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Supplement Slide 0
SUPPLEMENTS TO THEFOURTH QUARTER 2002 AND FULL YEAR RESULTS 2002 PRESENTATION
Supplement Slide 1
CONTENT
Group
- Update on accounting changes (slide 2 to 3)
CSPB
- Development of gross margin (slide 4)
- AuM by product and currency (slide 5)
Winterthur
- Investment result (slide 6 to 8)
- Investment portfolio (slide 9 to 10)
- Equity base & statutory solvency (slide 11)
- Life & Pensions business mix (slide 12)
- Insurance premium split andcombined ratios &
gross written premiums (slide 13 to 14)
CSFB
- Revenue detail 2002 (slide 15)
- Emerging markets exposure (slide 16 to 17)
- Selected exposure by industry (slide 18)
- "Legacy" assets exposure (slide 19)
- "Legacy" assets P&L charges (slide 20)
- Pershing sale (slide 21)
Cautionary statement regarding forward-looking information (slide 22)
Supplement Slide 2
UPDATE ON ACCOUNTING CHANGES (1/2)
Deferred
tax assets
on net
operating
losses
Rationale: Increase peer comparability and eliminate difference to
US GAAP
� CHF 266 million at CSFS
� CHF 254 million at CSFB (USD 162 million)
� Reported in separate P&L line item
� Excluded from net operating profit
� CHF 472 million at CSFS
� CHF 868 million at CSFB (USD 556 million)
� Reported in normal tax result
� Included in net operating profit
Cumulative effect
for prior years:
Effect on taxes for
financial year 2002:
Supplement Slide 3
Rationale: � Consistent with anticipated EBK change in estimate
guidelines
� In line with peers general trend of deteriorating credit
environment
CSFS: � CHF 245 million
� Current ACP model in banking already compliant with
EBK guidelines
� Charges recorded at Corporate Center
CSFB: � CHF 530 million (USD 340 m)
� Included in BU/segment results
� Neutral to net operating profit due to release of reserves for general
banking risks of CHF 580 m recorded as extraordinary income
UPDATE ON ACCOUNTING CHANGES (2/2)
Inherent
loss
allowance
in loan
portfolio
Note: figures above exclude CHF 3 million from exchange rate impact
Supplement Slide 4
PRIVATE BANKING
DEVELOPMENT OF GROSS MARGIN
87 88 8390 87 87 86 83 85 85
48 43
3434 40 42
3526
28 33
55
5
6466
6
3
10
0
30
60
90
120
131
145
134 133
123
Other revenueTransaction-drivenAsset-driven
in bp
alternative investments �
brokerage �
trading �
alternative investments ➬commission on assets �
interest margin �
lending �
133127
-10 bp
114
2001
Q2 Q3Q1 Q4 FY Q1 Q2 Q3
2002
Q4 FY
118123
Supplement Slide 5
PRIVATE BANKING
AUM BY PRODUCT & CURRENCY
AuM Categories by Product(incl. investments in funds)
27% 27% 28% 28%
31% 32%34% 33%
29% 26% 22% 23%
13% 15% 16% 16%
Liquidity &Money markets
Fixedincome
Equities
Balanced
12/01 06/02 09/02
AuM Categories by Currency
27% 28% 29% 30%
36% 34% 35% 35%
31% 32% 30% 30%
6%6%6%6%Other
EUR
USD
CHF
12/01 06/02 09/0212/02 12/02
Supplement Slide 6
WINTERTHUR GROUP
INVESTMENT RESULT (1) (1/3)
(1) general account onlyNote: Q1 to Q3 reclassified to the current presentation format, including real estate own use,
interest paid from current income and realized gains/losses to other
Current income 5,096 1,236 1,435 1,203 1,222
Realized gains 5,421 1,346 1,389 2,353 333
Realized losses (4,738) (647) (2,129) (1,589) (373)
Impairments (3,887) (942) (857) (1,413) (675)
Other (464) (114) (100) (135) (115)
Investment Income (P&L) 1,428 879 (262) 419 392
2002(1)
Q212M/02(1) Q3 Q4Q1
Supplement Slide 7
WINTERTHUR GROUP
INVESTMENT RESULT (1) (2/3)
� Development of gross unrealized losses in equity portfolio
(1) general account only; totals different from published figures in quarterly report due to consolidation effects
� Given flat markets, unrealized
losses are recognized in the P&L
after 6 months as an impairment
� NOP impact highly country-specific
depending on whether the
investment risk is borne by the
company or the policyholder
� Current unrealized losses in Q4/02
substantially lower than at year-end
2001 and also improved vs Q3/Q2
� Taking only the NOP relevant
portion into account, unrealized
losses decreased 38% vs Q3/02
level
(in CHF bn, gross of tax/policyholder portion)
Q1/02Q4/01 Q2/02
42%
(1.1)
(2.2)
(1.2)(1.0)
39%
61%
51%
49%66%
34%
58%
Q3/02
Potential impact of gross unrealized losses on NOP:
(1,350) (500) (750) (400) (250)
Gross Unrealized Losses (1)
Company portion
Policyholder portion
(in CHF million)
Q4/02
(0.5)
52%
48%
Supplement Slide 8
WINTERTHUR GROUP
INVESTMENT RESULT (1) (3/3)
(1) general account only
Net investment income 2001 4,766 2,217 6,983(insurance chart of account)
Net investment income 2002 1,438 (10) 1,428(insurance chart of account)
Delta: Net investment income 2001/2002 (3,328) (2,227) (5,554)(insurance chart of account)
Impact on operating income (1,800) (1,800) (3,600)(bancassurance chart of account)
Impact on net operating profit (1,600) (1,700) (3,300)
Life &
Pensions Insurance
Winterthur
Groupin CHF m(1)
Supplement Slide 9
WINTERTHUR GROUP
INVESTMENT PORTFOLIO – ASSET ALLOCATION
� Responsive to equity market development
� reduction of equity securities from CHF 22.5 bn (18%) to 9.1 bn (7%) in 2002
� "investment view" equity exposure stands at CHF 8.0 bn (6%) (1)
Winterthur Investment Portfolio
06/02
Real estate (fair value)
Mortgages
Equity securities
Debt securities & loans
(1) investment view excludes CHF 1.1 bn of participations in bond funds and special funds classified as equities under accounting rules(2) all investments incl. real estate at market value; excluding separate account (i.e. unit-linked) business(3) reduced by CHF 4.5 bn vs reported figures due to trade accounting on purchased bonds and maturing money market transactions (settlement date)
122.2
Short-term investments & others
12/02
121.0
(2)
(3)
12/01
124.9
1388
63
8
998
62
12
498
61
18
Total (in CHF billion)
% o
f to
tal
12/00
388
56
25
125.4
09/02
124.8
1088
67
7
Supplement Slide 10
WINTERTHUR GROUP INVESTMENT PORTFOLIO – BY COUNTERPARTY RATING
A
20%
BBB
1%
AA31%
AAA48% A
24%
BBB
3%
AA39%
AAA34%
Winterthur Life & Pensions 31.12.02 Winterthur Insurance 31.12.02
Supplement Slide 11
WINTERTHUR GROUP
EQUITY BASE STRENGTHENED IN 2002
� CSG capital injection of CHF 3.7 bn(1) eligible solvency capital to maintain andstrengthen capital
� Consolidated EU group solvency now at 167%
� Group has sufficient capital to sustain growth in the near future
5,278
2,600(2,115)
(520)755(150)
(261)
5,587
Winterthur Shareholders' Equity (CHF m)
12/01 Dividends paid
Net unrealized gains/(losses)(2)
FX changes; other
Net loss Capital injection/
contribution
Minorities 12/02
(1) CHF 2.6 bn equity capital contribution and CHF 1.1 bn hybrid debt (2) net of tax/shadow
Supplement Slide 12
LIFE & PENSIONS
GROSS PREMIUMS WRITTEN
47.8 47.3
45.5 44.8
6.7 7.9
2001 2002
CEE, Asia
Germany, UK,
Italy, Other (1)
Switzerland
49.0 46.4
51.0 53.6
2001 2002
Individual
Group
81.6 79.9
18.4 20.1
2001 2002
Unit Linked
Traditional
47.1 41.0
52.9 59.0
2001 2002
Single
Annual
17.4 19.0
(1) comprises of Iberia, Benelux, cross-border Note: 2001 excluding France and Austria
17.4 19.0
17.4 19.017.4 19.0
% of total, YTD
Supplement Slide 13
WINTERTHUR INSURANCE
SPLIT BY LINE OF BUSINESS & COMBINED RATIOS
Combined Ratio
Winterthur
Insurance
Accident &
Health
Motor
P&C(ex-Motor)
Gross Premiums 2002: CHF 18.4bn
Change vs 2001: (0.1%), +9.4% organic(1)
Motor
CHF 7.7 bn
42%
80.0
81.1
21.5
21.1
69.4
70.5
38.0
37.4
81.8
75.6
25.1
24.9
76.7
74.8
28.9
28.6
101.5
102.2
107.4
107.9
106.8
100.5
105.6
103.4
Expenseratio
Claims ratio
2001
2002
2001
2002
2001
2002
2001
2002
P&C (ex-Motor)
CHF 7.4 bn
40%
Accident & Health
CHF 3.3 bn
18%
(1) in local currencies
Supplement Slide 14
WINTERTHUR INSURANCE
PREMIUM INCREASES OFFSET BY DISPOSALS
Gross Written Premiums by Region (CHF bn)
United Kingdom 5.0 3.8 32% 5th
Italy 1.9 1.8 6% 8th
North America 3.4 3.2 6% >20
Germany 2.5 2.5 0% 14th
Switzerland 2.9 2.7 7.4% 1st
Growth2002 2001
Other, disposals 2.7 4.4 -39% n/a
Total 18.4 18.4 0% 7th (2)
Market Position(1)
(1) based on 2001 GWP(2) total European
Belgium
4%
North America
18%
Other,
disposals
3%Switzerland
16%
Germany
14%
Italy
10%
Iberia
8%
UK
27%
2002 GWP: 18.4 bn
Supplement Slide 15
Equity Income Division
CREDIT SUISSE FIRST BOSTON
REVENUE DETAIL 2002
Q1 Q2 Q3 Q4
22 23 14 16
36 34 43 28
Other
M&A
Private equity
Debt capital markets
Equity capital markets
39
11
15
22
17
199
16
Investment Banking Division
695 871 485 813 Total in USD m
Q1 Q2 Q3 Q4
9 8 7 7
20 16 16 22Asian customersEuropean customers
EDCU
US customers
LatAm customers
35
3427
48
38
36
31
39
855 760 718 562 Total* in USD m
* incl. Other revenues
not shown in chart
2221
in %
in %
CSFB Financial Services
Q1 Q2 Q3 Q4
26 28 3639
71 6339 45
Other
Rates
Credit
Emerging markets group
(18)(4)(5)(9)
Fixed Income Division
1,269 1,263 1,103 587 Total in USD m
Q1 Q2 Q3 Q4
16
5 2 2
43 40 42 45
Other
PCS
Pershing
CSAM
13
4042
14
39
16
43
(2)
536 553 501 484 Total in USD m
in %
in % 3429
1412
177 6
6
Supplement Slide 16
Loans
Loan equivalent exposureMoney market
F/X, precious metals
Derivatives
Trading positionsFixed income
Equities
Reverse repos
Total, gross
Net notional FX position
Provisions
Net exposure
Americas
1,299
5860
586
0
238157
81
462
2,585
(108)
(197)
2,281
CIS/
Europe
1,243
3040
304
0
904887
17
120
2,571
(314)
(13)
2,244
Total
Global
4,474
1,6750
1,675
0
5,0624,697
364
705
11,916
(2,897)
(447)
8,572
Mid. East/ Africa
567
3090
309
0
843826
17
47
1,766
(737)
(18)
1,011
CREDIT SUISSE FIRST BOSTON
EMERGING MARKETS EXPOSURE BY REGION
Asia / Pacific
1,365
4760
476
0
3,0772,827
249
76
4,993
(1,739)
(219)
3,035
31.12.02
in USD m
Supplement Slide 17
Loans
Loan equivalent exposureMoney market
F/X, precious metals
Derivatives
Trading positionsFixed income
Equities
Reverse repos
Total, gross
Net notional FX position
Provisions
Net exposure
Argentina
221
560
56
0
4848
0
11
336
0
(164)
173
Brazil
258
960
96
0
780
78
327
759
(409)
5
345
Mexico
394
3110
311
0
20
2
36
743
303
(17)
1,029
CREDIT SUISSE FIRST BOSTONEMERGING MARKETS EXPOSURE BY SELECTED COUTRIES
in USD m
Russia
500
440
44
0
281270
11
67
891
(166)
0
726
Indonesia
415
490
49
0
329328
2
0
793
22
(169)
646
31.12.02
in USD m
Supplement Slide 18
CREDIT SUISSE FIRST BOSTON
COUNTERPARTY EXPOSURE BY INDUSTRY
Selected CSFB Exposures (as of December 31, 2002)
Current Undrawn Total
Industry exposure commitm. exposure
Telecom service providers 1,720 2,185 3,905
Telecom manufacturing 179 230 409
Merchant energy 1,267 258 1,525
Airlines 583 425 1,008
Note:
Current exposure equals committed amount (includes only drawn commitments) for lending plus mark-to-market for counterparty trading less credit protection
Total exposure equals "current exposure" plus undrawn commitments
in USD m
Supplement Slide 19
CREDIT SUISSE FIRST BOSTON
"LEGACY" ASSETS EXPOSURE
"Legacy" Assets Net Exposure
8,964 Real Estate
11,925 1,975 Distressed
986 Private Equity (1,228 unfunded commitment)
in USD m
12/1999
12/2001
2,925 Real Estate
5,357 1,107 Distressed
1,325 Private Equity (857 unfunded commitment)
1,535 Real Estate
3,031 512 Distressed
984 Private Equity (785 unfunded commitment)
12/2002
12/2000
4,805 Real Estate
8,026 1,498 Distressed
1,724 Private Equity (984 unfunded commitment)
Note: unfunded commitments as of 12/01 and 12/02 include USD 0.4 bn employee commitments
Supplement Slide 20
CREDIT SUISSE FIRST BOSTON
"LEGACY" ASSETS P&L CHARGES
Charges related to "legacy" assets
in CSFB's income statement
2002
Operating Income (120) (523) (275) (919)
Provisions (154) - - (154)
Taxes 77 147 77 301
Net Operating Profit/(Loss) (197) (377) (199) (773)
Real Estate
DistressedPortfolio
Private Equity
Q4/02
Operating Income (14) (144) (123) (281)
Provisions 8 - - 8
Taxes 2 40 34 76
Net Operating Profit/(Loss) (4) (103) (89) (196)
Totalin USD million
Supplement Slide 21
CREDIT SUISSE FIRST BOSTON
PERSHING SALE
� Focus resources on core businesses; avoid further capital investment
� Strengthen CSFB's and Group's capital base via elimination ofUSD 500 m of goodwill, USD 900 m in acquired intangibles and a reduction of USD 1.6 bn in risk-weighted assets
� Cash proceeds of USD 2.7 bn; including repayment of subordinated debt; a pre-closing dividend of approximately USD 800 m is anticipated
� Financial Services strategy remains in place, albeit on smaller scale
Q4/02
� After tax loss of USD 250 m driven by low tax basis in Pershing;USD 86 m pre-tax loss (excl. USD 50 m performance-related payment)
Effective 1/1/03
� Pershing carried as equity investment
� Cease amortizing goodwill and acquired intangibles with net effect of USD 144 m in 2002
� 2002 operating income and operating expenses were USD 854 m andUSD 661 m, respectively
Benefits of
Transaction
Accounting
Impact
Supplement Slide 22
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
This presentation 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.
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