUY 47.00% 47.87%
HOLD 48.31% 47.42%
SELL 3.93% 3.82%
RESTRICTED 0.75% 0.90%
Relative performance
At the stock level, the selection takes into account the relative attractiveness of individual
shares versus the sector, market position, growth prospects, balance sheet structure
and valuation. The sector and country recommendations are “overweight,” “neutral,” and
“underweight” and are assigned according to relative performance against the respective
regional and global benchmark indices.
Absolute performance
The stock recommendations are BUY, HOLD and SELL and are dependent on the expected
absolute performance of the individual stocks, generally on a 6–12-month horizon based
on the following criteria:
BUY
HOLD
SELL
RESTRICTED
TERMINATED
10% or greater increase in absolute share price
–10%/+10% variation in absolute share price
10% or more decrease in absolute share price
In certain circumstances, internal and external regulations exclude
certain types of communications, including e.g. an investment
recommendation during the course of Credit Suisse engagement
in an investment banking transaction.
Research coverage has been concluded.
Corporate and emerging market bond recommendations
The recommendations are based fundamentally on forecasts for total returns versus the
respective benchmark on a 3–6-month horizon and are defined as follows:
BUY
HOLD
SELL
RESTRICTED
Expectation that the bond issue will be a top performer in its segment
Expectation that the bond issue will return average performance
in its segment
Expectation that the bond issue will be among the poor performers
in its segment
In certain circumstances, internal and external regulations exclude
certain types of communications, including e.g. an investment
recommendation during the course of Credit Suisse engagement
in an investment banking transaction.
Credit ratings definition
Credit Suisse assigns rating opinions to investment grade and crossover issuers. Ratings
are based on our assessment of a company’s creditworthiness and are not recommendations
to buy or sell a security. The ratings scale (AAA, AA, A, BBB, BB) is dependent on
our assessment of an issuer’s ability to meet its financial commitments in a timely manner.
For the AA, A, BBB, BB categories, creditworthiness is further detailed with a scale of
High, Mid, or Low, with High being the strongest subcategory rating: AAA – best credit
quality and lowest expectation of credit risks; exceptionally high level of capacity with
respect to debt servicing. This capacity is unlikely to be adversely affected by foreseeable
events. High AA, Mid AA, Low AA – obligor’s capacity to meet its financial commitments
is very strong; High A, Mid A, Low A – obligor’s capacity to meet its financial commitments
is strong; High BBB, Mid BBB, Low BBB – obligor’s capacity to meet its financial commitments
is adequate, but adverse economic/operating/financial circumstances are more
likely to lead to a weakened capacity to meet its obligations. High BB, Mid BB, Low BB –
obligations have speculative characteristics and are subject to substantial credit risk.
An outlook indicates the direction a rating is likely to move in over a two-year period.
Outlooks may be positive, stable or negative. A positive or negative rating outlook does
not imply a rating change is inevitable. Similarly, ratings for which outlooks are “stable”