Brady W. Dougan, Chief Executive Officer, said: "While our full-year results are clearly disappointing, we entered 2009 with a very strong capital position, a robust business model, a clear strategy and well-positioned businesses. In a year of unprecedented market turmoil, our Private Banking business recorded strong asset inflows, underscoring the trust that clients place in Credit Suisse. Our global Wealth Management business performed well and our Swiss Corporate & Retail Banking business achieved record pre-tax income. In Investment Banking, we continued to reduce our overall risk. Illiquid leveraged finance and structured products assets as of the end of 2008 declined 87% from the end of the third quarter of 2007. We now have a capital-efficient and streamlined Investment Banking business with a significantly lower risk profile. And in Asset Management, we took an important step in our strategy to focus our resources on alternative investments, asset allocation and our Swiss businesses. These are scalable, high-margin businesses that provide excellent investment opportunities for our clients."

He added: "Credit Suisse has one of the strongest capital ratios in the industry, which we achieved without significantly diluting shareholders. We accelerated the implementation of our strategic plan, which will bring about a further substantial reduction of our risk and cost base. We also took steps to further strengthen our control culture. We have had a strong start to 2009 and were profitable across all divisions year to date. We have positioned our businesses to be less susceptible to negative market trends if they persist in the coming months and to prosper when markets recover."

Segment Results

Private Banking
Private Banking, which comprises the Wealth Management and Corporate & Retail Banking businesses, reported income before taxes of CHF 4,209 million in the full year 2008, a decrease of 23% from 2007. Net revenues were down 5%. In the fourth quarter of 2008, income before taxes was CHF 876 million, down 36% from the prior-year period. Net revenues were down 10%.

The Wealth Management business reported income before taxes of CHF 2,442 million in the full year 2008, down 37% from 2007. Net revenues remained solid, but were 8% below the level of 2007, a good result given the lower client activity and lower average assets under management, reflecting the resilience of the business. Total operating expenses rose 9%, mainly reflecting net provisions of CHF 407 million relating to action rate securities (ARS), a charge of CHF 190 million related to the close-out of a client's account and higher expenses due to the ongoing growth strategy. However, excluding the ARS provisions and the charge related to the close-out of a client's account, total operating expenses decreased 2%. The pre-tax income margin was 27.8% in 2008 compared with 40.3% in 2007. Credit Suisse strengthened its team of professionals by adding 340 relationship managers in Wealth Management during 2008.

In the fourth quarter of 2008, income before taxes was CHF 363 million, down 63% from the prior-year period. The fourth-quarter 2008 result included net provisions of CHF 97 million related to ARS, the above-mentioned charge related to the close-out of a client's account, and provision for credit losses of CHF 113 million. Net revenues declined 17%, reflecting a decrease in both recurring and transaction-based revenues. Total operating expenses were 5% higher, driven by the provisions related to ARS and the charge related to the close-out of a client's account, partly offset by a decrease in compensation and benefits. The pre-tax income margin was 17.7% in the fourth quarter of 2008 compared with 39.4% in the prior-year period.

The Corporate & Retail Banking business reported record income before taxes of CHF 1,767 million in the full year 2008, up 9% from 2007. Net revenues rose 5%. Total operating expenses decreased slightly. The pre-tax income margin was 42.8% in 2008 compared with 41.2% in 2007.

In the fourth quarter of 2008, income before taxes was CHF 513 million, up 28% from the prior-year period. Net revenues increased 9%. Provision for credit losses was CHF 17 million in the fourth quarter of 2008 compared with releases of CHF 8 million in the prior-year period. Total operating expenses were down 8%. The pre-tax income margin was 47.0% in the fourth quarter of 2008 compared with 40.0% in the prior-year period.

Credit Suisse will continue to judiciously invest in the growth of its Private Banking business, both globally and in Switzerland.

Investment Banking
Investment Banking reported a loss before taxes of CHF 14,183 million in the full year 2008, compared with income before taxes of CHF 3,649 million in 2007. Net revenues were negative CHF 1,835 million in 2008 compared with positive CHF 18,958 million in 2007.

In the fourth quarter of 2008, the loss before taxes was CHF 7,779 million, compared with a loss before taxes of CHF 849 million in the prior-year period. Net revenues were negative CHF 4,571 million compared with positive CHF 2,741 million, as the widespread market disruption intensified in the fourth quarter, adversely impacting most of the businesses in Investment Banking. In December 2008, as index-hedge positions rallied and cash markets depreciated, Credit Suisse incurred significant losses due to standard hedges becoming ineffective in the extraordinary market environment. In addition, the results were negatively impacted by a severe widening of credit spreads, resulting in sharp declines in fair value levels of credit instruments across most markets. The fourth-quarter results in Investment Banking included combined net writedowns of CHF 3,192 million in the leveraged finance and structured products businesses. The client-driven businesses reported solid fourth-quarter results.

Fixed income trading revenues were significantly lower in the fourth quarter of 2008 than in the prior-year period, primarily reflecting the above-mentioned net writedowns in the leveraged finance and structured products businesses, losses in the emerging markets and leveraged finance trading businesses and losses associated with structured foreign exchange derivatives in Asia. Partially offsetting these results were factors including record revenues in flow-based rate products and good revenues in the foreign exchange business. Equity trading revenues declined substantially, primarily due to significant losses in equity derivatives, convertibles, and long/short and event and risk arbitrage strategies. These results were partially offset by good performances in cash equities and prime services. Fixed income and equity trading benefited from combined fair value gains of CHF 1,919 million due to widening credit spreads on Credit Suisse debt. In the fourth quarter of 2008, the underwriting and advisory businesses produced lower revenues compared with the prior-year period, reflecting a decline in overall market activity and lower revenues from the private fund group. Total operating expenses in the fourth quarter of 2008 declined 16% compared with the prior-year period, reflecting a 28% decrease in compensation and benefits, partially offset by a 4% increase in total other operating expenses.

Net valuation adjustments and exposures in Investment Banking
In the fourth quarter of 2008, combined net writedowns in the leveraged finance and structured products businesses were CHF 3,192 million.

In December 2008, Credit Suisse announced plans to accelerate the implementation of its existing strategy to reposition Investment Banking in light of the changed competitive and market environment. This move reflected the weaker macroeconomic environment, continued market volatility and shifts in client demand away from more complex products towards the greater use of exchange-based and flow trading. Investment Banking will build on the momentum already achieved in areas such as algorithmic trading, cash equities, prime services, rates, foreign exchange, high grade credit and strategic advisory businesses. The business will continue to reduce origination capacity in complex credit and structured product businesses and cut risk capital usage, including exiting certain proprietary and principal trading operations. The new operating model is expected to reduce earnings volatility, improve capital efficiency and better leverage the strengths of the integrated bank, particularly in a significantly disrupted competitive environment.

Asset Management
Asset Management reported a loss before taxes of CHF 1,127 million in the full year 2008, compared with income before taxes of CHF 197 million in 2007. Net revenues decreased 75%, primarily reflecting private equity and other investment-related losses. Total operating expenses declined 11%.

In the fourth quarter of 2008, the loss before taxes was CHF 670 million compared with a loss before taxes of CHF 302 million in the prior-year period. The results reflected mostly unrealized losses from private equity and other investments of CHF 599 million, compared with gains of CHF 305 million in the prior-year period, as well as losses on securities purchased from Credit Suisse's money market funds of CHF 164 million, compared with CHF 774 million in the prior-year period. Net revenues were a negative CHF 403 million in the fourth quarter of 2008, down CHF 615 million from the prior-year period, and decreased CHF 321 million to CHF 360 million before the purchased securities and the private equity and other investment-related gains/(losses). Total operating expenses declined 48%, primarily reflecting significantly lower performance-related compensation. The fair value of Credit Suisse's balance sheet exposure from the purchased securities was CHF 567 million at the end of the fourth quarter of 2008, down 44% from the end of the third quarter of 2008.

Asset Management has focused its resources on alternative investments, asset allocation and the Swiss businesses, which are scalable, high-margin businesses that provide excellent investment opportunities for its clients. Credit Suisse generated good inflows of net new assets of CHF 11.5 billion in the alternative investments business in the full year 2008. In the fourth quarter of 2008, Credit Suisse decided to close certain money market funds and agreed to sell the majority of its traditional funds business to Aberdeen Asset Management, one of the UK's leading asset managers, for a stake of up to 24.9% in Aberdeen. The new organization also provides further potential to reduce costs.

Net New Assets
In the full year 2008, Private Banking's net new assets were CHF 50.9 billion, including CHF 42.2 billion from Wealth Management, compared with CHF 53.5 billion in Private Banking in 2007. In the fourth quarter of 2008, continued strong net client inflows in Wealth Management of CHF 13.8 billion were partially offset by deleveraging of client portfolios of CHF 11.8 billion, resulting in net new assets of CHF 2.0 billion. Asset Management reported net asset outflows of CHF 21.1 billion in the fourth quarter of 2008. The Group's total assets under management from continuing operations were CHF 1,106.1 billion as of December 31, 2008, down 24.4% from December 31, 2007, primarily reflecting adverse market and foreign exchange-related movements, net asset outflows in Asset Management and the closure of certain US money market funds.

Benefits of the integrated bank
Credit Suisse is committed to the integrated business model. Throughout 2008, collaboration between its three businesses provided a source of stable, high-margin revenues in an environment that saw significantly lower volumes. Credit Suisse generated CHF 5.2 billion in revenues from cross-divisional activities in the full year 2008, including revenues of CHF 1.2 billion in the fourth quarter. This compares with collaboration revenues of CHF 5.9 billion in the full year 2007.

Capital and liquidity management
Credit Suisse's capital position remains very strong. The tier 1 ratio was 13.3% as of the end of the fourth quarter of 2008 compared with 10.4% as of the end of the third quarter of 2008. Credit Suisse had access to the capital markets throughout 2008. Total long-term debt raised in 2008 amounted to CHF 37.1 billion. In the fourth quarter of 2008, Credit Suisse issued CHF 1.3 billion of senior long-term debt, underlining the bank's ongoing position as an attractive issuer, even in turbulent markets. Even if its balance sheet remains at its current size, Credit Suisse expects to refinance only CHF 12 billion of long-term debt in 2009.

Dividend proposal
The Board of Directors will propose a cash dividend of CHF 0.10 at the Annual General Meeting on April 24, 2009 for the financial year 2008, compared with a cash dividend of CHF 2.50 per share for the financial year 2007.