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 counterparties to meet their obligations to us; (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; (xviii) the adverse resolution of litigation and other contingencies; and (xix) 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 most recently filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission.

Cautionary statement regarding non-GAAP financial information

This press release may contain non-GAAP financial information. A reconciliation of such non-GAAP financial information to the most directly comparable measures under generally accepted accounting principles, is posted on our website at http://www.credit-suisse.com/sec.html.

Page 14 of 12

Presentation of Credit Suisse Group’s Third Quarter Results 2003 via Webcast and Telephone Conference

 

Date	Tuesday, November 4, 2003
Time	15.00 CET / 14.00 GMT / 09.00 EST
Speakers	Philip K. Ryan, CFO of Credit Suisse Group
	Ulrich Koerner, CFO of Credit Suisse Financial Services
	Barbara Yastine, CFO of Credit Suisse First Boston
	All presentations will be held in English.
Webcast	www.credit-suisse.com/results
Telephone	Europe:   +41 91 610 5600
	UK:       +44 207 107 0611
	USA:      +1 866 291 4166
	Reference: “Credit Suisse Group quarterly results”
Q&A	You will have the opportunity to ask the speakers questions via telephone conference following the presentations.
	Video on demand – available approximately three hours after the event at www.credit-suisse.com/results
Playback	Telephone – available approximately one hour after the event; please dial:
	Europe:   +41 91 612 4330
	UK:       +44 207 866 4300
	USA:      +1 412 858 1440
	Conference ID: 332#
Note	We recommend that you dial in approximately ten minutes before the start of the presentation for the webcast and telephone conference. Further instructions and technical test functions are now available on our website.

 

Page 15 of 12

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QUARTERLY REPORT 2003 Q3

Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit Credit Suisse Financial Services provides private clients and small and medium-sized companies with private banking and financial advisory services, banking products, and pension and insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an investment bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 61,300 staff worldwide.

QUARTERLY REPORT 2003    EDITORIAL    CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS Q3/2003    AN OVERVIEW OF CREDIT SUISSE GROUP       Equity capital       Net new assets       Operating income and expenses       Valuation adjustments, provisions and losses       Business transfers       Swiss GAAP accounting changes       Outlook    RISK MANAGEMENT       Overall Risk Trends       Trading risks       Credit risk exposure    REVIEW OF BUSINESS UNITS | CREDIT SUISSE FINANCIAL SERVICES       Private Banking       Corporate & Retail Banking       Life & Pensions       Insurance    REVIEW OF BUSINESS UNITS | CREDIT SUISSE FIRST BOSTON       Institutional Securities       CSFB Financial Services    RECONCILIATION OF OPERATING RESULTS TO SWISS GAAP       Introduction       Credit Suisse Financial Services business unit       Credit Suisse First Boston business unit    CONSOLIDATED RESULTS | CREDIT SUISSE GROUP    LOANS    INFORMATION FOR INVESTORS

This symbol is used to indicate topics on which further information is available on our website. Go to www.credit-suisse.com/results/bookmarks.html to find links to the relevant information. The additional information -indicated is openly accessible and does not form part of the Quarterly Report. Some areas of Credit Suisse Group’s websites are only available in English.

Cautionary statement regarding forward-looking information

This Quarterly Report 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 counterparties to meet their obligations to us; (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; (xviii) the adverse resolution of litigation and other contingencies; and (xix) 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 most recently filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission.

Cautionary statement regarding non-GAAP financial information

This Quarterly Report may contain non-GAAP financial information. A reconciliation of such non-GAAP financial information to the most directly comparable measures under generally accepted accounting principles is contained in this report and is posted on our website at www.credit-suisse.com/sec.html.

EDITORIAL

Oswald J. Grübel
Co-CEO Credit Suisse Group
Chief Executive Officer
Credit Suisse Financial Services


John J. Mack
Co-CEO Credit Suisse Group
Chief Executive Officer
Credit Suisse First Boston

Dear shareholders

Credit Suisse Group’s net profit in the third quarter of 2003 was CHF 2.0 billion. The third quarter net profit includes an after-tax gain of CHF 1.3 billion net of related provisions from divestitures at Winterthur. Additionally, the Group’s third quarter of 2003 net profit includes the strengthening by CHF 383 million after tax of certain provisions related to Winterthur’s current and former international business portfolio.

The Group made considerable progress during the third quarter of 2003. Most notably, Private Banking generated strong revenues, despite the typical third quarter seasonality. Private Banking’s operating income, combined with efficiency gains, resulted in a 79% increase in segment profit compared with the third quarter of 2002. Corporate & Retail Banking also benefited from increased efficiency and low credit provisions. In addition to making good progress in building capital and strengthening its balance sheet, Winterthur made additional improvements in expense reductions and pricing in the first nine months of 2003. Credit Suisse First Boston’s conservative risk positioning in light of US interest rate volatility reduced fixed income trading results but resulted in lower Value-at-Risk. The Equity and Investment Banking divisions of Credit Suisse First Boston continued to see modest improvements in client flows and business activity.

At Credit Suisse Financial Services, the focus on cost management remained a priority and the banking segments reported a reduction in operating expenses in the third quarter, while the insurance segments reported a reduction in administration costs in the first nine months of 2003. At Credit Suisse First Boston, expenses declined, reflecting lower incentive bonus accruals and the change in the vesting period of stock awards. Having reduced the guaranteed portion of incentive-based compensation, Credit Suisse First Boston has delivered on its pledge to create a more flexible cost base. All banking segment results benefited from lower credit provisions as a result of the continued improvement in the credit markets.

Going forward, we are concentrating on producing sound profitability and will continue to focus on cost management, efficiency and building our client franchise.

Oswald J. Grübel John J. Mack
November 2003

CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS Q3/2003

Consolidated income statement
									Change		Change						Change
									in % from		in % from						in % from
													9 months
in CHF m			3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Operating income			6,531		7,549		5,666		(13)		15		21,104		21,643		(2)
Gross operating profit			2,144		2,478		314		(13)		–		6,626		3,225		105
Net profit/(loss)			2,045		1,346		(2,148)		52		–		4,043		(2,359)		–

Return on equity

Change

Change

Change

in % from

in % from

in % from

9 months

in %

3Q2003

2Q2003

3Q2002

2Q2003

3Q2002

2003

2002

2002

Return on equity

26.3

18.5

(26.9)

42

–

18.2

(9.2)

–

Consolidated balance sheet
									Change		Change
									in % from		in % from
in CHF m			30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Total assets			994,555		1,016,645		955,656		(2)		4
Shareholders' equity			34,873		33,428		31,394		4		11
Minority interests in shareholders' equity			2,971		2,940		2,878		1		3

Capital data 1)
									Change		Change
									in % from		in % from
in CHF m			30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
BIS risk-weighted assets			197,412		199,108		196,486		(1)		0
BIS tier 1 capital			21,901		20,487		17,613		7		24
of which non-cumulative perpetual preferred    securities			2,184		2,167		2,162		1		1
BIS total capital			32,010		31,238		28,311		2		13

Capital ratios 1)
in %			30.09.03		30.06.03		31.12.02
BIS tier 1 ratio	Credit Suisse		7.6		7.5		7.4
	Credit Suisse First Boston 2)		12.2		11.0		10.3
	Credit Suisse Group 3)		11.1		10.3		9.0
BIS total capital ratio	Credit Suisse Group		16.2		15.7		14.4

Assets under management/client assets
									Change		Change
									in % from		in % from
in CHF bn			30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Advisory assets under management			615.1		598.7		577.9		3		6
Discretionary assets under management			584.1		596.9		582.1		(2)		0
Total assets under management			1,199.2		1,195.6		1,160.0		0		3
Client assets			1,299.4		1,285.9		1,757.9		1		(26)

Net new assets

Change

Change

Change

in % from

in % from

in % from

9 months

in CHF bn

3Q2003

2Q2003

3Q2002

2Q2003

3Q2002

2003

2002

2002

Net new assets

4.0

1.9

(13.6)

110.5

–

1.9

4.9

(61)

1) In cooperation with the Swiss Federal Banking Commission, the capital treatment of the Group’s investment in Winterthur has been revised. Previously published comparative figures have been restated to reflect the new methodology. The Group’s previously published figures under the old methodology were 11.1% as of 30.06.03 and 9.7% as of 31.12.02 for the consolidated BIS tier 1 ratio, and 18.0% as of 30.06.03 and 16.5% as of 31.12.02 for the Group’s BIS total capital ratio.

2) Ratio is based on a tier 1 capital of CHF 12.1 bn (30.06.03: CHF 11.3 bn; 31.12.02: CHF 10.6 bn), of which non-cumulative perpetual preferred securities is CHF 1.0 bn (30.06.03: CHF 1.0 bn; 31.12.02: CHF 1.0 bn).

3) Ratio is based on a tier 1 capital of CHF 21.9 bn (30.06.03: CHF 20.5 bn; 31.12.02: CHF 17.6 bn), of which non-cumulative perpetual preferred securities is CHF 2.2 bn (30.06.03: CHF 2.2 bn; 31.12.02: CHF 2.2 bn).

Number of employees (full-time equivalents)
										Change		Change
										in % from		in % from
				30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Switzerland	banking			20,042		20,541		21,270		(2)		(6)
	insurance			6,649		6,797		7,063		(2)		(6)
Outside Switzerland	banking			20,178		20,108		25,057		0		(19)
	insurance			14,463		25,055		25,067		(42)		(42)
Total employees Credit Suisse Group				61,332		72,501		78,457		(15)		(22)

Share data
								Change		Change
								in % from		in % from
		30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Shares issued		1,194,682,330		1,189,980,152		1,189,891,720		0		0
To be issued upon conversion of MCS 1)		40,413,838		40,413,838		40,413,838		0		0
Shares outstanding		1,235,096,168		1,230,393,990		1,230,305,558		0		0
Share price in CHF		42.25		35.65		30.00		19		41
Market capitalization in CHF m		52,183		43,864		36,909		19		41
Book value per share in CHF		25.83		24.78		23.18		4		11
1) Maximum number of shares related to Mandatory Convertible Securities (MCS) issued by Credit Suisse Group Finance (Guernsey) Ltd. in December 2002.

Share price
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
High (closing price)		48.65		39.30		48.85		24		0		48.65		73.60		(34)
Low (closing price)		34.75		23.25		26.80		49		30		20.70		26.80		(23)

Calculation of earnings per share (EPS)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Net profit/(loss) in CHF m		2,045		1,346		(2,148)		52		–		4,043		(2,359)		–
Diluted net profit/(loss) in CHF m		2,045		1,346		(2,148)		52		–		4,043		(2,359)		–
Weighted average shares outstanding		1,230,710,975		1,230,330,673		1,189,341,056	1)	0		3		1,230,450,554		1,189,212,967	1)	3
Dilutive impact  2)		19,673,449		4,922,814		0		300		–		9,814,553		0		–
Weighted average shares, diluted		1,250,384,424		1,235,253,487		1,189,341,056		1		5		1,240,265,107		1,189,212,967		4
Basic earnings per share in CHF		1.66		1.09		(1.81)		52		–		3.29		(1.98)		–
Diluted earnings per share in CHF		1.64		1.09		(1.81)		50		–		3.26		(1.98)		–
1) Adjusted for weighted average shares repurchased.
2) The calculation for the diluted loss per share in 3Q2002 and for the 9 months 2002 excludes the effect of the potential exchange of convertible bonds and the potential exercise of options to purchase shares, as the effect would be anti-dilutive.

AN OVERVIEW OF CREDIT SUISSE GROUP

Credit Suisse Group reported a net profit of CHF 2.0 billion in the third quarter of 2003 compared to CHF 1.3 billion in the previous quarter. The third quarter result includes an after-tax gain of CHF 1.3 billion net of related provisions from divestitures at Winterthur. Additionally, the Group’s third quarter result includes the strengthening by CHF 383 million after tax of certain provisions related to Winterthur’s current and former international business portfolio. Credit Suisse Financial Services substantially increased its third quarter net profit compared with the previous quarter, with strong results in the banking segments and continued improvements in the insurance segments in the course of the year. Credit Suisse First Boston reported a decrease in its third quarter results compared with the second quarter of 2003.

The Group reported a net profit of CHF 2.0 billion in the third quarter of 2003, a substantial increase from the previous quarter’s net profit of CHF 1.3 billion. The net profit of CHF 2.0 billion in the third quarter 2003 includes a gross after-tax gain of CHF 1.6 billion, or CHF 1.3 billion net of related provisions, from the divestitures of Winterthur’s Republic operations in the US, its Churchill operations in the UK and Winterthur Italy . Additionally, the Group’s net profit in the third quarter of 2003 includes the strengthening by CHF 383 million after tax of certain provisions related to Winterthur’s current and former international business portfolio. The Group’s third quarter performance was impacted by weaker trading income at Credit Suisse First Boston, which was partially compensated by improved results within the Credit Suisse Financial Services banking segments.

Net profit for the first nine months of 2003 was CHF 4.0 billion, compared to a net loss of CHF 2.4 billion in the same period of 2002. Earnings per share for the third quarter of 2003 were CHF 1.66, compared to CHF 1.09 for the second quarter of 2003. The Group’s return on equity was 26.3% in the third quarter of 2003, compared to 18.5% in the second quarter of 2003.

The Group’s third quarter result represents continued progress towards achieving sound profitability and restoring the capital base. It also reflects the realization of measures taken to reduce costs, increase the flexibility of the cost base, return Winterthur to profitability, reduce the impact of legacy assets at Credit Suisse First Boston and restructure European onshore Private Banking.

Credit Suisse Financial Services posted a net profit of CHF 1.8 billion in the third quarter of 2003, including the gain from the Winterthur divestitures and the additional provisions described above. This result compares with a net profit of CHF 851 million in the second quarter of 2003 and a net loss of CHF 1.2 billion in the third quarter of 2002. Although the third quarter has often proven to be a seasonally weak quarter, the banking segments in particular had a strong quarter, reflecting continued good margins and improvements in net new asset growth, thus demonstrating efficiency and the strength of the private banking franchise. Winterthur’s results reflected the divestitures, as well as lower administration costs and good investment income, which together improved its capital base and strengthened its balance sheet.

Credit Suisse First Boston reported a net profit of CHF 308 million for the third quarter of 2003, which was below the previous quarter’s net profit of CHF 373 million, but significantly improved compared to a net loss of CHF 668 million reported in the third quarter of 2002. Credit Suisse First Boston continues to reduce expenses and focus on its client franchise. Its third quarter result, however, reflects a lower fixed income trading result, which was impacted by conservative risk positioning in light of US interest rate volatility, thus resulting in reduced Value-at-Risk. While both the Equity and Investment Banking divisions continued to see steady improvements in client flows and M&A activity, operating income in both divisions declined compared with the second quarter of 2003. CSFB Financial Services’ operating income increased slightly compared with the previous quarter, with modest improvements in both Credit Suisse Asset Management and Private Client Services. Credit Suisse Asset Management launched an alternative investment initiative in the third quarter of 2003.

Equity capital

The Group’s consolidated BIS tier 1 ratio was 11.1% as of September 30, 2003, up from 10.3% as of June 30, 2003. These ratios reflect the new methodology for the BIS capital calculations as revised in cooperation with the Swiss Federal Banking Commission.

Winterthur’s capital base was strengthened during the third quarter of 2003 as a result of earnings generation and the sale of Winterthur’s Republic operations in the US, its Churchill operations in the UK and Winterthur Italy. In isolation, these divestitures increased Winterthur’s EU Group solvency surplus capital by approximately CHF 3.5 billion, due to the combination of lowered required capital and higher available capital.

Net new assets

Credit Suisse Group’s net new asset inflow in the third quarter of 2003 was dominated by an inflow from Private Banking of CHF 8.4 billion. Corporate & Retail Banking recorded an inflow of CHF 1.8 billion, whereas Life & Pensions had an outflow of CHF 0.7 billion. CSFB Financial Services recorded an outflow of CHF 5.6 billion, only slightly compensated by a net asset inflow of CHF 0.1 billion from the Institutional Securities segment. For Credit Suisse Group, a net new asset inflow of CHF 4.0 billion resulted in the third quarter of 2003, more than twice the net new asset inflow in the previous quarter. As of September 30, 2003, the Group’s total assets under management amounted to CHF 1,199.2 billion, practically unchanged compared to June 30, 2003.

Operating income and expenses

The Group’s operating income was CHF 6.5 billion in the third quarter of 2003, a decline of 13% from the previous quarter, but up 15% from the third quarter of 2002. The decrease compared with the second quarter of 2003 was mainly due to a decline in trading income, partially offset by increases in net interest and commission and service fee income.

The Group’s operating expenses in the third quarter of 2003 decreased 13% from the previous quarter and 18% from the third quarter of 2002 to CHF 4.4 billion, reflecting continued progress on cost management. Personnel expenses declined 18% overall compared with the previous quarter. This decrease reflects lower incentive compensation accruals at Credit Suisse First Boston, in line with lower operating income, and the impact of reversing the first six months of 2003 accrual for stock compensation in the third quarter of 2003 due to the previously announced change in vesting of stock awards. At Credit Suisse Financial Services, the continued focus on cost reduction resulted in a decrease in operating expenses in the banking segments in the third quarter of 2003 and in a decline in administration costs in the insurance segments in the first nine months of 2003.

Valuation adjustments, provisions and losses

The Group’s total valuation adjustments, provisions and losses were CHF 215 million in the third quarter of 2003, compared to CHF 131 million in the second quarter of 2003. In the third quarter of 2003, net credit-related valuation allowances and provisions decreased slightly to CHF 96 million from the already low level of CHF 99 million in the second quarter of 2003. Compared with the third quarter of 2002, valuation adjustments, provisions and losses decreased CHF 758 million, or 78%, primarily due to lower credit valuation allowances and provisions reflecting an improved credit environment, loan repayments and loan sales.

Business transfers

In the third quarter of 2003, the transfer of the securities and treasury execution platform in Switzerland from Credit Suisse First Boston to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston’s Private Client Services UK business from CSFB Financial Services to Private Banking were completed. All comparative figures have been restated to reflect these business transfers. The consolidated financial statements were not affected. Since September 1, 2003, Credit Suisse Financial Services has been executing securities and treasury transactions in Switzerland for its private banking, retail and corporate clients under its own name. Credit Suisse First Boston’s investment banking and Swiss institutional coverage businesses in Switzerland remain unaffected by these changes.

Swiss GAAP accounting changes

Reported earnings in the fourth quarter will be affected by mandatory changes in Swiss GAAP for banks that are required to be applied at the end of the year. The changes of significance for Credit Suisse Group relate to the accounting for own shares and for derivatives. If these changes in accounting principles were to be applied in the current reporting period, the estimated impact on net profit (including the cumulative effect) for the first nine months of 2003 would be a decrease of approximately CHF 110 million, and the estimated impact on reported shareholders’ equity would be a decrease of CHF 0.6 billion. These changes have no impact on the Group’s regulatory capital adequacy ratios.

Outlook

Credit Suisse Group is benefiting from the measures taken in 2002 and 2003. Going forward, the Group will continue to concentrate on enhancing efficiency and building its client franchise and remains focused on producing sound profitability.

In the “Overview of Credit Suisse Group”, the business unit results are presented in accordance with Swiss GAAP. Elsewhere in this Quarterly Report, business unit results are presented on an operating basis.

For a reconciliation of operating basis business unit results (reflecting the results of the separate segments comprising the business units) to the Swiss GAAP basis, a discussion of the material reconciling items and a discussion of the purpose of the operating basis results and the reasons why management believes they provide useful information for investors, please refer to “Reconciliation of operating results to Swiss GAAP” on pages 32 – 36.

Overview of Credit Suisse Group 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Corporate Center						Credit Suisse Group
in CHF m		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002
Operating income		3,387		3,544		2,497		3,113		3,886		3,408		31		119		(239)		6,531		7,549		5,666
Personnel expenses		1,385		1,434		1,533		1,681		2,306		2,231		59		84		29		3,125		3,824		3,793
Other operating expenses		732		744		923		594		615		723		(64)		(112)		(87)		1,262		1,247		1,559
Operating expenses		2,117		2,178		2,456		2,275		2,921		2,954		(5)		(28)		(58)		4,387		5,071		5,352
Gross operating profit		1,270		1,366		41		838		965		454		36		147		(181)		2,144		2,478		314
Depreciation of non-current assets 2)		279		194		291		125		136		207		67		145		94		471		475		592
Amortization of acquired intangible assets and goodwill		25		27		31		211		201		308		2		(5)		(2)		238		223		337
Valuation adjustments, provisions and losses		104		63		122		111		63		867		0		5		(16)		215		131		973
Profit/(loss) before extraordinary items and taxes		862		1,082		(403)		391		565		(928)		(33)		2		(257)		1,220		1,649		(1,588)
Extraordinary income/(expenses), net		1,164		8		(127)		2		0		(1)		2		53		(3)		1,168		61		(131)
Taxes 3)		(256)		(229)		(681)		(65)		(173)		280		4		83		(9)		(317)		(319)		(410)
Net profit/(loss) before minority interests		1,770		861		(1,211)		328		392		(649)		(27)		138		(269)		2,071		1,391		(2,129)
Minority interests		8		(10)		17		(20)		(19)		(19)		(14)		(16)		(17)		(26)		(45)		(19)
Net profit/(loss)		1,778		851		(1,194)		308		373		(668)		(41)		122		(286)		2,045		1,346		(2,148)
1) Business unit results in accordance with Swiss GAAP. For a reconciliation of operating basis business unit results (reflecting the results of the separate segments comprising the business units) to Swiss GAAP basis, please refer to “Reconciliation of operating results to Swiss GAAP”.
2) Includes amortization of Present Value of Future Profits (PVFP) from the insurance business within Credit Suisse Financial Services.
3) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 for Credit Suisse Financial Services of CHF –582 m, for Credit Suisse First Boston of CHF 286 m, and for Credit Suisse Group of CHF –306 m.

Assets under management/client assets  1)
								Change		Change
								in % from		in % from
in CHF bn		30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Credit Suisse Financial Services
Private Banking
Assets under management		505.1		493.8		465.7		2.3		8.5
of which discretionary		129.2		128.3		121.5		0.7		6.3
Client assets		532.3		522.3		494.8		1.9		7.6
Corporate & Retail Banking
Assets under management		69.4		66.8		70.3		3.9		(1.3)
Client assets		90.3		85.7		86.9		5.4		3.9
Life & Pensions
Assets under management (discretionary)		112.3		117.0		110.8		(4.0)		1.4
Client assets		112.3		117.0		110.8		(4.0)		1.4
Insurance
Assets under management (discretionary)		27.1		32.6		30.7		(16.9)		(11.7)
Client assets		27.1		32.6		30.7		(16.9)		(11.7)
Credit Suisse Financial Services
Assets under management		713.9		710.2		677.5		0.5		5.4
of which discretionary		269.8		279.1		264.2		(3.3)		2.1
Client assets		762.0		757.6		723.2		0.6		5.4
Credit Suisse First Boston
Institutional Securities
Assets under management		29.1		31.0		31.3		(6.1)		(7.0)
of which Private Equity on behalf of clients       (discretionary)		19.7		20.6		20.9		(4.4)		(5.7)
Client assets		73.3		73.9		83.3		(0.8)		(12.0)
CSFB Financial Services 2)
Assets under management		456.2		454.4		451.2		0.4		1.1
of which discretionary		288.9		291.1		289.6		(0.8)		(0.2)
Client assets		464.1		454.4		951.4		2.1		(51.2)
Credit Suisse First Boston
Assets under management		485.3		485.4		482.5		0.0		0.6
of which discretionary		314.3		317.8		317.9		(1.1)		(1.1)
Client assets		537.4		528.3		1,034.7		1.7		(48.1)
Credit Suisse Group
Assets under management		1,199.2		1,195.6		1,160.0		0.3		3.4
of which discretionary		584.1		596.9		582.1		(2.1)		0.3
Client assets		1,299.4		1,285.9		1,757.9		1.0		(26.1)
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking.
2) Excluding assets managed on behalf of other entities within Credit Suisse Group.

Net new assets 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF bn		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Credit Suisse Financial Services
Private Banking		8.4		3.8		3.4		121.1		147.1		13.7		18.2		(24.7)
Corporate & Retail Banking		1.8		0.5		(2.3)		260.0		–		(1.1)		(3.4)		(67.6)
Life & Pensions		(0.7)		0.5		0.4		–		–		2.0		4.7		(57.4)
Credit Suisse Financial Services		9.5		4.8		1.5		97.9		–		14.6		19.5		(25.1)
Credit Suisse First Boston
Institutional Securities		0.1		1.0		(3.0)		(90.0)		–		1.0		1.9		(47.4)
CSFB Financial Services 2)		(5.6)		(3.9)		(12.1)		43.6		(53.7)		(13.7)		(16.5)		(17.0)
Credit Suisse First Boston		(5.5)		(2.9)		(15.1)		89.7		(63.6)		(12.7)		(14.6)		(13.0)
Credit Suisse Group		4.0		1.9		(13.6)		110.5		–		1.9		4.9		(61.2)
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking.
2) Excluding assets managed on behalf of other entities within Credit Suisse Group.

RISK MANAGEMENT

Credit Suisse Group’s overall position risk measured on the basis of Economic Risk Capital (ERC) decreased by 4% in the third quarter of 2003 compared with the previous quarter, due mainly to lower foreign exchange, fixed income positions and insurance underwriting risks as well as lower international lending exposures. The more narrowly defined average Value-at-Risk (VaR) for the trading book of Credit Suisse First Boston decreased 20% in the third quarter of 2003, due mainly to lower interest rate positions and the introduction of a refined risk methodology for mortgages. The Group’s credit-related balance sheet exposure decreased 3% as of September 30, 2003, compared to June 30, 2003.

Overall Risk Trends

Credit Suisse Group’s 1-year, 99% position risk ERC decreased by 4% in the third quarter of 2003 compared with the previous quarter. The reduction was mainly due to lower foreign exchange exposures and lower insurance underwriting risks at Winterthur following the divestitures completed during the third quarter of 2003 as well as lower credit spread positions and lower international lending and counterparty exposures at Credit Suisse First Boston. At the end of the third quarter of 2003, 52% of the Group’s position risk ERC was with Credit Suisse First Boston, 44% with Credit Suisse Financial Services (of which 66% was with the insurance units and 34% with the banking units) and 4% with the Corporate Center.

Trading risks

The table below shows the trading-related market risk exposure for Credit Suisse First Boston, Credit Suisse Financial Services and Credit Suisse Group on a consolidated basis, as measured by 1-day, 99% VaR. At Credit Suisse First Boston, the average 1-day, 99% VaR in the third quarter of 2003 was CHF 69.3 million compared to CHF 87.0 million during the second quarter of 2003. This decrease was mainly due to lower interest rate positions and the introduction of a refined risk methodology for mortgages. The Credit Suisse First Boston VaR at the end of the third quarter of 2003 was 38% below the VaR at the end of the second quarter of 2003 adjusted for the methodology change. As shown on the backtesting chart, Credit Suisse First Boston had no backtesting exceptions over the last 12 months (on average, an accurate 1-day, 99% VaR model would have no more than 2.5 exceptions per annum). At Credit Suisse Financial Services, the average 1-day, 99% VaR in the third quarter of 2003 was CHF 15.0 million compared to CHF 15.7 million during the previous quarter. The decrease was mainly due to lower inventory positions in structured investment products, partially offset by the impact of the transfer of the securities and treasury execution platform in Switzerland from Credit Suisse First Boston to Credit Suisse Financial Services.

Credit risk exposure

Credit Suisse Group’s total credit-related exposure was 3% lower at September 30, 2003, compared to June 30, 2003. Exposure at Credit Suisse Financial Services increased 4%, while exposure at Credit Suisse First Boston was largely unchanged. The reduction on a consolidated basis was primarily a result of increased intercompany exposure that appears in the business unit figures but is eliminated in the Credit Suisse Group consolidation.

Compared to June 30, 2003, non-performing and total impaired loans for Credit Suisse Group declined as of the end of the third quarter 2003, with reductions reported in both business units. Compared with the previous quarter, total non-performing loans declined 10% at both business units and on a consolidated basis. The reduction in total impaired loans during the third quarter of 2003 was 11% at Credit Suisse Financial Services and 10% at Credit Suisse First Boston. The decline in impaired assets is attributable to repayments, improved credit situations, loan sales and write-offs.

The net credit-related valuation allowances and provisions charged to the income statement for the third quarter of 2003 was CHF 96 million, a slight decrease from the second quarter of 2003, but significantly below that recorded for the third quarter of 2002, particularly at Credit Suisse First Boston. Presented on page 11 are the additions, releases and recoveries included in calculating the net credit-related valuation allowances and provisions.

Coverage of non-performing loans and impaired loans by the valuation allowances improved for both Credit Suisse Group and Credit Suisse First Boston, while coverage declined slightly for Credit Suisse Financial Services. The quality of the credit exposure for Credit Suisse Group, as measured by counterparty rating, was largely unchanged from the second quarter of 2003.

Key Position Risk Trends
								Change Analysis: Brief Summary
				Change in % from
in CHF m		3Q2003		2Q2003		3Q2002		3Q2003 vs 2Q2003
Real Estate ERC &
Structured Asset ERC 1)		3,992		(4%)		(11%)		Further reduction in legacy commercial real estate exposures at CSFB, partially offset by higher residential real estate exposures
Developed Market Fixed Income &
Foreign Exchange ERC		3,602		(11%)		(5%)		Lower foreign exchange exposures at Winterthur and lower credit spread exposures at CSFB
Equity Investment ERC		3,177		(2%)		(27%)		Lower equity positions at Winterthur, partially offset by higher equity trading exposures at CSFB and the CSFS banking segments
International Lending ERC		2,797		(10%)		(29%)		Loan sales to third parties and counterparty exposure reductions at CSFB
Swiss & Retail Lending ERC		1,898		(3%)		(9%)		Lower exposures with respect to Swiss corporates at Corporate & Retail Banking and lower mortgage exposures at Winterthur
Emerging Markets ERC		1,576		2%		(30%)		Higher Brazil, Turkey and Indonesia exposure, partially offset by lower Russia exposure
Insurance Underwriting ERC		647		(38%)		(22%)		Divestiture of Republic operations, Churchill and Winterthur Italy
Simple sum across risk categories		17,689
Diversification benefit		(6,096)
Total position risk ERC		11,593		(4%)		(19%)
99%, 1-year position risk ERC, excluding foreign exchange translation risk. For an assessment of the total risk profile, operational risk ERC and business risk ERC have to be considered as well. Note that prior period risk data have been restated for methodology changes in order to maintain consistency over time. For a more detailed description of the Group’s ERC model, please refer to Credit Suisse Group's Annual Report 2002, which is available on the website: www.credit-suisse.com.
1) This category comprises the real estate investments of Winterthur, Credit Suisse First Boston’s commercial real estate exposures, Credit Suisse First Boston’s residential real estate exposures, Credit Suisse First Boston’s asset-backed securities exposures as well as the real estate acquired at auction and real estate for own use in Switzerland.

Trading exposures (1-day, 99% VaR)
		Credit Suisse				Credit Suisse
		Financial Services				First Boston			1)	Credit Suisse Group			2)
in CHF m		3Q2003		2Q2003		3Q2003		2Q2003		3Q2003		2Q2003
Total VaR
Period end		19.1		16.5		50.4		102.2		55.1		99.9
Average		15.0		15.7		69.3		87.0		56.3		82.7
Maximum		19.7		20.8		152.5		146.0		58.7		99.9
Minimum		11.3		13.9		35.1		64.2		55.1		69.0
in CHF m		30.09.03		30.06.03		30.09.03		30.06.03		30.09.03		30.06.03
VaR by risk type
Interest rate		7.0		2.7		43.7		118.0		47.9		119.5
Foreign exchange		2.2		2.1		18.3		14.8		18.6		14.3
Equity		15.5		15.4		28.1		25.7		27.2		25.5
Commodity		0.5		0.1		1.5		0.8		1.3		0.7
Subtotal		25.2		20.3		91.6		159.3		95.0		160.0
Diversification benefit		(6.1)		(3.8)		(41.2)		(57.1)		(39.9)		(60.1)
Total		19.1		16.5		50.4		102.2		55.1		99.9
1) The CSFB VaR is calculated using the US dollar as the base currency. For the purpose of this disclosure, the CSFB VaR numbers are translated using the respective CSG currency translation closing rate.
2) As Credit Suisse Group does not manage its trading portfolios on a consolidated level, consolidated VaR calculations are performed on a monthly basis only. The average, maximum and minimum values therefore refer to the three month-ends during the quarter. The consolidated VaR calculations for Credit Suisse Group are net of diversification benefits between Credit Suisse First Boston and Credit Suisse Financial Services.

Total credit risk exposure 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Credit Suisse Group
in CHF m		30.09.03		30.06.03		31.12.02		30.09.03		30.06.03		31.12.02		30.09.03		30.06.03		31.12.02
Due from banks 2)		42,512		34,595		33,306		66,785		65,924		43,462		58,511		68,939		39,469
Due from customers and mortgages 2)		138,060		136,180		132,353		70,175		83,880		82,395		206,794		219,270		213,206
Total due from banks and customers, gross 2)		180,572		170,775		165,659		136,960		149,804		125,857		265,305		288,209		252,675
Contingent liabilities		11,743		12,330		12,349		38,147		29,586		27,862		40,981		41,056		39,104
Irrevocable commitments 3)		3,341		3,670		2,263		77,676		80,773		81,884		81,370		85,036		85,333
Total banking products		195,656		186,775		180,271		252,783		260,163		235,603		387,656		414,301		377,112
Loans held for sale 4)		0		0		–		17,028		16,338		–		17,028		16,338		–
Derivative instruments 5)		4,401		4,452		5,018		54,283		56,416		51,600		56,877		59,618		54,757
Securities lending – banks		0		0		0		0		0		0		0		0		0
Securities lending – customers		0		0		0		1,782		69		64		1,782		69		64
Reverse repurchase agreements – banks		5,232		6,717		6,283		168,498		144,214		154,531		169,427		146,443		156,397
Reverse repurchase agreements – customers		7,745		8,094		14,528		41,094		52,724		56,987		48,767		60,536		71,384
Forward reverse repurchase agreements		0		0		0		10,115		13,855		7,617		10,115		13,855		7,617
Total traded products		17,378		19,263		25,829		275,772		267,278		270,799		286,968		280,521		290,219
Total credit risk exposure, gross		213,034		206,038		206,100		545,583		543,779		506,402		691,652		711,160		667,331
Loan valuation allowances and provisions		(3,098)		(3,480)		(4,092)		(2,831)		(3,053)		(3,817)		(5,932)		(6,532)		(7,911)
Total credit risk exposure, net		209,936		202,558		202,008		542,752		540,726		502,585		685,720		704,628		659,420
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services. Credit Suisse Financial Services/Credit Suisse First Boston reflect business unit amounts. Total consolidated Credit Suisse Group amounts include adjustments and Corporate Center.
2) Excluding loans held for sale, securities lending and reverse repurchase transactions.
3) Excluding forward reverse repurchase agreements. Prior periods restated.
4) Effective 1Q2003, loans held for sale are presented net of the related loan valuation allowances.
5) Positive replacement values considering netting agreements.

Total loan portfolio exposure and allowances and provisions for credit risk 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Credit Suisse Group
in CHF m		30.09.03		30.06.03		31.12.02		30.09.03		30.06.03		31.12.02		30.09.03		30.06.03		31.12.02
Non-performing loans		2,291		2,600		3,004		1,679		1,926		3,351		3,970		4,526		6,355
Non-interest earning loans		1,577		1,706		2,108		437		437		217		2,015		2,143		2,325
Total non-performing loans		3,868		4,306		5,112		2,116		2,363		3,568		5,985		6,669		8,680
Restructured loans		22		63		52		327		198		229		349		261		281
Potential problem loans		1,448		1,599		1,723		730		965		1,685		2,178		2,565		3,408
Total other impaired loans		1,470		1,662		1,775		1,057		1,163		1,914		2,527		2,826		3,689
Total impaired loans		5,338		5,968		6,887		3,173		3,526		5,482		8,512		9,495		12,369
Total due from banks and customers, gross		180,572		170,775		165,659		136,960		149,804		125,857		265,305		288,209		252,675
Valuation allowances		3,061		3,446		4,053		2,727		2,928		3,647		5,790		6,373		7,703
of which on principal		2,454		2,749		3,201		2,466		2,692		3,416		4,921		5,441		6,617
of which on interest		607		697		852		261		236		231		869		932		1,086
Total due from banks and customers, net		177,511		167,329		161,606		134,233		146,876		122,210		259,515		281,836		244,972
Provisions for contingent liabilities and irrevocable commitments		37		34		39		104		125		170		142		159		208
Total valuation allowances and provisions		3,098		3,480		4,092		2,831		3,053		3,817		5,932		6,532		7,911
Ratios
Valuation allowances as % of total non-performing loans		79.1%		80.0%		79.3%		128.9%		123.9%		102.2%		96.7%		95.6%		88.7%
Valuation allowances as % of total impaired loans		57.3%		57.7%		58.9%		85.9%		83.0%		66.5%		68.0%		67.1%		62.3%
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services. Credit Suisse Financial Services/Credit Suisse First Boston reflect business unit amounts. Total consolidated Credit Suisse Group amounts include adjustments and Corporate Center.

Roll forward of loan valuation allowance 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Credit Suisse Group
in CHF m		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002
At beginning of period		3,446		3,776		4,618		2,928		3,115		3,244		6,373		6,891		7,862
Additions		213		129		212		141		139		611		353		268		821
Releases		(133)		(80)		(107)		(105)		(70)		(49)		(238)		(150)		(156)
Net additions charged to income statement		80		49		105		36		69		562		115		118		665
Gross write-offs		(438)		(408)		(747)		(239)		(373)		(362)		(676)		(778)		(1,110)
Recoveries		8		6		7		12		6		5		21		12		11
Net write-offs		(430)		(402)		(740)		(227)		(367)		(357)		(655)		(766)		(1,099)
Provisions for interest		1		13		21		31		13		30		31		27		52
Foreign currency translation impact and other		(36)		10		(3)		(41)		98		(103)		(74)		103		(102)
At end of period		3,061		3,446		4,001		2,727		2,928		3,376		5,790		6,373		7,378
1) Credit Suisse Financial Services/Credit Suisse First Boston reflect business unit amounts. Total consolidated Credit Suisse Group amounts include adjustments and Corporate Center.

Net credit-related valuation allowances and provisions 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Credit Suisse Group
in CHF m		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002
Net additions to loan valuation allowance		80		49		105		36		69		562		115		118		665
Net additions to provisions for contingent liabilities and irrevocable commitments		6		(5)		1		(26)		(16)		172		(19)		(19)		153
Total net credit-related valuation allowances and provisions charged to income statement		86		44		106		10		53		734		96		99		818
1) Credit Suisse Financial Services/Credit Suisse First Boston reflect business unit amounts. Total consolidated Credit Suisse Group amounts include adjustments and Corporate Center.

REVIEW OF BUSINESS UNITS | CREDIT SUISSE FINANCIAL SERVICES

Credit Suisse Financial Services recorded a net profit of CHF 1.8 billion in the third quarter of 2003. This result includes an after-tax gain resulting from divestitures of Winterthur of CHF 1.3 billion, net of related provisions. Additionally, Credit Suisse Financial Services’ third quarter result includes the strengthening by CHF 383 million after tax of certain provisions related to its current and former international business portfolio. The banking segments improved their results for the third consecutive quarter, due mainly to slightly higher operating income and lower operating expenses. Assets under management remained stable at CHF 713.9 billion at the end of the third quarter of 2003, despite a negative impact from the Winterthur divestitures. Net new assets almost doubled to CHF 9.5 billion versus the previous quarter.

In the third quarter of 2003, Credit Suisse Financial Services reported a net profit of CHF 1.8 billion versus a net loss of CHF 1.2 billion in the corresponding period of the previous year. The third quarter 2003 result includes an after-tax gain of CHF 1.3 billion, net of related provisions, from the divestitures of Winterthur’s Republic operations in the US, its Churchill operations in the UK and Winterthur Italy . Additionally, Credit Suisse Financial Services’ third quarter result includes the strengthening by CHF 383 million after tax of certain provisions related to its current and former international business portfolio. In the first nine months of 2003, Credit Suisse Financial Services recorded a net profit of CHF 3.3 billion versus a net loss of CHF 891 million in the corresponding period of the previous year. The business unit’s result in the third quarter of 2003 was also affected by the business transfers discussed in “An overview of Credit Suisse Group – Business transfers” on page 7.

Winterthur’s capital base was strengthened during the third quarter of 2003 as a result of earnings generation and the above-mentioned divestitures. In isolation, these divestitures increased Winterthur’s EU Group solvency surplus capital by approximately CHF 3.5 billion, due to the combination of lowered required capital and higher available capital.

Assets under management for Credit Suisse Financial Services remained stable versus the end of the previous quarter and amounted to CHF 713.9 billion at the end of the third quarter of 2003, despite the CHF 13.7 billion negative impact of the Winterthur divestitures. Net new assets almost doubled in the third quarter of 2003 versus the previous quarter, amounting to CHF 9.5 billion for Credit Suisse Financial Services, with an especially strong contribution from Private Banking of CHF 8.4 billion.

As noted on page 5, the results of the Credit Suisse Financial Services business unit and its segments are discussed on an operating basis. For a reconciliation of operating basis business unit results to Swiss GAAP and a discussion of the material reconciling items, the purpose of the operating basis results and the reasons why management believes they provide useful information for investors, please refer to the “Reconciliation of operating results to Swiss GAAP” on pages 32 – 36.

Private Banking

In the third quarter of 2003, Private Banking reported a segment profit of CHF 519 million, an increase of 5% versus the previous quarter and 79% compared with the corresponding period of the previous year. Though the third quarter usually shows seasonal weakness, operating income increased 3%, to CHF 1.6 billion, versus the previous quarter. Compared with the third quarter of 2002, operating income rose 17%. Main drivers for this significant improvement since 2002 were higher commission and service fee income as a result of the higher average asset base and increased client activity.

Operating expenses in the third quarter of 2003 decreased by CHF 33 million, or 4%, to CHF 819 million quarter-on-quarter, and were down CHF 41 million, or 5%, compared with the corresponding period of 2002, in line with headcount development. In the third quarter of 2003, the cost/income ratio improved for the sixth consecutive quarter, decreasing 4.0 percentage points to 55.1%. The gross margin decreased to 125 bp in the third quarter of 2003, compared to 128 bp in the previous quarter, and increased 13 bp compared to 112 bp in the third quarter of 2002. The decrease in the third quarter of 2003 versus the previous quarter was mainly due to the higher average underlying asset base.

Net new assets more than doubled in the third quarter of 2003 to CHF 8.4 billion, compared to net inflows of CHF 3.8 billion in the second quarter of 2003. Assets under management were CHF 505.1 billion as of September 30, 2003, which reflects an increase of CHF 11.3 billion, or 2.3%, from June 30, 2003, and of CHF 39.4 billion, or 8.5%, versus December 31, 2002. Asian and European Private Banking again achieved good net new asset growth.

Corporate & Retail Banking

Corporate & Retail Banking reported a segment profit of CHF 169 million in the third quarter of 2003. The segment profit increased 8% versus the previous quarter and 54% compared with the corresponding period of the previous year. Operating income decreased slightly quarter-on-quarter, down 2% to CHF 789 million. This decrease is mainly due to lower other ordinary income that in the second quarter of 2003 contained realized gains from the recovery portfolio. Compared with the third quarter of 2002, Corporate & Retail Banking reported almost flat operating income. The net interest margin was 215 bp in the third quarter of 2003, corresponding to an increase of 3 bp from 212 bp in the previous quarter.

Operating expenses decreased CHF 20 million, or 4%, to CHF 483 million in the third quarter of 2003 versus the previous quarter, due mainly to lower personnel expenses in line with headcount development. Compared with the corresponding period of the previous year, operating expenses decreased CHF 56 million, or 10%, due to a reduction of both other operating expenses and personnel expenses.

In the third quarter of 2003, the cost/income ratio improved further to 64.4%, compared to 65.8% in the previous quarter and 72.8% in the third quarter of 2002. In the third quarter of 2003, the actual credit-related provisions recorded were CHF 24 million above the statistical valuation adjustments, but were CHF 20 million below the statistical valuation adjustments for the first nine months of 2003. The actual net credit-related valuation allowances and provisions in the third quarter of 2003 amounted to CHF 84 million and CHF 173 million for the first nine months of 2003. Impaired loans were further reduced by CHF 0.6 billion to CHF 5.0 billion in the third quarter of 2003 compared to June 30, 2003. The return on average allocated capital increased from 12.9% in the second quarter to 13.6% in the third quarter of 2003.

Net new assets of CHF 1.8 billion were recorded in the third quarter of 2003, compared to a net asset inflow of CHF 0.5 billion in the previous quarter. Assets under management were CHF 69.4 billion as of September 30, 2003, which reflects an increase of CHF 2.6 billion, or 3.9%, from June 30, 2003, and a decrease of 0.9 billion, or 1.3%, versus December 31, 2002.

Life & Pensions

In the first nine months of 2003, Life & Pensions reported a segment profit of CHF 354 million, representing a significant improvement from the loss of CHF 1.5 billion in the corresponding period of the previous year. In the third quarter of 2003, the segment profit amounted to CHF 126 million, including an after-tax gain of CHF 57 million from the divestiture of the Italian operations.

Life & Pensions reported a reduction in gross premiums written of 10%, or CHF 1.5 billion, to CHF 13.3 billion in the first nine months of 2003, compared with the same period of 2002. Adjusted for acquisitions, divestitures and exchange rate impacts, gross premiums written decreased 5%. The decline in reported gross premiums written in the first nine months of 2003 was primarily due to Life & Pensions’ ongoing selective underwriting policy and strong reported single premium growth during the first nine months of the previous year. Included in the gross premiums written for the first nine months of 2003 are premiums of the divested Winterthur Italy of CHF 692 million. Net new assets in the first nine months of 2003 amounted to CHF 2.0 billion.

In the first nine months of 2003, administration costs decreased 18%, or CHF 192 million, to CHF 862 million, compared with the corresponding period of the previous year. The expense ratio decreased 0.3 percentage points in the first nine months of 2003 to 10.6%, compared to 10.9% in the corresponding period of the previous year. Total expenses in the third quarter of 2003 were affected by additional amortization and write-downs of deferred acquisition costs of CHF 201 million, with a net impact of CHF 75 million on the segment result, recognized due to the lowered expectations for long-term investment returns.

Investment performance improved CHF 2.7 billion to CHF 3.8 billion in the first nine months of 2003, compared with the corresponding period of the previous year, primarily due to a significant decrease in equity impairments and realized losses. Reflecting the improved investment performance in the first nine months of 2003, the total return on invested assets amounted to 5.0%, compared to 1.5% in the corresponding period of 2002. Current income was 4.0% and realized gains/losses and other income/expenses were 1.0% in the first nine months of 2003.

Insurance

In the first nine months of 2003, Insurance reported a segment profit of CHF 1.2 billion compared to a segment loss of CHF 1.0 billion in the corresponding period of the previous year. The strong recovery of the Insurance segment in the first nine months of 2003 was mainly driven by divestiture-related gains and a significant improvement in investment performance, as well as an improvement in its underwriting result, due mainly to the implementation of tariff increases and a continued strict underwriting policy.

In the third quarter of 2003, the segment profit amounted to CHF 991 million, including an after-tax gain of CHF 1.3 billion, net of related provisions, from the divestiture of its US subsidiary Republic Financial Services, Churchill Insurance Group in the UK and Winterthur Italy. In addition, certain provisions of CHF 383 million after tax related to the current and former international business portfolio were recorded in the third quarter.

In the first nine months of 2003, Insurance’s net premiums earned increased CHF 205 million, or 2%, to CHF 11.9 billion compared with the corresponding period of the previous year. Adjusted for acquisitions, divestitures and exchange rate impacts, net premiums earned increased 8%, primarily due to tariff increases across all major markets. Included in the net premiums earned in the first nine months of 2003 are premiums of the three divested Winterthur operations of CHF 4.5 billion.

Insurance improved its net underwriting result before dividends to policyholders by CHF 218 million in the first nine months of 2003, reflecting a combined ratio improvement of 1.9 percentage points to 101.6% in the first nine months of 2003, compared to 103.5% in the first nine months of the previous year. This improvement resulted from a decrease in the claims ratio of 1.5 percentage points to 73.2% in the first nine months of 2003 versus the corresponding period of the previous year, mainly reflecting benefits from improved pricing and continued streamlining of the business portfolio. The reported combined ratio of 103.6% in the third quarter of 2003 includes CHF 117 million of certain provisions related to the current and former international business portfolio, which corresponds to 3.1 percentage points in the combined ratio.

Administration costs decreased 8%, or CHF 123 million, to CHF 1.4 billion in the first nine months of 2003 compared with the corresponding period of the previous year, despite premium growth, reflecting continued progress in ongoing efficiency initiatives. Compared with the corresponding period of the previous year, the expense ratio improved 0.4% to 28.4% in the first nine months of 2003, with a reduction in administration costs offset by higher policy acquisition costs.

In the first nine months of 2003, Insurance reported net investment income of CHF 952 million versus a net investment loss of CHF 69 million in the corresponding period of the previous year, primarily due to a significant decrease in equity impairments and realized losses. Reflecting the improved investment performance in the first nine months of 2003, the total return on invested assets amounted to 3.8%, compared to –0.3% in the corresponding period of 2002. Current income was 3.9% and realized gains/losses and other income/expenses were –0.1% in the first nine months of 2003.

Credit Suisse Financial Services business unit income statement – operating 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Operating income 2)		4,548		3,544		2,364		28		92		11,594		8,586		35
Personnel expenses		1,385		1,434		1,486		(3)		(7)		4,232		4,500		(6)
Other operating expenses		732		744		884		(2)		(17)		2,292		2,691		(15)
Operating expenses		2,117		2,178		2,370		(3)		(11)		6,524		7,191		(9)
Gross operating profit		2,431		1,366		(6)		78		–		5,070		1,395		263
Depreciation of non-current assets		177		156		143		13		24		503		482		4
Amortization of Present Value of Future Profits (PVFP)		102		38		119		168		(14)		192		205		(6)
Valuation adjustments, provisions and losses		90		90		91		0		(1)		261		285		(8)
Net operating profit/(loss) before extraordinary items, acquisition-related costs, exceptional items and taxes		2,062		1,082		(359)		91		–		4,114		423		–
Extraordinary income/(expenses), net		3		8		6		(63)		(50)		18		24		(25)
Taxes 3) 4)		(260)		(223)		(689)		17		(62)		(742)		(1,192)		(38)
Net operating profit/(loss) before acquisition-related costs, exceptional items and minority interests		1,805		867		(1,042)		108		–		3,390		(745)		–
Amortization of acquired intangible assets and goodwill		(25)		(27)		(27)		(7)		(7)		(77)		(102)		(25)
Exceptional items		0		0		(119)		–		(100)		0		(119)		(100)
Tax impact		1		0		1		–		0		2		2		0
Business unit result before minority interests		1,781		840		(1,187)		112		–		3,315		(964)		–
Minority interests		8		(10)		17		–		(53)		(10)		100		–
Business unit result 5)		1,789		830		(1,170)		116		–		3,305		(864)		–
Increased/(decreased) credit-related valuation adjustments, net of tax 6)		11		(21)		24		–		(54)		(28)		27		–
Net profit/(loss)		1,778		851		(1,194)		109		–		3,333		(891)		–
Reconciliation to net operating profit/(loss)
Business unit result		1,789		830		(1,170)		116		–		3,305		(864)		–
Amortization of acquired intangible assets and goodwill, net of tax		24		27		26		(11)		(8)		75		80	7)	(6)
Exceptional items, net of tax		0		0		119		–		(100)		0		119		(100)
Net operating profit/(loss)		1,813		857		(1,025)		112		–		3,380		(665)		–
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking. The operating basis business unit results reflect the results of the separate segments comprising the business unit. Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, and exceptional items, not allocated to the segments are included in the business unit results. Certain other items, including credit-related valuation adjustments resulting from the difference between the statistical and actual credit provisions and gains/losses from sales of investments within the insurance business are presented in the operating basis business unit results based on the Group’s segment reporting principles. For a reconciliation and a discussion of the material reconciling items, please refer to “Reconciliation of operating results to Swiss GAAP”.
2) For the purpose of the consolidated financial statements, operating income for the insurance business is defined as net premiums earned, less claims incurred and change in technical provisions and expenses for processing claims, less commissions, plus net investment income from the insurance business.
3) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of CHF –590 m and CHF –875 m, respectively.
4) Excluding tax impact on amortization of acquired intangible assets and goodwill.
5) Represents net profit/(loss) excluding credit-related valuation adjustments resulting from the difference between the statistical and actual credit provisions, net of tax.
6) Increased/(decreased) credit-related valuation adjustments before tax of CHF 14 m, CHF –27 m, CHF 31 m, CHF –37 m and CHF 35 m for 3Q2003, 2Q2003, 3Q2002, 9 months 2003 and 9 months 2002, respectively.
7) Excluding a CHF 20 m write-off relating to a participation.

Credit Suisse Financial Services business unit key information 1)
								9 months
		3Q2003		2Q2003		3Q2002		2003		2002
Cost/income ratio 2)		70.7%		66.9%		110.0%		68.8%		92.3%
Cost/income ratio – operating 3) 4)		50.4%		65.9%		106.3%		60.6%		89.4%
Cost/income ratio – operating, banking 3)		58.2%		61.4%		70.9%		61.5%		64.6%
Return on average allocated capital 2)		49.2%		25.8%		(39.4%)		32.9%		(10.6%)
Return on average allocated capital – operating 3)		50.2%		26.0%		(33.9%)		33.3%		(8.2%)
Average allocated capital in CHF m		14,392		13,326		12,286		13,566		12,432
Growth in assets under management		0.5%		7.0%		(3.8%)		5.4%		(8.3%)
of which net new assets		1.3%		0.7%		0.2%		2.2%		2.6%
of which market movement and structural effects		1.1%		6.3%		(4.1%)		5.3%		(10.6%)
of which acquisitions/(divestitures)		(1.9%)		(0.1%)		0.1%		(2.1%)		(0.3%)
of which discretionary		(1.3%)		2.6%		(0.6%)		0.8%		(1.3%)
						30.09.03		30.06.03		31.12.02
Assets under management in CHF bn						713.9		710.2		677.5
Number of employees (full-time equivalents)						41,834		53,069		54,378
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking.
2) Based on the business unit results on a Swiss GAAP basis.
3) Based on the operating basis business unit results, which exclude certain acquisition-related costs and exceptional items not allocated to the segments and reflect certain reclassifications discussed in the “Reconciliation of operating results to Swiss GAAP”.
4) Excluding amortization of PVFP from the insurance business within Credit Suisse Financial Services.

Overview of business unit Credit Suisse Financial Services – operating 1)
										Credit
				Corporate						Suisse
		Private		& Retail		Life &				Financial
3Q2003, in CHF m		Banking		Banking		Pensions		Insurance		Services
Operating income 2)		1,571		789		599		1,589		4,548
Personnel expenses		560		302		182		341		1,385
Other operating expenses		259		181		106		186		732
Operating expenses		819		483		288		527		2,117
Gross operating profit		752		306		311		1,062		2,431
Depreciation of non-current assets		47		25		60		45		177
Amortization of Present Value of Future Profits (PVFP)		–		–		101		1		102
Valuation adjustments, provisions and losses		25		65		–		–		90
Net operating profit before extraordinary items, acquisition-related costs and taxes		680		216		150		1,016		2,062
Extraordinary income/(expenses), net		3		0		0		0		3
Taxes 3)		(164)		(47)		(24)		(25)		(260)
Net operating profit before acquisition-related costs and minority interests		519		169		126		991		1,805
Amortization of acquired intangible assets and goodwill										(25)
Tax impact										1
Business unit result before minority interests										1,781
Minority interests										8
Business unit result 4)										1,789
Other data:
Average allocated capital 5)		2,769		4,975		6,649				14,392
1) The operating basis business unit results reflect the results of the separate segments comprising the business unit. Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results. Certain other items, including credit-related valuation adjustments resulting from the difference between the statistical and actual credit provisions and gains/losses from sales of investments within the insurance business are presented in the operating basis business unit results based on the Group’s segment reporting principles. For a reconciliation and a discussion of the material reconciling items, please refer to “Reconciliation of operating results to Swiss GAAP”.
2) Operating income for the insurance business is defined as net premiums earned, less claims incurred and change in technical provisions and expenses for processing claims, less commissions, plus net investment income from the insurance business. Gains or losses related to divestitures and sales of investments within the insurance business are recorded as operating income at the business unit level and reclassified to extraordinary income/(expenses) in the consolidated financial statements in accordance with Swiss GAAP.
3) Excluding tax impact on amortization of acquired intangible assets and goodwill.
4) Represents net profit excluding credit-related valuation adjustments resulting from the difference between the statistical and actual credit provisions.
5) Amount relating to Life & Pensions and Insurance segments represents the average shareholders' equity of “Winterthur” Swiss Insurance Company.

Private Banking income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Net interest income		334		365		326		(8)		2		1,025		1,039		(1)
Net commission and service fee income		1,038		986		934		5		11		2,932		3,203		(8)
Net trading income		188		159		72		18		161		503		416		21
Other ordinary income		11		9		14		22		(21)		29		47		(38)
Operating income		1,571		1,519		1,346		3		17		4,489		4,705		(5)
Personnel expenses		560		577		543		(3)		3		1,681		1,730		(3)
Other operating expenses		259		275		317		(6)		(18)		820		981		(16)
Operating expenses		819		852		860		(4)		(5)		2,501		2,711		(8)
Gross operating profit		752		667		486		13		55		1,988		1,994		(0)
Depreciation of non-current assets		47		46		79		2		(41)		150		182		(18)
Valuation adjustments, provisions and losses 2)		25		19		17		32		47		48		51		(6)
Net operating profit before extraordinary items, exceptional items and taxes		680		602		390		13		74		1,790		1,761		2
Extraordinary income/(expenses), net		3		7		2		(57)		50		17		21		(19)
Taxes 3)		(164)		(117)		(102)		40		61		(401)		(400)		0
Net operating profit before exceptional items and minority interests (segment result)		519		492		290		5		79		1,406		1,382		2
Other data:
Increased/(decreased) credit-related valuation adjustments 2)		(10)		(7)		17		43		–		(17)		10		–
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking. Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, and exceptional items not allocated to the segments are included in the business unit results.
2) Increased/(decreased) credit-related valuation adjustments resulting from the difference between the statistical and actual credit provisions.
3) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of CHF –123 m and CHF –398 m, respectively.

Private Banking balance sheet information 1)
								Change		Change
								in % from		in % from
in CHF m		30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Total assets		183,698		175,451		171,126		5		7
Due from customers		32,548		31,958		36,164		2		(10)
Mortgages		25,695		24,527		22,935		5		12
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking.

Private Banking key information 1)
								9 months
		3Q2003		2Q2003		3Q2002		2003		2002
Cost/income ratio 2)		55.1%		59.1%		69.8%		59.1%		61.5%
Average allocated capital in CHF m		2,769		2,671		2,536		2,657		2,507
Pre-tax margin 2)		43.5%		40.1%		29.1%		40.3%		37.9%
Fee income/operating income		66.1%		64.9%		69.4%		65.3%		68.1%
Net new assets in CHF bn		8.4		3.8		3.4		13.7		18.2
Growth in assets under management		2.3%		8.1%		(4.4%)		8.5%		(9.3%)
of which net new assets		1.7%		0.8%		0.7%		2.9%		3.5%
of which market movement and structural effects		0.6%		7.2%		(5.1%)		5.5%		(12.8%)
Gross margin 3)		124.8 bp		127.9 bp		111.8 bp		124.8 bp		123.7 bp
of which asset-driven		78.6 bp		81.5 bp		79.7 bp		80.2 bp		82.0 bp
of which transaction-driven		42.2 bp		42.3 bp		27.5 bp		40.5 bp		37.0 bp
of which other		4.0 bp		4.1 bp		4.6 bp		4.1 bp		4.7 bp
Net margin 4)		41.2 bp		41.4 bp		24.1 bp		39.1 bp		36.3 bp
						30.09.03		30.06.03		31.12.02
Assets under management in CHF bn						505.1		493.8		465.7
Number of employees (full-time equivalents)						12,032		12,318		12,967
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking.
2) Based on the segment results, which exclude certain acquisition-related costs and exceptional items not allocated to the segment.
3) Operating income/average assets under management.
4) Net operating profit before exceptional items and minority interests (segment result)/average assets under management.

Corporate & Retail Banking income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Net interest income		530		519		538		2		(1)		1,556		1,615		(4)
Net commission and service fee income		165		158		177		4		(7)		485		547		(11)
Net trading income		73		80		69		(9)		6		224		212		6
Other ordinary income		21		46		0		(54)		–		81		38		113
Operating income		789		803		784		(2)		1		2,346		2,412		(3)
Personnel expenses		302		322		313		(6)		(4)		939		943		(0)
Other operating expenses		181		181		226		0		(20)		542		684		(21)
Operating expenses		483		503		539		(4)		(10)		1,481		1,627		(9)
Gross operating profit		306		300		245		2		25		865		785		10
Depreciation of non-current assets		25		25		32		0		(22)		74		78		(5)
Valuation adjustments, provisions and losses 2)		65		71		74		(8)		(12)		213		234		(9)
Net operating profit before extraordinary items and taxes		216		204		139		6		55		578		473		22
Extraordinary income/(expenses), net		0		1		4		(100)		(100)		1		3		(67)
Taxes 3)		(47)		(49)		(33)		(4)		42		(134)		(112)		20
Net operating profit before minority interests (segment result)		169		156		110		8		54		445		364		22
Other data:
Increased/(decreased) credit-related valuation adjustments 2)		24		(20)		14		–		71		(20)		25		–
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services. Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results.
2) Increased/(decreased) credit-related valuation adjustments resulting from the difference between the statistical and actual credit provisions.
3) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would not have had an impact on the taxes reported for 3Q2002 and for the 9 months 2002.

Corporate & Retail Banking balance sheet information 1)
								Change		Change
								in % from		in % from
in CHF m		30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Total assets		96,425		97,557		94,757		(1)		2
Due from customers		25,318		26,943		28,048		(6)		(10)
Mortgages		59,467		58,616		57,165		1		4
Due to customers in savings and investment deposits		28,080		27,848		27,081		1		4
Due to customers, other		28,728		28,228		27,611		2		4
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services.

Corporate & Retail Banking key information 1)
								9 months
		3Q2003		2Q2003		3Q2002		2003		2002
Cost/income ratio 2)		64.4%		65.8%		72.8%		66.3%		70.7%
Return on average allocated capital 2)		13.6%		12.9%		8.7%		12.2%		9.5%
Average allocated capital in CHF m		4,975		4,828		5,080		4,859		5,103
Pre-tax margin 2)		27.4%		25.5%		18.2%		24.7%		19.7%
Personnel expenses/operating income		38.3%		40.1%		39.9%		40.0%		39.1%
Net interest margin		215 bp		212 bp		223 bp		213 bp		214 bp
Loan growth		(0.9%)		(0.5%)		(0.6%)		(0.5%)		0.6%
Net new assets in CHF bn		1.8		0.5		(2.3)		(1.1)		(3.4)
						30.09.03		30.06.03		31.12.02
Deposit/loan ratio						67.0%		65.5%		64.2%
Assets under management in CHF bn						69.4		66.8		70.3
Number of employees (full-time equivalents)						8,690		8,899		9,281
Number of branches						220		221		223
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services.
2) Based on the segment results, which exclude certain acquisition-related costs not allocated to the segment.

Life & Pensions income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Gross premiums written		3,312		3,466		4,543		(4)		(27)		13,277		14,801		(10)
Reinsurance ceded		(33)		(13)		171		154		–		(69)		(26)		165
Net premiums written		3,279		3,453		4,714		(5)		(30)		13,208		14,775		(11)
Change in provision for unearned premiums		2		0		8		–		(75)		(8)		(33)		(76)
Net premiums earned		3,281		3,453		4,722		(5)		(31)		13,200		14,742		(10)
Death and other benefits incurred		(3,791)		(2,870)		(2,672)		32		42		(10,761)		(9,319)		15
Change in provision for future policyholder benefits (technical)		243		(1,098)		(2,506)		–		–		(3,726)		(6,866)		(46)
Change in provision for future policyholder benefits (separate account) 2)		(435)		(916)		1,104		(53)		–		(1,140)		1,650		–
Dividends to policyholders incurred		(169)		(202)		207		(16)		–		(395)		1,020		–
Policy acquisition costs (including change in DAC/PVFP)		(305)		(120)		(358)		154		(15)		(545)		(556)		(2)
Administration costs		(263)		(277)		(333)		(5)		(21)		(862)		(1,054)		(18)
Investment income general account		1,304		1,296		309		1		322		3,821		1,105		246
Investment income separate account 2)		435		916		(1,104)		(53)		–		1,140		(1,650)		–
Interest received and paid		(28)		(14)		(30)		100		(7)		(61)		(53)		15
Interest on bonuses credited to policyholders		(32)		(53)		(29)		(40)		10		(118)		(105)		12
Other income/(expenses), net		(90)		25		5		–		–		(78)		98		–
Net operating profit/(loss) before taxes		150		140		(685)		7		–		475		(988)		–
Taxes 3)		(24)		(23)		(396)		4		(94)		(121)		(505)		(76)
Net operating profit/(loss) before minority interests (segment result)		126		117		(1,081)		8		–		354		(1,493)		–
1) The presentation of segment results differs from the presentation of the Group's consolidated results as it reflects the way the insurance business is managed, which is in line with peers in the insurance industry. Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results.
2) This represents the market impact for separate account (or unit-linked) business, where the investment risk is borne by the policyholder.
3) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of CHF –302 m and CHF –247 m, respectively.

Life & Pensions key information
								9 months
		3Q2003		2Q2003		3Q2002		2003		2002
Expense ratio 1)		17.1%		11.5%		15.2%		10.6%		10.9%
Growth in gross premiums written		(27.1%)		(0.9%)		44.8%		(10.3%)		18.3%
Return on invested assets (excluding separate account business)
Current income		4.0%		4.2%		3.6%		4.0%		4.0%
Realized gains/losses and other income/expenses		1.0%		0.9%		(2.4%)		1.0%		(2.5%)
Total return on invested assets 2)		5.0%		5.1%		1.2%		5.0%		1.5%
Net new assets in CHF bn 3)		(0.7)		0.5		0.4		2.0		4.7
Total sales in CHF m 4)		3,883		4,164		5,240		15,419		17,507
						30.09.03		30.06.03		31.12.02
Assets under management in CHF bn 5)						112.3		117.0		110.8
Technical provisions in CHF m						107,437		113,059		105,939
Number of employees (full-time equivalents)						7,392		7,519		7,815
1) Operating expenses (i.e. policy acquisition costs and administration costs)/gross premiums written. Previous periods restated to reflect change in calculation.
2) Total return on invested assets includes depreciation on real estate and investment expenses as well as investment income and realized gains and losses.
3) Based on change in technical provisions for traditional business, adjusted for technical interests, net inflow of separate account business and change in off-balance sheet business such as funds.
4) Includes gross premiums written and off-balance sheet sales.
5) Based on savings-related provisions for policyholders plus off-balance sheet assets.

Insurance income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Gross premiums written		3,385		4,037		3,755		(16)		(10)		14,257		14,545		(2)
Reinsurance ceded		(236)		(236)		(232)		0		2		(899)		(851)		6
Net premiums written		3,149		3,801		3,523		(17)		(11)		13,358		13,694		(2)
Change in provision for unearned premiums and in provision for future policy benefits (health)		663		285		414		133		60		(1,482)		(2,023)		(27)
Net premiums earned		3,812		4,086		3,937		(7)		(3)		11,876		11,671		2
Claims and annuities incurred, net		(2,918)		(2,945)		(2,920)		(1)		0		(8,689)		(8,715)		0
Dividends to policyholders incurred, net		(95)		(77)		(53)		23		79		(217)		(3)		–
Policy acquisition costs (including change in DAC/PVFP)		(582)		(726)		(630)		(20)		(8)		(2,018)		(1,882)		7
Administration costs		(450)		(433)		(496)		4		(9)		(1,355)		(1,478)		(8)
Underwriting result, net		(233)		(95)		(162)		145		44		(403)		(407)		(1)
Net investment income		348		315		110		10		216		952		(69)		–
Interest received and paid		(28)		(27)		(36)		4		(22)		(102)		(67)		52
Other income/(expenses), net		929		(57)		(115)		–		–		824		(280)		–
Net operating profit/(loss) before taxes		1,016		136		(203)		–		–		1,271		(823)		–
Taxes 2)		(25)		(34)		(158)		(26)		(84)		(86)		(175)		(51)
Net operating profit/(loss) before minority interests (segment result)		991		102		(361)		–		–		1,185		(998)		–
1) The presentation of segment results differs from the presentation of the Group's consolidated results as it reflects the way the insurance business is managed, which is in line with peers in the insurance industry. Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results.
2) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of CHF –132 m and CHF –118 m, respectively.

Insurance key information
								9 months
		3Q2003		2Q2003		3Q2002		2003		2002
Combined ratio (excluding dividends to policyholders)		103.6%		100.5%		102.8%		101.6%		103.5%
Claims ratio 1)		76.5%		72.1%		74.2%		73.2%		74.7%
Expense ratio 2)		27.1%		28.4%		28.6%		28.4%		28.8%
Return on invested assets
Current income		3.8%		4.1%		4.1%		3.9%		4.3%
Realized gains/losses and other income/expenses		0.1%		(0.1%)		(2.5%)		(0.1%)		(4.6%)
Total return on invested assets 3)		3.9%		4.0%		1.6%		3.8%		(0.3%)
						30.09.03		30.06.03		31.12.02
Assets under management in CHF bn						27.1		32.6		30.7
Technical provisions in CHF m						22,764		32,308		28,745
Number of employees (full-time equivalents)						13,720		24,333		24,315
1) Claims and annuities incurred, net/net premiums earned.
2) Operating expenses (i.e. policy acquisition costs and administration costs)/net premiums earned.
3) Total return on invested assets includes depreciation on real estate and investment expenses as well as investment income and realized gains and losses.

REVIEW OF BUSINESS UNITS | CREDIT SUISSE FIRST BOSTON

Credit Suisse First Boston reported a net profit of USD 224 million (CHF 308 million) in the third quarter of 2003, down 21% compared with the second quarter of 2003. Institutional Securities’ segment profit declined primarily on lower Fixed Income results partially offset by lower expenses. CSFB Financial Services’ segment profit declined compared with the previous quarter. Credit Suisse First Boston’s assets under management totaled USD 366.8 billion (CHF 485.3 billion) as of September 30, 2003.

Credit Suisse First Boston’s net operating profit in the third quarter of 2003, which is net profit excluding the amortization of goodwill and acquired intangible assets, net of tax, decreased to USD 358 million (CHF 491 million) from USD 412 million (CHF 548 million) in the second quarter of 2003, and increased compared to a net loss of USD 250 million (CHF 415 million) in the third quarter of 2002. For the first nine months of 2003, net operating profit was USD 1.0 billion (CHF 1.4 billion).

As announced previously, in the third quarter Credit Suisse First Boston introduced a three-year vesting period for future stock awards in line with its long-term service and retention strategy and industry practice in investment banking. Accordingly, future stock awards will be expensed over a three-year period beginning in 2004. The net pre-tax impact of this change in the third quarter was USD 90 million (CHF 122 million), and USD 65 million (CHF 88 million) after tax. The reversal of the pre-tax accrual for the first six months of 2003 of USD 173 million (CHF 234 million) was partially offset by an incremental incentive compensation accrual to achieve full year compensation objectives. This resulted in a ratio of personnel expenses to operating income, calculated on an operating basis, of 48.5% in the third quarter. The business unit review below includes the effects of this change in the expensing of stock awards .

Operating income in the third quarter of 2003 decreased 22% to USD 2.4 billion (CHF 3.4 billion) compared with the second quarter of 2003, as conservative risk positioning in light of US interest rate volatility reduced fixed income trading results and resulted in lower Value-at-Risk. Operating income from the Equity and the Investment Banking divisions also declined quarter-on-quarter by 8% and 11%, respectively. Compared with the third quarter of 2002, operating income decreased 6% in the third quarter of 2003, due to declines in the Fixed Income division and the sale of Pershing, partially offset by better performance in the legacy portfolio within the “Other” division.

Cost control continued to be a key goal for Credit Suisse First Boston during the third quarter of 2003. Operating expenses of USD 1.8 billion (CHF 2.5 billion) for the third quarter of 2003 decreased 21% compared with the previous quarter. Personnel expenses decreased 28% to USD 1.2 billion (CHF 1.6 billion) in the third quarter of 2003, compared to USD 1.6 billion (CHF 2.2 billion) in the second quarter of 2003, due primarily to lower incentive compensation accruals in line with lower revenue and the change in the vesting period of stock awards. In the third quarter of 2003, other operating expenses were 4% less than the second quarter of 2003.

Compared with the third quarter of 2002, third quarter 2003 operating expenses declined 15%, reflecting a 14% decline in personnel expenses, due to the implementation of the new vesting arrangements for future stock awards, lower incentive compensation accruals in line with lower operating income and reduced headcount. The 17% decline in other operating expenses was principally a result of ongoing cost containment efforts.

Valuation adjustments, provisions and losses of USD 80 million (CHF 111 million) increased 63% in the third quarter of 2003 compared with the second quarter of 2003 and included net credit-related valuation allowances and provisions of USD 7 million (CHF 10 million). Non-performing loans decreased 8% to USD 1.6 billion (CHF 2.1 billion) from June 30, 2003, and the ratio of valuation allowances to non-performing loans increased modestly to 129% during the third quarter of 2003. Compared with the third quarter of 2002, valuation adjustments, provisions and losses declined 86% on substantially lower credit provisions.

The decline of USD 81 million (CHF 105 million) in the amortization of retention payments from the second quarter of 2003 reflected the substantial completion of the DLJ retention award plan in June 2003.

The favorable resolution of certain outstanding tax matters resulted in a 16% effective income tax rate in the third quarter of 2003 compared to 27% in the second quarter of 2003.

On September 1, 2003, Credit Suisse First Boston transferred its securities and treasury execution platform in Switzerland to Credit Suisse Financial Services . It also transferred its Private Client Services UK business from CSFB Financial Services to Private Banking. The results for all periods presented have been restated to reflect these transfers and are discussed in “An overview of Credit Suisse Group – Business transfers” on page 7.

As noted on page 5, the results of the Credit Suisse First Boston business unit and its segments are discussed on an operating basis. For a reconciliation of operating basis business unit results to Swiss GAAP and a discussion of the material reconciling items, the purpose of the operating basis results and the reasons why management believes they provide useful information for investors, please refer to “Reconciliation of operating results to Swiss GAAP” on pages 32 – 36.

Institutional Securities

Institutional Securities reported a segment profit of USD 348 million (CHF 480 million) for the third quarter of 2003 compared to USD 453 million (CHF 604 million) in the second quarter of 2003 and a segment loss of USD 180 million (CHF 310 million) in the third quarter of 2002.

Operating income decreased 24% to USD 2.1 billion (CHF 3.0 billion) in the third quarter of 2003, compared with the second quarter of 2003 as a result of conservative risk positioning in the Fixed Income division and declines in the Equity and Investment Banking divisions. Third quarter 2003 operating expenses decreased 24% compared with the second quarter of 2003, largely due to lower compensation accruals and continued focus on cost control. Third quarter 2003 operating income was comparable with the third quarter of 2002, reflecting a significant reduction in legacy portfolio write-downs, largely offset by a decline in the Fixed Income division primarily due to a less favorable US interest rate environment. Operating expenses in the third quarter of 2003 decreased 10% compared with the third quarter of 2002, due to a decline in personnel expenses consistent with the trends explained for Credit Suisse First Boston overall. Third quarter 2003 valuation adjustments, provisions and losses of USD 80 million (CHF 111 million) were 43% higher than the second quarter of 2003, despite a decline in credit provisions that were principally due to loan repayments and loan sales, mainly reflecting markedly improved credit conditions.

Fixed Income ’s third quarter 2003 operating income of USD 819 million (CHF 1.1 billion) decreased 41% compared with the second quarter of 2003. Operating income was lower across most Fixed Income business lines. Structured products, most significantly residential mortgages, and the interest rate businesses were adversely impacted by lower volume, seasonal influences and conservative risk positioning in light of US interest rate volatility, resulting in reduced Value-at-Risk. Additionally, the level of securitizations declined compared with the robust second quarter of 2003. High yield operating income remained strong, although it was lower than the record-setting second quarter of 2003. Compared with the third quarter of 2002, operating income in the third quarter of 2003 decreased 26%, primarily due to declines in the interest rate and structured product businesses, offset in part by stronger high yield and credit trading results. Credit Suisse First Boston’s research strength was again recognized by a #2 ranking in Institutional Investor “All-America Fixed Income Research Team” survey and a top ranking for leveraged finance research as published in September 2003 .

The Equity division ’s third quarter 2003 operating income declined 8% to USD 675 million (CHF 931 million) compared with the second quarter of 2003. While operating income from the cash trading activity increased in all regions compared with the second quarter of 2003, operating income generated from derivatives activities, particularly related to convertible securities, was lower than the results recorded in the second quarter of 2003. Operating income in the third quarter of 2003 was comparable to the third quarter of 2002, with declines in index, options and structured products largely offset by an improvement in the convertible securities business.

Investment Banking ’s third quarter 2003 operating income, which includes private equity, decreased 11% to USD 572 million (CHF 790 million) compared with the second quarter of 2003. High yield and equity new issuance activity, particularly convertible securities, and private equity gains decreased in the third quarter of 2003 compared with the second quarter of 2003. Credit Suisse First Boston’s mergers and acquisition fee income increased, while the industry’s globally completed deals remained flat, based on US dollar volume, in the third quarter of 2003 compared with the second quarter of 2003. Investment Banking’s operating income in the third quarter of 2003 was comparable to last year’s third quarter. The third quarter of 2003 included improved syndicated finance and high yield new issuance results. Credit Suisse First Boston continued to be ranked first in underwriting global high yield new issuances in the third quarter of 2003.

The Other division reported third quarter 2003 operating income of USD 69 million (CHF 95 million), compared to operating income of USD 57 million (CHF 77 million) in the second quarter of 2003 and an operating loss of USD 240 million (CHF 377 million) in the third quarter of 2002. These increases in operating income were principally related to gains on sales of several legacy investments. All non-continuing legacy businesses produced operating income of USD 73 million (CHF 99 million) in the third quarter of 2003, compared to operating losses of USD 10 million (CHF 12 million) and USD 346 million (CHF 536 million) in the second quarter of 2003 and third quarter of 2002, respectively. Credit Suisse First Boston continues to reduce its net exposure of non-continuing legacy investments, totaling USD 2.4 billion (CHF 3.2 billion), including unfunded commitments on the real estate portfolio, as of September 30, 2003, down USD 60 million (CHF 154 million) from June 30, 2003.

CSFB Financial Services

CSFB Financial Services reported a segment profit of USD 34 million (CHF 46 million) for the third quarter of 2003, a decrease of 15% from the second quarter of 2003, predominantly due to an increase in personnel expenses. Compared with the third quarter of 2002, the segment profit decreased 11%. Operating income for the third quarter of 2003 was USD 287 million (CHF 395 million), up 3% compared with the second quarter of 2003 and down 40% compared with the third quarter of 2002. Operating expenses increased 4% compared with the second quarter of 2003 and decreased 40% compared with the third quarter of 2002. Excluding Pershing, operating income increased 6% compared with the third quarter of 2002, mainly as a result of higher Credit Suisse Asset Management results. Excluding Pershing, operating expenses increased 7% compared with the third quarter of 2002. Pershing’s third quarter 2002 operating income and operating expenses were USD 210 million (CHF 312 million) and USD 173 million (CHF 258 million), respectively. Pershing’s operating income for the first nine months of 2003 and 2002 was USD 15 million (CHF 21 million) and USD 650 million (CHF 1.0 billion), respectively, and operating expenses for the first nine months of 2002 were USD 506 million (CHF 805 million).

Credit Suisse Asset Management ’s operating income in the third quarter of 2003 was comparable with the second quarter of 2003. Total assets under management as of September 30, 2003 increased 0.4% compared with June 30, 2003, to USD 312.7 billion (CHF 413.7 billion), reflecting a USD 4.0 billion (CHF 5.5 billion) net outflow of assets, primarily related to institutional clients, offset by improved market performance and a favorable foreign exchange impact when expressed in US dollars. Compared with the third quarter of 2002, operating income increased 7%.

Private Client Services ’ operating income for the third quarter of 2003 increased 9% compared with the second quarter of 2003. Assets under management as of September 30, 2003 increased 2.9% to USD 49.2 billion (CHF 65.1 billion) compared to June 30, 2003, despite a USD 1.1 billion (CHF 1.5 billion) net outflow of assets. Compared with the third quarter of 2002, operating income decreased 7% in the third quarter of 2003, mainly reflecting declines in customer debit balances and reduced trading activity.

Credit Suisse First Boston business unit income statement – operating 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in USD m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Operating income		2,422		3,103		2,588		(22)		(6)		8,363		9,233		(9)
Personnel expenses		1,173		1,619		1,369		(28)		(14)		4,272		5,044		(15)
Other operating expenses		619		647		745		(4)		(17)		1,895		2,192		(14)
Operating expenses		1,792		2,266		2,114		(21)		(15)		6,167		7,236		(15)
Gross operating profit		630		837		474		(25)		33		2,196		1,997		10
Depreciation of non-current assets		89		104		137		(14)		(35)		286		375		(24)
Valuation adjustments, provisions and losses		80		49		560		63		(86)		257		1,022		(75)
Net operating profit/(loss) before extraordinary items, acquisition-related costs and taxes		461		684		(223)		(33)		–		1,653		600		176
Extraordinary income/(expenses), net		1		0		0		–		–		1		16		(94)
Taxes 2) 3)		(80)		(191)		81		(58)		–		(411)		(109)		277
Net operating profit/(loss) before acquisition-related costs		382		493		(142)		(23)		–		1,243		507		145
Acquisition interest		(40)		(48)		(68)		(17)		(41)		(151)		(266)		(43)
Amortization of retention payments		4		(77)		(99)		–		–		(153)		(316)		(52)
Amortization of acquired intangible assets and goodwill		(154)		(150)		(207)		3		(26)		(455)		(626)		(27)
Tax impact		32		64		96		(50)		(67)		166		318		(48)
Net profit/(loss) 4)		224		282		(420)		(21)		–		650		(383)		–
Reconciliation to net operating profit
Net profit/(loss)		224		282		(420)		(21)		–		650		(383)		–
Amortization of acquired intangible assets and goodwill, net of tax		134		130		170		3		(21)		395		512		(23)
Net operating profit/(loss)		358		412		(250)		(13)		–		1,045		129		–
See page 23 for footnotes.

Credit Suisse First Boston business unit income statement – operating 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Operating income		3,352		4,131		3,784		(19)		(11)		11,373		14,682		(23)
Personnel expenses		1,627		2,156		1,994		(25)		(18)		5,809		8,021		(28)
Other operating expenses		854		863		1,110		(1)		(23)		2,578		3,484		(26)
Operating expenses		2,481		3,019		3,104		(18)		(20)		8,387		11,505		(27)
Gross operating profit		871		1,112		680		(22)		28		2,986		3,177		(6)
Depreciation of non-current assets		125		136		207		(8)		(40)		389		596		(35)
Valuation adjustments, provisions and losses		111		63		867		76		(87)		350		1,625		(78)
Net operating profit/(loss) before extraordinary items, acquisition-related costs and taxes		635		913		(394)		(30)		–		2,247		956		135
Extraordinary income/(expenses), net		2		0		(1)		–		–		2		25		(92)
Taxes 2) 3)		(111)		(257)		139		(57)		–		(559)		(173)		223
Net operating profit/(loss) before acquisition-related costs		526		656		(256)		(20)		–		1,690		808		109
Acquisition interest		(56)		(64)		(99)		(13)		(43)		(206)		(424)		(51)
Amortization of retention payments		3		(102)		(146)		–		–		(208)		(503)		(59)
Amortization of acquired intangible assets and goodwill		(211)		(201)		(308)		5		(31)		(618)		(995)		(38)
Tax impact		46		84		141		(45)		(67)		226		505		(55)
Net profit/(loss) 4)		308		373		(668)		(17)		–		884		(609)		–
Reconciliation to net operating profit
Net profit/(loss)		308		373		(668)		(17)		–		884		(609)		–
Amortization of acquired intangible assets and goodwill, net of tax		183		175		253		5		(28)		537		814		(34)
Net operating profit/(loss)		491		548		(415)		(10)		–		1,421		205		–
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking. The operating basis business unit results reflect the results of the separate segments comprising the business unit. Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results. Certain other items, including brokerage, execution and clearing expenses, contractor and recruitment costs and expenses related to certain redeemable preferred securities classified as minority interests are presented in the operating basis business unit results based on the Group’s segment reporting principles. For a reconciliation and a discussion of the material reconciling items, please refer to “Reconciliation of operating results to Swiss GAAP”.
2) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of CHF 144 m (USD 88 m) and CHF 24 m (USD 15 m), respectively.
3) Excluding tax impact on acquisition-related costs.
4) Net profit/(loss) is identical on an operating and Swiss GAAP basis.

Credit Suisse First Boston business unit key information 1)
								9 months
based on CHF amounts		3Q2003		2Q2003		3Q2002		2003		2002
Cost/income ratio 2)		77.1%		78.7%		92.8%		78.9%		87.4%
Cost/income ratio – operating 3)		77.7%		76.4%		87.5%		77.2%		82.4%
Return on average allocated capital 2)		11.3%		12.8%		(18.1%)		10.3%		(5.0%)
Return on average allocated capital – operating 3)		16.9%		18.0%		(11.6%)		15.5%		1.9%
Average allocated capital in CHF m		11,615		12,210		14,332		12,204		14,564
Pre-tax margin 2)		12.6%		14.5%		(27.3%)		12.0%		(6.5%)
Pre-tax margin – operating 3)		17.4%		18.1%		(16.9%)		16.1%		0.4%
Personnel expenses/operating income 2)		54.0%		59.3%		65.5%		58.0%		64.6%
Personnel expenses/operating income – operating 3)		48.5%		52.2%		52.7%		51.1%		54.6%
						30.09.03		30.06.03		31.12.02
Number of employees (full-time equivalents)						18,195		18,137		22,801
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking.
2) Based on the business unit results on a Swiss GAAP basis.
3) Based on the operating basis business unit results, which exclude certain acquisition-related costs not allocated to the segments and reflect certain other reclassifications discussed in the “Reconciliation of operating results to Swiss GAAP”.

Overview of business unit Credit Suisse First Boston – operating 1)
		in USD m						in CHF m
				CSFB						CSFB
		Institutional		Financial		Credit Suisse		Institutional		Financial		Credit Suisse
3Q2003		Securities		Services		First Boston		Securities		Services		First Boston
Operating income		2,135		287		2,422		2,957		395		3,352
Personnel expenses		1,016		157		1,173		1,411		216		1,627
Other operating expenses		542		77		619		748		106		854
Operating expenses		1,558		234		1,792		2,159		322		2,481
Gross operating profit		577		53		630		798		73		871
Depreciation of non-current assets		84		5		89		117		8		125
Valuation adjustments, provisions and losses		80		0		80		111		0		111
Net operating profit before extraordinary items, acquisition-related costs and taxes		413		48		461		570		65		635
Extraordinary income/(expenses), net		1		0		1		2		0		2
Taxes 2)		(66)		(14)		(80)		(92)		(19)		(111)
Net operating profit before acquisition-related costs		348		34		382		480		46		526
Acquisition interest						(40)						(56)
Amortization of retention payments						4						3
Amortization of acquired intangible assets and goodwill						(154)						(211)
Tax impact						32						46
Net profit 3)						224						308
Other data:
Average allocated capital		8,349		370		8,679		11,173		495		11,615
1) The operating basis business unit results reflect the results of the separate segments comprising the business unit. Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results. Certain other items, including brokerage, execution and clearing expenses, contractor and recruitment costs and expenses related to certain redeemable preferred securities classified as minority interests are presented in the operating basis business unit results based on the Group’s segment reporting principles. For a reconciliation and a discussion of the material reconciling items, please refer to “Reconciliation of operating results to Swiss GAAP”.
2) Excluding tax impact on acquisition-related costs.
3) Net profit is identical on an operating and Swiss GAAP basis.

Institutional Securities income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in USD m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Fixed Income		819		1,390		1,110		(41)		(26)		3,599		3,596		0
Equity		675		732		682		(8)		(1)		1,982		2,259		(12)
Investment Banking		572		644		556		(11)		3		1,761		2,204		(20)
Other		69		57		(240)		21		–		173		(354)		–
Operating income		2,135		2,823		2,108		(24)		1		7,515		7,705		(2)
Personnel expenses		1,016		1,473		1,126		(31)		(10)		3,829		4,303		(11)
Other operating expenses		542		568		596		(5)		(9)		1,665		1,743		(4)
Operating expenses		1,558		2,041		1,722		(24)		(10)		5,494		6,046		(9)
Gross operating profit		577		782		386		(26)		49		2,021		1,659		22
Depreciation of non-current assets		84		96		115		(13)		(27)		266		309		(14)
Valuation adjustments, provisions and losses		80		56		549		43		(85)		248		1,000		(75)
Net operating profit/(loss) before extraordinary items, acquisition-related costs and taxes		413		630		(278)		(34)		–		1,507		350		331
Extraordinary income/(expenses), net		1		0		0		–		–		1		16		(94)
Taxes 2		(66)		(177)		98		(63)		–		(374)		(37)		–
Net operating profit/(loss) before acquisition-related costs and minority interests (segment result)		348		453		(180)		(23)		–		1,134		329		245
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services. Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results.
2) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of USD 105 m and USD 87 m, respectively.

Institutional Securities income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Fixed Income		1,141		1,849		1,640		(38)		(30)		4,894		5,718		(14)
Equity		931		977		1,007		(5)		(8)		2,696		3,592		(25)
Investment Banking		790		857		802		(8)		(1)		2,395		3,505		(32)
Other		95		77		(377)		23		–		236		(564)		–
Operating income		2,957		3,760		3,072		(21)		(4)		10,221		12,251		(17)
Personnel expenses		1,411		1,961		1,631		(28)		(13)		5,207		6,842		(24)
Other operating expenses		748		757		890		(1)		(16)		2,265		2,771		(18)
Operating expenses		2,159		2,718		2,521		(21)		(14)		7,472		9,613		(22)
Gross operating profit		798		1,042		551		(23)		45		2,749		2,638		4
Depreciation of non-current assets		117		127		174		(8)		(33)		362		492		(26)
Valuation adjustments, provisions and losses		111		73		850		52		(87)		338		1,589		(79)
Net operating profit/(loss) before extraordinary items, acquisition-related costs and taxes		570		842		(473)		(32)		–		2,049		557		268
Extraordinary income/(expenses), net		2		0		(1)		–		–		2		25		(92)
Taxes 2)		(92)		(238)		164		(61)		–		(509)		(58)		–
Net operating profit/(loss) before acquisition-related costs and minority interests (segment result)		480		604		(310)		(21)		–		1,542		524		194
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services. Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results.
2) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of CHF 169 m and CHF 139 m, respectively.

Active private equity investments
		USD m						CHF m
		3Q2003		2Q2003		3Q2002		3Q2003		2Q2003		3Q2002
Net gains (realized and unrealized gains and losses)		8		59		(13)		12		79		(20)
Management and performance fees		50		45		53		69		60		78
		USD bn						CHF bn
		30.09.03		30.06.03		31.12.02		30.09.03		30.06.03		31.12.02
Book value		0.9		0.9		1.0		1.2		1.2		1.3
Fair value		1.0		0.9		1.0		1.3		1.3		1.4

Institutional Securities balance sheet information 1)
in CHF m		30.09.03		30.06.03		31.12.02
Total assets		625,767		614,435		573,628
Total assets in USD m		473,027		454,195		412,623
Due from banks		233,811		209,179		193,944
of which securities lending and reverse repurchase    agreements		168,498		144,214		152,221
Due from customers		111,211		134,789		114,191
of which securities lending and reverse repurchase    agreements		42,876		52,793		56,851
Mortgages		14,599		13,701		14,825
Securities and precious metals trading portfolios		179,442		170,515		157,320
Due to banks		313,915		307,193		281,510
of which securities borrowing and repurchase    agreements		113,590		87,651		112,733
Due to customers, other		115,317		126,807		109,980
of which securities borrowing and repurchase    agreements		60,544		64,390		66,864
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services.

Institutional Securities key information 1)
								9 months
based on CHF amounts		3Q2003		2Q2003		3Q2002		2003		2002
Cost/income ratio 2)		77.0%		75.7%		87.7%		76.6%		82.5%
Average allocated capital in CHF m		11,173		11,848		13,802		11,798		13,937
Pre-tax margin 2)		19.3%		22.4%		(15.4%)		20.1%		4.8%
Personnel expenses/operating income 2)		47.7%		52.2%		53.1%		50.9%		55.8%
						30.09.03		30.06.03		31.12.02
Number of employees (full-time equivalents)						15,578		15,454		16,018
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services.
2) Based on the segment results, which exclude certain acquisition-related costs not allocated to the segment.

CSFB Financial Services income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in USD m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Net interest income		9		11		52		(18)		(83)		29		160		(82)
Net commission and service fee income		245		240		389		2		(37)		712		1,243		(43)
Net trading income		17		30		26		(43)		(35)		71		88		(19)
Other ordinary income		16		(1)		13		–		23		36		37		(3)
Operating income		287		280		480		3		(40)		848		1,528		(45)
Personnel expenses		157		146		243		8		(35)		443		741		(40)
Other operating expenses		77		79		149		(3)		(48)		230		449		(49)
Operating expenses		234		225		392		4		(40)		673		1,190		(43)
Gross operating profit		53		55		88		(4)		(40)		175		338		(48)
Depreciation of non-current assets		5		8		22		(38)		(77)		20		66		(70)
Valuation adjustments, provisions and losses		0		(7)		11		(100)		(100)		9		22		(59)
Net operating profit before acquisition-related costs and taxes		48		54		55		(11)		(13)		146		250		(42)
Taxes 2)		(14)		(14)		(17)		0		(18)		(37)		(72)		(49)
Net operating profit before acquisition-related costs and minority interests (segment result)		34		40		38		(15)		(11)		109		178		(39)
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking. Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results.
2) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would not have had an impact on the taxes reported for 3Q2002 and for the 9 months 2002.

CSFB Financial Services income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Net interest income		13		15		79		(13)		(84)		40		255		(84)
Net commission and service fee income		337		319		575		6		(41)		968		1,976		(51)
Net trading income		24		39		38		(38)		(37)		96		141		(32)
Other ordinary income		21		(2)		20		–		5		48		59		(19)
Operating income		395		371		712		6		(45)		1,152		2,431		(53)
Personnel expenses		216		195		363		11		(40)		602		1,179		(49)
Other operating expenses		106		106		220		0		(52)		313		713		(56)
Operating expenses		322		301		583		7		(45)		915		1,892		(52)
Gross operating profit		73		70		129		4		(43)		237		539		(56)
Depreciation of non-current assets		8		9		33		(11)		(76)		27		104		(74)
Valuation adjustments, provisions and losses		0		(10)		17		(100)		(100)		12		36		(67)
Net operating profit before acquisition-related costs and taxes		65		71		79		(8)		(18)		198		399		(50)
Taxes 2)		(19)		(19)		(25)		0		(24)		(50)		(115)		(57)
Net operating profit before acquisition-related costs and minority interests (segment result)		46		52		54		(12)		(15)		148		284		(48)
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking. Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, not allocated to the segments are included in the business unit results.
2) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would not have had an impact on the taxes reported for 3Q2002 and for the 9 months 2002.

CSFB Financial Services key information 1)
								9 months
based on CHF amounts		3Q2003		2Q2003		3Q2002		2003		2002
Cost/income ratio 2)		83.5%		83.6%		86.5%		81.8%		82.1%
Average allocated capital in CHF m		495		553		984		532		1,041
Pre-tax margin 2)		16.5%		19.1%		11.1%		17.2%		16.4%
Personnel expenses/operating income 2)		54.7%		52.6%		51.0%		52.3%		48.5%
Net new assets Credit Suisse Asset Management in CHF bn (discretionary) 3)		(5.5)		(1.7)		(12.2)		(12.4)		(22.6)
Net new assets Private Client Services in CHF bn		(1.5)		(1.7)		–		(1.7)		5.3
Growth in assets under management 3)		(1.5%)		5.8%		(7.6%)		(0.2%)		(22.1%)
Growth in discretionary assets under management – Credit Suisse Asset Management 3)		(1.2%)		6.6%		(9.3%)		0.2%		(19.8%)
of which net new assets 3)		(1.9%)		(0.6%)		(3.8%)		(4.4%)		(6.2%)
of which market movement and structural effects		0.7%		7.2%		(5.5%)		4.6%		(13.6%)
Growth in net new assets Private Client Services		(2.3%)		(2.7%)		–		(2.5%)		5.7%
						30.09.03		30.06.03		31.12.02
Assets under management in CHF bn 3)						481.2		488.4		482.2
of which Credit Suisse Asset Management 3)						413.7		421.3		412.8
of which Private Client Services						65.1		64.6		67.5
Discretionary assets under management in CHF bn 3)						295.9		299.7		297.0
of which Credit Suisse Asset Management 3)						279.5		282.8		278.7
of which mutual funds distributed						112.6		113.3		106.5
of which Private Client Services						16.4		16.9		18.3
Advisory assets under management in CHF bn  3)						185.3		188.7		185.2
Number of employees (full-time equivalents)						2,617		2,683		6,783
1) Comparative figures have been restated to reflect the transfer of the securities and treasury execution platform transactions of Credit Suisse First Boston in Switzerland to Credit Suisse Financial Services and the transfer of Credit Suisse First Boston's Private Client Services UK business from CSFB Financial Services to Private Banking.
2) Based on the segment results, which exclude certain acquisition-related costs not allocated to the segment.
3) Credit Suisse Asset Management figures for Assets under Management and Net New Assets include assets managed on behalf of other entities within Credit Suisse Group. This differs from the presentation in the overview of Credit Suisse Group, where such assets are eliminated.

RECONCILIATION OF OPERATING RESULTS TO SWISS GAAP

Introduction

The Group’s consolidated results are prepared in accordance with Swiss GAAP, while the Group’s segment reporting principles are applied to the presentation of segment results. For a description of these reporting principles, please refer to “Operating and Financial Review – Reporting Principles” in the Group’s 2002 Annual Report. The operating basis business unit results reflect the results of the separate segments constituting the respective business units and certain acquisition-related costs that are not allocated to the segments. The Group’s consolidated results reflect the operating basis business unit results adjusted for certain reclassifications associated with the business units and consolidation adjustments in the Corporate Center in accordance with Swiss GAAP.

The tables below reconcile the operating basis business unit results to Swiss GAAP. The “Reclassifications” columns include acquisition-related costs and reclassifications related to management reporting policies as described below. Acquisition-related costs are excluded from the operating basis business unit results because management believes that this enables them and investors to better assess the results and key performance indicators of the business. The operating basis business unit results in management’s view provide a more useful indication of the financial performance of the operating business as they reflect the core businesses’ operating performance for the periods under review unaffected by the amortization of costs related to historical acquisitions.

Credit Suisse Financial Services business unit

The Credit Suisse Financial Services operating basis column reflects the results of the respective segments, excluding amortization of acquired intangible assets and goodwill, which are reflected in the reclassifications column. The Credit Suisse Financial Services operating basis business unit results are also adjusted for credit-related valuation adjustments, resulting from the difference between the statistical credit provisions recorded by its banking segments and actual credit provisions on a Swiss GAAP basis. In addition, gains or losses related to divestitures and sales of investments within the insurance business are recorded as operating income at the insurance segments and the business unit level and reclassified to extraordinary income/expenses in the reconciliation in accordance with Swiss GAAP.

Credit Suisse First Boston business unit

The Credit Suisse First Boston operating basis column reflects the results of the respective segments, excluding acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, which are reflected in the reclassifications column. The Credit Suisse First Boston operating basis business unit results also deduct brokerage, execution and clearing expenses from other operating expenses (reclassified as a reduction in operating income in the consolidated results); deduct from other operating expenses contractor and certain staff recruitment costs (reclassified as an addition to personnel expenses in the consolidate results); and add to operating income expenses related to certain redeemable preferred securities (reclassified as minority interests in the consolidated results). This presentation brings Credit Suisse First Boston in line with its US competitors in the investment banking industry and facilitates comparison to its peers, which management believes is useful for investors. Swiss GAAP does not permit brokerage, execution or clearing expenses, contractor costs and certain staff recruitment costs to be reported as part of other operating expenses. The presentation of redeemable preferred securities of Credit Suisse First Boston issued by consolidated special purpose entities as an expense reducing its operating income is intended to present more fairly the operating results from its core businesses because they reflect the operating performance for the periods under review unaffected by the funding costs related to historical acquisitions.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
3Q2003, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		4,548		(1,161)	2)	3,387		3,352		(239)	3) 4) 6)	3,113		31		6,531
Personnel expenses		1,385				1,385		1,627		54	3) 4)	1,681		59		3,125
Other operating expenses		732				732		854		(260)	4)	594		(64)		1,262
Operating expenses		2,117				2,117		2,481				2,275		(5)		4,387
Gross operating profit		2,431				1,270		871				838		36		2,144
Depreciation of non-current assets		279				279		125				125		67		471
Amortization of acquired intangible assets and goodwill		–		25		25		–		211	3)	211		2		238
Valuation adjustments, provisions and losses		90		14	5)	104		111				111		0		215
Profit before extraordinary items and taxes		2,062				862		635				391		(33)		1,220
Extraordinary income/(expenses), net		3		1,161		1,164		2				2		2		1,168
Taxes		(260)		4		(256)		(111)		46		(65)		4		(317)
Net profit before minority interests		1,805				1,770		526				328		(27)		2,071
Minority interests		8				8		0		(20)	6)	(20)		(14)		(26)
Net profit		1,813				1,778		526				308		(41)		2,045
Reconciliation to business unit results
Acquisition interest								(56)		56
Amortization of retention payments								3		(3)
Amortization of acquired intangible assets and goodwill		(25)		25				(211)		211
Tax impact		1		(1)				46		(46)
Business unit result		1,789						308
1) Corporate Center includes the parent company operations, including Group financing initiatives, centrally managed, own-use real estate, consisting mainly of bank premises within Switzerland and consolidation adjustments.
2) Reflects net gains/(losses) from sales of investments and other reclassifications within the insurance business of CHF 1,161 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 56 m allocated to operating income, amortization of retention payments of CHF -3 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 211 m.
4) Reflects brokerage, execution and clearing expenses of CHF 203 m reclassified from other operating expenses to a reduction of operating income and contractor costs of CHF 40 m and staff recruitment costs of CHF 17 m reclassified from other operating expenses to personnel expenses.
5) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 14 m.
6) Reflects expenses of CHF 20 m related to certain redeemable preferred securities reclassified from operating income to minority interests.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
2Q2003, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		3,544				3,544		4,131		(245)	2) 3) 5)	3,886		119		7,549
Personnel expenses		1,434				1,434		2,156		150	2) 3)	2,306		84		3,824
Other operating expenses		744				744		863		(248)	3)	615		(112)		1,247
Operating expenses		2,178				2,178		3,019				2,921		(28)		5,071
Gross operating profit		1,366				1,366		1,112				965		147		2,478
Depreciation of non-current assets		194				194		136				136		145		475
Amortization of acquired intangible assets and goodwill		–		27		27		–		201	2)	201		(5)		223
Valuation adjustments, provisions and losses		90		(27)	4)	63		63				63		5		131
Profit before extraordinary items and taxes		1,082				1,082		913				565		2		1,649
Extraordinary income/(expenses), net		8				8		0				0		53		61
Taxes		(223)		(6)		(229)		(257)		84		(173)		83		(319)
Net profit before minority interests		867				861		656				392		138		1,391
Minority interests		(10)				(10)		0		(19)	5)	(19)		(16)		(45)
Net profit		857				851		656				373		122		1,346
Reconciliation to business unit results
Acquisition interest								(64)		64
Amortization of retention payments								(102)		102
Amortization of acquired intangible assets and goodwill		(27)		27				(201)		201
Tax impact		0						84		(84)
Business unit result		830						373
1) Corporate Center includes the parent company operations, including Group financing initiatives, centrally managed, own-use real estate, consisting mainly of bank premises within Switzerland and consolidation adjustments.
2) Reflects acquisition interest of CHF 64 m allocated to operating income, amortization of retention payments of CHF 102 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 201 m.
3) Reflects brokerage, execution and clearing expenses of CHF 200 m reclassified from other operating expenses to a reduction of operating income and contractor costs of CHF 36 m and staff recruitment costs of CHF 12 m reclassified from other operating expenses to personnel expenses.
4) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF –27 m.
5) Reflects expenses of CHF 19 m related to certain redeemable preferred securities reclassified from operating income to minority interests.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
3Q2002, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		2,364		133	2)	2,497		3,784		(376)	3) 4) 6)	3,408		(239)		5,666
Personnel expenses		1,486		47	5)	1,533		1,994		237	3) 4)	2,231		29		3,793
Other operating expenses		884		39	5)	923		1,110		(387)	4)	723		(87)		1,559
Operating expenses		2,370				2,456		3,104				2,954		(58)		5,352
Gross operating profit		(6)				41		680				454		(181)		314
Depreciation of non-current assets		262		29	5)	291		207				207		94		592
Amortization of acquired intangible assets and goodwill		–		31	5)	31		–		308	3)	308		(2)		337
Valuation adjustments, provisions and losses		91		31	7)	122		867				867		(16)		973
Profit/(loss) before extraordinary items and taxes		(359)				(403)		(394)				(928)		(257)		(1,588)
Extraordinary income/(expenses), net		6		(133)	2)	(127)		(1)				(1)		(3)		(131)
Taxes		(689)		8		(681)		139		141		280		(9)		(410)
Net profit/(loss) before minority interests		(1,042)				(1,211)		(256)				(649)		(269)		(2,129)
Minority interests		17				17		0		(19)	6)	(19)		(17)		(19)
Net profit/(loss)		(1,025)				(1,194)		(256)				(668)		(286)		(2,148)
Reconciliation to business unit results
Acquisition interest								(99)		99
Amortization of retention payments								(146)		146
Amortization of acquired intangible assets and goodwill		(27)		27				(308)		308
Exceptional items		(119)		119				–		–
Tax impact		1		(1)				141		(141)
Business unit result		(1,170)						(668)
1) Corporate Center includes the parent company operations, including Group financing initiatives, centrally managed, own-use real estate, consisting mainly of bank premises within Switzerland and consolidation adjustments.
2) Reflects net gains/(losses) from sales of investments within the insurance business of CHF -133 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 99 m allocated to operating income, amortization of retention payments of CHF 146 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 308 m.
4) Reflects brokerage, execution and clearing expenses of CHF 296 m reclassified from other operating expenses to a reduction of operating income and contractor costs of CHF 62 m and staff recruitment costs of CHF 29 m reclassified from other operating expenses to personnel expenses.
5) Reflects exceptional items allocated to personnel expenses of CHF 47 m, to other operating expenses of CHF 39 m, to depreciation of non-current assets of CHF 29 m and to amortization of acquired intangible assets and goodwill of CHF 4 m.
6) Reflects expenses of CHF 19 m related to certain redeemable preferred securities reclassified from operating income to minority interests.
7) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 31 m.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
9 months 2003, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		11,594		(1,103)	2)	10,491		11,373		(731)	3) 4) 6)	10,642		(29)		21,104
Personnel expenses		4,232				4,232		5,809		365	3) 4)	6,174		182		10,588
Other operating expenses		2,292				2,292		2,578		(740)	4)	1,838		(240)		3,890
Operating expenses		6,524				6,524		8,387				8,012		(58)		14,478
Gross operating profit		5,070				3,967		2,986				2,630		29		6,626
Depreciation of non-current assets		695				695		389				389		282		1,366
Amortization of acquired intangible assets and goodwill		–		77		77		–		618	3)	618		(2)		693
Valuation adjustments, provisions and losses		261		(37)	5)	224		350				350		5		579
Profit before extraordinary items and taxes		4,114				2,971		2,247				1,273		(256)		3,988
Extraordinary income/(expenses), net		18		1,103	2)	1,121		2				2		57		1,180
Taxes		(742)		(7)		(749)		(559)		226		(333)		68		(1,014)
Net profit before minority interests		3,390				3,343		1,690				942		(131)		4,154
Minority interests		(10)				(10)		0		(58)	6)	(58)		(43)		(111)
Net profit		3,380				3,333		1,690				884		(174)		4,043
Reconciliation to business unit results
Acquisition interest								(206)		206
Amortization of retention payments								(208)		208
Amortization of acquired intangible assets and goodwill		(77)		77				(618)		618
Tax impact		2		(2)				226		(226)
Business unit result		3,305						884
1) Corporate Center includes the parent company operations, including Group financing initiatives, centrally managed, own-use real estate, consisting mainly of bank premises within Switzerland and consolidation adjustments.
2) Reflects net gains/(losses) from sales of investments and other reclassifications within the insurance business of CHF 1,103 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 206 m allocated to operating income, amortization of retention payments of CHF 208 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 618 m.
4) Reflects brokerage, execution and clearing expenses of CHF 583 m reclassified from other operating expenses to a reduction of operating income and contractor costs of CHF 119 m and staff recruitment costs of CHF 38 m reclassified from other operating expenses to personnel expenses.
5) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF –37 m.
6) Reflects expenses of CHF 58 m related to certain redeemable preferred securities reclassified from operating income to minority interests.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
9 months 2002, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		8,586		70	2)	8,656		14,682		(1,044)	3) 4) 6)	13,638		(651)		21,643
Personnel expenses		4,500		47	5)	4,547		8,021		786	3) 4)	8,807		92		13,446
Other operating expenses		2,691		39	5)	2,730		3,484		(963)	4)	2,521		(279)		4,972
Operating expenses		7,191				7,277		11,505				11,328		(187)		18,418
Gross operating profit		1,395				1,379		3,177				2,310		(464)		3,225
Depreciation of non-current assets		687		29	5)	716		596				596		227		1,539
Amortization of acquired intangible assets and goodwill		–		106	5)	106		–		995	3)	995		(5)		1,096
Valuation adjustments, provisions and losses		285		35	7)	320		1,625				1,625		61		2,006
Profit/(loss) before extraordinary items and taxes		423				237		956				(906)		(747)		(1,416)
Extraordinary income/(expenses), net		24		(70)	2)	(46)		25				25		(5)		(26)
Taxes		(1,192)		10		(1,182)		(173)		505		332		(64)		(914)
Net profit/(loss) before minority interests		(745)				(991)		808				(549)		(816)		(2,356)
Minority interests		100				100		0		(60)	6)	(60)		(43)		(3)
Net profit/(loss)		(645)				(891)		808				(609)		(859)		(2,359)
Reconciliation to business unit results
Acquisition interest								(424)		424
Amortization of retention payments								(503)		503
Amortization of acquired intangible assets and goodwill		(102)		102				(995)		995
Exceptional items		(119)		119				–		–
Tax impact		2		(2)				505		(505)
Business unit result		(864)						(609)
1) Corporate Center includes the parent company operations, including Group financing initiatives, centrally managed, own-use real estate, consisting mainly of bank premises within Switzerland and consolidation adjustments.
2) Reflects net gains/(losses) from sales of investments within the insurance business of CHF -70 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 424 m allocated to operating income, amortization of retention payments of CHF 503 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 995 m.
4) Reflects brokerage, execution and clearing expenses of CHF 680 m reclassified from other operating expenses to a reduction of operating income and contractor costs of CHF 223 m and staff recruitment costs of CHF 60 m reclassified from other operating expenses to personnel expenses.
5) Reflects exceptional items allocated to personnel expenses of CHF 47 m, to other operating expenses of CHF 39 m, to depreciation of non-current assets of CHF 29 m and to amortization of acquired intangible assets and goodwill of CHF 4 m.
6) Reflects expenses of CHF 60 m related to certain redeemable preferred securities reclassified from operating income to minority interests.
7) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 35 m.

CONSOLIDATED RESULTS | CREDIT SUISSE GROUP

Consolidated income statement
								Change		Change						Change
								in % from		in % from						in % from
												9 months
in CHF m		3Q2003		2Q2003		3Q2002		2Q2003		3Q2002		2003		2002		2002
Interest and discount income		3,227		3,513		4,233		(8)		(24)		10,081		13,511		(25)
Interest and dividend income from trading portfolios		2,481		2,445		2,495		1		(1)		6,952		7,753		(10)
Interest and dividend income from financial investments		181		172		298		5		(39)		528		577		(8)
Interest expenses		(3,877)		(4,268)		(4,945)		(9)		(22)		(12,036)		(15,731)		(23)
Net interest income		2,012		1,862		2,081		8		(3)		5,525		6,110		(10)
Commission income from lending activities		224		243		152		(8)		47		672		559		20
Commission income from securities and investment transactions		2,921		2,641		2,925		11		0		8,117		10,759		(25)
Commission income from other services		277		258		399		7		(31)		776		1,315		(41)
Commission expenses		(199)		(182)		(174)		9		14		(568)		(599)		(5)
Net commission and service fee income		3,223		2,960		3,302		9		(2)		8,997		12,034		(25)
Net trading income		72		1,327		40		(95)		80		2,672		2,145		25
Premiums earned, net		7,126		7,585		8,672		(6)		(18)		25,187		26,502		(5)
Claims incurred and actuarial provisions		(7,207)		(8,143)		(6,853)		(11)		5		(25,034)		(22,365)		12
Commission expenses, net		(619)		(624)		(708)		(1)		(13)		(1,832)		(1,727)		6
Investment income from the insurance business		2,167		2,523		(636)		(14)		–		6,022		(486)		–
Net income from the insurance business		1,467		1,341		475		9		209		4,343		1,924		126
Income from the sale of financial investments		102		147		381		(31)		(73)		324		895		(64)
Income from investments in associates		8		(2)		(1)		–		–		49		83		(41)
Income from other non-consolidated participations		3		15		2		(80)		50		19		24		(21)
Real estate income		41		45		76		(9)		(46)		129		164		(21)
Sundry ordinary income		219		237		284		(8)		(23)		666		730		(9)
Sundry ordinary expenses 1)		(616)		(383)		(974)		61		(37)		(1,620)		(2,466)		(34)
Other ordinary income/(expenses), net		(243)		59		(232)		–		5		(433)		(570)		(24)
Operating income		6,531		7,549		5,666		(13)		15		21,104		21,643		(2)
Personnel expenses		3,125		3,824		3,793		(18)		(18)		10,588		13,446		(21)
Other operating expenses		1,262		1,247		1,559		1		(19)		3,890		4,972		(22)
Operating expenses		4,387		5,071		5,352		(13)		(18)		14,478		18,418		(21)
Gross operating profit		2,144		2,478		314		(13)		–		6,626		3,225		105
Depreciation of non-current assets 2)		471		475		592		(1)		(20)		1,366		1,539		(11)
Amortization of acquired intangible assets		84		78		162		8		(48)		243		528		(54)
Amortization of goodwill		154		145		175		6		(12)		450		568		(21)
Valuation adjustments, provisions and losses from the banking business 1)		215		131		973		64		(78)		579		2,006		(71)
Depreciation, valuation adjustments and losses		924		829		1,902		11		(51)		2,638		4,641		(43)
Profit/(loss) before extraordinary items and taxes		1,220		1,649		(1,588)		(26)		–		3,988		(1,416)		–
Extraordinary income		1,568		120		(5)		–		–		1,697		120		–
Extraordinary expenses		(400)		(59)		(126)		–		217		(517)		(146)		254
Taxes 3)		(317)		(319)		(410)		(1)		(23)		(1,014)		(914)		11
Net profit/(loss) before minority interests		2,071		1,391		(2,129)		49		–		4,154		(2,356)		–
Minority interests		(26)		(45)		(19)		(42)		37		(111)		(3)		–
Net profit/(loss)		2,045		1,346		(2,148)		52		–		4,043		(2,359)		–
1) Effective in the first quarter 2003, declines in value of debt securities and loans available for sale due to deterioration in creditworthiness are reported in “Sundry ordinary expenses”. In previous years they were recorded in “Valuation adjustments, provisions and losses from the banking business”.
2) Includes amortization of Present Value of Future Profits (PVFP) from the insurance business.
3) In 4Q2002, Credit Suisse Group adopted a change in accounting principle relating to the recognition of deferred tax assets on net operating losses. The retroactive application of this change in accounting principle would have resulted in taxes for 3Q2002 and for the 9 months 2002 of CHF –306 m and CHF –400 m, respectively.

Consolidated balance sheet
								Change		Change
								in % from		in % from
in CHF m		30.09.03		30.06.03		31.12.02		30.06.03		31.12.02
Assets
Cash and other liquid assets		3,618		4,016		2,551		(10)		42
Money market papers		17,851		21,283		25,125		(16)		(29)
Due from banks		227,853		215,292		195,778		6		16
Receivables from the insurance business		8,870		12,359		12,290		(28)		(28)
Due from customers		168,935		193,115		182,143		(13)		(7)
Mortgages		99,732		96,816		94,896		3		5
Securities and precious metals trading portfolios		196,314		187,358		173,133		5		13
Financial investments from the banking business		40,466		35,053		33,394		15		21
Investments from the insurance business		127,707		140,045		128,450		(9)		(1)
Non-consolidated participations		1,568		1,594		1,792		(2)		(13)
Tangible fixed assets		7,179		7,726		8,152		(7)		(12)
Intangible assets		14,654		15,447		18,359		(5)		(20)
Accrued income and prepaid expenses		12,322		14,742		13,882		(16)		(11)
Other assets		67,486		71,799		65,711		(6)		3
Total assets		994,555		1,016,645		955,656		(2)		4
Subordinated assets		6,743		6,361		5,479		6		23
Receivables due from non-consolidated participations		942		864		728		9		29
Liabilities and shareholders' equity
Money market papers issued		36,986		26,967		22,178		37		67
Due to banks		313,363		325,887		287,884		(4)		9
Payables from the insurance business		8,376		8,556		10,218		(2)		(18)
Due to customers in savings and investment deposits		42,794		42,398		39,739		1		8
Due to customers, other		256,786		262,342		258,244		(2)		(1)
Medium-term notes (cash bonds)		1,938		2,161		2,599		(10)		(25)
Bonds and mortgage-backed bonds		82,021		80,701		81,839		2		0
Accrued expenses and deferred income		16,536		16,774		17,463		(1)		(5)
Other liabilities		57,827		57,812		56,070		0		3
Valuation adjustments and provisions		11,147		12,508		11,557		(11)		(4)
Technical provisions for the insurance business		131,908		147,111		136,471		(10)		(3)
Total liabilities		959,682		983,217		924,262		(2)		4
Reserve for general banking risks		1,733		1,733		1,739		0		0
Share capital		1,195		1,190		1,190		0		0
Capital reserve		20,720		20,713		20,710		0		0
Revaluation reserves for the insurance business		1,186		1,704		1,504		(30)		(21)
Reserve for own shares		1,950		1,950		1,950		0		0
Retained earnings		1,075		1,200		4,732		(10)		(77)
Minority interests		2,971		2,940		2,878		1		3
Net profit/(loss)		4,043		1,998		(3,309)		102		–
Total shareholders' equity		34,873		33,428		31,394		4		11
Total liabilities and shareholders' equity		994,555		1,016,645		955,656		(2)		4
Subordinated liabilities		19,386		20,186		20,932		(4)		(7)
Liabilities due to non-consolidated participations		2,090		1,390		1,164		50		80

Off-balance sheet and fiduciary business
in CHF m		30.09.03		31.12.02
Credit guarantees in form of bills of exchange and other guarantees 1)		30,505		27,745
Bid bonds, delivery and performance bonds, letters of indemnity, other performance-related guarantees		4,648		4,680
Irrevocable commitments in respect of documentary credits		3,131		3,242
Other contingent liabilities		2,697		3,437
Contingent liabilities		40,981		39,104
Irrevocable commitments		91,485		92,950
Liabilities for calls on shares and other equity instruments		46		43
Confirmed credits		13		32
Total off-balance sheet		132,525		132,129
Fiduciary transactions		34,237		37,703
At 30.09.03, market value guarantees reported as derivatives totaled CHF 217.8 bn (31.12.02: CHF 170.4 bn) (nominal value). The associated replacement value reported on-balance sheet totaled CHF 5.9 bn (31.12.02: CHF 10.3 bn).
1) Including credit guarantees of securities lent as arranger: 30.09.03: CHF 22.8 bn (31.12.02: CHF 20.7 bn).

Derivative instruments
				Positive		Negative				Positive		Negative
				gross		gross				gross		gross
		Nominal		replacement		replacement		Nominal		replacement		replacement
		value		value	1)	value	1)	value		value	1)	value	1)
in CHF bn		30.09.03		30.09.03		30.09.03		31.12.02		31.12.02		31.12.02
Interest rate products		11,884.9		192.3		181.8		10,647.2		185.4		181.0
Foreign exchange products		1,640.6		39.5		40.2		1,376.7		34.8		36.1
Precious metals products		14.6		0.9		3.0		19.8		0.9		2.5
Equity/index-related products		459.9		15.5		21.9		347.5		12.6		13.0
Other products		252.7		4.2		5.0		179.4		4.3		5.0
Total derivative instruments		14,252.7		252.4		251.9		12,570.6		238.0		237.6
1) Including replacement values for traded derivatives (futures and traded options) subject to daily margining requirements. Total positive and negative replacement values of traded derivatives amount to CHF 5.0 bn (31.12.02: CHF 1.5 bn) and CHF 2.8 bn (31.12.02: CHF 1.1 bn).

Currency translation rates
		Average rate year-to-date						Closing rate used in the
		used in the income statement						balance sheet as of
in CHF		3Q2003		2Q2003		3Q2002		30.09.03		30.06.03		31.12.02
1 USD		1.36		1.35		1.59		1.3229		1.3528		1.3902
1 EUR		1.51		1.49		1.47		1.5382		1.5461		1.4550
1 GBP		2.19		2.18		2.34		2.2089		2.2357		2.2357
100 JPY		1.15		1.14		1.26		1.1923		1.1290		1.1722

Income statement of the banking and insurance business 1)
		Banking business
		(incl. Corporate Center)				Insurance business			2)	Credit Suisse Group
9 months, in CHF m		2003		2002		2003		2002		2003		2002
Net interest income		5,528		6,072		–		–		5,525		6,110
Net commission and service fee income		8,981		12,043		–		–		8,997		12,034
Net trading income		2,718		2,145		–		–		2,672		2,145
Net income from the insurance business  3)		–		–		4,320		1,934		4,343		1,924
Other ordinary income/(expenses), net		220		(180)		(668)		(399)		(433)		(570)
Operating income		17,447		20,080		3,652		1,535		21,104		21,643
Personnel expenses		9,060		11,733		1,528		1,713		10,588		13,446
Other operating expenses		2,875		3,804		1,013		1,138		3,890		4,972
Operating expenses		11,935		15,537		2,541		2,851		14,478		18,418
Gross operating profit/(loss)		5,512		4,543		1,111		(1,316)		6,626		3,225
Depreciation of non-current assets		896		1,112		470		427		1,366		1,539
Amortization of acquired intangible assets		243		528		0		0		243		528
Amortization of goodwill		402		519		48		50		450		568
Valuation adjustments, provisions and losses from the banking business		579		2,005		–		–		579		2,006
Depreciation, valuation adjustments and losses		2,120		4,164		518		477		2,638		4,641
Profit/(loss) before extraordinary items, taxes and minority interests		3,392		379		593		(1,793)		3,988		(1,416)
Extraordinary income		110		70		1,587		50		1,697		120
Extraordinary expenses		(33)		(26)		(484)		(120)		(517)		(146)
Taxes		(808)		(234)		(206)		(680)		(1,014)		(914)
Net profit/(loss) before minority interests		2,661		189		1,490		(2,543)		4,154		(2,356)
Minority interests		(114)		(116)		2		113		(111)		(3)
Net profit/(loss)		2,547		73		1,492		(2,430)		4,043		(2,359)
1) Income statements for the banking and insurance business are presented on a stand-alone basis.
2) Represents “Winterthur” Swiss Insurance Company.
3) Insurance business: expenses due to the handling of both claims and investments are allocated to the income from the insurance business, of which CHF 405 m (9 months 2002: CHF 428 m) are related to personnel expenses and CHF 341 m (9 months 2002: CHF 330 m) to other operating expenses.

Statement of shareholders' equity
		9 months
in CHF m		2003		2002
At beginning of financial year		31,394		38,921
Repayment out of share capital		0		(2,379)
Dividends paid		(123)		0
Dividends paid to minority interests		(109)		(120)
Capital increases, par value and capital surplus		14		198
Cancellation of repurchased shares		0		(542)
Changes in scope of consolidation affecting minority interests		(19)		(95)
Foreign exchange impact		(143)		(1,745)
Change in revaluation reserves from the insurance business, net		(289)		579
Change in reserve for general banking risks, net		(6)		0
Minority interests in net profit		111		3
Net profit/(loss)		4,043		(2,359)
At end of period		34,873		32,461

LOANS

Due from banks
in CHF m		30.09.03		31.12.02
Due from banks, gross		227,938		195,866
Valuation allowance		(85)		(88)
Total due from banks, net		227,853		195,778

Due from customers and mortgages
in CHF m		30.09.03		31.12.02
Due from customers, gross 1)		173,217		187,617
Valuation allowance		(4,282)		(5,474)
Due from customers, net		168,935		182,143
Mortgages, gross 1)		101,155		97,037
Valuation allowance		(1,423)		(2,141)
Mortgages, net		99,732		94,896
Total due from customers and mortgages, net		268,667		277,039
1) Effective 1Q2003, loans held for sale are presented net of the related loan valuation allowances.

Due from customers and mortgages by sector
in CHF m		30.09.03		31.12.02
Financial services		50,298		43,553
Real estate companies		15,995		16,472
Other services including technology companies		15,073		15,316
Manufacturing		11,190		13,273
Wholesale and retail trade		9,890		11,165
Construction		4,099		4,314
Transportation		3,881		4,149
Telecommunications		1,918		2,333
Health and social services		1,883		2,340
Hotels and restaurants		2,533		2,390
Agriculture and mining		2,301		2,317
Non-profit and international organizations		189		191
Commercial		119,250		117,813
Consumers		95,258		87,145
Public authorities		5,956		5,023
Lease financings		3,297		3,158
Professional securities transactions and securitized loans		50,611		71,515
Due from customers and mortgages, gross		274,372		284,654
Valuation allowance		(5,705)		(7,615)
Total due from customers and mortgages, net		268,667		277,039

Collateral of due from customers and mortgages
		Mortgage		Other		Without		Total
in CHF m		collateral		collateral		collateral		30.09.03
Due from customers		5,438		117,467		46,030		168,935
Residential properties		73,001
Business and office properties		11,370
Commercial and industrial properties		12,115
Other properties		3,246
Mortgages		99,732						99,732
Total collateral		105,170		117,467		46,030		268,667
As of 31.12.02		100,002		129,300		47,737		277,039

Loan valuation allowance
in CHF m		30.09.03		31.12.02
Due from banks		85		88
Due from customers		4,282		5,474
Mortgages		1,423		2,141
Total loans valuation allowance 1) 2)		5,790		7,703
of which on principal		4,921		6,617
of which on interest		869		1,086
1) Of which are CHF 4,816 m specific allowances for impaired loans (31.12.02: CHF 6,778 m).
2) Effective 1Q2003, valuation allowances related to loans held for sale are netted directly with such loans, and are not presented separately in the total loan valuation allowance.

Roll forward of loan valuation allowance
		9 months
in CHF m		2003		2002
At beginning of financial year		7,703		9,264
Additions		948		2,028
Releases		(548)		(584)
Net additions charged to income statement		400		1,444
Gross write-offs		(2,033)		(3,221)
Recoveries		42		34
Net write-offs		(1,991)		(3,187)
Reclassified to loans held for sale		(355)		–
Provisions for interest		100		161
Foreign currency translation impact and other		(67)		(304)
At end of period		5,790		7,378

Impaired loans 1)
in CHF m		30.09.03		31.12.02
With a specific allowance		7,738		11,714
Without a specific allowance		774		655
Total impaired loans, gross		8,512		12,369
Non-performing loans		3,970		6,355
Non-interest earning loans		2,015		2,325
Restructured loans		349		281
Potential problem loans 2)		2,178		3,408
Total impaired loans, gross		8,512		12,369
1) Effective 1Q2003, loans classified as held for sale are excluded from presentation as impaired.
2) Potential problem loans consist of loans where interest payments are being made but where, in the credit officer's assessment, some doubt exists as to the timing and/or certainty of the repayment of contractual principal.

Securities and precious metals trading portfolios
in CHF m		30.09.03		31.12.02
Listed on stock exchange		67,749		58,661
Unlisted		75,638		76,083
Debt instruments		143,387		134,744
of which own bonds and medium-term notes		914		1,520
Listed on stock exchange		45,937		33,208
Unlisted		5,735		3,935
Equity instruments		51,672		37,143
of which own shares		2,584		2,254
Precious metals		1,255		1,246
Total securities and precious metals trading portfolios		196,314		173,133
of which securities rediscountable or pledgeable    with central banks		33,522		27,426

Investments from the insurance business
						Gross		Gross
				Amortized		unrealized		unrealized
As of 30.09.03, in CHF m		Book value		cost		gains		losses		Fair value
Debt securities issued by Swiss Federal Government, cantonal or local governmental entities		7,157		7,157		0		160		6,997
Corporate debt securities		1,199		1,199		0		19		1,180
Other		1,851		1,851		0		30		1,821
Total debt securities – held to maturity		10,207		10,207		0		209		9,998
Debt securities issued by Swiss Federal Government, cantonal or local governmental entities		4,258		4,090		184		16		4,258
Debt securities issued by foreign governments		16,842		16,255		679		92		16,842
Corporate debt securities		38,735		37,246		1,733		244		38,735
Other		6,988		6,658		349		19		6,988
Debt securities		66,823		64,249		2,945		371		66,823
Equity securities		5,485		5,147		482		144		5,485
Total securities – available-for-sale		72,308		69,396		3,427		515		72,308
Debt securities		234		–		–		–		–
Equity securities		81		–		–		–		–
Total securities – trading		315		–		–		–		–
Own shares		7		–		–		–		–
Mortgage loans		10,932		–		–		–		–
Other loans		4,407		–		–		–		–
Real estate		7,572		–		–		–		9,944
Short-term investments and other		6,764		–		–		–		–
Investments from the insurance business		112,512		–		–		–		–
Equity securities		10,883		–		–		–		–
Debt securities		2,565		–		–		–		–
Short-term investments		1,572		–		–		–		–
Real estate		175		–		–		–		–
Investments where the investment risk is borne by the policyholder		15,195		–		–		–		–
Investments from the insurance business		127,707		–		–		–		–

As of 31.12.02, in CHF m
Debt securities issued by Swiss Federal Government, cantonal or local governmental entities		10,814		9,951		863		0		10,814
Debt securities issued by foreign governments		27,110		26,337		871		98		27,110
Corporate debt securities		29,042		27,478		1,717		153		29,042
Other		9,685		9,157		552		24		9,685
Debt securities		76,651		72,923		4,003		275		76,651
Equity securities		9,052		9,171		336		455		9,052
Total securities – available-for-sale		85,703		82,094		4,339		730		85,703
Debt securities		246		–		–		–		–
Equity securities		31		–		–		–		–
Total securities – trading		277		–		–		–		–
Own shares		44		–		–		–		–
Mortgage loans		10,175		–		–		–		–
Other loans		4,305		–		–		–		–
Real estate		7,431		–		–		–		10,057
Short-term investments and other		7,120		–		–		–		–
Investments from the insurance business		115,055		–		–		–		–
Equity securities		9,288		–		–		–		–
Debt securities		2,841		–		–		–		–
Short-term investments		1,069		–		–		–		–
Real estate		197		–		–		–		–
Investments where the investment risk is borne by the policyholder		13,395		–		–		–		–
Investments from the insurance business		128,450		–		–		–		–

INFORMATION FOR INVESTORS

Financial calendar
Fourth quarter/full-year results 2003	Thursday, February 12, 2004
Annual General Meeting	Friday, April 30, 2004

Credit Suisse Group shares
Ticker symbols
Stock exchange listings		Bloomberg	Reuters	Telekurs
SWX Swiss Exchange/virt-x		CSGN VX	CSGN.VX	CSGN,380
Frankfurt		CSX GR	CSGN.DE	CSX,013
New York (ADS) 1)		CSR US	CSR.N	CSR,065
1) 1 ADS represents 1 registered share.
Swiss security number		1213853
ISIN number		CH0012138530
German security number		DE 876 800
CUSIP number		225 401 108

Ratings
		Moody’s		Standard & Poor’s		Fitch Ratings
Credit Suisse Group
Short term		–		A-1		F1+
Long term		Aa3		A		AA-
Outlook		Negative		Stable		Negative
Credit Suisse
Short term		P-1		A-1		F1+
Long term		Aa3		A+		AA-
Outlook		Negative		Stable		Negative
Credit Suisse First Boston
Short term		P-1		A-1		F1+
Long term		Aa3		A+		AA-
Outlook		Negative		Stable		Negative
Winterthur
Insurer Financial Strength		A1		A		AA
Credit		A2		A		AA-
Outlook		Negative		Negative		Negative

Enquiries
Credit Suisse Group
Investor Relations
Gerhard Beindorff, Marc Buchheister
Tel. +41 1 333 4570/+41 1 333 3169
Fax +41 1 333 2587
Credit Suisse Group
Media Relations
Karin Rhomberg Hug, Claudia Kraaz
Tel. +41 1 333 8844
Fax +41 1 333 8877

Financial Publications
Printed financial publications may be ordered from:
Credit Suisse
KIDM 23
Uetlibergstrasse 231
8070 Zurich
Switzerland
Fax +41 1 332 7294
www.credit-suisse.com/results/order.html


In this year’s corporate reports, we have chosen the work of Swiss artist Daniel Grobet to represent Credit Suisse Group’s 360° approach to finance. In his hand-crafted iron sculptures, Daniel achieves a harmonious balance by carefully combining static and dynamic elements.




Credit Suisse Group
Paradeplatz 8
P.O. Box 1
8070 Zurich
Switzerland
Tel. +41 1 212 1616
Fax +41 1 333 2587
www.credit-suisse.com

5520144

English

 

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PRESENTATION

	RESULTS OVERVIEW
	CONSOLIDATED RESULTS	Slide	4
	CREDIT SUISSE FINANCIAL SERVICES	Slide	13
	CREDIT SUISSE FIRST BOSTON	Slide	22
	ADDITIONAL INFORMATION	Slide	29
	DISCLAIMER	Slide	42

	Slide 1

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RESULTS OVERVIEW

in CHF m	Q3/03		Q2/03		Q3/02			9M/03		9M/02
Credit Suisse
Financial Services	1,778		851		(1,194	)		3,333		(891	)
Credit Suisse
First Boston	308		373		(668	)		884		(609	)
Corporate Center & adjustments	(41	)	122		(286	)		(174	)	(859	)
Net profit/(loss)	2,045		1,346		(2,148	)		4,043		(2,359	)
Amortization of acquired intangible
assets and goodwill, net of tax (1)	208		197		396			609		1,008
Net operating profit/(loss)	2,253		1,543		(1,752	)		4,652		(1,351	)
Basic earnings per share (in CHF)	1.66		1.09		(1.81	)		3.29		(1.98	)
Return on equity (annualized)	26.3%		18.5%		(26.9%	)		18.2%		(9.2%	)

(1)   Q3/02 ans 9M/02 include exceptional items of CHF 119 m, net of tax

	Slide 2

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KEY TRENDS IN Q3/03

	Further progress achieved in our efforts to produce sound profitability
	Divestitures and provisions at Winterthur significantly strengthened capital position and balance sheet
		After-tax gain of CHF 1.6 bn gross, or CHF 1.3 bn net of related provisions
		Additionally, provisions of CHF 383 m after tax related to its international business portfolio
	Private Banking with better results than seasonally expected and a strong increase in net new assets
	Corporate & Retail Banking benefited from efficiency improvements and stable revenue trends
	Both insurance segments benefited from strong investment results, lower administration costs and tariff increases
	CSFB performance was dampened by lower fixed income results reflecting conservative risk positioning in light of interest rate volatility, while the business unit demonstrated expense flexibility and continued to experience low credit charges

 

	Slide 3

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PRESENTATION

	RESULTS OVERVIEW	Slide	1
	CONSOLIDATED RESULTS
	CREDIT SUISSE FINANCIAL SERVICES	Slide	13
	CREDIT SUISSE FIRST BOSTON	Slide	22
	ADDITIONAL INFORMATION	Slide	29
	DISCLAIMER	Slide	42

 

	Slide 4

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OPERATING INCOME

									9 months
in CHF m
		Q3/03		Q2/03		in %			2003		2002		in %
Net interest income		2,012		1,862		8			5,525		6,110		(10	)
Net commission & fee income		3,223		2,960		9			8,997		12,034		(25	)
Net trading income		72		1,327		(95	)		2,672		2,145		25
Net income from the
insurance business		1,467		1,341		9			4,343		1,924		126
Total operating income (1)		6,531		7,549		(13	)		21,104		21,643		(2	)

(1)	including "Other ordinary income/(expenses), net"

 

	Slide 5

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OPERATING EXPENSES, DEPRECIATION AND TAXES

									9 months
in CHF m
		Q3/03		Q2/03		in %			2003		2002		in %
Personnel expenses		3,125	(1)	3,824		(18	)		10,588		13,446		(21	)
Other operating expenses		1,262		1,24 7		1			3,890		4,972		(22	)
Operating expenses		4,387		5,071		(13	)		14,478		18,418		(21	)
Depreciation		471		475		(1	)		1,366		1,539		(11	)
Cost/income ratio, reported (2)		74	%	73	%				75	%	92	%
Cost/income ratio,
banking business only (2)(3)		70	%	73	%				74	%	83	%
Taxes		317		319		(1	)		1,014		914		11
Tax rate		13	%	19	%				20	%	(63	%)

(1)	includes positive net impact of CHF 122 m from change in vesting of share-based compensation and related incremental incentive compensation at CSFB
(2)	operating expenses plus depreciation of non-current assets divided by operating income
(3)	including results from Corporate Center and adjustments

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PROVISIONS

Note: Totals include Corporate Center and adjustments but exclude exceptional provisions of CHF 984 m in Q4/02

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 IMPAIRED LOANS

	6.0			4.6		4.9		4.1		3.3		3.0		Impaired loans as % of due
														from banks and customers (1)
	59.5			60.0		62.3		63.8		67.1		68.0		Valuation allowance as % of
														impaired loans
(1) due from banks and customers and mortgages (excluding securities lending and reverse repurchase agreements)

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BIS CAPITAL RATIOS
AS OF SEPTEMBER 30, 2003

							Credit Suisse
		Credit		Credit Suisse			Group
in CHF m		Suisse(1)		First Boston(1)			Consolidated
Book equity		7,701		19,914			34,873
Deduction of goodwill		(254	)	(7,727	)		(9,462	)
Deduction of 50% of Winterthur's
adjusted net asset value		–		–			(2,682	)
Other tier 1 adjustments		(399	)	(75	)		(828	)
Tier 1 capital		7,049		12,112			21,901
Acquired intangible assets		62		1,731	(2)		1,795	(2)
Hybrid capital		–		1,003			2,184
Risk-weighted assets		92,269		99,308			197,412
Tier 1 capital ratio		7.6%		12.2%			11.1%
excl. acquired intangible assets		7.6%		10.7%			10.3%

(1) consolidated banking entities Credit Suisse and Credit Suisse First Boston   (2) net of tax liability

	Slide 9

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YEAR-END 2003 PREVIEW
IMPLEMENTATION OF REVISED RRV-EBK*

	Announced by EBK in December 2002, effective as of January 1, 2003
	Changes to be applied prospectively, i.e. no restatement
	Credit Suisse Group will implement full-year impact in Q4/2003
	Impact predominantly from business unit CSFB

Change		Description			Pro-forma impact
Accounting for own shares			Income related to treasury shares to be recorded directly in equity			For nine months 2003: decrease of CHF 120 m to net profit
			Treasury shares and share award-related liabilities to be recorded directly in equity			At September 30, 2003: net decrease of CHF 0.6 bn to shareholders' equity
			In line with US GAAP treatment			No impact on regulatory capital adequacy ratios
Accounting for derivatives			Revised hedge accounting principles and documentation requirements			For nine months 2003: decrease of CHF 180 m to net profit (before cumulative effect)
			Freestanding derivative valuations are marked to market			Cumulative positive effect from prior years of CHF 190 m, net of tax
			Strategic hedges disallowed

* EBK = Swiss Federal Banking Commission      RRV = Swiss Banking GAAP as promulgated by the EBK

	Slide 10

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US GAAP PREVIEW
DIVESTITURES TRIGGER ASSESSMENT OF US GAAP GOODWILL

Swiss GAAP
	Merger accounted for applying the pooling of interests method
	Historical carrying values maintained for Winterthur's assets and liabilities
	No goodwill from merger but also no increase in equity account
	Recent divestitures resulted in an after-tax gain of CHF 1.6 bn gross, or CHF 1.3 bn net of related provisions

 

US GAAP
	Merger accounted for under the purchase method
		assets and liabilities valued at fair market value at transaction date
	Difference between the net fair value of assets / liabilities acquired and the market capitalization of Winterthur recorded as
		goodwill, with corresponding
		increase in shareholders' equity
	At January 1, 2003, the remaining additional US GAAP goodwill amounted to CHF 3.5 bn
	Net result of recent divestitures under US GAAP significantly lower due to the higher book values and allocated goodwill

	Slide 11

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US GAAP PREVIEW
DIVESTITURES TRIGGER ASSESSMENT OF US GAAP GOODWILL

in CHF billion		Swiss GAAP		US GAAP
Winterthur-related goodwill recorded in CSG
consolidated accounts at December 31, 2002		1.0		4.5
Q2/03 – Q3/03 goodwill allocation and write-off
related to divestitures		(0.1	)	(1.7	)
Q2/2003 goodwill impairment charge (Life & Pensions)		–		(1.5	)
YTD 2003 goodwill amortization charge		(0.1	)	–
Winterthur-related goodwill recorded in CSG
consolidated accounts at September 30, 2003		0.8		1.3
At December 31, 2002:
Winterthur shareholders' equity(1)		5.6		10.8
Winterthur shareholders' equity(1), net of goodwill		4.6		6.3
		Relevant 2003
		reporting
		standard
(1) including minority interests

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PRESENTATION

	RESULTS OVERVIEW	Slide	1
	CONSOLIDATED RESULTS	Slide	4
	CREDIT SUISSE FINANCIAL SERVICES
	CREDIT SUISSE FIRST BOSTON	Slide	22
	ADDITIONAL INFORMATION	Slide	29
	DISCLAIMER	Slide	42

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CREDIT SUISSE FINANCIAL SERVICES
OVERVIEW	(1/2)

Results			Third quarter net profit of CHF 1.8 bn vs a net profit of CHF 851 m in Q2/03
			Winterthur’s Q3/03 results include
				an after-tax gain from divestitures of CHF 1.6 bn, or CHF 1.3 bn
				net of related provisions
				additionally: provisions of CHF 383 m after tax related to its
				current and former international business portfolio
			YTD 2003 net profit of CHF 3.3 bn, vs a loss of CHF 0.9 bn in the first nine months of 2002
Highlights banking segments			Quarterly operating income slightly improved, although the third quarter usually shows seasonal weakness
			Results clearly reflect the impact of efficieny measures taken (YTD costs down CHF 356 m or 8% vs. 9M/02)
			Lowest cost/income ratio in the past seven quarters
			Private Banking net new assets more than doubled to CHF 8.4 bn in Q3/03

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CREDIT SUISSE FINANCIAL SERVICES
OVERVIEW	(2/2)

Highlights insurance segments			Significantly improved investment results 9M/03
			(Life & Pensions up CHF 2.7 bn; Insurance up CHF 1.0 bn)
			Steady progress in the underlying performance vs 9M/02 due to
				tariff increases, selective business renewals
				lower administration costs (in total down by CHF 315 m or 12%)
			Finalized sales of Churchill (UK), Winterthur Italy and
			Republic (US)
				In isolation, these divestitures increased Winterthur Group’s
				EU solvency surplus capital by approximately CHF 3.5 bn

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WINTERTHUR SEGMENT PROFITS

in CHF m		Non-Life			Life			Total
Segment profit Q3, including		991			126			1,117
after-tax gains from divestitures,
net of related provisions (1)		1,268			57			1,325
additional provisions after tax (2)		(383	)		–			(383	)
of which recognized in claims		(117	)		–			(117	)

(1)	Churchill (UK), Winterthur Italy, Republic (US)
(2)	certain provisions related to Winterthur’s current and former international business portfolio

	Slide 16

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PRIVATE BANKING

Segment result
Gross
margin	128		125		124		125
(bp)
C/I	59.1		55.1		61.5		59.1
ratio (%)
Net new assets
(CHF bn)	3.8		8.4		18.2		13.7
	Q2		Q3		2002		2003
	2003				9 months

Key profit & loss items
			vs				vs
in CHF m	Q3/03		Q2/03		9M/03		9M/02
Operating income	1,571		3%		4,489		(5%	)
Operating expenses	819		(4%	)	2,501		(8%	)

	Operating income up 3% vs Q2/03, gross margin
	down 3 bp (to 125 bp) vs Q2/03
	Operating expenses 4% below Q2/03, in line with
	headcount development
	Improved cost/income ratio of 55.1%, lowest ratio
	in the past six quarters
	Net new assets more than doubled to CHF 8.4 bn
	in Q3/03, higher AuM base

 

	Slide 17

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CORPORATE & RETAIL BANKING

Segment result		Key profit & loss items
						vs				vs
		in CHF m		Q3/03		Q2/03		9M/03		9M/02
		Operating income		789		(2	%)	2,346		(3%	)
		Operating expenses		483		(4	%)	1,481		(9%	)
		Provisions (1)		65		(8	%)	213		(9%	)

Net interest  margin(bp)	212	215		214	213					Stable underlying operating income, net interest margin up 3 bp vs Q2/03
Cost/income										Operating expenses 4% below Q2/03, in line with
ratio (%)	65.8	64.4		70.7	66.3					headcount development
ROE (%)	12.9	13.6		9.5	12.2					Improved cost/income ratio of 64.4%, lowest ratio in the past seven quarters
	Q2	Q3		2002	2003					Further reduced impaired loans
	2003			9 months					(1)	valuation adjustments, provisions and losses (provisions based on expected credit losses derived from statistical model)

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LIFE & PENSIONS

Segment result		Key profit & loss items
					vs
		in CHF m	9M/03		9M/02
		Gross premiums written	13,277		(10%	)
		Benefits & claims (1)	(14,487	)	(10%	)
		Policy acquisition costs	(545	)	(2%	)
		Administration costs	(862	)	(18%	)
		Investment income (2)	3,821		246%

Expense ratio (%)	11.5	17.1		10.9	10.6			Segment result of CHF 126 m including after-tax gain from divestitures of CHF 57M
Return on invested	5.1	5.0		1.5	5.0			Premiums down 5.0% (organic) vs 9M/02 due to selective underwriting
assets (%)
								Administration costs down 18% vs 9M/02
	Q2	Q3		2002	2003
								Q3/03 acquisition costs and expense ratio
	2003			9 months				impacted by DAC unlocking of CHF 201 m
(1)  death and other benefits incurred & change in provision for								(segment result impact of CHF 75 m)
future policyholder benefits
(2)  excluding separate account business

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INSURANCE

Segment result		Key profit & loss items
										vs
		in CHF m						9M/03		9M/02
		Net premiums earned						11,876		2%
		Claims & annuities						(8,689	)	0%
		Policy acquisition costs						(2,018	)	7%
		Administration costs						(1,355	)	(8%	)
		Investment income						952		–

										Segment result of CHF 991 m including
Combined											an after-tax gain from divestitures of CHF 1.6 bn, or CHF 1.3 bn net of related provisions
ratio (%)	100.5	103.6		103.5		101.6
											additional provisions of CHF 383 m after tax
Return on
Invested										Premiums up 8.1% (organic) vs 9M/02, largely driven by tariff increases
assets (%)	4.0	3.9		(0.3	)	3.8
										Administration costs down 8% vs 9M/02
	Q2	Q3		2002		2003
										Q3/03 reported combined ratio of 103.6% includes CHF 117 m additional provisions (corresponding to 3.1 ppt combined ratio)
	2003			9 months

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CREDIT SUISSE FINANCIAL SERVICES
OUTLOOK

			CSFS expects a good overall result in 2003:
			Overall:	- Efficiency improvements
			Banking:	- Higher AuM base
				- Stable credit trend
Outlook
for 2003				- Seasonally higher costs in fourth quarter
			Winterthur:	- Improved technical results
				- No contribution from divested businesses
				going forward
			Life & Pensions remains exposed to volatility of the capital markets

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PRESENTATION

	RESULTS OVERVIEW	Slide	1
	CONSOLIDATED RESULTS	Slide	4
	CREDIT SUISSE FINANCIAL SERVICES	Slide	13
	CREDIT SUISSE FIRST BOSTON
	ADDITIONAL INFORMATION	Slide	29
	DISCLAIMER	Slide	42

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CREDIT SUISSE FIRST BOSTON
OVERVIEW

			Net operating profit(1) of USD 358 m, down 13% from USD 412 m
				Net profit down 21% to USD 224 m
			Operating income of USD 2.4 bn, down 22% primarily as
			conservative risk positioning dampened fixed income trading results
Results Q3/03 vs Q2/03
			Operating expenses reduced by 21% to USD 1.8 bn due to
			lower compensation accruals
				Compensation/revenue ratio(2) reduced to 48.5% from 52.2% due
				to positive net impact of USD 90 m from change in vesting of stock
				awards and related incremental incentive compensation accruals
			Pre-tax operating margin(2) comparable at 17.4%
			Return on average allocated capital(2) of 16.9% vs 18.0%
			Cost containment continues to be a key goal
Highlights			Credit provisions continue to be at historically low levels
			Amortization of retention payments substantially completed

(1)	excluding amortization of acquired intangible assets and goodwill, net of tax
(2)	excluding certain acquisition-related costs not allocated to the segments and reflecting certain other reclassifications

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CREDIT SUISSE FIRST BOSTON
KEY FINANCIAL RESULTS

in USD m	Q3/03		Q2/03			9M/03		9M/02
Operating income	2,422		3,103			8,363		9,233
pro forma excluding Pershing	–		–			8,348		8,583
Operating expenses	1,792		2,266			6,167		7,236
pro forma excluding Pershing	–		–			–		6,730
Valuation adjustments, provisions and losses	80		49			257		1,022
Net operating profit (1)	358		412			1,045		129
pro forma excluding Pershing	–		–			1,030		57
Operating ROE (2)	16.9	%	18.0	%		15.5	%	1.9	%
Operating pre-tax margin (2)	17.4	%	18.1	%		16.1	%	0.4	%
Personnel expenses/operating income (2)	48.5	%	52.2	%		51.1	%	54.6	%
Number of employees (3)	18,195		18,137

(1)	excluding amortization of acquired intangible assets and goodwill, net of tax
(2)	excluding certain acquisition-related costs not allocated to the segments and reflecting certain other reclassifications
(3)	full-time equivalents

	Slide 24

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INSTITUTIONAL SECURITIES
OVERVIEW

Segment result		Key profit & loss items
						vs				vs
		in USD m		Q3/03		Q2/03		9M/03		9M/02
		Operating income		2,135		(24	%)	7,515		(2	%)
		Personnel expenses		1,016		(31	%)	3,829		(11	%)
		Other operating exp.		542		(5	%)	1,665		(4	%)
		Provisions (3)		80		43	%	248		(75	%)

Value-at-Risk (1-day, 99%) in USD m									Operating income lower across Fixed Income
Average	43.7	39.4		49.2	64.2	37.0
									Positive expense trends
NPL (1)	1.6	2.6		2.2	1.7	1.6
(USD bn)										change in vesting of stock awards
Allowance/	142	102		103	124	129			Continued favorable credit trends
NPL (%)(2)
									Leading franchise in leveraged finance
	Q3	Q4		Q1	Q2	Q3
									VaR decreased on reduced interest rate/mortgage exposure,
	2002			2003					updated models

(1)	non-performing loans
(2)	ratio of valuation allowances to non-performing loans
(3)	valuation adjustments, provisions and losses

	Slide 25

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INSTITUTIONAL SECURITIES
OPERATING INCOME

•	41% decline, as the residential and commercial mortgages and the interest rate businesses were adversely impacted by lower volumes, fewer securitizations, seasonal influences and a lower risk profile
•	Strong in high yield but lower than record-setting Q2/03
•	Down 8%, but cash trading activities improved in all regions
•	Results generated from derivatives activities, particularly related to convertible securities, lower than the results recorded in previous quarter
•	11% decrease, driven by less significant private equity investment sales
•	Mergers and acquisitions fee income increased, while industry dollar volume of completed deals remains comparable to previous quarter

	Slide 26

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CSFB FINANCIAL SERVICES
OVERVIEW

Net new assets (USD bn)
CSAM	(7.8	)	(5.9	)	(3.8	)	(1.3	)	(4.0	)
PCS	0.1		1.8		1.0		(1.2	)	(1.1	)
Total	(7.7	)	(4.1	)	(2.8	)	(2.5	)	(5.1	)
AuM  (USD bn)	333		347		339		361		364
	Q3		Q4		Q1		Q2		Q3
	2002				2003

Key profit & loss items
			vs				vs
in USD m	Q3/03		Q2/03		9M/03		9M/02
Operating income	287		3	%	848		(45	%)
pro forma excl. Pershing	–		–		832		(5	%)
Operating expenses	234		4	%	673		(43	%)
pro forma excl. Pershing	–		–		673		(2	%)

	CSAM operating income and assets under management comparable to Q2/03
	Alternative investment initiative launched by CSAM in the third quarter of 2003
	Comparability of results impacted by sale of Pershing on May 1, 2003

(1) excluding certain acquisition-related costs
	Slide 27

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CREDIT SUISSE FIRST BOSTON
OUTLOOK

Outlook for 2003			Outlook remains optimistic, despite seasonally lower revenues expected for the fourth quarter
				Progress towards sustained profitability
				Continued focus on client needs
			Core businesses remain challenging, with many of our markets operating at historically low levels
			While making continued progress, profitability still not satisfactory

 

	Slide 28

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PRESENTATION
	RESULTS OVERVIEW	Slide	1
	CONSOLIDATED RESULTS	Slide	4
	CREDIT SUISSE FINANCIAL SERVICES	Slide	13
	CREDIT SUISSE FIRST BOSTON	Slide	22
	ADDITIONAL INFORMATION
	DISCLAIMER	Slide	42

 

	Slide 29

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ADDITIONAL INFORMATION
INDEX

Winterthur
- Additional information on divestitures at Winterthur		(Slides 31 to 32)
- Investment result general account		(Slide 33)
- Investment portfolio - asset allocation		(Slide 34)
- Equity base development		(Slide 35)
Credit Suisse Private Banking
- Development of gross margin		(Slide 36)
- AuM by product and currency		(Slide 37)
Credit Suisse First Boston
- Operating income detail Investment Banking		(Slide 38)
- "Legacy" assets		(Slides 39 to 40)
- Counterparty exposure by industry		(Slide 41)

 

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ADDITIONAL INFORMATION ON
DIVESTITURES AT WINTERTHUR	(1/2	)

		Non-life					Life
		2002		2003			2002		2003
in CHF m				(9 months*)					(9 months)
Gross premiums written		7,624		5,228			1,158		692
Net premiums earned		5,885		4,455			1,151		688
Segment result		177		54			(20	)	47
Technical reserves		8,606		9,429			4,372		5,046
AuM		7,907		8,803			4,251		4,933
FTE		9,524		10,353			129		122

 

* Churchill (UK) and Republic (US) 8 months, Winterthur Italy 9 months

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ADDITIONAL INFORMATION ON
DIVESTITURES AT WINTERTHUR	(2/2	)

in CHF m		Non-Life			Life			Total
Sales proceeds (1)		4,376			434			4,810
./. Book value		(2,575	)		(369	)		(2,944	)
./. Goodwill		(90	)					(90	)
./. Tax impact		(135	)		(8	)		(143	)
Gross gains on sales, after tax		1,576			57			1,633
./. Sales related provisions
booked as other expenses		(275	)					(275	)
./. Sales related provisions
booked as claims (technical)		(97	)					(97	)
Tax impact		64						64
After-tax gains on sales,
net of related provisions		1,268			57			1,325

(1) Churchill (UK), Winterthur Italy, Republic (US)

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WINTERTHUR GROUP
INVESTMENT RESULT GENERAL ACCOUNT

in CHF m
			2002(1)								2003(1)
	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Current income	1,236		1,435		1,203		1,222		1,255		1,394		1,359
Realized gains	1,346		1,389		2,353		333		1,327		821		688
Realized losses	(647	)	(2,129	)	(1,589	)	(373	)	(633	)	(411	)	(193	)
Impairments	(942	)	(857	)	(1,413	)	(675	)	(328	)	(52	)	(75	)
Other	(114	)	(100	)	(135	)	(115	)	(111	)	(141	)	(127	)
Investment income (P&L)	879		(262	)	419		392		1,510		1,611		1,652

 

Note:

Q1 to Q3 2002 reclassified to the current presentation format, including real estate for own use, interest paid from current income and realized gains/losses

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WINTERTHUR GROUP
INVESTMENT PORTFOLIO – ASSET ALLOCATION

		Response to equity market developments
			Decrease in equity securities from CHF 7.0 bn (5.3%) to CHF 5.6 bn (4.6%) in Q3/03
		Total investment portfolio reduced by CHF 13.7 bn through divestitures in Q3/03

(1)	all investments incl. real estate at market value; excluding separate account (i.e. unit-linked) business
(2)	reduced by CHF 4.5 bn vs reported figures due to trade accounting on purchased bonds and maturing money market transactions (settlement date)

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WINTERTHUR GROUP
EQUITY BASE DEVELOPMENT IN 2003

Significant increase of CHF 1.4 billion in shareholders' equity in 9M/03

 

(1)	net of tax and policyholder participation

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PRIVATE BANKING
DEVELOPMENT OF GROSS MARGIN

 

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PRIVATE BANKING
AUM BY PRODUCT AND CURRENCY

 

 

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CREDIT SUISSE FIRST BOSTON
OPERATING INCOME DETAIL INVESTMENT BANKING

Investment Banking Division (1)
	2002								2003
in USD m	Q1		Q2		Q3		Q4		Q1		Q2		Q3
Private equity	133		186		141		397		77		111		72
Debt capital markets	100		94		28		64		85		95		68
Equity capital markets	117		153		74		92		29		119		74
Advisory	344		444		280		357		296		283		291
Other	47		30		33		26		58		36		67
Total	741		907		556		936		545		644		572

Note: results reflect the impact of various divisional sharing arrangements regarding operating income amongst the divisions

 

 

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CREDIT SUISSE FIRST BOSTON "LEGACY" ASSETS
	(1/2)

	in USD m		"Legacy" assets net exposure
	12/1999		11,925		8,964		Real estate
					1,975		Distressed
					986		Private equity (1,228 unfunded commitment)
	12/2000		8,026		4,805		Real estate
					1,498		Distressed
					1,724		Private equity (984 unfunded commitment)
	12/2001		5,357		2,925		Real estate
					1,107		Distressed
					1,325		Private equity (857 unfunded commitment)
					1,535		Real estate
	12/2002		3,031		512		Distressed
					984		Private equity (785 unfunded commitment)
					1,052		Real estate		Note:
									–	Unfunded commitments excluded for private equity
	06/2003		2,498		539		Distressed
									–	Unfunded commitments included for real estate
					907		Private equity (863 unfunded commitment)
									–	Private equity unfunded commitments include employee commitments
					978		Real estate
	09/2003		2,438		532		Distressed
					928		Private equity (778 unfunded commitment)

	Slide 39

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CREDIT SUISSE FIRST BOSTON "LEGACY" ASSETS
	(2/2	)

Charges related to "legacy" assets in CSFB's income statement
in USD m	Real estate		Distressed portfolio		Private equity		Total
Q3/03
Operating income	8		20		45		73
Provisions	—		—		—		—
Total charges	8		20		45		73
9M/03
Operating income	14		(9	)	17		23
Provisions	(1	)	—		—		(1	)
Total charges	13		(9	)	17		22

	Slide 40

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CREDIT SUISSE FIRST BOSTON
COUNTERPARTY EXPOSURE BY INDUSTRY

Selected CSFB exposure as of September 30, 2003 (1)
in USD m	Current exposure		Undrawn commitments		Reserves		Net exposure
Telecommunications	1,347		1,717		(321	)	2,743
Telecommunications
manufacturers	39		201		(14	)	226
Merchant energy	789		130		(151	)	768
Airlines	625		39		(202	)	462

Note:
(1)	Current exposure equals committed amount (includes only drawn commitments) for lending plus mark-to-market for counterparty trading less credit protection.

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DISCLAIMER

	Cautionary Statement regarding forward-looking information
	This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
	Forward-looking statements involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2002 filed with the US Securities and Exchange Commission, and in other public filings and press releases.
	We do not intend to update these forward-looking statements except as may be required by applicable laws.
	Quarterly Report 2003/Q3 — Non-GAAP Financial Information
	For additional information with respect to our results for the third quarter, we refer you to our “Quarterly Report 2003/Q3”, posted on our website at www.credit-suisse.com. This presentation may contain non-GAAP financial information. A reconciliation of such non-GAAP financial information to the most directly comparable measures under Swiss generally accepted accounting principles (as well other related information), is also included in our Quarterly Report 2003/Q3.

	Slide 42

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CREDIT SUISSE GROUP (Registrant)
Date November 4, 2003	By:	/s/ David Frick
		(Signature)*
*Print the name and title of the signing officer under his signature		Member of the Executive Board
		/s/ Karin Rhomberg Hug
		Managing Director

 

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