1. ANNUAL REPORT 2000/2001 PART III
REVIEW OF BUSINESS UNITS

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. REVIEW OF BUSINESS UNITS
Business unit accounting principles
General information Changes to the accounting policies
Business unit results for the years of Winterthur Insurance and
ending 31 December 1999 and Winterthur Life & Pensions
31 December 2000 are presented for Within the framework of the Swiss
the Credit Suisse Private Banking, Accounting and Reporting
Credit Suisse First Boston and Credit Recommendations, Credit Suisse
Suisse Asset Management business Group changed its accounting policies
units, and for the units forming the in the year 2000 in order to increase
Credit Suisse Financial Services busi- transparency with regard to its insur-
ness area, i.e. Winterthur Insurance, ance business and to align with a more
Winterthur Life & Pensions, Credit internationally-recognised standard.
Suisse and Personal Financial The Group’s financial statements as of
Services Europe. 31 December 1999 have also been
The consolidated results comprise restated to conform with the current
the results of the business units and of year’s presentation. In the tables of
the Corporate Center. Corporate this publication, 1999 results will be
Center costs/revenues attributable to shown in “previously reported” as well
operating business have been allocat- as in “new basis” columns. In text sec-
ed to the respective business units. tions, comparisons to the 1999 results
The Corporate Center column also are based on the previously reported
includes expenses relating to projects figures.
sponsored by the Group, restructuring The main differences in the
costs, the difference between provi- accounting policies that have had a
sions for expected credit risk recorded significant impact on the results of our
by each business unit and actual credit operations are explained in detail in
loss experience, as well as other items Note 2 of the Notes to the consolidat-
set out below. Unless stated in this ed financial statements.
section, Group accounting and valua-
tion principles apply. Income statement
Significant changes during the Inter-business unit revenue
financial year 2000 sharing and cost allocation
Responsibility for each of Credit
Suisse Group’s products is allocated to
Business combinations
The following changes are reported one of the business units. In cases
with regard to the respective business where one business unit contributes to
units (see details in Note 3 of the the performance of another, revenue
Notes to the consolidated financial sharing agreements are in place to re-
statements): ward such efforts. These agreements
are negotiated periodically by the
Winterthur relevant business units on a product-
• Nicos Life by-product basis. Allocated revenues
• National Insurance and Guarantee are added to, or deducted from, the
Corporation Plc (NIG) revenue line item of the respective
• Colonial UK business units.
Certain administrative, processing
Credit Suisse Asset Management and information technology services
• Donaldson, Lufkin & Jenrette, Inc. may be based in one business unit but
shared by other units. The business
Credit Suisse First Boston unit supplying the service receives
• Donaldson, Lufkin & Jenrette, Inc. compensation from the recipient busi-
ness unit on the basis of service level
agreements and transfer payments.
Service level agreements are negotiat-
www.credit-suisse.com 13

4. REVIEW OF BUSINESS UNITS
ed periodically by the relevant business for these losses and defaults are based
units with regard to each individual on actual experience and are recorded
product or service. The costs of by the relevant business unit.
shared services are reported as Other
operating expenses for both the busi- Taxes
ness unit receiving the service and the Taxes are calculated individually for
unit providing it. each business unit, on the basis of the
The aim of the revenue sharing average tax rates across its various
and cost allocation agreements is to geographic markets, rather than for
reflect the pricing structure of an un- the legal entity as a whole. The differ-
related third party transaction, although ence between these average tax rates
this is not achieved in all cases, partic- and the actual consolidated tax
ularly with respect to bank premises. expense results in an adjustment to
taxes at the Corporate Center.
Real estate
Real estate in Switzerland, which Balance sheet
consists primarily of bank premises, is
managed centrally. Real estate costs General
reflect market rent plus an additional Balance sheet information relating to
charge if actual costs exceed market the banking business units reflects the
rent. These costs are included in the proportion of bank premises occupied
Other operating expenses line of in Switzerland and abroad.
each business unit.
Capital allocation
The available capital is allocated to the
Valuation adjustment, provisions and
business units on the basis of the
losses
Provisions for credit risk at business unit average regulatory capital required
level are generally based on expected during the period.
credit losses, which are determined ac-
cording to a statistical model derived Key performance indicators
from historical average losses. The Per capita ratios have not been calcu-
management believes that the statistical lated as some Group-wide services are
model provides a long-term view of provided centrally by one of the busi-
credit loss experience. In any year, sta- ness units and the staffing required to
tistically-determined provisions may be supply these services is not reflected in
higher or lower than the actual credit the recipient business unit’s headcount.
experience relating to the credit risks
covered by this model, depending on Assets under management
the economic environment, interest Assets under management include
rates and other factors. On a consoli- client-related on and off-balance sheet
dated basis, the Valuation adjust- assets (cash and time deposits, safe
ments, provisions and losses line in custody and metal accounts, and
the income statement reflects actual fiduciary deposits) which are held for
credit provisions for the year. The busi- investment purposes. In the case of
ness units record an expense item for insurance business, assets under man-
statistically-determined expected credit agement include all investment assets
losses. To reflect the difference underlying insurance contracts. Not
between the expected credit provisions included are corporate liquidity funds,
recorded by the business units and the wholesale custody, and banking and
actual credit provisions for the year, a brokerage assets except for the assets
valuation adjustment is recorded at the of corporate clients of Credit Suisse in
Corporate Center. Switzerland. Where two business units
Non-credit related losses and coun- share responsibility for the manage-
terparty default other than that which ment of funds (such as investment
relates to lending business are not cov- funds), the assets under management
ered by the statistical model. Provisions are reported by both business units.
14

5. Report of the Group’s auditors on the business unit financial
statements of Credit Suisse Group, Zurich
We have performed the procedures set out below in relation to the Overview of
business unit results and the Business unit income statements and balance
sheets, (“the business unit financial statements”) of Credit Suisse Group and its
subsidiary undertakings as at and for the year ended 31 December 2000 for
which the Directors of Credit Suisse Group are solely responsible. The business
unit financial statements referred to above are set out on pages 8–29 of the
annual report.
We have performed procedures with regard to the business unit financial state-
ments as follows:
– ascertained through discussion with Credit Suisse Group management the
methodology for preparation of the business unit financial statements and its
proper application;
– considered the consistent application of the accounting principles adopted in
the preparation of the business unit financial statements as set out on pages
13 and 14 of the annual report; and
– agreed the material reconciling items between the business unit financial
statements and the consolidated results of Credit Suisse Group presented in
the audited consolidated financial statements for the year ended 31
December 2000 to supporting documents.
We found no exceptions or other significant matters as a result of the procedures
undertaken.
KPMG Klynveld Peat Marwick Goerdeler SA
Brendan R. Nelson Peter Hanimann
Chartered Accountant Certified Accountant
Auditors in Charge
Zurich, 7 March 2001
www.credit-suisse.com 15

6. REVIEW OF BUSINESS UNITS
Credit Suisse Financial Services
For the business year 2000, results are
Credit Suisse Financial Services, the
reported according to the previous struc-
new business area created in mid-
ture of Credit Suisse, Winterthur and
2000, posted net profit growth of 15%
Personal Financial Services Europe.
to CHF 1.7 billion. Its assets under
management grew to CHF 303.0 billion
(+8.9%), of which net new assets were Winterthur strengthens position in
Thomas Wellauer CHF 8.1 billion. Excluding the Personal Europe and Asia
Winterthur (comprising Winterthur
Chief Executive Officer Financial Services Europe initiative,
Insurance and Winterthur Life &
which is still in investment mode, the
Pensions in the new structure)
business area’s net profit was CHF
increased its net profit by 22% to CHF
2.0 billion.
1.3 billion. This good performance was
Since 1 July 2000, the business area attributable to strong earnings growth
Credit Suisse Financial Services includes in both areas of business. Reflecting
Winterthur Insurance, Winterthur Life & portfolio strategy changes and market
Pensions, Credit Suisse Banking, Credit conditions, Winterthur’s investment
Suisse Personal Finance and Credit return stood at 7.1%, which was
Suisse e-Business, as well as the infra- modestly higher than in 1999. Assets
structure unit Technology and Services. under management grew by 12.6% to
Overview of business area Credit Suisse Financial Services Personal
Financial Credit Suisse
2000 Winterthur Winterthur Credit Services Financial
in CHF m Insurance Life & Pensions Suisse Europe Services
3,459 1) 2,075 1)
Operating income 3,925 61 9,520
2,160 1) 1,208 1)
Operating expenses 2,450 317 6,135
1,299 1) 867 1)
Gross operating profit 1,475 (256) 3,385
Depreciation and write-offs on non-current assets 2) 159 101 84 12 356
Valuation adjustments, provisions and losses 3) 0 0 562 1 563
Profit before extraordinary items, taxes 3) 1,140 766 829 (269) 2,466
Extraordinary expenses/(income), net 0 0 (20) 0 (20)
Taxes 305 101 203 (62) 547
Net operating profit before minority interests 2) 835 665 646 (207) 1,939
Amortisation of acquired intangible assets,
net of tax, and goodwill 16 15 12 5 48
Net profit before minority interests 819 650 634 (212) 1,891
Minority interests (90) (56) (1) 0 (147)
Net profit 729 594 633 (212) 1,744
Net operating profit 1) 745 609 645 (207) 1,792
5,580 4) 10,093 4)
Average allocated equity capital 4,401 112
26.3% 4) 18.7% 4)
Return on average equity capital 14.4% n/a
Return on average equity capital (operating) 2) 26.9% 4) 19.2% 4)
14.7% n/a
Equity capital allocation as of 1.1.2001 9,149 4,697 27 13,873
Assets under management (in CHF bn) 32.5 116.1 147.8 6.6 303.0
– of which net new assets – 0.7 4.8 2.6 8.1
– of which discretionary 32.5 116.1 2.5 2.5 153.6
1)
Defined as premiums earned (net), less claims incurred and expenses for processing claims, as well as actuarial provisions, less commissions (net), plus investment
income from insurance business; expenses from the handling of both claims and investments are allocated to revenue; personnel expenses non-life: CHF 400 m,
life: CHF 125 m, other operating expenses non-life: CHF 214 m, life: CHF 141 m.
2)
Excl. amortisation of acquired intangible assets, net of tax, and goodwill.
– – (151) – (151)
3)
Net of allocation to (-)/release of (+) reserve for general banking risks.
4)
For Winterthur Group, average invested capital is used for calculation of return on invested capital (ROIC).
16

7. Winterthur Insurance income statement and Previously Change to
New basis reported previously
key performance indicators (non-life business) 2000 1999 1999 reported
in CHF m in CHF m in CHF m in %
Gross premiums 16,508 13,901 13,993 13,993
18
Net premiums 14,632 12,604 12,678 12,678
15
Premiums earned, net 13,519 12,057 12,102 12,102
12
Claims incurred, net (10,432) (9,145) (9,144) (9,144)
14
Dividends to policyholders incurred, net (376) (387) (312) (312)
21
Operating expenses, net (including commissions paid) (3,969) (3,639) (3,591) (3,591)
11
Underwriting result, net (1,258) (1,114) (945) (945)
33
Net investment income 2,385 1,691 1,942 1,942
23
Interest on deposits and bank accounts 96 90 70 37
70
Other interest paid (136) (78) (75) (75)
81
Other income and expenses (including exchange rate differences) 1) 53 26 (35) (39)
–
Profit before extraordinary items, taxes 1,140 615 957 953
19
Technical provisions as of 31.12. 26,653 25,422 23,041 30,7923,041
16
Combined ratio (excl. dividends to policyholder) 106.5% 106.0% 105.2% 1
105.2%
Claims ratio 77.2% 75.8% 75.6% 2
75.6%
Expense ratio 29.4% 30.2% 29.7% 29.7%)
(1
Insurance reserve ratio 197.2% 210.8% 190.4% 4
190.4%
Assets under management as of 31.12. in CHF bn 32.5 31.4 31.6 3
Number of employees as of 31.12. 21,796 20,662 20,662 5
1)
Excl. amortisation of goodwill.
CHF 148.6 billion. The return on in- In non-life business Winterthur
vested capital rose to 26.3%. achieved an 18% increase in gross pre-
In February 2001 Winterthur an- miums to CHF 16.5 billion, as a result
nounced the sale of its large multi- of higher premiums in the US, UK and
national corporates insurance business, several countries in continental Europe.
Winterthur International, for a total The UK market contributed additional
consideration of USD 600 million. As a growth, with Winterthur now ranking
result of this transaction, Winterthur will sixth in terms of premium volume
be able to concentrate fully on life and thanks to additional partnerships en-
non-life business with private clients tered into by Churchill and the acquisi-
and small and medium-sized compa- tion of NIG. Excluding acquisitions, pre-
nies in Switzerland, Europe and other mium growth stood at 10%. The
selected markets. Subject to the expense ratio in non-life business was
approval of the relevant authorities, the reduced further from 29.7% to 29.4%.
transaction should be completed in the However, the combined ratio rose
first half of 2001. slightly from 105.2% to 106.5%
Webinsurance, the award-win- resulting from a number of natural
ning homeowners and property, motor, catastrophes in the UK, Switzerland and
travel and life insurance offering from US Midwest; a backlog of claims from
Winterthur, was extended to include the winter storms in Europe at end-
the Italian and Belgian markets. This December 1999; and unfavourable loss
online insurance package is now experiences in the motor insurance
available to clients in eight European business in Spain and Portugal. In
countries and the US. health insurance, Winterthur posted
www.credit-suisse.com 17

8. REVIEW OF BUSINESS UNITS
Winterthur Life & Pensions income statement and Previously Change to
New basis reported previously
key performance indicators (life business) 2000 1999 1999 reported
in CHF m in CHF m in CHF m in %
Gross premiums 15,452 14,182 14,264 8
Net premiums 15,172 14,089 14,170 7
Premiums earned, net 15,171 14,090 14,101 8
Claims incurred, net (9,734) (8,033) (7,726) 26
Change in actuarial provision, net (6,377) (7,944) (8,092) (21)
Allocation to participation, net (1,982) (1,384) (1,846) 7
Operating expenses, net (including commissions paid) (1,680) (1,257) (1,535) 9
Net investment income 6,051 5,048 5,865 3
Interest on deposits and bank accounts 88 135 124 (29)
Interest on bonuses credited to policyholders (116) (117) (130) (11)
Other interest paid (239) (220) (217) 10
Other income and expenses (including exchange rate differences) 1) (416) (722) 17 –
Profit before extraordinary items, taxes 766 (404) 561 37
Technical provisions as of 31.12. 105,522 88,559 84,519 25
Expense ratio 11.1% 8.9% 10.9% 2
Net return on technical provisions 68 bp (33) bp 65 bp 5
Claims incurred and change in actuarial
provisions in relation to premiums earned 106.2% 113.4% 112.2% (5)
Assets under management as of 31.12. in CHF bn 116.1 102.0 100.4 16
Number of employees as of 31.12. 6,562 5,167 5,167 27
1)
Excl. amortisation of goodwill.
strong growth in southern Europe. In simplifies processing and distribution.
Germany – a key health insurance mar- This platform was introduced in
ket – the growth in premiums was Germany in mid-year, and other
hampered by health reform. Overall, launches in key European markets are
non-life business generated profit planned for 2001. Despite large-scale
before extraordinary items and taxes of investments in strategic projects, profit
CHF 1.1 billion, up 19%. in life business, before extraordinary
Life business saw an 8% rise in its items and taxes, increased by 37% to
gross premium volume, with the weak CHF 766 million.
euro impacting negatively on premium
growth in Swiss francs. Fund-linked Credit Suisse significantly improves
products posted very strong growth of return on equity
90%, with their share of the total Credit Suisse (Credit Suisse Banking in
volume advancing to 20%. With the the new structure) achieved net profit
acquisition of Japanese insurer Nicos of CHF 633 million, up 40% on the
Life (renamed Credit Suisse Life) and previous year. Return on equity rose
Colonial Life UK in Britain, as well as from 10.3% to 14.4%. Despite high-
with its alliance with Chinese life insurer level investment in strategic projects,
Tai Kang Life, Winterthur further ex- technology and e-business, the
panded its portfolio in attractive life cost/income ratio improved from
insurance and pension markets. In 66.6% to 64.9%. Assets under man-
2000, Winterthur became the first life agement grew by CHF 7.0 billion
insurer to develop a pan-European, (+5.0%) to stand at CHF 147.8 billion
Internet-based business system that at end-2000; CHF 4.8 billion thereof,
18

9. Winterthur balance sheet Previously Change to
New basis reported previously
31 Dec. 2000 31 Dec. 1999 31 Dec. 1999 reported
in CHF m in CHF m in CHF m in %
Assets
Investments 134,837 120,135 126,446 7
– Non-life 29,667 28,356 30,790 (4)
– Life 92,281 84,409 88,954 4
– Life business, where the investment risk is borne by the policyholders 12,889 7,370 6,702 92
Policy loans 840 709 708 19
Deposits on reinsurance assumed 226 107 101 124
Due from banks/cash and other liquid assets 1,280 845 864 48
Receivables from insurance companies 1,504 1,001 965 56
Receivables from agents and policyholders 5,193 3,804 3,121 66
Sundry debtors 2,109 1,530 1,560 35
Accrued income and prepaid expenses 2,117 2,089 2,203 (4)
Tangible fixed assets 2,408 2,232 375 542
Other assets 12,412 12,773 915 -
Total assets 162,926 145,225 137,258 19
Liabilities
Technical provisions 132,175 113,981 107,560 23
– Non-life 26,653 25,422 23,041 16
– Life 92,105 81,248 77,796 18
– Life business, where the investment risk is borne by the policyholders 13,417 7,311 6,723 100
Deposits on reinsurance ceded 653 583 583 12
Convertible bonds and warrants issued 1,418 164 164 765
Due to banks 2,195 2,019 2,019 9
Payables to insurance companies 900 824 824 9
Payables to agents and policyholders 3,317 2,819 2,833 17
Sundry creditors 3,934 2,130 2,027 94
Accrued expenses and deferred income 1,403 1,577 2,025 (31)
Other liabilities 7,782 12,178 6,617 18
Minority interests 1,064 817 1,412 (25)
Shareholders’ equity after minority interest 8,085 8,133 11,194 (28)
Total liabilities 162,926 145,225 137,258 19
or 3.4%, was attributable to net new and reached a volume of CHF 1 billion
assets. The risk profile of the credit by year-end. Private mortgage busi-
portfolio improved noticeably: actual ness (+6%) and leasing (+20%) both
valuation adjustments were CHF 151 recorded strong growth, while the
million below the statistically-anticipated number of Credit Suisse credit card
value of CHF 565 million. holders climbed to 775,000 – an in-
In private client business, the con- crease of 136,000.
tinuing popularity of investment savings Credit Suisse reorganised its ser-
was reflected by significant growth in vicing of corporate clients, regrouping
investment fund holdings (+14%) and client advisors at 34 regional locations.
increased sales in the investment fund These new, larger teams improve client
business (+18%). The Flex investment service, while also facilitating the inter-
account, a new savings product nal exchange of knowledge and infor-
launched by Credit Suisse in spring mation. The new system establishes
2000, attracted considerable interest sector teams, which offer clients added
www.credit-suisse.com 19

10. REVIEW OF BUSINESS UNITS
Credit Suisse income statement
2000 1999 Change Change
in CHF m in CHF m in % in %
Net interest income 2,378 2,227 7 7
Net commission and service fee income 1,159 946 23 23
Net trading income 342 230 49 49
Other ordinary income 46 75 (39) (39
Operating income 3,925 3,478 13 13
Personnel expenses 1,535 1,401 10 10
Other operating expenses 915 866 6 6
Operating expenses 2,450 2,267 8 8
Gross operating profit 1,475 1,211 22 22
Depreciation and write-offs on non-current assets 1) 84 38 121 121
Valuation adjustments, provisions and losses 2) 562 610 (8) (8
Profit before extraordinary items, taxes 1) 829 563 47 47
Extraordinary expenses/(income), net (20) (34) (41) (41
Taxes 203 130 56 56
Net operating profit before minority interests 1) 646 467 38 38
Amortisation of goodwill 12 13 (8) (8
Net profit before minority interests 634 454 40 40
Minority interests (1) (3) (67) (67
Net profit 633 451 40 40
Net operating profit 1) 645 464 39 39
1)
Excl. amortisation of goodwill.
2)
Net of allocation (–)/release(+) of reserve for general banking risks. (151) (68)
)
benefits through their expertise in January 2000 saw the launch of
specific areas. In addition, Berne now yourhome, an Internet portal providing
boasts a central Business Center – a comprehensive information on homes
contact unit with extended opening and home ownership. Attracting
hours available free of charge to around 17,000 visitors per month, this
clients. new offering has met with a positive
Credit Suisse grew its position in response from customers.
the direct banking market even
further, with the number of Direct Net Personal Financial Services Europe
customers soaring to 262,000, a 53% targets new markets
increase on the previous year. 42% of The Personal Financial Services
all orders for securities transactions Europe initiative (Credit Suisse
are now placed electronically via Direct Personal Finance and parts of Credit
Net and youtrade, while the number of Suisse e-Business) targets affluent
payment orders executed via the clients in selected European markets
Internet currently stands at 700,000 via a multi-channel strategy. The
per month – an increase of 100%. clients, who are typically seeking to
20

11. Credit Suisse balance sheet
31 Dec. 2000 31 Dec. 1999 Change
in CHF m in CHF m in %
Assets
Cash and other liquid assets 1,142 1,374 (17 )
Money market papers 656 489 34
Due from banks 1,002 654 53
Due from other business units 1,358 1,080 26
Due from customers 29,042 27,816 4
Mortgages 64,616 63,024 3
Securities and precious metals trading portfolios 58 21 176
Financial investments 1,312 1,711 (23 )
Participations 38 31 23
Tangible fixed assets 2,088 2,191 (5 )
Intangible assets 145 46 215
Accrued income and prepaid expenses 450 292 54
Other assets 1,156 1,174 (2 )
Total assets 103,063 99,903 3
Liabilities
Due to banks 9,751 1,938 403
Due to other business units 12,345 16,689 (26 )
Due to customers, in savings and investment accounts 33,511 36,330 (8 )
Due to customers, other 31,391 28,530 10
Medium-term notes (cash bonds) 3,286 3,883 (15 )
Bonds and mortgage-backed bonds 5,436 5,563 (2 )
Accrued expenses and deferred income 718 504 42
Other liabilities 1,300 1,501 (13 )
Valuation adjustments and provisions 200 135 48
Capital 5,125 4,830 6
– of which minority interests 13 13 0
Total liabilities 103,063 99,903 3
invest between EUR 50,000 and of Credit Suisse Personal Finance in
1 million, have access to a compre- Germany and Spain, scheduled for
hensive palette of products and servic- 2001.
es to meet all their financial needs. The e-business area of Personal
Ranging from investment products and Financial Services posted revenues of
life insurance to loans and tax optimi- CHF 38 million versus expenses of
sation, the offering also encompasses CHF 256 million, reflecting the heavy
products from third-party providers. investment in an asset gathering strat-
Credit Suisse (Italy) continued egy targeting affluent clients in
to grow its presence in Italy, with net Europe. The Swiss online broker
new assets increasing 84.5% year-on- youtrade grew its customer base by
year to ITL 2,700 billion (CHF 2.2 164% to over 25,000. Assets under
billion). Overall, assets under manage- management stood at CHF 950 mil-
ment increased by 40% to stand at lion at year-end.
ITL 7,100 billion (CHF 5.6 billion). Personal Financial Services Europe
The second half of the year saw pre- posted a loss for the year of CHF 212
parations get underway for the launch million.
www.credit-suisse.com 21

12. REVIEW OF BUSINESS UNITS
Credit Suisse ratios/key performance indicators
2000 1999
Average allocated equity capital CHF m 4,401 4,411
Allocated equity capital in CHF m (1.1.2001/2000) 4,697 4,611
BIS tier 1 ratio as of 31.12. 1) 7.1% 6.8%
Cost/income ratio 64.9% 66.6%
Cost/income ratio 2) 64.6% 66.3%
Return on average equity capital (reported) 14.4% 10.3%
Return on average equity capital (operating) 2) 14.7% 10.6%
Number of employees as of 31.12. 11,701 11,404
Pre-tax margin (reported) 21.3% 16.8%
Pre-tax margin (operating) 2) 21.6% 17.2%
Personnel expenses/operating expenses 62.7% 61.8%
Personal expenses/operating income 39.1% 40.3%
Number of branches as of 31.12. 235 239
Net interest margin 2.39% 2.35%
Loan growth 3.7% 7.8%
Deposit/loan ratio as of 31.12. 69.3% 71.4%
Assets under management in CHF bn as of 31.12. 147.8 140.8
1)
Legal entity Credit Suisse.
2)
Excl. amortisation of goodwill.
Personal Financial Services Europe key performance indicators
Credit Suisse (Italy) youtrade Total
31 Dec. 2000 31 Dec. 1999 31 Dec. 2000 31 Dec. 1999 31 Dec. 2000 31 Dec. 1999
Assets under management (in CHF bn) 5.6 4.0 1.0 0.5 6.6 4.5
Number of clients 18,587 12,395 25,228 9,603 43,815 21,998
Number of personal bankers 331 230
22

13. Credit Suisse Private Banking
Market activity in 2000 was charac- 2000, total assets under management
terised by high volume and volatility. amounted to CHF 488.2 billion. Total
Developments were highly influenced revenues rose by 33% to CHF 6.3 bil-
by the technology boom at the begin- lion and net profit increased by 38% to
ning of the year and its subsequent over CHF 2.6 billion. This rise was
correction, and by the general mainly attributable to interest income
strengthening of the US dollar on the (+39%), commissions (+31%) and, to
Oswald J. Grübel
back of a strong US economy. In the a smaller extent, trading income
Chief Executive Officer
equity markets, 2000 was far from (+27%). Operating expenses in-
rosy. Most international stock markets creased by 20%. The cost/income
Credit Suisse Private Banking achieved
ended the year below where they ratio improved from 47.3% to 42.6%.
record results once again in 2000,
started, as many sectors failed to live
posting net profit of more than CHF
up to market expectations.
2.6 billion (+38%). With innovative Innovative products and services
Even against this backdrop, Credit Credit Suisse Private Banking
products and premier service quality
Suisse Private Banking succeeded in launched four affiliated alternative
as its hallmarks, Credit Suisse Private
reporting strong results for 2000. Net investment companies with a total vol-
Banking has grown its international
new asset growth doubled in compari- ume of CHF 4.0 billion in the course
presence and further strengthened its
son to the previous year to stand at of the year: Absolute Europe, Absolute
position as one of the world’s leading
CHF 21.0 billion, contributing 4.4% of Technology, Absolute U.S. and
private banks.
assets under management. At end- Absolute Private Equity. All of the
Credit Suisse Private Banking income statement
Change 1) Change
1999 1)
2000
in %
in CHF m in CHF m in %
39
Net interest income 1,247 898 39
31
Net commission and service fee income 1) 4,171 3,187 31
27
Net trading income 752 592 27
113
Other ordinary income 1) 81 38 113
33
Operating income 6,251 4,715 33
22
Personnel expenses 1,734 1,418 22
15
Other operating expenses 883 768 15
20
Operating expenses 2,617 2,186 20
44
Gross operating profit 3,634 2,529 44
5
Depreciation and write-offs on non-current assets 2) 41 39 5
191
Valuation adjustments, provisions and losses 3) 160 55 191
41
Profit before extraordinary items, taxes 2) 3,433 2,435 41
(94) $
Extraordinary expenses/(income), net (1) (18)
Taxes 766 516 48
Net operating profit before minority interests 2) 2,668 1,937 38
Amortisation of goodwill 7 7 0
Net profit before minority interests 2,661 1,930 38
Minority interests (29) (19) 53
Net profit 2,632 1,911 38
Net operating profit 2) 2,639 1,918 38
1)
Reclassification of trust income from other ordinary income
to net commission and service fee income beginning from 1.1.2000.
2)
Excl. amortisation of goodwill.
(40) (31)
3)
Net of allocation (-)/release (+) of reserve for general banking risks.
www.credit-suisse.com 23

14. REVIEW OF BUSINESS UNITS
companies pursue diversified invest- Check-Up Online is a straightforward
ment strategies with a view to achiev- solution to assist clients in their finan-
ing an attractive investment perform- cial planning. Fund Lab, the Internet
ance irrespective of market climate. platform for comparing and selecting
Dream Team is a comprehensive investment funds, was expanded to
range of asset management and insur- cover around 830 funds from 32 in-
ance services engineered by Credit vestment companies as of end-2000.
Suisse Private Banking in response to What’s more, clients can now track
the special financial needs of top and select 2,500 different equities
sporting athletes. Credit Suisse Private using a range of criteria via Stock
Banking also began offering advisory Tracker. A major step forward was the
services and support for entrepreneurs introduction of Tradelink, which allows
looking for growth capital or consider- clients to not only compare proprietary
ing selling their business. and third-party investment products via
Credit Suisse Private Banking has www.cspb.com, but also to buy and
invested considerably in its client sell them directly via Fund Lab or
services. One example is the new Stock Tracker.
client management system FrontNet,
which lightens the administrative load
on advisors and allows them to devote
more time to their clients. Continued
Credit Suisse Private Banking balance sheet information
investment is planned for 2001 to
further enhance the quality of client
service. 31 Dec. 1999
31 Dec. 2000
in CHF m
in CHF m
99,651
101,153
Total assets
Stronger international foothold
Credit Suisse Private Banking contin- 31,902
33,717
Due from customers
ued to grow its international presence, 7,667
9,206
– of which secured by mortgages
22,731
with the spotlight on Europe and Asia. 22,621
– of which secured by other collateral
It underpinned its London-based opera-
tions through the acquisition of JO Ratios/key performance indicators
Hambro Investment Management 1999
2000
Limited (JOHIM), and transformed its 2,771
3,117
Average allocated equity capital in CHF m
existing representative office in Vienna
2,875
3,031
Allocated equity capital in CHF m (1.1. 2001/2000)
into an investment management com-
47.3%
42.6%
Cost/income ratio
pany. Looking eastwards, Credit
Cost/income ratio 1) 47.2%
42.5%
Suisse Private Banking obtained a
8,371
8,665
Number of employees as of 31.12.
banking licence in Hong Kong. New
representative offices also opened 51.9%
54.8%
Pre-tax margin (reported)
their doors in Jakarta, Cape Town and Pre-tax margin (operating) 1) 52.0%
54.9%
Valencia, bringing the number of Fee income/operating income 2) 67.6%
66.7%
offices outside Switzerland to over 40. Fee income/operating expenses 2) 145.8%
159.4%
A further expansion of private banking
476.7
488.2
Assets under management in CHF bn as of 31.12.
operations in Europe, Asia and Latin
18.4%
2.4%
Growth in assets under management
America is on the agenda for 2001.
– of which net new assets 3) 2.9%
4.4%
(2.0%) 15.5%
– of which market movement and structural effects
Setting the pace in Internet banking
44 bp
53 bp
Net profit before minority interests/average AuM
Credit Suisse Private Banking en-
Net operating profit before minority interests/average AuM 1) 45 bp
hanced its www.cspb.com site in 2000 54 bp
with several new applications. Estate 1)
Excl. amortisation of goodwill.
Lab is a platform focusing on real es- 2)
Incl. reclassified trust income.
tate investments, while Financial 3)
Excl. interests and dividends.
24

15. Credit Suisse Asset Management
Credit Suisse Asset Management CHF 48 billion to overall assets un-
increased its total assets under der management as of 31 December
management by 14.7% in 2000 to 2000. Revenues increased by 36%
finish the year at CHF 487.2 billion. to CHF 1.6 billion, which includes
Discretionary assets under manage- two months of DLJ’s Asset
ment grew to CHF 360.1 billion as of Management Group results. Revenue
31 December 2000, up CHF growth was strongly supported by the
Phillip M. Colebatch
35.9 billion or 11.1% over 1999. Of strategic focus on higher margin
Chief Executive Officer
this amount, net new assets (exclusive assets in the equity and alternative
of assets acquired in the DLJ acqui- investment classes. Net operating
Credit Suisse Asset Management ex-
sition) was CHF 24.4 billion, an in- profit rose 32% year-on-year to CHF
panded its global position through
crease of 31.9%. The retail and high- 338 million.
strong organic growth and the acqui-
net-worth individual segments
sition of Donaldson, Lufkin & Jenrette
recorded 24% growth over the year to
Asset Management Group in the US Regional markets: strong growth
CHF 161 billion. The acquisition of In the Americas, Credit Suisse Asset
market. The unit made significant
Donaldson, Lufkin & Jenrette Asset Management saw a year of market
progress in building its domestic posi-
Management Group in the US added volatility, including turbulence on the
tion in all of its key markets in 2000.
NASDAQ. Including the assets
acquired with DLJ, assets under
management grew from USD 76 bil-
lion to USD 94 billion. The combina-
tion provides Credit Suisse Asset
Management’s US business with
further access to the private client
Credit Suisse Asset Management income statement
business and the investment banking
channel, and also enhances the
2000 1999 Change Change
in CHF m in CHF m in %
unit’s in %
alternative investment product
1,006 757 33 33
Management and advisory fees platform. In the early part of 2000,
513 330 55
Net mutual fund fees Congress passed the Financial
43 62 (31) (31)
Other revenues Modernization Act, which includ-
36
1,562 1,149 36 ed repealing the “firewall” rules which
Operating income
40
had until then prevented Credit
656 467 40
Personnel expenses
28
Suisse Asset Management from
481 377 28
Other operating expenses
35
working with Credit Suisse First
1,137 844 35
Operating expenses 39
Boston. This puts the unit on level
425 305 39)
Gross operating profit 32
terms with other major financial
1) 29 22 32
Depreciation and write-offs on non-current assets -
groups in the US at a crucial time of
0 0 –
Valuation adjustments, provisions and losses
industry consolidation. As a more
Profit before extraordinary items, taxes 1) 396 283 40 40
sophisticated population is seeking
1 2 (50) (50)
Extraordinary expenses/(income), net ever more comprehensive financial
Taxes 2) 57 24 138 138
advice, global distribution networks
are in 32position to take an increasing
a
Net operating profit before minority interests 1) 338 257 32
share of the growing asset manage-
Amortisation of acquired intangible assets,
ment136 market. Credit Suisse Asset
net of tax, and goodwill 2) 52 22 136)
Management is now well positioned
286 235 22 22
Net profit before minority interests
to leverage referral opportunities with
0 0 – -
Minority interests
Credit Suisse First Boston.
286 235 22 22
Net profit
In Switzerland, Credit Suisse
Asset Management remained a mar-
Net operating profit 1) 338 257 32 ket leader, with strong retail growth
and particular success in the institu-
1)
Excl. amortisation of acquired intangible assets and goodwill.
tional segment. In the pooled pen-
2)
Tax impact on amortisation of acquired intangible assets CHF 1 m in 2000.
www.credit-suisse.com 25

16. REVIEW OF BUSINESS UNITS
sion market, the unit’s Credit Suisse Post Venture Fund and Credit Suisse
Investment Foundation (CSA) ended Portfolio Funds. These and other
the year as market leader. Key equity products aim to capitalise on the grow-
products, such as Swiss and European ing willingness of Japanese investors
small & mid cap, Swiss and European to invest in mutual funds.
Blue Chips, high-tech and pharmaceu-
tical sector funds performed well. Looking ahead: equity products
Equity and index products were ex- of interest
panded to address market trends. The increasing emphasis on equities in
Swiss Prime Site, a real estate invest- sales of retail funds globally is shaping
ment company newly-launched and Credit Suisse Asset Management’s
listed on the stock exchange, gathered activities in the coming months.
CHF 750 million. Prime New Energy, Further integration of DLJ’s Asset
another listed investment company with Management Group and the accom-
CHF 120 million in assets, was the panying cooperation with Credit Suisse
first company launched in Switzerland First Boston’s distribution channels,
in the year 2000 in the alternative en- particularly the online channel
ergy sector. Also new in Switzerland is CSFBdirect, will be important in the
CSA’s private equity investment fund for Americas. The fast-growing Australian
small to medium-sized pension funds. market will continue to be a focus for
Credit Suisse Asset Management the unit’s activities, while product
Australia was named the Australian development and retail marketing
fund manager of the year in 2000. across Europe will also continue to be
Over the past two years the unit’s mar- developed in 2001.
ket share has doubled. Total inflows
Credit Suisse Asset Management ratios/
in the unit’s retail business were just
under AUD 2.5 billion in 2000, and key performance indicators
assets under management in the insti-
2000 1999 1999
tutional business grew by 52% to AUD 1,147 540
Average allocated equity capital in CHF m 540
15.3 billion over the year.
1,296 1,054
Allocated equity capital in CHF m (1.1. 2001/2000) 1,054
In Europe Credit Suisse Asset
78.0% 77.3%
Cost/income ratio
Management continues to build its or-
Cost/income ratio 1) 74.6% 75.4%
ganisation to take advantage of the op- 77.3%
6.3 bp 6.6 bp
portunities of European convergence. Net profit/average AuM 75.4%
Net operating profit 1)/average AuM 7.5 bp 7.2 bp
The unit’s Luxembourg family of mutu- 6.6 bn
al funds, which is one of the largest in 2,350 2,000
Number of employees as of 31.12.
Europe, enjoyed 13% net new busi- 21.9% 22.5%
Pre-tax margin (reported)
2,000
ness growth in 2000. This growth was Pre-tax margin (operating) 1) 25.3% 24.5%
2,000
enhanced by the successful addition of 57.7% 55.3%
Personnel expenses/operating expenses
an institutional share class and a regis- 2,000
42.0% 40.6%
Personnel expenses/operating income
tered share form, which broadened the 22.5%
487.2 424.6
Assets under management in CHF bn as of 31.12.
base of potential investors. 55.3%
360.1 324.2
Discretionary funds in CHF bn as of 31.12.
Product sales and client relation-
40.6%
ships in Japan are set to improve 136.9 120.9
Mutual funds distributed in CHF bn as of 31.12.
425
after two difficult years in which growth 127.1 100.4
Advisory assets in CHF bn as of 31.12.
324
rates and net new inflows slowed sig- 14.7% 43.1%
Growth in assets under management
nificantly from their 1998-1999 levels. 121
11.1% 52.8%
Growth in discretionary assets under management
Together with a concentrated advertis- 100
7.5% 8.7%
– of which net new assets
ing campaign to promote the Credit 324
(8.1%) 27.1%
– of which market movement
Suisse Asset Management name, 11.7% 17.0%
– of which acquisition
several new funds were launched in
Japan in 2000, including the Global 1)
Excl. amortisation of acquired intangible assets and goodwill.
26