ANNUAL REVIEW 2000 PART IV

OUR BROADER RESPONSIBILITIES

PART I

2 Financial highlights 2000

4 Editorial

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

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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

CREDIT SUISSE GROUP OUR BROADER RESPONSIBILITIES

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As a company with operations around the globe, Credit SuisseGroup also bears social responsibilities. This applies not only to itsbusiness activities, but also to the treatment of its employees, otherstakeholders and the environment.

Credit Suisse Group offers its employ-ees a stimulating working environment,an attractive package of training andcareer opportunities and performance-related compensation in keeping withmarket conditions. It aims to be theemployer of choice and to attract thebest talent. The abilities and variedcultural backgrounds of its employeesare one of Credit Suisse Group’sstrengths, and it actively promotesequal opportunity and cultural diversity.

Bringing together employees in thenewly created business area CreditSuisse Financial Services was a majorproject in the past year. Within theconstraints imposed by local regula-tions, conditions of employment for40,000 employees in thirty countrieswere standardised. New schemes foremployee assessment and develop-ment, recruitment and progressiveworking time models were also devel-oped. Apart from the integration of thestaff of Donaldson, Lufkin & Jenrette(DLJ), Credit Suisse First Boston’sHuman Resources team worked toimprove the attraction and retention ofkey talent. Under the heading of“Making CSFB a Better Place toWork”, the business unit launched anumber of initiatives designed to helpemployees balance the demands ofthe industry with their unique personalgoals. These include flexible workingarrangements, a sabbatical policy andnew resources for working mothers.

Comprehensive environmentalmanagementCredit Suisse Group has been a worldleader in the field of environmental

management for several years. In1997 Credit Suisse Group became thefirst bank to gain ISO Norm 14001certification for its branches in Switzer-land. In the summer of 2000 the certifi-cation was extended to cover all theGroup’s banking business and locationsoutside Switzerland, as well as its Swissinsurance operations and locations. Toattain certification, companies mustprove that they actively engage in sys-tematic environmental management,comprising analysis, planning, imple-mentation and monitoring. Companiesalso must demonstrate the ongoing de-velopment of environmental objectives.Its activities in this field have earnedCredit Suisse Group a place among the230 companies listed in the Dow JonesSustainability Group Index. Since 1995,the Group has published an EcoPerformance Evaluation (the last ofwhich appeared in 1999) and anEnvironmental Report (latest edition:end-2000) in alternate years.

Credit Suisse Group plays an activepart in discussions with non-govern-mental organisations (NGOs) and isinvolved in a number of internationalinitiatives. The environmental charterswhich it has signed include:

• Global Compact, an initiative launched by UN Secretary-GeneralKofi Annan and aimed at ensuring adherence to nine principles relat-ing to human rights, working conditions and protection of the environment;

• Statements of the United Nations Environmental Program (UNEP), which spell out obligations for

One day to help societyOn its first Winday on 6 April 2000, Winterthur donated theequivalent of one hour’s salary for each of its 28,000 employ-ees, making possible the construction of five schools in theZulia region of Venezuela. Implemented together withUNICEF, the project provided schooling for thousands of children in the flood-stricken region. Winday was not, howev-er, only about donating money. Winterthur employees aroundthe world spent the day engaged in discussions relating to themotto “More for People”. The event improved communicationand led to a deeper understanding of the values whichWinterthur represents. As a result of the positive response,Winday will be held again in coming years.

banks and insurance companies toprotect the environment and pur-sue sustainable development.

Consideration of ecological, ethicaland social issues is also gaining im-portance in the field of product devel-opment. In addition to its two existingenvironmental funds, Credit SuisseAsset Management collaborated withinstitutional investors in November2000 to establish Prime New Energy,a holding company for investments inrenewable energy sources andenergy-efficient technologies. Inchoosing companies for inclusion inthe fund, the fund managers work with Credit Suisse First Boston’sEnergy Technology Team.

Commitment to charityEach year Credit Suisse Group do-nates approximately CHF 15 million toa variety of organisations and institu-

tions. The Jubilee Foundation supportsmainly social and charitable projectswith an interdisciplinary focus. Fromthe approximately one thousand re-quests which it receives each year, theFoundation grants substantial financialsupport to a select number of high-quality projects, helping to bring inno-vative ideas to fruition. Credit SuisseGroup supports young talent by spon-soring the international “Credit SuisseYoung Artist Award” and the Swiss“Prix Credit Suisse Jeunes Solistes” aspart of the International Music Festivalin Lucerne. The Group also supportsstudy weeks organised by the youngscientists’ foundation “SchweizerJugend forscht”.

Credit Suisse First Boston’sFoundation Trust supports over 150charitable organisations in the US, UKand the Asia Pacific region every year.A great deal of Credit Suisse First

Boston’s social involvement is centred inNew York, where it supports educationprogrammes for socially-disadvantagedyoung people. The company also encourages its employees to take anactive part in social projects. The num-ber of employees who donate their free time to work in charitable organi-sations, community centres and neigh-bourhood associations reached newrecord levels last year.

Promoting interdisciplinary dialogueWith its recently launched “ThoughtLeader Programme”, Credit SuisseGroup aims to promote interdisciplinarydiscussion on the social challengesfacing the world in the new millennium.This programme of events is organisedby Credit Suisse and Winterthur andprovides leading figures from theworlds of politics, industry, science andculture with a platform for exchanging

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Supporting tomorrow’s starsYoung talent needs not only to be recognised, but supported. Musicians em-barking on a solo career need financial backing as well as opportunities to per-form on important world stages. In 2000, the “Credit Suisse Group YoungArtist Award” made its début, awarding a CHF 75,000 prize and the chance to play with the Vienna Philharmonic to the 27-year-old Dutch cellist QuirineViersen. The Viennese “Gesellschaft der Musikfreunde” auditions candidates,while the International Festival of Music Lucerne and the Vienna Philharmonicprovide performance venues. With this prize, awarded every two years, CreditSuisse Group helps talented young soloists make the decisive breakthrough toa major international career.

views on thought and action. “ThoughtLeaders” are people whose ideas andactions are instrumental in shaping theworld of the 21st century, and pointthe way for the rest of society. The“Thought Leader Programme” com-prises individual events such as plat-form discussions and speeches as well as events lasting several days,such as the WinConference. Theprogramme will be officially launchedon 28 March 2001 with a speech byUN Secretary-General Kofi Annan inZurich.

Sponsoring provides uniqueexperiencesCredit Suisse Group is involved insponsoring activities through its busi-ness units, which grant sponsorship atthe local level. These sponsoring activi-ties allow customers and the generalpublic to take part in sporting and cul-tural events of the highest calibre.

In addition to its support for theSauber Swiss Formula 1 team, Credit Suisse Private Banking’s sportssponsorship programme concentrateson golf and horse racing in St. Moritz(White Turf). The main focus of its

cultural activities is sponsorship of newproductions at the Zurich Opera Houseand support for important exhibitions ata number of Swiss art museums.

Credit Suisse and Winterthur areinvolved in the international projectsnowtime.com, a winter sports serviceon the Internet which is developing intoone of the leading electronic guides towinter sports. Credit Suisse andWinterthur are jointly sponsoringExpo.02, the Swiss national exhibition.The project cyberhelvetia.ch, anInternet game of virtual identitieslaunched in January 2001, has alreadygained a significant following one yearbefore the Expo is officially opened.

Maintaining its traditional support ofsoccer, equestrian sport and triathlon,Credit Suisse’s sports sponsoringactivities are aimed at continuityand sustainability. In terms of culturalactivities, Credit Suisse concentrateson music and fashion, and is the mainsponsor of all the major Swiss fashionevents. In 2000, Credit Suisse spon-sored the internationally-renownedmime group Mummenschanz and otherstage sponsorships include theWelttheater in Einsiedeln, Switzerland.

Winterthur sponsors a Swiss hand-ball team, the Swiss GymnasticsAssociation and – jointly with CreditSuisse – the Swiss FootballAssociation. In the field of culture,Winterthur supports the Swiss YouthSymphony Orchestra. As part of its“Comedy” sponsoring programme, itsupported six regional comedy festivalsin addition to the main event, theArosa Humour Festival. The activitiesof the Foundation for the Prevention ofAccidents in road safety for childrenand safety at sporting events alsocontinued successfully in 2000.Additionally, Winterthur was the exclu-sive main sponsor of the World HealthOrganisation’s first congress on com-bating AIDS, malaria and tuberculosis,which was held in Winterthur.

Shared valuesCredit Suisse Group is committed to a set of sharedvalues which guide all its activities. The Group’sCode of Conduct focuses on six core values.

Integrity“We realise that our global franchise is based on our coreethical values and our longstanding reputation for integrity,trust, confidentiality, fairness and professionalism. We re-spect the interests of our stakeholders (clients, employ-ees, shareholders, service providers, government authori-ties, financial regulators, competitors, media) and ofsociety as a whole.”

Responsibility“We honour our commitments and take personal responsi-bility for our actions. We promise only what we can de-liver. We do not mislead our stakeholders.”

Fairness“We believe in courteous and respectful treatment of ourstakeholders. We support equal opportunities and a workenvironment free of discrimination and harassment of anysort.”

Compliance“We acknowledge the importance of all relevant laws, regulations, policies and standards, both internal and ex-ternal, and comply with them. We are committed to ex-emplary management discipline and a first-class controland compliance environment.”

Transparency“We seek constructive, transparent and open dialoguewith our stakeholders based on fairness, mutual respectand professionalism.”

Confidentiality“We treat confidential as such and do not disclose non-public information concerning the Credit Suisse Groupcompanies, their clients and employees, unless requiredby law.”

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