First Quarter Results 2008 Zurich April 24, 2008
Cautionary statement Cautionar Cautionary statement regarding forwar statement regarding forward-looking and non-GAAP information d-looking and non-GAAP information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2007 filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements except as may be required by applicable laws. This presentation contains non-GAAP financial information. Information needed to reconcile such non-GAAP financial information to the most directly comparable measures under GAAP can be found in Credit Suisse Group's first quarter report 2008. Slide 2
Introduction Brady W. Dougan, Chief Executive Officer First quarter 2008 results Renato Fassbind, Chief Financial Officer Risk management update Wilson Ervin, Chief Risk Officer Summary Brady W. Dougan, Chief Executive Officer Slide 3
Introduction Brady W. Dougan, Chief Executive Officer First quarter 2008 results Renato Fassbind, Chief Financial Officer Risk management update Wilson Ervin, Chief Risk Officer Summary Brady W. Dougan, Chief Executive Officer Slide 4
Private Banking continues to deliver good results WM with asset inflows of demonstrating benefits of a diversified and CHF 13.5 bn and CRB with integrated global business strong pre-tax income Solid results across most Investment Banking Very strong revenues in businesses, masked by valuation reductions prime services, global rates of CHF 5.3 bn and foreign exchange CMBS and leveraged finance Active management and aggressive reduction exposures down 25% and of risk exposures 41%, respectively Strong capital and conservative liquidity position Tier 1 ratio of 9.8% Well positioned to create long-term value and seize opportunities that arise from market dislocation Slide 5
Results overview Change in % from 1Q08 vs. 1Q07 vs. 4Q07 CHF m, except where indicated Net revenues Net revenues 3,019 3,019 (72)% (72)% (54)% 54)% Compensation and benefits 3,245 (34)% (6)% Other operating expenses 2,195 3% (19)% Total operating expenses 5,440 (23)% (12)% Pre-tax income / (loss) (2,572) − − Net income / (loss) Net income / (loss) (2,148) (2,148) − − − − Diluted EPS in CHF (2.10) − − Note: Based on Core Results, i.e. excluding results from minority interests without significant interest Slide 6
Divisional performance overview Private Banking Investment Banking Asset Management Pre-tax income in CHF m 1,990 1,439 1,377 1,324 527 1) 257 98 1) (247) (468) (849) (3,460) 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 ! Stability of results in ! Most businesses performed ! Stable management and challenging environment well; some at record levels administrative fees ! Good asset inflows and ! Significant writedowns in ! Further valuation hiring momentum for leveraged finance and adjustments on our money Relationship Managers structured products market assets 1) Before losses from securities purchased from our money market funds Slide 7
Wealth Management continues to deliver good results Pre-tax income CHF m ! Client base remains strong, but market volatility leads to cautious client behavior 1,001 988 ! Continued expansion of leading franchise 976 900 860 − Good net new asset inflows of CHF 13.5 bn, mainly from Switzerland and Americas (12)% − Continued good momentum in hiring Relationship Managers (13)% ! Costs contained despite ongoing investments 1Q07 2Q07 3Q07 4Q07 1Q08 Pre-tax income margin in % 41.5 42.0 38.4 39.4 37.2 Slide 8
Wealth Management with stable gross margin Net revenues and gross margin on assets under management CHF m and basis points (bp) ! CHF 102 m, or 6%, increase in recurring 118 bp 113 bp 112 bp 117 bp 117 bp revenues vs. 1Q07 − Recurring margin up 7 bp to 85 bp vs. 1Q07 ! Decrease in transaction-based revenues due to 2,476 2,384 2,379 2,344 2,313 lower client activity (7)% − Transaction-based margin down 8 bp to 32 bp YoY (3)% ! Recurring revenues 73% of total revenues; up from 66% in 1Q07 1Q07 2Q07 3Q07 4Q07 1Q08 1,582 1,582 1,707 1,766 1,684 Recurring revenues 797 802 637 710 629 Transaction-based revenues Slide 9
Good net new asset growth in Wealth Management Net new assets (NNA) Assets under management (AuM) CHF bn CHF bn End of 13.5 15.2 838.6 838.6 4Q07 2.1 EMEA 13.3 12.0 2.5 APAC Currency (59.5) (59.5) 9.7 3.6 Americas (11)% Market (43.2) (43.2) movements 5.3 Switzerland Net new +13.5 +13.5 assets 1Q07 2Q07 3Q07 4Q07 1Q08 End of 749.4 749.4 Rolling four-quarter NNA growth on AuM in % 1Q08 7.0 6.7 6.2 6.4 6.0 Slide 10
Corporate & Retail Banking achieves strong results Pre-tax income CHF m ! Strong results reflect solid economic environment in Switzerland 464 451 ! Includes fair value gains of CHF 64 m on 401 389 380 a synthetic collateralized loan portfolio ! Net new assets of CHF 3.6 bn from pension funds and retail clients +16% +3% 1Q07 2Q07 3Q07 4Q07 1Q08 Pre-tax income margin in % 45.7 39.2 39.7 40.0 44.5 Slide 11
Solid results across most Investment Banking businesses masked by valuation reductions Pre-tax income / (loss) CHF m ! Leveraged finance and structured products 2,502 businesses with combined net valuations reductions of CHF 5.3 bn 1,990 6 ! Good progress in reducing risk exposures (849) ! Most other businesses performed well; some (3,460) at record level 1Q07 2Q07 3Q07 4Q07 1Q08 Pre-tax income margin in % 30.2 33.2 0.3 (31.0) n/m n/m = not meaningful Slide 12
Fixed income revenues outside most affected areas at same level as very strong 1Q07 Fixed income trading and debt underwriting revenues CHF m ! Negative revenues in 1Q08 3,132 driven by valuation reductions in structured products and 4,325 1,226 leveraged finance 1,647 1,659 ! Very strong results in global rates and FX ! Strong results in emerging markets and proprietary trading (1,440) ! 1Q08 further impacted by fair 1Q08 Add back Deduct 1Q08 1Q07 value reductions of CHF 0.5 bn revenues structured 1Q08 fair adjusted adjusted 2) on corporate loan book products and value revenues revenues leveraged finance gains on revenues 1) own debt 1) Total structured products and leveraged finance revenues excluding valuation adjustments of CHF 709 m reported in 'Other' revenues 2) Excluding revenues from structured products and leveraged finance businesses and converted into Swiss francs applying the 1Q08 average exchange rate to adjust for foreign exchange rate impact Slide 13
Equity trading with solid performance in light of market conditions Equity trading net revenues CHF m ! Stable client-related businesses ! Good results in the global cash business 2,475 driven by higher trading volumes, increased 2,171 2,068 client flows and strong AES performance ! Prime Services achieved record revenues 1,379 with strong growth in client balances and new 1,037 client mandates (33)% ! Losses in equity proprietary trading compared (36)% to a strong 1Q07 1Q07 2Q07 3Q07 4Q07 1Q08 AES = Advanced Execution Services, our electronic trading platform Slide 14
Disciplined cost management in Investment Banking Compensation expenses CHF m ! Lower compensation expense reflecting 3,882 3,390 negative results ! Decrease in front office headcount, driven 2,080 1,718 primarily by reductions in certain fixed income 839 businesses reflecting market conditions 1Q07 2Q07 3Q07 4Q07 1Q08 General & administrative expenses CHF m ! Despite headcount growth, G&A expense 941 trend reflects focus on cost reduction 864 827 803 748 ! Flexibility of cost base positions us well in current markets and going forward 1Q07 2Q07 3Q07 4Q07 1Q08 Slide 15
Asset Management results further impacted by losses from money market funds and lower private equity gains Pre-tax income CHF m 527 1) ! Stable asset management and administrative fees vs. 1Q07 299 257 ! Lower revenues vs. 4Q07 due to lower 191 1) private equity gains and decline in 98 1) performance-related fees and assets under 45 management ! Additional CHF 566 m losses on securities (247) purchased from money market funds (468) 1Q07 2Q07 3Q07 4Q07 1Q08 Pre-tax income margin in % 1) 33.1 35.1 25.8 46.7 15.6 1) Before valuation reduction from securities purchased from our money market funds Slide 16
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