ANNUAL REPORT 2000/2001 PART VI

FINANCIAL STATEMENTS (PARENT COMPANY)
MANAGEMENT
PART I

   2 Financial highlights 2000

   4 To our shareholders



PART II

  6   An overview of Credit Suisse Group
  6 ...
PARENT COMPANY FINANCIAL STATEMENTS




                                                                                  ...
PARENT COMPANY FINANCIAL STATEMENTS




                                                               2000/2001      1999...
31 March 2001 31 March 2000        Change    Change
Balance sheet before appropriation of retained earnings   Notes     in...
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS




                                                                     ...
No. of          Par value
11 Share capital, conditional and authorised capital                                            ...
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS




      Report of the auditors on capital increases to the Board of
   ...
12 Significant shareholders and their holdings
    BZ Group Holding has notified Credit Suisse Group that it held as of 31...
PROPOSALS TO THE ANNUAL GENERAL MEETING




Proposed appropriation of retained earnings                                   ...
REPORT OF THE STATUTORY AUDITORS




Report of the statutory auditors to the
Annual General Meeting of Credit Suisse Group...
FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA




                           1)
Share information                          ...
2000           1999           1998           1997           1996
Consolidated income statement                            ...
MANAGEMENT




Board of Directors of Credit Suisse Group

                                               Thomas Schmidhein...
About the Board and its Committees

The Board: Credit Suisse Group’s            Committees of the Board (effective
Board o...
MANAGEMENT




Executive Board of Credit Suisse Group



Lukas Mühlemann
born 1950
Chairman and Chief Executive Officer

 ...
Senior Management of the Business Units


Credit Suisse Financial Services                 Credit Suisse Personal Finance ...
MANAGEMENT




Credit Suisse Private Banking                   Credit Suisse Asset Management                    Credit Su...
Advisory Boards of Credit Suisse Group

The Swiss and the International Advisory Boards discuss topics of significant rele...
MAIN OFFICES




                                     Credit Suisse Private Banking            Credit Suisse First Boston
...
INFORMATION FOR INVESTORS




Credit Suisse Group shares
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.credit-suisse Annual Report Part 6 Parent company financial statements Notes to the financial statements

  1. 1. ANNUAL REPORT 2000/2001 PART VI FINANCIAL STATEMENTS (PARENT COMPANY) MANAGEMENT
  2. 2. PART I 2 Financial highlights 2000 4 To our shareholders PART II 6 An overview of Credit Suisse Group 6 Organisation 8 Financial review 11 Strategic review PART III 13 Review of business units 16 Credit Suisse Financial Services 23 Credit Suisse Private Banking 25 Credit Suisse Asset Management 27 Credit Suisse First Boston PART IV 30 Credit Suisse Group Risk Management PART V 50 Consolidated financial statements PART VI 107 Parent company financial statements 118 Five-year summary of selected financial data 120 Management 126 Main offices 127 Information for investors
  3. 3. PARENT COMPANY FINANCIAL STATEMENTS Page Financial statements 110 Income statement 110 Balance sheet before appropriation of retained earnings 111 Notes to the financial statements 112 1 Contingent liabilities 112 2 Balance sheet assets with retention of title to secure own obligations 112 3 Off-balance sheet obligations relating to leasing contracts 112 4 Fire insurance value of tangible fixed assets 112 5 Liabilities relating to pension plans and other retirement benefit obligations 112 6 Bonds issued 112 7 Principal participations 112 8 Release of undisclosed reserves 112 9 Revaluation of long-term assets to higher than cost 112 10 Own shares held by the company and by Group companies 112 11 Share capital, conditional and authorised capital 113 Report of the auditors on capital increases to the Board of Directors of 114 Credit Suisse Group on conditional and authorised capital increases 12 Significant shareholders and their holdings 115 13 Legal reserves 115 14 Retained earnings brought forward 115 15 Provisions 115 Proposals to the Annual General Meeting 116 Report of the statutory auditors 117 www.credit-suisse.com 109
  4. 4. PARENT COMPANY FINANCIAL STATEMENTS 2000/2001 1999/2000 Change Change Income statement in CHF 1,000 in CHF 1,000 in CHF 1,000 in % Income Interest income and income from securities 1,702,398 444,145 1,258,253 283 Income from investments in Group companies 3,458,863 3,824,018 (365,155) (10) Other income 298,679 275,333 23,346 8 Total income 5,459,940 4,543,496 916,444 20 Expenses Interest expenses 414,213 279,984 134,229 48 Personnel expenses and directors’ emoluments 123,599 119,474 4,125 3 Other expenses 157,634 144,683 12,951 9 Depreciation, write-offs and provisions 117,703 20,323 97,380 479 Taxes 99,614 30,150 69,464 230 Total expenses 912,763 594,614 318,149 54 Net profit 4,547,177 3,948,882 598,295 15 110
  5. 5. 31 March 2001 31 March 2000 Change Change Balance sheet before appropriation of retained earnings Notes in CHF 1,000 in CHF 1,000 in CHF 1,000 in % Assets Investments in Group companies 32,330,780 21,705,760 10,625,020 49 7 Long-term loans to Group companies 2,163,805 1,309,309 854,496 65 Securities 2,848,988 1,861,835 987,153 53 Total long-term assets 37,343,573 24,876,904 12,466,669 50 Liquid assets held at third parties 250,027 1 250,026 – Liquid assets held at Group companies 4,096,785 1,078,865 3,017,920 280 Securities 2,539,935 3,645,017 (1,105,082) (30) Other receivables from third parties 49,121 1,319,333 (1,270,212) (96) Accrued income and prepaid expenses 907,999 408,434 499,565 122 Total current assets 7,843,867 6,451,650 1,392,217 22 Total assets 45,187,440 31,328,554 13,858,886 44 Shareholders’ equity and liabilities Share capital 6,014,944 5,476,853 538,091 10 11 Legal reserve 19,694,244 11,676,078 8,018,166 69 13 Reserve for own shares 3,000,000 600,000 2,400,000 400 10 Retained earnings: – retained earnings brought forward 1,598,208 1,966,225 (368,017) (19) 14 – net profit for the year 4,547,177 3,948,882 598,295 15 Total shareholders’ equity 34,854,573 23,668,038 11,186,535 47 Bonds 4,150,000 3,550,000 600,000 17 6 Long-term loans from Group companies 3,051,064 2,521,077 529,987 21 Provisions 558,820 467,951 90,869 19 15 Total long-term liabilities 7,759,884 6,539,028 1,220,856 19 Payable to third parties 93,632 3,203 90,429 – Payable to Group companies 1,145,193 404,330 740,863 183 Accrued expenses and deferred income 1,334,158 713,955 620,203 87 Total current liabilities 2,572,983 1,121,488 1,451,495 129 Total liabilities 10,332,867 7,660,516 2,672,351 35 Total shareholder’s equity and liabilities 45,187,440 31,328,554 13,858,886 44 www.credit-suisse.com 111
  6. 6. NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS 31 March 2001 31 March 2000 in CHF 1,000 in CHF 1,000 1 Contingent liabilities Aggregate indemnity liabilities, guarantees and other contingent liabilities 32,300,796 19,903,280 – of which on behalf of Group companies 32,130,756 19,733,079 The company belongs to the Swiss value-added tax (VAT) group of Credit Suisse Group, and thus carries joint liability to the Swiss federal tax authority for value-added tax debts of the entire Group. 2 Balance sheet assets with retention of title to secure own obligations There are no such assets. 3 Off-balance sheet obligations relating to leasing contracts There are no such obligations. 4 Fire insurance value of tangible fixed assets 0 8,200 5 Liabilities relating to pension plans and other retirement benefit obligations There are no such liabilities. 31 March 2001 31 March 2000 6 Bonds issued Interest rate Maturity date in CHF m in CHF m Warrant bonds (ex warrant) 2.250% 1993–06.08.2001 500 500 Bonds (subordinated) 6.000% 1994–15.12.2003 250 250 Bonds 4.000% 1997–31.10.2006 800 800 Bonds 4.000% 1997–23.05.2007 1,000 1,000 Bonds 3.500% 1998–15.09.2008 500 500 Bonds 3.500% 1999–02.07.2009 500 500 Bonds 4.125% 2000–04.10.2004 600 – 7 Principal participations The company’s principal participations are shown in the notes to the consolidated financial statements. 8 Release of undisclosed reserves No significant undisclosed reserves were released. 9 Revaluation of long-term assets to higher than cost There was no such revaluation. 2000/2001 1999/2000 10 Own shares held by the company and by Group companies No. of shares in CHF 1,000 No. of shares in CHF 1,000 Shares included in financial investments from the banking and insurance business In registered share equivalents, including derivatives 92,224 30,389 13,645 3,766 At beginning of financial year 1,781,276 533,205 92,224 30,389 At end of financial year Shares included in securities trading portfolios In registered share equivalents, including derivatives 1,356,857 449,119 221,512 61,137 At beginning of financial year 2,752,376 840,853 1,356,857 449,119 At end of financial year 112
  7. 7. No. of Par value 11 Share capital, conditional and authorised capital registered shares in CHF Share capital as of 31 March 2000 273,842,638 5,476,852,760 Par value in CHF No. of shares Conditional capital Warrants and convertible bonds AGM of 4 June 1992 12,500,000 250,000,000 Bonds converted 19 November 1992 – 31 March 2000 (7,262,250) (145,245,000) Bonds converted 1 April 2000 – 31 March 2001 (30,975) (619,500) 30,975 619,500 Warrants exercised 6 August 1993 – 25 September 1996 (4,998,845) (99,976,900) Warrants not exercised (lapsed 26 September 1996) (1,155) (23,100) Remaining capital 206,775 4,135,500 Warrants and convertible bonds AGM of 29 May 1995 12,500,000 250,000,000 Remaining capital 12,500,000 250,000,000 Staff shares AGM of 28 May 1999 6,000,000 120,000,000 Subscriptions exercised 28 May 1999 – 31 March 2000 0 0 EGM of 29 September 2000 (increase) 6,000,000 120,000,000 EGM of 29 September 2000 12,000,000 240,000,000 Subscriptions exercised 1 April 2000 – 31 March 2001 (68,830) (1,376,600) 68,830 1,376,600 Remaining capital 1) 11,931,170 238,623,400 Staff shares (Donaldson, Lufkin & Jenrette option programs) EGM of 29 September 2000 12,000,000 240,000,000 Subscriptions exercised 29 September 2000 – 31 March 2001 (1,077,586) (21,551,720) 1,077,586 21,551,720 Remaining capital 10,922,414 218,448,280 Authorised capital Acquisitions of companies/participations AGM of 28 May 1999 13,000,000 260,000,000 Exercise of convertible bonds from Winterthur 2 March 2000 (1,630,000) (32,600,000) Remaining capital 11,370,000 227,400,000 Acquisition of Donaldson, Lufkin & Jenrette EGM of 29 September 2000 30,000,000 600,000,000 Acquisition of Donaldson, Lufkin & Jenrette 3 November 2000 (25,727,167) (514,543,340) 25,727,167 514,543,340 Remaining capital 4,272,833 85,456,660 Share capital as of 31 March 2001 300,747,196 6,014,943,920 1) Of which 7,448,170 shares (par value CHF 148,963,400) reserved for rights issued to the management and staff. www.credit-suisse.com 113
  8. 8. NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS Report of the auditors on capital increases to the Board of Directors of Credit Suisse Group on conditional and authorised capital increases We have examined the issuance of shares for the period from 1 April 2000 to 31 March 2001 in accordance with the resolutions passed by the Annual General Meeting of Shareholders of 4 June 1992, 29 May 1998 and the Extraordinary General Meeting of Shareholders of 29 September 2000 respectively, in accordance with Swiss law and the Company's Articles of Association. Furthermore, we have examined the capital increase report dated 3 November 2000 in accordance with Swiss law. It is the responsibility of the Board of Directors to execute the issuance of new shares in accordance with the Company's Articles of Association. Our responsibility is to examine whether the issuance of new shares was done in accordance with Swiss law, the Company's Articles of Association, the applicable offering documents, regulations and contracts. The Board of Directors takes responsibility for the capital increase report. Our responsibility is to examine the information provided therein. We confirm that we meet the legal requirements concerning professional qualification and independence. Our examination was conducted in accordance with the auditing standards promulgated by the Swiss profession, which require that our examination be planned and performed to obtain reasonable assurance about whether the issuance of new shares is free from material mistakes, and whether material errors in the capital increase report would be detected with reasonable assur- ance. We have performed the audit procedures required in the circumstances and are of the opinion that they form a reasonable basis for our opinion. In our opinion the issuance of 1,177,391 registered shares, with a nominal value of CHF 20 each and a total nominal value of CHF 23,547,820, is in agreement with Swiss law, the Company's Articles of Association, the appli- cable offering documents, regulations and contracts. Furthermore, in our opinion, the information set out in the capital increase report is complete and appropriate and corresponds to the resolutions passed by the Extraordinary General Meeting of Shareholders held on 29 September 2000 and the circular resolutions of the Board of Directors dated 3 November 2000. KPMG Klynveld Peat Marwick Goerdeler SA Zurich, 3 November 2000 and 18 April 2001 114
  9. 9. 12 Significant shareholders and their holdings BZ Group Holding has notified Credit Suisse Group that it held as of 31 March 2001, on a consolidated basis, 26,961,635 registered shares, corresponding to 8.96% of the total outstanding registered shares, of which 4.61% were recorded in the share register with the right to vote. 13 Legal reserves The change in legal reserves compared to 31 March 2000 equals the capital surplus of CHF 8,103.9 m (1999/2000: CHF 636.3 m) received for newly issued shares, net of issuing costs of CHF 85.7 m (1999/2000: CHF 7.9 m). 14 Retained earnings brought forward in CHF Retained earnings from prior year 3,998,208,450 Transfer to reserve for own shares (2,400,000,000) Retained earnings brought forward 1,598,208,450 15 Provisions This item includes general provisions of CHF 301 m (as of 31 March 2000: CHF 301 m). www.credit-suisse.com 115
  10. 10. PROPOSALS TO THE ANNUAL GENERAL MEETING Proposed appropriation of retained earnings in CHF Retained earnings brought forward 1,598,208,450 Net profit for the year 4,547,176,924 Retained earnings available for appropriation 6,145,385,374 Transfer to free reserves 6,100,000,000 To be carried forward 45,385,374 Total 6,145,385,374 Proposed par value reduction Instead of distributing a dividend, the Board of Directors proposes a par value reduction of CHF 8 per registered share, reducing the nominal value from CHF 20 to CHF 12. Shareholders holding Credit Suisse Group shares as of 14 August 2001 are eligible for receiving the par value reduction. The cash payment will be made on 15 August 2001. On behalf of the Board of Directors: Chairman: L. Mühlemann Executive Board: L. Mühlemann, H.-U. Doerig, P. K. Ryan, O. J. Grübel, T. Wellauer, R. Dörig, A. D. Wheat, R. E. Thornburgh, P. M. Colebatch Zurich, 27 April 2001 116
  11. 11. REPORT OF THE STATUTORY AUDITORS Report of the statutory auditors to the Annual General Meeting of Credit Suisse Group, Zurich As statutory auditors, we have audited the accounting records and the financial statements (income statement, balance sheet and notes) of Credit Suisse Group for the year ended 31 March 2001. These financial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these financial statements based on our audit. We confirm that we meet the legal requirements concerning pro- fessional qualification and independence. Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. We have examined on a test basis evidence sup- porting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accounting records, financial statements and the pro- posed appropriation of retained earnings comply with Swiss law and the Company’s Articles of Association. We recommend that the financial statements submitted to you be approved. KPMG Klynveld Peat Marwick Goerdeler SA Brendan R. Nelson Peter Hanimann Chartered Accountant Certified Accountant Auditors in Charge Zurich, 27 April 2001 www.credit-suisse.com 117
  12. 12. FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA 1) Share information 31 Dec. 2000 31 Dec. 1999 31 Dec. 1998 31 Dec. 1997 31 Dec. 1996 300,437,990 272,206,488 269,086,369 266,128,097 194,307,590 Number of shares issued 300,437,990 272,206,488 269,086,369 265,750,460 194,186,189 Shares ranking for dividend 277,775,022 271,310,760 267,542,466 262,952,238 190,011,086 Average Market capitalisation 2000 1999 1998 1997 1996 92,535 86,153 57,854 60,060 26,701 Year-end in CHF m 7.4 48.9 (3.7 ) 124.9 19.8 Change in % 8.7 9.9 7.5 9.2 6.4 As a % of SMI (at year-end) 2000 1999 1998 1997 1996 Share price in CHF in CHF in CHF in CHF in CHF 308 316.5 215 226 137.5 Year-end 388.5 316.5 382 238 139.25 Year high 293 212 149.5 133.75 105.75 Year low 2000 1999 1998 1997 1996 14.8 16.5 18.7 149.7 – Price/earnings ratio (at year-end) 2.3 2.6 2.2 2.5 – Price/book value ratio (at year-end) 2000 1999 1998 1997 1996 Per share ranking for dividend in CHF in CHF in CHF in CHF in CHF 136.3 119.8 96.0 88.9 – Book value (at year-end) 38.6 29.4 22.7 22.9 – Cash flow (average) 43.5 33.7 24.8 27.0 – Gross operating profit (average) 20.83 19.2 11.5 1.5 – Earnings per share (average) 20.75 19.1 11.4 1.5 – Earnings per share (diluted) Repayment of capital 2)/Dividend 8.0 7.0 5.0 5.0 4.0 Trading volume on Swiss Exchange (SWX) 2000 1999 1998 1997 1996 108,361 88,107 115,362 63,447 34,455 in CHF m – Total per year 431.7 346.9 459.6 262.2 142.4 – Daily average 333,836 325,497 443,857 346,579 282,279 in 1000 units – Total per year 1,330.0 1,281.5 1,768.4 1,432.1 1,166.4 – Daily average (2 1) Figures for 1996 do not include Winterthur Group. 4 2) Proposal of the Board of Directors to the Annual General Meeting on 1 June 2001. Note: Within the framework of the Swiss Accounting and Reporting Recommendation, 22 Credit Suisse Group has changed its accounting policies in the year 2000 in order to increase the transparency for its insurance business and to align with a more inter- nationally-recognised standard. Prior year’s comperative figures have not been restated 103 for this summary. 75 109 (38 17 118
  13. 13. 2000 1999 1998 1997 1996 Consolidated income statement in CHF m in CHF m in CHF m in CHF m in CHF m 5,313 5,252 5,152 4,579 3,488 Net interest income 16,596 10,870 8,327 6,592 4,942 Net commissions and service fee income 8,791 6,578 2,378 5,282 3,901 Net trading income 6,166 5,060 5,357 4,775 4,139 Net income from insurance business 365 110 486 (218) 197 Other ordinary income 37,231 27,870 21,700 21,010 16,667 Net operating income 18,503 13,509 10,586 9,931 8,087 Personnel expenses 6,645 5,229 4,473 3,979 3,244 Other operating expenses banking business 25,148 18,738 15,059 13,910 11,331 Total operating expenses 12,083 9,132 6,641 7,100 5,336 Gross operating profit 3,021 2,585 3,832 3,214 1,927 Depreciation, valuation adjustments and losses 9,062 6,547 2,809 3,886 3,409 Profit before extraordinary items, taxes and minority interests 105 93 1,554 1,323 1,340 Extraordinary income (1,796) (152) (573) (3,534) (5,407) Extraordinary expenses (1,349) (1,149) (575) (1,074) (1,172) Taxes 6,022 5,339 3,215 601 (1,830) Profit/(loss) before minority interest (237) (118) (147) (204) (252) Minority interests 5,785 5,221 3,068 397 (2,082) Net profit/(loss) 10,734 7,983 6,066 6,026 4,164 Cash flow 2000 1999 1998 1997 1996 Return on equity (ROE) in % in % in % in % in % 17.7 18.2 11.7 1.7 – ROE 31 Dec. 2000 31 Dec. 1999 31 Dec. 1998 31 Dec. 1997 31 Dec. 1996 Consolidated balance sheet in CHF m in CHF m in CHF m in CHF m in CHF m 987,433 722,746 652,437 689,568 624,396 Total assets 43,522 34,368 28,162 25,651 22,861 Shareholders’ equity 2,571 1,747 2,325 2,005 1,844 Minority interests in shareholders’ equity BIS data/ratios 31 Dec. 2000 31 Dec. 1999 31 Dec. 1998 31 Dec. 1997 31 Dec. 1996 239,465 213,298 202,078 208,382 199,615 BIS risk-weighted assets (in CHF m) 11.3 13.2 12.0 10.9 10.4 BIS tier 1 ratio (in %) 18.2 19.1 17.8 16.8 15.1 BIS total capital ratio (in %) 31 Dec. 2000 31 Dec. 1999 31 Dec. 1998 31 Dec. 1997 31 Dec. 1996 Assets under management in CHF bn in CHF bn in CHF bn in CHF bn in CHF bn 1,417.0 1,186.7 937.8 863.0 737.0 Total assets under management Number of employees 31 Dec. 2000 31 Dec. 1999 31 Dec. 1998 31 Dec. 1997 31 Dec. 1996 21,454 20,885 20,625 21,442 23,553 Switzerland – banking 6,781 6,569 6,827 7,108 6,547 – insurance 30,666 17,249 15,753 13,235 11,268 Outside Switzerland – banking 21,637 19,260 18,375 20,457 19,172 – insurance 80,538 63,963 61,580 62,242 60,540 Total employees Credit Suisse Group www.credit-suisse.com 119
  14. 14. MANAGEMENT Board of Directors of Credit Suisse Group Thomas Schmidheiny Members of the Board of Directors Lukas Mühlemann born 1945 until 1 June 2001 born 1950 Chairman of the Board of Directors Chairman since May 2000, Chief Executive and Managing Director of Holderbank Philippe Bruggisser, Wohlen Officer of Credit Suisse Group since January Financière Glaris Ltd., Jona Arthur W. Dunkel, Former Director General 1997 GATT, Geneva Peter Brabeck-Letmathe1) 3) Vreni Spoerry John M. Hennessy, Chairman Private Equity born 1938 born 1944 Credit Suisse First Boston, New York Member of the Swiss Council of States Vice-Chairman, Chief Executive Officer and Lionel I. Pincus, Chairman and Chief Executive Vice-Chairman of Nestlé SA, Vevey Aziz R. D. Syriani 1) Officer E. M. Warburg, Pincus & Co. LLC, Thomas W. Bechtler 2) born 1942 New York President of The Olayan Group, Athens born 1949 Chairman of the Board of Directors Daniel L. Vasella 1) At the Annual General Meeting to be held of Zellweger Luwa Group, Uster on 1 June 2001, Philippe Bruggisser, born 1953 Marc-Henri Chaudet 2) Arthur W. Dunkel, John M. Hennessy and Chairman and Chief Executive Officer Lionel I. Pincus will step down from the Board of Novartis International AG, Basle born 1936 of Directors of Credit Suisse Group. Attorney-at-law Gerald Clark 2) Honorary Chairman The Board of Directors and the Executive Board Rainer E. Gut born 1943 of Credit Suisse Group would like to thank Vice-Chairman of the Board and Chief the four gentlemen for dedicating their valuable Investment Officer of Metropolitan Life Corporate Secretary experience and their talent to the good of our Insurance Company, New York Pierre Schreiber company. With their commitment and support Walter B. Kielholz 2) they have greatly contributed to the success and born 1951 Independent Auditors prosperity of the Group. Chief Executive Officer and Director of KPMG Klynveld Peat Marwick Swiss Re, Zurich Goerdeler SA, Zurich 1) Member of the Compensation and Appointments Committee, chaired by Peter Brabeck-Letmathe. 2) Member of the Audit Committee, chaired by Walter B. Kielholz. 3) Lead Independent Director. Boards of Directors of Credit Suisse, Credit Suisse First Boston, “Winterthur” Swiss Insurance Company and Winterthur Life Thomas Schmidheiny Honorary Chairmen Winterthur Lukas Mühlemann, Chairman Peter Brabeck-Letmathe 1), Vice-Chairman Vreni Spoerry Hans Braunschweiler Peter Spälti Aziz R. D. Syriani 1) Thomas W. Bechtler 2) Daniel L. Vasella 1) Marc-Henri Chaudet 2) Gerald Clark 2) 1) Member of the Compensation and Appointments Walter B. Kielholz 2) Committee, chaired by Peter Brabeck-Letmathe. 2) Member of the Audit Committee, chaired by Walter B. Kielholz. 120
  15. 15. About the Board and its Committees 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 times a year. Being responsible for the regular committees, the Audit overall direction, supervision and con- Committee and the Compensation and trol of the company, the Board reviews Appointments Committee, whose the Group’s competitive position and members are non-executive directors approves strategy and financial plans. and are appointed for one year. In addi- The Board reviews reports on the tion, the Board may from time to time operations of the Group with a particu- delegate certain tasks to a Chairman’s lar focus on risk management and Committee, consisting of the Chairman exposure. It reviews significant and the two Chairmen of the regular changes in the Group’s structure and committees to allow an efficient and organisation. It also assesses the per- expedient handling of urgent matters. formance of the Group Executive Board and discusses succession plans The Audit Committee consists of a for key managers. The Board is active- minimum of three members and holds ly involved in the Group’s major proj- at least four regular meetings each ects including acquisitions, divestitures year. Its duties and responsibilities in- and major investments. As of June clude the review of the annual report 2001, with the exception of the and the annual financial statements, Chairman, all Board members are non- the review of relevant reports submitted employee directors, appointed by the to regulators, reports by internal and shareholders for a period of four years. external auditors, the annual audit plans as well as the assessment of the audit, risk management and group compliance functions. Moreover, the committee is regularly informed about legal, compliance and regulatory mat- ters. The Committee Chairman regular- ly reports to the full Board about the committee’s activities and findings. The Compensation and Appoint- ments Committee consists of a mini- mum of three members. In at least two regular meetings per year, the commit- tee determines the compensation payable to the members of the Group and Business Unit Executive Boards and other senior managers and ap- proves compensation plans. The com- mittee also reviews and proposes Group Executive Board appointments to the Board of Directors and evaluates Board and Committee memberships for final approval by the shareholders and the full Board, respectively. The Committee Chairman regularly reports to the full Board about the committee’s activities. www.credit-suisse.com 121
  16. 16. MANAGEMENT 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 122
  17. 17. 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, Switzerland Corporate Development Pablo Toja Aguirre, Spain Frank-Henning Florian, Germany Urs Hofmann 1), Human Resources Michael M. Rüdiger, Germany John Finan, United Kingdom Hansjörg Frei 1), Country Management Antoine Bordelais, United Kingdom Christen Schnor, Other Europe and Asia Manfred Broska, Chief Executive Officer Patrick Nosten, France Kaspar A. Ruesch, Operations New Business Winterthur Insurance Peter Angehrn, Management Existing Business Markus Dennler, Chief Executive Officer Hans Lauber, Asset Management Winterthur Life & Pensions Credit Suisse e-Business Bruno Müller, IT Rolf Dörig, Chief Executive Officer Credit Suisse Banking Hanspeter Kurzmeyer, Chief Executive Officer Olivier Steimer, Chief Executive Officer Credit Suisse Personal Finance Technology and Services Christoph Brunner, Chief Financial Officer Hanspeter Kurzmeyer, Chief Executive Officer Romeo Lacher, e-Channels Switzerland Credit Suisse e-Business Jürgen Pulm, e-Channels Europe Ulrich Körner, Chief Executive Officer Ulrich Körner, Chief Executive Officer Fadi Karam a.i., e-Insurance Bruno Bonati, Chief Financial Officer Technology and Services Jan Nyholm, e-Investment Services Marcel Bührer, Shared Business Services 1) Member of the Extended Executive Board of Holger G. Demuth, New e-Businesses Andreas Manz, IT Systems Engineering Credit Suisse Financial Services. Fadi Karam, Design, Content & Technologies Karl Landert, Application Development Roman Müller, IT Production Stephan Murer, Architecture and Standards Credit Suisse Banking Winterthur Insurance Rolf Dörig, Chief Executive Officer Manfred Broska, Chief Executive Officer Rolf Aeberli, Chief Financial Officer John Dacey, Chief Financial Officer Dominique Folletête, Private Clients Beat Michel, Management Services/ Martin Wetter, Corporate Clients Human Resources/Communications Bruno B. Pfister, Products Erwin Steiger, Switzerland Martin Senn, Trading- and Investment Services Peter Gnos, Germany Franz-Josef Groth, Credit Management Fabrizio Rindi, Italy Walter Fluck, Credit Recovery César Bardají Vivancos, Iberia Bruno Bohlhalter, Credit Recovery Martin Long, United Kingdom Josef Meier, Chief Executive Officer Claude Desseille, Other Europe Neue Aargauer Bank Herman Aaftink, North America Willi Suter, Winterthur International Kai Dierke, Distribution & Channel Management Severin Moser, Property & Casualty Thomas Schmitt, Health & Accident Peter Höhn, Chief Information Officer www.credit-suisse.com 123
  18. 18. MANAGEMENT Credit Suisse Private Banking Credit Suisse Asset Management Credit Suisse First Boston Oswald J. Grübel, Chief Executive Officer Phillip M. Colebatch, Chief Executive Officer Allen D. Wheat, Chairman of the Executive Board and Chief Executive Officer Peter A. Derendinger, Chief Financial Officer Joseph D. Gallagher, Chief Financial Officer and Head of Europe (a.i.) Richard E. Thornburgh, Vice-Chairman of the Thomas Amstutz, Investment Office Executive Board and Chief Financial Officer G. Moffett Cochran V, President of Americas Moez A. Jamal, Finance & Treasury Paul Calello, Head of Equity Derivatives and Toshio Fukuda, Head of Japan Yves Maas, Operations Convertibles James McCaughan, Chief Executive Officer Heinz Roth, Market Group I Christopher Carter, Head of Equity Capital of Americas Alexandre Zeller, Market Group II Markets and European Investment Banking Andrew McKinnon, Head of Australia Olivier Steimer, Market Group III Anthony F. Daddino, Chief Administrative Officer Robert Parker, Head of Global Aldo B. Leoni, Market Group IV Brady W. Dougan, Head of Equities Institutional Distribution Alex W. Widmer, Market Group V Bennett J. Goodman, Head of Leveraged Dilip Rasgotra, Head of Investment Policy Group Finance Reto Donatsch, Chief Executive Officer Laurence R. Smith, Chief Investment Officer Bank Leu Ltd. Gates H. Hawn, Head of Financial Services Heinrich Wegmann, Head of Switzerland and James P. Healy, Head of Emerging Markets Global Retail Coordination Independent Private Banks Stephen A.M. Hester, Head of Fixed Reto Donatsch, Chief Executive Officer Income Division Bank Leu Ltd. Hamilton E. James, Co-Head of Investment Bernard F. Stalder, Chief Executive Officer Banking and Private Equity Clariden Bank David C. Mulford, Chairman - International Markus R. Toedtli, Chief Executive Officer John Nelson, Chairman - Europe Bank Hofmann AG Trevor Price, Head of Developed Markets - Franco Müller, Chief Executive Officer Rates BGP Banca di Gestione Patrimoniale SA Joe L. Roby, Chairman of the Business Unit Richard Hambro, Chief Executive Officer Stephen E. Stonefield, Chairman - Pacific JO Hambro Investment Management Limited Charles G. Ward III, Co-Head of Investment Banking and Private Equity 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 124
  19. 19. 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 Felix Gutzwiller, Professor and Lukas Mühlemann, Chairman and Entrepreneur, Zollikon Director of the Institute for Social Chief Executive Officer of Credit and Preventive Medicine, University Suisse Group, Zurich Urs Lauffer, Vice-Chairman of Zurich, and Member of the Partner Lauffer & Frischknecht, Erich Müller, Member of the Board Swiss National Council Zurich of Sulzer AG, Winterthur, and Riccardo Gullotti, Chairman of the Member of the Swiss National Franz Albers, Partner Albers & Co., Board of Zschokke Holding SA, Council Zurich Geneva Gaudenz Staehelin, Member of the Susy Brüschweiler, Chief Executive Urs Hammer, Chairman of the Board of Barry Callebaut AG, Officer of SV Service AG, Zurich Board and Chief Executive Officer Zurich Martin Candrian, Entrepreneur, of McDonald’s Suisse Holding SA, Hans-Peter Zehnder, Chairman of Zurich Crissier the Board of Zehnder Holding AG, Melchior Ehrler, Director Swiss André Kudelski, Chairman of the Gränichen Farmers’ Association, Brugg, and Board of Kudelski SA, Cheseaux- Roland Zimmerli, Chairman of the Member of the Swiss National sur-Lausanne Board of Dätwyler Holding AG, Council Heini Lippuner, Member of the Altdorf, and of Von Roll Holding Brigitta M. Gadient, Attorney-at- Board of Novartis AG, Basle AG, Gerlafingen law, Chur, and Member of the Paul Meier, Vice-Chairman of the Swiss National Council Board of Neue Aargauer Bank, Rainer E. Gut, Chairman of the Aarau Board of Nestlé SA, Vevey, and Honorary Chairman of Credit Suisse Group, Zurich International Advisory Board Flavio Cotti, Chairman Fritz Gerber, Honorary Chairman Jorge Paulo Lemann, Partner Former Federal Councillor and Member of the Board of GP Investimentos S/C, São Paulo Roche Holding SA, 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, Chairman and Michael Hilti, Chairman of the Buenos Aires († on 28 April 2001) Delegate of SAir Group, Zurich 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 www.credit-suisse.com 125
  20. 20. MAIN OFFICES Credit Suisse Private Banking Credit Suisse First Boston Credit Suisse Group 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 Fax + 1 212 325 6665 P.O. Box 800 Tel +41 1 333 1111 8070 Zurich Credit Suisse First Boston Fax +41 1 332 5555 Switzerland One Cabot Square London E14 4QJ 235 locations in Switzerland. Tel +41 1 335 1111 England Fax +41 1 333 2225 Tel +44 20 7888 8888 Fax +44 20 7888 1600 Credit Suisse Asset Management Beaufort House Winterthur General-Guisan-Strasse 40 15 St. Botolph Street 3 locations in Switzerland. P.O. Box 357 London EC3A 7JJ 73 locations outside Switzerland. 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. 126
  21. 21. 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 1) New York (ADR) 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 until 14.8.2001 1 ADR = 1 registered share as of 15.8.2001 1213853 2) Swiss security number 146248 2) ISIN number CH0001462487 CH0012138530 CUSIP number 225 401 108 2) New identification numbers for Credit Suisse Group registered shares with a par value of CHF 3, effective as of 15.8.2001. Ratings Agencies Credit Suisse Group Credit Suisse 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 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 www.credit-suisse.com 127

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