Zurich, April 24, 2008 - Credit Suisse Group reported a net loss of CHF 2,148 million in the first quarter of 2008, compared with net income of CHF 2,729 million in the first quarter of 2007. Net revenues on a core results basis were CHF 3,019 million in the first quarter of 2008, down 72% from the first quarter of 2007.

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Net writedowns in leveraged finance and structured products of CHF 5.3 billion in 1Q08

Continued significant reduction in risk exposures during 1Q08: risk exposures declined 41% in leveraged finance, 25% in commercial mortgages

Other than the areas affected directly by the credit crisis, most of our businesses performed well in 1Q08, with revenues near or above those in 1Q07

Steady inflows in Private Banking: net new assets of CHF 17.1 billion in 1Q08, including CHF 13.5 billion in Wealth Management

Strong BIS tier 1 ratio under Basel II of 9.8% as of the end of 1Q08
Zurich, April 24, 2008
Credit Suisse Group reported a net loss of CHF 2,148 million in the first quarter of 2008, compared with net income of CHF 2,729 million in the first quarter of 2007. Net revenues on a core results basis were CHF 3,019 million in the first quarter of 2008, down 72% from the first quarter of 2007.

Brady W. Dougan, Chief Executive Officer, said: "Our first-quarter results are clearly unsatisfactory. However, during the quarter, we substantially reduced our exposures to affected areas and we will continue to do so in a disciplined fashion. Other than the areas affected directly by the credit crisis, most of our businesses performed well, with revenues near, or in some cases above, those in the first quarter of 2007. This demonstrates the benefit of our diversified global platform. Our global Wealth Management and Swiss Corporate & Retail Banking businesses sustained their strong growth momentum, with steady inflows, and in Investment Banking we had solid results in most of our businesses other than leveraged finance and structured products."

Mr. Dougan concluded: "Credit Suisse remains well positioned in an extremely challenging environment: our capital position is strong and we will continue to manage our liquidity conservatively and control our expenses effectively. I am confident that we will continue to serve as a safe haven for clients in uncertain and volatile markets, and to seize the opportunities that arise in times of market dislocation to create long-term value."

Segment Results

Private Banking
Private Banking, which comprises the Wealth Management and Corporate & Retail Banking businesses, reported income before taxes of CHF 1,324 million in the first quarter of 2008, a decrease of 8% from the first quarter of 2007.

The Wealth Management business reported income before taxes of CHF 860 million in the first quarter of 2008, down 13% from the same period of 2007. Net revenues in the first quarter of 2008 were CHF 2,313 million, down 3% from the first quarter of 2007, as an improvement in recurring revenues was offset by a decrease in transaction-based revenues. Total operating expenses grew 4% from the first quarter of 2007, primarily due to international expansion. The pre-tax income margin was 37.2% in the first quarter of 2008 compared with 41.5% in the first quarter of 2007.

The Corporate & Retail Banking business reported income before taxes of CHF 464 million in the first quarter of 2008, up 3% from the first quarter of 2007. Net revenues were strong, up 6% from the same period a year earlier, as net interest income rose slightly and total non-interest income increased 11%. Net releases of provision for credit losses were CHF 9 million, in line with the first quarter of 2007. Total operating expenses rose 8% from the first quarter of 2007, mainly driven by higher non-credit-related provisions, reflecting net releases in the first quarter of 2007. The pre-tax income margin was 44.5% in the first quarter of 2008 compared with 45.7% in the first quarter of 2007.

Investment Banking
In Investment Banking, the loss before taxes was CHF 3,460 million in the first quarter of 2008, compared with income of CHF 1,990 million in the strong first quarter of 2007, reflecting the extremely challenging market environment in 2008. Net revenues were negative CHF 489 million in the first quarter of 2008, compared with CHF 6,582 million in the first quarter of 2007. This decline was due in large part to the impact of the mortgage and credit market dislocations on the fixed income businesses. Results in the first quarter of 2008 were negatively impacted by significantly lower fixed income trading revenues compared with the first quarter of 2007, reflecting net writedowns in the leveraged finance and structured products businesses.

Other than leveraged finance and structured products, most businesses reported solid results, highlighting the importance of the bank's ongoing revenue diversification efforts. In fixed income trading, the Investment Banking segment achieved a near-record performance in the global rates and foreign exchange businesses and strong results in emerging markets. Equity trading results in the first quarter of 2008 declined from the strong year-ago period due primarily to weak results in equity proprietary trading and in the convertibles business. These results were partly offset by a record performance in prime services and good results in the global cash businesses. Fixed income and equity trading benefited from fair value gains of CHF 1,362 million due to widening credit spreads on Credit Suisse debt. The underwriting and advisory businesses had lower revenues compared with the first quarter of 2007 in line with the decline in market activity. Total operating expenses declined 38% from the first quarter of 2007, due primarily to a decrease in compensation and benefits, reflecting the negative results.

Net writedowns and exposures in Investment Banking
Net revenues reflected net writedowns in the leveraged finance and structured products businesses of CHF 5,281 million in the first quarter of 2008. This amount included the revaluation of certain asset-backed security positions in the collateralized debt obligations trading business in Investment Banking, as announced on March 20, 2008. The following table shows Credit Suisse's net writedowns in the first quarter of 2008 and in the full year 2007:

Credit Suisse further reduced its exposures in Investment Banking in the first quarter of 2008 compared with the end of 2007, as shown in the following table. Total exposures in leveraged finance have been reduced 41% from the end of the fourth quarter of 2007 and 65% from the end of the third quarter of 2007. Total exposures in commercial mortgages have been reduced 25% from the end of the fourth quarter of 2007 and 46% from the end of the third quarter of 2007:

Asset Management
In Asset Management, the loss before taxes was CHF 468 million in the first quarter of 2008, compared with income of CHF 257 million in the first quarter of 2007. This decrease was due primarily to net writedowns of CHF 566 million from securities purchased from our money market funds and significantly lower private equity and other investment-related gains. Net revenues were CHF 63 million in the first quarter of 2008, a decrease of 92% from the first quarter of 2007. Before the above-mentioned writedowns, net revenues in the first quarter of 2008 declined 19% from the first quarter of 2007 to CHF 629 million. Total operating expenses were up 2% from the first quarter of 2007. Before the above-mentioned writedowns, the pre-tax income margin in the first quarter of 2008 was 15.6% compared with 33.1% in the first quarter of 2007.

The fair value of our balance sheet exposure from the securities purchased from our money market funds was CHF 2.2 billion at the end of the first quarter of 2008, down CHF 1.7 billion from the end of 2007 and included CHF 232 million purchased in the first quarter of 2008.

Net New Assets
The Wealth Management business generated net new assets of CHF 13.5 billion in the first quarter of 2008, which represents a rolling four-quarter average growth rate of 6.0%. This reflected strong contributions from Switzerland and the Americas. Asset Management reported net new asset outflows of CHF 20.2 billion in the first quarter of 2008, primarily driven by outflows from global investment strategies, including Swiss institutional advisory and money market assets. Net new assets in alternative investments in the Asset Management segment were CHF 2.2 billion. The Group's total assets under management were CHF 1,380.5 billion as of March 31, 2008, a decrease of 11.0% from March 31, 2007, reflecting adverse foreign exchange-related and market movements.

Benefits of the integrated bank
In the first quarter of 2008, we generated approximately CHF 1.2 billion of our net revenues on a core results basis from cross-divisional collaboration.

Strong capitalization
Following the introduction of Basel II, Credit Suisse Group's capitalization remained strong, with a BIS tier 1 ratio of 9.8% as of March 31, 2008.

Enquiries:
Media Relations Credit Suisse, Tel. +41 844 33 88 44, media.relations@credit-suisse.com
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