The document summarizes Credit Suisse's second quarter 2001 results. Key highlights include a net operating profit of CHF 1.6 billion, solid results across business units despite challenging market conditions, and strong new asset inflows of CHF 41.4 billion year-to-date. Business unit results were positive, with continued growth in assets under management, though net profits declined from the prior year due to difficult market conditions. Credit Suisse also announced the realignment of its financial services division and new leadership for its investment banking unit.

1. SECOND QUARTER 2001 RESULTS

2. PRESENTATION
§ Q2 2001 RESULTS SUMMARY
§ CONSOLIDATED RESULTS Q2 2001
§ ASSET QUALITY & CAPITAL ADEQUACY
§ BUSINESS UNIT RESULTS
§ PERFORMANCE VS. TARGETS
§ PRIORITIES / OUTLOOK
§ SUPPLEMENTS
Slide 2

3. HIGHLIGHTS Q2 2001
§ Net operating profit for Q2 of CHF 1.6 billion
§ Solid results across all BUs, under challenging market conditions
§ Strong new asset inflow - CHF 41.4 bn YTD, up 33% from H1/00
§ Progress on cost reduction - lower personnel expense, down on Q1/01
§ CSG realignment and new CSFB management announced in July
Slide 3

4. OVERVIEW Q2 2001 RESULTS (1/2)
Change from
Q2/01 H1/01 Q1/01 Q2/00 H1/00
Net operating profit, CHF m 1,611 3,337 -7% -7% -9%
Reported net profit, CHF m 1,288 2,716 -10% -23% -24%
Operating ROE 15.2% 16.0%
Operating earnings per share, CHF 1.35 2.78 -6% -14% -18%
Net new assets, CHF bn 16.7 41.4
Change from
06.01 12.00 03.01 12.00
AuM, CHF bn 1,452 1,392 +4.3% +4.3%
Operating figures exclude amortisation of acquired intangible assets and goodwill, reported numbers include these items.
Slide 4

5. OVERVIEW Q2 2001 RESULTS (2/2)
§ CSFS: YTD operating ROE / ROIC 18.5%, existing business up 13%
s WIN: YTD CHF 350 m net operating profit (+7% vs. H1/00),
premiums +10% organic, +15% total
s WLP: YTD CHF 413 m net operating profit (+43% vs. H1/00),
premiums +5% organic, +10% total
s CSB: YTD CHF 365 m net operating profit, -4% vs. strong H1/00
s CSPF: Launch in Germany and Spain
§ CSPB: Net new assets up both Q-on-Q and YTD at CHF 20.5 bn,
52 bp operating return on AuM YTD
§ CSAM: AuM up 3.3% YTD on CHF 8.0 bn net new discretionary assets
§ CSFB: YTD operating ROE 15.8% (excl. amort. of retention payments),
continued strength in Fixed Income, difficult markets for Equity and IBD
§ CSG: Group-wide focus on costs
Slide 5

6. GROWTH IN ASSETS UNDER MANAGEMENT
in CHF billion 1,452.1
4.1
14.6
9.4
8.0 acquisitions
20.5 market
CSFB
3.5 movements
1,392.0 CSAM
& structural
CSPB
CSFS effects
d)
ualise
ann
.9%
4 (+5
41.
assets
CHF w
net ne
AuM 12/00 AuM 06/01
§ Continued net inflows in Q2 of CHF 16.7 bn, or 1.2%
§ CSPB net new assets exceeding Q1
§ Full inclusion of CSFB private client service assets
Slide 6

7. REVENUE
§ Top line growth reflecting market conditions and DLJ acquisition
§ Continued stable revenue composition, fee income 41% of total
Change vs.
Q1 2001
11,182
in CHF m * 11,091
Balance sheet + 4%
14%
10,631 14% business
8,748 8,676 15%
14% 13% Fees & - 4%
41%
44% commissions
50%
44% 44%
28% Trading + 5%
28%
16%
26%
26%
17%
19% Insurance + 26%
17% 14%
16%
Total revenue + 1%
Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
* total includes other income
Slide 7

8. BANK FEE & COMMISSION INCOME
§ Bank fee & commission income down 4% vs. Q1/01 on lower trading volumes
§ Increase in underwriting largely driven by securitised products and new issues
business, partially offsetting drop in brokerage Change vs.
Q1 2001
in CHF m 4,886
5,001 4,695
237 221 161 Lending related - 27%
3,900 3,814
163 1,222
1,250
169 1,256 Portfolio Mgmt. + 3%
1,199 1,181
1,764 Underwriting & + 15%
2,187 2,033
Corporate Finance
1,528 1,376
1,518 1,116
1,104 Brokerage - 26%
1,195
1,137
Other - 4%
382 365
333
121
115
Commission Expenses + 7%
-220 -235
-244 -228 -110
Total - 4%
Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
Slide 8

9. OPERATING EXPENSES
§ Cost / income ratio * of 77.6% (Q1/01: 76.3%), reflecting market conditions
and increased spend on strategic IT projects
§ Focus on costs across all BUs
8,675
8,467 Change vs.
in CHF m
7,868 Q1 2001
Personnel - 1%
5,959
6,030
6,301
6,155 expenses
5,154
(202)
(194) (amortisation of retention pmts.)
(181)
4,390 4,431
(of which bonuses) - 8%
(2,552)
(2,780)
(2,017)
(2,092) (1,856)
2,214
2,308 Other op. exp. + 13%
1,954
1,549
1,393
Depreciation * + 4%
502
483
406
372 321
Total op. expenses + 2%
Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
* excl. amortisation of acquired intangible assets and goodwill
Slide 9

10. CONSOLIDATED OPERATING INCOME STATEMENT
Q2/01 Q1/01 Q2/00 Change
CHF m CHF m CHF m to Q1/01
Operating income 11,182 11,091 8,748 1%
Operating expenses 8,173 7,984 5,783 2%
Gross operating profit 3,009 3,107 2,965 -3%
Depreciation *, write-offs 502 483 372 4%
Valuation adj., provisions & losses 412 238 303 73%
Operating profit pre e.o. & tax 2,095 2,386 2,290 -12%
e.o. items, net 0 22 -54 -
Taxes 400 635 440 -37%
Net operating profit bef. minorities 1,695 1,773 1,796 -4%
Net operating profit 1,611 1,726 1,723 -7%
* excl. amortisation of acquired intangible assets and goodwill
Slide 10

11. REPORTED CONSOLIDATED INCOME STATEMENT
Q2/01 Q1/01 Q2/00 Change
CHF m CHF m CHF m to Q1/01
Net operating profit 1,611 1,726 1,723 -7%
Amort. of acquired intangible assets 202 191 - 6%
tax effect -65 -63 - 3%
Amortisation of goodwill 186 170 48 9%
Reported net profit 1,288 1,428 1,675 -10%
Slide 11

12. ASSET QUALITY
CAPITAL EXPOSURE & PROVISION DEVELOPMENT
Non-performing loans (NPLs) *, in CHF m
1,904
CSFB
1,887
1,278
1,012
1,000 1,479 1,804 2,668
12,105
10,964 10,265
CSB & 9,493 8,854 8,347 7,926
CSPB 7,077
YE 98 YE 99 03/00 06/00 09/00 YE 00 03/01 06/01
NPLs as
%age of
credit exp. * 4.1% 3.4% 3.0% 2.8% 2.6% 2.4% 2.3% 2.3%
Coverage
ratio of NPLs 63% 63% 61% 61% 62% 63% 62% 60%
* includes loans and loan equivalents
Slide 12

13. CAPITAL ADEQUACY - CREDIT SUISSE GROUP
30.06.01 31.12.00 31.12.99
BIS tier 1 ratio % 9.9 11.3 11.8
BIS tier 1 ratio, banking % 8.6 9.1 9.1
BIS tier 1 capital CHF m 25,970 27,111 24,833
BIS risk-weighted assets CHF m 261,550 239,465 209,870
Slide 13

14. CREDIT SUISSE FINANCIAL SERVICES
HIGHLIGHTS Q2 2001
§ Net operating profit of CHF 504 m in Q2, up 18% on Q1
§ YTD net operating profit of CHF 932 m
s down 2% on strong H1 2000
s up 13% excluding investment/expansion-related loss at CSPF
§ YTD 18.5% operating ROE / ROIC or 22.2% excluding CSPF
§ AuM at CHF 278 bn (+2% vs. 12/00), CHF 3.5 bn net new assets
Slide 14

15. WINTERTHUR INSURANCE
HIGHLIGHTS H1 2001
§ Premiums earned up 15% vs. H1/00, 10% organic growth
§ Combined ratio marginally up at 107.6% (107.3% in H1/00)
s Claims ratio slightly up at 78.0% (77.4% in H1/00), due to weather
losses and reserve strengthening for workers' compensation
insurance in North America
s Expense ratio down at 29.6% (29.9% in H1/00) due to expense
control
§ Investment return of 8.0% (7.1% in H1/00) reflecting higher interest
income (+20 bp) and tactical realisation of gains (+70 bp)
§ CHF 350 m net operating profit, up 7% over H1/00
§ Sale of Winterthur International completed at 30 June 2001
Slide 15

16. WINTERTHUR LIFE & PENSIONS
HIGHLIGHTS H1 2001
§ Premiums up 10% vs. H1/00, 5% organic growth
s Strong contribution from UK, Italy, and Spain
s Unit-linked products slightly down: -3% vs. H1/00
§ CHF 2.7 bn net new assets
§ Expense ratio up to 10.2% (H1/00: 9.0%) due to impact of new
acquisitions and software impairments of CHF 26 m
§ Investment return reduced to 6.5% (7.2% in H1/00) in line with
sustainable rate; 1.8% realised gains (2.7% in H1/00)
§ CHF 413 m net operating profit, up 43% over H1/00 (up 34% excl.
one-off effect of acquisition of Colonial)
Slide 16

17. CREDIT SUISSE BANKING
HIGHLIGHTS Q2 2001
§ CHF 178 m net operating profit, operating ROE of 16.7%
§ Commission income down on lower transaction volumes vs. exceptional
levels in H1/00; securities commissions down 50% H1/01 vs. H1/00
§ Net interest income up, net interest margin of 238 bp (236 bp in Q2/00);
240 bp YTD (236 bp in H1/00)
§ Stable credit quality, actual valuation adjustments 42% below H1/00
Slide 17

18. CREDIT SUISSE PERSONAL FINANCE
HIGHLIGHTS Q2 2001
§ CSPF reporting format includes European onshore affluent offering as
well as youtrade
§ Continued growth in established areas
s Credit Suisse (Italy) over 20,000 clients, CHF 5.1 bn AuM
s More than 28,600 youtrade customers, up 5% vs. Q1
s Overall net new assets of CHF 0.3 bn in Q2 (CHF 0.7 bn YTD),
offsetting negative performance in weak financial markets
§ CHF 105 m net operating loss in Q2 (CHF 196 m YTD) reflecting
rollout in Germany and Spain
§ Operations started in Spain and Germany, marketing launch in Q3
Slide 18

19. NEW CREDIT SUISSE FINANCIAL SERVICES
§ Merging of financial services and private banking evolutionary process
s Strong top- and bottom-line momentum
s Solid positions in respective markets
s Early successes in building European affluent business
§ Now in more difficult markets time to
s Solve some client segmentation issues
s Further increase leverage of distribution and product platforms
s Consolidate IT, operations, and e-business infrastructure
s Achieve higher returns on marketing spending
s Eliminate duplication in support functions
§ No major changes in strategy foreseen
Slide 19

20. NEW CREDIT SUISSE FINANCIAL SERVICES
OBJECTIVES
§ Sharpen client focus
§ Expand position in attractive markets
§ Maintain market-leading profitability
§ Achieve further growth in all businesses
§ Realise synergies of CHF 400-500 m over next 2 years (approx.
1/3 each in non-personnel costs, personnel costs, and revenues)
Slide 20

21. NEW CREDIT SUISSE FINANCIAL SERVICES
BUSINESS MODEL
§ 5 client divisions: one responsibility per business / market
s Private Banking Switzerland (onshore private and affluent banking in
Switzerland, offshore private banking in directly adjacent countries)
s Private Banking International (offshore private banking in all other
markets, onshore private and affluent banking in Europe)
s Corporate & Retail Banking Switzerland
s Insurance
s Life & Pensions
§ 1 product and sales support division:
leverage distribution / product platforms
§ 1 division for investment management: leverage skills
§ 1 IT and Operations division: leverage skills, realise synergies
§ CFO, HR, marketing, and communication functions managed centrally:
eliminate duplications, realise synergies
Slide 21

22. NEW CREDIT SUISSE FINANCIAL SERVICES
REPORTING FORMAT
§ Unchanged, i.e.
s Private Banking
s Personal Finance
s Banking
s Insurance
s Life & Pensions
§ Transfers between reporting units will be made transparent
Slide 22

23. CREDIT SUISSE PRIVATE BANKING
HIGHLIGHTS Q2 2001
§ CHF 12.1 bn (CHF 20.5 bn YTD) inflow of net new assets, or 2.6% for
the quarter (4.5% YTD)
§ Net operating profit of CHF 576 m (CHF 1,221 m YTD), 10% below
Q2/00 (YTD down 12% on record H1/00)
§ Net margin 48 bp (52 bp YTD), gross margin 125 bp (131 bp YTD)
§ Transaction volumes continued to decline vs. Q1/01, but offset in part
by strong demand for innovative market-neutral investment products
§ Continued investments in new technologies (customer relationship
programme, improved internet portal, more efficient securities
processing system) lead to cost increases of 5% over Q1/01 (10% H1
vs. H1/00)
Slide 23

24. CREDIT SUISSE PRIVATE BANKING
DEVELOPMENT OF GROSS MARGIN
Asset driven Transaction driven Other revenue
-6 bp
in bp 137 137
131
129 125
23 27 22
120 21 17
alternative investments ì
90 brokerage
52 45 41 43 î
42
trading î
60
mandates / asset mgmt ì
67
66 66
65
62
30 alternative investments ì
0
H1/00 H2/00 Q1/01 Q2/01 H1/01
Slide 24

25. CREDIT SUISSE PRIVATE BANKING
KEY FIGURES
Asset driven Transaction driven Other revenue
Gross margin (in bp)
137
131
130 127 125 14%
16% 16% 17% 20%
27
120 21
21 22 17
33%
28%
34% 36% 33%
90 36 45 41
44 47
60
55% 54%
49%
70 48% 47%
67
64 65
63
30
0
Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
Net new assets (CHF bn) Net margin * Gross margin (bp)
12.1
8.4 137
131
130 127 125
5.3 4.7 57
55 55 53 48
3.2
Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
* excl. amortisation of goodwill
Slide 25

26. CREDIT SUISSE ASSET MANAGEMENT
HIGHLIGHTS Q2 2001
§ CHF 1.2 bn (CHF 8.0 bn YTD) net new discretionary assets
s Strong inflows in European and Australian retail
s Equity assets most impacted by negative market movements, now
at 31% of discretionary AuM
§ Revenue up 10% H1/01 on H1/00 , primarily due to DLJ acquisition
impact, 2% down excl. DLJ
§ Expenses up 14% H1/01 vs. H1/00 on DLJ impact, flat excl. DLJ
§ Net operating profit of CHF 88 m, up 29% on Q1 (CHF 156 m YTD,
up 3% vs. H1/00); 7.0 bp return on AuM (6.3 bp YTD)
§ Retail offering broadened with launch of several new funds and
collateralised debt obligations (CDO)
Slide 26

27. CREDIT SUISSE FIRST BOSTON
HIGHLIGHTS Q2 2001
§ Strong performance in Fixed Income, USD 1.5 bn revenue, 6% below
record Q1/01
s Credit markets up substantially
s Leveraged finance group extended its record performance in Q2
s Emerging market revenue remained strong, rates areas slowed
§ Good results in Equities, USD 1.2 bn revenue, down 8% on Q1
s Depressed markets adversely impacted cash and capital market
activity, while new issuance business slightly improved
§ IBD revenue USD 0.8 bn, down 6% on Q1, although #1 in number of
M&A deals and #1 in USD volume of high yield new issuance
§ Financial Services Division adversely affected by decline in retail trading
§ Personnel costs down 10% Q2 on Q1 to USD 2.3 bn, operating
expenses down 6% Q2 on Q1
Slide 27

28. CREDIT SUISSE FIRST BOSTON
INDUSTRY VOLUME CHANGES
H1/01 vs. H1/00 Q2/01 vs. Q1/01
Global US Global US
Equity Capital Markets / IPO's * -29% -7% 24% 48%
M&A -54% -58% -2% -8%
Debt Capital Markets ** 57% 61% -13% -15%
High Yield 75% 166% 1% 0%
* includes IPOs, secondary issues, and convertibles
** excludes High Yield
Slide 28

29. CREDIT SUISSE FIRST BOSTON
MARKET SHARE
H1 2000 YTD * H1 2001 YTD
Rank Share Gap to #3 Rank Share Gap to #3
4.1%
5 23% 1.0% 4 18%
Global M&A **
US 5 27% 10.0% 3 28% -
Global Debt 4 8% 0.3% 3 9% -
U.S. 4 9% 0.1% 3 10% -
High Yield 10 3% 9.8% 1 16% -
Global Equity 5 9% 3.0% 5 11% 0.9%
Americas 5 11% 1.6% 4 15% 0.1%
Europe 8 5% 4.5% 3 11% -
* CSFB standalone
** Full credit given to each advisor, even when client uses more than one;
hence, to compare market share across products, M&A market share must be at least halved
Slide 29

30. CREDIT SUISSE FIRST BOSTON
MARKET RISK INDUSTRY COMPARISON - 2000
§ Strategic reduction in market risk has moved CSFB “well into the pack” vs. peers
§ CSFB risk was 1.5x peer group in 1997 and 1998; 1.3x in 1999 and 0.9x in 2000
CSFB vs. Industry Group: 2000 Results CSFB vs. Industry Group: Recent Trends
80 80
1.5x
Fitted Losses (USD m)
Fitted Losses (USD m)
60 60
1.5x 1.3x
0.9x
40 40
Peer Avg.
Peer Avg.
Peer Avg.
Peer Avg.
Deutsche
Goldman
20 20
UBSW
Chase
CSFB
CSFB
CSFB
CSFB
CSFB
MS
0
0
1997 1998 1999 2000
Based on volatility of actual trading P&L as published in annual reports, rather than VaR model figures; figures shown on a
VaR-equivalent basis (normalised for different VaR model assumptions); conceptually equivalent to VaR comparison if all
firms had models with equivalent back testing conservatism; on reported basis, CSFB VaR is high compared to peers, due
to substantially more conservative model; excludes comparable firms that do not publish daily trading statistics (e.g. Merrill)
Slide 30

31. CREDIT SUISSE FIRST BOSTON
PRIVATE EQUITY PORTFOLIO
Sector weighting of CSFB proprietary portfolio (USD 2.5 bn invested)
Retail/Consumer
Industrial
Products
15%
10%
Telecom
9% Healthcare
6%
Financial Services
Real Estate
4%
10%
Media/Publishing/
Entertainment
4%
Technology
11% Energy
2%
Transportation/Lo-
Direct investments
Other gistics/Distribution
in various funds
13% 2%
14%
Slide 31

32. CREDIT SUISSE FIRST BOSTON
HEADCOUNT
PRO-FORMA Change Change
09.2000 03.2001 06.2001 vs. 09.00 vs. 03.01
Fixed Income * 2,543 2,577 2,795 10% 8%
Investment Banking 4,553 4,091 3,724 -18% -9%
Equity 3,732 3,292 3,283 -12% 0%
Private Equity 350 360 356 2% -1%
Other 221 182 134 -39% -26%
TOTAL FRONT ** 11,399 10,502 10,292 -10% -2%
IT & Operations 6,853 6,426 6,369 -7% -1%
Finance & Risk 2,445 2,187 2,056 -16% -6%
Administration 2,327 2,099 2,154 -7% 3%
TOTAL BACK 11,625 10,712 10,579 -9% -1%
Financial Services 7,511 7,150 6,825 -9% -5%
CSFB TOTAL 30,535 28,364 27,696 -9% -2%
* Includes 428 heads in mortgage subsidiaries (305 in March 2001, 184 in September 2000)
** Equity Capital Markets headcount shared equally between Equity and Investment Banking; Debt Capital Markets
shared equally between Fixed Income and Investment Banking; EMCG allocated 52% to Fixed Income, 43% to
Investment Banking, and 5% to Equity; Equity Research headcount held entirely in Equity
Slide 32

33. PERFORMANCE VERSUS TARGETS
H1 2001
1999 2000
Target
annualised
as published as published
CSFS Net new asset growth 4.7% 2.9% 2.6% 6%
Operating ROE / ROIC * 14.9% 19.2% 18.5% 20%
WIN Combined ratio 105.2% 106.5% 107.6% 103%
WLP Return on tech. provision * 65 bp 68 bp 78 bp 60-65 bp
CSB Cost / income * 66.3% 64.6% 67.0% 60%
CSPB Net new asset growth 3% 4.4% 9.0% 5%
Net margin on AuM * 45 bp 54 bp 52 bp 50-55 bp
CSAM Discr. net new asset growth 9% 7.5% 4.4% 10%
Net margin on AuM * 7.2 bp 7.5 bp 6.3 bp 8 bp
CSFB Market share growth +/- + market share
ü ü
Operating ROE * 19.6% 21.8% 12.8% 15-20%
across cycle
CSG Net new asset growth 4.5% 4.5% 5.9% >6%
Operating ROE * 18.5% 21.5% 16.0% 18-22%
* excl. amortisation of acquired intangible assets and goodwill
Slide 33

34. PRIORITIES / OUTLOOK 2001
§ Challenges for the balance of 2001
s Focus on cost initiatives across all BUs
s Implement new CSFS structure
s Successful launch of Personal Finance offer in Germany and Spain
s Maintain / expand positions
§ 2001 likely to continue to be a difficult year
§ Q3 results below Q2
§ Remain optimistic about long-term trends for financial services industry
and CSG's strategic position
Slide 34