Back to Contents

Good performances from Private Banking and Corporate & Retail Banking in the fourth quarter contributed to a very good full-year result. Credit Suisse First Boston continued to improve its financial performance in the fourth quarter and recorded an increased pre-tax margin for the full year 2004 versus 2003, as Institutional Securities and Wealth & Asset Management reported moderate revenue growth and maintained cost discipline with a compensation to revenue ratio (excluding minority interests related to revenues) of 53.1% for 2004.

Winterthur achieved a solid performance in 2004, driven by improved underwriting results − reflecting cost containment efforts and efficiency gains − and stable investment income, partially offset by the aforementioned provisioning.

The Board of Directors will propose a dividend of CHF 1.50 per share and will also seek authorization for a two-year share repurchase program for a value of up to CHF 6 billion from the Annual General Meeting on April 29, 2005.

Oswald J. Grübel, CEO of Credit Suisse Group, stated, "We delivered a good 2004 result as our businesses responded well to the changing market environment but the fourth quarter was impacted by provisions relating to the sale of Winterthur International, a loss on the disposal of a minority holding and severance costs at CSFB. However, I am very pleased that all our banking units reported increased profitability compared to 2003, while significant year-on-year improvements show that Winterthur is making continued progress towards sustained profitability. Moreover, the strengthening of our capital base as a result of our good 2004 performance will enable us to fund our growth strategy and return capital to our shareholders."

He continued, "These positive results confirm that we are establishing real momentum and consistency but we still have some way to go to realize the full potential of the Group. To do this, we will be relentless in the execution of our strategy and we will strengthen cooperation between our businesses to capture opportunities for revenue growth and cost synergies."

He concluded, "We are confident that the integration of our banking businesses announced in December will transform the Group into a stronger and more formidable competitor in the global marketplace."

Page 2 of 8

Equity Capital

Credit Suisse Group further increased its momentum in capital generation in 2004 and reported a consolidated BIS tier 1 ratio of 12.3% as of December 31, 2004.

Credit Suisse Business Unit

Private Banking reported net income of CHF 616 million for the fourth quarter of 2004, up 21% versus the third quarter, due primarily to higher transaction-driven income which reflected a slight recovery in client activity. Compared to the fourth quarter of 2003, which benefited from disposal gains of CHF 81 million after tax, net income declined 2%. For the full year 2004, Private Banking posted net income of CHF 2,473 million. This 28% increase versus 2003 was mainly attributable to strong asset-driven revenue generation and efficiency improvements. The gross margin rose to 128.2 basis points in the fourth quarter of 2004 from 121.7 basis points in the prior quarter and stood at 133.7 basis points for the full year 2004, virtually unchanged from the high level in 2003. The cost/income ratio amounted to 57.8% for both the fourth quarter and full year 2004, representing an improvement of 3.8 percentage points versus the full year 2003, primarily as a result of higher revenues.

Corporate & Retail Banking recorded net income of CHF 257 million for the fourth quarter of 2004, representing an increase of 29% over the third quarter and a substantial increase from the corresponding period of 2003. Full-year 2004 net income totaled CHF 901 million, up 54% from 2003, driven by an increase in commission and fee income, efficiency improvements and a low level of credit provisions. In the fourth quarter of 2004, provisions for credit losses decreased by CHF 26 million from the third quarter and resulted in a net release of CHF 6 million of provisions, reflecting the favorable credit environment. For the full year 2004, provisions for credit losses amounted to CHF 122 million, down 69% from 2003. The segment’s return on average allocated capital was 20.8% for the fourth quarter and 18.0% for the full year 2004, up 6.3 percentage points from 2003.

Page 3 of 8

Credit Suisse First Boston Business Unit

Institutional Securities reported net income of CHF 269 million for the fourth quarter of 2004, down 8% from the third quarter, which was positively impacted by lower income tax expense. Compared to the fourth quarter of 2003, net income rose by CHF 173 million, positively impacted by lower credit provisions and lower income tax expense and negatively impacted by severance costs of CHF 68 million before tax. For the full year 2004, net income rose 47% versus 2003 to CHF 1,313 million due to higher fixed income and equity trading results, higher debt underwriting revenues, gains on legacy investments, lower credit provisions and lower income tax expense. The pre-tax margin (excluding minority interests) in the fourth quarter improved compared to both prior periods and was flat for 2004 compared to 2003.

Wealth & Asset Management reported net income of CHF 63 million for the fourth quarter of 2004, up 110% versus the prior quarter and up 142% from the fourth quarter of 2003, which included a CHF 270 million charge for the impairment of acquired intangible assets. The segment’s improved performance versus both prior periods benefited from increased revenues in the Alternative Capital Division, partially offset by severance costs of CHF 88 million before tax associated with changes in the business structure. Full-year 2004 net income increased to CHF 530 million compared to 2003, primarily reflecting private equity investment-related gains.

Winterthur Business Unit

Page 4 of 8

Life & Pensions posted net income of CHF 522 million in 2004 compared to a net loss of CHF 2,035 million in 2003, which reflected a goodwill impairment and a cumulative effect of a change in accounting for provisions for policyholder guarantees and annuities. The strong 2004 result was due to cost containment, efficiency improvements and stable investment income. Fourth quarter net income was down CHF 12 million from the third quarter, which benefited from an increase in the valuation of deferred tax assets in relation to tax loss carry-forwards created in prior years of CHF 72 million. Year-on-year, the total business volume, which includes deposits from policyholders and gross premiums written, rose 1%. Insurance underwriting and acquisition expenses fell 27% and administration expenses declined by 5%, with the expense ratio improving 1.7 percentage points down to 9.1%. Net investment income rose 5% and the return on investments backing traditional life policies was 4.8%, up from 4.6% in 2003.

Non-Life reported net income of CHF 206 million for 2004 compared to a net loss of CHF 374 million in 2003. This increase was driven by continued cost containment, an improved underwriting result and higher investment income in 2004, partially offset by a charge of CHF 242 million after tax (CHF 310 million before tax) related to the increase in the provision relating to contingencies arising from the sale of Winterthur International in 2001. The segment's fourth quarter 2004 net loss of CHF 177 million reflects the above-mentioned charge and compares to net income of CHF 198 million in the third quarter of 2004, which benefited from an increase in the valuation of deferred tax assets in relation to tax loss carry-forwards created in prior years of CHF 59 million. Year-on-year, net premiums earned rose 3% and the combined ratio improved by 1.7 percentage points down to 99.7%. Compared to the previous year, the claims ratio decreased by 0.3 percentage points and the expense ratio decreased by 1.4 percentage points. Net investment income was CHF 1,093 million in 2004, an increase of CHF 169 million from 2003. The total investment return for 2004 was 4.5%, up from 4.1% in the prior year.

Net New Assets

Page 5 of 8

Private Banking generated net new assets of CHF 26.4 billion for the full year 2004 with continued healthy inflows from all regions, representing an increase of 47.5% versus 2003. Fourth quarter net new assets amounted to CHF 3.9 billion. Wealth & Asset Management reported CHF 2.3 billion of net new assets for the full year 2004, as inflows of CHF 1.6 billion in Private Client Services and CHF 3.3 billion in the Alternative Capital Division were partially offset by CHF 2.6 billion of outflows at Credit Suisse Asset Management. Overall, Credit Suisse Group recorded CHF 32.9 billion of net new assets for 2004. The Group’s total assets under management stood at CHF 1,220.7 billion as of December 31, 2004, up 3.4 % from December 31, 2003.

Senior Management

Richard E. Thornburgh, a Member of the Group Executive Board and former CFO of Credit Suisse Group, has agreed to take the role of leading the integration of Credit Suisse Group in addition to his current responsibilities. Michael Philipp, Chairman and Chief Executive Officer of CSFB Europe, Middle East and Africa, has been appointed a Member of the Group Executive Board by the Board of Directors of Credit Suisse Group.

Dividend Proposal and Share Repurchase Program

The Board of Directors of Credit Suisse Group has decided to propose a dividend of CHF 1.50 per share for the financial year 2004 to the Annual General Meeting on April 29, 2005. This compares to a par value reduction of CHF 0.50 per share in lieu of a dividend for the financial year 2003. If approved by the shareholders at the Annual General Meeting, the dividend will be paid on May 6, 2005. In addition, the Board of Directors will request shareholder approval for the launch of a two-year share repurchase program for a value of up to CHF 6 billion.

Outlook

In 2004, Credit Suisse Group proved itself capable of delivering improved performance in the face of mixed market trends. This market environment is expected to continue in 2005 and the strategic plan announced in December will enable Credit Suisse Group to remain competitive. Our intention to become a fully integrated bank will allow the Group to continue to compete effectively by seizing growth opportunities and capturing revenue and cost synergies. The first step in the integration is the merger of the two legal bank entities in Switzerland, which is scheduled for the second quarter. Integration will enable us to better serve clients across multiple business lines and will also facilitate the more efficient allocation of the Group’s capital.

Page 6 of 8

Enquiries

For additional information on Credit Suisse Group’s results for the fourth quarter and full year 2004, please refer to the Group’s Quarterly Report Q4 2004, as well as the Group’s slide presentation for analysts and the press, posted on the Internet at: www.credit-suisse.com/results

Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. It provides private clients and small and medium-sized companies with private banking and financial advisory services, and pension and insurance solutions from Winterthur. In the area of investment banking, it serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and in the form of American Depositary Shares (CSR) in New York. The Group employs around 60,000 staff worldwide. As of December 31, 2004, it reported assets under management of CHF 1,220.7 billion.

Cautionary Statement Regarding Forward-Looking Information
This press release 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.

Page 7 of 8

Today’s Presentation of the Results

Analysts’ Presentation, Zurich (English)

Media Conference, Zurich (English/German)

Page 8 of 8

Letter to Shareholders Q4 2004 Dear Shareholders, Credit Suisse Group recorded net income of CHF 959 million in the fourth quarter of 2004. For the full year, the Group achieved a good result with net income of CHF 5,628 million. Fourth quarter results include an increase in the provision related to contingencies arising from the sale of Winterthur International of CHF 242 million, a loss on the disposal of a minority holding of CHF 148 million and severance payments at Credit Suisse First Boston totaling CHF 112 million (all after tax). This compares to net income of CHF 784 million in the fourth quarter of 2003 and of CHF 770 million for the full year 2003. The full-year results were driven by a first half characterized by improved market sentiment and a second half which saw market trends become less clear, leading to lower volumes and historically low volatility. However, our businesses responded well to the changing market environment, capturing opportunities and producing solid revenues, despite the impact of the weakening of the US dollar. In addition, the Group continued to benefit from a favorable credit environment throughout 2004. Our Private Banking business performed well in the fourth quarter, contributing to a strong full-year result that was due primarily to asset-driven revenue generation and efficiency improvements. Corporate & Retail Banking reported a good result in the fourth quarter, which helped it to produce a very good full-year performance. Its 2004 result was driven by an increase in commission and fee income, efficiency improvements and a low level of credit provisions. Institutional Securities had a mixed fourth quarter with lower revenues in investment banking but an improved performance in fixed income and equities trading compared to the fourth quarter of 2003. The full-year result demonstrated an improvement over 2003, driven by higher trading results, gains on legacy investments, lower provisions for credit losses and lower income tax expense. In Wealth & Asset Management, we saw an improved performance in the fourth quarter with increased revenues in the Alternative Capital Division. The full-year result was driven primarily by private equity investment-related gains. Our insurance business, Winterthur, recorded a solid result for the full year. Both the Life & Pensions and the Non-Life segment showed improved underwriting results – due to cost containment and efficiency improvements – and stable investment income with lower levels of realized losses. These results, while negatively impacted by provisions related to prior disposals, demonstrate continued progress towards sustainable profitability. In December, we presented our strategic plan which sets out the full integration of our banking units to create three distinct lines of business: Private Client Services, Corporate and Investment Banking and Asset Management. This transformation will be implemented over the next two years and is designed to better address client needs in a rapidly changing market environment, thereby realizing growth opportunities and improving returns to our shareholders. We also outlined specific growth strategies for each business, as well as presenting our plans to continue managing Winterthur in order to generate profitable growth. I believe that our full-year results demonstrate the ability of Credit Suisse Group to deliver a strong performance in a mixed environment. However, they also show that we still have certain performance gaps, which will be addressed by our strategic plan. This will enable us to drive our growth and, at the same time, return to a competitive dividend payout. In 2004, we increased our momentum in capital generation. The Board of Directors will propose a dividend of CHF 1.50 per share to the Annual General Meeting and, subject to shareholder approval, will launch a share repurchase program for a value of up to CHF 6 billion. Net new assets The Group reported net new assets of CHF 32.9 billion for the year 2004, compared to CHF 5.0 billion in 2003. Net new assets in the fourth quarter amounted to CHF 3.5 billion. Private Banking reported net new assets of CHF 26.4 billion for the full year 2004 and CHF 3.9 billion in the fourth quarter. Wealth & Asset Management recorded an outflow of CHF 0.2 billion during the quarter as outflows of CHF 3.2 billion in Credit Suisse Asset Management were offset by inflows in Private Client Services and the Alternative Capital Division. Private Banking Private Banking reported net income of CHF 616 million for the fourth quarter of 2004, up 21% versus the third quarter, due primarily to higher transaction-driven income which reflected a slight recovery in client activity. For the full year 2004, Private Banking posted net income of CHF 2,473 million. This 28% increase versus 2003 was mainly attributable to strong asset-driven revenue generation and efficiency improvements. The gross margin rose to 128.2 basis points in the fourth quarter from 121.7 basis points in the prior quarter and stood at 133.7 basis points for the full year 2004, virtually unchanged from the high level in 2003. The cost/income ratio amounted to 57.8% for both the fourth quarter and full year 2004, representing an improvement of 3.8 percentage points versus the full year 2003, primarily as a result of higher revenues. Corporate & Retail Banking Corporate & Retail Banking recorded net income of CHF 257 million for the fourth quarter of 2004, representing an increase of 29% over the third quarter. Full-year 2004 net income totaled CHF 901 million, up 54% from 2003, driven by an increase in commission and fee income, efficiency improvements and a low level of credit provisions. In the fourth quarter of 2004, provisions for credit losses decreased by CHF 26 million from the third quarter and resulted in a net release of CHF 6 million of provisions, reflecting the favorable credit environment. For the full year 2004, provisions for credit losses amounted to CHF 122 million, down 69% from 2003. The segment’s return on average allocated capital was 20.8% for the fourth quarter and 18.0% for 2004. Institutional Securities Institutional Securities reported net income of CHF 269 million for the fourth quarter of 2004, down 8% from the third quarter, which was positively impacted by lower income tax expense. For the full year 2004, net income rose 47% versus 2003 to CHF 1,313 million due to higher fixed income and equity trading results, higher debt underwriting revenues, gains on legacy investments, lower credit provisions and lower income tax expense. The pre-tax margin (excluding minority interests) in the fourth quarter improved compared to the prior quarter and was essentially flat for 2004 compared to 2003. Wealth & Asset Management Wealth & Asset Management reported net income of CHF 63 million for the fourth quarter of 2004, up 110% versus the prior quarter. The segment’s improved performance versus the prior quarter benefited from increased revenues in the Alternative Capital Division, partially offset by severance costs of CHF 88 million associated with changes in the business structure. Full-year 2004 net income increased to CHF 530 million compared to 2003, primarily reflecting private equity investment-related gains. Life & Pensions Life & Pensions posted net income of CHF 522 million in 2004 compared to a net loss of CHF 2,035 million in 2003, which reflected a goodwill impairment and a cumulative effect of a change in accounting for provisions for policyholder guarantees and annuities. The strong 2004 result was due to cost containment, efficiency improvements and stable investment income. Fourth quarter net income was down CHF 12 million from the third quarter, which benefited from an increase in the valuation of deferred tax assets in relation to tax loss carry-forwards created in prior years of CHF 72 million. Year-on-year, the total business volume, which includes deposits from policyholders and gross premiums written, rose 1%. Insurance underwriting and acquisition expenses fell 27% and administration expenses declined by 5%, with the expense ratio improving 1.7 percentage points down to 9.1%. Net investment income rose 5% and the return on investments backing traditional life policies was 4.8%, up from 4.6% in 2003. Non-Life Non-Life reported net income of CHF 206 million for 2004 compared to a net loss of CHF 374 million in 2003. This increase was driven by continued cost containment, an improved underwriting result and higher investment income in 2004, partially offset by a charge of CHF 242 million after tax (CHF 310 million before tax) related to the increase in the provision relating to contingencies arising from the sale of Winterthur International in 2001. The segment’s fourth quarter 2004 net loss of CHF 177 million reflects the above-mentioned charge and compares to net income of CHF 198 million in the third quarter of 2004, which benefited from an increase in the valuation of deferred tax assets in relation to tax loss carry-forwards created in prior years of CHF 59 million. Year-on-year, net premiums earned rose 3% and the combined ratio improved by 1.7 percentage points down to 99.7%. Compared to the previous year, the claims ratio decreased by 0.3 percentage points and the expense ratio decreased by 1.4 percentage points. Net investment income was CHF 1,093 million in 2004, an increase of CHF 169 million from 2003. The total investment return for 2004 was 4.5%, up from 4.1% in the prior year. Outlook In 2004, Credit Suisse Group proved itself capable of delivering improved performance in the face of mixed market trends. This market environment is expected to continue in 2005 and the strategic plan announced in December will enable Credit Suisse Group to remain competitive. Our intention to become a fully integrated bank will allow the Group to continue to compete effectively by seizing growth opportunities and capturing revenue and cost synergies. The first step in the integration is the merger of the two legal bank entities in Switzerland, which is scheduled for the second quarter. Integration will enable us to better serve clients across multiple business lines and will also facilitate the more efficient allocation of the Group’s capital. Oswald J. Grübel February 2005

Segment reporting
Net revenues
								12 months
in CHF m		4Q2004		3Q2004		4Q2003		2004		2003
Private Banking		1,717		1,644		1,818		7,170		6,499
Corporate & Retail Banking		803		808		826		3,348		3,293
Institutional Securities 1)		2,906		3,083		2,705		13,120		12,190
Wealth & Asset Management 2)		1,028		809		956		4,202		2,990
Life & Pensions		3,196		2,717		3,600		15,166		15,948
Non-Life		2,924		2,853		2,925		11,860		11,172
Corporate Center		(333)		(177)		18		(852)		(739)
Credit Suisse Group		12,241		11,737		12,848		54,014		51,353
1) Including CHF -13 million, CHF 48 million and CHF 128 million in 4Q2004, 3Q2004 and 12 months 2004, respectively, from minority interest revenues relating to the FIN 46R consolidation.
2) Including CHF 256 million, CHF 174 million and CHF 960 million in 4Q2004, 3Q2004 and 12 months 2004, respectively, from minority interest revenues relating to the FIN 46R consolidation.

Net income
								12 months
in CHF m		4Q2004		3Q2004		4Q2003		2004		2003
Private Banking		616		511		629		2,473		1,936
Corporate & Retail Banking		257		199		50		901		586
Institutional Securities		269		292		96		1,313		892
Wealth & Asset Management		63		30		26		530		233
Life & Pensions		152		164		(176)		522		(2,035)
Non-Life		(177)		198		55		206		(374)
Corporate Center		(221)		(43)		104		(317)		(468)
Credit Suisse Group		959		1,351		784		5,628		770

Consolidated statements of income (unaudited)
								Change		Change						Change
								in % from		in % from		12 months				in % from
in CHF m		4Q2004		3Q2004		4Q2003		3Q2004		4Q2003		2004		2003		2003
Interest and dividend income		7,716		7,621		7,209		1		7		30,973		28,359		9
Interest expense		(4,960)		(4,849)		(4,172)		2		19		(19,007)		(16,637)		14
Net interest income		2,756		2,772		3,037		(1)		(9)		11,966		11,722		2
Commissions and fees		3,289		3,307		3,268		(1)		1		13,577		12,917		5
Trading revenues		1,400		931		794		50		76		4,559		3,528		29
Realized gains/(losses) from investment securities, net		302		128		353		136		(14)		1,156		1,534		(25)
Insurance net premiums earned		4,597		4,187		5,125		10		(10)		20,874		21,708		(4)
Other revenues		(103)		412		271		–		–		1,882		(56)		–
Total noninterest revenues		9,485		8,965		9,811		6		(3)		42,048		39,631		6
Net revenues		12,241		11,737		12,848		4		(5)		54,014		51,353		5
Policyholder benefits, claims and dividends		4,703		4,110		6,429		14		(27)		21,011		22,801		(8)
Provision for credit losses		(127)		38		195		–		–		78		600		(87)
Total benefits, claims and credit losses		4,576		4,148		6,624		10		(31)		21,089		23,401		(10)
Insurance underwriting, acquisition and administration expenses		983		1,043		1,217		(6)		(19)		4,190		4,504		(7)
Banking compensation and benefits		2,634		2,802		2,526		(6)		4		11,951		11,042		8
Other expenses		2,503		2,075		2,544		21		(2)		8,397		8,950		(6)
Goodwill impairment		0		0		0		–		–		0		1,510		(100)
Restructuring charges		8		13		43		(38)		(81)		85		135		(37)
Total operating expenses		6,128		5,933		6,330		3		(3)		24,623		26,141		(6)
Income/(loss) from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes		1,537		1,656		(106)		(7)		–		8,302		1,811		358
Income tax expense/(benefit)		318		112		(944)		184		–		1441		(3)		–
Dividends on preferred securities for consolidated entities		0		0		34		–		(100)		0		133		(100)
Minority interests, net of tax		255		205		(29)		24		–		1,127		(31)		–
Income from continuing operations before extraordinary items and cumulative effect of accounting changes		964		1,339		833		(28)		16		5,734		1,712		235
Income/(loss) from discontinued operations, net of tax		(5)		12		(38)		–		(87)		(100)		(383)		(74)
Extraordinary items, net of tax		0		0		2		–		(100)		0		7		(100)
Cumulative effect of accounting changes, net of tax		0		0		(13)		–		(100)		(6)		(566)		(99)
Net income		959		1,351		784		(29)		22		5,628		770		–

Return on equity		10.6%		15.3%		9.2%		–		–		15.9%		2.2%		–
Earnings per share in CHF
Basic earnings per share		0.82		1.16		0.64		–		–		4.80		0.64		–
Diluted earnings per share		0.80		1.15		0.63		–		–		4.75		0.63		–

Key figures
								Change		Change
								in % from		in % from
in CHF m, except where indicated		31.12.04		30.09.04		31.12.03		30.09.04		31.12.03
Total assets		1,089,485		1,119,881		1,004,308		(3)		8
Shareholders' equity		36,273		36,100		33,991		0		7
Assets under management in CHF bn		1,220.7		1,232.2		1,181.1		(1)		3
Market price per registered share in CHF		47.80		39.85		45.25		20		6
Market capitalization		53,097		44,209		51,149		20		4
Book value per share in CHF		32.65		32.54		30.07		0		9
BIS tier 1 ratio		12.3%		11.8%		11.7%		–		–
BIS total capital ratio		16.6%		16.2%		17.4%		–		–

Additional information Additional information on the Credit Suisse Group’s fourth quarter 2004 results can be obtained in the Quarterly Report 4/04 and the analysts’ presentation, which are available on our website at: www.credit-suisse.com/results. The Quarterly Report (English only) can be ordered at Credit Suisse, ULLM 23, Uetlibergstrasse 231, 8070 Zurich, fax: +41 1 332 7294. Cautionary Statement Regarding Forward-Looking Information This document 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. Credit Suisse Group Paradeplatz 8 P.O. Box 1 8070 Zurich Switzerland Tel. +41 1 212 1616 Fax +41 1 333 2587 www.credit-suisse.com English 5520204

---

QUARTERLY REPORT Q4 AND FINANCIAL REVIEW 2004 Credit Suisse Group is a leading global financial services company headquartered in Zurich. It provides private clients and small and medium-sized companies with private banking and financial advisory services, and pension and insurance solutions from Winterthur. In the area of investment banking, it serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and in the form of American Depositary Shares (CSR) in New York. The Group employs around 60,000 staff worldwide.

QUARTERLY REPORT AND FINANCIAL REVIEW Cautionary statement regarding forward-looking information EDITORIAL Outlook CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS Q4/2004 CREDIT SUISSE GROUP Revenues and expenses Net new assets Provision for credit losses Loss contingencies Equity capital Dividend proposal and share repurchase program Credit Suisse Group structure RISK MANAGEMENT Economic Risk Capital trends Trading risks Loan exposure CSFB backtesting CSFB trading revenue distribution, fourth quarter of 2004 CREDIT SUISSE Private Banking Corporate & Retail Banking CREDIT SUISSE FIRST BOSTON Institutional Securities Wealth & Asset Management WINTERTHUR Life & Pensions Non-Life CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | CREDIT SUISSE GROUP NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | UNAUDITED Notes to the condensed consolidated financial statements Basis of presentation Share-based compensation New accounting pronouncements Guarantees and commitments Guarantees Other commitments Variable interest entities Collateralized debt obligations Commercial paper conduits Financial intermediation INFORMATION FOR INVESTORS

Cautionary statement regarding forward-looking information This Quarterly Report contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; (xviii) the adverse resolution of litigation and other contingencies; and (xix) our success at managing the risks involved in the foregoing. We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission. EDITORIAL Oswald J. Grübel Chief Executive Officer Credit Suisse Group Dear shareholders, clients and colleagues Credit Suisse Group recorded net income of CHF 959 million in the fourth quarter of 2004. For the full year, the Group achieved a good result with net income of CHF 5,628 million. Fourth quarter results include an increase in the provision related to contingencies arising from the sale of Winterthur International of CHF 242 million, a loss on the disposal of a minority holding of CHF 148 million and severance payments at Credit Suisse First Boston totaling CHF 112 million (all after tax). The full-year results were driven by a first half characterized by improved market sentiment and a second half which saw market trends become less clear, leading to lower volumes and historically low volatility. However, our businesses responded well to the changing market environment, capturing opportunities and producing solid revenues, despite the impact of the weakening of the US dollar. In addition, the Group continued to benefit from a favorable credit environment throughout 2004. Our Private Banking business performed well in the fourth quarter, contributing to a strong full-year result that was due primarily to asset-driven revenue generation and efficiency improvements. While we continued to focus on reducing costs and enhancing efficiency, we also invested in growth opportunities. In addition, we saw healthy net new asset inflows from all regions in 2004. Corporate & Retail Banking reported a good result in the fourth quarter, which helped it to produce a very good full-year performance. Its 2004 result was driven by an increase in commission and fee income, efficiency improvements and a low level of credit provisions. Institutional Securities had a mixed fourth quarter with lower revenues in investment banking but an improved performance in fixed income and equities trading compared to the fourth quarter of 2003. The full-year result demonstrated an improvement over 2003, driven by higher trading results, gains on legacy investments, lower provisions for credit losses and lower income tax expense. In Wealth & Asset Management, we saw an improved performance in the fourth quarter with increased revenues in the Alternative Capital Division. The full-year result was driven primarily by private equity investment-related gains. Our insurance business, Winterthur, recorded a solid result for the full year. Both the Life & Pensions and the Non-Life segment showed improved underwriting results – due to cost containment and efficiency improvements – and stable investment income with lower levels of realized losses. These results, while negatively impacted by provisions related to prior disposals, demonstrate continued progress towards sustainable profitability. In December, we presented our strategic plan which sets out the full integration of our banking units to create three distinct lines of business: Private Client Services, Corporate and Investment Banking and Asset Management. This transformation will be implemented over the next two years and is designed to better address client needs in a rapidly changing market environment, thereby realizing growth opportunities and improving returns to our shareholders. We also outlined specific growth strategies for each business, as well as presenting our plans to continue managing Winterthur in order to generate profitable growth. I believe that our full-year results demonstrate the ability of Credit Suisse Group to deliver a strong performance in a mixed environment. However, they also show that we still have certain performance gaps, which will be addressed by our strategic plan. This will enable us to drive our growth and, at the same time, return to a competitive dividend payout. In 2004, we increased our momentum in capital generation. The Board of Directors will propose a dividend of CHF 1.50 per share to the Annual General Meeting and, subject to shareholder approval, will launch a share repurchase program for a value of up to CHF 6 billion. Outlook In 2004, Credit Suisse Group proved itself capable of delivering improved performance in the face of mixed market trends. This market environment is expected to continue in 2005 and the strategic plan announced in December will enable Credit Suisse Group to remain competitive. Our intention to become a fully integrated bank will allow the Group to continue to compete effectively by seizing growth opportunities and capturing revenue and cost synergies. The first step in the integration is the merger of the two legal bank entities in Switzerland, which is scheduled for the second quarter. Integration will enable us to better serve clients across multiple business lines and will also facilitate the more efficient allocation of the Group’s capital. Oswald J. Grübel February 2005 CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS Q4/2004

Credit Suisse Group financial highlights
								Change		Change						Change
								in % from		in % from		12 months				in % from
in CHF m, except where indicated		4Q2004		3Q2004		4Q2003		3Q2004		4Q2003		2004		2003		2003
Consolidated income statement
Net revenues		12,241		11,737		12,848		4		(5)		54,014		51,353		5
Income from continuing operations before extraordinary items and cumulative effect of accounting changes		964		1,339		833		(28)		16		5,734		1,712		235
Net income		959		1,351		784		(29)		22		5,628		770		–
Return on equity		10.6%		15.3%		9.2%		–		–		15.9%		2.2%		–
Earnings per share
Basic earnings per share in CHF		0.82		1.16		0.64		–		–		4.80		0.64		–
Diluted earnings per share in CHF		0.80		1.15		0.63		–		–		4.75		0.63		–
Net new assets in CHF bn		3.5		4.7		4.7		–		–		32.9		5.0		–

								Change		Change
								in % from		in % from
in CHF m, except where indicated		31.12.04		30.09.04		31.12.03		30.09.04		31.12.03
Assets under management in CHF bn		1,220.7		1,232.2		1,181.1		(1)		3
Consolidated balance sheet
Total assets		1,089,485		1,119,881		1,004,308		(3)		8
Shareholders' equity		36,273		36,100		33,991		0		7
Consolidated BIS capital data 1)
Risk-weighted assets		199,249		203,591		190,761		–		–
Tier 1 ratio		12.3%		11.8%		11.7%		–		–
Total capital ratio		16.6%		16.2%		17.4%		–		–
Number of employees
Switzerland – banking segments		19,558		19,442		19,301		1		1
Switzerland – insurance segments		6,147		6,246		6,426		(2)		(4)
Outside Switzerland – banking segments		21,606		21,579		20,310		0		6
Outside Switzerland – insurance segments		13,221		13,417		14,440		(1)		(8)
Number of employees (full-time equivalents)		60,532		60,684		60,477		0		0
Stock market data
Market price per registered share in CHF		47.80		39.85		45.25		20		6
Market price per American Depositary Share in USD		42.19		31.94		36.33		32		16
Market capitalization		53,097		44,209		51,149		20		4
Market capitalization in USD m		46,865		35,434		41,066		32		14
Book value per share in CHF		32.65		32.54		30.07		0		9
Shares outstanding		1,110,819,481		1,109,392,268		1,130,362,948		0		(2)
1) All calculations through December 31, 2003, are on the basis of Swiss GAAP. For further details see page 7.

Further information for investors is presented on page 48. CREDIT SUISSE GROUP Credit Suisse Group recorded net income of CHF 959 million in the fourth quarter of 2004 and net income of CHF 5,628 million for the full year 2004. Net income for 2004 was impacted by: a charge of CHF 242 million, after tax, for the increase in the provision related to the contingencies arising from the sale of Winterthur International in 2001; a loss on disposal of a minority holding of CHF 148 million, after tax; and severance costs of CHF 112 million, after tax, associated with changes in the business structure in the Institutional Securities and Wealth & Asset Management segments. This compares to net income of CHF 784 million in the fourth quarter of 2003 and of CHF 770 million for the full year 2003. All businesses were affected by a mixed market environment, a weakening US dollar, higher commodity prices and geopolitical issues. Although the markets regained some momentum towards the end of the fourth quarter, volatility remained low relative to historical norms. However, our businesses responded well to the changing environment and the Group reported higher net income for the year 2004, with particularly strong results reported in Private Banking, Corporate & Retail Banking and Life & Pensions, and improvements in Institutional Securities and Wealth & Asset Management. Private Banking reported net income of CHF 616 million in the fourth quarter of 2004, which was essentially unchanged compared to the fourth quarter of 2003 and CHF 105 million, or 21%, higher than the third quarter of 2004. This was driven mainly by higher transaction-driven income, reflecting a slight recovery in client activity. For the full year 2004, net income of CHF 2,473 million was reported, up 28% from 2003, reflecting strong asset-driven revenues and efficiency improvements. Corporate & Retail Banking’s results for the fourth quarter and the full year 2004 were characterized by enhanced profitability, attributable to efficiency improvements and a low level of credit provisions. Net income for the fourth quarter was CHF 257 million, an increase of CHF 207 million compared to the fourth quarter of 2003. For the full year 2004, net income of CHF 901 million was recorded, an increase of CHF 315 million, or 54%, compared to 2003. Institutional Securities’ fourth quarter net income of CHF 269 million represents an increase of CHF 173 million compared to the fourth quarter of 2003, which was positively impacted by lower credit provisions and lower income tax expense. Net income of CHF 1,313 million was reported for the year 2004, an increase of 47%, or CHF 421 million, compared to 2003, reflecting higher trading results, lower credit provisions, gains on legacy assets and lower income tax expense. Wealth & Asset Management reported net income of CHF 63 million for the fourth quarter of 2004, an increase of CHF 37 million, or 142%, compared to the fourth quarter of 2003, and up CHF 33 million, or 110%, compared to the third quarter of 2004. These increases were primarily due to higher revenues in the Alternative Capital Division, partially offset by costs associated with the changes in the structure of this business. Full-year 2004 net income of CHF 530 million was recorded, representing an increase of CHF 297 million, or 127%, compared to 2003, primarily due to significant private equity investment-related gains. Life & Pensions reported net income of CHF 152 million in the fourth quarter of 2004, compared to a net loss of CHF 176 million in the fourth quarter of 2003. Net income for the full year 2004 amounted to CHF 522 million compared to a net loss of CHF 2,035 million in 2003. Results in 2004 reflected cost containment, efficiency improvements and stable investment income. Non-Life recorded a net loss in the fourth quarter of 2004 of CHF 177 million compared to net income of CHF 55 million in the fourth quarter of 2003. For the full year 2004, net income of CHF 206 million was reported, an increase of CHF 580 million compared to 2003. The results in 2004 were characterized by premium growth based on tariff increases, improved technical results, higher investment income and cost containment. The fourth quarter result was negatively impacted by an increase in the provision relating to the contingencies arising from the sale of Winterthur International in 2001, of CHF 310 million before tax (CHF 242 million after tax). The increase in the provision is based upon an extensive analysis of information received from the purchaser, XL Insurance (Bermuda) Limited, in November 2004. The Group believes that the provision is adequate to cover the contingencies related to this transaction. The Group’s basic earnings per share in the fourth quarter of 2004 were CHF 0.82, compared to CHF 0.64 in the fourth quarter of 2003 and CHF 1.16 in the third quarter of 2004. Return on equity was 10.6% in the fourth quarter of 2004, versus 9.2% in the fourth quarter of 2003 and 15.3% in the third quarter of 2004. Revenues and expenses Fourth quarter 2004 net revenues amounted to CHF 12,241 million, which was CHF 607 million, or 5%, lower than the fourth quarter of 2003 and CHF 504 million, or 4%, higher than the third quarter of 2004. Net revenues for 2004 totaled CHF 54,014 million, representing an increase of 5%, or CHF 2,661 million, compared to 2003. Net revenues in Private Banking totaled CHF 1,717 million in the fourth quarter of 2004, representing a decrease of 6%, or CHF 101 million, versus the fourth quarter of 2003, which included a gain on disposal of a minority holding of CHF 106 million before tax. For the full year 2004, Private Banking posted net revenues of CHF 7,170 million, up CHF 671 million, or 10%, compared to 2003, driven mainly by higher commission income, reflecting improvements in both transaction-driven and asset-driven commissions and fees. Corporate & Retail Banking recorded net revenues of CHF 803 million, representing a modest decline of CHF 23 million, or 3%, compared to the fourth quarter of 2003. Net revenues for the year 2004 of CHF 3,348 million were 2% higher compared to 2003, with strong commission income offset by lower interest income. Institutional Securities contributed net revenues of CHF 2,906 million in the fourth quarter of 2004, up CHF 201 million, or 7%, compared to the fourth quarter of 2003. For the full year 2004, net revenues of CHF 13,120 million were recorded, up CHF 930 million, or 8%, compared to 2003. This increase was primarily due to higher fixed income and equity trading results, and higher debt underwriting revenues, which were partially offset by declines in equity underwriting results and advisory and other fees. Additionally, the full-year result benefited from gains on disposals of legacy investments. Wealth & Asset Management reported net revenues of CHF 1,028 million for the fourth quarter of 2004, an increase of CHF 72 million, or 8%, compared to the fourth quarter of 2003 and an increase of CHF 219 million, or 27%, compared to the third quarter of 2004. The increase in fourth quarter results was due mainly to improved results in the private funds business, which were partially offset by lower investment-related gains. Net revenues of CHF 4,202 million were reported for the year 2004, compared to CHF 2,990 million for the year 2003, an increase of 41% or CHF 1,212 million. Excluding minority interest-related revenues of CHF 960 million relating to the consolidation of certain private equity funds under FIN 46R for the first time in 2004, net revenues amounted to CHF 3,242 million, an increase of 8%. The increase was due mainly to higher asset management fees and investment-related gains. Life & Pensions reported net revenues of CHF 3,196 million for the fourth quarter of 2004, a decline of 11%, or CHF 404 million, compared to the fourth quarter of 2003. Net revenues for the full year 2004 were CHF 15,166 million, a decline of CHF 782 million, or 5%, compared to 2003, due to a decrease in gross premiums written. The Swiss group life business was the primary driver behind this decrease. Non-Life net revenues in the fourth quarter of 2004 were flat compared to the same quarter in 2003, although for the full year 2004 an increase in net revenues of CHF 688 million, or 6%, to CHF 11,860 million was recorded. This increase reflects tariff increases across most markets, the consolidation of the non-mandatory part of Swiss health insurance, and higher investment and fee income. Included in the Corporate Center’s net revenues is a loss on sale of a minority holding in Warburg Pincus of CHF 157 million, before tax (CHF 148 million after tax). This comprises a CHF 32 million realized loss compared to carrying value, and CHF 125 million foreign exchange loss, which had previously been recorded in the currency translation adjustment balance of accumulated other comprehensive income in shareholders’ equity, and is as such neutral to equity. The Group’s total operating expenses in the fourth quarter of 2004 decreased by CHF 202 million, or 3%, compared to the fourth quarter of 2003. Decreases in operating expenses in the Wealth & Asset Management segment resulted largely due to an intangible asset write-off in 2003. Life & Pensions recorded lower operating expenses in the fourth quarter due to lower charges related to deferred acquisition costs and present value of future profits (PVFP) compared to the fourth quarter of 2003. These decreases were partially offset by increases in compensation costs in the Institutional Securities and Wealth & Asset Management segments, which included combined severance costs of CHF 156 million (CHF 112 million after tax), resulting from a change in the business structure within these segments. In the fourth quarter of 2004, compensation expense in Private Banking and Corporate & Retail Banking reflects the reversal of bonus accruals through September 30, 2004, in the amount of CHF 57 million, before tax, related to the introduction of deferred compensation with five-year vesting, for part of the workforce. The Group reported operating expenses of CHF 24,623 million for the year, a decrease of CHF 1,518 million, or 6%, compared to 2003. While both insurance segments recorded declines in insurance underwriting and administration expenses, the above-mentioned charge related to the sale of Winterthur International increased other expenses by CHF 310 million. Net new assets The Group reported net new assets of CHF 32.9 billion for the year 2004, compared to CHF 5.0 billion in 2003, with healthy inflows recorded in all regions. Net new assets in the fourth quarter amounted to CHF 3.5 billion. Private Banking reported net new assets of CHF 26.4 billion for the full year 2004, representing an increase of 47.5% compared to 2003. Net new assets of CHF 3.9 billion were reported in the fourth quarter. Wealth & Asset Management recorded an outflow of CHF 0.2 billion during the quarter as outflows of CHF 3.2 billion in Credit Suisse Asset Management were offset by inflows in Private Client Services and the Alternative Capital Division. As of December 31, 2004, the Group’s total assets under management amounted to CHF 1,220.7 billion, an increase of 3.4% compared to December 31, 2003. Provision for credit losses Provision for credit losses continued to be positively impacted by the generally favorable credit environment. The Group recorded a net release of provisions for credit losses amounting to CHF 127 million during the fourth quarter of 2004. This was due primarily to a significant recovery related to the sale of an impaired loan in the Institutional Securities segment. The Group reported provision for credit losses of CHF 78 million for the full year 2004, representing a decrease of CHF 522 million, or 87%, compared to 2003. Loss contingencies In accordance with the terms of the Sale and Purchase Agreement (SPA) between XL Insurance (Bermuda) Limited (XL or the purchaser) and Winterthur Swiss Insurance (Winterthur) for Winterthur International, Winterthur is required to participate with the purchaser in a review for any adverse development of loss and unearned premium reserves during a three-year post-completion seasoning period, which expired on June 30, 2004. This seasoning process will result in a balancing payment being due to the purchaser. The provision recorded by Winterthur at December 31, 2004 for this sale-related contingency, net of pre-payments to and risks retained by XL amounted to CHF 623 million (USD 550 million). The provision, which reflects the adverse development of CHF 737 million (USD 651 million) included in Winterthur’s submitted Seasoned Net Reserves Amount (SNRA), is based on an extensive analysis of data recently provided by XL. Winterthur utilized leading third-party claims, actuarial and legal specialists to assist in estimating the reserves required for this liability. On the basis of facts known, Credit Suisse Group believes that the currently recorded provision is adequate to cover the contingencies related to this transaction. The amount payable to XL for the SNRA is ultimately subject to an assessment by the Independent Actuary designated in the SPA, who will determine which of the estimates submitted by the two parties is closest to the amount which the Independent Actuary believes to be the correct amount, and that estimate will be conclusively deemed to be the relevant SNRA. This process is ongoing and, consequently, the ultimate resolution of this matter could result in a further significant increase in the required provision for the Winterthur International sale-related contingencies. Winterthur and XL submitted in February 2005 their respective determinations of the SNRA to the Independent Actuary. The current difference between the two positions under review by the Independent Actuary is CHF 1,029 million (USD 909 million). In addition to the SPA, Winterthur has several other agreements, including retrocession agreements with XL, which could result in payments to XL. Furthermore, XL submitted in the fourth quarter of 2004 the first details of its claims relating to alleged breach of warranties in connection with the 2001 sale. With the assistance of outside counsel, Winterthur has evaluated these claims and on the basis of facts known, believes that the currently recorded provisions are adequate to cover the contingencies related to this litigation and any other agreements with XL. Equity capital Credit Suisse Group’s consolidated BIS tier 1 ratio was 12.3% as of December 31, 2004, up from 11.8% as of September 30, 2004. This increase was attributable to continued earnings generation combined with a decrease in risk-weighted assets for US dollar-based balance sheet and market risk exposures. The Group’s shareholders’ equity as of December 31, 2004 increased to CHF 36.3 billion from CHF 36.1 billion as of September 30, 2004. Dividend proposal and share repurchase program Credit Suisse Group’s Board of Directors will propose a dividend of CHF 1.50 per share to the Annual General Meeting on April 29, 2005. This compares with a par value reduction of CHF 0.50 per share in 2003, in lieu of a dividend. If approved by the Annual General Meeting on April 29, 2005, the dividend will be paid out on May 6, 2005. Subject to approval of the Annual General Meeting 2005, the Board of Directors has decided to launch a share repurchase program for a value of up to CHF 6 billion. The program will commence after the Annual General Meeting 2005 and will last for a maximum of two years. The registered shares bought back via a second trading line on virt-x will be cancelled. Credit Suisse Group structure Credit Suisse Group comprises three business units with six reporting segments: Credit Suisse, including the Private Banking and Corporate & Retail Banking segments; Credit Suisse First Boston, including the Institutional Securities and Wealth & Asset Management segments; and Winterthur, including the Life & Pensions and Non-Life segments.

Overview of segment results
				Corporate &				Wealth &								Credit
		Private		Retail		Institutional		Asset		Life &				Corporate		Suisse
4Q2004, in CHF m		Banking		Banking		Securities		Management		Pensions		Non-Life		Center		Group
Net revenues		1,717		803		2,906		1,028		3,196		2,924		(333)		12,241
Policyholder benefits, claims and dividends		–		–		–		–		2,565		2,138		–		4,703
Provision for credit losses		(2)		(6)		(118)		0		(2)		–		1		(127)
Total benefits, claims and credit losses		(2)		(6)		(118)		0		2,563		2,138		1		4,576
Insurance underwriting, acquisition and administration expenses		–		–		–		–		350		635		(2)		983
Banking compensation and benefits		446		206		1,600		352		–		–		30		2,634
Other expenses		546		271		1,039		323		57		368		(101)		2,503
Restructuring charges		1		0		0		0		3		5		(1)		8
Total operating expenses		993		477		2,639		675		410		1,008		(74)		6,128
Income/(loss) from continuing operations before taxes and minority interests		726		332		385		353		223		(222)		(260)		1,537
Income tax expense/(benefit)		105		74		130		38		65		(44)		(50)		318
Minority interests, net of tax		5		1		(14)		252		4		(2)		9		255
Income/(loss) from continuing operations		616		257		269		63		154		(176)		(219)		964
Income/(loss) from discontinued operations, net of tax		0		0		0		0		(2)		(1)		(2)		(5)
Net income/(loss)		616		257		269		63		152		(177)		(221)		959

Assets under management/client assets
								Change		Change
								in % from		in % from
in CHF bn		31.12.04		30.09.04		31.12.03		30.09.04		31.12.03
Private Banking
Assets under management		539.1		544.3		511.3		(1.0)		5.4
Client assets		569.4		572.7		541.0		(0.6)		5.2
Corporate & Retail Banking
Assets under management		53.9		52.8		53.6		2.1		0.6
Client assets		102.1		98.2		95.2		4.0		7.2
Institutional Securities
Assets under management		15.2		16.5		12.9		(7.9)		17.8
Client assets		95.1		95.7		84.6		(0.6)		12.4
Wealth & Asset Management
Assets under management 1)		472.9		477.4		464.1		(0.9)		1.9
Client assets		488.9		494.2		482.1		(1.1)		1.4
Life & Pensions
Assets under management		115.5		116.4		113.8		(0.8)		1.5
Client assets		115.5		116.4		113.8		(0.8)		1.5
Non-Life
Assets under management		24.1		24.8		25.4		(2.8)		(5.1)
Client assets		24.1		24.8		25.4		(2.8)		(5.1)
Credit Suisse Group
Discretionary assets under management		595.8		608.2		585.9		(2.0)		1.7
Advisory assets under management		624.9		624.0		595.2		0.1		5.0
Total assets under management		1,220.7		1,232.2		1,181.1		(0.9)		3.4
Total client assets		1,395.1		1,402.0		1,342.1		(0.5)		3.9

Net new assets
								12 months
in CHF bn		4Q2004		3Q2004		4Q2003		2004		2003
Private Banking		3.9		3.8		4.3		26.4		17.9
Corporate & Retail Banking		0.6		0.2		0.3		1.4		0.7
Institutional Securities		0.2		0.2		0.7		1.6		1.5
Wealth & Asset Management 1)		0.2		0.1		1.4		2.3		(14.8)
Life & Pensions		(1.4)		0.4		(2.0)		1.2		(0.3)
Credit Suisse Group		3.5		4.7		4.7		32.9		5.0
1) Excluding assets managed on behalf of other entities within Credit Suisse Group. This differs from the presentation of the Wealth & Asset Management segment results on page 24, in which such assets are included.

BIS capital data
		Credit Suisse				Credit Suisse First Boston				Credit Suisse Group
in CHF m, except where indicated		31.12.04		31.12.03		31.12.04		31.12.03		31.12.04		31.12.03
Risk-weighted positions		89,630		85,158		84,739		80,622		187,775		176,911
Market risk equivalents		1,952		4,675		7,816		8,185		11,474		13,850
Risk-weighted assets		91,582		89,833		92,555		88,807		199,249		190,761
Tier 1 capital		8,132		7,362		11,159		12,062		24,596		22,287
of which non-cumulative perpetual preferred    securities		0		0		1,005		1,025		2,118		2,167
Tier 1 ratio		8.9%		8.2%		12.1%		13.6%		12.3%		11.7%
Total capital		11,027		10,630		19,579		20,968		33,121		33,207
Total capital ratio		12.0%		11.8%		21.2%		23.6%		16.6%		17.4%
As of January 1, 2004, Credit Suisse Group bases its capital adequacy calculations on US GAAP, which is in accordance with the Swiss Federal Banking Commission (SFBC) newsletter 32 (dated December 18, 2003). The SFBC has advised Credit Suisse Group that it may continue to include as Tier 1 capital CHF 2.1 billion of equity from special purpose entities, which are deconsolidated under FIN 46R, and that Credit Suisse First Boston may include CHF 5.7 billion of such equity as Tier 1 capital. All calculations through December 31, 2003 are on the basis of Swiss GAAP.

RISK MANAGEMENT Credit Suisse Group’s overall position risk, measured on the basis of Economic Risk Capital (ERC), decreased 5% in the fourth quarter of 2004 compared to the previous quarter. The reduction was due to the lower US dollar-Swiss franc exchange rate. The more narrowly defined average Value-at-Risk (VaR) in US dollar terms for the trading book of Credit Suisse First Boston decreased by 14% during the fourth quarter of 2004 due to a reduction in interest rate exposure and a reduction in the market volatility observed over the last two years. The loan portfolios across the Group continued to benefit from a favorable credit environment, resulting in a net release of credit provisions of CHF 127 million for the fourth quarter. Economic Risk Capital trends Credit Suisse Group assesses risk and economic capital adequacy using its Economic Risk Capital (ERC) model. ERC is designed to measure all quantifiable risks associated with the Group’s activities on a consistent and comprehensive basis. Credit Suisse Group assigns ERC for position risk, operational risk and business risk. Position risk measures the potential annual economic loss associated with market, credit and insurance exposures that is exceeded with a given, small probability (1% for risk management purposes; 0.03% for capital management purposes). It is not a measure of the potential impact on reported earnings, since non-trading activities generally are not marked to market through earnings. Over the course of the fourth quarter of 2004, Credit Suisse Group’s 1-year, 99% position risk ERC decreased by 5%, due to the lower US dollar-Swiss franc exchange rate. In US dollar terms, the Group’s position risk ERC increased by 5%. At the end of the fourth quarter of 2004, 48% of the Group’s position risk ERC was with Credit Suisse First Boston, 33% with Winterthur, 15% with Credit Suisse and 4% with the Corporate Center. Trading risks Credit Suisse Group assumes trading risks through the trading activities of the Institutional Securities segment of Credit Suisse First Boston and – to a lesser extent – the trading activities of Credit Suisse. Trading risks are measured using Value-at-Risk (VaR) as one of a range of risk measurement tools. VaR is the potential loss in fair value of trading positions due to adverse market movements over a defined time horizon and for a specified confidence level. In order to show the aggregate market risk in the Group’s trading books, the table below shows the trading-related market risk for Credit Suisse First Boston, Credit Suisse and Credit Suisse Group on a consolidated basis, as measured by a 10-day VaR scaled to a 1-day holding period and based on a 99% confidence level. This means that there is a one in 100 chance of incurring a daily mark-to-market trading loss that is at least as large as the reported VaR. Credit Suisse First Boston’s average 1-day, 99% VaR in the fourth quarter of 2004 was CHF 53 million, compared to CHF 66 million during the third quarter of 2004. In US dollar terms, Credit Suisse First Boston’s average 1-day, 99% VaR was USD 45 million during the fourth quarter, compared to USD 52 million during the third quarter of 2004. The decrease in average VaR was due to a reduction in interest rate exposure and a reduction in market volatility observed over the last two years (third quarter 2002 data replaced by more benign third quarter 2004 data in the rolling two year underlying data set used to compute VaR). Credit Suisse’s average 1-day, 99% VaR in the fourth quarter of 2004 was CHF 10 million, compared to CHF 13 million during the third quarter of 2004. The 18% decrease in average VaR was mainly due to a decrease in risk of structured investment products (SIP) during the quarter and also due to higher risk offsets between equity and interest rate exposures. The segments with trading portfolios use backtesting to assess the accuracy of the VaR model. Daily backtesting profit and loss is compared to VaR with a one-day holding period. Backtesting profit and loss is a subset of actual trading revenue and includes only the profit and loss effects due to movements in financial market variables such as interest rates, equity prices and foreign exchange rates on the previous night’s positions. It is appropriate to compare this measure with VaR for backtesting purposes, since VaR assesses only the potential change in position value due to overnight movements in financial market variables. On average, an accurate 1-day, 99% VaR model should have no more than four backtesting exceptions per year. A backtesting exception occurs when the daily loss exceeds the daily VaR estimate. Credit Suisse First Boston had no backtesting exceptions during the fourth quarter of 2004 (one backtesting exception in the last twelve months). The histogram entitled “CSFB trading revenue distribution” compares the distribution of daily backtesting profit and loss during the fourth quarter of 2004 with the distribution of actual trading revenues, which includes fees, commissions, provisions and the profit and loss effects associated with any trading subsequent to the previous night’s positions. Loan exposure Credit Suisse Group’s total gross loan exposure decreased 2% as of December 31, 2004, compared to September 30, 2004, largely as a result of the impact of the reduction in the US dollar on the translation of the loans at Credit Suisse First Boston. In Swiss franc terms, loans at Credit Suisse First Boston declined 11%, while loan exposure at Credit Suisse and Winterthur was down slightly. Compared to September 30, 2004, non-performing loans and total impaired loans at Credit Suisse Group declined 10% as of December 31, 2004. Reductions in total impaired loans were reported in all business units during the quarter, while non-performing loans decreased at Credit Suisse First Boston and Winterthur, and were flat at Credit Suisse. The decline in non-performing and total impaired loans during the fourth quarter continued the positive trend experienced throughout the year as non-performing loans declined 36% and total impaired loans declined 35% during the year 2004. During the fourth quarter of 2004, non-performing loans at Credit Suisse First Boston were reduced 53%, while total impaired loans were 33% lower. Non-performing loans were unchanged at Credit Suisse while total impaired loans declined 5%. The Group recorded a net release of provisions for credit losses amounting to CHF 127 million during the fourth quarter compared to CHF 38 million net expense recorded in the third quarter of 2004. For the full year 2004, the net expense for credit losses was a low CHF 78 million, reflecting the favorable credit environment. Presented in the accompanying tables are the additions, releases and recoveries included in determining the allowance for loan losses. Coverage of non-performing loans by valuation allowances at Credit Suisse Group was essentially unchanged at the end of the fourth quarter of 2004 compared to the end of the third quarter 2004, as coverage improved for Credit Suisse First Boston, but declined slightly at Credit Suisse and Winterthur. Coverage of total impaired loans by valuation allowances improved slightly at Credit Suisse Group, Credit Suisse First Boston and Credit Suisse, while declining at Winterthur.

Key Position Risk Trends
				Change in % from				Change Analysis: Brief Summary
in CHF m		31.12.04		30.09.04		31.12.03		31.12.04 vs 30.09.04
Interest Rate, Credit Spread ERC & Foreign Exchange ERC		4,224		(12)		4		Decrease in interest rate risk at Credit Suisse First Boston plus lower foreign exchange risks at Winterthur
Equity Investment ERC		3,001		16		23		Increase in equity positions at Winterthur
Swiss & Retail Lending ERC		1,649		(4)		(10)		Decrease at Credit Suisse due to further reductions in recovery positions and lower exposures in the corporate banking portfolio
International Lending ERC & Counterparty ERC		2,188		(10)		(9)		Lower positions in CHF terms at Credit Suisse First Boston due to the impact of the lower USD (unchanged in USD terms)
Emerging Markets ERC		1,862		(7)		(5)		Lower positions in CHF terms at Credit Suisse First Boston due to the impact of the lower USD (5% increase in USD terms)
Real Estate ERC & Structured Asset ERC  1)		3,607		5		14		Increase in commercial real estate risk at Credit Suisse First Boston due to an increase in loan origination
Insurance Underwriting ERC		656		(2)		(6)		Due to changes in foreign exchange rates
Simple sum across risk categories		17,187		(3)		4
Diversification benefit		(5,305)		2		6
Total Position Risk ERC		11,882		(5)		3
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. 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. Prior period balances 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 exposure as well as the real estate acquired at auction and real estate for own use in Switzerland.

Market risk in the Credit Suisse Group trading portfolios (1-day, 99% VaR) 1)
		4Q2004								3Q2004
in CHF m		Minimum		Maximum		Average		31.12.04		Minimum		Maximum		Average		30.09.04
Credit Suisse
Interest rate & credit spread		3.3		9.2		4.7		4.5		2.9		7.4		4.5		6.5
Foreign exchange rate		1.9		4.7		2.8		3.8		2.0		4.6		2.9		4.6
Equity		5.2		9.6		6.9		9.5		7.7		11.5		9.4		11.2
Commodity		0.4		1.4		0.7		1.4		0.4		1.4		0.8		0.7
Diversification benefit		–	2)	–	2)	(4.9)		(6.4)		–	2)	–	2)	(5.1)		(5.2)
Total		6.8		13.9		10.2		12.8		9.8		17.8		12.5		17.8
Credit Suisse First Boston
Interest rate & credit spread		37.6		54.8		46.1		44.6		47.4		94.4		64.7		49.1
Foreign exchange rate		8.6		26.3		15.9		18.2		12.1		22.3		16.1		13.3
Equity		21.6		45.3		31.3		35.4		28.9		42.1		34.7		32.4
Commodity		0.2		0.5		0.3		0.4		0.2		0.3		0.2		0.3
Diversification benefit		–	2)	–	2)	(40.6)		(39.5)		–	2)	–	2)	(49.9)		(41.3)
Total		40.9		71.0		53.0		59.1		53.6		98.3		65.8		53.8
Credit Suisse Group 3)
Interest rate & credit spread		38.6		46.8		44.1		46.8		50.3		66.2		59.7		50.3
Foreign exchange rate		10.9		19.4		16.2		19.4		12.7		16.6		14.3		12.7
Equity		23.6		39.2		30.7		39.2		30.6		37.6		33.3		31.6
Commodity		0.6		1.0		0.7		1.0		0.5		0.7		0.6		0.7
Diversification benefit		–	2)	–	2)	(38.7)		(43.5)		–	2)	–	2)	(45.2)		(38.2)
Total		41.8		62.9		53.0		62.9		57.1		70.1		62.7		57.1
1) Represents 10-day VaR scaled to a 1-day holding period.
2) As the minimum and maximum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.
3) The VaR estimates for Credit Suisse Group are performed on a monthly basis and the VaR statistics for Credit Suisse Group therefore refer to monthly numbers. The consolidated VaR estimates for Credit Suisse Group are net of diversification benefits between Credit Suisse First Boston and Credit Suisse.

CSFB backtesting CSFB trading revenue distribution, fourth quarter of 2004

Loans outstanding
								Credit Suisse												Credit Suisse
		Credit Suisse						First Boston						Winterthur						Group
in CHF m		31.12.04		30.09.04		31.12.03		31.12.04		30.09.04		31.12.03		31.12.04		30.09.04		31.12.03		31.12.04		30.09.04		31.12.03
Consumer loans:
Mortgages		67,119		66,380		61,196		0		0		0		8,485		8,442		8,660		75,604		74,822		69,856
Loans collateralized by securities		15,018		14,843		14,376		0		0		0		4		4		3		15,022		14,847		14,379
Other		2,319		2,359		2,338		540		532		1,172		0		2		1		2,859		2,893		3,511
Consumer loans		84,456		83,582		77,910		540		532		1,172		8,489		8,448		8,664		93,485		92,562		87,746
Corporate loans:
Real estate		26,135		26,473		27,122		613		721		188		1,376		1,319		1,279		28,124		28,513		28,589
Commercial & industrial loans		33,126		33,259		32,260		13,501		14,244		13,859		958		1,494		1,837		47,585		48,997		47,956
Loans to financial institutions		6,279		7,699		6,347		5,351		6,926		4,473		2,096		2,121		2,027		13,726		16,746		12,847
Governments and public institutions		1,898		1,979		1,637		402		417		1,152		2,101		2,199		1,792		4,401		4,595		4,581
Corporate loans		67,438		69,410		67,366		19,867		22,308		19,672		6,531		7,133		6,935		93,836		98,851		93,973
Loans, gross		151,894		152,992		145,276		20,407		22,840		20,844		15,020		15,581		15,599		187,321		191,413		181,719
(Unearned income)/deferred expenses, net		142		147		131		(32)		(39)		(25)		5		4		0		116		112		106
Allowance for loan losses		(2,438)		(2,515)		(3,113)		(533)		(774)		(1,383)		(66)		(72)		(150)		(3,038)		(3,361)		(4,646)
Total loans, net		149,598		150,624		142,294		19,842		22,027		19,436		14,959		15,513		15,449		184,399		188,164		177,179
This disclosure presents the lending exposure of the Group from a risk management perspective. This presentation differs from other disclosures in this document.

Impaired loans
in CHF m		31.12.04		30.09.04		31.12.03		31.12.04		30.09.04		31.12.03		31.12.04		30.09.04		31.12.03		31.12.04		30.09.04		31.12.03
Non-performing loans		1,481		1,462		1,917		268		586		996		22		20		64		1,771		2,070		2,977
Non-interest earning loans		1,259		1,277		1,517		9		9		246		14		19		6		1,281		1,305		1,769
Total non-performing loans		2,740		2,739		3,434		277		595		1,242		36		39		70		3,052		3,375		4,746
Restructured loans		95		56		24		17		43		256		5		5		3		117		104		283
Potential problem loans		1,077		1,317		1,641		355		329		361		71		72		176		1,503		1,718		2,178
Total other impaired loans		1,172		1,373		1,665		372		372		617		76		77		179		1,620		1,822		2,461
Total impaired loans		3,912		4,112		5,099		649		967		1,859		112		116		249		4,672		5,197		7,207
Valuation allowances as % of
Total non-performing loans		89.0%		91.8%		90.7%		192.4%		130.1%		111.4%		183.3%		184.6%		214.3%		99.5%		99.6%		97.9%
Total impaired loans		62.3%		61.2%		61.1%		82.1%		80.0%		74.4%		58.9%		62.1%		60.2%		65.0%		64.7%		64.5%

Allowance for loan losses
in CHF m		4Q2004		3Q2004		4Q2003		4Q2004		3Q2004		4Q2003		4Q2004		3Q2004		4Q2003		4Q2004		3Q2004		4Q2003
Balance beginning of period		2,515		2,657		3,058		774		1,057		2,654		72		76		132		3,361		3,790		5,844
New provisions		69		83		425		62		107		340		7		3		21		138		194		776
Releases of provisions		(77)		(69)		(202)		(184)		(79)		(392)		(11)		(5)		0		(271)		(154)		(585)
Net additions charged to income statement		(8)		14		223		(122)		28		(52)		(4)		(2)		21		(133)		40		191
Gross write-offs		(75)		(174)		(168)		(53)		(329)		(1,158)		(3)		0		0		(133)		(502)		(1,328)
Recoveries		6		6		2		5		10		1		0		0		0		11		16		3
Net write-offs		(69)		(168)		(166)		(48)		(319)		(1,157)		(3)		0		0		(122)		(486)		(1,325)
Allowances acquired		0		0		2		(24)		0		25		0		0		(1)		(24)		0		26
Provisions for interest		12		6		5		21		17		52		0		0		0		33		24		57
Foreign currency translation impact and other adjustments, net		(12)		6		(9)		(68)		(9)		(139)		1		(2)		(2)		(77)		(7)		(147)
Balance end of period		2,438		2,515		3,113		533		774		1,383		66		72		150		3,038		3,361		4,646
Provision for credit losses disclosed in the Credit Suisse Group consolidated statements of income also includes provisions for lending-related exposure of CHF 6 million, CHF -2 million and CHF 4 million for 4Q2004, 3Q2004 and 4Q2003, respectively.

CREDIT SUISSE The Credit Suisse business unit comprises the two segments Private Banking and Corporate & Retail Banking. Private Banking provides wealth management products and services for high-net-worth individuals in Switzerland and a large number of other markets worldwide and is recognized for its innovative approach and focus on the needs of its clients. Corporate & Retail Banking supplies banking products and services to corporate and retail clients in Switzerland. It is the second-largest competitor in the Swiss market and serves clients via an extensive branch network and other multi-channel distribution capabilities. The Credit Suisse business unit performed strongly with net income of CHF 873 million for the fourth quarter of 2004, up 29% compared to the fourth quarter of 2003. For the full year, net income was CHF 3,374 million, up 34% compared to 2003. This result was driven by a strong increase in revenues at Private Banking, as well as solid revenues and low provisions for credit losses at Corporate & Retail Banking. In addition, both segments benefited from ongoing cost containment and process improvements designed to provide a clear focus on clients. The fourth quarter saw a slight rebound in most markets, which led to a slight increase in client activity versus the weak third quarter. Nevertheless, the markets still lacked clear trends and displayed historically low volatility. Assets under management suffered from the sharp fall of the US dollar relative to the Swiss franc, which more than offset contributions from higher equity and bond markets. In Private Banking, Credit Suisse aims to expand its global leadership position by building on the strong profit base provided by the Swiss onshore and European offshore businesses. A further focus will be on continuing the expansion of its strong presence in the onshore and offshore businesses in Asia, the Middle East, Central and Eastern Europe and Latin America. In particular, Asia is seen as a key market for the private banking franchise. In the European onshore business, efforts will be concentrated on delivering profitable growth, with the aim of reaching break-even by 2007. In Switzerland, Private Banking and Corporate & Retail Banking will strive to gain further market share by delivering superior value that clearly sets their products and services apart from those of the competition. Corporate & Retail Banking aims to acquire and retain clients through attractive anchor products such as private mortgages and structured investment products. Another focus will be on gaining market share with small and medium-sized corporate clients with attractive risk-return profiles. Private Banking Private Banking reported strong annual results in 2004 due primarily to asset-based revenues and efficiency improvements. Key features of the full year were strong net income and excellent gross margins, as well as net new asset inflows across all regions. While cost and efficiency improvements remained a priority throughout the year, Private Banking invested in growth opportunities as well as in key business initiatives including front office recruitment. Private Banking also continued the development of its structured advisory process and strengthened its leading position in product innovation. In the fourth quarter of 2004, Credit Suisse was granted a branch license by the Dubai International Financial Center, which will enable it to operate as a regional private banking hub from the second quarter of 2005. The Dubai branch will provide onshore and offshore banking services as well as Sharia-compliant product offerings. In the fourth quarter of 2004, net income was CHF 616 million, a decline of 2% compared to the fourth quarter of 2003, which benefited from disposal gains of CHF 81 million, after tax (CHF 106 million before tax). Compared to the previous quarter, net income was up 21% in the fourth quarter. For the full year, Private Banking posted net income of CHF 2,473 million, up 28% from 2003. Net revenues for the fourth quarter totaled CHF 1,717 million, down 6% from the fourth quarter of 2003, which benefited from the disposal gains mentioned above. Compared to the previous quarter, revenues were up 4%, due mainly to higher transaction-driven income, reflecting a slight recovery in client activity. Trading revenues in the fourth quarter included a loss of CHF 8 million from changes in the fair value of interest rate derivatives used for risk management purposes that do not qualify for hedge accounting. This is virtually unchanged versus the third quarter of 2004 but compares to gains of CHF 76 million in the fourth quarter of 2003. Net revenues for the full year 2004 amounted to CHF 7,170 million, a 10% increase versus 2003, driven mainly by higher commission income, reflecting improvements in both transaction-driven and asset-driven commissions and fees. Total operating expenses amounted to CHF 993 million in the fourth quarter of 2004, corresponding to a decrease of 8% versus the fourth quarter of 2003, resulting from further efficiency improvements and generally lower performance-related compensation accruals. In addition, compensation and benefits in the fourth quarter of 2004 reflect a reversal of bonus accruals for the nine months ended September 30, 2004, of CHF 38 million, before tax, due to the introduction of deferred compensation with five-year vesting, for a part of the workforce. For the full year, total operating expenses amounted to CHF 4,143 million in 2004, up 3% versus 2003. This increase reflected higher commission expenses – related to increased commission income – and a rise in performance-related compensation in line with better results. It was also attributable to the targeted expansion of Private Banking’s distribution capabilities, particularly in its international operations. For the fourth quarter of 2004, income tax expense was positively impacted by the release of tax contingency accruals following the favorable resolution of open matters. Excluding the release of tax accruals, the fourth quarter tax rate would have been in line with the expected rate. The cost/income ratio stood at 57.8% in the fourth quarter of 2004, an improvement of 1.7 percentage points compared to the fourth quarter of 2003. Private Banking’s full-year cost/income ratio was 57.8%, an improvement of 3.8 percentage points from 2003. Private Banking’s gross margin for the fourth quarter stood at 128.2 basis points. For 2004, the gross margin amounted to 133.7 basis points, virtually unchanged from the high level in 2003. The 2004 gross margin also reflects an increase in the asset-driven components of the margin. Private Banking reported net new assets of CHF 26.4 billion for 2004, representing an annual growth rate of 5.2%, exceeding the mid-term target of 5%. In the fourth quarter of 2004, net new assets totaled CHF 3.9 billion. Assets under management stood at CHF 539.1 billion at the end of 2004, up CHF 27.8 billion, or 5.4%, from the end of 2003. Compared to the end of the third quarter of 2004, assets under management were down CHF 5.2 billion, or 1.0%, as net new asset inflows and the positive impact of higher equity and bond markets were more than offset by foreign exchange impacts – especially as a result of the weakening of the US dollar. Corporate & Retail Banking Corporate & Retail Banking recorded strong net income in 2004 and improved both its cost/income ratio and return on average allocated capital. Its enhanced profitability is attributable to efficiency improvements and a low level of credit provisions. It further strengthened its client focus – primarily by reallocating resources to client segments identified as having greater potential – and by improving service and product quality. Low interest rates created an attractive environment for the residential mortgage business in Switzerland, which saw a 9% rise in volumes in 2004 at Corporate & Retail Banking. This is significantly above market growth levels and thus reflects an increase in market share. In addition, retail clients were offered access to structured investment products. Both Private Banking and Corporate & Retail Banking enhanced their processes to ensure that clients are referred internally to the areas that can best respond to their needs and thus offer an optimal service. Online banking services were upgraded in terms of functionality, mainly for investment services, navigation and design. Corporate & Retail Banking’s net income in the fourth quarter of 2004 totaled CHF 257 million, representing an increase of CHF 58 million, or 29%, compared to the previous quarter. For the full year, the segment recorded net income of CHF 901 million, up 54% from 2003. Net revenues in the fourth quarter of 2004 amounted to CHF 803 million, down 3% from the fourth quarter of the previous year. This decrease mainly reflects a loss of CHF 40 million in the fourth quarter due to the changes in the fair value of interest rate derivatives used for risk management purposes that do not qualify for hedge accounting. These changes in fair value resulted in a gain of CHF 6 million in the third quarter of 2004 and a gain of CHF 53 million in the fourth quarter of 2003. Net revenues for 2004 amounted to CHF 3,348 million, up 2% from 2003, mainly driven by strong commission income, partially offset by the aforementioned impact from changes in the fair value of interest rate derivatives. Provision for credit losses in the fourth quarter of 2004 resulted in a net release of CHF 6 million. This compares to a net provision of CHF 20 million in the previous quarter. For 2004, provision for credit losses amounted to CHF 122 million in 2004, down 69% from 2003. This reduction in provisions mainly reflects a favorable credit environment requiring a low level of new provisions. Total impaired loans declined by CHF 1.2 billion to CHF 3.7 billion as of December 31, 2004, compared to the end of 2003. Fourth quarter operating expenses were down CHF 75 million, or 14%, compared to the corresponding period of 2003. This reduction mainly reflects continued efficiency improvements as well as generally lower incentive-related compensation accruals. In addition, compensation and benefits reflect a reversal of bonus accruals for the nine months ended September 30, 2004, of CHF 19 million, before tax, in the fourth quarter of 2004 due to the introduction of deferred compensation with five-year vesting, for a part of the workforce. Operating expenses for the full year 2004 were down 5% compared to 2003. Higher performance-related compensation accruals – in line with higher net income – were more than offset by cost containment and efficiency improvements. The segment’s return on average allocated capital was 20.8% for the fourth quarter of 2004. For the full year it stood at 18.0%, up 6.3 percentage points from 2003. The segment’s cost/income ratio for 2004 was 61.3%, an improvement of 4.1 percentage points compared to 2003. In the fourth quarter of 2004, the cost/income ratio stood at 59.4% – well below both the previous quarter and the fourth quarter of 2003.

Credit Suisse
								Change		Change						Change
								in % from		in % from		12 months				in % from
in CHF m, except where indicated		4Q2004		3Q2004		4Q2003		3Q2004		4Q2003		2004		2003		2003
Net revenues		2,520		2,452		2,644		3		(5)		10,518		9,792		7
Total operating expenses		1,470		1,521		1,634		(3)		(10)		6,194		6,157		1
Net income		873		710		679		23		29		3,374		2,522		34
Cost/income ratio		58.3%		62.0%		61.8%		–		–		58.9%		62.9%		–
Return on average allocated capital		42.3%		33.8%		33.5%		–		–		40.7%		31.7%		–
Average allocated capital		8,309		8,460		8,161		(2)		2		8,335		8,001		4

Private Banking income statement
								Change		Change						Change
								in % from		in % from		12 months				in % from
in CHF m		4Q2004		3Q2004		4Q2003		3Q2004		4Q2003		2004		2003		2003
Net interest income		436		437		404		0		8		1,932		1,525		27
Commissions and fees		1,149		1,113		1,024		3		12		4,732		4,274		11
Trading revenues including realized gains/(losses) from investment securities, net		113		71		250		59		(55)		374		507		(26)
Other revenues		19		23		140		(17)		(86)		132		193		(32)
Total noninterest revenues		1,281		1,207		1,414		6		(9)		5,238		4,974		5
Net revenues		1,717		1,644		1,818		4		(6)		7,170		6,499		10
Provision for credit losses		(2)		(2)		(7)		0		(71)		(6)		12		–
Compensation and benefits		446		503		530		(11)		(16)		2,095		2,051		2
Other expenses		546		492		541		11		1		2,050		1,942		6
Restructuring charges		1		(1)		11		–		(91)		(2)		12		–
Total operating expenses		993		994		1,082		0		(8)		4,143		4,005		3
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes		726		652		743		11		(2)		3,033		2,482		22
Income tax expense		105		137		113		(23)		(7)		541		532		2
Minority interests, net of tax		5		4		4		25		25		19		15		27
Income from continuing operations before extraordinary items and cumulative effect of accounting changes		616		511		626		21		(2)		2,473		1,935		28
Income from discontinued operations, net of tax		0		0		2		–		(100)		0		1		(100)
Extraordinary items, net of tax		0		0		2		–		(100)		0		7		(100)
Cumulative effect of accounting changes, net of tax		0		0		(1)		–		(100)		0		(7)		(100)
Net income		616		511		629		21		(2)		2,473		1,936		28

Private Banking key information
								12 months
		4Q2004		3Q2004		4Q2003		2004		2003
Cost/income ratio		57.8%		60.5%		59.5%		57.8%		61.6%
Gross margin		128.2 bp		121.7 bp		141.7 bp		133.7 bp		133.3 bp
of which asset-driven		84.1 bp		80.8 bp		74.6 bp		81.9 bp		77.2 bp
of which transaction-driven		39.2 bp		36.5 bp		47.0 bp		45.0 bp		45.5 bp
of which other		4.9 bp		4.4 bp		20.1 bp		6.8 bp		10.6 bp
Net margin		46.4 bp		38.1 bp		49.3 bp		46.5 bp		40.0 bp
Net new assets in CHF bn		3.9		3.8		4.3		26.4		17.9
Average allocated capital in CHF m		3,353		3,362		3,157		3,331		2,973

								Change		Change
								in % from		in % from
		31.12.04		30.09.04		31.12.03		30.09.04		31.12.03
Assets under management in CHF bn		539.1		544.3		511.3		(1)		5
Total assets in CHF bn		188.7		196.4		174.9		(4)		8
Number of employees (full-time equivalents)		12,342		12,254		11,850		1		4

Corporate & Retail Banking income statement
								Change		Change						Change
								in % from		in % from		12 months				in % from
in CHF m		4Q2004		3Q2004		4Q2003		3Q2004		4Q2003		2004		2003		2003
Net interest income		497		513		579		(3)		(14)		2,069		2,311		(10)
Commissions and fees		210		197		194		7		8		823		714		15
Trading revenues including realized gains/(losses) from investment securities, net		41		67		41		(39)		0		328		181		81
Other revenues		55		31		12		77		358		128		87		47
Total noninterest revenues		306		295		247		4		24		1,279		982		30
Net revenues		803		808		826		(1)		(3)		3,348		3,293		2
Provision for credit losses		(6)		20		225		–		–		122		391		(69)
Compensation and benefits		206		266		259		(23)		(20)		1,047		1,114		(6)
Other expenses		271		261		293		4		(8)		1,004		1,038		(3)
Total operating expenses		477		527		552		(9)		(14)		2,051		2,152		(5)
Income from continuing operations before taxes, minority interests and cumulative effect of accounting changes		332		261		49		27		–		1,175		750		57
Income tax expense		74		62		0		19		–		272		158		72
Minority interests, net of tax		1		0		0		–		–		2		1		100
Income from continuing operations before cumulative effect of accounting changes		257		199		49		29		424		901		591		52
Cumulative effect of accounting changes, net of tax		0		0		1		–		(100)		0		(5)		(100)
Net income		257		199		50		29		414		901		586		54

Corporate & Retail Banking key information
								12 months
		4Q2004		3Q2004		4Q2003		2004		2003
Cost/income ratio		59.4%		65.2%		66.8%		61.3%		65.4%
Net new assets in CHF bn		0.6		0.2		0.3		1.4		0.7
Return on average allocated capital		20.8%		15.6%		4.0%		18.0%		11.7%
Average allocated capital in CHF m		4,956		5,098		5,004		5,004		5,028

								Change		Change
								in % from		in % from
		31.12.04		30.09.04		31.12.03		30.09.04		31.12.03
Assets under management in CHF bn		53.9		52.8		53.6		2		1
Total assets in CHF bn		99.5		102.3		98.5		(3)		1
Mortgages in CHF bn		63.0		62.5		59.8		1		5
Other loans in CHF bn		23.7		25.4		25.1		(7)		(6)
Number of branches		214		214		214		0		0
Number of employees (full-time equivalents)		8,314		8,304		8,479		0		(2)

CREDIT SUISSE FIRST BOSTON Credit Suisse First Boston serves global institutional, corporate, government and high-net-worth clients as a financial intermediary through two segments. The Institutional Securities segment provides securities underwriting, financial advisory, lending and capital raising services, and sales and trading for users and suppliers of capital globally. The Wealth & Asset Management segment provides international asset management services to institutional, mutual fund and private investors through its asset management business, which operates under Credit Suisse Asset Management; advises and invests in alternative investment vehicles, including private equity funds, through the Alternative Capital Division; and provides financial advisory services to high-net-worth individuals and corporate investors through Private Client Services. The fourth quarter business environment was initially characterized by concerns about rising short-term interest rates, a weakening US dollar, higher commodity prices and geopolitical uncertainty, which led to lower volumes. While markets gained some momentum after the US Presidential election, a degree of uncertainty remained throughout the quarter and volatility remained low relative to historical norms. Despite this changing environment, equity and fixed income trading performed well, equity underwriting increased as market conditions improved during the quarter, and Wealth & Asset Management also benefited from improved market levels and activity. Credit Suisse First Boston continued its trend towards an improved financial performance, recording net income of CHF 332 million for the fourth quarter, up 172% compared to the fourth quarter 2003. For the full year, net income was CHF 1,843 million, up 64% from 2003. This full-year result was driven by revenue growth, particularly in debt underwriting and equity and fixed income trading. The results were positively impacted by a significant recovery in the fourth quarter related to the sale of an impaired loan as well as other credit releases due to the continued favorable credit environment. In addition, a favorable effective tax rate, as described below, contributed to the improvement. Credit Suisse First Boston continued to invest in its franchise by maintaining industry-competitive compensation levels and by making certain organizational changes, which resulted in increased severance costs. Despite these increased compensation costs, Credit Suisse First Boston was able to maintain a disciplined approach to its compensation to revenue ratio (excluding minority interests), which stood at 53.1% for the full year 2004. As Credit Suisse First Boston’s businesses are managed on a US dollar basis, the weakening of the dollar against the Swiss franc adversely affected revenues and favorably impacted expenses. In particular, when measured in Swiss francs versus the third quarter of 2004, revenues were up 1%, while in US dollar terms, revenues increased by 6%. Credit Suisse First Boston’s effective tax rate is based on expected income, statutory tax rates and tax planning. For the fourth quarter of 2004, the effective tax rate was 23%. For the third quarter of 2004, the effective tax rate was negative 10%, positively impacted by the release of tax contingency accruals totaling CHF 126 million in the Institutional Securities segment following the favorable resolution of matters with local tax authorities. Excluding CHF 238 million of non-taxable income arising from investments that are required to be consolidated under accounting rules (FIN 46R), the effective tax rate was 34% for the fourth quarter, reflecting a tax increase of CHF 28 million over the expected tax rate of 28% as a result of the change in the geographic mix of taxable income. The effective tax rate adjusted to exclude non-taxable FIN 46R income for the full year of 2004 was 22%, compared with the expected full-year effective tax rate of 28%, as a result of the above-mentioned accrual releases relating to the favorable resolution of tax matters. Credit Suisse First Boston began implementation of the new strategy announced on December 7, 2004. The strategy is geared towards winning where Credit Suisse First Boston chooses to compete by delivering a more focused franchise. This is expected to be achieved by identifying and allocating resources to its most valuable clients and pursuing excellence in select high-margin and strategically important services. These include leverage finance, mergers and acquisitions, initial public offerings, derivatives and mortgage securitization. All are areas in which Credit Suisse First Boston has competitive strengths and attractive growth opportunities. Increased earnings and a stronger capital base will allow it to capture trading opportunities through extended, disciplined and diversified risk-taking. A number of structural changes will be made to promote greater bottom-line accountability, improve cost discipline and capitalize on the integration with the Group’s other banking businesses. Credit Suisse First Boston intends to build a strong, performance-based ownership culture with a structured approach to attracting, developing and retaining talent. Institutional Securities Institutional Securities’ fourth quarter 2004 net income increased CHF 173 million to CHF 269 million compared with the fourth quarter of 2003, primarily reflecting lower credit provisions (including the release of significant credit provisions), resulting in a pre-tax margin improvement, and lower income tax expense. Compared to the third quarter of 2004, which was positively impacted by the release of tax contingency accruals totaling CHF 126 million, net income decreased CHF 23 million, reflecting a 6% decline in net revenues, a 5% decline in total operating expenses and a net release of credit provisions. Institutional Securities’ full-year 2004 net income increased by CHF 421 million from 2003 to CHF 1,313 million, reflecting higher fixed income and equity trading results, gains on legacy investments, lower credit provisions and lower income tax expense. As a result of a continued favorable credit environment and a significant recovery related to the sale of an impaired loan during the fourth quarter of 2004, provision for credit losses amounted to a net release of CHF 118 million. This compares to a net release of CHF 47 million in the fourth quarter of 2003 and a net provision of CHF 24 million in the third quarter of 2004. Compared to September 30, 2004, total impaired loans decreased CHF 318 million to CHF 649 million, and valuation allowances as a percentage of total impaired loans increased 2.1 percentage points to 82.1% as of December 31, 2004, due to specific loan write-offs. Provision for credit losses in 2004 decreased from a net provision of CHF 167 million in 2003 to a net release in 2004 of CHF 35 million, primarily due to a significant recovery related to the sale of an impaired loan, as well as the continued favorable credit environment. Operating expenses of CHF 2,639 million were CHF 183 million, or 7%, higher compared to the fourth quarter of 2003. Compensation expenses increased 11%, or CHF 157 million, in the fourth quarter of 2004, reflecting higher headcount and increased salaries, severance costs of CHF 68 million and costs related to deferred compensation plans. Other expenses increased slightly to CHF 1,039 million, primarily reflecting higher professional fees and travel and entertainment costs on increased business activity, offset by lower provision expenses. The lower provision expenses reflected higher expenses for expected litigation fees offset by an insurance settlement. Full-year 2004 operating expenses increased 9% from 2003 to CHF 11,375 million, primarily as a result of higher compensation costs, reflecting increased incentive compensation costs, severance costs and higher salaries mainly due to increased headcount. Full-year 2003 compensation and benefits expense reflected the introduction of three-year vesting for future stock awards. Total investment banking revenues include debt underwriting, equity underwriting and advisory and other fees. Fourth quarter and full-year 2004 investment banking results declined 14% and 4% when compared with the fourth quarter of 2003 and the full year 2003, respectively, with increases in debt underwriting offset by decreases in equity underwriting and advisory fees. Debt underwriting revenues of CHF 303 million increased 26% from the fourth quarter of 2003 primarily from the commercial and residential structured products, leverage finance and syndicated finance businesses. Debt underwriting revenues decreased 32% from the third quarter of 2004 despite a slight increase in the industry-wide volume of global debt transactions in the fourth quarter of 2004 compared to the third quarter of 2004. Declines were most notable in residential mortgage-backed securities, which had an exceptionally strong third quarter, and leverage finance, as Institutional Securities’ financial sponsor activity was lower than in the strong third quarter of 2004. Full-year 2004 debt underwriting revenues increased CHF 109 million, or 7%, driven by strength in the leverage finance business. For the full year 2004, Institutional Securities was ranked second in global high-yield new issuances and third in global investment grade new issuances. Equity underwriting revenues in the fourth quarter of 2004 decreased 39% compared to the exceptionally strong fourth quarter of 2003 to CHF 199 million, primarily due to several large transactions in the fourth quarter of 2003, but increased 75% compared to the third quarter of 2004, reflecting an industry-wide increase in the volume of new issuances, as equity market conditions and optimism improved considerably in the quarter. Full-year 2004 equity underwriting revenues decreased CHF 38 million, or 5%, also reflecting Institutional Securities’ exceptionally strong fourth quarter of 2003. Institutional Securities maintained its number three position in global IPOs. Fourth quarter 2004 advisory and other fees of CHF 216 million declined 21% and 29% compared to the stronger fourth quarter of 2003 and third quarter of 2004, respectively. These stronger prior quarters reflected sizeable fees on large transactions. The decrease also reflects a decline in global mergers and acquisitions market share based on volume, as Institutional Securities dropped from number seven for the full year 2003 to number eleven for the full year 2004. Full-year 2004 advisory and other fees of CHF 963 million were CHF 208 million, or 18%, lower than 2003, primarily reflecting the decrease in overall market share based on volume. Institutional Securities was ranked sixth in terms of mergers and acquisitions fee revenue market share for the full year 2004, and was ranked sixth based on the number of transactions, highlighting Institutional Securities’ focus on higher margin middle market advisory services. Total trading revenues include fixed income and equity sales and trading. Total trading revenues for the fourth quarter of 2004 increased CHF 563 million, or 36%, and CHF 62 million, or 3%, compared to the fourth quarter of 2003 and the third quarter of 2004, respectively. Full-year 2004 trading revenues increased CHF 666 million, or 8%. The increases primarily reflected continued strong fixed income trading results and improved equity trading results, particularly in risk-taking and positioning, and an overall increase in transaction volumes and customer activity. These solid trading results were achieved without an increase in average daily VaR. Institutional Securities’ fourth quarter 2004 average daily VaR was CHF 53 million, unchanged compared to the fourth quarter of 2003, and down from CHF 66 million in the third quarter of 2004. Fixed income trading generated revenues of CHF 1,278 million in the fourth quarter of 2004, an increase of 45% from the fourth quarter of 2003. The increase primarily reflects improved risk-taking and positioning, particularly in currency trading, and improved residential mortgage-backed securities results partially offset by lower emerging markets trading results. Compared to the strong third quarter of 2004, fixed income trading for the fourth quarter of 2004 declined by CHF 70 million, or 5%, due to declines in residential and commercial mortgage-backed securities, emerging markets trading and life insurance finance, a business that structures financing for sizeable life insurance contracts. This was partially offset by improved interest rate products results as well as risk-taking and positioning results. Full-year 2004 fixed income trading revenues increased CHF 397 million, or 8%, reflecting strong activities in structured products and improved risk-taking and positioning, offset in part by declines in rate and credit products. Equity trading revenues increased 26%, to CHF 828 million, in the fourth quarter of 2004, compared to the fourth quarter of 2003. This reflects an improvement in market values and trading volumes across the equity markets and products with the exception of convertible securities. Equity trading increased CHF 132 million, or 19%, from the third quarter of 2004, due to a strong performance in the US cash business resulting from improved investor confidence, producing higher transaction volumes and customer activity. Equity risk-taking and positioning activities had a very strong quarter as volatility increased and the equity market trends became more apparent as a result of improved market confidence. While trading in convertible securities recovered from the third quarter of 2004 due to increased volumes and customer flows, the increase was slightly offset by a decline in the options and structured products business, reflecting lower volatility. Full-year 2004 equity trading revenues increased CHF 269 million, or 8%, reflecting improved risk-taking and positioning, stronger results from options and structured products and improved results from the cash business, offset in part by the decline in trading in convertible securities. In addition, the new transition services business, which facilitates the transfer of client assets from one fund manager to another, has become a more significant revenue producer, and prime services continued to show steady growth in balances as well as client mandates. Institutional Securities continued to provide more clients with advanced execution services (such as its award-winning algorithmic trading platform) and extended its lead in that area in 2004, resulting in an increased revenue contribution. Other (including loan portfolio) revenues of CHF 82 million in the fourth quarter of 2004 decreased 75% from the fourth quarter of 2003 and decreased 52% from the third quarter of 2004, largely due to fewer gains on legacy investments. The net exposure to legacy investments as of December 31, 2004, was reduced to CHF 1.3 billion, including unfunded commitments for the real estate portfolio, a decline of CHF 326 million from September 30, 2004. Full-year 2004 other (including loan portfolio) revenues almost doubled from 2003 to CHF 813 million, primarily due to an increase in gains on legacy investments in the first half of 2004 and minority interest-related revenues of CHF 128 million. Wealth & Asset Management The Wealth & Asset Management segment is comprised of Credit Suisse Asset Management, Alternative Capital Division, Private Client Services and Other. Wealth & Asset Management reported net income of CHF 63 million for the fourth quarter of 2004, an increase of CHF 37 million compared to the fourth quarter of 2003. Compared to the third quarter of 2004, Wealth & Asset Management’s net income increased CHF 33 million. The net income increases were primarily due to increased revenues in the Alternative Capital Division, partially offset by severance costs of CHF 88 million associated with the announced changes in the structure of the Alternative Capital Division. The fourth quarter of 2003 included a CHF 270 million charge for the impairment of acquired intangible assets related to Credit Suisse Asset Management’s high-net-worth business. Full-year 2004 net income increased by CHF 297 million from 2003 to CHF 530 million, primarily due to significant levels of private equity investment-related gains. Wealth & Asset Management’s fourth quarter 2004 net revenues were CHF 1,028 million, an 8% increase from the fourth quarter of 2003. Revenues before investment-related gains increased 5% to CHF 753 million compared to the fourth quarter of 2003, due to improved results in the private funds business. Compared to the third quarter of 2004, net revenues before investment-related gains were up 31%, reflecting a seasonal end-of-year movement into alternative investments, which benefited the private funds business, and an increase in Credit Suisse Asset Management’s revenues. Full-year 2004 revenues before investment-related gains increased 4% to CHF 2,654 million. Fourth quarter 2004 investment-related gains decreased 92% compared to the fourth quarter of 2003, to CHF 19 million, with the fourth quarter of 2003 including a CHF 134 million gain related to the sale of a 50% interest in a Japanese online broker. Investment-related gains declined CHF 43 million compared to the third quarter of 2004 due to a decline in the number and relative significance of harvested private equity investments. Full-year 2004 investment-related gains increased 31% to CHF 588 million due to gains from the sale of private equity investments in the first half of 2004. Full-year 2004 revenues increased by CHF 1,212 million versus 2003 to CHF 4,202 million, primarily reflecting minority interest-related revenues of CHF 960 million from the consolidation of certain private equity funds under FIN 46R. In addition, higher asset management fees and private equity investment gains were partially offset by lower other investment-related revenues due to the large gains recorded in 2003 from the sale of a 50% interest in a Japanese online broker and certain other assets. Minority interest-related revenues increased CHF 82 million in the fourth quarter of 2004 to CHF 256 million compared to the third quarter of 2004. Compared with the fourth quarter of 2003, operating expenses decreased 27%, or CHF 248 million, reflecting lower other expenses, partially offset by higher compensation expenses. The fourth quarter of 2004 includes CHF 88 million of severance costs associated with changes in the structure of the Alternative Capital Division announced on December 7, 2004, and the fourth quarter of 2003 includes a CHF 270 million intangible asset write-off. Compared with the third quarter of 2004, operating expenses increased 12%, reflecting increased compensation and benefits costs. Full-year 2004 operating expenses decreased by 8% from 2003 to CHF 2,539 million, primarily reflecting the CHF 270 million intangible asset write-off in 2003. Wealth & Asset Management reported a net asset outflow of CHF 0.2 billion during the quarter, as outflows of CHF 3.2 billion in Credit Suisse Asset Management, primarily due to the loss of two large accounts, were mostly offset by inflows of CHF 1.9 billion in Private Client Services as a result of seasonal corporate cash inflows and inflows of CHF 1.1 billion in the Alternative Capital Division. Assets under management as of December 31, 2004, of CHF 482.4 billion declined slightly, by 1.0%, compared to September 30, 2004, with net asset outflows and the negative impact of foreign currency exchange rate movements mostly offset by the impact of strong equity market performance on Credit Suisse Asset Management’s assets under management . For the full year 2004, Wealth & Asset Management reported a net new asset inflow of CHF 2.6 billion and assets under management as of December 31, 2004, were CHF 482.4 billion, CHF 7.9 billion higher than the December 31, 2003 level.

Credit Suisse First Boston
								Change		Change						Change
								in % from		in % from		12 months				in % from
in CHF m, except where indicated		4Q2004		3Q2004		4Q2003		3Q2004		4Q2003		2004		2003		2003
Net revenues		3,934		3,892		3,661		1		7		17,322		15,180		14
Total operating expenses		3,314		3,384		3,379		(2)		(2)		13,914		13,226		5
Net income		332		322		122		3		172		1,843		1,125		64
Cost/income ratio		84.2%		86.9%		92.3%		–		–		80.3%		87.1%		–
Compensation/revenue ratio		49.6%		50.2%		47.2%		–		–		49.8%		50.8%		–
Pre-tax margin		18.8%		12.4%		9.0%		–		–		19.9%		11.8%		–
Return on average allocated capital		11.5%		10.7%		4.6%		–		–		16.1%		9.6%		–
Average allocated capital		11,574		12,055		10,654		(4)		9		11,419		11,776		(3)
Other data excluding minority interests
Net revenues  1)		3,691		3,670		3,661		1		1		16,234		15,180		7
Cost/income ratio  1) 2)		89.7%		91.9%		92.3%		–		–		85.6%		87.1%		–
Compensation/revenue ratio 1)		52.9%		53.2%		47.2%		–		–		53.1%		50.8%		–
Pre-tax margin  1) 2)		13.5%		7.4%		9.0%		–		–		14.6%		11.8%		–
1) Excluding CHF 243 million, CHF 222 million and CHF 1,088 million in 4Q2004, 3Q2004 and 12 months 2004, respectively, in minority interest revenues relating to the FIN 46R consolidation.
2) Excluding CHF 5 million, CHF 11 million and CHF 16 million in 4Q2004, 3Q2004 and 12 months 2004, respectively, in expenses associated in minority interests relating to the FIN 46R consolidation.

Institutional Securities income statement
								Change		Change						Change
								in % from		in % from		12 months				in % from
in CHF m		4Q2004		3Q2004		4Q2003		3Q2004		4Q2003		2004		2003		2003
Net interest income		827		786		1,157		5		(29)		3,720		4,015		(7)
Investment banking		718		868		839		(17)		(14)		3,328		3,464		(4)
Commissions and fees		649		673		581		(4)		12		2,702		2,508		8
Trading revenues including realized gains/(losses) from investment securities, net		626		607		(42)		3		–		2,680		1,938		38
Other revenues		86		149		170		(42)		(49)		690		265		160
Total noninterest revenues		2,079		2,297		1,548		(9)		34		9,400		8,175		15
Net revenues		2,906		3,083		2,705		(6)		7		13,120		12,190		8
Provision for credit losses		(118)		24		(47)		–		151		(35)		167		–
Compensation and benefits		1,600		1,662		1,443		(4)		11		7,429		6,598		13
Other expenses		1,039		1,118		1,013		(7)		3		3,946		3,881		2
Total operating expenses