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Press Release

Credit Suisse Group completes review related to revaluation of certain asset-backed securities positions in its CDO trading business

Final valuation reduction of CHF 2.86 billion is CHF 200 million less than previously estimated.

Valuation reduction of CHF 1.18 billion (CHF 789 million net of tax) relating to the fourth quarter of 2007, and CHF 1.68 billion relating to the first quarter of 2008.

Revised income from continuing operations for 2007 of CHF 7.8 billion is down 6% from the record level in 2006.

With regard to 2008, including valuation reductions, Credit Suisse was profitable through the end of February. In light of the difficult market conditions in March, at this time, Credit Suisse believes it is unlikely to be profitable in the first quarter.

Credit Suisse Group today announced the completion of an internal review related to the revaluation of certain asset-backed securities positions in the Collateralized Debt Obligations (CDO) trading business within its Investment Banking division.

Credit Suisse recorded a total valuation reduction of CHF 2.86 billion (USD 2.65 billion), of which CHF 1.18 billion is related to the fourth quarter of 2007, and CHF 1.68 billion to the first quarter of 2008. Net income for Credit Suisse for the fourth quarter and full-year 2007 has been revised by CHF 789 million to CHF 540 million, and CHF 7,760 million, respectively.

Reflecting the good performance for 2007 and the strong capitalization with a year-end BIS tier 1 ratio of 11.1%, the proposal for a CHF 2.50 per share dividend to the shareholders' meeting remains unchanged.

With regard to 2008, including these valuation reductions, Credit Suisse was profitable through the end of February. However, in light of the difficult market conditions in March, at this time, Credit Suisse believes it is unlikely to be profitable in the first quarter.

Following its revaluation review, Credit Suisse has determined that the pricing errors were, in part, the result of intentional misconduct by a small number of traders. These employees have been terminated or have been suspended and are in the process of being disciplined under local employment law. The review also found that the controls put in place to prevent or detect this activity were not effective.

The Executive Board of Credit Suisse will oversee a series of remedial actions:
- Reassignment of the trading responsibility for the CDO trading business and enhancement of related control processes.
- Improvement of the effectiveness of supervisory reviews and formalization of escalation procedures.
- Improvement of the coordination among trading, product control and risk management and addition of further resources.
- Improvement of training and enhancement of tools and other technical resources available to our employees.

Brady Dougan, Chief Executive Officer of Credit Suisse Group, said: "This incident is unacceptable and it does not represent the high standard of Credit Suisse. Our overall control framework remains sound. We are taking strong action to remediate and move forward." Mr. Dougan added: "Credit Suisse continues to be well positioned through the challenging and volatile markets that have existed since the middle of 2007. We are one of the world's best capitalized banks, and our funding is conservative. Our Private Banking business continues to perform very well. Client momentum across our businesses is strong. We benefit from our diverse mix of businesses, our extensive global reach and our integrated banking model. I am confident in our ability to navigate current market conditions and deliver long-term value to our shareholders."

2007 Annual Report available online from today
Credit Suisse Group today published its 2007 Annual Report (including the Form 20-F filed with the US SEC) online in English at www.credit-suisse.com/annualreporting . The Annual Report will be available in print in English on April 4, 2008.

The Annual Report contains a detailed presentation of Credit Suisse's strategy, annual financial statements for 2007 with management discussion and analysis, risk and treasury management and corporate governance.