Fourth-Quarter and Full-Year Results 2007 Zurich Revised on March 20, 2008
Cautionary statement Ca Caut utionary st ionary statement reg atement regard rding f ing forwa rward-looking and non-G d-looking and non-GAAP i AP information formation 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 revised fourth quarter report 2007 and in our Annual Report on Form 20-F for the fiscal year ended December 31, 2007. Slide 2
Fourth-quarter and full-year 2007 results Renato Fassbind, Chief Financial Officer Risk management update Wilson Ervin, Chief Risk Officer Strategy review and outlook Brady W. Dougan, Chief Executive Officer Slide 3
Stable results despite challenging environment Revenues and income CHF bn ! Record Private Banking results 34.9 35.0 ! Investment Banking navigated relatively well through markets, despite significantly lower results in structured products and +0% leveraged finance ! Continuity of management and strong momentum in client franchises 2) 8.3 7.8 ! Strong capital base allowing for (6)% increased dividend 2006 2007 Net revenues 1) Income from continuing operations 1) for Core Results, i.e. excluding results from minority interests without significant economic interest 2) Income from discontinued operations of CHF 3,070 m (Winterthur) Slide 4
Full-year performance affected by challenging markets in the second half of the year Change in Change in Change in % vs. % vs. % vs. 4Q07 3Q07 4Q06 2007 2006 CHF m, except where indicated Income from continuing operations 1) 540 (59) (79) 7,760 (6) Diluted EPS from continuing operations in CHF 0.49 (58) (79) 6.96 (3) 4Q07 3Q07 4Q06 2007 2006 Return on equity 5.1% 12.4% 44.1% 18.0% 27.5% Cost/income ratio 2) 93.8% 78.6% 65.7% 73.1% 69.6% 1) Includes net credit of CHF 83 million in 4Q07 from the re-measurement of uncertain tax positions and a benefit of CHF 315 million in 3Q07 due to an assessment that previously unrecognized deferred tax assets would be realizable 2) for Core Results, i.e. excluding results from minority interests without significant economic interest Slide 5
Full-year pre-tax income benefited from diversified earnings mix Private Banking Investment Banking Asset Management CHF m 5,951 1) 5,486 4,596 3,649 +19% 1,274 3) (39)% 733 2) (30%) 508 354 2006 2007 2006 2007 2006 2007 ! Profitable growth and ! Most business lines with ! Major losses from money momentum in hiring improved performance but market funds significantly lower results ! Continued international ! Strong performance in leveraged finance and expansion across most businesses structured products 1) Before credits from insurance settlements for litigation and related costs of CHF 508 m 2) Before realignment costs of CHF 225 m 3) Before losses of CHF 920 m from our money market business Slide 6
Well balanced global footprint delivering consistent earnings 2007 net revenues by region 2007 pre-tax income by region in CHF bn and up/down in % vs. 2006 -92% +50% -25% +15% 0.3bn 1.4bn 9.6bn Switzerland 10.4bn EMEA +19% 4.7bn APAC 4.0bn 3.1bn Americas 11.1bn +23% +31% +11% ! Well balanced contribution ! Switzerland a growing profit anchor ! Strong growth in Asia, but also ! Strong growth in Asia and EMEA Switzerland and EMEA APAC = Asia / Pacific, EMEA = Europe, Middle East and Africa Based on Core Results before Corporate Center Slide 7
Cost/income ratios in 2007 Cost/income ratio %, based on Core Results 76 2006 2007 71 79 70 29 74 74 25 25 Other operating 64 expenses 61 60 47 46 Compensation 45 and benefits 2005 2006 2007 IB PB AM 1) 2) 3) 4) 2) 3) 4) 1) Excluding charge to increase the reserve for private litigation of CHF 960 m and charge of CHF 630 m for change in accounting for share-based compensation 2) 2006 excluding credits received from insurance settlements for litigation costs of CHF 508 m 3) 2006 excluding business realignment costs of CHF 225 m 4) excluding losses from money market business of CHF 920 m Slide 8
Record full-year results in Wealth Management while continuing to invest in growth markets Pre-tax income CHF m ! Strong results despite challenging markets 3,865 − Solid revenue momentum: record in 3,237 4Q07 and for 2007 − Record 2007 pre-tax income; margin at 976 900 811 mid-term target level +19% +8% ! Net new assets of CHF 50.2 bn in 2007 with recently improved momentum in Asia +20% ! Strong and healthy client base 2006 2007 4Q06 3Q07 4Q07 Pre-tax income margin in % 39.6 40.3 39.0 38.4 39.4 Slide 9
Strong growth in mature markets and increased presence in key emerging markets "Opened 10 new locations in 4 new Continued countries during 2007" Accelerated investment in growth in Russia Started turnaround Western Europe China onshore in the US established Implementing India onshore Gulf: leverage Japan onshore integrated bank in preparation Mexico onshore in preparation Relationship managers at year-end 4,100 Expanded 3,140 presence in Brazil 2,540 (Hedging- Griffo) +330 p.a. Australia onshore +200 p.a. launched Goal 2004 2007 2010 Slide 10
Wealth Management growing recurring revenues Net revenues CHF m ! Higher full-year recurring revenues Transaction-based +17% − net interest income due to lower 9,583 Recurring funding costs 8,181 − commissions and fees, including fees +7% from managed investment products ! Full-year transaction-based revenues 2,476 2,344 2,077 increased mainly due to higher brokerage +23% +2% and product issuing fees +29% 2006 2007 4Q06 3Q07 4Q07 Recurring revenues as % of net revenues 63.5 66.7 64.5 69.9 69.6 Slide 11
Strong full-year and 4Q07 gross margin and good asset inflows Wealth Management gross margin Wealth Management assets under management Basis points CHF bn Transaction-based Recurring 834.7 30.09.07 118 117 FX, acqui- 115 112 112 113 109 sitions and (3.6) 43 36 38 other 41 41 34 39 Market and (4.5) performance 81 78 77 75 Net new 72 71 +12.0 70 assets 31.12.07 838.6 Net new asset growth on AuM Full-year 2007 6.4% 2006 2007 4Q06 1Q07 2Q07 3Q07 4Q07 Slide 12
Strong profitability in Corporate & Retail Banking continues Pre-tax income CHF m ! Record net revenues and pre-tax income in 2007 1,621 1,359 ! Interest income benefited from – higher liability volumes and margins – partially offset by lower asset margins 401 389 +19% 332 ! Non-interest income increased significantly due to higher commissions and fees +21% ! Continued favorable credit environment; no significant deterioration envisaged 2006 2007 4Q06 3Q07 4Q07 Pre-tax income margin in % 38.9 41.2 37.1 39.7 40.0 Slide 13
Investment Banking remained profitable for the year although affected by market dislocation Pre-tax income CHF m ! Record year in equity trading and 5,951 advisory/underwriting 1) 2,342 ! Fixed income with mixed results 3,649 ! Well contained write-downs for 6 (39%) the full-year 2007 (849) 2006 2007 4Q06 3Q07 4Q07 Pre-tax income margin in % 29.1 19.2 38.5 0.3 (31.0) 1) Excluding CHF 508 m of credits received from insurance settlements for litigation and related costs Slide 14
Record full-year equity trading Equity trading Equity underwriting CHF m CHF m 7,751 1,444 1,270 5,881 +14% +32% 484 2,068 393 327 1,596 1,037 2006 2007 4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 ! 4Q07 trading with strong performances in global cash, prime services and derivatives ! Higher level of equity issuance, recovering from weak 3Q07 ! Strong market position in IPOs to #3 in 2007 Slide 15
Fixed income trading conditions much more challenging Fixed income trading Debt underwriting CHF m CHF m 9,598 2,206 1,864 6,084 (16)% (37)% 341 2,755 514 686 85 (484) 2006 2007 4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 ! Writedowns in structured products and leveraged finance in 2H07 ! 4Q07 with solid performance in interest rate products, fixed income proprietary trading and foreign exchange Slide 16
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