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					                                    Investing in Eastern Europe
                                    April 2008


                                    Elizabeth Eaton, Senior Portfolio Manager




CREDIT SUISSE ASSET MANAGEMENT LIMITED
 Emerging Markets in a Global Context
                     Developed Versus Emerging Markets, 2007E                                        Emerging Market Contribution to Global Growth

100                                                                                       100
                                                        26                   24
80                                                                                         80
                                                                                                       58                     53
                                                                                                                                                     67
60                    80                                                                   60

40                                                      74                   76            40

                                                                                                       42                     47
20                                                                                         20
                                                                                                                                                     33
                      20
 0                                                                                          0
                Population                              GDP              Market Cap                   2006                   2007E                 2008E

                          Developed Markets                   Emerging Markets                           Developed Markets           Emerging Markets

   Despite dominating global growth and population, Emerging Markets continue to have disproportionately low levels of
          GDP and market capitalization
   From a “big picture” view, there remains massive opportunity for investors in emerging markets
         Eastern Europe provides unique opportunities within a GEM context

         Anchor of European Union Membership – lowers long term economic risk and provides funding for development
         Commodity exposure – growth area for both oil & gas and metal & mining
         Advanced labor force and competitive tax rates
         Close proximity to major export markets of the European Union
 Source: National Statistical Services, ING Estimates


                                                                                                                                           Eastern Europe & Russia
                                                                                                                                                         April 2008
                                                                                  Asset Management                                                          Slide 2
 Eastern Europe – the Big Picture
                                   Population (mln)                                                                                  GDP/Capita US$

600                                                                                       40,000

500
                                                                                          30,000
400

300                                                                                       20,000

200
                                                                                          10,000
100

 0                                                                                            0




                                                                                                           Europe



                                                                                                                           EU+2004




                                                                                                                                                      EU+2007



                                                                                                                                                                      Balkans
                   EU 15
          Europe




                                                      EU+2004



                                                                     EU+2007



                                                                                Balkans




                                                                                                                                                                                CIS x-
                                                                                                                                          Russia




                                                                                                                                                                                Russia
                                            CIS x-
                                            Russia
                                   Russia




                                    GDP (US$ bln)

15000                                                                                               Source: IMF, ING Estimates


                                                                                            The bulk of regional population is in Russia and other
12500
                                                                                                   CIS countries, including Ukraine and Kazakhstan.
10000                                                                                       The overall economy of the region remains only one-
                                                                                                   fifth of that in Western Europe (EU 15).
 7500
                                                                                            Despite rapid convergence, GDP per capita still
 5000                                                                                              averages only 17% of the EU 15. Even the 2004
                                                                                                   enlargement countries still have only one third the GDP
 2500
                                                                                                   of the EU 15.
      0                                                                                     There remains a great deal of “catch up” potential
                           EU 15                                EM Europe                          across the region.

                                                                                                                                                                Eastern Europe & Russia
                                                                                                                                                                              April 2008
                                                                               Asset Management                                                                                  Slide 3
Economic Snapshot

                                                                                 Nom. Fiscal Balance   Current Account     International Reserves
                            GDP (% yoy)              Consumer Price Inflation       (% of GDP)           (% of GDP)              (USD bln)
                    2007       2008         2009   2007      2008         2009    2007        2008     2007       2008        2007        2008
Czech                5.9         4.4         4.2   4.8         5.9        3.3      -3.5       -3.0     -3.3       -4.6        33.5       33.5
Hungary              1.3         1.8         3.0   7.1         4.5        3.4      -6.1       -4.0     -5.3       -3.9        24.6       24.6
Poland               6.6         5.3         5.0   3.7         3.5        3.0      -2.5       -3.1     -4.2       -6.1        61.3       62.3
Romania              6.0         6.0         6.0   7.0         4.8        4.5      -2.5       -3.0     -13.4     -14.2        26.0       26.0
Kazakhstan           9.0         5.0         5.0   19.0       12.0        8.5      -2.2       -1.4     -2.5       -2.0        19.0       19.0
Russia               7.3         7.0         6.5   11.7       10.0        8.0      6.5        4.2      6.2        4.7        461.8       563.6
Ukraine              7.0         6.5         5.5   14.5       10.0        8.0      -3.8       -5.6     -4.3       -8.0        33.7       44.2



    Economic outlook across the broad region remains strong.
    Growth is in excess of 4% across markets, with the exception of Hungary where fiscal cutbacks continue to cause pain.
     On average, the region is expected to grow at 5.1% in 2008 versus 6.3% in 2007.
    While a global slowdown could result in reduced exports, countries across the region are experiencing buoyant dometic
     demand which should leave them relatively insulated from any pullback.
    Inflation pressure is likely to intensify in the region, with exposure to energy and tightening labor markets.
    Interest rates are likely to rise in most markets, except Hungary where progress will be slow.




Source: Goldman Sachs estimates, Credit Suisse



                                                                                                                         Eastern Europe & Russia
                                                                                                                                       April 2008
                                                                Asset Management                                                          Slide 4
Domestic Drivers Increasingly Important and Stock Selection is
Key


   Then                                                     Now

  Improving macroeconomics                             Financials -- credit expansion across the
                                                            region
       – Convergence process
                                                        Infrastructure -- public and private sector
       – Russia’s recovery from 1998 crisis                 investment
  Rising Commodity Prices                              Consumer – domestic demand is growing
  Very low valuation                                   Natural Resouces – remain a global force
  Growing investor interest in the region              Remaining undervalued assets
       – Eastern Europe had historically                Bottom up delivery on investment
          been ignored as a distinct asset                  performance supports valuation
          class
                                                        But supported by
                                                                – Range bound commodity prices
                                                                – Stable macroeconomics & politics

                                                                                         Eastern Europe & Russia
                                                                                                       April 2008
                                             Asset Management                                             Slide 5
 Financials: Loan Penetration Remains Low


200                               Loans to GDP (% ) 2007E                                  180         Credit Card Penetration (% of Population)

175                                                                                        160

150                                                                                        140

125                                                                                        120

                                                                                           100
100
                                                                                            80
75
                                                                                            60
50
                                                                                            40
25
                                                                                            20
 0                                                                                           0
                  CN




                                     TH




                                                      HU




                                                                ID




                                                                                  RU
                            KO




                                                                          PO
                                               KZ




                                                           CZ




                                                                     BZ




                                                                                                                                 MX
                                                                                                  RU


                                                                                                        CH




                                                                                                                         HU




                                                                                                                                                   TU
                                                                                                                PO




                                                                                                                                                            KO
                                                                                                                                          BZ
          HK




          Households were unable to be indebted prior to the 1990s
          Low level of product sophistication in retail – compared to both developed and emerging markets
          Basic financial products, like credit cards and mortgage loans, are still being introduced
          Deepening financial intermediation will provide strength not only to the banking sector itself, but through to domestic
           economies through consumption and investment as well

               Source: Credit Suisse, UBS Estimates



                                                                                                                                      Eastern Europe & Russia
                                                                                                                                                    April 2008
                                                                               Asset Management                                                        Slide 6
 Financials: Eastern Europe in the current context


350                                 Loan to Deposit Ratio, 2007                                    55                             Loan Growth, 2007
                                                                                                   50
300
                                                                                                   45
250                                                                                                40
                                                                                                   35
200                                                                                                30
150                                                                                                25
                                                                                                   20
100                                                                                                15
                                                                                                   10
50
                                                                                                   5
 0                                                                                                 0
                                                            OTP




                                                                                                                                               OTP
                                                                  Halyk
                                                 Sberbank




                                                                                                                                                     Halyk
                                                                                                                                    Sberbank
                         Pekao


                                     PKO




                                                                                                                    Pekao


                                                                                                                            PKO
                                                                                KKB




                                                                                                                                                                          KKB
                                                                                        Alliance




                                                                                                                                                                                  Alliance
        Komercni




                                                                                                         Komercni
                                                                          VTB




                                                                                                                                                                  VTB
       Many Eastern European banks continue to be funded through deposits and do not need to tap into the credit market
            to continue high levels of loan growth
            – Kazakh banks, in general, are an exception
            – Maintaining high levels of deposit growth will be key
       Loan growth remains high, although we expect lower levels in 2008
            – Focus continues to be on retail and consumer loans
                   Source: Credit Suissee Estimates



                                                                                                                                                             Eastern Europe & Russia
                                                                                                                                                                           April 2008
                                                                                      Asset Management                                                                        Slide 7
Financials: Sector View and Focus

Sector Drivers                                               Stock Selection
 Credit penetration remains low across the                   Focus on growth in under saturated markets
    region                                                       across the region
 Earnings growth remains relatively high,
    albeit lower than in 2007
                                                                  Poland – large cap banks with cross-
                                                                      selling opportunities; smaller, innovative
 Retail products offer highest margins                               banks looking at niche markets
   Banks focused on SMEs, mortgage
       loans, small consumer loans, and credit
                                                                  Russia – highly favorable macro outlook
                                                                      combined with bottom-up structural
       cards
                                                                      growth in several products
 Watch the macro – how will rising inflation
    and interest rates effect the sector?                     Value plays
 No direct sub prime exposure in Eastern                         Hungarian banks look inexpensive,
    European banks                                                    despite being very well managed
 Default risks remain low, despite some rise                 Kazakhstan will likely be ignored by risk-
    in unsecured lending                                         averse investors, despite rock bottom
   Access to capital is not yet problematic for                 valuation
    most banks (Kazakhstan is the exception)
                                                              Avoid Romania
 Foreign banks
   Could strategic holdings be reduced in
       Central Europe?
     M&A in Russia likely to support valuation

                                                                                                      Eastern Europe & Russia
                                                                                                                    April 2008
                                                   Asset Management                                                    Slide 8
Infrastructure: A Growing Sector


                    Macro Drivers




     Decades of under-investment

     Urbanisation

     Population growth

     Bottlenecks to economic growth

     Funding availability and new
     financing models




*Source: GE & Merrill Lynch


                                                         Eastern Europe & Russia
                                                                       April 2008
                                      Asset Management                    Slide 9
Infrastructure: Expected Spending


USD1.2 trillion to be spent in emerging markets                                   China ($400bn):               Energy, transport, environment,
                                                                                                                           Olympics, real estate

                                                                                  Russia ($250bn):                      Export facilities, pipeline
              South                 Indonesia                                                                                and ports, housing
                         CEE
              Africa                   4%
                         2%
               5%                                                                 Gulf Region ($150bn):                        Real estate, water
  Mexico
   5%
                                                          China                   India ($110bn):                      Roads, ports, oil and gas
                                                          34%
   Brazil                                                                         Brazil ($100bn):          Power generation and transmission,
   8%                                                                                                                  telecoms and transport

                                                                                  South Africa ($60bn):        Electricity generation, rail freight,
      India                                                                                                                 road works related to
       9%                                                                                                             2010 World Cup, housing

                                                                                  Indonesia ($45bn):                 Roads, power generation,
                                                                                                                    water treatment, oil and gas
                  Gulf                          Russia
                  13%                           20%                               Mexico ($60bn):              Natural gas, toll roads, highways
                                                                                                                    and airports, homebuilding

                                                                                  Central and                Trans-European transport network
                               Source: Merrill Lynch, CAIB, World Bank, IIF
                                                                                  Eastern Europe ($45bn):




                                                                                                                            Eastern Europe & Russia
                                                                                                                                          April 2008
                                                                        Asset Management                                                    Slide 10
Infrastructure: Central and Eastern Europe


                                                               Infrastructure spending in Central and Eastern
                                                                Europe is likely to be dominated by the Trans-
                                                                European Network for Transport, which aims
                                                                to connect the CEE with Western Europe’s
                                                                motorways, rail lines and waterways. The
                                                                bulk of expenditure is expected to take place
                                                                in Poland.

                                                               Transport financing is mostly funded by EU
                                                                member states and transfers from the EU
                                                                Cohesion Fund. Total fund transfers are
                                                                expected to be around 3% of GDP each year
                                                                through 2010.

                                                                            Motorways (km/100,000 pop)
                                                        20
                                                        16
                                                        12
                                                         8
                                                         4
                                                         0




 Source: UN Economic Commission for Europe               Source: CAIB


                                                                                                     Eastern Europe & Russia
                                                                                                                   April 2008
                                             Asset Management                                                        Slide 11
Infrastructure: Russia

                                                                               Russia has seen a steady decline in the quality of its
                                                                                infrastructure after years of underinvestment across most
                                                                                sectors.

                                                                               The bulk of spending will be undertaken by state-
                                                                                controlled monopolies to upgrade oil pipeline and energy
                                                                                capacity. The Investment Fund (Rb140bn) is financing
                                                                                Public-Private Partnerships in road and railway
                                                                                infrastructure and utilities.

                                                                               Housing is also getting particular attention: President
                                                                                Putin called for increasing new housing space to 100-
                                                                                130m sq m per year and setting up Rb$250bn fund to
                                                                                reform housing market (around 1% of GDP for next 4-
                        Budget Balance (% of GDP)
                                                                                5years)Social Infrastructure Spending to Increase (Rb bn)
 16
                                                                               100
 14
 12                                                                             80                                                          2006   2007F
 10
  8                                                                             60
  6
                                                                                40
  4
  2                                                                             20
  0
  Mar-99     Mar-00   Mar-01   Mar-02    Mar-03   Mar-04   Mar-05                0
                                                                                       Educatio n   Health Care   A griculture   Ho using

      Source: Deutsche Bank, Bloomberg



                                                                                                                                 Eastern Europe & Russia
                                                                                                                                               April 2008
                                                                    Asset Management                                                             Slide 12
 Infrastructure: Real Estate Still Compelling

                        Modern Office Stock per ' 000 Inhabitants, sqm                                             Mortgage Loans as a % of GDP


8000                                                                                              100


6000                                                                                               80


4000                                                                                               60


2000                                                                                               40


  0                                                                                                20
              St Pete




                                                            Prague




                                                                             Berlin


                                                                                        London
                                                                     Paris
                            Moscow




                                                   Warsaw
                                        Budapest




                                                                                                    0




                                                                                                         UK


                                                                                                              US




                                                                                                                                  HU




                                                                                                                                                                RU
                                                                                                                                                        TU
                                                                                                                                         PO
                                                                                                                            CZ




                                                                                                                                                  KZ
                                                                                                                     JA
  Despite global concerns, the real estate sector in Eastern Europe remains in fundamentally good condition
  The main driver continues to be structural shortage of quality real estate, where demand continues to outstrip supply
         and vacancy rates remain at extremely low levels in most major cities
  There are not yet signs overheating in the mortgage sector, where penetration levels remain at a very low levels
  Commercial property yields have fallen from peak levels, but early indications show rents are once again on the rise in
         capital cities
       Source: Credit Suisse, UBS Estimates




                                                                                                                                          Eastern Europe & Russia
                                                                                                                                                        April 2008
                                                                                      Asset Management                                                    Slide 13
Infrastructure: Sector View and Focus
Sector Drivers                                                Stock Selection
 Infrastructure spending is growing rapidly                   Real estate remains compelling
    across Eastern Europe in order to upgrade
    aging capital stock                                            Residential continues to benefit from
                                                                       mortgage growth and roll out
   Government spending
     In accession countries, transfers from                       Preference for construction oriented
        the EU budget are tagged for specific                          companies rather than real estate
        infrastructure related projects                                investment funds
     In Russia, the                                           Polish construction companies will benefit
 Private spending                                                from EU structural funds
   Oil & gas companies are now starting                       Investment is not only focused on end
        major greenfield expansion plans                          owners of infrastructure assets, but on
     Utility sector is undergoing restructuring                  companies contributing to sector growth
       and requires massive amounts of capex                       Companies that make products for the
       to expand generation                                            end owners (steel companies)
   Real estate sector is in fundamentally good
    condition despite global concerns
                                                                   Intermediaries that make investment
                                                                       possible (developers, banks, oil service
     Lack of supply in high-end commercial                            companies)
        real estate keeps rents high
       Availability of mortgages and higher
        disposable incomes will drive residential
        sector


                                                                                                      Eastern Europe & Russia
                                                                                                                    April 2008
                                                    Asset Management                                                  Slide 14
Consumer: Domestic Demand Remains High and Growing


                                                                                                Overall, the Emerging European retail
                         Total Retail Turnover, Russia
        600
                                                                                                  market is expected to grow close to
        500
                                                                                                  20% per annum until 2008
                     Retail Turnover, non-food
                     Retail Turnover, food                                                        – Russia represents the strongest area
        400                                                                                          of growth, with a 50% expansion in
                                                                                                     turnover between 2004 and 2006
                                                                                                Increased wealth of the population
$ bln




        300

                                                                                                  means higher spending in retail
        200
                                                                                                Market share opportunities exist for
                                                                                                  large players as local markets remain
        100                                                                                       highly fragmented
                                                                                                Russia is set to be largest retail
          0                                                                                       market in Europe
                                   2006F



                                                 2007F



                                                         2008F



                                                                    2009F



                                                                               2010F
              2004



                        2005




                                     Source: Rosstat, Renaissance Capital Estimates




                                                                                                                           Eastern Europe & Russia
                                                                                                                                         April 2008
                                                                            Asset Management                                               Slide 15
Consumer: Sector View and Focus

Sector Drivers                                                Stock Selection
 GDP per capita across the region averages                    Despite several recent listings, consumer
    only 17% of Western European levels                           stocks remain under-represented in regional
 Disposable income continues to rise at a                        indices
    steady pace                                                  There are virtually no pure consumer
     Lower levels of unemployment                                oriented stocks in either Hungary or Czech
                                                                  Republic
     Higher and wages (and growing)
     Regulated prices have kept some costs                    Poland
       low, such as electricity and gas                          Most consumer stocks are both illiquid
                                                                       and expensive
   A broad range of consumers now have
    access to credit through the banking system                    Prefer industry leaders and established
                                                                       local brands with strong management
     Mortgage loans
                                                                       teams
     Credit cards
                                                                      Use sell-offs as an opportunity
     Small consumer/home improvement
       loans
                                                               Russia
 Retail trade is becoming formalized –                          Food retailers remain the most liquid and
                                                                       accessible part of the market – focus on
    turnover is rising in modern format stores at
                                                                       companies with successful region roll-out
    the expense of open markets
                                                                       strategies
 An element of “trapped demand” remains in
    some areas where imported products were
                                                                   Watch for impact of raw material costs
    once scarce


                                                                                                     Eastern Europe & Russia
                                                                                                                   April 2008
                                                    Asset Management                                                 Slide 16
Natural Resources: Key Beliefs
The world is resource short
   Not finding enough additional resources
   Demand continues to grow in emerging markets, secular and cyclical growth
   Not enough development and service capacity – people and machines
   Oil: non-Opec decline rates are accelerating
Slow supply side reaction
   More difficult to produce and mainly non-conventional
   Deeper and more complex horizons
   Oil sands: expensive, new technology, environment
   High technology intensity in enhanced oil recovery and heavy oil
High oil prices are a reality
 Marginal cost of production at above $55-60/bl
 Low spare capacity – unlikely to go – geopolitical threats likely to remain
 Resources controlled by unstable regimes




                                                                                Eastern Europe & Russia
                                                                                              April 2008
                                              Asset Management                                  Slide 17
    Natural Resources: A Global Force
                                                                     Russia as a % of W orld Production

                                                                                           48
           50


           40


           30
    (% )




                         21                                 21                                                                                        22
                                                                                                                                                                                  18
           20
                  12                                                            13                     12
                                       11
                                                                                                                        8                     9                                              8
           10                                                           6                                                                                         7
                                                    3                                                                                4

           0




                                                                                                       Thermal Coal
                         Natural Gas



                                       Aluminium




                                                                                                                                                                                            Uranium
                                                                                Platinum



                                                                                           Palladium




                                                                                                                                                                 Molybdenum
                                                                                                                                    Chrome




                                                                                                                                                      Diamonds
                                                                        Steel
                                                            Nickel




                                                                                                                      Coking Coal




                                                                                                                                                                                   Potash
                                                   Copper




                                                                                                                                             Cobalt
                  Oil




      Russia and Central Asia represent a significant portion of global production and reserves in several major commodity
       items
               World’s largest producer of hydrocarbons
               Large and growing base metals resource
               Portion of global reserves in many commodity items is much, much higher
      China and Greater Asia are growing consumers of CIS commodities – “Russian bear feeds Chinese dragon”
Source: GFMS Metals Consulting, IISI, Johnson Matthey, ABARE, BHP Billiton, Rio Tinto, Commodities Research Unit, USGS, World Nuclear Assoc.


                                                                                                                                                                              Eastern Europe & Russia
                                                                                                                                                                                            April 2008
                                                                                    Asset Management                                                                                          Slide 18
Russian Oil & Gas: What can the Prime Minister Do?
                                                 150                                               Russian Oil Stocks, price performance YTD
                                                 140
                                                 130
                                                 120
                                                 110
                                                 100
                                                  90
                                                  80
                                                  70
                                                  60                             Lukoil                Novatek                    Gazprom                      Roseneft              Surgut
                                                  50

                                                       08/01/2008


                                                                    22/01/2008


                                                                                          05/02/2008


                                                                                                        19/02/2008


                                                                                                                     04/03/2008


                                                                                                                                     18/03/2008


                                                                                                                                                  01/04/2008


                                                                                                                                                                    15/04/2008


                                                                                                                                                                                 29/04/2008


                                                                                                                                                                                                  13/05/2008
   Gazprom has always been the most leveraged Russian company, due to high taxation in the oil sector
   Russian integrated oil companies have been burdened by two main taxes
       Crude export tax
       Mineral Extraction Tax (MET)
   Government is slowly making changes in taxation to support future investment growth in the industry
    –    No tax for development in Eastern Siberian basin (since 2007)
    –    On the table: tax exempt development in Timan-Pechora (Lukoil), reduction in MET, sliding scale for domestic oil products
    –    Putin has generated full support from the president and relevant ministries, and claims the bill is ready for the Duma


                                                                                                                                                                                              Eastern Europe & Russia
                                                                                                                                                                                                            April 2008
                                                                    Asset Management                                                                                                                          Slide 19
Natural Resources: Sector View and Focus

Sector Drivers                                                Stock Selection
 Oil price continues to surprise on the upside                Russian oil & gas
   Sell-side analysts are slow to upgrade                       Integrated oil companies have been
       estimates and many remain “behind the                           ignored despite high crude prices –
       curve” in 2007 – expect further revisions                       changes in taxes are imminent
       in 2008                                                     Prefer companies associated with local
 Pricing in base metals will likely be volatile,                   governments as they are likely to benefit
   but medium-term demand continues to                              from new licensing opportunities
   outstrip supply                                               Metals & Mining
    Project delays and problems damage                            Russian metals companies remain some
      supply side picture                                              of the cheapest in the world despite
    Demand from BRICs continue to grow                                world-class resource bases
 Cost of greenfield projects remains high and                     Expect political clarity to result in multiple
   high quality equipment is in shortage                               expansion
 M&A activity could be a catalyst in Russia
   and other CIS countries where companies
   remain relatively inexpensive and
   development potential remains high
 Changes in taxation in the Russian oil & gas
   sector could be a catalyst, but is unlikely in
   the near term



                                                                                                      Eastern Europe & Russia
                                                                                                                    April 2008
                                                    Asset Management                                                  Slide 20
Other Industries
Telecoms
 Fixed line telecoms are now x-growth in most areas – optimization of balance sheets and high
   dividends will be drivers as businesses have reached maturity
 Mobile companies still riding the wave of upgrades in ARPU over 2007
 Broadband is growing rapidly across the region – Russian companies remain compelling
Media
 Advertising penetration remains low across the Eastern European region and is a growth area
 Listed companies have disappointed as competition has increased over time
Downstream oil
 While refining margins are expected to be lower in 2008 than in 2007, we still find stock specific
   ideas in the industry
 Refinery upgrades in Poland and Lithuania should provide a catalyst
Utilities
 Electricity prices and acquisitions should fuel earnings growth in Central Europe
 In Russia, sector restructuring has been a major driver
   Government has now approved all major sector reforms
   Demand for electricity is increasing and generation capacity must be built to fulfill future needs


                                                                                         Eastern Europe & Russia
                                                                                                       April 2008
                                              Asset Management                                           Slide 21
Where are the risks?


 Risks remain largely externally driven
     Global growth and commodity prices
     Risk aversion and change in global sentiment
 Inflation
     High inflation in Russia appears to be one of the few economic
      vulnerabilities
 Current accounts stretched in some convergence countries
    Can this be covered with FDI?
    Hungary also suffers from large fiscal deficit




                                                                       Eastern Europe & Russia
                                                                                     April 2008
                                       Asset Management                                Slide 22
Eastern European Investment Team
Team Member             Functional Title                                        Location

Neil Gregson            Head of Emerging Market Equity, Global Resources        London
Elizabeth Eaton         Head of Emerging Europe, Middle East and Africa         London
Renata Klita            Portfolio Manager, Eastern Europe                       London
Gregg Bridger           Assistant Portfolio Manager, Eastern Europe             London
Jacqueline de Sanctis   Client Portfolio Manager, Emerging Market Equities      Zurich
Vipin Ahuja             Global Sector Portfolio Manager, Energy                 London
Anne Marieke Ezendam    Global Sector Portfolio Manager, Health Care/Pharma     London
Simon Sheppard          Global Sector Portfolio Manager, Metals & Mining        London
Stephen Parr            Global Sector Portfolio Manager, Telecoms               London
Krisztina Kozma         Portfolio Manager, Hungary                              Budapest
Tomasz Adamus           Portfolio Manager, Poland                               Warsaw
Stanislaw Ozga          Portfolio Manager, Poland                               Warsaw
Marcin Dabrowski        Trader, Poland                                          Warsaw
Petr Holinsky           Portfolio Manager, Czech Republic                       Prague
Annabel Betz            Economist & Strategist, Global Emerging Market Equity   London




                                                                                           Eastern Europe & Russia
                                                                                                         April 2008
                                               Asset Management                                            Slide 23
On the ground, Bottom-Up Security Selection adds Value




                                                    Eastern Europe & Russia
                                                                  April 2008
                           Asset Management                         Slide 24
 CS Equity Fund (Lux) Eastern Europe
Gross Returns as of 30 April 2008
                                   Account: Credit Suisse Equity Fund (Lux) Eastern Europe
                                   Benchmark: MSCI EM Eastern Europe 10-40 Index in Euros/Prior to 1/1/07 MSCI EM Eastern Europe Index
                      80
                                                                                       72.6
                                                                                67.5
                      70

                      60

                      50                                                                                            44.0
                                                              40.8
   Performance (% )




                      40                                                                                                                                                  34.7
                                                                     31.3                                                  33.1                                                  31.7
                                                                                                  29.9
                                                                                                         25.3                                           27.2   25.9
                      30

                                             16.9   17.0
                      20

                      10

                       0

                      -10                                                                                                             -5.2    -3.6

                            -13.4   -13.8
                      -20
                                  YTD           2007             2006              2005              2004              2003             1 Year          3 Year (Ann)      5 Year (Ann)




                                                                                                           Source: Credit Suisse, data as at 30 April 2008. Inception date September 1997
                                                                                                                                    Gross of fees, Base Currency EUR, LO-CEQEEF5BOPP.
                                                             Please note that past performance is not necessarily a guide to the future. The value of investments can go down as well as up.



                                                                                                                                                                Eastern Europe & Russia
                                                                                                                                                                              April 2008
                                                                                       Asset Management                                                                         Slide 25
CS EF (Lux) Eastern Europe


Country Allocation                                                          Sector Allocation
As at 30 April 2008                                                         As at 30 April 2008

                                  Russia                                                             Materials
                                                                                                                    Healthcare

                                                                                                                    Industrials



                                                                               Financials                                Telecom




                                                                                                                            Utilities
                                                             Regional

                                                         Cash                                                              Cash
          Kazakhstan

                  Hungary                          Czech
                                                                                                                   Consumer
                                                  Republic
                                   Poland                                                   Energy



                                                                                                                     Source: Credit Suisse
*Regional includes Romania, Georgia and Croatia


                                                                                                                 Eastern Europe & Russia
                                                                                                                               April 2008
                                                                 Asset Management                                                Slide 26
 CS Equity Fund (Lux) Russia Explorer
Gross Returns as of 30 April 2008
No comparative benchmark exists. Russian Indices shown only for reference purposes.
                                   Account: Credit Suisse Equity Fund (Lux) Russia Explorer
                       20          Benchmark 1: MSCI Russia
                                   Benchmark 2: RTS Index in Euros
                       15

                                                                                                                                                        8.9
                       10

                                                                                                                           4.3                                                  4.66
    Performance (% )




                        5
                                                                                                               0.7                                                  1.3

                        0


                        -5                                                                                                            -3.87

                       -10                                            -8.1
                                 -10.2                                           -10.1
                                                                                             -11.28
                       -15                           -12.98
                                           -14.7

                       -20
                                           YTD                                   6 Mo.                                    1 Yr.                               Since Inception

                                                                                                               Source: Credit Suisse, data as at 30 April 2008. Inception date May 2006
                                                                                                                               Gross of fees, Base Currency EUR, LO-RUSEXP5BOPP.
                                                         Please note that past performance is not necessarily a guide to the future. The value of investments can go down as well as up.




                                                                                                                                                                 Eastern Europe & Russia
                                                                                                                                                                               April 2008
                                                                                         Asset Management                                                                        Slide 27
CS Equity Fund (Lux) Russia Explorer


Country Allocation                                        Sector Allocation
As at 30 April 2008                                       As at 30 April 2008

                                                                                Materials



                                                                                                    Healthcare
     Russia
                                                                                                     Industrials
                                                              Financials


                                                                                                      Telecom




                                                                                                     Cash
                                                                                                     Utilities
                                        Cash



                                   Georgia
                                                                       Energy                Consumer
                      Kazakhstan




                                                                                                Source: Credit Suisse



                                                                                            Eastern Europe & Russia
                                                                                                          April 2008
                                               Asset Management                                             Slide 28
Important Information

 This communication is directed at institutional clients only. It should not be distributed to or relied upon by private
    customers.
   This document has been prepared and issued by CREDIT SUISSE ASSET MANAGEMENT LIMITED, One Cabot
    Square, London E14 4QJ, www.credit-suisse.com/uk, Tel: 020 7888 1000, on the basis of publicly available
    information, internally developed data and other sources believed to be reliable. Whilst all reasonable care has been
    taken to ensure that the information is accurate and any assumptions made or simulations used are fair and
    reasonable, neither CREDIT SUISSE ASSET MANAGEMENT LIMITED, nor any director, officer nor employee, shall in
    any way be responsible for the contents. This document does not constitute investment advice and no reliance should
    be placed on its contents. It has been prepared for illustrative purposes only to demonstrate CREDIT SUISSE ASSET
    MANAGEMENT LIMITED's investment process and strategy.
   The price of shares and income from them may fall as well as rise and is not guaranteed, You may not get back the
    amount of your original investment. Please note that past performance is not a guide to future performance. The value
    of investments can go down as well as up. Where investments are made internationally their values may fluctuate due
    to currency exchange rate movement. The yield quoted is appropriate at the time of going to print, but may fluctuate
    subject to market conditions.
   Any research included in this document is for illustrative purposes only. It was procured for CREDIT SUISSE ASSET
    MANAGEMENT LIMITED for its own purposes and is no longer current. It should not be viewed as a recommendation
    or solicitation of an offer to buy or sell any securities or investment products or to adopt any investment strategy.
   All forecasts are based on reasonable belief. The yields quoted in this document are appropriate at the time of going to
    print, but may fluctuate subject to market conditions.
   CREDIT SUISSE ASSET MANAGEMENT LIMITED is authorised and regulated by the Financial Services Authority, 25
    The North Colonnade, Canary Wharf, London E14 5HS.




                                                                                                        Eastern Europe & Russia
                                                                                                                      April 2008
                                                     Asset Management                                                   Slide 29

				
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