credit-suisse quarterly review q4/2001

5520154English

INFORMATION FOR INVESTORS

Credit Suisse Group shares Ticker symbolsStock exchange listings Bloomberg Reuters Telekurs

SWX Swiss Exchange/virt-x CSGN VX CSGZn.VX CSGN,380Frankfurt CSX GR CSGZn.DE CSX,013New York (ADS) 1) CSR US CSR.N CSR,065Tokyo 8653 JP CSGZ.T N1492,106

1) 1 ADS represents 1 registered share.

Swiss security number 1213853 ISIN number CH0012138530 German security number DE 876 800CUSIP number 225 401 108

RatingsAgencies Credit Suisse Group Credit Suisse Credi Credit Suisse First Boston Winterthur

Long term Short term Long term Short term Long term Short term

Moody’s, New York Aa3 - Aa3 P1 Aa3 P1 Aa3Standard & Poor’s, New York AA- A1+ AA A1+ AA A1+ AAFitch IBCA, New York AA- F1+ AA- F1+ AA F1+ AA-

Enquiries

CREDIT SUISSE GROUPInvestor Relations Gerhard Beindorff, Andreas PeterlikTel. +41 1 333 4570 / +41 1 333 3169Fax +41 1 333 2587

CREDIT SUISSE GROUPMedia Relations Karin Rhomberg Hug, Claudia KraazTel. +41 1 333 8844 Fax +41 1 333 8877

Copies of all Credit Suisse Group

financial publications may be ordered from:

CREDIT SUISSEKIDM 23Uetlibergstrasse 2318070 ZurichSwitzerlandFax +41 1 332 7294www.credit-suisse.com/q4results2001/order.html

Credit Suisse GroupParadeplatz 8 P.O. Box 1 8070 Zurich Switzerland

Tel. +41 1 212 1616 Fax +41 1 333 2587

www.credit-suisse.com

QUARTERLY REVIEW 2001 Q4

Trading exposures The average VaR at Credit Suisse First Boston in thefourth quarter of 2001 was USD 49.0 million, comparedwith USD 78.0 million during the third quarter of 2001.The VaR decrease was in large part due to the imple-mentation of a revised historical simulation model formortgage spread risks within the Fixed Income division.Starting this quarter, the backtesting chart shows thecomponent of trading revenue due purely to overnightprice movements and excluding fee and commissionincome. This calculation is better suited for the evalua-tion of a VaR model. As illustrated in the backtestingchart, Credit Suisse First Boston had two regulatorybacktesting exceptions in the fourth quarter of 2001; on average, a backtesting model returns two or threeexceptions per annum.

1Q2001 2Q2001 3Q2001 4Q2001

Daily adjusted trading revenue One-day VaR (99%)

in Mio USD

100

50

0

–50

–100

–150

Adjusted trading revenue and VaR estimate for Credit Suisse First Boston

RISK MANAGEMENT

CSFB trading exposures

Credit Suisse Group is a leading global financial services company headquartered in Zurich.

Credit Suisse Financial Services provides private clients and small and medium-sized companies with private

banking and financial advisory services, banking products, and pension and insurance solutions from

Winterthur. Credit Suisse First Boston, the investment bank, serves global institutional, corporate, govern-

ment and individual clients in its role as a financial intermediary. Credit Suisse Group’s registered shares

(CSGN) are listed in Zurich and London on the SWX Swiss Exchange/virt-x, Frankfurt and Tokyo, and in

the form of American Depositary Shares (CSR) in New York. The Group employs around 80,000 staff

worldwide. As of December 31, 2001, it reported assets under management of CHF 1,425.5 billion.

Asset qualityCredit quality has softened as a result of the volatile andfragile economic environment, although the share ofinvestment grade exposure was not appreciably lowerthan in previous quarters. The mix of impaired assetshas shifted: continued progress in reducing the historicimpaired asset portfolio at Credit Suisse Banking wasoffset by an increase in impaired assets at Credit SuisseFirst Boston. Vulnerable sectors continue to be moni-tored, with active management leading to addition of col-lateral, purchase of credit protection and tightening ofmaturities where justified. Provisions are created whenexposures exhibit signs of deterioration to an extent thatwould classify them as impaired.

Asset quality & provisionsAs of December 31, 2001, in CHF m

Non-performing loans (NPLs) 1)

Capital provisions against NPLs 2)

Total counterparty exposures 1)

of which lendingof which committed, but unusedof which contingent exposuresof which counterparty trading

Coverage ratio of NPLs31.12.0130.09.0131.12.00NPLs as percentage of counterparty exposures31.12.0130.09.0131.12.00

1) Includes loans and loan equivalents. / 2) Excludes total interest of CHF 1,385 m (fully provided).

Credit SuisseGroup

9,6665,728

400,371173,524113,80025,52187,526

59%56%63%

2.4%2.2%2.4%

Credit SuisseFirst Boston

3,7482,205

229,51831,368

101,7199,883

86,548

59%54%67%

1.6%1.2%0.6%

Credit SuissePrivate Banking

11674

42,69438,968

02,904

822

64%62%54%

0.2%0.3%0.3%

Credit SuisseFinancial Services

5,8023,449

128,159103,18812,08112,734

156

59%57%62%

4.5%4.8%6.5%

(99% one-day VaR)in USD m

Total VaRPeriod endAverageMaximumMinimum

in USD m

VaR by risk typeInterest rateForeign exchangeEquityCommodity

Subtotal

Diversification benefit

Total

Credit Suisse First Boston computes these VaR estimates separately for each risktype and for the whole portfolio using the historical simulation methodology.Diversification benefit reflects the net difference between the sum of the 99%percentile loss for each risk type and for the total portfolio.

1Q2001

83.882.499.469.5

31.03.01

97.615.712.72.2

128.2

) (44.4

83.8

)

2Q2001

72.373.085.366.6

30.06.01

79.817.121.21.1

119.2

) (46.9

72.3

3Q2001

85.078.095.263.1

30.09.01

107.215.223.32.5

148.2

) (63.2

85.0

4Q2001

42.749.055.542.7

31.12.01

56.711.121.72.4

92.0

(49.3

42.7

1 Editorial 2 Financial highlights Q4/2001 4 An overview of Credit Suisse Group 8 Review of business units 8 Credit Suisse Financial Services 16 Credit Suisse Private Banking 18 Credit Suisse Asset Management 20 Credit Suisse First Boston 24 Consolidated results Credit Suisse Group 24 Consolidated income statement 25 Consolidated balance sheet 26 Off-balance sheet and fiduciary business 26 Selected notes 29 Risk Management Information for investors

Cautionary Statement Regarding Forward-Looking InformationThis communication may contain projections or other forward-looking statements related to Credit Suisse Group that involve risks and uncertainties. Readers arecautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by CreditSuisse Group with the SEC, specifically the most recent filing on Form 20-F, which identify important risk factors that could cause actual results to differ from thosecontained in the forward-looking statements, including, among other things, risks relating to market fluctuations and volatility, significant interest rate changes, creditexposures, cross border transactions and foreign exchange fluctuations, impaired liquidity, competition and legal liability. All forward-looking statements are based oninformation available to Credit Suisse Group on the date of its posting and Credit Suisse Group assumes no obligation to update such statements unless otherwiserequired by applicable law.

The Financial Report comprising the Group’s consolidated financial statements and the parent company financial statements as of December 31, 2001, is availablein English on the Internet.

Credit Suisse Group’s Annual Report 2001 will be available from May 6, 2002, in English and German.

This symbol is used to indicate topics on which further information is available on our website. Go to www.credit-suisse.com/q4results2001/bookmarks.html to findlinks to the relevant information. This additional information indicated is openly accessible and does not form part of the Quarterly Review. Some areas of CreditSuisse Group’s websites are only available in English.

www.credit-suisse.com 29

http://www.credit-suisse.com/en/q4results2001/bookmarks.html


EDITORIAL

Lukas MühlemannChairman and Chief Executive Officer

Dear shareholders, clients and colleagues

2001 was a challenging year for the whole financial ser-vices industry, including Credit Suisse Group. Revenueswere down in every quarter. The Group reacted to thesedevelopments early in the year and started to adjust itscost base in line with the significantly altered marketenvironment. It was thus possible to reduce our operatingexpenses by 12% in the third quarter and – excludingexceptional items at Credit Suisse First Boston – by 18%in the fourth quarter.

At the same time, we successfully built our marketfranchise in all of the Group’s businesses. Our assetgathering and asset management businesses recordednet new assets of CHF 66.4 billion in 2001 comparedwith CHF 58.1 billion in 2000, corresponding to anincrease of 14%. The Group’s insurance businessesachieved double-digit premium growth. Donaldson, Lufkin& Jenrette (DLJ) was successfully integrated into CreditSuisse First Boston and their combined market positionwas maintained.

We attribute this performance to our dedication toproviding our clients with the best possible services andproducts. Our strategic decision three years ago to offermutual fund and life insurance products from externalproviders – and not only our own products – has clearlypaid off for our clients. Our decision two years ago tooffer alternative investment products also enabled manyof our clients to protect their capital despite the negativemarket conditions in 2001. Moreover, the combined product and market strength of the former DLJ, CreditSuisse First Boston and Credit Suisse Asset Manage-ment enables us to provide a full and high-quality productline for our institutional clients.

Credit Suisse Group reported a net operating profit ofCHF 4.0 billion for 2001, excluding exceptional items atCredit Suisse First Boston and the amortization ofacquired intangible assets and goodwill, net of tax.

Net profit for the year was CHF 1.6 billion. At year-end2001, total assets under management stood at CHF1,425.5 billion, up slightly from year-end 2000.

Our financial services, private banking and assetmanagement businesses proved remarkably resilient in2001 and put in a good performance given market condi-tions. Credit Suisse First Boston was strongly impactedby the negative market environment, particularly in thesecond half of the year. The strict implementation of costsaving measures led to exceptional items in the fourthquarter, but also to a much more competitive cost basewhich is expected to impact positively on the businessunit’s performance going forward.

We remain cautious in our outlook for 2002. However,the Group has considerable financial strength and a goodmarket position in all core businesses. We are confidentabout our ability to capture new business opportunities andto create added value for our clients and shareholders.The Group’s Board of Directors will propose a par valuereduction of CHF 2 per share in lieu of a dividend to the Annual General Meeting on May 31, 2002. This isunchanged versus the par value reduction for the financialyear 2000.

Lukas MühlemannMarch 2002


CREDIT SUISSE GROUP F INANCIAL HIGHLIGHTS Q4/2001

Share data 1)

Shares issued Shares repurchased

Shares outstanding

Share price in CHF (as of March 4, 2002: CHF 61.80 )

Market capitalization in CHF m

Book value per share in CHF

Share price in CHF1)

High LowRepayment of capital (in lieu of a dividend) 5)

Calculation of earnings per share (EPS) 1)

Net profit in CHF mNet operating profit in CHF m 2)

Diluted net profit in CHF mDiluted net operating profit in CHF m 2)

Weighted average shares outstanding 3)

Dilutive impact 4)

Weighted average shares, diluted

Basic earnings per share in CHFBasic earnings per share – operating, in CHF 2)

Diluted earnings per share in CHFDiluted earnings per share – operating, in CHF 2)

1) All share-related data have been adjusted for the 4-for-1 share split effective as of August 15, 2001. / 2) Excluding amortization of acquired intangible assets and good-will, exceptional items of CHF 1,092 m in 4Q2001, as well as restructuring provisions of CHF 1,074 m in 4Q2000, all net of tax. / 3) Adjusted for weighted averageshares repurchased. / 4) From convertible bonds and outstanding options. / 5) Proposal of the Board of Directors to the Annual General Meeting on May 31, 2002.

Change from31.12.00 in %

0–

(1

(8

(9

(12

Change from2000 in %

(10(39

0


(73(45(73(45

7598

(74(49(75(49

31.12.01

1,196,609,8117,730,000

1,188,879,811

70.80

84,173

29.92

4Q2000

87.3873.25

4Q2000

) 5901,880

) 5901,880

1,162,136,5209,691,120

1,171,827,640

) 0.511.62

) 0.501.60

)

)

)

)

))

))))

))))

30.09.01

1,196,253,5967,730,000

1,188,523,596

56.50

67,152

29.90

2001

87.0044.80 2.00

2001

1,5873,9741,5883,975

1,194,090,7889,356,766

1,203,447,554

1.333.331.323.30

4Q2001

71.3051.60

4Q2001

(830616

(830616

1,188,677,4457,213,154

1,195,890,599

(0.700.52

(0.690.52

3Q2001

75.8844.80

3Q2001

) (29921

) (29922

1,189,924,9967,860,925

1,197,785,921

) (0.250.02

) (0.250.02

31.12.00

1,201,751,9600

1,201,751,960

77.00

92,535

34.08

2000

97.1373.252.00

2000

5,7857,2185,7877,220

1,111,100,0885,874,124

1,116,974,212

5.216.505.186.46

12 months

12 months

Market capitalizationAs of end of reporting period (in CHF bn)

90

100

80

70

50

30

20

60

40

10

091 92 93 94 95 96 97 98 99 00 01

Share performanceSwiss Market Index (rebased) Credit Suisse Group

19971996 1998 1999 2000 2001 2002

1009080

70

60

50

40

30

20

Financial calendar Annual Report 2001 Monday, May 6, 2002

First quarter results 2002 Wednesday, May 15, 2002

Annual General Meeting 2002 Friday, May 31, 2002

Second quarter results 2002/distribution of par value reduction Wednesday, August 14, 2002

Third quarter results 2002 Thursday, November 14, 2002

2


Consolidated income statement in CHF m

Operating incomeGross operating profitNet operating profit 1)

Net profitCash flow

Return on equity (ROE) in %

Credit Suisse Group: Reported ROEOperating ROE 1)

Banking business: Reported ROEOperating ROE 1)

Insurance business: Reported ROEOperating ROE 1)

Return on invested capital (ROIC)

Consolidated balance sheet in CHF m

Total assetsShareholders’ equityMinority interests in shareholders’ equity

BIS data in CHF m

BIS risk-weighted assets BIS tier 1 capital

of which non-cumulative perpetual preferred securitiesBIS total capital

BIS capital ratios in %

BIS tier 1 ratio Credit SuisseCredit Suisse First Boston 2)

Credit Suisse Group 3)

BIS total capital ratio Credit Suisse Group

Assets under management/client assets in CHF bn

Advisory assets under managementDiscretionary assets under managementTotal assets under managementClient assets

Net new assets in CHF bn

Net new assets

Number of employeesSwitzerland banking

insuranceOutside Switzerland banking

insuranceTotal employees Credit Suisse Group

1) Excl. amortization of acquired intangible assets and goodwill, exceptional items of CHF 1,092 m in 4Q2001, as well as restructuring provisions of CHF 1,074 m in4Q2000, all net of tax. / 2) Ratio is based on a tier 1 capital of CHF 15.2 bn (September 30, 2001: CHF 16.8 bn; December 31, 2000: CHF 17.6 bn), of which non-cumulative perpetual preferred securities is CHF 1.1 bn (for all periods). / 3) Ratio is based on a tier 1 capital of CHF 21.2 bn (September 30, 2001: CHF 21.3 bn;December 31, 2000: CHF 27.1 bn), of which non-cumulative perpetual preferred securities is CHF 2.1 bn (for September 30, 2001 and December 31, 2000: CHF 1.1 bn).


5(27(45(73(22


(77(53(91(64

913

(37


4(1121


(7(2288

(20

31.12.00

7.1 13.6 11.3 18.2


0523


14


4(7(75

(1

))))

))))

)

)

))

)

))

)

2000

37,23112,0837,2185,785

10,734

2000

17.7 21.518.223.116.216.626.5

31.12.00

987,43343,5222,571

31.12.00

239,46527,1111,102

43,565

30.09.01

7.1 12.5 9.0

14.8

31.12. 00

724.7667.3

1,392.02,065.0

2000

58.1

31.12. 00

21,4546,781

30,66621,63780,538

4Q2000

10,6323,1701,880

) 5903,309

4Q2000

) 6.119.0

) 2.5) 18.7

19.920.430.2

31.12.01

1,022,51338,9213,121

31.12.01

222,87421,1552,076

34,888

31.12.01

725.4700.1

1,425.52,131.3

4Q2000

21.9

31.12.01

22,3466,297

28,41522,64179,699

2001

39,1548,8703,9741,5878,384

2001

4.110.01.78.4

17.618.716.7

30.09.01

1,006,06237,9372,167

30.09.01

237,34721,3251,078

35,216

31.12.01

6.912.99.5

15.7

30.09.01

660.1630.3

1,290.41,928.3

2001

66.4

30.09.01

22,6946,289

30,66022,31581,958

4Q2001

8,1611,264

616(830

1,802

4Q2001

(9.36.6

(12.55.2

14.516.57.8

4Q2001

17.9

3Q2001

8,7201,490

21) (299

1,373

3Q2001

) (3.00.2

) (5.3(1.611.012.09.0

3Q2001

7.1

12 months

12 months

12 months


AN OVERVIEW OF CREDIT SUISSE GROUP

Credit Suisse Group reported a net operating profit of CHF 616 million for the fourthquarter, compared with CHF 21 million in the previous quarter, and of CHF 4.0 billionfor full year 2001, down 45% versus 2000, excluding exceptional items at CreditSuisse First Boston and the amortization of acquired intangible assets and goodwill,after taxes. A net loss of CHF 830 million was recorded in the fourth quarter and netprofit stood at CHF 1.6 billion for the full year, down 73% versus 2000. The Group’sasset gathering businesses continued to achieve a high level of profitability and healthygrowth. Net new assets for the full year amounted to CHF 66.4 billion, representinggrowth of 4.8% for 2001. Total assets under management stood at CHF 1,425.5billion as of end-2001. The Group has made progress in reducing costs in all itsbusiness units. The Group’s Board of Directors will propose a par value reduction ofCHF 2 per share in lieu of a dividend to the Annual General Meeting on May 31, 2002.

Overview of business unit results 1)

12 months 2001in CHF m

Operating incomeOperating expenses

Gross operating profit

Depreciation of non-current assetsValuation adjustments, provisions and losses 2)

Profit before extraordinary items, taxes

Extraordinary income/(expenses), net Taxes

Net profit before minority interests

Minority interests

Net profit

Reconciliation to net operating profitAmortization of acquired intangible assets and goodwill Exceptional itemsTax impact

Net operating profit 3)

Value added 4)

Average allocated capital 5)

Return on average allocated capital 5)

Return on average allocated capital (operating) 3) 5)

Increased/(decreased) credit-related valuation adjustments 2)

1) The Group’s consolidated results are prepared in accordance with Swiss GAAP, while the Group’s segment reporting principles are applied for the presentation of thebusiness unit results. For a detailed description of the Group’s segment reporting principles, please refer to our Financial Report 2001 which is available on our websitewww.credit-suisse.com, and to the footnotes to the business unit results. This presentation of the business unit results is provided to assist in evaluating the operatingperformance of the business units, which should be considered in the context of the Group’s consolidated financial statements. / 2) Increased/decreased valuation adjust-ments taken at Group level resulting from the difference between the statistical and actual credit provisions. / 3) Excl. amortization of acquired intangible assets and good-will, as well as exceptional items, all after tax. / 4) Value Added is a measure of value creation in the period under review. It is derived from Credit Suisse Group’s ValueBased Analysis (VBA) and complements the performance metrics which are currently used, but does not replace them. The measure is aimed at enhancing management’sawareness of value creation. For this purpose, accounting figures are adjusted by adding back accounting distortions such as selected non-cash charges (e.g. amortizationof goodwill), and cost of equity is charged to the business unit as well as the consolidated accounts. / 5) For Winterthur business units within Credit Suisse FinancialServices, average invested capital is used for the calculation of return on invested capital (ROIC).

Credit SuisseGroup

) 39,154) 30,284

8,870

3,7492,592

) 2,529

) (229(486

) 1,814

) (227

) 1,587

) 1,5631,428(604

) 3,974

) 1,164

))

)

)

Adjust. incl.Corporate

Center

(628(1,081

453

397271

) (215

) (2391

) (453

) (157

) (610

(8–

) –

(618

) (747

)

CreditSuisse

FirstBoston

22,82520,902

1,923

2,2921,938

(2,307

) (1) 685

(1,623

(1

(1,624

1,3611,428

) (594

571

(883

16,913(9.6%3.4%

194

CreditSuisseAsset

Management

1,5751,138

437

1260

311

(14) (61

236

) 0

236

94–

(8

322

206

1,291––

–

CreditSuissePrivate

Banking

5,7812,707

3,074

8436

2,954

15) (631

2,338

) (20

2,318

18–

) –

2,336

2,071

3,471––

(5)

CreditSuisse

FinancialServices

9,6016,618

2,983

850347

1,786

10(480

1,316

(49

1,267

98–

(2

1,363

517

10,90612.1%12.9%

27

4

Assets under management/client assets in CHF bn

Credit Suisse Financial ServicesAssets under management

of which discretionaryClient assets

Credit Suisse Private BankingAssets under management


Credit Suisse Asset ManagementAssets under management


Credit Suisse First BostonAssets under management

of which discretionaryof which Private Equity on behalf of clients

Client assets

Credit Suisse Group Assets under management


Change from1) 31.12.00 in %

0.11.00.2

2.817.81.9

4.41.14.4

(0.714.3(8.24.4

2.44.93.2

Change from1) 2000 in %

(24.075.5

(62.3262.2

14.3

)))

)

)

)

)

)

))

)

)

31.12.00

273.8142.6289.6

456.4108.7495.6

487.2360.1487.2

174.655.931.9

792.6

1,392.0667.3

2,065.0

2000

10.418.824.44.5

58.1

30.9.01

263.9140.4278.5

438.6113.5470.9

434.4317.8434.4

153.558.627.1

744.5

1,290.4630.3

1,928.3

2001

7.933.09.2

16.3

66.4

31.12.01

274.2144.0290.3

469.1128.0505.1

508.8364.2508.8

173.463.929.3

827.1

1,425.5700.1

2,131.3

4Q2000

3.44.7

) 9.34.5

21.9


Credit Suisse Financial ServicesCredit Suisse Private BankingCredit Suisse Asset Management 2)

Credit Suisse First Boston 3)

Credit Suisse Group

1) Certain restatements have been made to conform to the current presentation. / 2) Net new discretionary assets. / 3) Measured as the balance from accounts openedminus accounts closed.

3Q2001

1.15.0

(0.71.7

7.1

4Q2001

3.37.51.95.2

17.9

12 months

2001 was a challenging year for Credit Suisse Group in view of the difficult capital markets environment,particularly in the second half. Despite the adversemarket conditions, Credit Suisse Financial Services,Credit Suisse Private Banking and Credit Suisse AssetManagement achieved good results in terms of bothprofitability and growth. Credit Suisse First Boston wasparticularly impacted by market conditions. In addition,exceptional items led to an unsatisfactory result. CreditSuisse Group reported a net operating profit of CHF 616million in the fourth quarter, excluding exceptional itemsat Credit Suisse First Boston of CHF 1.1 billion (USD646 million) and the amortization of acquired intangibleassets and goodwill, after taxes. This compares with anet operating profit of CHF 21 million in the previousquarter and CHF 1.9 billion in the fourth quarter 2000.Full year net operating profit amounted to CHF 4.0billion, down 45% on the previous year, excluding theafter-tax exceptional items at Credit Suisse First Bostonand the after-tax amortization of acquired intangibleassets and goodwill. The Group reported a net loss ofCHF 830 million for the fourth quarter 2001, versus a

net loss of CHF 299 million in the third quarter and anet profit of CHF 590 million in the corresponding periodof 2000. Net profit for the full year declined 73% toCHF 1.6 billion.

Operating earnings per share for 2001 decreased49% to CHF 3.33 versus CHF 6.50 in the previous year,and earnings per share amounted to CHF 1.33 for 2001,down 74% on 2000. Operating return on equity was10.0% compared with 21.5% in the previous year, whilereturn on equity stood at 4.1%, versus 17.7% in 2000.

Strong net new asset growthNet new assets developed strongly in the fourth quarter,contributing CHF 17.9 billion or 1.4% of assets undermanagement. The Group’s asset gathering businessesmaintained their healthy growth momentum over the fullyear, with net new assets totaling CHF 66.4 billion, repre-senting growth of 4.8%. To the total of net new assets in 2001, Credit Suisse Financial Services contributed CHF7.9 billion (CHF 3.3 billion in the fourth quarter 2001),Credit Suisse Private Banking CHF 33.0 billion (CHF 7.5billion), Credit Suisse Asset Management CHF 9.2 billion


AN OVERVIEW OF CREDIT SUISSE GROUP

(CHF 1.9 billion) and Credit Suisse First Boston CHF 16.3billion (CHF 5.2 billion). The Group’s total assets undermanagement stood at CHF 1,425.5 billion as of December31, 2001, up 2.4% on the year-end 2000 figure of CHF1,392.0 billion.

Operating income and expensesOperating income amounted to CHF 8.2 billion for thefourth quarter, corresponding to a decline of 6% on theprevious quarter and of 23% on the corresponding periodof 2000. Fourth quarter operating expenses were down5% to CHF 6.9 billion and personnel-related expenseswere down 12%, as a result of the Group-wide implemen-tation of cost reduction initiatives. Adjusting for exceptionalitems at Credit Suisse First Boston, fourth quarter costswere down 18% compared with the third quarter. Operat-ing income increased only slightly in 2001, up 5% to CHF 39.2 billion, reflecting deteriorating market conditionsand the inclusion of DLJ for only two months of 2000.Operating expenses rose 20% to CHF 30.3 billion over theyear, due mainly to the higher cost base as a result of theacquisition of DLJ in November 2000.

Par value reductionThe Group’s Board of Directors will propose a par valuereduction of CHF 2 per share in lieu of a dividend to the Annual General Meeting on May 31, 2002. This is unchanged versus the par value reduction for thefinancial year 2000 and compares with a dividend of CHF 1.75 per share for 1999 (adjusted for the 4-for-1share split in August 2001). If approved by the AnnualGeneral Meeting, this capital reduction will be paid out on August 14, 2002.

Business unit resultsCredit Suisse Financial Services’ fourth quarter and full year results are reported under the unit’s oldstructure, applicable prior to its realignment on January1, 2002. A new reporting structure will apply for thepresentation of the business unit’s first quarter results2002.

6

Credit Suisse Financial Services reported a net operatingprofit of CHF 206 million for the fourth quarter, down 8%on the previous quarter and down 49% on the very strongfourth quarter 2000. For the year as a whole, CreditSuisse Financial Services reported a net operating profitof CHF 1.4 billion, down 24% on 2000. The businessunit’s results were impacted by a lower investment returnfrom the insurance units and higher investments in pan-European wealth management expansion at Credit SuissePersonal Finance. Excluding the Credit Suisse PersonalFinance initiative, net operating profit stood at CHF 303 million for the fourth quarter and CHF 1.7 billion for full year 2001. Total assets under managementincreased slightly to CHF 274.2 billion in 2001 thanks toCHF 7.9 billion of net new assets.

For 2001, Winterthur Insurance recorded a 28%decrease in net operating profit, to CHF 536 million,despite a lower combined ratio and a significant improve-ment in its underwriting result. This decline resulted primari-ly from lower investment income, which was down 7%compared with 2000, as well as from transaction-relatedcharges of CHF 167 million for the divestment ofWinterthur International. The underwriting result stood atCHF 1.1 billion for 2001, 9% better than in 2000. For2001, the gross premium volume stood at CHF 18.4billion, up 12% over 2000. Despite a significantly lowerinvestment return, Winterthur Life & Pensions’ net oper-ating profit for 2001 was down only 5% to CHF 578million. Gross premiums amounted to CHF 17.4 billion in2001, up 13% compared with 2000. Credit SuisseBanking reported a net operating profit of CHF 114 millionin the fourth quarter, down 25% on the third quarter 2001,resulting in particular from the depreciation of capitalizedsoftware. This also contributed to a rise in the operatingcost/income ratio to 73.4%, while personnel expensesdeclined 14% quarter-on-quarter. Net operating profit forthe full year stood at CHF 632 million, a decline of 4%versus 2000. Credit Suisse Personal Finance achievedhigher revenues in the fourth quarter. However, continuedinvestments in expansion resulted in a net operating loss ofCHF 97 million for the quarter.

Credit Suisse PrivateBanking gave a strongperformance in the fourthquarter of 2001, given thedemanding market condi-tions. Net operating profitstood at CHF 602 million,corresponding to anincrease of 17% quarter-on-quarter. For the fullyear 2001, Credit SuissePrivate Banking posted anet operating profit of CHF2.3 billion, down 11% onthe previous year’s verystrong result. In the fourth

Net operating profitcontribution by BU in 2001

CSFS

CSPB

CSAM

CSFB

51%

7% 30%

12%

Operating incomecomposition in 2001

Balance sheet business

Commission and service

fees

Trading

Insurance

23%

Operating incomecontribution by BU in 2001

CSFS

CSPB

CSAM

CSFB

17%16%

15%

4%

24%

57%

44%

quarter, the business unit reported net new assets ofCHF 7.5 billion, up 50% on the third quarter. For 2001,net new assets amounted to CHF 33.0 billion, anincrease of 76% over 2000. This corresponds to agrowth rate of 7.2%. Assets under management rose 7%to CHF 469.1 billion in the fourth quarter and were up2.8% versus end-2000.

Credit Suisse Asset Management performed well inthe fourth quarter, reporting a net operating profit of CHF139 million, compared with CHF 34 million in the weakthird quarter. Net new assets totaled CHF 1.9 billion inthe fourth quarter, reversing the negative trend in theprevious quarter. Net operating profit for the full yeardeclined 5% to CHF 322 million, and net new assets ofCHF 9.2 billion were reported for 2001. At year-end2001, discretionary assets under management stood atCHF 364.2 billion and total assets under managementincreased by 4.4% to CHF 508.8 billion.

Credit Suisse First Boston reported a net operatingloss of USD 196 million (CHF 327 million) in the fourthquarter, excluding after-tax exceptional items of USD 646million (CHF 1.1 billion) and the after-tax amortization ofacquired intangible assets and goodwill. This compareswith a net operating loss of USD 123 million (CHF 204million) in the third quarter and a net operating profit ofUSD 527 million (CHF 901 million) in the fourth quarter2000. A net loss of USD 1.0 billion (CHF 1.7 billion) wasreported in the fourth quarter, versus a net loss of USD289 million (CHF 484 million) in the previous quarter.Overall revenues were down 23% quarter-on-quarter andoperating expenses, adjusted for exceptional items,decreased 32%. For the full year 2001, Credit SuisseFirst Boston recorded a net operating profit of USD 338million (CHF 571 million), down 78% on the previousyear, excluding the exceptional items and the amortizationof acquired intangible assets and goodwill, after taxes. Anet loss of USD 961 million (CHF 1.6 billion) wasreported for the full year, versus a net profit of USD 1.4billion (CHF 2.4 billion) in 2000. The extensive restruc-turing and cost reduction program initiated in 2001 is wellunderway and is expected to provide the firm with a lowerand more flexible cost base going forward.

OutlookCredit Suisse Group remains cautious in its outlook for2002 in view of the challenging environment but is confi-

dent about its market position across all its core busi-nesses. The Group believes it is well placed to meetcurrent challenges and to capture new opportunities asglobal markets improve.

New organizational structureAs announced in July 2001, Credit Suisse Group stream-lined its organizational structure into two businessunits – Credit Suisse Financial Services and Credit SuisseFirst Boston – in order to adapt to the changed marketenvironment with the goal of optimizing client focus,adjusting capacity and increasing productivity. The align-ment is aimed at strengthening the Group’s leading posi-tion in its two main strategic areas, asset gathering andfinancial intermediation.

As of January 1, 2002, Credit Suisse FinancialServices comprises Private Banking (Switzerland and Inter-national), Corporate & Retail Banking, Life & Pensions andInsurance. The affluent sector in Switzerland and thePersonal Finance initiative have been included in PrivateBanking. The new organization introduces an improvedclient segmentation driven by client service needs andshared support and IT.

Credit Suisse First Boston now also includes theGroup’s asset management business. The business unitaims to maximize synergies between the two areas andrealize cost reductions.

The financial reporting will reflect the new structure,beginning with the presentation of the first quarter results2002.



REVIEW OF BUSINESS UNITS CREDIT SUISSE FINANCIAL SERVICES

Credit Suisse Financial Services reported a net operating profit, excluding amortization ofgoodwill, of CHF 206 million in the fourth quarter 2001, down 8% versus the previousquarter. Net operating profit for the full year stood at CHF 1.4 billion versus CHF 1.8 billionin 2000. This year-on-year decline was largely attributable to a lower investment return fromthe insurance units and to higher investments in pan-European wealth managementexpansion. Net profit was down 22% to CHF 161 million in the fourth quarter comparedwith the previous quarter, while net profit for the full year totaled CHF 1.3 billion, down 27% versus 2000. Despite adverse market conditions, total assets under managementincreased slightly to CHF 274.2 billion in 2001 thanks to CHF 7.9 billion of net new assets.

Credit Suisse Financial Services maintained its earningspower and growth momentum in 2001 despite the chal-lenging market environment. The Credit Suisse PersonalFinance offering for wealthy private clients was extendedto include two new markets, Germany and Spain. Theinsurance businesses made further progress in the imple-mentation of their strategies to focus on markets offeringhigh growth and earnings potential.

The business unit’s results were impacted by a lowerinvestment return from the insurance units and continued

8

investments in pan-European wealth management expan-sion. Credit Suisse Financial Services’ established busi-nesses, excluding Credit Suisse Personal Finance,posted a net operating profit of CHF 303 million for thefourth quarter and CHF 1.7 billion for 2001. This corre-sponds to an operating return on average allocated capitalof 16.5% for the year (2000: 21.7%).

Overview of business area Credit Suisse Financial Services 1)

12 months 2001 in CHF m

Operating income 2)

Operating expenses 2)

Gross operating profit 2)

Depreciation of non-current assetsValuation adjustments, provisions and losses 3)




Minority interests

Net profit

Reconciliation to net operating profitAmortization of goodwillTax impact


Average allocated capital 5)

Return on average allocated capital 5)

Return on average allocated capital (operating) 4) 5)


Assets under management in CHF bn of which discretionary

Net new assets in CHF bnClient assets in CHF bn

1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). / 2) Operating incomefor the insurance business is defined as net premiums earned, less claims incurred and change in technical provisions and expenses for processing claims, less commis-sions, plus net investment income from insurance business. Expenses for handling both claims and investments include: personnel expenses Winterthur Insurance: CHF 477 m, Winterthur Life & Pensions: CHF 122 m; operating expenses Winterthur Insurance: CHF 252 m, Winterthur Life & Pensions: CHF 119 m. / 3) Increased/decreased valuation adjustments taken at Group level resulting from the difference between the statistical and actual credit provisions. / 4) Excl. amortization of goodwill,net of tax. / 5) For Winterthur business units, average invested capital is used for calculation of return on invested capital (ROIC).

CreditSuisse

FinancialServices

9,6016,618

) 2,983

850347

) 1,786

) 10(480

) 1,316

(49

) 1,267

98(2

) 1,363

10,90612.1%12.9%

27

274.2144.0

7.9290.3

)

)

)

CreditSuisse

PersonalFinance

56484

(428

584

(490

(5) 97

(398

) 0

(398

15) 0

(383

23––

–

6.62.71.27.1

Credit Suisse

Banking

3,8062,453

1,353

200343

810

15) (200

625

) (1

624

10(2

632

4,36914.3%14.5%

27

128.82.52.8

144.4

WinterthurLife & Pensions

2,5031,420

1,083

393–

690

0) (153

537

) (2

535

430

578

–

108.3108.3

3.9108.3

WinterthurInsurance

3,2362,261

975

199–

776

0(224

552

(46

506

300

536

–

30.530.5

–30.5

6,51416.7%17.8%

Winterthur Insurance income statement (non-life business) 1)

in CHF m

Gross premiums writtenReinsurance ceded

Net premiums written

Change in provision for unearned premiums and in provision for future policy benefits (health)

Net premiums earned

Claims and annuities incurred, netDividends to policyholders incurred, netOperating expenses, net (incl. commissions paid)

Underwriting result, net

Net investment incomeInterest received on deposits and bank accountsInterest paidOther income/(expenses) (including foreign currency

translation impact)

Profit before taxes

Taxes

Net operating profit before minority interests

Amortization of goodwill


Minority interests

Net profit

Reconciliation to net operating profitAmortization of goodwill


1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). The business unitincome statement differs from the presentation of the Group’s consolidated results as it reflects the way the insurance business is managed, which is in line withWinterthur’s peers in the insurance industry. Amortization of goodwill is excluded from “Operating expenses” and is reported separately in the income statement. /2) Excl. amortization of goodwill.

2000

16,508) (1,876

14,632

) (1,113

13,519

) (10,432) (376) (3,969

) (1,258

2,38596

) (136

) 53

1,140

) (305

835

16

819

) (90

729

16

745


12) (16

15

) 65

11

) 10) (17) 9

) (9

(7(70

) (7

–

(29

) (27

(30

88

(33

) (49

(31

88

(28

)

)

)

)))

)

)

)

)

)

)

)

2001

18,412) (1,572

16,840

(1,833

15,007

) (11,509) (311) (4,335

) (1,148

2,21729

) (127

) (165

806

) (224

582

30

552

) (46

506

30

536

4Q2000

3,715) (422

3,293

251

3,544

) (2,741) (94) (1,033

) (324

65827

) (34

(22

305

) (73

232

4

228

(28

200

4

204

3Q2001

3,614) (317

3,297

411

3,708

) (2,817) (78) (1,033

) (220

360) 9) (25

) 22

146

(51

95

3

92

7

99

3

102

4Q2001

3,685(209

3,476

319

3,795

(2,837(50

(1,081

(173

503(4

(35

(216

75

7

82

16

66

2

68

16

84

Winterthur Insurance key information(non-life business)

Combined ratio (excl. dividends to policyholders)

Claims ratio

Expense ratio

Assets under management in CHF bn

Technical provisions in CHF m

Number of employees

2001

105.6%

76.7%

28.9%

30.09.01

29.3

26,710

21,135

3Q2001

103.8%

76.0%

27.8%

4Q2000

106.5%

77.2%

29.3%

31.12.01

30.5

27,738

21,368

4Q2001

103.3%

74.8%

28.5%

2000

106.5%

77.2%

29.3%

31.12.00

32.5

26,653

21,796

12 months

12 months



Winterthur Life & Pensions income statement (life business) 1)

in CHF m

Gross premiums writtenReinsurance ceded

Net premiums written

Change in provision for unearned premiums

Net premiums earned

Death and other benefits incurredChange in provision for future policyholder benefitsDividends to policyholders incurredOperating expenses, net (incl. commissions paid)Net investment incomeInterest received on deposits and bank accountsInterest on bonuses credited to policyholdersOther interest paidOther income/(expenses) (including foreign currency

translation impact)

Profit before taxes

Taxes




Minority interests

Net profit



1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). The business unitincome statement differs from the presentation of the Group’s consolidated results as it reflects the way the insurance business is managed, which is in line withWinterthur’s peers in the insurance industry. Amortization of goodwill is excluded from “Operating expenses” and is reported separately in the income statement. /2) Excl. amortization of goodwill.

2000

15,452) (280

15,172

) (1

15,171

) (9,734) (6,377) (1,982) (1,680

6,05188

) (116) (239

) (416

766

) (101

665

15

650

) (56

594

15

609


13) (25

13

) –

13

) 25) (14) (86) 11

(40(2

) 16) (6

) (87

(4

) 51

(13

187

(17

) (96

(10

187

(5

)

))

))

)

)

)

)

)

)

)

)

2001

17,413) (210

17,203

) (15

17,188

) (12,167) (5,457) (287) (1,868

3,65186

) (135) (225

) (53

733

) (153

580

43

537

) (2

535

43

578

4Q2000

4,225) (77

4,148

(1

4,147

) (2,675(1,597

) (229) (470) 1,329

22) (29) (61

(180

257

(31

226

4

222

) (14

208

4

212

4Q2001

4,899(61

4,838

(5

4,833

(3,234(2,711

458(452

1,31524

(36(91

2

108

(28

80

19

61

25

86

19

105

3Q2001

3,138) (91

3,047

) 1

3,048

) (2,560) 553

(114) (463

(37625

) (27) (35

11

62

) 4

66

10

56

(6

50

10

60

Winterthur Life & Pensions key information(life business)

Expense ratio 1)

Net return on average technical provisions 2)

Net new assets in CHF bn 3)

Assets under management in CHF bn 4)

Technical provisions in CHF m

Number of employees

1) Operating expenses/net premiums earned. / 2) Net profit before minority interests/average technical provisions. / 3) Based on change in technical provisions fortraditional business, adjusted for technical interests; net inflow of unit-linked business; and change in off-balance sheet business such as funds. / 4) Based on savings-related provisions for policyholders plus off-balance sheet assets.

2001

10.9%

50 bp

3.9

30.09.01

106.0

105,402

7,469

4Q2000

11.3%

21 bp

) 0.8

31.12.01

108.3

108,326

7,570

3Q2001

15.2%

6 bp

(0.1

4Q2001

9.4%

6 bp

1.3

2000

11.1%

68 bp

2.7

31.12.00

104.7

105,522

6,562

12 months

12 months

10

Winterthur InsuranceWinterthur Insurance recorded a gross premium volumeof CHF 18.4 billion in 2001, representing healthy growthof 12% (organic growth: 11%) versus the previous year.This increase was primarily attributable to an increase inrates as well as to above-average volume growth in theUK and in most other key markets. New productslaunched in 2001, including WinProfessional and Bonus-Protection, were well received in the market.

Winterthur Insurance made significant progress in theimplementation of strategic projects aimed at focusing itsresources on markets offering high growth and earningspotential, while withdrawing from markets in which itcannot achieve adequate returns on invested capital.Acquisitions in the UK and Belgium, the divestment ofWinterthur International, as well as the announced sale ofbranches in France and a subsidiary in Austria, repre-sent milestones in the implementation of this strategy.

The positive effects of the ongoing restructuring mea-sures have already been seen in 2001. The overallexpense ratio fell by almost half a percentage pointcompared with 2000, to stand at 28.9%. This contributedto an improvement in the combined ratio, which decreasedby 0.9 percentage points versus the previous year to standat 105.6%. The claims ratio decreased 0.5 percentagepoints to 76.7% compared with the previous year. Furtherimprovements in several countries within Europe (Italy,Spain, Portugal, Switzerland) were partially offset by aweak North American performance, as workers’ compen-sation reserves were strengthened.

After the significant improvement of the combined ratioin the third quarter – by five percentage points to 103.8%– a further slight improvement was recorded in the fourthquarter (103.3%). The fourth quarter saw an improvementof 2.4 percentage points to the claims ratio versus thefourth quarter 2000 and an improvement of 0.8 percent-age points to the expense ratio. In addition to the divest-ment of Winterthur International, progress in Europe alsopositively affected the claims ratio.

The underwriting result stood at CHF 1.1 billion for2001, 9% better than in 2000. The 7% decline in invest-ment income owing to the generally weak market condi-tions, as well as transaction-related charges of CHF 167 million for the divestment of Winterthur International,resulted in a net operating profit of CHF 536 million,down 28% on the previous year (CHF 745 million).

Winterthur Life & PensionsWinterthur Life & Pensions reported strong premiumgrowth of 13% (organic growth: 10%) in 2001 to CHF17.4 billion, driven by a fourth quarter increase in premi-ums of 16% versus the same period of 2000. All coremarkets contributed to this growth through increasedsales of the existing product range and the successfullaunch of new products throughout the year. In 2001, thepremium contribution from outside Switzerland exceeded50% for the first time. Net new assets for 2001 totaledCHF 3.9 billion (CHF 2.7 billion in 2000) as a result oforganic growth in asset gathering.

Net operating profit for 2001 stood at CHF 578 million(CHF 609 million in 2000) despite a lower investmentreturn. Solid operating profits were realized in all coremarkets, with significant contributions from Switzerland,Belgium, the UK and the Netherlands. As a result of contin-ued cost management, the expense ratio decreased from11.1% to 10.9% compared with the previous year. Invest-ment income for the full year decreased CHF 2.4 billion or40% versus 2000 in view of market conditions. Of thisdecrease, one-third is related to the depreciation of unit-linked investments that did not impact net operating profitowing to a corresponding reduction in unit-linked provisions.

The capital market developments in 2001 have beena challenge for Winterthur Life & Pensions, especially asregards the employee benefit business in Switzerland,where a guaranteed investment return of 4% must beprovided to policyholders. This business, which represents25% of Winterthur Life & Pensions’ technical reserves,has been closely monitored and managed with a very low cost ratio over the last two years. Winterthur Life &Pensions is currently assessing measures to furtherimprove its profitability and to substantially increase theflexibility of the employee benefit products to compensatefor the unfavorable regulatory environment.

A sharp focus on profitable growth prompted theannounced withdrawal from the Austrian and Frenchmarkets, as well as the purchase of the largest pensionfund in the Czech Republic, VOPF. This acquisition providedWinterthur Life & Pensions with a 25% share in the Czechpensions market. The successful launch of product distribu-tion with Credit Suisse Personal Finance and Credit SuissePrivate Banking in Italy, Germany and Spain demonstratesthe tie-in with other Credit Suisse Group entities and isexpected to further strengthen market positions.





Credit Suisse Banking income statement 1)

in CHF m

Net interest incomeNet commission and service fee incomeNet trading incomeOther ordinary income

Operating income

Personnel expensesOther operating expenses

Operating expenses


Depreciation of non-current assets Valuation adjustments, provisions and losses 2)


Extraordinary income/(expenses), net Taxes 3)


Amortization of goodwill, net of tax


Minority interests

Net profit

Reconciliation to net operating profitAmortization of goodwillTax impact



1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). The business unitincome statement differs from the presentation of the Group’s consolidated results in excluding amortization of goodwill from depreciation of non-current assets, andreporting these costs separately in the income statement. / 2) Increased/decreased valuation adjustments taken at Group level resulting from the difference between thestatistical and actual credit provisions. / 3) Excl. tax impact on amortization of goodwill. / 4) Excl. amortization of goodwill, net of tax.

4Q2000

61128585

) 8

989

390257

647

342

45114

183

(2) (47

134

3

131

0

131

3) 0

134

(59


3(13(7

(40

(3

6(7

1

(9

126(39

(3

(25) (3

(4

(33

(4

) 0

(4

(17–

(4

) –

)))

)

)

)

)

)

))

)

)

)

)

)

)

2000

2,3791,159

34245

3,925

1,513917

2,430

1,495

84562

849

20) (208

661

12

649

) (1

648

12) 0

660

(151

2001

2,4561,005

31827

3,806

1,602851

2,453

1,353

190343

820

) 15) (202

633

8

625

(1

624

10(2

632

) 27

4Q2001

615221817

924

361218

579

345

99100

146

3(35

114

2

112

0

112

20

114

11

3Q2001

60924074(6

917

421192

613

304

3678

190

3) (40

153

1

152

0

152

2(1

153

21

12 months

Credit Suisse BankingCredit Suisse Banking recorded a net operating profit ofCHF 114 million in the fourth quarter, down 25% on theprevious quarter and down 15% on the correspondingperiod of the previous year. This decline is primarily attributable to the depreciation of capitalized software.Net operating profit for the full year stood at CHF 632million, a decline of 4% versus 2000. The operatingreturn on average allocated capital for 2001was 14.5%.

Despite pressure on margins, net interest income in2001 improved 3% versus the previous year as a resultof a 4.8% increase in lending volumes. Personnel ex-penses in the fourth quarter 2001 decreased by 14%versus the previous quarter. The operating cost/incomeratio rose from 64.1% in 2000 to 69.4% in 2001 owingto lower revenues from the securities and wealth man-agement businesses, as well as higher depreciation.

Net new assets amounted to CHF 1.5 billion in thefourth quarter, up 25% on the previous quarter, and stoodat CHF 2.8 billion for the full year, down 49.1% versus2000. The strategically important funds business grew 3%

12

in 2001 and thus outperformed the market by 1.8%.Credit Suisse Banking also further improved the riskstructure of its credit portfolio, as non-performing loansdropped to 4.5% of total counterparty exposure from6.5% at end-2000, and provision coverage of non-performing loans stood at 59% versus 62% at end-2000.

In the fourth quarter 2001, Credit Suisse Bankinglaunched the online portal www.credit-suisse.ch/business

for corporate clients. This new offering providesaccess to bancassurance services and products as wellas other offerings geared specifically to the needs ofbusiness clients. As a result of cooperations and partner-ships, Credit Suisse also offers access to non-financialservices via the new portal.

Credit Suisse Banking’s Direct Net offering hadapproximately 322,300 clients as of year-end 2001,representing growth of around 23% for the year.



Credit Suisse Banking balance sheet information

in CHF m

Total assets

Due from customersMortgages

Due to customers in savings and investment depositsDue to customers, other

Credit Suisse Banking key information

Cost/income ratio Cost/income ratio (operating) 1)

Return on average allocated capitalReturn on average allocated capital (operating) 1)

Average allocated capital in CHF m

Pre-tax margin Pre-tax margin (operating) 1)

Personnel expenses/operating income

Net interest margin

Loan growth


Deposit/loan ratio


Number of branches

Number of employees

1) Excl. amortization of goodwill.

2000

64.4%64.1%

14.7%15.0%

4,401

21.8%22.1%

38.5%

239 bp

3.7%

5.5

31.12.00

69.1%

130.8

235

11,438

2001

69.7%69.4%

14.3%14.5%

4,369

21.7%21.9%

42.1%

236 bp

5.0%

2.8

30.09.01

66.4%

122.6

228

12,061

4Q2000

70.3%70.0%

12.2%12.5%

4,290

18.0%18.3%

39.4%

242 bp

) 1.0%

2.1

31.12.01

68.8%

128.8

227

11,953

3Q2001

71.0%70.8%

14.0%14.1%

4,353

20.8%21.0%

45.9%

231 bp

(0.6%

1.2

4Q2001

73.6%73.4%

10.3%10.5%

4,332

15.9%16.1%

39.1%

233 bp

1.1%

1.5

30.09.01

105,725

31,15265,903

32,03832,413

31.12.01

105,599

31,74566,288

32,89534,523

31.12.00

100,653

28,94064,616

33,32231,287

12 months


–

5034

46

24

74(32

33

29

34

285

25

200

25

34 58


Credit Suisse Personal Finance income statement 1)

in CHF m

Net interest incomeNet commission and service fee incomeNet trading incomeOther ordinary income

Operating income


Operating expenses


Depreciation of non-current assets Valuation adjustments, provisions and losses






Minority interests

Net profit



1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). The business unitincome statement differs from the presentation of the Group’s consolidated results in excluding amortization of goodwill from depreciation of non-current assets, andreporting these costs separately in the income statement. / 2) Excl. amortization of goodwill.

4Q2000

160

) 1

8

47143

190

) (182

71

) (190

045

) (145

1

) (146

0

) (146

1

) (145


(13(20(33350

(8

7230

44

) 56

231300

) 64

–45

) 73

200

) 75

–

) 75

200

) 73

)))

)

)

2000

84562

61

113223

336

) (275

131

) (289

) 067

) (222

5

) (227

0

) (227

5

) (222

2001

73649

56

194290

484

) (428

434

) (475

(597

) (383

15

) (398

0

) (398

15

) (383

4Q2001

090

15

24

4298

140

(116

153

(134

(542

(97

8

(105

0

(105

8

(97

3Q2001

071

(5

3

6044

104

) (101

170

) (118

) 127

) (90

4

) (94

0

) (94

4

) (90

12 months

Credit Suisse Personal FinanceThe fourth quarter saw Credit Suisse Personal Financefurther expand its distribution network. It now has a pre-sence in 63 locations in Italy (35), Spain (18) andGermany (10). As of end-2001, Credit SuissePersonal Finance had around 600 financial advisors andits number of clients had risen to approximately 31,600.Credit Suisse Personal Finance reported a net operatingloss of CHF 383 million owing to continued investmentsin expansion.

Assets under management stood at CHF 6.6 billionas of end-December 2001, versus CHF 6.0 billion as ofend-September 2001. This corresponds to an increase ofCHF 0.6 billion versus end-September 2001, and growthof 13.8% versus end-December 2000 (CHF 5.8 billion).Net new assets of CHF 0.5 billion were reported for thefourth quarter and of CHF 1.2 billion for 2001. In thefourth quarter 2001, operating income stood at CHF 24 million, versus CHF 3 million in the third quarter.Operating income for the full year stood at CHF 56million, down 8% versus 2000.

The Credit Suisse Personal Finance offering waslaunched successfully in Germany and Spain in 2001,with 138 financial advisors in Germany and 123 in Spainat year-end. Its priorities for 2002 are to increase assets

14

under management and further expand its distributionnetwork in Germany and Spain. Additions to the productrange are also planned, as well as closer cooperation withthe Winterthur units regarding products and distributioncapacity.

In 2001, the Swiss online broker youtrade recorded an 11% increase in its customer base, to over28,000.



Credit Suisse Personal Finance key information

Personal FinanceGrowth in assets under management

of which net new assets of which market movement and structural effectsof which acquisition

youtradeNumber of transactions (in ’000s)

Credit Suisse Personal FinanceAverage allocated capital in CHF m

Personal FinanceAssets under management in CHF bnNumber of clientsNumber of advisors

youtradeAssets under management in CHF bnNumber of clients

Credit Suisse Personal FinanceNumber of employees

2000

40.1%51.9%

) (11.8%–

436

n/a

31.12.00

4.817,898

331

1.025,228

764

)

2001

19.5%22.6%

) (21.7%18.6%

335

23

30.09.01

5.329,240

568

0.727,520

1,013

4Q2000

1.5%7.5%

) (6.0%–

95

n/a

31.12.01

5.731,578

599

0.928,112

1,071

3Q2001

3.9%1.7%

) (15.4%17.6%

61

20

4Q2001

8.8%9.0%

(0.2%–

85

15

12 months


REVIEW OF BUSINESS UNITS CREDIT SUISSE PRIVATE BANKING

Credit Suisse Private Banking recorded a net operating profit, excluding amortization ofgoodwill, of CHF 602 million in the fourth quarter 2001, up 17% on the previous quarter.Net operating profit for the full year stood at CHF 2.3 billion, representing an 11% declineversus 2000. Net profit decreased 12% on the previous year’s very strong result, to CHF2.3 billion. Assets under management rose 7% to CHF 469.1 billion as of end-2001, up2.8% versus the end of 2000. Net new assets of CHF 7.5 billion were reported for thefourth quarter, corresponding to an increase of 50% on the third quarter. Net new assetsfor the full year totaled CHF 33.0 billion, an increase of 76% versus the previous year.

Credit Suisse Private Banking reported assets undermanagement of CHF 469.1 billion at the end of thefourth quarter 2001, an increase of 7.0% versus the endof the third quarter and of 2.8% versus end-2000. Thisrepresents a good performance in view of the weakequity markets in 2001, and reflects in particular the76% rise in net new assets compared with the previousyear. Net new assets amounted to CHF 7.5 billion in thefourth quarter of 2001, representing 1.7% of assetsunder management, and totaled CHF 33.0 billion for thefull year, representing 7.2% of assets under management(CHF 18.8 billion or 4.2% in 2000).

Operating income increased 3% in the fourth quarterto stand at CHF 1.4 billion, but declined 8% for the full

16

year reflecting significantly lower transaction volumes.The gross margin was 119.9 basis points for the fourthquarter (113.8 basis points in the third quarter) and stoodat 123.5 basis points for the full year (133.4 basis pointsin 2000).

Expansion of client service areasDespite an increase of approximately 580 employees(+7%) in 2001, personnel and other operating expensesrose only 3% for the full year and remained almost flatquarter-on-quarter. By increasing the number of clientadvisors – especially in Europe and Asia – Credit SuissePrivate Banking was able to optimize its client service. Ithas also continued to invest in technology with a view to

Credit Suisse Private Banking income statement 1)

in CHF m

Net interest incomeNet commission and service fee income Net trading incomeOther ordinary income

Operating income


Operating expenses








Minority interests

Net profit




1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). The business unitincome statement differs from the presentation of the Group’s consolidated results in excluding amortization of goodwill from depreciation of non-current assets, andreporting these costs separately in the income statement. / 2) Increased/decreased valuation adjustments taken at Group level resulting from the difference between thestatistical and actual credit provisions. / 3) Excl. amortization of goodwill.

4Q2000

32999315613

1,491

423281

704

787

415

768

8) (161

615

1

614

) (8

606

1

607

) (8

3Q2001

26191912327

1,330

430231

661

669

16) 6

647

2) (132

517

4

513

) (4

509

4

513

) (5

4Q2001

298938132

2

1,370

402265

667

703

24(55

734

10(137

607

6

601

(5

596

6

602

(1


(6(6

(2427

(8

(213

3

(15

61(78

(13

–) (18

(12

157

(12

) (31

(12

157

(11

) (88

)))

)

)

)

)

)

)

)

)

)

)

)

)

2000

1,2474,171

75281

6,251

1,734883

2,617

3,634

41160

3,433

1) (766

2,668

7

2,661

) (29

2,632

7

2,639

) (40

2001

1,1713,939

568103

5,781

1,7061,001

2,707

3,074

6636

2,972

15) (631

2,356

18

2,338

) (20

2,318

18

2,336

) (5

12 months

increasing efficiency and serving clients more effectively.The net operating margin improved significantly in thefourth quarter, to stand at 53.1 basis points versus 44.2basis points in the previous quarter and 50.4 basis pointsfor the full year (2000: 56.9 basis points). The operatingcost/income ratio stood at 50.4% for the fourth quarterand 48.0% for the full year 2001.

Acclaim for innovationThe structured products offered by Credit Suisse PrivateBanking continued to attract client interest in the fourthquarter. Clients invested a total of CHF 20.1 billion in thisproduct range during 2001, of which CHF 16.9 billionwas invested in market-neutral instruments. The fourthquarter saw the successful launch of the Global ValueOpportunities Units, which invest in undervalued shares,and the Protected Investment Note EURO, a capital-protected product.

Credit Suisse Private Banking received three majorawards in the fourth quarter. It was named the bestprivate bank in Asia by the investment magazine FinanceAsia for the third consecutive year, and was judged byLafferty Group to have the best wealth managementprograms both globally and in Europe. The magazineBanking Technology awarded Credit Suisse Private Bank-

ing the prize for the best use of IT in the banking sectorin recognition of its relationship management portal

FrontNet. Credit Suisse Private Banking also strength-ened its family office services, which cater for complexclient interests. Following the acquisition of Frye-LouisCapital Management, Inc. in Chicago in September,Credit Suisse Private Banking opened a new family officebranch in London in the fourth quarter. Furthermore,December saw the launch of its Global Private BankingCentre in Singapore. This unique offering providesclients throughout the world with round-the-clock accessto a comprehensive range of online and offline financialservices.

Credit Suisse Private Banking balance sheet information

in CHF m

Total assets

Due from customersof which secured by mortgagesof which secured by other collateral

Credit Suisse Private Banking key information

Cost/income ratio Cost/income ratio (operating) 1)



Fee income/operating income

Growth in assets under managementof which net new assetsof which market movement and structural effectsof which acquisition

Net profit before minority interests/average AuMNet operating profit before minority interests/average AuM 1)


Number of employees

1) Excl. amortization of goodwill.

31.12.00

101,153

33,7179,206

22,621

2000

42.6%42.5%

3,117

54.8%54.9%

66.7%

1.1%4.2%

) (3.1%–

56.8 bp56.9 bp

31.12.00

456.4

8,665

)

30.09.01

113,291

35,95910,20923,368

2001

48.3%48.0%

3,471

51.4%51.7%

68.1%

) 2.8%7.2%

) (5.8%1.4%

50.0 bp50.4 bp

30.09.01

438.6

9,338

31.12.01

123,379

38,55210,50926,056

4Q2000

47.6%47.5%

3,189

52.0%52.0%

66.6%

) (4.7%1.0%

) (5.7%–

52.5 bp52.6 bp

31.12.01

469.1

9,244

113 291

35 95910 209

23 3

3Q2001

51.2%50.9%

3,537

48.5%48.8%

69.1%

(10.3%1.0%

(11.3%–

43.9 bp44.2 bp

113 291

35 95910 209

23 3

4Q2001

50.9%50.4%

3,620

53.9%54.3%

68.5%

7.0%1.7%4.7%0.6%

52.6 bp53.1 bp

12 months








REVIEW OF BUSINESS UNITS CREDIT SUISSE ASSET MANAGEMENT

Credit Suisse Asset Management reported a net operating profit, excluding the amortization of acquired intangible assets and goodwill, net of tax, of CHF 139 million for the fourth quarter 2001, up from CHF 34 million in the third quarter. For the full year 2001, net operating profit was CHF 322million, down by only 5% on the previous year despite turbulent market conditions. For the full year,net operating profit before extraordinary items, acquisition-related costs and taxes was up 8% versus2000. Net profit, after accounting for the amortization of acquired intangible assets and goodwill, netof tax, stood at CHF 236 million, corresponding to a decline of 17% versus the previous year.

Discretionary assets under management as of December31, 2001, were CHF 364.2 billion, including CHF 26.2billion in assets acquired with Sun Life of Canada AssetManagement (SLCAM) in December 2001. For the fullyear, net new assets added CHF 9.2 billion to discre-tionary assets while the market and foreign exchangeimpact over the year reduced discretionary assets undermanagement by CHF 31.3 billion. Advisory assetsincreased 13.8% to CHF 144.6 billion as of the end of2001. Total assets under management increased 4.4%

18

over the year to CHF 508.8 billion as of December 31,2001, compared with CHF 487.2 billion as of December31, 2000.

Fourth quarter operating income of CHF 441 millionwas 21% higher than in the previous quarter, while oper-ating income of CHF 1.6 billion for the full year was up1% on the previous year. The 2000 results included onlytwo months of revenue from DLJ’s Asset ManagementGroup, which was acquired in November 2000. Adjustingfor DLJ as if it had been acquired on January 1, 2000,

Credit Suisse Asset Management income statement 1)

in CHF m

Management and advisory feesNet mutual fund feesOther revenues

Operating income


Operating expenses


Depreciation of non-current assets Valuation adjustments, provisions and losses

Profit before extraordinary items, acquisition-related costs, taxes

Extraordinary income/(expenses), net Taxes 2)

Net operating profit before acquisition-related costs, minority interests

Acquisition interestAmortization of retention paymentsAmortization of acquired intangible assets and goodwill, net of tax


Minority interests

Net profit

Reconciliation to net operating profitAmortization of acquired intangible assets and goodwillTax impact


1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). Certain reclassificationshave been made to prior-period amounts to conform to the current presentation. The business unit income statement differs from the presentation of the Group’s consoli-dated results in a) presenting operating income by product line and b) excluding acquisition-related costs of acquisition interest, amortization of retention payments andamortization of acquired intangible assets and goodwill from operating income, personnel expenses and depreciation of non-current assets, respectively, and reportingthese costs separately in the income statement. / 2) Excluding tax impact on acquisition-related costs. / 3) Excluding amortization of acquired intangible assets and good-will, net of tax.

4Q2000

3248943

456

188133

321

135

110

124

) (1) (1

122

210

18

83

0

83

19(1

101


(51533

1

(2(2

(2

8

10–

8

) –) 21

3

16–

65

(17

–

(17

77) 700

(5

)

))

)

)

)

)

2000

1,19532493

1,612

656481

1,137

475

290

446

) (1) (57

388

500

52

286

0

286

53) (1

338

2001

1,135374124

1,633

646472

1,118

515

320

483

) (14) (69

400

582086

236

0

236

94) (8

322

4Q2001

2919357

441

128122

250

191

90

182

0(30

152

112

19

120

0

120

27(8

139

3Q2001

2678117

365

146115

261

104

80

96

(13) (24

59

141122

12

0

12

22) 0

34

12 months

Credit Suisse Asset Management key information

Cost/income ratio 1) 2)

Cost/income ratio (operating) 1) 2) 3)



Pre-tax margin (operating, excl. amortization of retention payments) 2) 3)

Personnel expenses/operating income 1) 2)

Growth in assets under management

Growth in discretionary assets under managementof which net new assetsof which market movement and structural effectsof which acquisition

Net profit before minority interests/average AuMNet operating profit before minority interests/average AuM 3)

Assets under management in CHF bnDiscretionary funds in CHF bn Advisory assets in CHF bn Mutual funds distributed in CHF bn

Number of employees

1) Excl. acquisition interest. / 2) Excl. amortization of retention payments. / 3) Excl. amortization of acquired intangible assets and goodwill.

2000

75.6%72.3%

1,147

21.2%24.5%24.5%

40.7%

14.7%

11.1%7.5%

) (8.1%11.7%

6.3 bp7.5 bp

31.12.00

487.2360.1127.1136.9

2,350

)

2001

76.2%70.4%

1,291

18.2%23.9%25.2%

39.6%

4.4%

1.1%2.6%

) (8.7%7.2%

4.9 bp6.7 bp

30.09.01

434.4317.8116.6119.2

2,355

4Q2000

77.0%72.8%

1,269

18.2%22.4%22.4%

41.2%

) 6.9%

) 5.0%) 2.7%) (8.7%

11.0%

7.0 bp8.6 bp

31.12.01

508.8364.2144.6132.4

2,395

3Q2001

79.7%73.7%

1,171

9.9%15.9%18.9%

40.0%

(13.7%

(14.7%(0.2%

(14.5%–

1.1 bp2.9 bp

4Q2001

64.9%58.7%

1,330

32.2%38.3%38.8%

29.0%

17.1%

14.6%0.6%5.8%8.2%

10.3 bp11.9 bp

12 months

operating income would be down approximately 9% forthe year.

Operating expenses in the fourth quarter includedCHF 27 million of charges, but were still 4% lower thanin the previous quarter. These charges related largely tothe completion of the integration of DLJ Asset Manage-ment in New York and a reorganization of Credit SuisseAsset Management in Japan. Compared to the fourthquarter of 2000, operating expenses were down 22%,reflecting cost control measures initiated in response tomarket conditions. For the full year, operating expenseswere 2% lower compared to 2000, or 11% lower ifadjusting for DLJ as if it had been acquired on January 1,2000.

Credit Suisse Asset Management enjoyed stronginvestment performance in the fourth quarter, benefitingfrom the overall improvement in the market. Last year,Credit Suisse Asset Management also made continued

progress in developing the alternative investment market,with improved investment returns in key alternativeproducts.

In December 2001, Credit Suisse Asset Managementcompleted the acquisition of SLCAM, the principal UKasset management subsidiary of global insurer Sun LifeFinancial Services of Canada, which includes formerparent-related insurance assets, third-party institutionaland retail funds and a property investment business. Theintegration of SLCAM is expected to be completed bymid-2002.




REVIEW OF BUSINESS UNITS CREDIT SUISSE FIRST BOSTON

Credit Suisse First Boston reported a net operating loss of USD 196 million (CHF 327million) for the fourth quarter and a net operating profit of USD 338 million (CHF 571million) for the full year, excluding exceptional items of USD 646 million (CHF 1.1 billion)taken in the fourth quarter and the amortization of acquired intangible assets and good-will, after taxes. A net loss of USD 1.0 billion (CHF 1.7 billion) for the fourth quarter anda net loss of USD 961 million (CHF 1.6 billion) for the full year were recorded.

Operating income in 2001 was USD 14.0 billion (CHF 23.6 billion), up 14% compared with 2000, whichincluded two months of post-acquisition DLJ results.Fixed Income, with operating income up 95% year-on-year, drove the increase, but the industry’s 30% decreasein equity new issuances as well as its 50% decrease inmergers and acquisitions led to declining revenues in boththe Equity and Investment Banking divisions.

20

Compared with the third quarter, fourth quarteroperating income declined 23% to USD 2.5 billion(CHF 4.3 billion), primarily due to weaker fixed incomerevenues as well as losses relating to Argentina andEnron. Total pre-tax losses relating to Argentinaamounted to USD 213 million (CHF 360 million) andpre-tax losses relating to Enron amounted to USD 126 million (CHF 213 million).

Credit Suisse First Boston income statement 1)

in USD m

Fixed IncomeEquityInvestment BankingFinancial Services GroupOther

Operating income


Operating expenses



Profit before extraordinary items, acquisition-related costs, exceptional items, taxes

Extraordinary income/(expenses), net Taxes 3) 4)

Net operating profit before acquisition-related costs, exceptional items, minorities

Acquisition interest, net of tax Amortization of retention payments, net of tax Amortization of acquired intangible assets and goodwill, net of tax Exceptional items, net of tax


Minority interests

Net profit

Reconciliation to net operating profitAmortization of acquired intangible assets and goodwillExceptional itemsTax impact



Acquisition interestAmortization of retention paymentsTax impact

)

)

)

)

4Q2000

7181,0021,453

268357

3,798

1,894797

2,691

1,107

12795

885

0) (219

666

6871

1110

) 416

0

) 416

1370

) (26

) 527

17

105109

) (75

3Q2001

1,627666596344

) 33

3,266

2,102819

2,921

345

130203

) 12

0(2

) 10

6469

1660

) (289

) 0

) (289

2050

) (39

) (123

49

97106

) (70

4Q2001

914699589364(66

2,500

1,114881

1,995

505

152477

(124

073

(51

6183

167646

(1,008

(1

(1,009

205845

(237

(196

66

95127(78

2000

2,9195,0763,681

268355

12,299

7,0832,176

9,259

3,040

386322

2,332

) 0) (629

1,703

6871

1520

) 1,412

) (2

) 1,410

1780

) (26

1,562

4

105109

) (75

2001

) 5,6873,894

) 2,7791,520

101

) 13,981

) 8,0363,280

) 11,316

2,665

543912

1,210

(1(269

940

) 296305653646

(960

(1

(961

805845

(351

338

115

456469

(324

Change in%4Q/3Q2001

(445

(16–

(23

(478

(32

46

17135

–

–) –

–

(5201–

249

–

249

0–

) 508

59

)

12 months

Credit Suisse First Boston income statement 1)

in CHF m

Fixed IncomeEquityInvestment BankingFinancial Services GroupOther

Operating income

Personnel expenses Other operating expenses

Operating expenses



Profit before extraordinary items, acquisition-related costs, exceptional items, taxes

Extraordinary income/(expenses), net Taxes 3) 4)

Net operating profit before acquisition-related costs, exceptional items, minorities

Acquisition interest, net of tax Amortization of retention payments, net of tax Amortization of acquired intangible assets and goodwill, net of tax Exceptional items, net of tax


Minority interests

Net profit

Reconciliation to net operating profitAmortization of acquired intangible assets and goodwillExceptional itemsTax impact



Acquisition interestAmortization of retention paymentsTax impact

1) For further information on the presentation of business unit results, please refer to the “Overview of business unit results” on page 4, footnote 1). Certain reclassificationshave been made to prior-period amounts to conform to the current presentation. The business unit income statement differs from the presentation of the Group’s consoli-dated results in a) presenting operating income by division, b) including brokerage, execution and clearing expenses as part of other operating expenses in common withUS competitors rather than netted against operating income, c) excluding acquisition-related costs of acquisition interest, amortization of retention payments and amortiza-tion of acquired intangible assets and goodwill from operating income, personnel expenses and depreciation of non-current assets, respectively, and reporting these costs separately in the income statement, d) deducting minority interests from operating income and e) excluding exceptional items from operating income, personnelexpenses, depreciation of non-current assets and valuation adjustments, provisions and losses and reporting these exceptional items separately in the income statement. /2) Increased/decreased valuation adjustments taken at Group level resulting from the difference between the statistical and actual credit provisions. Business unit CreditSuisse First Boston recorded credit provisions of CHF 656 million (USD 387 million) in 4Q2001 and of CHF 800 million (USD 473 million) for 2001 in addition to thestatistically derived provision level due to substantial deterioration in the economic environment. / 3) Excluding tax impact on acquisition-related costs and exceptionalitems. / 4) Prior to 2001, deferred tax assets for net operating loss carry-forwards were not recorded. In 2001, the accounting policy was changed to allow such deferredtax assets to be recorded in the event of sales of businesses at a taxable gain, where the realization of the deferred tax assets is certain. The impact on the financial state-ments was a tax benefit of CHF 303 million (USD 179 million). Prior-period financial statements disclosed herein would be unchanged had they been prepared under thenew policy. / 5) Excluding amortization of acquired intangible assets and goodwill as well as exceptional items, all net of tax.

)

)

)

)

4Q2000

1,2421,7552,471

447597

6,512

3,2671,358

4,625

1,887

218164

1,505

0) (373

1,132

114118186

0

) 714

1

) 715

2280

) (42

) 901

28

175181

) (124

2000

4,8748,4776,148

447593

20,539

11,8303,634

15,464

5,075

644537

3,894

) 0) (1,050

2,844

114118254

0

) 2,358

) (3

) 2,355

2960

) (42

2,609

6

175181

) (124

2001

) 9,6116,5814,6962,569

172

) 23,629

) 13,5825,543

) 19,125

4,504

9191,541

2,044

(1(455

1,588

501515

1,1031,092

(1,623

(1

(1,624

1,3611,428(594

571

194

770792

(546

Change in%4Q/3Q2001

(42819-

(21

(4510

(29

51

19138

–

–) –

–

1232–

252

–

252

2–

) 518

60

)

4Q2001

1,5921,2131,016

627(108

4,340

1,9531,513

3,466

874

261810

(197

0120

(77

107142286

1,092

(1,704

(1

(1,705

3521,428(402

(327

112

164218

(133

3Q2001

2,7341,1201,002

577) 55

5,488

3,5331,375

4,908

580

219341

) 20

0(3

) 17

106115280

0

) (484

) 0

) (484

3450

) (65

) (204

82

163178

) (120

12 months


REVIEW OF BUSINESS UNITS CREDIT SUISSE FIRST BOSTON

Credit Suisse First Boston balance sheet information

in CHF m

Total assets

Total assets in USD m

Due from banksof which securities lending and reverse repurchase agreements

Due from customersof which securities lending and reverse repurchase agreements

MortgagesSecurities and precious metals trading portfolio

Due to banksof which securities borrowing and repurchase agreements

Due to customers, otherof which securities borrowing and repurchase agreements

Credit Suisse First Boston key information

Based on CHF amounts

Cost/income ratio 1) 2) 3)

Cost/income ratio (operating) 1) 2) 3) 4)

Return on average allocated capital Return on average allocated capital (operating) 3) 4)

Return on average allocated capital (operating, excl. amortization of retention payments, net of tax) 2) 3) 4)


Pre-tax margin 3)

Pre-tax margin (operating) 3) 4)

Pre-tax margin (operating, excl. amortization of retention payments) 2) 3) 4)

Personnel expenses/operating income 1) 2) 3) 5)

Number of employees

1) Excl. acquisition interest. / 2) Excl. amortization of retention payments. / 3) Excl. exceptional items. / 4) Excl. amortization of acquired intangible assets and goodwill. /5) Ratio excludes expenses for contractors.

31.12.00

669,758

409,738

220,174182,923116,39848,25819,566

192,301

371,033131,741102,43137,863

2000

79.9%78.4%

19.7%21.8%

22.8%

11,968

15.8%17.2%18.1%

55.4%

31.12.00

28,122

30.09.01

681,812

421,966

218,554167,205127,34554,88020,083

189,976

362,315140,458124,98561,878

2001

90.6%84.8%

(9.6%)3.4%

6.4%

16,913

(3.7%)2.0%5.4%

55.4%

30.09.01

27,623

31.12.01

679,813

405,762

206,530166,001126,22259,80616,348

205,016

349,713140,958121,97562,136

4Q2000

77.9%74.4%

) 20.7%) 26.1%

) 29.5%

13,799

) 14.1%) 17.6%) 20.4%

48.4%

31.12.01

25,152

3Q2001

99.7%93.4%

(11.3%(4.8%

(2.1%

17,069

(12.1%(5.8%(2.6%

61.8%

4Q2001

94.0%85.9%

(41.4%)(7.9%)

(4.5%)

16,456

(21.5%)(13.3%)(8.3%)

42.5%

12 months

Results also reflect higher credit provisions of USD 339million (CHF 577 million) in the fourth quarter, excludingArgentina and Enron, due to deteriorating credit marketconditions. Aggregate credit provisions for the full yeartotaled USD 718 million (CHF 1.2 billion). Non-perform-ing loans as a percentage of counterparty exposure roseto 1.6% and provision coverage of non-performing loansincreased to 59% at the end of the fourth quartercompared with 54% at the end of the third quarter.

Operating expenses dropped 32% in the fourth quar-ter compared with the third quarter, to USD 2.0 billion(CHF 3.5 billion). This decrease was due to lowerpersonnel costs resulting from the reduction in incentivecompensation costs – in line with reduced revenues – andto the classification of discretionary compensationexpenses of USD 340 million (CHF 575 million) associ-ated with the previously announced fourth quarter head-count reduction as an exceptional item rather than as

22

personnel expenses. Per capita incentive compensationdecreased 49% in 2001 compared with 2000.

Pre-tax exceptional items recorded in the fourth quar-ter 2001 comprise USD 745 million (CHF 1.3 billion)related to previously announced cost reduction initiativesand USD 100 million (CHF 169 million) for a settlementwith the US Securities and Exchange Commission andthe National Association of Securites Dealers Regulation,Inc. (NASDR) regarding their investigations into certainIPO allocation practices.



Exceptional items

pre-tax

Personnel expenses

Guarantees and retention awards for terminated employees in 2002 and 2003

Facilities charges

Exit charges for non-core businesses

IPO allocation settlement

Total

in USD m

466

117

103

59

100

845

in CHF m

787

198

174

100

169

1,428

The Fixed Income division’s fourth quarter revenues ofUSD 914 million (CHF 1.6 billion) declined 44%compared with the third quarter. The developed marketsrates business had the steepest revenue decline afterrecord revenues in the third quarter. Revenues were alsonegatively impacted by a contraction in market opportuni-ties for the US government bond and proprietary tradingdesks due to less volatility in the fourth quarter.

Compared with the third quarter, Equity division fourthquarter revenues increased by 5% to USD 699 million(CHF 1.2 billion). Improvements in cash customer busi-nesses worldwide and in capital markets areas werepartially offset by declines from equity derivatives, in partdue to the Enron failure. The Equity division benefitedfrom some positive momentum resulting from the stimu-lus of interest rate cuts in the US and Europe and fromincreases in several major global market indices, thoughslowing economic growth continued to affect equitymarkets. According to Institutional Investor, the division’sresearch team was ranked number three globally for2001 versus seven in 2000. Additionally, the Europeanand Americas teams were ranked number two.

Fourth quarter revenues in the Financial Servicesdivision were USD 364 million (CHF 627 million), up 6%compared with the third quarter due to the improvementin the equity markets. In line with its strategy to divestbusinesses that do not fit into its core activities, CreditSuisse First Boston announced the sale of its CSFBdirectbusiness and its brokerage service subsidiaryAutranet, Inc. in the fourth quarter. The sales, whichclosed during the first quarter of 2002, producedaggregate proceeds of approximately USD 660 million(CHF 1.1 billion). The combined 2001 revenues of thoseoperations were USD 151 million (CHF 255 million)

versus operating expenses of USD 215 million (CHF 363million). Assets under management, including PrivateEquity assets held on behalf of clients, totaled USD103.5 billion (CHF 173.4 billion) as of December 31,2001, with USD 9.6 billion (CHF 16.3 billion) in net newassets in 2001.

The Investment Banking division’s fourth quarterrevenues of USD 589 million (CHF 1.0 billion) decreased1% compared with the third quarter. Increases in newissuance fees were offset by declines in fees from merg-ers and acquisitions and leveraged finance. After a slowthird quarter, the equity new issuance volume increasedduring the fourth quarter. Credit Suisse First Bostonretained its global equity new issuance ranking of numberfive while its US equity new issuance ranking improved tothird place from fifth at the end of the third quarter. Theglobal debt new issuance ranking improved by one posi-tion from the end of the third quarter to number three,and the global high yield ranking remained at numberone. Credit Suisse First Boston ranked number threeglobally in terms of capital raising for clients in 2001.

The Private Equity business recorded net realized andunrealized losses of USD 97 million (CHF 167 million) inthe fourth quarter, compared with net realized and unreal-ized losses of USD 161 million (CHF 269 million) duringthe first nine months of the year. The total pre-tax loss forthe Private Equity business amounted to USD 138 million(CHF 235 million), compared to a pre-tax loss of USD226 million (CHF 380 million) during the first nine monthsof the year. The book value of all Private Equity invest-ments stood at USD 2.2 billion (CHF 3.7 billion) and fairvalue at USD 2.3 billion (CHF 3.9 billion) as of December31, 2001.




CONSOLIDATED RESULTS CREDIT SUISSE GROUP

Consolidated income statement1)

in CHF m

Interest and discount incomeInterest and dividend income from trading portfoliosInterest and dividend income from financial investmentsInterest expenses

Net interest income

Commission income from lending activitiesCommission income from securities and investment transactionsCommission income from other servicesCommission expenses

Net commission and service fee income

Net trading income

Premiums earned, netClaims incurred and actuarial provisionsCommission expenses, netInvestment income from the insurance business

Net income from the insurance business

Income from the sale of financial investmentsIncome from investments in associatesIncome from other non-consolidated participationsReal estate incomeSundry ordinary incomeSundry ordinary expenses

Other ordinary income/(expenses), net

Operating income


Operating expenses


Depreciation of non-current assetsAmortization of acquired intangible assetsAmortization of goodwillValuation adjustments, provisions and losses from the banking business

Depreciation, valuation adjustments and losses

Profit before extraordinary items, taxes and minority interests

Extraordinary incomeExtraordinary expensesTaxes 2)


Minority interests

Net profit

1) Certain reclassifications have been made to prior-period amounts to conform to the current presentation. / 2) Prior to 2001, deferred tax assets for net operating losscarry-forwards were not recorded. In 2001, the accounting policy was changed to allow such deferred tax assets to be recorded in the event of sales of businesses at ataxable gain, where the realization of the deferred tax assets is certain. The impact on the financial statements was a tax benefit of CHF 303 m (USD 179 m). Prior-periodfinancial statements disclosed herein would be unchanged had they been prepared under the new policy.

Change from2000 in%

(563

(27) 6

27

94

112) 16

8

4

12) 3) (3

(31

2

12(173322

(12) 56

–

5

1826

20

(27

62405213105

110

(72

(50) (84) (64

(70

) (4

(73

)

)

))

)

)

)

)

)))

)

)

)

2000

30,1818,021

706) (33,595

5,313

71716,039

669) (829

16,596

8,791

28,690) (28,900) (2,113

8,489

6,166

1,02319918

1401,243

) (2,258

) 365

37,231

18,5036,645

25,148

12,083

1,353157246

1,265

3,021

9,062

105) (1,796) (1,349

6,022

) (237

5,785

2001

28,68713,078

514) (35,528

6,751

78016,6091,421

) (965

17,845

9,183

32,195) (29,731) (2,040

5,876

6,300

1,14616624

1711,091

) (3,523

(925

39,154

21,8908,394

30,284

8,870

2,186793770

2,592

6,341

2,529

52) (281

(486

1,814

) (227

1,587

4Q2000

9,3292,437

171) (10,383

1,554

2374,544

330) (110

5,001

1,615

7,691) (7,335) (539

2,073

1,890

631810

42337

) (519

) 572

10,632

5,1542,308

7,462

3,170

407157103425

1,092

) 2,078

54) (1,612) 139

) 659

) (69

) 590

3Q2001

7,0143,412

168) (8,599

1,995

2403,654

308) (249

3,953

1,998

6,756) (5,014) (454

16

1,304

406254

48121

) (1,134

) (530

8,720

5,2761,954

7,230

1,490

502197190653

1,542

) (52

) 7) (1

(117

) (163

(136

) (299

4Q2001

5,1273,050

133(6,705

1,605

1584,040

374(261

4,311

920

8,628(8,375

(4591,783

1,577

56590

49461

(877

(252

8,161

4,6252,272

6,897

1,264

699203224

1,289

2,415

(1,151

(7(250538

(870

40

(830

12 months

24

Consolidated balance sheet

in CHF m

AssetsCash and other liquid assetsMoney market papersDue from banksReceivables from the insurance businessDue from customersMortgagesSecurities and precious metals trading portfoliosFinancial investments from the banking businessInvestments from the insurance businessNon-consolidated participationsTangible fixed assetsIntangible assetsAccrued income and prepaid expensesOther assets

Total assets

Subordinated assetsReceivables due from non-consolidated participations

Liabilities and shareholders’ equityMoney market papers issuedDue to banksPayables from the insurance businessDue to customers in savings and investment depositsDue to customers, otherMedium-term notes (cash bonds)Bonds and mortgage-backed bondsAccrued expenses and deferred incomeOther liabilitiesValuation adjustments and provisionsTechnical provisions for the insurance business

Total liabilities

Reserve for general banking risksShare capitalCapital reserveRevaluation reserves for the insurance businessReserve for own sharesRetained earningsMinority interestsNet profit

Total shareholders’ equity

Total liabilities and shareholders’ equity

Subordinated liabilitiesLiabilites due to non-consolidated participations

1) Certain reclassifications have been made to prior-year amounts to conform to the current presentation.

Change from1) 31.12.00 in %

66

(720905

46(11

(5(21117

4

(68(64

(17(735(223(624(9(2

(135

4

0(40

1(8431216021

(73

(11

4

(441

)

)

))

))

))

)

)

)))

)

)

)

)

)

31.12.00

2,92830,127

218,5219,871

170,42892,432

198,91725,574

132,6321,8299,913

23,29916,29454,668

987,433

4,876771

23,176359,441

8,80739,233

213,5493,225

65,52428,02157,65313,107

132,175

943,911

2,3196,009

19,2824,789

6002,1672,5715,785

43,522

987,433

21,801779

30.09.01

2,27331,388

216,5439,597

184,11495,635

193,54131,902

124,6991,9599,427

22,89518,89263,197

1,006,062

2,468587

20,412354,873

8,09137,307

244,0383,078

74,57025,63757,01210,996

132,111

968,125

2,3193,589

19,436382

2,4695,1582,1672,417

37,937

1,006,062

22,064954

31.12.01

3,09232,027

203,78511,823

186,15192,655

208,37437,306

131,2911,8469,422

22,85018,09563,796

1,022,513

1,578276

19,252335,93211,86438,547

261,7523,019

81,50525,51256,49311,362

138,354

983,592

2,3193,590

19,446749

2,4695,6403,1211,587

38,921

1,022,513

20,8921,098



Off-balance sheet and fiduciary businessin CHF m

Credit guarantees in form of avals, guarantees and indemnity liabilitiesBid bonds, delivery and performance bonds, letters of indemnity,

other performance-related guarantees Irrevocable commitments in respect of documentary creditsOther contingent liabilities

Contingent liabilities

Irrevocable commitmentsLiabilities for calls on shares and other equity instrumentsConfirmed credits

Total off-balance sheet

Fiduciary transactions

1) Including credit guarantees of securities lent as arranger of CHF 21,148 m.

Derivative instruments

in CHF bn

Interest rate productsForeign exchange productsPrecious metals productsEquity/index-related productsOther products

Total derivative instruments

1) Including replacement values for traded derivatives (futures and traded options) subject to daily margining requirements. Total positive and negative replacement values oftraded derivatives amount to CHF 1.8 bn (December 31, 2000: CHF 2.0 bn) and CHF 0.6 bn (December 31, 2000: CHF 1.6 bn) respectively.

Selected notes

Currency translation rates

in CHF

1 USD1 EUR1 GBP

100 JPY

Securities and precious metals trading portfoliosin CHF m

Listed on stock exchangeUnlisted

Debt instruments

of which own bonds and medium-term notesListed on stock exchangeUnlisted

Equity instruments

of which own sharesPrecious metals

Total securities and precious metals trading portfolios

of which securities rediscountable or pledgeable with central banks

¨31.12.00

1) 7,013

4,8243,1425,026

20,005

126,998305150

147,458

41,974

Negative grossreplacement

1) value31.12.00

66.432.12.0

19.63.3

123.4

31.12.00

1.63461.52422.44421.4252

31.12.00

63,68465,678

129,362

83759,4548,081

67,535

7,4742,020

198,917

72,618

1)

))

)

))

)

31.12.01

29,789

5,0563,2575,484

43,586

129,86479476

174,320

41,448

Positive grossreplacement

value31.12.00

66.430.41.5

17.12.8

118.2

30.09.01

1.61581.47822.37701.3548

31.12.01

66,30891,434

157,742

1,03744,2025,123

49,325

4,4101,307

208,374

77,306

Nominal1) value

31.12.00

5,793.31,139.4

34.8473.980.4

7,521.8

31.12.01

1.67541.48242.42821.2759

Negative grossreplacement

1) value31.12.01

98.740.21.8

13.63.5

157.8

4Q2000

1.671.542.531.55

Positive grossreplacement

value31.12.01

97.039.61.3

14.13.5

155.5

3Q2001

1.681.512.421.39

Nominalvalue

31.12.01

9,120.81,936.3

29.5393.9120.7

11,601.2

4Q2001

1.691.512.431.39

Average rate year-to-date Closing rate as of

26

Income statement of the banking and insurance business 1)

in CHF m

Net interest incomeNet commission and service fee incomeNet trading incomeNet income from the insurance business 2)

Other ordinary income/(expenses), net

Operating income

Personnel expenses 2)

Other operating expenses 2)

Operating expenses


Depreciation of non-current assetsAmortization of acquired intangible assetsAmortization of goodwillValuation adjustments, provisions and losses from the banking business

Depreciation, valuation adjustments and losses

Profit before extraordinary items, taxes and minority interests

Extraordinary incomeExtraordinary expensesTaxes


Minority interests

Net profit

1) Income statements for the banking and insurance business are presented on a stand-alone basis. / 2) Insurance business: expenses due to the handling of both claimsand investments are allocated to the income from the insurance business, of which: CHF 599 m (2000: CHF 525 m) are related to personnel expenses and CHF 371 m(2000: CHF 355 m) to other operating expenses.

Statement of shareholders’ equityin CHF m

At beginning of financial yearRepayment out of share capital Dividends paidDividends paid to minority interestsCapital increases, par value and capital surplusCancellation of repurchased sharesChanges in scope of consolidation affecting minority interestsForeign exchange impactChange in revaluation reserves from the insurance business, netChange in reserve for general banking risks, netMinority interests in net profitNet profit

At end of financial year

))

)

31.12.00

30,683) 0) (1,931) (55

9,627) 0) 189

(703) (498

188237

5,785

43,522

31.12.01

43,522(2,392

(14(161

1,160(569(253112

(4,2980

2271,587

38,921

))

))

2001

6,68017,8669,183

–(538

33,191

19,7526,853

26,605

6,586

1,667793697

2,592

5,749

837

52(50

(108

731

(179

552

2000

5,23916,6298,791

–) 1,046

31,705

16,4995,279

21,778

9,927

1,092157215

1,265

2,729

7,198

105) (1,796) (943

4,564

) (91

4,473

2001

–––

6,352(380

5,972

2,1381,547

3,685

2,287

5190

73–

592

1,695

0) (231) (378

1,086

) (48

1,038

2000

–––

6,197) (666

5,531

2,0041,366

3,370

2,161

2610

31–

292

1,869

0) 0) (406

1,463

) (146

1,317

2001

6,75117,8459,1836,300

) (925

39,154

21,8908,394

30,284

8,870

2,186793770

2,592

6,341

2,529

52(281

) (486

1,814

) (227

1,587

2000

5 31316,5968,7916,166

) 365

37,231

18,5036,645

25,148

12,083

1,353157246

1,265

3,021

9,062

105) (1,796) (1,349

6,022

) (237

5,785

Banking business Insurance business Credit Suisse Group


Fair ValueNew basis1)

Dec. 1999in CHF m

16,59344,193

60,786

7,04822,199

29,247

2,2097,903

10,112


Investments from the insurance businessAs of December 31, 2001in CHF m

Debt securities issued by Swiss Federal Government, cantonal or local governmental entities

Debt securities issued by foreign governmentsCorporate debt securitiesOther

Debt securities

Equity securities

Total securities – available-for-sale

Debt securitiesEquity securities

Total securities – trading

Own sharesMortgage loansOther loansReal estateShort-term investments and other

Investments from the insurance business

Equity securitiesDebt securitiesShort-term investmentsReal estate

Investments where the investment risk is borne by the policyholder

Total investments from the insurance business

As of December 31, 2000in CHF m

Debt securities issued by Swiss Federal Government, cantonal or local governmental entities

Debt securities issued by foreign governmentsCorporate debt securitiesOther

Debt securities

Equity securities

Total securities – available-for-sale

Own sharesMortgage loansOther loansReal estateShort-term investments and other

Investments from the insurance business

Equity securitiesDebt securitiesShort-term investmentsReal estate

Investments where the investment risk is borne by the policyholder

Total investments from the insurance business

Fair value

8,28719,50322,94715,823

66,560

22,332

88,892

––

–

–––

10,376 –

–

––

–

––

–

Fair value

5,74818,49736,3812,952

63,578

31,718

95,296

–––

10,072–

–

––––

–

–

31Grossunrealized

losses

70223267129

689

2,219

2,908

––

–

–––––

–

––––

––

–

Grossunrealized

losses

2516355944

791

1,417

2,208

–––––

–

––––

–

–

Grossunrealized

gains

152474672543

1,841

2,406

4,247

––

–

–––––

–

––––

––

–

Gross unrealized

gains

128648

1,111260

2,147

9,021

11,168

–––––

–

––––

–

–

Amortized cost

8,20519,25222,54215,409

65,408

22,145

87,553

––

–

–––––

–

––––

––

–

Amortized cost

5,64518,01235,8292,736

62,222

24,114

86,336

–––––

–

––––

–

–

Book value

8,28719,50322,94715,823

66,560

22,332

88,892

1,85837

1,895

1849,8114,6487,5493,793

116,772

10,9342,495

794296

14,519

131,291

Book value

5,74818,49736,3812,952

63,578

31,718

95,296

599,4244,3167,0983,550

119,743

10,1361,2331,402

118

12,889

132,632

28

1 Editorial 2 Financial highlights Q4/2001 4 An overview of Credit Suisse Group 8 Review of business units 8 Credit Suisse Financial Services 16 Credit Suisse Private Banking 18 Credit Suisse Asset Management 20 Credit Suisse First Boston 24 Consolidated results Credit Suisse Group 24 Consolidated income statement 25 Consolidated balance sheet 26 Off-balance sheet and fiduciary business 26 Selected notes 29 Risk Management Information for investors

Cautionary Statement Regarding Forward-Looking InformationThis communication may contain projections or other forward-looking statements related to Credit Suisse Group that involve risks and uncertainties. Readers arecautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by CreditSuisse Group with the SEC, specifically the most recent filing on Form 20-F, which identify important risk factors that could cause actual results to differ from thosecontained in the forward-looking statements, including, among other things, risks relating to market fluctuations and volatility, significant interest rate changes, creditexposures, cross border transactions and foreign exchange fluctuations, impaired liquidity, competition and legal liability. All forward-looking statements are based oninformation available to Credit Suisse Group on the date of its posting and Credit Suisse Group assumes no obligation to update such statements unless otherwiserequired by applicable law.

Credit Suisse Group is a leading global financial services company headquartered in Zurich.

Credit Suisse Financial Services provides private clients and small and medium-sized companies with private

banking and financial advisory services, banking products, and pension and insurance solutions from

Winterthur. Credit Suisse First Boston, the investment bank, serves global institutional, corporate, govern-

ment and individual clients in its role as a financial intermediary. Credit Suisse Group’s registered shares

(CSGN) are listed in Zurich and London on the SWX Swiss Exchange/virt-x, Frankfurt and Tokyo, and in

the form of American Depositary Shares (CSR) in New York. The Group employs around 80,000 staff

worldwide. As of December 31, 2001, it reported assets under management of CHF 1,425.5 billion.

The Financial Report comprising the Group’s consolidated financial statements and the parent company financial statements as of December 31, 2001, is availablein English on the Internet.

Credit Suisse Group’s Annual Report 2001 will be available from May 6, 2002, in English and German.

R ISK MANAGEMENT

This symbol is used to indicate topics on which further information is available on our website. Go to www.credit-suisse.com/q4results2001/bookmarks.html to findlinks to the relevant information. This additional information indicated is openly accessible and does not form part of the Quarterly Review. Some areas of CreditSuisse Group’s websites are only available in English.

Trading exposures The average VaR at Credit Suisse First Boston in thefourth quarter of 2001 was USD 49.0 million, comparedwith USD 78.0 million during the third quarter of 2001.The VaR decrease was in large part due to the imple-mentation of a revised historical simulation model formortgage spread risks within the Fixed Income division.Starting this quarter, the backtesting chart shows thecomponent of trading revenue due purely to overnightprice movements and excluding fee and commissionincome. This calculation is better suited for the evalua-tion of a VaR model. As illustrated in the backtestingchart, Credit Suisse First Boston had two regulatorybacktesting exceptions in the fourth quarter of 2001; on average, a backtesting model returns two or threeexceptions per annum.

Asset qualityCredit quality has softened as a result of the volatile andfragile economic environment, although the share ofinvestment grade exposure was not appreciably lowerthan in previous quarters. The mix of impaired assetshas shifted: continued progress in reducing the historicimpaired asset portfolio at Credit Suisse Banking wasoffset by an increase in impaired assets at Credit SuisseFirst Boston. Vulnerable sectors continue to be moni-tored, with active management leading to addition of col-lateral, purchase of credit protection and tightening ofmaturities where justified. Provisions are created whenexposures exhibit signs of deterioration to an extent thatwould classify them as impaired.

1Q2001 2Q2001 3Q2001 4Q2001

Daily adjusted trading revenue One-day VaR (99%)

in Mio USD

100

50

0

–50

–100

–150

Adjusted trading revenue and VaR estimate for Credit Suisse First Boston

CSFB trading exposures (99% one-day VaR)in USD m

Total VaRPeriod endAverageMaximumMinimum

in USD m

VaR by risk typeInterest rateForeign exchangeEquityCommodity

Subtotal

Diversification benefit

Total

Credit Suisse First Boston computes these VaR estimates separately for each risktype and for the whole portfolio using the historical simulation methodology.Diversification benefit reflects the net difference between the sum of the 99%percentile loss for each risk type and for the total portfolio.

1Q2001

83.882.499.469.5

31.03.01

97.615.712.72.2

128.2

) (44.4

83.8

)

2Q2001

72.373.085.366.6

30.06.01

79.817.121.21.1

119.2

) (46.9

72.3

3Q2001

85.078.095.263.1

30.09.01

107.215.223.32.5

148.2

) (63.2

85.0

4Q2001

42.749.055.542.7

31.12.01

56.711.121.72.4

92.0

(49.3

42.7

Asset quality & provisionsAs of December 31, 2001, in CHF m

Non-performing loans (NPLs) 1)

Capital provisions against NPLs 2)

Total counterparty exposures 1)

of which lendingof which committed, but unusedof which contingent exposuresof which counterparty trading

Coverage ratio of NPLs31.12.0130.09.0131.12.00NPLs as percentage of counterparty exposures31.12.0130.09.0131.12.00

1) Includes loans and loan equivalents. / 2) Excludes total interest of CHF 1,385 m (fully provided).

Credit SuisseGroup

9,6665,728

400,371188,264113,80025,52172,786

59%56%63%

2.4%2.2%2.4%

Credit SuisseFirst Boston

3,7482,205

229,51846,108

101,7199,883

71,808

59%54%67%

1.6%1.2%0.6%

Credit SuissePrivate Banking

11674

42,69438,968

02,904

822

64%62%54%

0.2%0.3%0.3%

Credit SuisseFinancial Services

5,8023,449

128,159103,18812,08112,734

156

59%57%62%

4.5%4.8%6.5%



QUARTERLY REVIEW 2001 Q4

INFORMATION FOR INVESTORS

Credit Suisse Group shares Ticker symbolsStock exchange listings Bloomberg Reuters Telekurs

SWX Swiss Exchange/virt-x CSGN VX CSGZn.VX CSGN,380Frankfurt CSX GR CSGZn.DE CSX,013New York (ADS) 1) CSR US CSR.N CSR,065Tokyo 8653 JP CSGZ.T N1492,106

1) 1 ADS represents 1 registered share.

Swiss security number 1213853 ISIN number CH0012138530 German security number DE 876 800CUSIP number 225 401 108

RatingsAgencies Credit Suisse Group Credit Suisse Credi Credit Suisse First Boston Winterthur

Long term Short term Long term Short term Long term Short term

Moody’s, New York Aa3 - Aa3 P1 Aa3 P1 Aa3Standard & Poor’s, New York AA- A1+ AA A1+ AA A1+ AAFitch IBCA, New York AA- F1+ AA- F1+ AA F1+ AA-

5520154English

Enquiries

CREDIT SUISSE GROUPInvestor Relations Gerhard Beindorff, Andreas PeterlikTel. +41 1 333 4570 / +41 1 333 3169Fax +41 1 333 2587

CREDIT SUISSE GROUPMedia Relations Karin Rhomberg Hug, Claudia KraazTel. +41 1 333 8844 Fax +41 1 333 8877

Copies of all Credit Suisse Group

financial publications may be ordered from:

CREDIT SUISSEKIDM 23Uetlibergstrasse 2318070 ZurichSwitzerlandFax +41 1 332 7294www.credit-suisse.com/q4results2001/order.html

Credit Suisse GroupParadeplatz 8 P.O. Box 1 8070 Zurich Switzerland

Tel. +41 1 212 1616 Fax +41 1 333 2587

www.credit-suisse.com

http://www.credit-suisse.com/en/q4review2001/bookmarks.html




credit-suisse quarterly review q4/2001

Economy & Finance

credit suisse private

credit suisse asset

credit exposures

information available

forwardlooking statements

financial reportcomprising

financial intermediary

forwardlooking information