.credit-suisse Annual Review Part 5 Consolidated results Income statement Balance sheet Off-balance sheet business

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.credit-suisse Annual Review Part 5 Consolidated results Income statement Balance sheet Off-balance sheet business

  1. 1. ANNUAL REVIEW 2000 PART V CONSOLIDATED RESULTS MANAGEMENT
  2. 2. PART I 2 Financial highlights 2000 4 Editorial PART II 6 An overview of Credit Suisse Group 8 Strategic review 12 Organisation 14 Financial review PART III 18 Review of business units 20 Credit Suisse Financial Services 26 Credit Suisse Private Banking 29 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 statement 47 Balance sheet 48 Off-balance sheet business 48 Selected notes to the consolidated financial statements 52 Management 57 Main offices 58 Information for investors www.credit-suisse.com 45
  3. 3. CONSOLIDATED RESULTS Previously Change to New basis reported previously 2000 1999 1999 reported Income statement in CHF m in CHF m in CHF m in % 19,380 1) 2) 30,181 19,380 56 Interest and discount income 5,865 4,127 4,127 42 Interest and dividend income from trading portfolios 471 2) 706 471 50 Interest and dividend income from financial investments (18,726) 1) (31,439) (18,640) 68 Interest expenses 5,313 5,338 5,252 1 Net interest income 717 594 594 21 Commission income from lending activities 16,039 10,504 10,523 52 Commissions from securities and investment transactions 669 393 393 70 Commissions from other services (829) (635) (640) 30 Commission expenses 16,596 10,856 10,870 53 Net commission and service fee income 8,791 6,578 6,578 34 Net trading income 28,690 26,146 26,203 9 Premiums earned, net (28,900) (26,893) (27,120) 7 Claims incurred and actuarial provisions (2,113) (1,743) (2,157) (2) Commission expenses, net 8,489 6,656 8,134 4 Investment income from the insurance business 6,166 4,166 5,060 22 Net income from the insurance business 1,023 505 505 103 Income from the sale of financial investments 217 90 124 75 Income from investment activities 199 78 95 109 – of which from participations valued according to the equity method 18 12 29 (38) – of which from other non-consolidated participations 140 24 33 324 Real estate income 1,243 574 703 77 Sundry ordinary income (2,258) (1,487) (1,255) 80 Sundry ordinary expenses 365 (294) 110 232 Other ordinary income/expenses, net 37,231 26,644 27,870 34 Operating income 18,503 13,554 13,509 37 Personnel expenses 6,645 5,227 5,229 27 Other operating expenses 25,148 18,781 18,738 34 Operating expenses 12,083 7,863 9,132 32 Gross operating profit 1,510 981 937 61 Depreciation and write-offs on non-current assets 246 110 108 128 Amortisation of goodwill 1,265 1,540 1,540 (18) Valuation adjustments, provisions and losses from the banking business 3,021 2,631 2,585 17 Depreciation, valuation adjustments, losses 9,062 5,232 6,547 38 Profit before extraordinary items, taxes and minority interests 105 93 93 13 Extraordinary income (1,796) (152) (152) – Extraordinary expenses (1,349) (855) (1,149) 17 Taxes 6,022 4,318 5,339 13 Profit before minority interests (237) (68) (118) 101 Minority interests 5,785 4,250 5,221 11 Net profit 1) Consistent with the presentation of 2000 figures, interest income and expenses have each been restated by CHF 2,242 m. 2) Consistent with the presentation of 2000 figures, CHF 185 m has been reclassified from interest and dividend income from financial investments to interest and discount income. 46
  4. 4. Previously Change to New basis reported previously 31 Dec. 2000 31 Dec. 1999 31 Dec. 1999 reported Balance sheet in CHF m in CHF m in CHF m in % Assets 2,928 3,141 3,141 (7) Cash and other liquid assets 30,127 28,994 28,994 4 Money market papers 243,692 164,883 164,901 48 Due from banks 9,871 7,152 6,457 53 Receivables from the insurance business 145,257 104,931 104,931 38 Due from customers 92,432 77,763 86,553 7 Mortgages 198,917 126,746 126,746 57 Securities and precious metals trading portfolios 25,574 18,828 18,828 36 Financial investments from the banking business 132,632 117,771 117,222 13 Investments from the insurance business 1,829 1,789 1,823 0 Non-consolidated participations 9,913 9,011 6,828 45 Tangible fixed assets 23,299 4,737 2,990 679 Intangible assets 16,294 11,814 9,023 81 Accrued income and prepaid expenses 54,668 51,462 44,309 23 Other assets 987,433 729,022 722,746 37 Total assets 4,876 1,792 1,792 172 Total subordinated assets 771 928 928 (17) Total due from non-consolidated participations Liabilities and shareholders’ equity 23,176 22,120 22,120 5 Money market papers issued 359,441 198,843 198,324 81 Due to banks 8,807 6,355 6,268 41 Payables from the insurance business 39,233 44,007 44,007 (11) Due to customers in savings and investment deposits 213,549 182,082 182,249 17 Due to customers, other 3,225 3,884 3,885 (17) Medium-term notes (cash bonds) 65,524 46,669 47,905 37 Bonds and mortgage-backed bonds 28,021 14,952 14,916 88 Accrued expenses and deferred income 57,653 51,227 52,577 10 Other liabilities 13,107 14,219 8,566 53 Valuation adjustments and provisions 132,175 113,981 107,561 23 Technical provisions for the insurance business 943,911 698,339 688,378 37 Total liabilities 2,319 2,131 2,131 9 Reserve for general banking risks 6,009 5,444 5,444 10 Share capital 19,882 11,700 11,696 70 Capital reserve 4,789 5,515 6,977 (31) Revaluation reserves from the insurance business 600 600 600 0 Reserve for own shares 1,567 (111) 552 184 Retained earnings 2,571 1,154 1,747 47 Minority interests 5,785 4,250 5,221 11 Net profit 43,522 30,683 34,368 27 Total shareholders’ equity 987,433 729,022 722,746 37 Total liabilities and shareholders’ equity 21,801 17,898 18,194 20 Total subordinated liabilities 779 749 749 4 Total liabilities due to non-consolidated participations www.credit-suisse.com 47
  5. 5. CONSOLIDATED RESULTS 31 Dec. 2000 31 Dec. 1999 Change Change Off-balance sheet business in CHF m in CHF m in CHF m in % Contingent liabilities Credit guarantees in form of avals, guarantees and indemnity liabilities 7,013 6,755 258 4 Bid bonds, delivery and performance bonds, letters of indemnity, other performance-related guarantees 4,824 5,262 (438) (8) Irrevocable commitments in respect of documentary credits 3,142 3,224 (82) (3) Other contingent liabilities 5,026 3,870 1,156 30 Total contingent liabilities 20,005 19,111 894 5 Irrevocable commitments 126,998 120,560 6,438 5 Liabilities for calls on shares and other equity 305 50 255 510 Confirmed credits 150 226 (76) (34) Fiduciary transactions 41,974 37,371 4,603 12 New basis New basis 31 Dec. 2000 31 Dec. 2000 New basis 31 Dec. 1999 31 Dec. 1999 31 Dec. 2000 Positive gross Negative gross 31 Dec. 1999 Positive gross Negative gross Nominal replacement replacement Nominal replacement replacement value value value value value value in CHF bn in CHF bn in CHF bn in CHF bn in CHF bn in CHF bn Derivative instruments Interest rate products 5,793.3 66.4 66.3 5,781.5 62.1 59.9 Foreign exchange products 1,139.4 30.4 32.1 1,069.3 25.3 28.0 Precious metals products 34.8 1.5 2.0 28.8 2.1 1.9 Equity/index-related products 473.9 15.2 18.1 438.8 22.6 24.1 Other products 80.4 2.7 3.3 25.3 0.8 0.7 Total derivative instruments 7,521.8 116.2 121.8 7,343.7 112.9 114.6 Selected notes to the consolidated financial statements USD translation rates 2000 1999 Income statement 1.6700 1.4900 Balance sheet 1.6346 1.5979 31 Dec. 2000 31 Dec. 1999 Change Change Securities and precious metals trading portfolios in CHF m in CHF m in CHF m in % Debt instruments 129,362 79,636 49,726 62 – listed on stock exchange 63,684 49,458 14,226 29 – unlisted 65,678 30,178 35,500 118 – of which own bonds and medium-term notes 837 151 686 454 Equity instruments 67,535 45,152 22,383 50 – of which own shares 7,474 3,392 4,082 120 Precious metals 2,020 1,958 62 3 Total securities and precious metals trading portfolios 198,917 126,746 72,171 57 – of which securities rediscountable or pledgeable at central banks 72,618 43,297 29,321 68 48
  6. 6. Banking business Total Insurance business Previously Previously Split of income statement: New basis reported New basis reported 2000 1999 2000 1999 1999 2000 1999 1999 banking/insurance 1) in CHF m in CHF m in CHF m in CHF m in CHF m in CHF m in CHF m in CHF m 5,239 5,252 0 0 0 5,313 5,338 5,252 Net interest income 16,629 10,870 0 0 0 16,596 10,856 10,870 Net commission and service income 8,791 6,578 0 0 0 8,791 6,578 6,578 Net trading income 6,197 2) 4,226 2) 5,060 2) 0 0 6,166 4,166 5,060 Income from insurance business 1,046 577 (666) (853) (467) 365 (294) 110 Other ordinary income (/expenses), net 31,705 23,277 5,531 3,373 4,593 37,231 26,644 27,870 Operating income 2,004 2) 1,800 2) 1,755 2) 16,499 11,754 18,503 13,554 13,509 Personnel expenses 1,366 2) 1,201 2) 1,203 2) 5,279 4,026 6,645 5,227 5,229 Other operating expenses 21,778 15,780 3,370 3,001 2,958 25,148 18,781 18,738 Operating expenses 9,927 7,497 2,161 372 1,635 12,083 7,863 9,132 Gross operating profit 1,249 828 261 153 109 1,510 981 937 Depreciation and write-offs on non-current assets 215 101 31 9 7 246 110 108 Amortisation of goodwill 1,265 1,540 0 0 0 1,265 1,540 1,540 Valuation adjustments, provisions and losses 2,729 2,469 292 162 116 3,021 2,631 2,585 Depreciation, valuation adjustments, losses Profit before extraordinary items, 7,198 5,028 1,869 210 1,519 9,062 5,232 6,547 taxes and minority interests 105 93 0 0 0 105 93 93 Extraordinary income (1,796) (152) 0 0 0 (1,796) (152) (152) Extraordinary expenses (943) (809) (406) (45) (340) (1,349) (855) (1,149) Taxes 4,564 4,160 1,463 165 1,179 6,022 4,318 5,339 Net profit before minority interests (91) (28) (146) (40) (90) (237) (68) (118) Minority interests 4,473 4,132 1,317 125 1,089 5,785 4,250 5,221 Net profit 1) Income statements for banking and insurance business are presented on a stand-alone basis. 2) Expenses from the handling of both claims and investments are allocated to the income from insurance business, of which CHF 525 m (new basis 1999: CHF 511 m; previously reported 1999: CHF 618 m) are related to personnel expenses and CHF 355 m (new basis 1999: CHF 579 m; previously reported 1999: CHF 487 m) to other operating expenses. Previously 1) Change to reported New basis previously 2000 1999 1999 reported Statement of shareholders’ equity in CHF m in CHF m in CHF m in % 30,683 28,162 26,560 9 Total shareholders’ equity at beginning of financial year 6 3 3 100 Reclassification from valuation adjustments and provisions 182 80 80 128 (Release/) allocation of reserves for general banking risks, net (1,986) (1,430) (1,430) 39 Dividends paid 8,716 759 763 - Capital increases, par value and capital surplus 911 3 3 - Capital increases, minority interests (1) (643) (1,015) (100) Acquisition of minority interests 190 226 226 (16) Changes in scope of consolidation affecting minority interests 0 (71) 0 (100) Consolidation of previously not-fully-consolidated subsidiaries (703) 1,313 1,318 (154) Foreign exchange differences (496) (516) 999 (150) Change in revaluation reserve from the insurance business, net (2) 0 1 - Minimum pension liability adjustment 237 118 68 101 Minority interests in net profit 5,785 5,221 4,250 11 Net profit 43,522 34,368 30,683 27 Total shareholders’ equity at end of financial year 1) Numbers are not comparable to those published in 1999, as minority interests have been combined in one line item. www.credit-suisse.com 49
  7. 7. CONSOLIDATED RESULTS Market Value Book Value Cost Previously Fair Value Investments from the New basis1) New basis reported New basis New basis 31 Dec. 2000 31 Dec. 1999 31 Dec. 1999 31 Dec. 2000 31 Dec. 1999 31 Dec. 2000 31 Dec. 1999 31 Dec. 1999 insurance business in CHF m in CHF m in CHF m in CHF m in CHF m in CHF m in CHF m in CHF m Debt instruments 1) 16,593 2) Non-life 17,480 16,592 17,181 16,405 17,480 16,593 16,593 44,193 2) Life 47,586 48,477 46,510 43,149 47,586 44,193 44,193 Total debt instruments 65,066 60,786 65,069 63,691 59,554 65,066 60,786 60,786 Equity instuments Non-life 6,529 7,048 7,137 5,025 4,624 6,529 7,048 7,048 Life 25,248 22,199 23,621 19,127 14,013 25,248 22,199 22,199 Total equity instruments 31,777 29,247 30,758 24,152 18,637 31,777 29,247 29,247 Mortgages Non-life 1,869 1,335 1,336 Life 7,555 7,442 7,454 Total mortgages 9,424 8,777 8,790 Real estate Non-life 1,585 1,660 4,176 1,882 1,942 2,176 2,209 2,209 Life 5,773 5,775 8,839 7,139 7,114 8,182 7,903 7,903 Total real estate 7,358 7,435 13,015 9,021 9,056 10,358 10,112 10,112 Loans 136 2) Non-life 154 0 4,307 2) Life 4,324 0 Total loans 4,478 4,443 0 Short-term investments Non-life 1,858 1,270 1,201 Life 1,590 407 477 Total short-term investments 3,448 1,677 1,678 Non-consolidated participations Non-life 192 315 347 n/a Life 205 85 87 n/a Total non-consolidated participations 397 400 434 n/a Investments where investment risk is borne by the policyholder Equity instruments 10,136 5,360 4,912 Debt instruments and loans 1,233 988 788 Short-term investments 1,402 918 898 Real estate 118 104 104 Total investments where investment risk is borne by the policyholder 12,889 7,370 6,702 Total investments (insurance view) 134,837 120,135 126,446 Less bonds, loans issued by group companies, non-consolidated participations and own used real estate not included in the investments from the insurance business (2,205) (2,364) (434) Less mortgages, previously not included in investments from the insurance business (8,790) Total investments from the insurance business 132,632 117,771 117,222 1) Cost column balance represent amortised costs. 2) In previously reported 1999 financial statements, loans were reported together with debt instruments. 50
  8. 8. Risk commentary During the year 2000, Credit Suisse Relationship between daily revenue and VaR estimate for Credit Suisse First Boston Group continued to focus on improv- in USD m ing the risk/return characteristics of its businesses. The associated efforts 50 have been particularly pronounced at Credit Suisse First Boston, where risk 0 reductions in emerging market and –50 real-estate exposures have offset most of the impact of the acquisition –100 of Donaldson, Lufkin & Jenrette. –150 Trading exposures at Credit Suisse First Boston –200 Two developments characterise the evolution of Credit Suisse First –250 Boston’s Value-at-Risk (VaR) over the 1st quarter 2000 2nd quarter 2000 3rd quarter 2000 4th quarter 2000 course of the year. First, Credit Suisse Daily revenue First Boston maintained a disciplined One-day VaR (99%) approach and held its level of market risk stable over the year, even while absorbing the impact of DLJ activities in the fourth quarter of 2000. Second, effective 31 May 2000, the Swiss Trading book risk Federal Banking Commission ap- 2000 1999 at CSFB – 99% 1 day VaR in USD m proved the revised VaR model for use in USD m in the calculation of market risk capital. 84.1 Period end 113.4 As illustrated by the backtesting chart, 113.5 Average 131.8 201.9 Maximum the methodology change has reduced 198.8 75.5 Minimum 89.7 the degree of extreme model conser- vatism without affecting the conserva- 4,1 tive nature of the VaR model (actual 113,5 113,4 trading results are well within the VaR 131,8 band even after the adoption of the 201,9 198,8 revised model). 89,7 Asset quality Driven by the Group’s selectivity regarding counterparties, the overall Credit Credit Credit asset quality of Credit Suisse Group Suisse Credit Suisse Suisse Asset quality First Suisse Private Financial remains solid – with approximately credit exposure & Boston Group Banking Services 80% of exposures falling to invest- 31 Dec. 2000 31 Dec. 2000 31 Dec. 2000 31 Dec. 2000 provisions development in CHF m in CHF m in CHF m in CHF m ment grade or equivalently-rated coun- Non-performing loans (NPLs) 1) 1,479 9,826 111 8,236 terparties. Concentration risks are Capital provisions against NPLs 2) 989 6,191 60 5,142 strictly limited – for instance, expo- sures to the telecom sector amounted Coverage ratio of NPLs to only 3.5% of total credit exposures 67% 63% 31.12.2000 54% 62% 84% 63% 31.12.1999 75% 60% at year end 2000 – and provisioning NPLs as percentage of credit exposure levels are stable. 0.60% 2.40% 31.12.2000 0.30% 6.50% 0.90% 3.40% 31.12.1999 0.30% 8.70% 1) Includes loans and loan equivalents. 2) Excludes total interest of CHF 1,906 m (fully provided). www.credit-suisse.com 51
  9. 9. MANAGEMENT Board of Directors of Credit Suisse Group Thomas Schmidheiny Lukas Mühlemann Honorary Chairman born 1945 born 1950 Rainer E. Gut Chairman of the Board of Directors Chairman since May 2000, Chief Executive and Managing Director of Holderbank Officer of Credit Suisse Group since January Financière Glaris Ltd., Jona 1997 Members of the Board of Directors of Peter Brabeck-Letmathe1) Vreni Spoerry Credit Suisse Group until their retirement born 1938 born 1944 on 1 June 2001 Member of the Swiss Council of States Vice-Chairman, Chief Executive Officer and Director of Nestlé SA, Vevey Aziz R. D. Syriani 1) Philippe Bruggisser, Wohlen Thomas W. Bechtler 2) born 1942 Arthur W. Dunkel, Former General Manager President of The Olayan Group, Athens born 1949 GATT, Geneva Chairman of the Board of Directors Daniel L. Vasella1) John M. Hennessy, Chairman Private Equity of Zellweger Luwa Group, Uster born 1953 Credit Suisse First Boston, New York Marc-Henri Chaudet 2) Chairman and Chief Executive Officer Lionel I. Pincus, Chairman and Chief Executive of Novartis International AG, Basle born 1936 Officer E. M. Warburg, Pincus & Co. LLC, Attorney-at-law New York Corporate Secretary Gerald Clark 2) The Board of Directors and the Executive Board Pierre Schreiber born 1943 would like to thank the retiring Members for their Vice-Chairman of the Board and Chief considerable commitment to Credit Suisse Group. Independent Auditors Investment Officer of Metropolitan Life KPMG Klynveld Peat Marwick Insurance Company, New York Goerdeler SA, Zurich Walter B. Kielholz 2) 1) Member of the Compensation and Appointments born 1951 Committee, chaired by Peter Brabeck-Letmathe. Chief Executive Officer and Director of 2) Member of the Audit Committee, Swiss Re, Zurich chaired by Walter B. Kielholz. About the Board and its Committees compliance functions. Moreover, the The Board: Credit Suisse Group’s Committees of the Board (effective Board of Directors meets at least six 1 June 2001): The Board has two committee is regularly informed about times a year. Being responsible for the regular committees, the Audit legal, compliance and regulatory mat- overall direction, supervision and con- Committee and the Compensation and ters. The Committee Chairman regular- trol of the company, the Board reviews Appointments Committee, whose ly reports to the full Board about the the Group’s competitive position and members are non-executive directors committee’s activities and findings. approves strategy and financial plans. and are appointed for one year. In addi- The Board reviews reports on the oper- tion, the Board may from time to time The Compensation and Appoint- ations of the Group with a particular delegate certain tasks to a Chairman’s ments Committee consists of a mini- focus on risk management and expo- Committee, consisting of the Chairman mum of three members. In at least two sure. It reviews significant changes in and the two Chairmen of the regular regular meetings per year, the commit- the Group’s structure and organisation. committees to allow an efficient and tee determines the compensation It also assesses the performance of the expedient handling of urgent matters. payable to the members of the Group Group Executive Board and discusses and Business Unit Executive Boards succession plans for key managers. The Audit Committee consists of a and other senior managers and ap- The Board is actively involved in the minimum of three members and holds proves compensation plans. The com- Group’s major projects including acqui- at least four regular meetings each mittee also reviews and proposes sitions, divestitures and major invest- year. Its duties and responsibilities in- Group Executive Board appointments ments. As of June 2001, with the clude the review of the annual report to the Board of Directors and evaluates exception of the Chairman, all Board and the annual financial statements, Board and Committee memberships members are non-employee directors, the review of relevant reports submitted for final approval by the shareholders appointed by the shareholders for a to regulators, reports by internal and and the full Board, respectively. The period of four years. external auditors, the annual audit Committee Chairman regularly reports plans as well as the assessment of the to the full Board about the committee’s audit, risk management and group activities. 52
  10. 10. Executive Board of Credit Suisse Group Lukas Mühlemann born 1950 Chairman and Chief Executive Officer Hans-Ulrich Doerig born 1940 Vice-Chairman of the Executive Board and Chief Risk Officer Rolf Dörig born 1957 Chief Executive Officer Credit Suisse Banking Thomas Wellauer born 1955 Chief Executive Officer Credit Suisse Financial Services Philip K. Ryan born 1956 Chief Financial Officer Oswald J. Grübel born 1943 Chief Executive Officer Credit Suisse Private Banking Phillip M. Colebatch born 1944 Chief Executive Officer Credit Suisse Asset Management Richard E. Thornburgh born 1952 Vice-Chairman of the Executive Board Credit Suisse First Boston Allen D. Wheat born 1948 Chief Executive Officer Credit Suisse First Boston www.credit-suisse.com 53
  11. 11. MANAGEMENT Senior Management of the Business Units Credit Suisse Financial Services Credit Suisse Personal Finance Winterthur Life & Pensions Thomas Wellauer, Chief Executive Officer Olivier Steimer, Chief Executive Officer Markus Dennler, Chief Executive Officer Erwin W. Heri, Chief Financial Officer Richard Lütolf, Chief Financial Officer Daniel Adamec, Chief Financial Officer Wolfgang Schmidt-Soelch 1), Paolo F. Lanzoni, Italy Ruedi Hefti, Market Unit Switzerland Corporate Development Pablo Toja Aguirre, Spain Frank-Henning Florian, Market Unit Germany Urs Hofmann 1), Human Resources Michael M. Rüdiger, Germany John Finan, Market Unit United Kingdom Hansjörg Frei 1), Country Management Antoine Bordelais, United Kingdom Christen Schnor, Market Unit other Europe Manfred Broska, Chief Executive Officer and Asia Patrick Nosten 1), France Winterthur Insurance Kaspar A. Ruesch, Department Operations New Markus Dennler, Chief Executive Officer Business 1) From 1 April 2001. Winterthur Life & Pensions Peter Angehrn, Department Management Rolf Dörig, Chief Executive Officer Existing Business Credit Suisse Banking Hans Lauber, Department Asset Management Credit Suisse e-Business Olivier Steimer, Chief Executive Officer Bruno Müller, Department IT Credit Suisse Personal Finance Hanspeter Kurzmeyer, Chief Executive Officer Hanspeter Kurzmeyer, Chief Executive Officer Credit Suisse e-Business Christoph Brunner, Chief Financial Officer Technology & Services Ulrich Körner, Chief Executive Officer Romeo Lacher, e-Channels Switzerland Technology and Services Jürgen Pulm, e-Channels Europe Ulrich Körner, Chief Executive Officer Fadi Joseph Karam a.i., e-Insurance 1) Member of the Extended Executive Board of Bruno Bonati, Chief Financial Officer Credit Suisse Financial Services. Jan Nyholm, e-Investment Services Marcel Bührer, Shared Business Services Holger G. Demuth, New e-Business Andreas Manz, IT Systems Engineering Fadi Joseph Karam, Design, Content & Karl Landert 1), Application Development Technologies Credit Suisse Banking Roman Müller, IT Production Stephan Murer, Architecture and Standards Rolf Dörig, Chief Executive Officer Winterthur Insurance Rolf Aeberli, Chief Financial Officer 1) From 1 April 2001. Dominique Folletête, Private Clients Manfred Broska, Chief Executive Officer Martin Wetter, Corporate Clients John Dacey, Chief Financial Officer Bruno B. Pfister, Products Beat Michel, Management Services Martin Senn, Trading- and Investment Services Erwin Steiger, Switzerland Franz-Josef Groth, Credit Management Peter Gnos, Germany Walter Fluck, Credit Recovery Fabrizio Rindi, Italy Bruno Bohlhalter, Credit Recovery César Bardají Vivancos, Iberia Josef Meier, Neue Aargauer Bank Martin Long, United Kingdom Claude Desseille, Other Europe Herman Aaftink, North America Willi Suter, Winterthur International Kai Dierke, Distribution and Channel Management Severin Moser, Property & Casual Thomas Schmitt, Health & Accident Peter Höhn, Chief Information Officer 54
  12. 12. Credit Suisse Private Banking Credit Suisse First Boston Oswald J. Grübel, Chief Executive Officer Allen D. Wheat, Chairman of the Executive Board and Chief Executive Officer Peter A. Derendinger, Chief Financial Officer Richard E. Thornburgh, Vice-Chairman of the Thomas Amstutz, Investment Office Executive Board and Chief Financial Officer Moez A. Jamal, Finance & Treasury Paul Calello, Head of Equity Derivatives and Yves Maas, Securities and Treasury, Convertibles IT & Operations Christopher Carter, Head of Equity Capital Heinz Roth, Market Group I Markets and European Investment Banking Alexandre Zeller, Market Group II Anthony F. Daddino, Chief Administrative Officer Olivier Steimer, Market Group III Brady W. Dougan, Head of Equities Aldo B. Leoni, Market Group IV Bennett J. Goodman, Head of Leveraged Alex W. Widmer, Market Group V Finance Reto Donatsch, Chief Executive Officer Gates H. Hawn, Head of Financial Services Bank Leu James P. Healy, Head of Emerging Markets Stephen A.M. Hester, Head of Fixed Income Division Credit Suisse Asset Management Hamilton E. James, Co-Head of Investment Banking and Private Equity Phillip M. Colebatch, Chief Executive Officer David S. Moore, Deputy Head of Equities Joseph D. Gallagher, Chief Financial Officer David C. Mulford, Chairman - International and Head of Europe (a.i.) John Nelson, Chairman - Europe G. Moffett Cochran V, President of Americas Trevor Price, Head of Developed Markets - Toshio Fukuda, Head of Japan Rates James McCaughan, Chief Executive Officer Joe L. Roby, Chairman of the Business Unit of Americas Stephen E. Stonefield, Chairman - Pacific Andrew McKinnon, Head of Australia Charles G. Ward III, President of the Business Robert Parker, Head of Global Unit and Co-Head of Investment Banking and Institutional Distribution Private Equity Dilip Rasgotra, Head of Investment Policy Group Laurence R. Smith, Chief Investment Officer Heinrich Wegmann, Head of Switzerland and Global Retail Co-ordination Senior Management of Credit Suisse Group Corporate Center Tobias Guldimann, Risk Management Ahmad Abu El-Ata, Technology Urs P. Hänni, Audit Kurt Arnold, Tax Philip Hess, Chief of Staff Peter W. Bachmann, Accounting/Reporting Stefan P. Hilber, Accounting Systems Gerhard Beindorff, Investor Relations Jean-Pierre Huwyler, Security Kim Fox-Moertl, Capital and Funding Fritz Müller, Tax David P. Frick, General Counsel Ulrich Pfister, Public Affairs Timothy S. Gardner, Human Resources Karin Rhomberg Hug, Communications Stefan Goetz, Corporate Development Yuji Suzuki, Chairman Japan Alfred Gremli, Advisory www.credit-suisse.com 55
  13. 13. MANAGEMENT Advisory Boards of Credit Suisse Group The Swiss and the International Advisory Boards discuss topics of significant relevance to Credit Suisse Group’s Swiss and global activities. While not involved in the governance of the Group, they provide input and advice to Group management on strategic issues, key operational priorities and organisational development. Swiss Advisory Board Ulrich Bremi, Chairman Rainer E. Gut, Chairman of the Paul Meier, Vice-Chairman of the Entrepreneur, Zollikon Board of Nestlé SA, Vevey, and Board of Neue Aargauer Bank, Honorary Chairman of Credit Aarau Urs Lauffer, Vice-Chairman Suisse Group, Zurich Partner Lauffer & Frischknecht, Lukas Mühlemann, Chairman and Zurich Felix Gutzwiller, Professor and Chief Executive Officer of Credit Director of the Institute for Social Suisse Group, Zurich Franz Albers, Partner Albers & Co., and Preventive Medicine, University Zurich Erich Müller, Member of the Board of Zurich, and Member of the Swiss of Sulzer AG, Winterthur, and Truls D. Berg, Chairman of the National Council Member of the Swiss National Board of Attisholz Holding AG, Riccardo Gullotti, Chairman of the Council Brugg Board of Zschokke Holding SA, Gaudenz Staehelin, Member of the Susy Brüschweiler, Chief Executive Geneva Board of Barry Callebaut AG, Officer of SV Service AG, Zurich Urs Hammer, Chairman of the Zurich Martin Candrian, Entrepreneur, Board and Chief Executive Officer Hans-Peter Zehnder, Chairman of Zurich of McDonald’s Suisse Holding SA, the Board of Zehnder Holding AG, Melchior Ehrler, Director Swiss Crissier Gränichen Farmers’ Association, Brugg, and André Kudelski, Chairman of the Roland Zimmerli, Chairman of the Member of the Swiss National Board of Kudelski SA, Cheseaux- Board of Dätwyler Holding AG, Council sur-Lausanne Altdorf, and of Von Roll Holding AG, Brigitta M. Gadient, Attorney-at- Heini Lippuner, Member of the Gerlafingen law, Chur, and Member of the Board of Novartis AG, Basle Swiss National Council International Advisory Board Flavio Cotti, Chairman Fritz Gerber, Chairman of the Board Jorge Paulo Lemann, Partner Former Federal Councillor of Directors of Roche Holding SA, GP Investimentos S/C, São Paulo Basle Franco Bernabè, Chairman of Lukas Mühlemann, Chairman and Franco Bernabè Group, Rome Rainer E. Gut, Chairman of the Chief Executive Officer of Credit Board of Nestlé SA, Vevey, and Suisse Group, Zurich Kim B. Clark, Dean of the Faculty, Honorary Chairman of Credit Harvard Business School, Boston Agostino Rocca, President and Suisse Group, Zurich Chief Executive Officer of Techint, Mario A. Corti, Executive Vice Michael Hilti, Chairman of the Buenos Aires President of Nestlé SA, Vevey Board of Hilti Corporation, Schaan Manfred Schneider, Chairman of Thierry Desmarest, Chairman and Andreas W. Keller, Chairman of the the Board of Management of Bayer Chief Executive Officer of Total, Board of Diethelm Keller Holding Aktiengesellschaft, Leverkusen Paris AG, Zurich Ernst Tanner, Chairman and Chief Victor K. Fung, Chairman of the Andreas N. Koopmann, Chief Executive Officer of Lindt & Board of Prudential Asia, Hong Executive Officer of Bobst SA, Sprüngli, Kilchberg Kong, and of Li & Fung Distribution Lausanne Group, Hong Kong 56
  14. 14. MAIN OFFICES Credit Suisse Group Credit Suisse Private Banking Credit Suisse First Boston Paradeplatz 8 Paradeplatz 8 Uetlibergstrasse 231 P.O. Box 1 P.O. Box 500 P.O. Box 900 8070 Zurich 8070 Zurich 8070 Zurich Switzerland Switzerland Switzerland Tel +41 1 212 1616 Tel +41 1 333 4444 Tel +41 1 333 5555 Fax +41 1 333 2587 Fax +41 1 333 6330 Fax +41 1 333 5599 51 locations in Switzerland. Credit Suisse First Boston Over 40 locations outside Switzerland. Eleven Madison Avenue New York, NY 10010-3629 Credit Suisse Paradeplatz 8 USA P.O. Box 100 8070 Zurich Tel +1 212 325 2000 Credit Suisse Asset Management Switzerland Giesshübelstrasse 30 P.O. Box 800 Credit Suisse First Boston Tel +41 1 333 1111 8070 Zurich One Cabot Square Fax +41 1 332 5555 Switzerland London E14 4QJ England 235 locations in Switzerland. Tel +41 1 335 1111 Fax +41 1 333 2225 Tel +44 20 7888 8888 Fax +44 20 7888 1600 Credit Suisse Asset Management Beaufort House 3 locations in Switzerland. Winterthur General-Guisan-Strasse 40 15 St. Botolph Street 73 locations outside Switzerland. P.O. Box 357 London EC3A 7JJ 8401 Winterthur England Switzerland Tel +44 20 7426 2626 Tel +41 52 261 1111 Fax +44 20 7426 2828 Fax +41 52 213 6620 7 locations in Switzerland. 611 locations in Switzerland. 14 locations outside Switzerland. Represented in more than 30 countries worldwide. www.credit-suisse.com 57
  15. 15. INFORMATION FOR INVESTORS Credit Suisse Group shares Ticker symbols Stock exchange listings Bloomberg Reuters Telekurs SWX (Swiss Exchange) CSGN SW CSGZn.S CSGN,001 Frankfurt CSHN GR CSGZn.F 876800,13 Tokyo 8653JP CSGZn.T N1492,106 Also traded in New York (ADR) 1) CSGKY US CSGKY.OB CSGKY,130 London (SEAQ) CSG LI CSHZnq.LT C2,182 Paris (OTC) CSHR FP CSHZ.PA 916190,25 1) 4 ADR = 1 registered share Swiss security number 146248 ISIN number CH0001462487 CUSIP number 225 401 108 Ratings Credit Suisse Agencies Credit Suisse Group Credit Suisse First Boston Winterthur Long term Short term Long term Short term Long term Short term Moody’s, New York Aa3 - Aa3 P1 A1 P1 Aa3 Standard & Poor’s, New York AA- A1+ AA A1+ AA A1+ AA Fitch IBCA, New York AA- F1+ AA- F1+ AA F1+ AA- Enquiries CREDIT SUISSE GROUP Investor Relations Gerhard Beindorff, Andreas Peterlik Tel. + 41 1 333 4570, + 41 1 333 3169 Fax + 41 1 333 2587 As of 11 May 2001 Credit Suisse Group’s Annual Report 2000/2001 may be ordered from: CREDIT SUISSE GROUP CREDIT SUISSE Media Relations CIDM 23 Karin Rhomberg Hug, Andreas Hildenbrand P.O. Box 100 Tel. + 41 1 333 8844 8070 Zurich Fax + 41 1 333 8877 Switzerland Fax + 41 1 332 7294 Mailing address: P.O. Box 1, 8070 Zurich, Switzerland 58

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