credit-suisse supplements

Supplement Slide 0

SUPPLEMENTS TO THEFOURTH QUARTER 2002 AND FULL YEAR RESULTS 2002 PRESENTATION

Supplement Slide 1

CONTENT

Group

- Update on accounting changes (slide 2 to 3)

CSPB

- Development of gross margin (slide 4)

- AuM by product and currency (slide 5)

Winterthur

- Investment result (slide 6 to 8)

- Investment portfolio (slide 9 to 10)

- Equity base & statutory solvency (slide 11)

- Life & Pensions business mix (slide 12)

- Insurance premium split andcombined ratios &

gross written premiums (slide 13 to 14)

CSFB

- Revenue detail 2002 (slide 15)

- Emerging markets exposure (slide 16 to 17)

- Selected exposure by industry (slide 18)

- "Legacy" assets exposure (slide 19)

- "Legacy" assets P&L charges (slide 20)

- Pershing sale (slide 21)

Cautionary statement regarding forward-looking information (slide 22)

Supplement Slide 2

UPDATE ON ACCOUNTING CHANGES (1/2)

Deferred

tax assets

on net

operating

losses

Rationale: Increase peer comparability and eliminate difference to

US GAAP

� CHF 266 million at CSFS

� CHF 254 million at CSFB (USD 162 million)

� Reported in separate P&L line item

� Excluded from net operating profit

� CHF 472 million at CSFS

� CHF 868 million at CSFB (USD 556 million)

� Reported in normal tax result

� Included in net operating profit

Cumulative effect

for prior years:

Effect on taxes for

financial year 2002:

Supplement Slide 3

Rationale: � Consistent with anticipated EBK change in estimate

guidelines

� In line with peers general trend of deteriorating credit

environment

CSFS: � CHF 245 million

� Current ACP model in banking already compliant with

EBK guidelines

� Charges recorded at Corporate Center

CSFB: � CHF 530 million (USD 340 m)

� Included in BU/segment results

� Neutral to net operating profit due to release of reserves for general

banking risks of CHF 580 m recorded as extraordinary income

UPDATE ON ACCOUNTING CHANGES (2/2)

Inherent

loss

allowance

in loan

portfolio

Note: figures above exclude CHF 3 million from exchange rate impact

Supplement Slide 4

PRIVATE BANKING

DEVELOPMENT OF GROSS MARGIN

87 88 8390 87 87 86 83 85 85

48 43

3434 40 42

3526

28 33

55

5

6466

6

3

10

0

30

60

90

120

131

145

134 133

123

Other revenueTransaction-drivenAsset-driven

in bp

alternative investments �

brokerage �

trading �

alternative investments ➬commission on assets �

interest margin �

lending �

133127

-10 bp

114

2001

Q2 Q3Q1 Q4 FY Q1 Q2 Q3

2002

Q4 FY

118123

Supplement Slide 5

PRIVATE BANKING

AUM BY PRODUCT & CURRENCY

AuM Categories by Product(incl. investments in funds)

27% 27% 28% 28%

31% 32%34% 33%

29% 26% 22% 23%

13% 15% 16% 16%

Liquidity &Money markets

Fixedincome

Equities

Balanced

12/01 06/02 09/02

AuM Categories by Currency

27% 28% 29% 30%

36% 34% 35% 35%

31% 32% 30% 30%

6%6%6%6%Other

EUR

USD

CHF

12/01 06/02 09/0212/02 12/02

Supplement Slide 6

WINTERTHUR GROUP

INVESTMENT RESULT (1) (1/3)

(1) general account onlyNote: Q1 to Q3 reclassified to the current presentation format, including real estate own use,

interest paid from current income and realized gains/losses to other

Current income 5,096 1,236 1,435 1,203 1,222

Realized gains 5,421 1,346 1,389 2,353 333

Realized losses (4,738) (647) (2,129) (1,589) (373)

Impairments (3,887) (942) (857) (1,413) (675)

Other (464) (114) (100) (135) (115)

Investment Income (P&L) 1,428 879 (262) 419 392

2002(1)

Q212M/02(1) Q3 Q4Q1

Supplement Slide 7

WINTERTHUR GROUP


� Development of gross unrealized losses in equity portfolio

(1) general account only; totals different from published figures in quarterly report due to consolidation effects

� Given flat markets, unrealized

losses are recognized in the P&L

after 6 months as an impairment

� NOP impact highly country-specific

depending on whether the

investment risk is borne by the

company or the policyholder

� Current unrealized losses in Q4/02

substantially lower than at year-end

2001 and also improved vs Q3/Q2

� Taking only the NOP relevant

portion into account, unrealized

losses decreased 38% vs Q3/02

level

(in CHF bn, gross of tax/policyholder portion)

Q1/02Q4/01 Q2/02

42%

(1.1)

(2.2)

(1.2)(1.0)

39%

61%

51%

49%66%

34%

58%

Q3/02

Potential impact of gross unrealized losses on NOP:

(1,350) (500) (750) (400) (250)

Gross Unrealized Losses (1)

Company portion

Policyholder portion

(in CHF million)

Q4/02

(0.5)

52%

48%

Supplement Slide 8

WINTERTHUR GROUP


(1) general account only

Net investment income 2001 4,766 2,217 6,983(insurance chart of account)

Net investment income 2002 1,438 (10) 1,428(insurance chart of account)

Delta: Net investment income 2001/2002 (3,328) (2,227) (5,554)(insurance chart of account)

Impact on operating income (1,800) (1,800) (3,600)(bancassurance chart of account)

Impact on net operating profit (1,600) (1,700) (3,300)

Life &

Pensions Insurance

Winterthur

Groupin CHF m(1)

Supplement Slide 9

WINTERTHUR GROUP

INVESTMENT PORTFOLIO – ASSET ALLOCATION

� Responsive to equity market development

� reduction of equity securities from CHF 22.5 bn (18%) to 9.1 bn (7%) in 2002

� "investment view" equity exposure stands at CHF 8.0 bn (6%) (1)

Winterthur Investment Portfolio

06/02

Real estate (fair value)

Mortgages

Equity securities

Debt securities & loans

(1) investment view excludes CHF 1.1 bn of participations in bond funds and special funds classified as equities under accounting rules(2) all investments incl. real estate at market value; excluding separate account (i.e. unit-linked) business(3) reduced by CHF 4.5 bn vs reported figures due to trade accounting on purchased bonds and maturing money market transactions (settlement date)

122.2

Short-term investments & others

12/02

121.0

(2)

(3)

12/01

124.9

1388

63

8

998

62

12

498

61

18

Total (in CHF billion)

% o

f to

tal

12/00

388

56

25

125.4

09/02

124.8

1088

67

7

Supplement Slide 10

WINTERTHUR GROUP INVESTMENT PORTFOLIO – BY COUNTERPARTY RATING

A

20%

BBB

1%

AA31%

AAA48% A

24%

BBB

3%

AA39%

AAA34%

Winterthur Life & Pensions 31.12.02 Winterthur Insurance 31.12.02

Supplement Slide 11

WINTERTHUR GROUP

EQUITY BASE STRENGTHENED IN 2002

� CSG capital injection of CHF 3.7 bn(1) eligible solvency capital to maintain andstrengthen capital

� Consolidated EU group solvency now at 167%

� Group has sufficient capital to sustain growth in the near future

5,278

2,600(2,115)

(520)755(150)

(261)

5,587

Winterthur Shareholders' Equity (CHF m)

12/01 Dividends paid

Net unrealized gains/(losses)(2)

FX changes; other

Net loss Capital injection/

contribution

Minorities 12/02

(1) CHF 2.6 bn equity capital contribution and CHF 1.1 bn hybrid debt (2) net of tax/shadow

Supplement Slide 12

LIFE & PENSIONS

GROSS PREMIUMS WRITTEN

47.8 47.3

45.5 44.8

6.7 7.9

2001 2002

CEE, Asia

Germany, UK,

Italy, Other (1)

Switzerland

49.0 46.4

51.0 53.6

2001 2002

Individual

Group

81.6 79.9

18.4 20.1

2001 2002

Unit Linked

Traditional

47.1 41.0

52.9 59.0

2001 2002

Single

Annual

17.4 19.0

(1) comprises of Iberia, Benelux, cross-border Note: 2001 excluding France and Austria

17.4 19.0

17.4 19.017.4 19.0

% of total, YTD

Supplement Slide 13

WINTERTHUR INSURANCE

SPLIT BY LINE OF BUSINESS & COMBINED RATIOS

Combined Ratio

Winterthur

Insurance

Accident &

Health

Motor

P&C(ex-Motor)

Gross Premiums 2002: CHF 18.4bn

Change vs 2001: (0.1%), +9.4% organic(1)

Motor

CHF 7.7 bn

42%

80.0

81.1

21.5

21.1

69.4

70.5

38.0

37.4

81.8

75.6

25.1

24.9

76.7

74.8

28.9

28.6

101.5

102.2

107.4

107.9

106.8

100.5

105.6

103.4

Expenseratio

Claims ratio

2001

2002

2001

2002

2001

2002

2001

2002

P&C (ex-Motor)

CHF 7.4 bn

40%

Accident & Health

CHF 3.3 bn

18%

(1) in local currencies

Supplement Slide 14

WINTERTHUR INSURANCE

PREMIUM INCREASES OFFSET BY DISPOSALS

Gross Written Premiums by Region (CHF bn)

United Kingdom 5.0 3.8 32% 5th

Italy 1.9 1.8 6% 8th

North America 3.4 3.2 6% >20

Germany 2.5 2.5 0% 14th

Switzerland 2.9 2.7 7.4% 1st

Growth2002 2001

Other, disposals 2.7 4.4 -39% n/a

Total 18.4 18.4 0% 7th (2)

Market Position(1)

(1) based on 2001 GWP(2) total European

Belgium

4%

North America

18%

Other,

disposals

3%Switzerland

16%

Germany

14%

Italy

10%

Iberia

8%

UK

27%

2002 GWP: 18.4 bn

Supplement Slide 15

Equity Income Division

CREDIT SUISSE FIRST BOSTON

REVENUE DETAIL 2002

Q1 Q2 Q3 Q4

22 23 14 16

36 34 43 28

Other

M&A

Private equity

Debt capital markets

Equity capital markets

39

11

15

22

17

199

16

Investment Banking Division

695 871 485 813 Total in USD m

Q1 Q2 Q3 Q4

9 8 7 7

20 16 16 22Asian customersEuropean customers

EDCU

US customers

LatAm customers

35

3427

48

38

36

31

39

855 760 718 562 Total* in USD m

* incl. Other revenues

not shown in chart

2221

in %

in %

CSFB Financial Services

Q1 Q2 Q3 Q4

26 28 3639

71 6339 45

Other

Rates

Credit

Emerging markets group

(18)(4)(5)(9)

Fixed Income Division

1,269 1,263 1,103 587 Total in USD m

Q1 Q2 Q3 Q4

16

5 2 2

43 40 42 45

Other

PCS

Pershing

CSAM

13

4042

14

39

16

43

(2)

536 553 501 484 Total in USD m

in %

in % 3429

1412

177 6

6

Supplement Slide 16

Loans

Loan equivalent exposureMoney market

F/X, precious metals

Derivatives

Trading positionsFixed income

Equities

Reverse repos

Total, gross

Net notional FX position

Provisions

Net exposure

Americas

1,299

5860

586

0

238157

81

462

2,585

(108)

(197)

2,281

CIS/

Europe

1,243

3040

304

0

904887

17

120

2,571

(314)

(13)

2,244

Total

Global

4,474

1,6750

1,675

0

5,0624,697

364

705

11,916

(2,897)

(447)

8,572

Mid. East/ Africa

567

3090

309

0

843826

17

47

1,766

(737)

(18)

1,011


EMERGING MARKETS EXPOSURE BY REGION

Asia / Pacific

1,365

4760

476

0

3,0772,827

249

76

4,993

(1,739)

(219)

3,035

31.12.02

in USD m

Supplement Slide 17

Loans

Loan equivalent exposureMoney market

F/X, precious metals

Derivatives

Trading positionsFixed income

Equities

Reverse repos

Total, gross

Net notional FX position

Provisions

Net exposure

Argentina

221

560

56

0

4848

0

11

336

0

(164)

173

Brazil

258

960

96

0

780

78

327

759

(409)

5

345

Mexico

394

3110

311

0

20

2

36

743

303

(17)

1,029

CREDIT SUISSE FIRST BOSTONEMERGING MARKETS EXPOSURE BY SELECTED COUTRIES

in USD m

Russia

500

440

44

0

281270

11

67

891

(166)

0

726

Indonesia

415

490

49

0

329328

2

0

793

22

(169)

646

31.12.02

in USD m

Supplement Slide 18


COUNTERPARTY EXPOSURE BY INDUSTRY

Selected CSFB Exposures (as of December 31, 2002)

Current Undrawn Total

Industry exposure commitm. exposure

Telecom service providers 1,720 2,185 3,905

Telecom manufacturing 179 230 409

Merchant energy 1,267 258 1,525

Airlines 583 425 1,008

Note:

Current exposure equals committed amount (includes only drawn commitments) for lending plus mark-to-market for counterparty trading less credit protection

Total exposure equals "current exposure" plus undrawn commitments

in USD m

Supplement Slide 19


"LEGACY" ASSETS EXPOSURE

"Legacy" Assets Net Exposure

8,964 Real Estate

11,925 1,975 Distressed

986 Private Equity (1,228 unfunded commitment)

in USD m

12/1999

12/2001

2,925 Real Estate


1,325 Private Equity (857 unfunded commitment)

1,535 Real Estate

3,031 512 Distressed

984 Private Equity (785 unfunded commitment)

12/2002

12/2000

4,805 Real Estate


1,724 Private Equity (984 unfunded commitment)

Note: unfunded commitments as of 12/01 and 12/02 include USD 0.4 bn employee commitments

Supplement Slide 20


"LEGACY" ASSETS P&L CHARGES

Charges related to "legacy" assets

in CSFB's income statement

2002

Operating Income (120) (523) (275) (919)

Provisions (154) - - (154)

Taxes 77 147 77 301

Net Operating Profit/(Loss) (197) (377) (199) (773)

Real Estate

DistressedPortfolio

Private Equity

Q4/02

Operating Income (14) (144) (123) (281)

Provisions 8 - - 8

Taxes 2 40 34 76

Net Operating Profit/(Loss) (4) (103) (89) (196)

Totalin USD million

Supplement Slide 21


PERSHING SALE

� Focus resources on core businesses; avoid further capital investment

� Strengthen CSFB's and Group's capital base via elimination ofUSD 500 m of goodwill, USD 900 m in acquired intangibles and a reduction of USD 1.6 bn in risk-weighted assets

� Cash proceeds of USD 2.7 bn; including repayment of subordinated debt; a pre-closing dividend of approximately USD 800 m is anticipated

� Financial Services strategy remains in place, albeit on smaller scale

Q4/02

� After tax loss of USD 250 m driven by low tax basis in Pershing;USD 86 m pre-tax loss (excl. USD 50 m performance-related payment)

Effective 1/1/03

� Pershing carried as equity investment

� Cease amortizing goodwill and acquired intangibles with net effect of USD 144 m in 2002

� 2002 operating income and operating expenses were USD 854 m andUSD 661 m, respectively

Benefits of

Transaction

Accounting

Impact

Supplement Slide 22

CAUTIONARY STATEMENT REGARDING

FORWARD-LOOKING INFORMATION

This presentation contains statements that constitute forward-looking statements. In addition, in the future we, and others on

our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without

limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect

on our future performance of certain contingencies; and assumptions underlying any such statements.

Words such as “believes,” “anticipates,” “expects,” "intends” and “plans” and similar expressions are intended to identify

forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these

forward-looking statements except as may be required by applicable laws.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks

exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be

achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives,

expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest

rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we

conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes

in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest

or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries

in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors

such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to

our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws,

regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our

operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands;

(xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and

acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii)

acquisitions, including the ability to integrate successfully acquired businesses; (xviii) the adverse resolution of litigation and other

contingencies; and (xix) our success at managing the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you

should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently

filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission.

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