CREDIT SUISSE GROUP ANNUAL REVIEW 2000

PART I

2 Financial highlights 2000

4 Editorial

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Important note

Within the framework of the Swiss Accounting and Reporting Recommendations,Credit Suisse Group has changed its accounting policies in the year 2000 in order toincrease the transparency for its insurance business and to align with a more interna-tionally-recognised standard. The Group’s financial statements as of 31 December1999 have also been restated to conform with the current year’s presentation. In thetables of this publication, 1999 results will be shown in ‘previously reported’ as well asin ‘new basis’ columns. In text sections, comparisons to 1999 results are based on thepreviously reported figures.

The Financial Report comprising the Group’s consolidated financial statements as of 31 December 2000 is available in English on the Internet.

Credit Suisse Group’s Annual Report 2000/2001 will be available from 11 May 2001in English and German.

PART II

6 An overview of Credit Suisse Group8 Strategic review

12 Organisation14 Financial review

PART III

18 Review of business units 20 Credit Suisse Financial Services26 Credit Suisse Private Banking29 Credit Suisse Asset Management 32 Credit Suisse First Boston

36 Risk management

PART IV

38 Our broader responsibilities

PART V

44 Consolidated results 46 Income statement47 Balance sheet48 Off-balance sheet business48 Selected notes to the consolidated financial

statements

52 Management

57 Main offices

58 Information for investors

This symbol is used to indicate topics on which further information is available on our website. Go to www.credit-suisse.com/annualreview2000/bookmarks.html to find links to the relevant information. The additional information indicated is openly accessible and does not form part of the Annual Review. Some areas of the Credit Suisse Group’s websites are only available in English.

Share dataNumber of shares issuedShares ranking for dividendAverageShares ranking for dividend as of 5.3.2001/31.3.2000Market capitalisation (in CHF m)

Share price (as of 5.3.2001: CHF 295)at year-endfor inclusion in Swiss tax returnsyear highyear low

Repayment of capital 1)/dividend

1) Proposal of the Board of Directors to the Annual General Meeting on 1.6.2001.

Earnings per shareOperating earnings per share 1)

Earnings per share – dilutedOperating earnings per share – diluted 1)

Book value per share

1) Excl. amortisation of acquired intangible assets and goodwill, as well as excl. restructuring provision.

Change in %

10102

10 7

Change in %

(33

233814

Previouslyreported

1999in CHF

19.2419.6519.1119.48

119.84

)

Change to previously

reportedin %

8329

#D3314

31 Dec. 2000

300,437,990300,437,990277,775,022300,635,025

92,535

2000in CHF

308312

388.5293

8

2000in CHF

20.8325.9820.7525.89

136.30

31 Dec. 2000

300,437,990300,437,990

92,535

2000in CHF

308312

388,5293

1) 8

2000in CHF

31 Dec. 1999

272,206,488272,206,488271,310,760273,842,638

86,153

1999in CHF

316.5302

316.5212

7

New basis1999

in CHF

15.6616.0715.5415.95

108.48

CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS 2000

Financial calendar

Annual General Meeting 2001

Distribution of par value reduction

First quarter results

Second quarter results

Third quarter results

Friday, 1 June 2001

Wednesday, 15 August 2001

Monday, 21 May 2001

Wednesday, 29 August 2001

Tuesday, 20 November 2001

Share performanceSwiss Market Index Credit Suisse Group

Market capitalisationas of 31 December (in CHF bn)

90

100

80

70

50

30

20

60

40

10

0

91 92 93 94 95 96 97 98 99 00

400

350

300

250

200

150

100

19971996 1998 1999 2000 2001

2

Consolidated income statementOperating incomeGross operating profitNet operating profit 1)

Net profitCash flow

Return on equity (ROE)Credit Suisse Group: – Reported ROE

– Operating ROE 1)

Banking business: – Reported ROE– Operating ROE 1)

Insurance business: – Reported ROE– Operating ROE 1)

– Return on invested capital (ROIC)

Consolidated balance sheetTotal assetsShareholders' equityMinority interests in shareholders' equity

BIS dataBIS risk-weighted assets BIS tier 1 capital– of which non-cumulative perpetual preferred securitiesBIS total capital

BIS ratiosBIS tier 1 ratio

Credit Suisse Credit Suisse First Boston 2)

Credit Suisse Group 3)

BIS total capital ratio Credit Suisse Group

Assets under managementAdvisory assets under managementDiscretionary assets under managementTotal assets under managementNet new assets

Number of employeesSwitzerlandOutside SwitzerlandTotal employees Credit Suisse Group

1) Excl. amortisation of acquired intangible assets and goodwill (2000: CHF 359 m; 1999: CHF 110 m), as well as excl. restructuring provision of CHF 1,074 m, all after tax.2) Ratio is based on a total tier 1 capital of CHF 17.6 bn, of which non-cumulative perpetual preferred securities are CHF 1.1 bn.3) Ratio is based on a total tier 1 capital of CHF 27.1 bn, of which non-cumulative perpetual preferred securities are CHF 1.1 bn.

Change to previously

reported in %

3432351134

Change to previously

reported in %

(316

(173

475046

Change to previously

reported in %

372747

Change to previously

reported in %

12(4

4517

Changein %

26.211.419.327.2

Changein %

34326

)

)

)

Previouslyreported

1999in CHF m

27,8709,1325,3305,2217,983

Previouslyreported

1999in %

18.218.522.122.411.011.118.0

Previouslyreported

31 Dec. 1999in CHF m

722,74634,3681,747

Previouslyreported

31 Dec. 1999in CHF m

213,29828,261

20040,843

in %

6.89.9

13.219.1

31 Dec. 1999in CHF bn

631.9556.2

1,188.141.9

31 Dec. 1999

27,45436,50963,963

2000in CHF m

37,23112,0837,2185,785

10,734

2000in %

17.721.518.223.116.216.626.3

31 Dec. 2000in CHF m

987,43343,5222,571

31 Dec. 2000in CHF m

239,46527,1111,102

43,565

in %

7.113.611.318.2

New basis 1999

in CHF m

26,6447,8634,3604,2507,008

New basis 1999in %

15.616.022.122.41.51.6n/a

New basis31 Dec. 1999

in CHF m

729,02230,6831,154

New basis 31 Dec. 1999

in CHF m

209,87024,833

20037,414

in %

6.89.9

11.817.8

31 Dec. 2000in CHF bn

797.4619.6

1,417.053.3

31 Dec. 2000

28,23552,30380,538

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Credit Suisse Group in very good shape

EDITORIAL

Dear shareholders, clients and fellow employees

Dear readers

Credit Suisse Group had another suc-cessful year. Even in the challengingsecond half of 2000, the Groupsucceeded in sustaining its strong per-formance of the first six months, andnet operating profit for the year rose bya total of 35% to CHF 7.2 billion.Instead of a dividend, the Group’sBoard of Directors will propose a parvalue reduction of CHF 8 per share tothe Annual General Meeting on1 June 2001. This distribution com-pares to a dividend of CHF 7 for 1999and CHF 5 for 1998.

The Group further strengthened itsposition as one of the world’s leadingfinancial services companies throughthe implementation of a number ofstrategic initiatives in 2000. The yearsaw the launch of a host of new ser-vices and innovative products, under-lining the Group’s dynamism and its ef-forts to provide professional, high-quality services in response to all of itsclients’ financial needs. The use of new

technologies, including the Internet,continues to be of high importance.

2000 was a turbulent year on the financial markets. Against thisbackdrop, Credit Suisse Group stockput in a varied performance and, afterclimbing to an all-time high in August,closed at end-2000 just below its clos-ing price for the previous year. Over afive-year horizon, however, the shareprice rose by 22% per annum.

Between 1996 – prior to its com-plete restructuring – and 2000, CreditSuisse Group achieved sustainedgrowth and demonstrated high earn-ings strength. Revenue rose by an av-erage of 22% per annum and assetsunder management grew annually by22% during this period. Operatingearnings per share increased by 33%per annum and operating return on eq-uity advanced from 9.8% to 21.5%.We are confident that we will be able tomaintain strong momentum in the future.

While organic growth is the key torealising this objective, we also aim toclose strategic gaps via targeted acqui-sitions.

The acquisition of US investmentbank Donaldson, Lufkin & Jenrette

Lukas MühlemannChairman and Chief Executive Officer

4

financial services providers also faceever-greater challenges: in addition tovying for good staff, they are confront-ed by increasingly fierce competitionbetween the most powerful companiesin the fields of banking and insurance,as well as from new rivals outside theindustry. Credit Suisse Group is verywell positioned to meet these chal-lenges.

Our Annual Review – which we areissuing in addition to our Annual Report – and our website will provideyou with a host of information on everyaspect of Credit Suisse Group.

On behalf of the Board of Directorsof Credit Suisse Group, I wish to thankour shareholders and our clients for thetrust that they place in our institution.We also owe sincere thanks to our80,000 employees for their commit-ment to client service all over the globe.

Lukas MühlemannChairman and Chief Executive Officer

March 2001

(DLJ) last autumn is the largest andmost challenging move by the Groupsince its 1997 merger with Winterthur.The integration of DLJ will significantlystrengthen Credit Suisse Group’s posi-tion in its two strategic core areas ofbusiness, investment banking andasset management. In addition, theGroup made a number of smalleracquisitions to strengthen its assetgathering and asset management busi-nesses.

During 2000, the Group introducedValue Based Analysis (VBA), an ac-cepted measure of value creation. VBAsubtracts the cost of capital used in thebusiness from cash flow in order tomeasure value created in a givenperiod. We will use VBA in both perfor-mance measurement of our businessunits and in management compensa-tion. We have also introduced EconomicRisk Capital (ERC), which is a consis-tent measurement of the capital need-ed to cover all identifiable risks underextreme conditions. ERC will form anintegral part of our capital allocationprocess.

Future prospects look very attrac-tive for financial services companiessuch as Credit Suisse Group. However,

“The year saw the launch of a host of new services andinnovative products, underlining the Group’s dynamism andits efforts to provide professional, high-quality services inresponse to all of its clients’ financial needs.”

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