FORM 6-K

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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Report of Foreign Private Issuer

Dated March 31, 2004

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of March 31, 2004

Commission File Number 001-15244

CREDIT SUISSE GROUP
(Translation of registrant's name into English)

Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
(Address of principal executive offices)

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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F        Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):       

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):       

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes        No  

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-       

 

 

CORRECTED Q4








AND FULL-YEAR 2003








FINANCIAL REPORT


CORRECTED
AND FULL-YEAR
FINANCIAL REPORT
CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS Q4/2003
CREDIT SUISSE GROUP
RISK MANAGEMENT
CREDIT SUISSE FINANCIAL SERVICES
CREDIT SUISSE FIRST BOSTON
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
CONSOLIDATED RESULTS | CREDIT SUISSE GROUP
INFORMATION FOR INVESTORS

Cautionary statement regarding forward-looking information

This 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 Report contains 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.

Credit Suisse Group is correcting its fourth quarter and full-year 2003 net profit reported under Swiss GAAP from CHF 1.2 billion to CHF 1.0 billion, and from CHF 5.2 billion to CHF 5.0 billion, respectively. The correction is a result of an error in the input data used for the fourth quarter 2003 accounts of DBV-Winterthur in Germany.

In connection with the preparation for its first quarter 2004 closing, DBV-Winterthur – a German subsidiary of Winterthur Group which forms part of Credit Suisse Financial Services – identified, through its internal processes, an error in the input data used for the fourth quarter 2003 accounts in its life and health businesses. The error occurred when DBV-Winterthur, in the fourth quarter of 2003, adopted a refinement in the methodology for calculating future dividends to policyholders (the ‘deferred bonus reserve’ component) and inadvertently included an item in the input data which should not have been considered under the refined method. The error does not affect DBV-Winterthur’s local statutory results nor its current or future obligations to policyholders.
As a result of correcting the error, the segment profit before minority interests for the Life & Pensions and Insurance segments was reduced from CHF 369 million to CHF 124 million and from CHF 153 million to CHF 105 million, respectively, for the fourth quarter of 2003. For the full year 2003, the segment profit before minority interests for the Life & Pensions and Insurance segments was reduced from CHF 723 million to CHF 478 million, and from CHF 1,338 million to CHF 1,290 million, respectively.

Credit Suisse Group’s net profit reported under Swiss GAAP for the fourth quarter and the full year 2003 was reduced from CHF 1,166 million to CHF 956 million, and from CHF 5,209 million to CHF 4,999 million, respectively.

This Report amends and replaces Credit Suisse Group’s Quarterly Report Q4 2003, which was published on February 12, 2004, and the financial statements and other financial information contained herein supersede the financial statements and other financial information contained in that Quarterly Report, which are being withdrawn. For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS Q4/2003

Consolidated income statement
									Change		Change						Change
									in % from		in % from						in % from
													12 months
in CHF m			4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Operating income			5,218		6,531		6,395		(20)		(18)		26,322		28,038		(6)
Gross operating profit			795		2,144		1,284		(63)		(38)		7,421		4,509		65
Net profit/(loss)			956		2,045		(950)		(53)		–		4,999		(3,309)		–

Return on equity

Change

Change

Change

in % from

in % from

in % from

12 months

in %

4Q2003

3Q2003

4Q2002

3Q2003

4Q2002

2003

2002

2002

Return on equity

12.0

26.3

(13.0)

(54)

–

16.6

(10.0)

–

Consolidated balance sheet
									Change		Change
									in % from		in % from
in CHF m			31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
Total assets			962,164		994,555		955,656		(3)		1
Shareholders' equity			34,692		34,873		31,394		(1)		11
Minority interests in shareholders' equity			2,956		2,971		2,878		(1)		3

Capital data
									Change		Change
									in % from		in % from
in CHF m			31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
BIS risk-weighted assets			190,761		197,412		196,486		(3)		(3)
BIS tier 1 capital			22,287		21,901		17,613		2		27
of which non-cumulative perpetual preferred securities			2,169		2,184		2,162		(1)		0
BIS total capital			33,207		32,010		28,311		4		17

Capital ratios
in %			31.12.03		30.09.03		31.12.02
BIS tier 1 ratio	Credit Suisse		8.2		7.6		7.4
	Credit Suisse First Boston 1)		13.6		12.2		10.3
	Credit Suisse Group 2)		11.7		11.1		9.0
BIS total capital ratio	Credit Suisse Group		17.4		16.2		14.4

Assets under management/client assets
									Change		Change
									in % from		in % from
in CHF bn			31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
Advisory assets under management			609.6		615.1		577.9		(1)		5
Discretionary assets under management			589.8		584.1		582.1		1		1
Total assets under management			1,199.4		1,199.2		1,160.0		0		3
Client assets			1,343.3		1,299.4		1,757.9		3		(24)

Net new assets

Change

Change

Change

in % from

in % from

in % from

12 months

in CHF bn

4Q2003

3Q2003

4Q2002

3Q2003

4Q2002

2003

2002

2002

Net new assets

2.9

4.0

(6.3)

(28)

–

4.8

(1.4)

–

1) Ratio is based on a tier 1 capital of CHF 12.1 bn (30.09.03: CHF 12.1 bn; 31.12.02: CHF 10.6 bn), of which non-cumulative perpetual preferred securities is CHF 1.0 bn (30.09.03: CHF 1.0 bn; 31.12.02: CHF 1.0 bn).

2) Ratio is based on a tier 1 capital of CHF 22.3 bn (30.09.03: CHF 21.9 bn; 31.12.02: CHF 17.6 bn), of which non-cumulative perpetual preferred securities is CHF 2.2 bn (30.09.03: CHF 2.2 bn; 31.12.02: CHF 2.2 bn).

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Number of employees (full-time equivalents)
										Change		Change
										in % from		in % from
				31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
Switzerland	banking			19,661		20,042		21,270		(2)		(8)
	insurance			6,426		6,649		7,063		(3)		(9)
Outside Switzerland	banking			20,310		20,178		25,057		1		(19)
	insurance			14,440		14,463		25,067		0		(42)
Total employees Credit Suisse Group				60,837		61,332		78,457		(1)		(22)

Share data
								Change		Change
								in % from		in % from
		31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
Shares issued		1,195,005,914		1,194,682,330		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
Own shares, net 2)		(21,220,018)		–		–		–		–
Shares outstanding		1,214,199,734		1,235,096,168		1,230,305,558		(2)		(1)
Share price in CHF		45.25		42.25		30.00		7		51
Market capitalization in CHF m		54,943		52,183		36,909		5		49
Book value per share in CHF		26.14		25.83		23.18		1		13
1) Maximum number of shares related to Mandatory Convertible Securities (MCS) issued by Credit Suisse Group Finance (Guernsey) Ltd. in December 2002.
2) Reflects applied mandatory changes in Swiss Federal Banking Commission guidelines.

Share price
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
High (closing price)		48.70		48.65		35.70		0		36		48.70		73.60		(34)
Low (closing price)		42.10		34.75		20.60		21		104		20.70		20.60		0

Calculation of earnings per share (EPS)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Net profit/(loss) in CHF m		956		2,045		(950)		(53)		–		4,999		(3,309)		–
Diluted net profit/(loss) in CHF m		956		2,045		(950)		(53)		–		4,999		(3,309)		–
Weighted average shares outstanding		1,235,316,285		1,230,710,975		1,193,153,538		0		4		1,209,297,290	2)	1,190,206,207	1)	2
Dilutive impact		24,736,572		19,673,449		0	3)	26		–		31,562,945	2)	0	3)	–
Weighted average shares, diluted		1,260,052,857		1,250,384,424		1,193,153,538		1		6		1,240,860,235	2)	1,190,206,207		4
Basic earnings per share in CHF		0.77		1.66		(0.80)		(54)		–		4.13		(2.78)		–
Diluted earnings per share in CHF		0.76		1.64		(0.80)		(54)		–		4.03		(2.78)		–
1) Adjusted for weighted average shares repurchased.
2) Reflects in 4Q2003 applied mandatory changes in Swiss Federal Banking Commission guidelines.
3) The calculation for the diluted loss per share 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.

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

CREDIT SUISSE GROUP

Overview of Credit Suisse Group 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Corporate Center						Credit Suisse Group
in CHF m		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002
Operating income		2,324		3,387		3,628		2,953		3,113		3,082		(59)		31		(315)		5,218		6,531		6,395
Personnel expenses		1,202		1,385		1,447		1,785		1,681		1,933		55		59		84		3,042		3,125		3,464
Other operating expenses		775		732		933		612		594		858		(6)		(64)		(144)		1,381		1,262		1,647
Operating expenses		1,977		2,117		2,380		2,397		2,275		2,791		49		(5)		(60)		4,423		4,387		5,111
Gross operating profit		347		1,270		1,248		556		838		291		(108)		36		(255)		795		2,144		1,284
Depreciation of non-current assets 2)		277		279		335		162		125		155		82		67		144		521		471		634
Amortization of acquired intangible assets and goodwill		25		25		92		472		211		308		(3)		2		3		494		238		403
Valuation adjustments, provisions and losses		232		104		190		48		111		1,977		2		0		257		282		215		2,424
Profit/(loss) before extraordinary items, cumulative effect of change in accounting principle and taxes		(187)		862		631		(126)		391		(2,149)		(189)		(33)		(659)		(502)		1,220		(2,177)
Extraordinary income/(expenses), net		83		1,164		(38)		166		2		220		43		2		187		292		1,168		369
Cumulative effect of change in accounting principle		1		0		266		318		0		254		0		0		0		319		0		520
Taxes 3)		846		(256)		(290)		(49)		(65)		467		63		4		141		860		(317)		318
Net profit/(loss) before minority interests		743		1,770		569		309		328		(1,208)		(83)		(27)		(331)		969		2,071		(970)
Minority interests		24		8		51		(19)		(20)		(19)		(18)		(14)		(12)		(13)		(26)		20
Net profit/(loss)		767		1,778		620		290		308		(1,227)		(101)		(41)		(343)		956		2,045		(950)
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”. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted.
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 4Q2002 for Credit Suisse Financial Services of CHF –607 m, for Credit Suisse First Boston of CHF 269 m, and for Credit Suisse Group of CHF –197 m.

In the “Overview of Credit Suisse Group”, the business unit results are presented in accordance with Swiss GAAP. Elsewhere in these corrected financial statements, 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”.

Impact on income statement from mandatory Swiss GAAP changes
		Credit		Credit
		Suisse		Suisse		Cor-
		Financial		First		porate		Total
4Q2003, in CHF m		Services		Boston		Center		changes
Operating income		6		(199)		(106)		(299)
Personnel expenses		0		0		8		8
Valuation adjustments, provisions and losses		0		197		0		197
Cumulative effect of change in accounting principle		1		318		0		319
Taxes		(2)		(7)		5		(4)
Net profit/(loss)		5		(85)		(109)		(189)

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Assets under management/client assets  1)
								Change		Change
								in % from		in % from
in CHF bn		31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
Credit Suisse Financial Services
Private Banking
Assets under management		511.7		505.1		465.7		1.3		9.9
of which discretionary		133.0		129.2		121.5		2.9		9.5
Client assets		540.7		532.3		494.8		1.6		9.3
Corporate & Retail Banking
Assets under management		70.0		69.4		70.3		0.9		(0.4)
Client assets		95.2		90.3		86.9		5.4		9.6
Life & Pensions
Assets under management (discretionary)		113.3		112.3		110.8		0.9		2.3
Client assets		113.3		112.3		110.8		0.9		2.3
Insurance
Assets under management (discretionary)		25.8		27.1		30.7		(4.8)		(16.0)
Client assets		25.8		27.1		30.7		(4.8)		(16.0)
Credit Suisse Financial Services
Assets under management		720.8		713.9		677.5		1.0		6.4
of which discretionary		273.3		269.8		264.2		1.3		3.4
Client assets		775.0		762.0		723.2		1.7		7.2
Credit Suisse First Boston
Institutional Securities
Assets under management		29.8		29.1		31.3		2.4		(4.8)
of which Private Equity on behalf of clients (discretionary)		19.5		19.7		20.9		(1.0)		(6.7)
Client assets		101.5		73.3		83.3		38.5		21.8
CSFB Financial Services 2)
Assets under management		448.8		456.2		451.2		(1.6)		(0.5)
of which discretionary		290.4		288.9		289.6		0.5		0.3
Client assets		466.8		464.1		951.4		0.6		(50.9)
Credit Suisse First Boston
Assets under management		478.6		485.3		482.5		(1.4)		(0.8)
of which discretionary		316.5		314.3		317.9		0.7		(0.4)
Client assets		568.3		537.4		1,034.7		5.7		(45.1)
Credit Suisse Group
Assets under management		1,199.4		1,199.2		1,160.0		0.0		3.4
of which discretionary		589.8		584.1		582.1		1.0		1.3
Client assets		1,343.3		1,299.4		1,757.9		3.4		(23.6)
1) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted.
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
												12 months
in CHF bn		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Credit Suisse Financial Services
Private Banking		4.2		8.4		0.9		(50.0)		366.7		17.9		19.1		(6.3)
Corporate & Retail Banking		(0.3)		1.8		(0.2)		–		50.0		(1.4)		(3.6)		(61.1)
Life & Pensions		(2.0)		(0.7)		(1.3)		185.7		53.8		0.0		3.4		(100.0)
Credit Suisse Financial Services		1.9		9.5		(0.6)		(80.0)		–		16.5		18.9		(12.7)
Credit Suisse First Boston
Institutional Securities		1.3		0.1		–		–		–		2.3		1.9		21.1
CSFB Financial Services 2)		(0.3)		(5.6)		(5.7)		(94.6)		(94.7)		(14.0)		(22.2)		(36.9)
Credit Suisse First Boston		1.0		(5.5)		(5.7)		–		–		(11.7)		(20.3)		(42.4)
Credit Suisse Group		2.9		4.0		(6.3)		(27.5)		–		4.8		(1.4)		–
1) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted.
2) Excluding assets managed on behalf of other entities within Credit Suisse Group.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

RISK MANAGEMENT

Key position risk trends
								Change Analysis: Brief Summary
				Change in % from
in CHF m		4Q2003		3Q2003		4Q2002		4Q2003 vs 3Q2003
Real Estate ERC &
Structured Asset ERC 1)		3,445		(14%)		(20%)		Lower exposures at Winterthur (revaluation of investments in Switzerland and sales) and CSFB (loans sold via securitization and lower risk in CDO portfolio)
Developed Market Fixed Income &
Foreign Exchange ERC		3,222		(11%)		3%		Lower interest rate and foreign exchange exposures at Winterthur
Equity Investment ERC		2,631		(10%)		(32%)		Lower positions in CHF terms at CSFB due to the impact of the lower USD plus lower exposure at Winterthur (sales and hedges)
International Lending ERC		2,662		(2%)		(31%)		Lower positions in CHF terms at CSFB due to the impact of the lower USD (2% increase in USD terms)
Swiss & Retail Lending ERC		1,831		(4%)		(13%)		Write-offs of old impaired exposures at Corporate & Retail Banking
Emerging Markets ERC		1,699		8%		(11%)		Higher CSFB exposures in South Africa and Brazil
Insurance Underwriting ERC 2)		650		1%		(31%)		No material change
Simple sum across risk categories		16,140		(7%)		(20%)
Diversification benefit		(5,405)		(10%)		(24%)
Total position risk ERC		10,735		(6%)		(18%)
1-year, 99% 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. For a more detailed description of the Group’s ERC model, please refer to Credit Suisse Group's Annual Report 2003, which is available on the website: www.credit-suisse.com/annualreport2003. Note that comparatives have been restated for methodology changes in order to maintain consistency over time.
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.
2) Excludes ERC for discontinued businesses.

Trading exposures (1-day, 99% VaR) 1)
		Credit Suisse				Credit Suisse
		Financial Services				First Boston			2)	Credit Suisse Group			3)
in CHF m		4Q2003		3Q2003		4Q2003		3Q2003		4Q2003		3Q2003
Total VaR
Period end		13.5		19.1		58.3		50.4		56.1		55.1
Average		12.5		15.0		51.3		69.3		52.5		56.3
Maximum		18.7		19.7		63.1		152.5		56.1		58.7
Minimum		10.1		11.3		38.5		35.1		45.5		55.1
in CHF m		31.12.03		30.09.03		31.12.03		30.09.03		31.12.03		30.09.03
VaR by risk type
Interest rate		4.7		7.0		58.2		43.7		58.9		47.9
Foreign exchange		2.0		2.2		15.9		18.3		16.8		18.6
Equity		12.7		15.5		23.6		28.1		24.9		27.2
Commodity		0.5		0.5		0.9		1.5		0.8		1.3
Subtotal		19.9		25.2		98.6		91.6		101.4		95.0
Diversification benefit		(6.4)		(6.1)		(40.3)		(41.2)		(45.3)		(39.9)
Total		13.5		19.1		58.3		50.4		56.1		55.1
1) Represents 10-day VaR scaled to a 1-day holding period.
2) The CSFB VaR is calculated using the USD as the base currency. For the purpose of this disclosure, the CSFB VaR estimates are translated into CHF using the respective currency translation rates. Specifically, the average, maximum and minimum daily VaR estimates in CHF are calculated using the respective month end closing rates; the period end VaR and the risk type breakdown at period end are calculated using the CSG closing rate at quarter end.
3) 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 are based on 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.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Total credit risk exposure 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Credit Suisse Group
in CHF m		31.12.03		30.09.03		31.12.02		31.12.03		30.09.03		31.12.02		31.12.03		30.09.03		31.12.02
Due from banks 2)		39,287		42,512		33,306		53,588		66,785		43,462		47,185		58,511		39,469
Due from customers and mortgages 2)		139,425		138,060		132,353		50,171		70,175		82,395		188,259		206,794		213,206
Total due from banks and customers, gross 2)		178,712		180,572		165,659		103,759		136,960		125,857		235,444		265,305		252,675
Contingent liabilities		12,081		11,743		12,349		33,468		38,147		27,862		40,836		40,981		39,104
Irrevocable commitments 3)		3,900		3,341		2,263		68,552		77,676		81,884		72,759		81,370		85,333
Total banking products		194,693		195,656		180,271		205,779		252,783		235,603		349,039		387,656		377,112
Loans held for sale 4)		0		0		–		15,390		17,028		–		15,390		17,028		–
Derivative instruments 5)		4,571		4,401		5,018		52,140		54,283		51,600		55,826		56,877		54,757
Securities lending – banks 6)		1,652		0		0		58,154		0		0		58,390		0		0
Securities lending – customers 6)		5,772		0		0		25,105		1,782		64		30,878		1,782		64
Reverse repurchase agreements – banks 6)		3,336		5,232		6,283		85,041		168,498		154,531		87,269		169,427		156,397
Reverse repurchase agreements – customers 6)		1,596		7,745		14,528		37,147		41,094		56,987		38,676		48,767		71,384
Forward reverse repurchase agreements		0		0		0		12,537		10,115		7,617		12,537		10,115		7,617
Total traded products		16,927		17,378		25,829		270,124		275,772		270,799		283,576		286,968		290,219
Total credit risk exposure, gross		211,620		213,034		206,100		491,293		545,583		506,402		648,005		691,652		667,331
Loan valuation allowances and provisions		(3,159)		(3,098)		(4,092)		(1,494)		(2,831)		(3,817)		(4,655)		(5,932)		(7,911)
Total credit risk exposure, net		208,461		209,936		202,008		489,799		542,752		502,585		643,350		685,720		659,420
1) 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.
4) Effective 1Q2003, loans held for sale are presented net of the related loan valuation allowances.
5) Positive replacement values considering netting agreements.
6) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

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		31.12.03		30.09.03		31.12.02		31.12.03		30.09.03		31.12.02		31.12.03		30.09.03		31.12.02
Non-performing loans		1,917		2,291		3,004		996		1,679		3,351		2,913		3,970		6,355
Non-interest earning loans		1,517		1,577		2,108		246		437		217		1,763		2,015		2,325
Total non-performing loans		3,434		3,868		5,112		1,242		2,116		3,568		4,676		5,985		8,680
Restructured loans		24		22		52		256		327		229		280		349		281
Potential problem loans		1,641		1,448		1,723		361		730		1,685		2,001		2,178		3,408
Total other impaired loans		1,665		1,470		1,775		617		1,057		1,914		2,281		2,527		3,689
Total impaired loans		5,099		5,338		6,887		1,859		3,173		5,482		6,957		8,512		12,369
Total due from banks and customers, gross		178,712		180,572		165,659		103,759		136,960		125,857		235,444		265,305		252,675
Valuation allowance		3,123		3,061		4,053		1,391		2,727		3,647		4,516		5,790		7,703
of which on principal		2,556		2,454		3,201		1,184		2,466		3,416		3,742		4,921		6,617
of which on interest		567		607		852		207		261		231		774		869		1,086
Total due from banks and customers, net		175,589		177,511		161,606		102,368		134,233		122,210		230,928		259,515		244,972
Provisions for contingent liabilities and irrevocable commitments		36		37		39		103		104		170		139		142		208
Total valuation allowances and provisions		3,159		3,098		4,092		1,494		2,831		3,817		4,655		5,932		7,911
Ratios
Valuation allowances as % of total non-performing loans		90.9%		79.1%		79.3%		112.0%		128.9%		102.2%		96.6%		96.7%		88.7%
Valuation allowances as % of total impaired loans		61.2%		57.3%		58.9%		74.8%		85.9%		66.5%		64.9%		68.0%		62.3%

Roll forward of loan valuation allowance 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Credit Suisse Group
in CHF m		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002
At beginning of period		3,061		3,446		4,001		2,727		2,928		3,376		5,790		6,373		7,377
Additions		426		213		475		371		141		825		805		353		1,323
Releases		(202)		(133)		(106)		(407)		(105)		(44)		(613)		(238)		(151)
Net additions charged to income statement		224		80		369		(36)		36		781		192		115		1,172
Gross write-offs		(194)		(438)		(313)		(1,207)		(239)		(334)		(1,400)		(676)		(647)
Recoveries		8		8		10		1		12		21		9		21		31
Net write-offs		(186)		(430)		(303)		(1,206)		(227)		(313)		(1,391)		(655)		(616)
Balances acquired/(sold)		2		0		0		(5)		0		0		(3)		0		0
Provisions for interest		5		1		17		53		31		9		58		31		26
Foreign currency translation impact and other		17		(36)		(31)		(142)		(41)		(206)		(130)		(74)		(256)
At end of period		3,123		3,061		4,053		1,391		2,727		3,647		4,516		5,790		7,703

Net credit-related valuation allowances and provisions 1)
		Credit Suisse Financial Services						Credit Suisse First Boston						Credit Suisse Group
in CHF m		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002
Net additions to loan valuation allowances		224		80		369		(36)		36		781		192		115		1,172
Net additions to provisions for contingent liabilities and irrevocable commitments 2)		(4)		6		24		6		(26)		221		0		(19)		244
Total net credit-related valuation allowances and provisions charged to income statement		220		86		393		(30)		10		1,002		192		96		1,416
1) Credit Suisse Financial Services/Credit Suisse First Boston reflect business unit amounts. Total consolidated Credit Suisse Group amounts include adjustments and Corporate Center.
2) For 2003, net additions for valuation allowances against debt securities are no longer included in net additions to provisions for contingent liabilities and irrevocable commitments.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

CREDIT SUISSE FINANCIAL SERVICES

Credit Suisse Financial Services business unit income statement – operating 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Operating income 2)		2,298		4,548		3,566		(49)		(36)		13,892		12,152		14
Personnel expenses		1,202		1,385		1,444		(13)		(17)		5,434		5,944		(9)
Other operating expenses		775		732		934		6		(17)		3,067		3,625		(15)
Operating expenses		1,977		2,117		2,378		(7)		(17)		8,501		9,569		(11)
Gross operating profit		321		2,431		1,188		(87)		(73)		5,391		2,583		109
Depreciation of non-current assets		169		177		257		(5)		(34)		672		739		(9)
Amortization of Present Value of Future Profits (PVFP)		108		102		62		6		74		300		267		12
Valuation adjustments, provisions and losses		113		90		105		26		8		374		390		(4)
Net operating profit/(loss) before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		(69)		2,062		764		–		–		4,045		1,187		241
Extraordinary income/(expenses), net		109		3		24		–		354		127		48		165
Taxes 3) 4)		817		(260)		(325)		–		–		75		(1,517)		–
Net operating profit/(loss) before exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and minority interests		857		1,805		463		(53)		85		4,247		(282)		–
Amortization of acquired intangible assets and goodwill		(25)		(25)		(37)		0		(32)		(102)		(139)		(27)
Exceptional items		0		0		(73)		–		(100)		0		(192)		(100)
Cumulative effect of change in accounting principle		1		0		266		–		(100)		1		266		(100)
Tax impact		0		1		14		(100)		(100)		2		16		(88)
Business unit result before minority interests		833		1,781		633		(53)		32		4,148		(331)		–
Minority interests		24		8		51		200		(53)		14		151		(91)
Business unit result 5)		857		1,789		684		(52)		25		4,162		(180)		–
Increased/(decreased) credit-related valuation adjustments, net of tax 6)		90		11		64		–		41		62		91		(32)
Net profit/(loss)		767		1,778		620		(57)		24		4,100		(271)		–
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, exceptional items and cumulative effect of change in accounting principle, 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”. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results of Credit Suisse Financial Services was not considered material.
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. Gains or losses related to 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) 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 4Q2002 of CHF –642 m.
4) Excluding tax impact on amortization of acquired intangible assets and goodwill as well as exceptional items.
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 119 m, CHF 14 m, CHF 85 m, CHF 82 m and CHF 120 m for 4Q2003, 3Q2003, 4Q2002, 12 months 2003 and 12 months 2002, respectively.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Reconciliation to net operating profit/(loss)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Business unit result		857		1,789		684		(52)		25		4,162		(180)		–
Amortization of acquired intangible assets and goodwill, net of tax		25		24		36		4		(31)		100		116	1)	(14)
Exceptional items, net of tax		0		0		60		–		(100)		0		179		(100)
Cumulative effect of change in accounting principle, net of tax		(1)		0		(266)		–		(100)		(1)		(266)		(100)
Net operating profit/(loss)		881		1,813		514		(51)		71		4,261		(151)		–
1) Excluding a CHF 20 m write-off relating to a participation.

Credit Suisse Financial Services business unit key information
								12 months
		4Q2003		3Q2003		4Q2002		2003		2002
Cost/income ratio 1)		97.0%		70.7%		74.8%		73.9%		87.2%
Cost/income ratio – operating 2) 3)		93.4%		50.4%		73.9%		66.0%		84.8%
Cost/income ratio – operating, banking 2)		64.9%		58.2%		73.1%		62.4%		66.5%
Return on average allocated capital 1)		19.9%		48.1%	4)	17.7%		29.2%		(3.4%)
Return on average allocated capital – operating 2)		23.0%		49.0%	4)	14.4%		30.3%		(2.4%)
Average allocated capital in CHF m		14,906		14,720	4)	12,874		13,999		12,519
Growth in assets under management		1.0%		0.5%		(1.3%)		6.4%		(9.5%)
of which net new assets		0.3%		1.3%		(0.1%)		2.4%		2.5%
of which market movement and structural effects		0.7%		1.1%		(1.3%)		6.0%		(11.8%)
of which acquisitions/(divestitures)		–		(1.9%)		0.1%		(2.1%)		(0.2%)
of which discretionary		0.5%		(1.3%)		(0.7%)		1.3%		(2.0%)
						31.12.03		30.09.03		31.12.02
Assets under management in CHF bn						720.8		713.9		677.5
Number of employees (full-time equivalents)						41,195		41,834		54,378
1) Based on the business unit results on a Swiss GAAP basis.
2) Based on the operating basis business unit results, which exclude certain acquisition-related costs, exceptional items and cumulative effect of change in accounting principle not allocated to the segments and reflect certain reclassifications discussed in the “Reconciliation of operating results to Swiss GAAP”.
3) Excluding amortization of PVFP from the insurance business within Credit Suisse Financial Services.
4) Adjusted.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Overview of business unit Credit Suisse Financial Services – operating 1)
										Credit
				Corporate						Suisse
		Private		& Retail		Life &				Financial
4Q2003, in CHF m		Banking		Banking		Pensions		Insurance		Services
Operating income 2)		1,432		785		(283)		364		2,298
Personnel expenses		512		303		167		220		1,202
Other operating expenses		310		213		125		127		775
Operating expenses		822		516		292		347		1,977
Gross operating profit		610		269		(575)		17		321
Depreciation of non-current assets		68		32		35		34		169
Amortization of Present Value of Future Profits (PVFP)		–		–		106		2		108
Valuation adjustments, provisions and losses		21		92		–		–		113
Net operating profit/(loss) before extraordinary items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		521		145		(716)		(19)		(69)
Extraordinary income/(expenses), net		108		1		0		0		109
Taxes 3)		(121)		(26)		840		124		817
Net operating profit before acquisition-related costs, cumulative effect of change in accounting principle and minority interests		508		120		124		105		857
Amortization of acquired intangible assets and goodwill										(25)
Cumulative effect of change in accounting principle										1
Tax impact										0
Business unit result before minority interests										833
Minority interests										24
Business unit result 4)										857
Other data:
Average allocated capital 5)		3,093		4,965		6,848				14,906
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, and cumulative effect of change in accounting principle 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”. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results of Credit Suisse Financial Services was not considered material.
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 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.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Private Banking income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Net interest income		326		334		335		(2)		(3)		1,351		1,374		(2)
Net commission and service fee income		915		1,038		918		(12)		(0)		3,847		4,121		(7)
Net trading income		167		188		99		(11)		69		670		515		30
Other ordinary income		24		11		14		118		71		53		61		(13)
Operating income		1,432		1,571		1,366		(9)		5		5,921		6,071		(2)
Personnel expenses		512		560		531		(9)		(4)		2,193		2,261		(3)
Other operating expenses		310		259		351		20		(12)		1,130		1,332		(15)
Operating expenses		822		819		882		0		(7)		3,323		3,593		(8)
Gross operating profit		610		752		484		(19)		26		2,598		2,478		5
Depreciation of non-current assets		68		47		58		45		17		218		240		(9)
Valuation adjustments, provisions and losses 2)		21		25		27		(16)		(22)		69		78		(12)
Net operating profit before extraordinary and excep- tional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		521		680		399		(23)		31		2,311		2,160		7
Extraordinary income/(expenses), net		108		3		23		–		370		125		44		184
Taxes 3)		(121)		(164)		(108)		(26)		12		(522)		(508)		3
Net operating profit before exceptional items, acquisition- related costs, cumulative effect of change in accounting principle and minority interests (segment result)		508		519		314		(2)		62		1,914		1,696		13
Other data:
Increased/(decreased) credit-related valuation adjustments 2)		(20)		(10)		(9)		100		122		(37)		1		–
1) Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, exceptional items and cumulative effect of change in accounting principle 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 4Q2002 of CHF –110 m.

Private Banking balance sheet information
								Change		Change
								in % from		in % from
in CHF m		31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
Total assets		178,533		183,698		171,126		(3)		4
Due from customers		32,779		32,548		36,164		1		(9)
Mortgages		26,318		25,695		22,935		2		15

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Private Banking key information
								12 months
		4Q2003		3Q2003		4Q2002		2003		2002
Cost/income ratio 1)		62.2%		55.1%		68.8%		59.8%		63.1%
Average allocated capital in CHF m		3,093		3,116	2)	2,515		2,931		2,507
Pre-tax margin 1)		43.9%		43.5%		30.9%		41.1%		36.3%
Fee income/operating income		63.9%		66.1%		67.2%		65.0%		67.9%
Net new assets in CHF bn		4.2		8.4		0.9		17.9		19.1
Growth in assets under management		1.3%		2.3%		(1.3%)		9.9%		(10.5%)
of which net new assets		0.8%		1.7%		0.2%		3.8%		3.7%
of which market movement and structural effects		0.5%		0.6%		(1.6%)		6.0%		(14.2%)
of which acquisitions/(divestitures)		–		–		0.1%		–		0.1%
Gross margin 3)		111.5 bp		124.8 bp		114.6 bp		121.3 bp		121.5 bp
of which asset-driven		74.4 bp		78.6 bp		81.1 bp		78.7 bp		81.8 bp
of which transaction-driven		32.7 bp		42.2 bp		28.6 bp		38.4 bp		35.0 bp
of which other		4.4 bp		4.0 bp		4.9 bp		4.2 bp		4.7 bp
Net margin 4)		39.6 bp		41.2 bp		26.4 bp		39.2 bp		34.0 bp
						31.12.03		30.09.03		31.12.02
Assets under management in CHF bn						511.7		505.1		465.7
Number of employees (full-time equivalents)						11,850		12,032		12,967
1) Based on the segment results, which exclude certain acquisition-related costs, exceptional items and cumulative effect of change in accounting principle not allocated to the segment.
2) Adjusted.
3) Operating income/average assets under management.
4) Net operating profit before exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and minority interests (segment result)/average assets under management.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Corporate & Retail Banking income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Net interest income		514		530		527		(3)		(2)		2,070		2,142		(3)
Net commission and service fee income		176		165		146		7		21		661		693		(5)
Net trading income		81		73		61		11		33		305		273		12
Other ordinary income		14		21		1		(33)		–		95		39		144
Operating income		785		789		735		(1)		7		3,131		3,147		(1)
Personnel expenses		303		302		307		0		(1)		1,242		1,250		(1)
Other operating expenses		213		181		259		18		(18)		755		943		(20)
Operating expenses		516		483		566		7		(9)		1,997		2,193		(9)
Gross operating profit		269		306		169		(12)		59		1,134		954		19
Depreciation of non-current assets		32		25		30		28		7		106		108		(2)
Valuation adjustments, provisions and losses 2)		92		65		78		42		18		305		312		(2)
Net operating profit before extraordinary items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		145		216		61		(33)		138		723		534		35
Extraordinary income/(expenses), net		1		0		1		–		0		2		4		(50)
Taxes 3)		(26)		(47)		(12)		(45)		117		(160)		(124)		29
Net operating profit before acquisition-related costs, cumulative effect of change in accounting principle and minority interests (segment result)		120		169		50		(29)		140		565		414		36
Other data:
Increased/(decreased) credit-related valuation adjustments 2)		139		24		94		479		48		119		119		0
1) Certain acquisition-related costs, including amortization of acquired intangible assets and goodwill, and cumulative effect of change in accounting principle 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 4Q2002.

Corporate & Retail Banking balance sheet information
								Change		Change
								in % from		in % from
in CHF m		31.12.03		30.09.03		31.12.02		30.09.03		31.12.02
Total assets		96,252		96,425		94,757		0		2
Due from customers		24,396		25,318		28,048		(4)		(13)
Mortgages		59,688		59,467		57,165		0		4
Due to customers in savings and investment deposits		28,590		28,080		27,081		2		6
Due to customers, other		28,034		28,728		27,611		(2)		2

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Corporate & Retail Banking key information
								12 months
		4Q2003		3Q2003		4Q2002		2003		2002
Cost/income ratio 1)		69.8%		64.4%		81.1%		67.2%		73.1%
Return on average allocated capital 1)		9.7%		13.6%	2)	4.1%		11.6%		8.2%
Average allocated capital in CHF m		4,965		4,954	2)	4,877		4,880		5,036
Pre-tax margin 1)		18.6%		27.4%		8.4%		23.2%		17.1%
Personnel expenses/operating income		38.6%		38.3%		41.8%		39.7%		39.7%
Net interest margin		210 bp		215 bp		217 bp		212 bp		215 bp
Loan growth		(0.8%)		(0.9%)		(1.6%)		(1.3%)		(1.0%)
Net new assets in CHF bn		(0.3)		1.8		(0.2)		(1.4)		(3.6)
						31.12.03		30.09.03		31.12.02
Deposit/loan ratio						67.3%		67.0%		64.2%
Assets under management in CHF bn						70.0		69.4		70.3
Number of employees (full-time equivalents)						8,479		8,690		9,281
Number of branches						214		220		223
1) Based on the segment results, which exclude certain acquisition-related costs and cumulative effect of change in accounting principle not allocated to the segment.
2) Adjusted.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Life & Pensions income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Gross premiums written		3,996		3,312		4,218		21		(5)		17,273		19,019		(9)
Reinsurance ceded		(18)		(33)		(14)		(45)		29		(87)		(40)		118
Net premiums written		3,978		3,279		4,204		21		(5)		17,186		18,979		(9)
Change in provision for unearned premiums		7		2		29		250		(76)		(1)		(4)		(75)
Net premiums earned		3,985		3,281		4,233		21		(6)		17,185		18,975		(9)
Death and other benefits incurred		(5,482)		(3,791)		(5,373)		45		2		(16,243)		(14,692)		11
Change in provision for future policyholder benefits (technical)		1,240		243		1,116		410		11		(2,486)		(5,750)		(57)
Change in provision for future policyholder benefits (separate account) 2)		(578)		(435)		80		33		–		(1,718)		1,730		–
Dividends to policyholders incurred		(1,266)		(169)		738		–		–		(1,661)		1,758		–
Policy acquisition costs (including change in DAC/PVFP)		(309)		(305)		(160)		1		93		(854)		(716)		19
Administration costs		(257)		(263)		(409)		(2)		(37)		(1,119)		(1,463)		(24)
Investment income general account		1,530		1,304		333		17		359		5,351		1,438		272
Investment income separate account 2)		578		435		(80)		33		–		1,718		(1,730)		–
Interest received and paid		(56)		(28)		(39)		100		44		(117)		(92)		27
Interest on bonuses credited to policyholders		(37)		(32)		(41)		16		(10)		(155)		(146)		6
Other income/(expenses), net		(64)		(90)		(24)		(29)		167		(142)		74		–
Net operating profit/(loss) before cumulative effect of change in accounting principle and taxes		(716)		150		374		–		–		(241)		(614)		(61)
Taxes 3)		840		(24)		(281)		–		–		719		(786)		–
Net operating profit/(loss) before cumulative effect of change in accounting principle and minority interests (segment result)		124		126		93		(2)		33		478		(1,400)		–
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, and cumulative effect of change in accounting principle 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 4Q2002 of CHF –540 m.

Life & Pensions key information
								12 months
		4Q2003		3Q2003		4Q2002		2003		2002
Expense ratio 1)		14.2%		17.1%		13.5%		11.4%		11.5%
Growth in gross premiums written		(5.3%)		(27.1%)		(13.9%)		(9.2%)		9.2%
Return on invested assets (excluding separate account business)
Current income		4.4%		4.0%		3.6%		4.1%		3.9%
Realized gains/losses and other income/expenses		1.6%		1.0%		(2.5%)		1.1%		(2.5%)
Total return on invested assets 2)		6.0%		5.0%		1.2%		5.2%		1.4%
Net new assets in CHF bn 3)		(2.0)		(0.7)		(1.3)		0.0		3.4
Total sales in CHF m 4)		5,035		3,883		5,283		20,454		22,790
						31.12.03		30.09.03		31.12.02
Assets under management in CHF bn 5)						113.3		112.3		110.8
Technical provisions in CHF m						107,929		107,437		105,939
Number of employees (full-time equivalents)						7,193		7,392		7,815
1) Operating expenses (i.e. policy acquisition costs and administration costs)/gross premiums written.
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.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Insurance income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Gross premiums written		1,955		3,385		3,846		(42)		(49)		16,212		18,391		(12)
Reinsurance ceded		(40)		(236)		(299)		(83)		(87)		(939)		(1,150)		(18)
Net premiums written		1,915		3,149		3,547		(39)		(46)		15,273		17,241		(11)
Change in provision for unearned premiums and in provision for future policy benefits (health)		779		663		485		17		61		(703)		(1,538)		(54)
Net premiums earned		2,694		3,812		4,032		(29)		(33)		14,570		15,703		(7)
Claims and annuities incurred, net		(1,957)		(2,918)		(3,034)		(33)		(35)		(10,646)		(11,749)		(9)
Dividends to policyholders incurred, net		(282)		(95)		109		197		–		(499)		106		–
Policy acquisition costs (including change in DAC/PVFP)		(415)		(582)		(647)		(29)		(36)		(2,433)		(2,529)		(4)
Administration costs		(278)		(450)		(481)		(38)		(42)		(1,633)		(1,959)		(17)
Underwriting result, net		(238)		(233)		(21)		2		–		(641)		(428)		50
Net investment income		288		348		59		(17)		388		1,240		(10)		–
Interest received and paid		(54)		(28)		(39)		93		38		(156)		(106)		47
Other income/(expenses), net		(15)		929		(69)		–		(78)		809		(349)		–
Net operating profit/(loss) before cumulative effect of change in accounting principle and taxes		(19)		1,016		(70)		–		(73)		1,252		(893)		–
Taxes 2)		124		(25)		76		–		63		38		(99)		–
Net operating profit/(loss) before cumulative effect of change in accounting principle and minority interests (segment result)		105		991		6		(89)		–		1,290		(992)		–
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, and cumulative effect of change in accounting principle 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 4Q2002 of CHF 20 m.

Insurance key information
								12 months
		4Q2003		3Q2003		4Q2002		2003		2002
Combined ratio (excluding dividends to policyholders)		98.3%		103.6%		103.2%		101.0%		103.4%
Claims ratio 1)		72.6%		76.5%		75.2%		73.1%		74.8%
Expense ratio 2)		25.7%		27.1%		28.0%		27.9%		28.6%
Return on invested assets
Current income		3.9%		3.8%		3.9%		3.9%		4.2%
Realized gains/losses and other income/expenses		0.1%		0.1%		(3.4%)		(0.1%)		(4.3%)
Total return on invested assets 3)		3.9%		3.9%		0.5%		3.8%		(0.1%)
						31.12.03		30.09.03		31.12.02
Assets under management in CHF bn						25.8		27.1		30.7
Technical provisions in CHF m						22,196		22,764		28,745
Number of employees (full-time equivalents)						13,673		13,720		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.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

CREDIT SUISSE FIRST BOSTON

Credit Suisse First Boston business unit income statement – operating 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in USD m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Operating income		2,420		2,422		2,326		0		4		10,783		11,559		(7)
Personnel expenses		1,309		1,173		1,044		12		25		5,581		6,088		(8)
Other operating expenses		648		619		772		5		(16)		2,543		2,964		(14)
Operating expenses		1,957		1,792		1,816		9		8		8,124		9,052		(10)
Gross operating profit		463		630		510		(27)		(9)		2,659		2,507		6
Depreciation of non-current assets		122		89		106		37		15		408		481		(15)
Valuation adjustments, provisions and losses		38		80		657		(53)		(94)		295		1,679		(82)
Net operating profit/(loss) before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		303		461		(253)		(34)		–		1,956		347		464
Extraordinary income/(expenses), net		123		1		246		–		(50)		124		262		(53)
Taxes 2) 3)		(48)		(80)		134		(40)		–		(459)		25		–
Net operating profit before exceptional items, acquisition-related costs and cumulative effect of change in accounting principle		378		382		127		(1)		198		1,621		634		156
Acquisition interest		(47)		(40)		(57)		18		(18)		(198)		(323)		(39)
Amortization of retention payments		(5)		4		(97)		–		(95)		(158)		(413)		(62)
Amortization of acquired intangible assets and goodwill		(352)		(154)		(209)		129		68		(807)		(835)		(3)
Exceptional items		0		0		(890)		–		(100)		0		(890)		(100)
Cumulative effect of change in accounting principle		236		0		162		–		46		236		162		46
Tax impact		10		32		169		(69)		(94)		176		487		(64)
Net profit/(loss) 4)		220		224		(795)		(2)		–		870		(1,178)		–
Reconciliation to net operating profit
Net profit/(loss)		220		224		(795)		(2)		–		870		(1,178)		–
Amortization of acquired intangible assets and goodwill, net of tax		262		134		171		96		53		657		683		(4)
Exceptional items, net of tax		0		0		813		–		(100)		0		813		(100)
Cumulative effect of change in accounting principle, net of tax		(138)		0		(162)		–		(15)		(138)		(162)		(15)
Net operating profit		344		358		27		(4)		–		1,389		156		–
See page 20 for footnotes.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Credit Suisse First Boston business unit income statement – operating 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Operating income		3,184		3,352		3,351		(5)		(5)		14,557		18,033		(19)
Personnel expenses		1,725		1,627		1,475		6		17		7,534		9,496		(21)
Other operating expenses		856		854		1,141		0		(25)		3,434		4,625		(26)
Operating expenses		2,581		2,481		2,616		4		(1)		10,968		14,121		(22)
Gross operating profit		603		871		735		(31)		(18)		3,589		3,912		(8)
Depreciation of non-current assets		162		125		155		30		5		551		751		(27)
Valuation adjustments, provisions and losses		48		111		993		(57)		(95)		398		2,618		(85)
Net operating profit/(loss) before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		393		635		(413)		(38)		–		2,640		543		386
Extraordinary income/(expenses), net		166		2		383		–		(57)		168		408		(59)
Taxes 2) 3)		(61)		(111)		213		(45)		–		(620)		40		–
Net operating profit before exceptional items, acquisition-related costs and cumulative effect of change in accounting principle		498		526		183		(5)		172		2,188		991		121
Acquisition interest		(61)		(56)		(80)		9		(24)		(267)		(504)		(47)
Amortization of retention payments		(5)		3		(141)		–		(96)		(213)		(644)		(67)
Amortization of acquired intangible assets and goodwill		(472)		(211)		(308)		124		53		(1,090)		(1,303)		(16)
Exceptional items		0		0		(1,389)		–		(100)		0		(1,389)		(100)
Cumulative effect of change in accounting principle		318		0		254		–		25		318		254		25
Tax impact		12		46		254		(74)		(95)		238		759		(69)
Net profit/(loss) 4)		290		308		(1,227)		(6)		–		1,174		(1,836)		–
Reconciliation to net operating profit
Net profit/(loss)		290		308		(1,227)		(6)		–		1,174		(1,836)		–
Amortization of acquired intangible assets and goodwill, net of tax		351		183		252		92		39		888		1,066		(17)
Exceptional items, net of tax		0		0		1,269		–		(100)		0		1,269		(100)
Cumulative effect of change in accounting principle, net of tax		(186)		0		(254)		–		(27)		(186)		(254)		(27)
Net operating profit		455		491		40		(7)		–		1,876		245		–
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, exceptional items and cumulative effect of change in accounting principle 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 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”. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results of Credit Suisse First Boston is shown on page 21.
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 4Q2002 of CHF 15 m (USD 10 m).
3) Excluding tax impact on acquisition-related costs, exceptional items and cumulative effect of change in accounting principle.
4) Net profit/(loss) is identical on an operating and Swiss GAAP basis.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Credit Suisse First Boston business unit key information
								12 months
based on CHF amounts		4Q2003		3Q2003		4Q2002		2003		2002
Cost/income ratio 1)		86.7%		77.1%		95.6%		80.6%		88.9%
Cost/income ratio – operating 2)		86.1%		77.7%		82.7%		79.1%		82.5%
Return on average allocated capital 1)		11.5%		11.3%		(35.1%)		10.6%		(12.3%)
Return on average allocated capital – operating 2)		16.9%		16.9%		1.2%		15.9%		1.7%
Average allocated capital in CHF m		10,743		11,615		13,763		11,829		14,299
Pre-tax margin 1)		12.1%		12.6%		(54.3%)		12.0%		(15.3%)
Pre-tax margin – operating 2)		15.5%		17.4%		(7.5%)		16.0%		(1.1%)
Personnel expenses/operating income 1)		60.4%		54.0%		62.7%		58.5%		64.2%
Personnel expenses/operating income – operating 2)		54.2%		48.5%		44.0%		51.8%		52.7%
						31.12.03		30.09.03		31.12.02
Number of employees (full-time equivalents)						18,341		18,195		22,801
1) Based on the business unit results on a Swiss GAAP basis.
2) Based on the operating basis business unit results, which exclude certain acquisition-related costs, exceptional items and cumulative effect of change in accounting principle not allocated to the segments and reflect certain other reclassifications discussed in the “Reconciliation of operating results to Swiss GAAP”.

Impact on income statement from mandatory Swiss GAAP changes
		in USD m						in CHF m
		Operating		Accounting		Operating		Operating		Accounting		Operating
4Q2003		basis – old		changes		basis		basis – old		changes		basis
Operating income		2,567		(147)		2,420		3,383		(199)		3,184
of which Institutional Securities		2,260		(147)		2,113		2,975		(199)		2,776
of which Fixed Income		828		153		981		1,083		206		1,289
of which Equity		623		0		623		820		0		820
of which Investment Banking		717		0		717		951		0		951
of which Other		92		(300)		(208)		121		(405)		(284)
of which CSFB Financial Services		307		0		307		408		0		408
Valuation adjustments, provisions and losses		(108)		146		38		(149)		197		48
Cumulative effect of change in accounting principles		0		236		236		0		318		318
Taxes		(32)		(6)		(38)		(42)		(7)		(49)
Net profit/(loss)		283		(63)		220		375		(85)		290
Net operating profit/(loss)		545		(201)		344		726		(271)		455

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

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
4Q2003		Securities		Services		First Boston		Securities		Services		First Boston
Operating income		2,113		307		2,420		2,776		408		3,184
Personnel expenses		1,146		163		1,309		1,508		217		1,725
Other operating expenses		556		92		648		734		122		856
Operating expenses		1,702		255		1,957		2,242		339		2,581
Gross operating profit		411		52		463		534		69		603
Depreciation of non-current assets		115		7		122		152		10		162
Valuation adjustments, provisions and losses		21		17		38		25		23		48
Net operating profit before extraordinary items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		275		28		303		357		36		393
Extraordinary income/(expenses), net		24		99		123		32		134		166
Taxes 2)		(13)		(35)		(48)		(14)		(47)		(61)
Net operating profit before acquisition-related costs and cumulative effect of change in accounting principle		286		92		378		375		123		498
Acquisition interest						(47)						(61)
Amortization of retention payments						(5)						(5)
Amortization of acquired intangible assets and goodwill						(352)						(472)
Cumulative effect of change in accounting principle						236						318
Tax impact						10						12
Net profit 3)						220						290
Other data:
Average allocated capital		8,038		394		8,397		10,285		503		10,743
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, and cumulative effect of change in accounting principle 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 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”. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results of Credit Suisse First Boston is shown on page 21.
2) Excluding tax impact on acquisition-related costs and cumulative effect of change in accounting principle.
3) Net profit is identical on an operating and Swiss GAAP basis.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Institutional Securities income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in USD m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Fixed Income		981		819		587		20		67		4,580		4,183		9
Equity		623		675		548		(8)		14		2,605		2,807		(7)
Investment Banking		717		572		936		25		(23)		2,478		3,140		(21)
Other		(208)		69		(208)		–		0		(35)		(562)		(94)
Operating income		2,113		2,135		1,863		(1)		13		9,628		9,568		1
Personnel expenses		1,146		1,016		817		13		40		4,975		5,120		(3)
Other operating expenses		556		542		622		3		(11)		2,221		2,365		(6)
Operating expenses		1,702		1,558		1,439		9		18		7,196		7,485		(4)
Gross operating profit		411		577		424		(29)		(3)		2,432		2,083		17
Depreciation of non-current assets		115		84		81		37		42		381		390		(2)
Valuation adjustments, provisions and losses		21		80		664		(74)		(97)		269		1,664		(84)
Net operating profit/(loss) before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		275		413		(321)		(33)		–		1,782		29		–
Extraordinary income/(expenses), net		24		1		246		–		(90)		25		262		(90)
Taxes 2		(13)		(66)		153		(80)		–		(387)		116		–
Net operating profit before exceptional items, acquisition-related costs and cumulative effect of change in accounting principle (segment result)		286		348		78		(18)		267		1,420		407		249
1) Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, exceptional items and cumulative effect of change in accounting principle not allocated to the segments are included in the business unit results. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results is shown on page 21.
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 4Q2002 of USD 29 m.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Institutional Securities income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Fixed Income		1,289		1,141		807		13		60		6,183		6,525		(5)
Equity		820		931		787		(12)		4		3,516		4,379		(20)
Investment Banking		951		790		1,394		20		(32)		3,346		4,899		(32)
Other		(284)		95		(312)		–		(9)		(48)		(876)		(95)
Operating income		2,776		2,957		2,676		(6)		4		12,997		14,927		(13)
Personnel expenses		1,508		1,411		1,145		7		32		6,715		7,987		(16)
Other operating expenses		734		748		919		(2)		(20)		2,999		3,690		(19)
Operating expenses		2,242		2,159		2,064		4		9		9,714		11,677		(17)
Gross operating profit		534		798		612		(33)		(13)		3,283		3,250		1
Depreciation of non-current assets		152		117		117		30		30		514		609		(16)
Valuation adjustments, provisions and losses		25		111		1,006		(77)		(98)		363		2,595		(86)
Net operating profit/(loss) before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		357		570		(511)		(37)		–		2,406		46		–
Extraordinary income/(expenses), net		32		2		383		–		(92)		34		408		(92)
Taxes 2)		(14)		(92)		240		(85)		–		(523)		182		–
Net operating profit before exceptional items, acquisition-related costs and cumulative effect of change in accounting principle (segment result)		375		480		112		(22)		235		1,917		636		201
1) Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, exceptional items and cumulative effect of change in accounting principle not allocated to the segments are included in the business unit results. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results is shown on page 21.
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 4Q2002 of CHF 42 m.

Institutional Securities balance sheet information
in CHF m		31.12.03		30.09.03		31.12.02
Total assets		588,783		625,767		573,628
Total assets in USD m		476,477		473,027		412,623
Due from banks		194,817		233,811		193,944
of which securities lending and reverse repurchase agreements		143,196		168,498		152,221
Due from customers		113,823		111,211		114,191
of which securities lending and reverse repurchase agreements		62,252		42,876		56,851
Mortgages		12,234		14,599		14,825
Securities and precious metals trading portfolios		186,130		179,442		157,320
Due to banks		292,550		313,915		281,510
of which securities borrowing and repurchase agreements		104,855		113,590		112,733
Due to customers, other		111,844		115,317		109,980
of which securities borrowing and repurchase agreements		71,843		60,544		66,864

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Institutional Securities key information
								12 months
based on CHF amounts		4Q2003		3Q2003		4Q2002		2003		2002
Cost/income ratio 1)		86.2%		77.0%		81.5%		78.7%		82.3%
Average allocated capital in CHF m		10,285		11,173		13,337		11,410		13,706
Pre-tax margin 1)		14.0%		19.3%		(4.8%)		18.8%		3.0%
Personnel expenses/operating income 1)		54.3%		47.7%		42.8%		51.7%		53.5%
						31.12.03		30.09.03		31.12.02
Number of employees (full-time equivalents)						15,739		15,578		16,018
1) Based on the segment results, which exclude certain acquisition-related costs, exceptional items and cumulative effect of change in accounting principle not allocated to the segment.

Active private equity investments
		USD m						CHF m
		4Q2003		3Q2003		4Q2002		4Q2003		3Q2003		4Q2002
Net gains (realized and unrealized gains and losses)		31		8		38		41		12		60
Management and performance fees		29		50		50		38		69		73
		USD bn						CHF bn
		31.12.03		30.09.03		31.12.02		31.12.03		30.09.03		31.12.02
Book value		1.0		0.9		1.0		1.2		1.2		1.3
Fair value		1.0		1.0		1.0		1.3		1.3		1.4

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

CSFB Financial Services income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in USD m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Net interest income		10		9		43		11		(77)		39		203		(81)
Net commission and service fee income		264		245		407		8		(35)		976		1,650		(41)
Net trading income		33		17		19		94		74		104		107		(3)
Other ordinary income		0		16		(6)		(100)		(100)		36		31		16
Operating income		307		287		463		7		(34)		1,155		1,991		(42)
Personnel expenses		163		157		227		4		(28)		606		968		(37)
Other operating expenses		92		77		150		19		(39)		322		599		(46)
Operating expenses		255		234		377		9		(32)		928		1,567		(41)
Gross operating profit		52		53		86		(2)		(40)		227		424		(46)
Depreciation of non-current assets		7		5		25		40		(72)		27		91		(70)
Valuation adjustments, provisions and losses		17		0		(7)		–		–		26		15		73
Net operating profit before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		28		48		68		(42)		(59)		174		318		(45)
Extraordinary income/(expenses), net		99		0		0		–		–		99		0		–
Taxes 2)		(35)		(14)		(19)		150		84		(72)		(91)		(21)
Net operating profit before exceptional items, acquisition-related costs and cumulative effect of change in accounting principle (segment result)		92		34		49		171		88		201		227		(11)
1) Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, exceptional items and cumulative effect of change in accounting principle not allocated to the segments are included in the business unit results. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results is shown on page 21.
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 4Q2002 of USD –19 m.

CSFB Financial Services income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Net interest income		14		13		62		8		(77)		54		317		(83)
Net commission and service fee income		350		337		599		4		(42)		1,318		2,575		(49)
Net trading income		44		24		25		83		76		140		166		(16)
Other ordinary income		0		21		(11)		(100)		(100)		48		48		0
Operating income		408		395		675		3		(40)		1,560		3,106		(50)
Personnel expenses		217		216		330		0		(34)		819		1,509		(46)
Other operating expenses		122		106		222		15		(45)		435		935		(53)
Operating expenses		339		322		552		5		(39)		1,254		2,444		(49)
Gross operating profit		69		73		123		(5)		(44)		306		662		(54)
Depreciation of non-current assets		10		8		38		25		(74)		37		142		(74)
Valuation adjustments, provisions and losses		23		0		(13)		–		–		35		23		52
Net operating profit before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes		36		65		98		(45)		(63)		234		497		(53)
Extraordinary income/(expenses), net		134		0		0		–		–		134		0		–
Taxes 2)		(47)		(19)		(27)		147		74		(97)		(142)		(32)
Net operating profit before exceptional items, acquisition-related costs and cumulative effect of change in accounting principle (segment result)		123		46		71		167		73		271		355		(24)
1) Certain acquisition-related costs, including acquisition interest, amortization of retention payments and amortization of acquired intangible assets and goodwill, exceptional items and cumulative effect of change in accounting principle not allocated to the segments are included in the business unit results. In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The impact on the results is shown on page 21.
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 4Q2002 of CHF –27 m.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

CSFB Financial Services key information
								12 months
based on CHF amounts		4Q2003		3Q2003		4Q2002		2003		2002
Cost/income ratio 1)		85.5%		83.5%		87.4%		82.8%		83.3%
Average allocated capital in CHF m		503		495		701		529		939
Pre-tax margin 1)		41.7%		16.5%		14.5%		23.6%		16.0%
Personnel expenses/operating income 1)		53.2%		54.7%		48.9%		52.5%		48.6%
Net new assets Credit Suisse Asset Management in CHF bn (discretionary) 2)		(2.4)		(5.5)		(8.6)		(14.8)		(31.3)
Net new assets Private Client Services in CHF bn		0.8		(1.5)		2.7		(0.9)		8.0
Growth in assets under management 2)		(5.6%)		(1.5%)		(2.8%)		(5.8%)		(24.2%)
Growth in discretionary assets under management – Credit Suisse Asset Management 2)		(0.5%)		(1.2%)		(4.6%)		(0.2%)		(23.5%)
of which net new assets 2)		(0.9%)		(1.9%)		(3.0%)		(5.3%)		(8.6%)
of which market movement and structural effects		0.4%		0.7%		(1.6%)		5.1%		(14.9%)
Growth in net new assets Private Client Services		1.2%		(2.3%)		3.9%		(1.3%)		8.6%
						31.12.03		30.09.03		31.12.02
Assets under management in CHF bn 2)						454.1		481.2		482.2
of which Credit Suisse Asset Management 2)						392.9		413.7		412.8
of which Private Client Services						61.2		65.1		67.5
Discretionary assets under management in CHF bn 2)						295.7		295.9		297.0
of which Credit Suisse Asset Management 2)						278.1		279.5		278.7
of which mutual funds distributed						110.0		112.6		106.5
of which Private Client Services						17.6		16.4		18.3
Advisory assets under management in CHF bn 2)						158.4		185.3		185.2
Number of employees (full-time equivalents)						2,602		2,617		6,783
1) Based on the segment results, which exclude certain acquisition-related costs, exceptional items and cumulative effect of change in accounting principle not allocated to the segment.
2) 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.

For a detailed discussion of the full-year 2003 results please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

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 2003 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 consolidated 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
4Q2003, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		2,298		26	2)	2,324		3,184		(231)	3) 4) 5)	2,953		(59)		5,218
Personnel expenses		1,202				1,202		1,725		60	3) 4)	1,785		55		3,042
Other operating expenses		775				775		856		(244)	4)	612		(6)		1,381
Operating expenses		1,977				1,977		2,581				2,397		49		4,423
Gross operating profit		321				347		603				556		(108)		795
Depreciation of non-current assets		277				277		162				162		82		521
Amortization of acquired intangible assets and goodwill		–		25		25		–		472	3)	472		(3)		494
Valuation adjustments, provisions and losses		113		119	6)	232		48				48		2		282
Profit before extraordinary items, cumulative effect of change in accounting principle and taxes		(69)				(187)		393				(126)		(189)		(502)
Extraordinary income/(expenses), net		109		(26)	2)	83		166				166		43		292
Cumulative effect of change in accounting principle		–		1		1		–		318		318		0		319
Taxes		817		29		846		(61)		12		(49)		63		860
Net profit before minority interests		857				743		498				309		(83)		969
Minority interests		24				24		0		(19)	5)	(19)		(18)		(13)
Net profit		881				767		498				290		(101)		956
Reconciliation to business unit results
Acquisition interest								(61)		61
Amortization of retention payments								(5)		5
Amortization of acquired intangible assets and goodwill		(25)		25				(472)		472
Cumulative effect of change in accounting principle		1		(1)				318		(318)
Tax impact		0		0				12		(12)
Business unit result		857						290
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 -26 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 61 m allocated to operating income, amortization of retention payments of CHF 5 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 472 m.
4) Reflects brokerage, execution and clearing expenses of CHF 189 m reclassified from other operating expenses to operating income and contractor costs of CHF 32 m and staff recruitment costs of CHF 23 m reclassified from other operating expenses to personnel expenses.
5) Reflects expenses of CHF 19 m related to certain redeemable preferred securities reclassified from operating income to minority interests.
6) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 119 m.

		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) 5)	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	6)	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	2)	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)	5)	(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 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 expenses of CHF 20 m related to certain redeemable preferred securities reclassified from operating income to minority interests.
6) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 14 m.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
4Q2002, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		3,566		62	2)	3,628		3,351		(269)	3) 4) 5)	3,082		(315)		6,395
Personnel expenses		1,444		3	6)	1,447		1,475		458	3) 4) 7)	1,933		84		3,464
Other operating expenses		934		(1)	6)	933		1,141		(283)	4)	858		(144)		1,647
Operating expenses		2,378				2,380		2,616				2,791		(60)		5,111
Gross operating profit		1,188				1,248		735				291		(255)		1,284
Depreciation of non-current assets		319		16	6)	335		155				155		144		634
Amortization of acquired intangible assets and goodwill		–		92	6)	92		–		308	3)	308		3		403
Valuation adjustments, provisions and losses		105		85	8)	190		993		984	7)	1,977		257		2,424
Profit/(loss) before extraordinary items, cumulative effect of change in accounting principle and taxes		764				631		(413)				(2,149)		(659)		(2,177)
Extraordinary income/(expenses), net		24		(62)	2)	(38)		383		(163)	7)	220		187		369
Cumulative effect of change in accounting principle		–		266		266		–		254		254		0		520
Taxes		(325)		35		(290)		213		254		467		141		318
Net profit/(loss) before minority interests		463				569		183				(1,208)		(331)		(970)
Minority interests		51				51		0		(19)	5)	(19)		(12)		20
Net profit/(loss)		514				620		183				(1,227)		(343)		(950)
Reconciliation to business unit results
Acquisition interest								(80)		80
Amortization of retention payments								(141)		141
Amortization of acquired intangible assets and goodwill		(37)		(37)				(308)		308
Exceptional items		(73)		(73)				(1,389)		(1,389)
Cumulative effect of change in accounting principle		266		(266)				254		(254)
Tax impact		14		(14)				254		(254)
Business unit result		684						(1,227)
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 -62 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 80 m allocated to operating income, amortization of retention payments of CHF 141 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 208 m reclassified from other operating expenses to operating income and contractor costs of CHF 49 m and staff recruitment costs of CHF 26 m reclassified from other operating expenses to personnel expenses.
5) Reflects expenses of CHF 19 m related to certain redeemable preferred securities reclassified from operating income to minority interests.
6) Reflects exceptional items allocated to personnel expenses of CHF 3 m, to other operating expenses of CHF –1 m, to depreciation of non-current assets of CHF 16 m and to amortization of acquired intangible assets and goodwill of CHF 55 m.
7) Reflects exceptional items allocated to personnel expenses of CHF 242 m, to valuation adjustments, provisions and losses of CHF 984 m and to extraordinary expenses of CHF 163 m.
8) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 85 m.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
12 months 2003, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		13,892		(1,077)	2)	12,815		14,557		(962)	3) 4) 5)	13,595		(88)		26,322
Personnel expenses		5,434				5,434		7,534		425	3) 4)	7,959		237		13,630
Other operating expenses		3,067				3,067		3,434		(984)	4)	2,450		(246)		5,271
Operating expenses		8,501				8,501		10,968				10,409		(9)		18,901
Gross operating profit		5,391				4,314		3,589				3,186		(79)		7,421
Depreciation of non-current assets		972				972		551				551		364		1,887
Amortization of acquired intangible assets and goodwill		–		102		102		–		1,090	3)	1,090		(5)		1,187
Valuation adjustments, provisions and losses		374		82	6)	456		398				398		7		861
Profit before extraordinary items, cumulative effect of change in accounting principle and taxes		4,045				2,784		2,640				1,147		(445)		3,486
Extraordinary income/(expenses), net		127		1,077	2)	1,204		168				168		100		1,472
Cumulative effect of change in accounting principle		–		1		1		–		318		318		0		319
Taxes		75		22		97		(620)		238		(382)		131		(154)
Net profit before minority interests		4,247				4,086		2,188				1,251		(214)		5,123
Minority interests		14				14		0		(77)	5)	(77)		(61)		(124)
Net profit		4,261				4,100		2,188				1,174		(275)		4,999
Reconciliation to business unit results
Acquisition interest								(267)		267
Amortization of retention payments								(213)		213
Amortization of acquired intangible assets and goodwill		(102)		102				(1,090)		1,090
Cumulative effect of change in accounting principle		1		(1)				318		(318)
Tax impact		2		(2)				238		(238)
Business unit result		4,162						1,174
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 1,077 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 267 m allocated to operating income, amortization of retention payments of CHF 213 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 1,090 m.
4) Reflects brokerage, execution and clearing expenses of CHF 772 m reclassified from other operating expenses to operating income and contractor costs of CHF 151 m and staff recruitment costs of CHF 61 m reclassified from other operating expenses to personnel expenses.
5) Reflects expenses of CHF 77 m related to certain redeemable preferred securities reclassified from operating income to minority interests.
6) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 82 m.

		Credit Suisse Financial Services						Credit Suisse First Boston
				Re-		Swiss				Re-		Swiss				Credit
		Operating		classifi-		GAAP		Operating		classifi-		GAAP		Corporate		Suisse
12 months 2002, in CHF m		basis		cations		basis		basis		cations		basis		Center	1)	Group
Operating income		12,152		132	2)	12,284		18,033		(1,313)	3) 4) 5)	16,720		(966)		28,038
Personnel expenses		5,944		50	6)	5,994		9,496		1,244	3) 4) 7)	10,740		176		16,910
Other operating expenses		3,625		38	6)	3,663		4,625		(1,246)	4)	3,379		(423)		6,619
Operating expenses		9,569				9,657		14,121				14,119		(247)		23,529
Gross operating profit		2,583				2,627		3,912				2,601		(719)		4,509
Depreciation of non-current assets		1,006		45	6)	1,051		751				751		371		2,173
Amortization of acquired intangible assets and goodwill		–		198	6)	198		–		1,303	3)	1,303		(2)		1,499
Valuation adjustments, provisions and losses		390		120	8)	510		2,618		984	7)	3,602		318		4,430
Profit/(loss) before extraordinary items, cumulative effect of change in accounting principle and taxes		1,187				868		543				(3,055)		(1,406)		(3,593)
Extraordinary income/(expenses), net		48		(132)	2)	(84)		408		(163)	7)	245		182		343
Cumulative effect of change in accounting principle		–		266		266		–		254		254		0		520
Taxes		(1,517)		45		(1,472)		40		759		799		77		(596)
Net profit/(loss) before minority interests		(282)				(422)		991				(1,757)		(1,147)		(3,326)
Minority interests		151				151		0		(79)	5)	(79)		(55)		17
Net profit/(loss)		(131)				(271)		991				(1,836)		(1,202)		(3,309)
Reconciliation to business unit results
Acquisition interest								(504)		504
Amortization of retention payments								(644)		644
Amortization of acquired intangible assets and goodwill		(139)		139				(1,303)		1,303
Exceptional items		(192)		192				(1,389)		1,389
Cumulative effect of change in accounting principle		266		(266)				254		(254)
Tax impact		16		(16)				759		(759)
Business unit result		(180)						(1,836)
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 -132 m reclassified from operating income to extraordinary income/(expenses).
3) Reflects acquisition interest of CHF 504 m allocated to operating income, amortization of retention payments of CHF 644 m allocated to personnel expenses and amortization of acquired intangible assets and goodwill of CHF 1,303 m.
4) Reflects brokerage, execution and clearing expenses of CHF 888 m reclassified from other operating expenses to operating income and contractor costs of CHF 272 m and staff recruitment costs of CHF 86 m reclassified from other operating expenses to personnel expenses.
5) Reflects expenses of CHF 79 m related to certain redeemable preferred securities reclassified from operating income to minority interests.
6) Reflects exceptional items allocated to personnel expenses of CHF 50 m, to other operating expenses of CHF 38 m, to depreciation of non-current assets of CHF 45 m and to amortization of acquired intangible assets and goodwill of CHF 59 m.
7) Reflects exceptional items allocated to personnel expenses of CHF 242 m, to valuation adjustments, provisions and losses of CHF 984 m and to extraordinary expenses of CHF 163 m.
8) Reflects an increase/(decrease) in credit-related valuation adjustments resulting from the difference between statistical and actual credit provisions of CHF 120 m.

CONSOLIDATED RESULTS | CREDIT SUISSE GROUP

Consolidated income statement 1)
								Change		Change						Change
								in % from		in % from						in % from
												12 months
in CHF m		4Q2003		3Q2003		4Q2002		3Q2003		4Q2002		2003		2002		2002
Interest and discount income		3,035		3,227		4,119		(6)		(26)		13,116		17,630		(26)
Interest and dividend income from trading portfolios		2,747		2,488	2)	2,204		10		25		9,797		9,957		(2)
Interest and dividend income from financial investments		198		181		156		9		27		726		733		(1)
Interest expenses		(4,081)		(3,884)	2)	(4,553)		5		(10)		(16,215)		(20,284)		(20)
Net interest income		1,899		2,012		1,926		(6)		(1)		7,424		8,036		(8)
Commission income from lending activities		239		224		313		7		(24)		911		872		4
Commission income from securities and investment transactions		2,781		2,921		2,899		(5)		(4)		10,898		13,658		(20)
Commission income from other services		228		277		334		(18)		(32)		1,004		1,649		(39)
Commission expenses		(305)		(199)		(246)		53		24		(873)		(845)		3
Net commission and service fee income		2,943		3,223		3,300		(9)		(11)		11,940		15,334		(22)
Net trading income		(157)		72		109		–		–		2,515		2,254		12
Premiums earned, net		6,704		7,126		8,309		(6)		(19)		31,891		34,811		(8)
Claims incurred and actuarial provisions		(8,377)		(7,207)		(6,426)		16		30		(33,411)		(28,791)		16
Commission expenses, net		(463)		(619)		(549)		(25)		(16)		(2,295)		(2,276)		1
Investment income from the insurance business		2,414		2,167		54		11		–		8,436		(432)		–
Net income from the insurance business		278		1,467		1,388		(81)		(80)		4,621		3,312		40
Income from the sale of financial investments		161		102		490		58		(67)		485		1,385		(65)
Income from investments in associates		15		8		(18)		88		–		64		65		(2)
Income from other non-consolidated participations		5		3		3		67		67		24		27		(11)
Real estate income		37		41		30		(10)		23		166		194		(14)
Sundry ordinary income		200		219		86		(9)		133		866		816		6
Sundry ordinary expenses 3)		(163)		(616)		(919)		(74)		(82)		(1,783)		(3,385)		(47)
Other ordinary income/(expenses), net		255		(243)		(328)		–		–		(178)		(898)		(80)
Operating income		5,218		6,531		6,395		(20)		(18)		26,322		28,038		(6)
Personnel expenses		3,042		3,125		3,464		(3)		(12)		13,630		16,910		(19)
Other operating expenses		1,381		1,262		1,647		9		(16)		5,271		6,619		(20)
Operating expenses		4,423		4,387		5,111		1		(13)		18,901		23,529		(20)
Gross operating profit		795		2,144		1,284		(63)		(38)		7,421		4,509		65
Depreciation of non-current assets 4)		521		471		634		11		(18)		1,887		2,173		(13)
Amortization of acquired intangible assets		350		84		165		317		112		593		693		(14)
Amortization of goodwill		144		154		238		(6)		(39)		594		806		(26)
Valuation adjustments, provisions and losses from the banking business 3)		282		215		2,424		31		(88)		861		4,430		(81)
Depreciation, valuation adjustments and losses		1,297		924		3,461		40		(63)		3,935		8,102		(51)
Profit/(loss) before extraordinary items, cumulative effect of change in accounting principle and taxes		(502)		1,220		(2,177)		–		(77)		3,486		(3,593)		–
Extraordinary income		350		1,568		626		(78)		(44)		2,047		746		174
Extraordinary expenses		(58)		(400)		(257)		(86)		(77)		(575)		(403)		43
Cumulative effect of change in accounting principle		319		0		520		–		(39)		319		520		(39)
Taxes 5)		860		(317)		318		–		170		(154)		(596)		(74)
Net profit/(loss) before minority interests		969		2,071		(970)		(53)		–		5,123		(3,326)		–
Minority interests		(13)		(26)		20		(50)		–		(124)		17		–
Net profit/(loss)		956		2,045		(950)		(53)		–		4,999		(3,309)		–
1) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The overall impact of these changes for Credit Suisse Group in 4Q2003 and for the 12 months 2003 was a decrease of CHF 189 m in net profit.
2) Adjusted.
3) 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”.
4) Includes amortization of Present Value of Future Profits (PVFP) from the insurance business.
5) 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 4Q2002 of CHF –197 m.

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Consolidated balance sheet
						Change
						in % from
in CHF m		31.12.03		31.12.02		31.12.02
Assets
Cash and other liquid assets		3,026		2,551		19
Money market papers		16,355		25,125		(35)
Due from banks		192,833		195,778		(2)
Receivables from the insurance business		9,725		12,290		(21)
Due from customers		170,486		182,143		(6)
Mortgages		98,214		94,896		3
Securities and precious metals trading portfolios		200,057		173,133		16
Financial investments from the banking business		42,141		33,394		26
Investments from the insurance business		129,395		128,450		1
Non-consolidated participations		1,406		1,792		(22)
Tangible fixed assets		6,922		8,152		(15)
Intangible assets		13,467		18,359		(27)
Accrued income and prepaid expenses		12,582		13,882		(9)
Other assets		65,555		65,711		(0)
Total assets		962,164		955,656		1
Subordinated assets		7,561		5,846	1)	29
Receivables due from non-consolidated participations		604		728		(17)
Liabilities and shareholders' equity
Money market papers issued		27,700		22,178		25
Due to banks		296,487		287,884		3
Payables from the insurance business		10,939		10,218		7
Due to customers in savings and investment deposits		43,747		39,739		10
Due to customers, other		252,555		258,244		(2)
Medium-term notes (cash bonds)		1,803		2,599		(31)
Bonds and mortgage-backed bonds		79,080		81,839		(3)
Accrued expenses and deferred income		17,018		17,463		(3)
Other liabilities		59,058		56,070		5
Valuation adjustments and provisions		7,243		11,557		(37)
Technical provisions for the insurance business		131,842		136,471		(3)
Total liabilities		927,472		924,262		0
Reserve for general banking risks		1,739		1,739		0
Share capital		1,195		1,190		0
Capital reserve		20,824		20,710		1
Revaluation reserves for the insurance business		885		1,504		(41)
Reserve for own shares		–		1,950		(100)
Own shares, net		(498)		–		–
Retained earnings		2,592		4,732		(45)
Minority interests		2,956		2,878		3
Net profit/(loss)		4,999		(3,309)		–
Total shareholders' equity		34,692		31,394		11
Total liabilities and shareholders' equity		962,164		955,656		1
Subordinated liabilities		19,018		21,070	1)	(10)
Liabilities due to non-consolidated participations		1,186		1,164		2
1) Adjusted.

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Off-balance sheet and fiduciary business
in CHF m		31.12.03		31.12.02
Credit guarantees in form of bills of exchange and other guarantees 1)		30,082		27,745
Bid bonds, delivery and performance bonds, letters of indemnity, other performance-related guarantees		4,841		4,680
Irrevocable commitments in respect of documentary credits		3,212		3,242
Other contingent liabilities		2,701		3,437
Contingent liabilities		40,836		39,104
Irrevocable commitments		85,296		92,950
Liabilities for calls on shares and other equity instruments		42		43
Confirmed credits		23		32
Total off-balance sheet		126,197		132,129
Fiduciary transactions
Fiduciary placements with third-party institutions		25,788		30,726
Fiduciary loans and other fiduciary transactions		5,675		6,977
Securities lending transactions as commission agent 2)		14,656		–
At 31.12.03, market value guarantees reported as derivatives totaled CHF 216.7 bn (31.12.02: CHF 175.3 bn) (nominal value). The associated replacement value reported on-balance sheet totaled CHF 10.2 bn (31.12.02: CHF 11.5 bn).
1) Including credit guarantees for securities lent as arranger: 31.12.03: CHF 21.9 bn (31.12.02: CHF 20.7 bn).
2) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted.

Derivative instruments 1)
		Trading (all non hedging)						Hedging
				Positive		Negative				Positive		Negative
		Notional		replacement		replacement		Notional		replacement		replacement
As of 31.12.03, in CHF bn		amount		value		value		amount		value		value
Interest rate products		11,278.0		155.8		155.7		57.9		2.4		0.4
Foreign exchange products		1,500.7		45.6		45.5		25.7		2.0		0.1
Precious metals products		13.6		1.2		3.5		0.0		0.0		0.0
Equity/index-related products		417.3		15.2		17.6		0.2		0.0		0.0
Other products		274.1		4.2		5.9		0.5		0.0		0.0
Total derivative instruments		13,483.7		222.0		228.2		84.3		4.4		0.5
						31.12.03				31.12.02
						Positive		Negative		Positive		Negative
						replacement		replacement		replacement		replacement
in CHF bn						value		value		value		value
Replacement values (trading and hedging) before netting agreements						226.4		228.7		238.0		237.6
Replacement values (trading and hedging) after netting agreements 2)						55.8		58.4		54.8		55.2
1) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. Notional amount for derivative instruments (trading and hedging) as of 31.12.03 was CHF 13,568.0 bn (31.12.02: CHF 12,570.6 bn).
2) Positive replacement values from the insurance business of CHF 0.5 bn (31.12.02: CHF 1.0 bn) and negative replacement value of CHF 0.3 bn (31.12.02: CHF 0.2 bn) deducted as included in the investments from the insurance business.

Currency translation rates
		Average rate year-to-date						Closing rate used in the
		used in the income statement						balance sheet as of
in CHF		4Q2003		3Q2003		4Q2002		31.12.03		30.09.03		31.12.02
1 USD		1.35		1.36		1.56		1.2357		1.3229		1.3902
1 EUR		1.52		1.51		1.47		1.5590		1.5382		1.4550
1 GBP		2.20		2.19		2.33		2.2023		2.2089		2.2357
100 JPY		1.16		1.15		1.24		1.1556		1.1923		1.1722

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Income statement of the banking and insurance business 1)
		Banking business
		(incl. Corporate Center)				Insurance business			2)	Credit Suisse Group
12 months, in CHF m		2003		2002		2003		2002		2003		2002
Net interest income		7,420		7,984		–		–		7,424		8,036
Net commission and service fee income		11,914		15,350		–		–		11,940		15,334
Net trading income		2,566		1,946		–		–		2,515		2,254
Net income from the insurance business  3)		–		–		4,622		3,641		4,621		3,312
Other ordinary income/(expenses), net		661		(296)		(860)		(602)		(178)		(898)
Operating income		22,561		24,984		3,762		3,039		26,322		28,038
Personnel expenses		11,735		14,627		1,895		2,283		13,630		16,910
Other operating expenses		3,990		5,118		1,285		1,499		5,271		6,619
Operating expenses		15,725		19,745		3,180		3,782		18,901		23,529
Gross operating profit/(loss)		6,836		5,239		582		(743)		7,421		4,509
Depreciation of non-current assets		1,237		1,515		652		657		1,887		2,173
Amortization of acquired intangible assets		593		693		0		0		593		693
Amortization of goodwill		532		740		62		66		594		806
Valuation adjustments, provisions and losses from the banking business		861		4,430		–		–		861		4,430
Depreciation, valuation adjustments and losses		3,223		7,378		714		723		3,935		8,102
Profit/(loss) before extraordinary items, cumulative effect of change in accounting principle and taxes		3,613		(2,139)		(132)		(1,466)		3,486		(3,593)
Extraordinary income		441		681		1,606		65		2,047		746
Extraordinary expenses		(46)		(206)		(529)		(197)		(575)		(403)
Cumulative effect of change in accounting principle		319		320		–		200		319		520
Taxes		(910)		289		757		(885)		(154)		(596)
Net profit/(loss) before minority interests		3,417		(1,055)		1,702		(2,283)		5,123		(3,326)
Minority interests		(156)		(151)		32		168		(124)		17
Net profit/(loss)		3,261		(1,206)		1,734		(2,115)		4,999		(3,309)
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 508 m (12 months 2002: CHF 615 m) are related to personnel expenses and CHF 444 m (12 months 2002: CHF 469 m) to other operating expenses.

Statement of shareholders' equity 1)
		12 months
in CHF m		2003		2002
At beginning of financial year		31,394		38,921
Reclassification for own shares 2)		(1,019)		–
Dividends paid		(116)		0
Dividends paid to minority interests		(160)		(169)
Repayment out of share capital		0		(2,379)
Capital increases, par value and capital surplus		20		1,448
Cancellation of repurchased shares		0		(542)
Change in scope of consolidation		114		(167)
Purchase of own shares (cost) 2)		(7,009)		–
Sales of own shares (cost) 2)		6,521		–
Realized gains on own shares, net 2)		99		–
Accrual for earned share compensation 2)		1,009		–
Foreign currency translation impact		(660)		(2,626)
Change in revaluation reserves for the insurance business, net		(624)		814
Release of reserve for general banking risks		0		(580)
Minority interests in net profit/(loss)		124		(17)
Net profit/(loss)		4,999		(3,309)
At end of financial year		34,692		31,394
1) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted. The overall impact of these changes, primarily accounting for own shares and derivatives, on shareholders’ equity as of December 31, 2003 was a decrease of CHF 491 m.
2) As of January 1, 2003, own shares are no longer included in shareholders' equity. The impact on shareholders’ equity as of December 31, 2003 was a decrease of CHF 396 m.

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

LOANS

Due from banks
in CHF m		31.12.03		31.12.02
Due from banks, gross		192,844		195,866
Valuation allowance		(11)		(88)
Total due from banks, net		192,833		195,778

Due from customers and mortgages
in CHF m		31.12.03		31.12.02
Due from customers, gross 1)		173,636		187,617
Valuation allowance		(3,150)		(5,474)
Due from customers, net		170,486		182,143
Mortgages, gross 1)		99,569		97,037
Valuation allowance		(1,355)		(2,141)
Mortgages, net		98,214		94,896
Total due from customers and mortgages, net		268,700		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		31.12.03		31.12.02
Financial services		40,085		43,553
Real estate companies		15,468		16,472
Other services including technology companies		12,451		15,316
Manufacturing		10,588		13,273
Wholesale and retail trade		9,514		11,165
Construction		3,699		4,314
Transportation		3,138		4,149
Telecommunications		1,391		2,333
Health and social services		1,874		2,340
Hotels and restaurants		2,178		2,390
Agriculture and mining		2,342		2,317
Non-profit and international organizations		203		191
Commercial		102,931		117,813
Consumers		92,841		87,145
Public authorities		4,538		5,023
Lease financings		3,274		3,158
Professional securities transactions and securitized loans		69,621		71,515
Due from customers and mortgages, gross		273,205		284,654
Valuation allowance		(4,505)		(7,615)
Total due from customers and mortgages, net		268,700		277,039

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Collateral of due from customers and mortgages
		Mortgage		Other		Without		Total
in CHF m		collateral		collateral		collateral		31.12.03
Due from customers		5,399		135,102		29,985		170,486
Residential properties		72,241		–		–		72,241
Business and office properties		11,597		–		–		11,597
Commercial and industrial properties		11,571		–		–		11,571
Other properties		2,805		–		–		2,805
Mortgages		98,214		–		–		98,214
Total collateral		103,613		135,102		29,985		268,700
As of 31.12.02		100,002		143,044	1)	33,993	1)	277,039
1) Adjusted.

Loan valuation allowance
in CHF m		31.12.03		31.12.02
Due from banks		11		88
Due from customers		3,150		5,474
Mortgages		1,355		2,141
Total loan valuation allowance 1)		4,516		7,703
of which on principal		3,742		6,617
of which on interest		774		1,086
1) 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
		12 months
in CHF m		2003		2002
At beginning of financial year		7,703		9,264
Additions		1,753		3,351
Releases		(1,161)		(735)
Net additions charged to income statement		592		2,616
Gross write-offs		(3,433)		(3,868)
Recoveries		51		65
Net write-offs		(3,382)		(3,803)
Reclassified to loans held for sale		(355)		–
Balances acquired/(sold)		(3)		0
Provisions for interest		158		187
Foreign currency translation impact and other		(197)		(561)
At end of period		4,516		7,703

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Impaired loans 1)
in CHF m		31.12.03		31.12.02
With a specific allowance		6,210		11,714
Without a specific allowance		747		655
Total impaired loans, gross		6,957		12,369
Non-performing loans		2,913		6,355
Non-interest earning loans		1,763		2,325
Restructured loans		280		281
Potential problem loans 2)		2,001		3,408
Total impaired loans, gross		6,957		12,369
Estimated liquidation value of collateral		(2,484)		–	3)
Impaired loans, net		4,473		–	3)
Specific allowance for impaired loans		3,819		6,778
1) Effective 1Q2003, loans classified as held for sale are excluded from impaired loans.
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.
3) In 4Q2003 Credit Suisse Group applied mandatory changes in Swiss Federal Banking Commission guidelines. Prior periods are not required to be adjusted.

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

CONSOLIDATED RESULTS | CREDIT SUISSE GROUP

Securities and precious metals trading portfolios
in CHF m		31.12.03		31.12.02
Listed on stock exchange		65,230		58,661
Unlisted		73,740		76,083
Debt instruments		138,970		134,744
Listed on stock exchange		51,978		33,208
Unlisted		7,475		3,935
Equity instruments		59,453		37,143
Precious metals		1,634		1,246
Total securities and precious metals trading portfolios		200,057		173,133

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

Investments from the insurance business
						Gross		Gross
				Amortized		unrealized		unrealized
As of 31.12.03, in CHF m		Book value		cost		gains		losses		Fair value
Debt securities issued by Swiss Federal Government, cantonal or local governmental entities		7,145		7,145		0		118		7,027
Corporate debt securities		1,196		1,196		0		17		1,179
Other		1,844		1,844		0		29		1,815
Total debt securities – held to maturity		10,185		10,185		0		164		10,021
Debt securities issued by Swiss Federal Government, cantonal or local governmental entities		4,224		3,782		449		7		4,224
Debt securities issued by foreign governments		17,057		16,629		606		178		17,057
Corporate debt securities		41,486		40,744		1,398		656		41,486
Other		6,703		6,574		172		43		6,703
Debt securities		69,470		67,729		2,625		884		69,470
Equity securities		5,501		5,113		499		111		5,501
Total securities – available-for-sale		74,971		72,842		3,124		995		74,971
Debt securities		236		–		–		–		–
Equity securities		138		–		–		–		–
Total securities – trading		374		–		–		–		–
Mortgage loans		11,054		–		–		–		–
Other loans		4,389		–		–		–		–
Real estate		7,215		–		–		–		8,709
Short-term investments and other		5,062		–		–		–		–
Investments from the insurance business		113,250		–		–		–		–
Equity securities		11,818		–		–		–		–
Debt securities		2,395		–		–		–		–
Short-term investments		1,747		–		–		–		–
Real estate		185		–		–		–		–
Investments where the investment risk is borne by the policyholder		16,145		–		–		–		–
Investments from the insurance business		129,395		–		–		–		–

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		–		–		–		–

For complete consolidated financial statements and notes please refer to the Credit Suisse Group Annual Report 2003, which is posted on the Internet at www.credit-suisse.com/annualreport2003.

INFORMATION FOR INVESTORS

Financial calendar
Annual General Meeting	Friday, April 30, 2004
First quarter results 2004	Wednesday, May 5, 2004
Payment of par value reduction (in lieu of a dividend)	Monday, July 12, 2004
Second quarter results 2004	Wednesday, August 4, 2004
Third quarter results 2004	Thursday, November 4, 2004

Credit Suisse Group shares
Ticker symbols
Stock exchange listings		Bloomberg	Reuters	Telekurs
SWX Swiss Exchange/virt-x		CSGN VX	CSGN.VX	CSGN,380
New York (ADS) 1)		CSR US	CSR.N	CSR,065
1) 1 ADS represents 1 registered share.
Swiss security number		1213853
ISIN number		CH0012138530
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		Stable		Stable		Negative
Credit Suisse
Short term		P-1		A-1		F1+
Long term		Aa3		A+		AA-
Outlook		Stable		Stable		Negative
Credit Suisse First Boston
Short term		P-1		A-1		F1+
Long term		Aa3		A+		AA-
Outlook		Stable		Stable		Negative
Winterthur
Insurer Financial Strength		A1		A		AA
Credit		A2		A		AA-
Outlook		Stable		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
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Tel. +41 1 333 8844
Fax +41 1 333 8877

Financial Publications
Printed financial publications may be ordered from:
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Tel. +41 1 212 1616
Fax +41 1 333 2587
www.credit-suisse.com

---

 

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 March 31, 2004	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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