credit-suisse Supplements

SUPPLEMENTS TO THE SECOND QUARTER 2002 RESULTS

Supplement Slide 2

CREDIT SUISSE FIRST BOSTONFID REVENUE BREAKDOWN - Q2 2002

EMG14%

Rates26%

Credit60%

Fixed Income *

* Fixed Income revenue includes 50% of fixed income capital markets

Supplement Slide 3

CREDIT SUISSE FIRST BOSTONEQUITY REVENUE BREAKDOWN - Q2 2002

US customer

36%

LatAm customer

2%Europe customer

17%

Asia customer

8%

EDCU37%

Equity *

* Equity revenue includes 50% of equity capital markets

Supplement Slide 4

CREDIT SUISSE FIRST BOSTONIBD REVENUE BREAKDOWN - Q2 2002

Private Equity7%

Other17%

M&A42%

ECM21%

DCM13%

Investment Banking *

* Investment Banking revenue includes 50% of equity capital markets and 50% of fixed income capital markets

Supplement Slide 5

CREDIT SUISSE FIRST BOSTONCSFB FS REVENUE BREAKDOWN - Q2 2002

CSAM43%

Pershing41%

PCS16%

CSFBFinancial Services

Supplement Slide 6

LoansLoan equivalent exposure

Money marketF/X, precious metalsDerivatives

Trading positionsFixed incomeEquities

Reverse repos

Total, gross

Net notional FX positionProvisions

Net exposure

Americas

1,439627

0627

0

1,1031,073

30

503

3,672

74(173)

3,574

CIS/ Europe

1,014202

0202

0

1,1501,117

33

63

2,430

(106)(16)

2,308

Total Global

3,9971,621

01,621

0

6,946104

1

734

13,298

(1,937)(432)

10,929

Mid. East/ Africa

394332

0332

0

1,1271,123

5

49

1,902

(680)(18)

1,205

EMERGING MARKETS EXPOSURE BY REGION(at close of business June 28, 2002)

Asia / Pacific

1,149460

0460

0

3,5663,202

363

118

5,293

(1,225)(226)

3,842

in USD m

Supplement Slide 7




Reverse repos

Total, gross


Net exposure

Argentina

24953

053

0

2323

0

2

326

0(140)

187

Brazil

35879

079

0

917892

25

363

1,718

(104)0

1,613

TotalRegion

1,439627

0627

0

1,1031,073

30

503

3,672

74(173)

3,574

Mexico

461313

0313

0

5147

4

74

899

201(27)

1,073

AMERICAS REGION EXPOSURE(at close of business June 28, 2002)

Other

371182

0182

0

112111

1

64

729

(23)(6)

701

in USD m

Supplement Slide 8




Reverse repos

Total, gross


Net exposure

Russia

3940000

429404

25

30

853

(200)0

652

Czech Republic

2219

019

0

9190

2

0

132

170(15)

287

Turkey

27943

043

0

5857

0

7

387

(26)0

361

CIS/EUROPE REGION EXPOSURE (1/2)(at close of business June 28, 2002)

Hungary

1423

023

0

187186

0

0

224

(40)0

183

in USD m

Supplement Slide 9




Reverse repos

Total, gross


Net exposure

Poland

8398

098

0

286283

3

22

489

(9)0

480

Other

22319

019

0

10098

2

4

346

0(1)

346

CIS/EUROPE REGION EXPOSURE (2/2)(at close of business June 28, 2002)

TotalRegion

1,014202

0202

0

1,1501,117

33

63

2,430

(106)(16)

2,308

in USDm

Supplement Slide 10




Reverse repos

Total, gross


Net exposure

Egypt

371010

330

0

41

00

41

Saudi Arabia

6940

040

0

000

0

109

00

109

Other

14594

094

0

1919

0

43

301

(7)(1)

293

AFRICA / MIDDLE EAST REGION EXPOSURE (1/2)(at close of business June 28, 2002)

MiddleEast

251135

0135

0

2222

1

43

451

(7)(1)

443

in USD m

Supplement Slide 11




Reverse repos

Total, gross


Net exposure

Other

1020000

110110

0

0

212

0(16)

196

TotalAfrica

143197

0197

0

1,1051,101

4

6

1,452

(674)(16)

762

AFRICA / MIDDLE EAST REGION EXPOSURE (2/2)(at close of business June 28, 2002)

TotalRegion

394332

0332

0

1,1271,123

5

49

1,902

(680)(18)

1,205

in USD mSouthAfrica

41197

0197

0

995991

4

6

1,239

(674)0

565

Supplement Slide 12




Reverse repos

Total, gross


Net exposure

Indonesia

323(22)

0(22)

0

439439

0

1

741

83(174)

650

SouthKorea

82238

0238

0

2,5572,371

186

49

2,927

(1,429)(9)

1,489

Malaysia

757070

221012

0

104

(7)0

98

ASIA / PACIFIC REGION EXPOSURE (1/2)(at close of business June 28, 2002)

Thailand

849090

270260

10

12

376

(0)(8)

368

in USD m

Supplement Slide 13




Reverse repos

Total, gross


Net exposure

HongKong

15066

066

0

130(6)

136

25

371

0(10)

361

Other

585228

0228

0

278123155

55

1,145

128(35)

1,239

ASIA / PACIFIC REGION EXPOSURE (2/2)(at close of business June 28, 2002)

TotalRegion

1,149460

0460

0

3,5663,202

363

118

5,293

(1,225)(226)

3,842

in USD mChina

311116

0116

0

160

16

8

451

2(6)

448

Supplement Slide 14

16% 16% 14% 15% 14% 14% 14%

38% 39%

44% 43% 45% 44% 43% 44% 43%

5% 4%5%4%4%5%5%

38%37%36%36%35%

YE 00 03/01 06/01 09/01 YE 01 03/02 06/02

TOTAL COUNTERPARTY EXPOSUREBY RATING

R5 - R7 or N/R(non-investment grade)

R4(BBB)

R1 - R3(AAA - A)

R8(impaired / non-performing)

in CHF bn418431423405 400 380 350

Supplement Slide 15

TOTAL COUNTERPARTY EXPOSUREINDUSTRY BREAKDOWN

Selected Industries

§ Automotive: 0.4%

§ Computer: 2.0%

§ Energy: 4.7%

§ Health care: 1.2%

§ Telecom: 2.4%

Services15.4%

Manufacturing9.1%

Public2.3%

Individuals20.1%

Other1.7%

RE & const.7.6%

Financial enterprises

37.4%

Energy/environ.4.8%

Agri/mining1.7%

Total exposure: CHF 350 bn(as of June 30, 2002)

Supplement Slide 16

LIFE & PENSIONSGROSS PREMIUMS WRITTEN

56 54

38 396 7

H1/01 H1/02

CEE, Asia

Germany, UK, Iberia, Benelux

Switzerland

57 51

43 49

H1/01 H1/02

Individual

Group

84 84

16 16

H1/01 H1/02

Unit-linked

Traditional

51 46

49 54

H1/01 H1/02

Single

Annual

CHF 9.2 bn CHF 10.3 bn% of total

CHF 9.2 bn CHF 10.3 bn CHF 9.2 bn CHF 10.3 bn

CHF 9.2 bn CHF 10.3 bn

Note: 2001 excluding France and Austria

Supplement Slide 17

LIFE & PENSIONSDISTRIBUTION BY CHANNEL

% of total sales

57 58

16 17

16 15

4455

12

H1/01 H1/02

Tied agents and other own channels

External banksCSGOthersDirect

Brokers


Note: 2001 excluding France and Austria

Supplement Slide 18

INSURANCEDISTRIBUTION BY CHANNEL

40 37

45 45

44107

4 4

H1/01 H1/02

Tied agents

OtherCall centerBanks

Brokers

% of total gross premiums, local business only


Supplement Slide 19

L&P NEW BUSINESS WITH LOW GUARANTEES COMPARED TO RISK-FREE RATES

New business

CHF billion, H1 2002

Renewals/ existing business

70%

30%

Total GWP H1 2002

10.3

NEW BUSINESS GUARANTEES VS. RISK-FREE MARKET RATES*

+/- other expenses or profits to calculate profitability (e.g. unit-linked business, risk process, administration process, mandatory bonus payouts)

4.74%

3.92%

3.92%

5.32%

5.32%

5.32%

5.32%

4.00%

2.50%

3.25%

3.25%

2.50%

2.50%

2.73%

CH Group Life

CH individual

Germany

Spain

Italy

Belgium

LP weighted average

(top 5 sites)

10 yr risk-free rate

Technical interest rate

(net new assets)

* average 2Q 2002

Supplement Slide 20

STRUCTURAL PROFITABILITY OFINSURANCE BUSINESS

§ With the current technical performance of 4.0% to 4.5%, investment result based purely on current income would lead to break-even or better results in both insurance businesses

Life & Pensions(1)

Life & Pensions(1)

Insurance(2)Insurance(2)

Required investment income

Investment income based on current income only

Combined ratio104%

Combined ratio104%

Other/interest expenses1.0% to 3.0%

Other/interest expenses1.0% to 3.0%

+5.0% to 7.0%

5.0% to 7.0%

Guaranteed interest rate of in-force business

3.7%

Guaranteed interest rate of in-force business

3.7%

Net other items0.3% to 0.5%

Net other items0.3% to 0.5%

+4.0% to 4.2%

4.0% to 4.2%

≤

≤ 4.0% to 4.5%4.0% to 4.5%

8.0% to 9.0%

8.0% to 9.0%

Current income4.0% to 4.5%

Current income4.0% to 4.5%

Invested assetcoverage ratio(3)

2.0x

Invested assetcoverage ratio(3)

2.0x

∗

(1) in relation to technical reserves (2) in relation to net premiums earned (3) investment portfolio to premiums

Supplement Slide 21

WINTERTHUR GROUP INVESTMENT RESULT

§ Realized losses, including impairments, were main driver for poor investment results

in m CHF H1 H2 Total Q1 Q2 Total

Current income 3,044 2,577 5,621 1,252 1,449 2,701

Realised gains 2,664 2,729 5,393 1,348 1,387 2,735

Realised losses (incl. impairments) -927 -2,584 -3,511 -1,602 -2,985 -4,587

Thereof impairments (-295) -774 (-1,152) (-942) (-857) (-1,799)

Depreciation on RE -93 -104 -197 -49 -46 -95

NET real. G/L 1,644 41 1,685 -303 -1,644 -1,947

Investment result 4,688 2,618 7,306 949 -195 754

Net investment income* 4,514 2,468 6,982 879 -262 617

* for L&P: investment income general account

2001 2002

Supplement Slide 22

WINTERTHUR GROUP INVESTMENT PORTFOLIOCREDIT EXPOSURE BY RATING

A13.3%

BBB0.5%

AA37.6%

AAA48.6%

Winterthur Life & Pensions 30.06.02 Winterthur Insurance 30.06.02

A24%

BBB4%

AA44%

AAA28%

Supplement Slide 23

EU SOLVENCY CALCULATIONS AVAILABLE CAPITAL

Solvency related capital (available capital)*

New Swiss primary equity

Alternative solvency capital

DAC PVFP EU solvencycapital

(available capital)

Real estatevalue

adjustm.

Deferredtax

adjustm.

Technical& other adjustm.

Value ofin-force

portfolio**

* exemplary illustration only, actual or relative sizing of adjustments does not reflect real financials** only up to the amount allowed by regulators

Supplement Slide 24

EU SOLVENCY CALCULATIONS ADJUSTMENTS (1/2)

These are not admissible for BPV/EU solvency and must be reversed.

Under New Swiss Primary a deferred tax asset (liability) is established when there is a temporary difference between the book basis value and the tax basis value.

Deferred tax adjustments

Differences between New Swiss Primary and statutory accounting standards data.

Technical adjustments for differences in provisioning under New Swiss Primary and under statutory accounting standards.Comprises pension cost (assets) liability, deferred gains run-off Non-Life, free bonus reserves Switzerland and non-allocated/non-specific reserves (not technical).

Technical & otheradjustments

Eligible solvency adjustments up to market value.

Real estate carried at cost less accumulated depreciation underNew Swiss Primary accounting rules (Swiss GAAP FER alignment to US GAAP).Real estate is carried at cost net of any provisions for impairment in statutory accounts.

Real estatevalue adjustments

Can not exceed 50% of margin (rating agencies may be more restrictive).

Amount of hybrid capital that is allowed for capital under EU solvency regulations.

Alternative solvency capital

CommentDefinitionAdjustments

Supplement Slide 25

EU SOLVENCY CALCULATIONS ADJUSTMENTS (2/2)

Certain Zillmers are allowed to be used to cover the EU solvency requirement.

In certain countries, deferred acquisition costs are deducted from the statutory reserve - rather than booking them as an asset under New Swiss Primary (DAC).

Zillmer

This value can be converted to cash by securitization.

The value of the in-force portfolio calculated using statutory information. Only the amount admissible by regulators is added to solvency capital.

Value of in-force business

New Swiss Primary DAC is not admissible for BPV/EU Group solvency and must be reversed

DAC consist primarily of commissions, underwriting expenses and policy issuance costs, which vary with - and are directly related to - the acquisition of insurance contracts, and are deferred to the extent they are deemed recoverable.

DAC(deferred acquisition costs)

This is not recorded on a statutory basis and therefore deducted for EU solvency calculations.

PVFP is an intangible asset established at acquisition under New Swiss Primary accounting standards. The Present Value of Future Profits is the present value of anticipated profits embedded in each acquired life and health insurance portfolio.

PVFP(present value of future profits)

CommentDefinitionAdjustments

Supplement Slide 26

WINTERTHUR GROUP CAPITALCHANGES IN FIRST HALF 2002

§ EU solvency decreased to a level of 129% at March/Aprils CHF 1.1 billion upper tier 2 issued by CSG and downstreamed to Winterthur

in the form of alternative solvency capital (not part of shareholders' equity)s Equity injection of CHF 600 million was concluded

5,2783,962

(123)(150) (369) (283) (991) 600

12/01 Dividends paid Net unrealizedgains/(losses)

FX changes;others

Net loss Capitalinjection

Minorities 06/02

Shareholders equity* (in CHF m)

* including minorities

§ The EU solvency ratio was raised to 155%, based on Q1/02 results

Supplement Slide 27

CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION (1/2)

This presentation contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements.Words such as “believes,” “anticipates,” “expects,” intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws.By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counter-parties to meet their obligations to us;

Supplement Slide 28

CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION (2/2)

(iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; and (xviii) our success at managing the risks involved in the foregoing.We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our Form 20-F and reports on Form 6-K filed with the US Securities and Exchange Commission.

Date post:	10-Jul-2015
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