Credit Suisse (usa) 8K Other events | SEC 19 Feb 03

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Exhibit 99.1

CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition
As of September 30, 2002
(In millions)

		Historical		Pro Forma Adjustments			Pro Forma
ASSETS
Cash and cash equivalents		$	1,501	$	(1,162	)(c)	$	4,264
					2,480	(a)
					900	(e)
					545	(g)
Cash and securities segregated for regulatory purposes or deposited with clearing organizations			6,524		(2,271	)(c)		4,253
Collateralized short-term financings:
	Securities purchased under agreements to resell		54,567		(413	)(c)		55,699
					1,545	(h)
	Securities borrowed		67,947		(2,538	)(c)		67,590
					2,181	(h)
Receivables:
	Customers		3,820		(3,575	)(c)		247
					2	(h)
	Brokers, dealers and other		10,199		(2,831	)(c)		7,372
					1,929	(h)
					(480	)(a)
					(545	)(g)
					(900	)(e)
Financial instruments owned:
	U.S. government and agencies		29,123		(45	)(c)		29,078
	Corporate debt		13,761		(137	)(c)		13,624
	Mortgage whole loans		9,624					9,624
	Equities		9,382		(4	)(c)		9,378
	Commercial paper		995					995
	Private equity and other long-term investments		808					808
	Derivatives contracts		3,452					3,452
	Other		1,771					1,771
Net deferred tax asset			1,665					1,665
Office facilities at cost, net of accumulated depreciation and amortization			714		(223	)(c)		491
Goodwill and other intangible assets			333					333
Loans receivable from parent and affiliates			16,521		(1	)(c)		16,547
					27	(h)
Other assets and deferred amounts			1,818		(66	)(c)		1,752

Total Assets		$	234,525	$	(5,582	)	$	228,943

See accompanying notes.

CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition
As of September 30, 2002
(In millions, except per share data)

		Historical			Pro Forma Adjustments			Pro Forma
LIABILITIES AND STOCKHOLDERS' EQUITY
Commercial paper and short-term borrowings		$	10,366		$	(223	)(c)	$	10,143
Collateralized short-term financings:
	Securities sold under agreements to repurchase		111,450			(406	)(c)		112,589
						1,545	(h)
	Securities loaned		22,085			2,181	(h)		24,266
Payables:
	Customers		9,577			(6,874	)(c)		2,703
	Brokers, dealers and other		10,268			(3,276	)(c)		7,232
						240	(h)
Financial instruments sold not yet purchased:
	U.S. government and agencies		25,273			(47	)(c)		25,226
	Corporate debt		3,067			(21	)(c)		3,046
	Equities		2,438			(2	)(c)		2,436
	Derivatives contracts		2,690						2,690
	Other		396						396
Obligation to return securities received as collateral			561						561
Accounts payable and accrued expenses			3,581			(1,311	)(c)		4,061
						1,238	(h)
						553	(b)
Other liabilities			1,222			(24	)(c)		1,198
Long-term borrowings			23,521			(482	)(c)		23,519
						480	(h)

	Total liabilities		226,495			(6,429	)		220,066

Stockholders' Equity:
Preferred stock, 50,000,000 shares authorized:
	Series B Preferred Stock, at $50.00 per share liquidation preference (88,500 shares issued and outstanding)		4						4
Common Stock ($0.10 par value; 50,000 shares authorized; 1,100 shares issued and outstanding)			—						—
Paid-in capital			6,525						6,525
Retained earnings			1,562			847	(b)		2,409
Accumulated other comprehensive loss			(61	)					(61	)

	Total stockholders' equity		8,030			847			8,877

Total Liabilities and Stockholders' Equity		$	234,525		$	(5,582	)	$	228,943

See accompanying notes.

CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Operations
Nine Months Ended September 30, 2002
(In millions)

		Historical			Pro Forma Adjustments			Pro Forma
Revenues:
	Principal transactions-net	$	(73	)	$	(46	)(d)	$	(119	)
	Investment banking and advisory		2,271			(267	)(d)		2,004
	Commissions		1,140			(217	)(d)		931
						8	(h)
	Interest and dividends, net of interest expense		1,545			(88	)(d)		1,526
						69	(f)
	Other		537			(25	)(d)		512

	Total net revenues		5,420			(566	)		4,854

Expenses:
	Employee compensation and benefits		2,825			(291	)(d)		2,534
	Occupancy and equipment rental		443			(105	)(d)		338
	Brokerage, clearing and exchange fees		221			(31	)(d)		198
						8	(h)
	Communications		180			(38	)(d)		142
	Professional fees		161			(24	)(d)		137
	Merger-related costs		260						260
	Other operating expenses		298			(54	)(d)		244

	Total expenses		4,388			(535	)		3,853

Income (loss) from continuing operations before provision (benefit) for income taxes, extraordinary items and cumulative effect of a change in accounting principle			1,032			(31	)		1,001
Income tax provision (benefit)			361			(35	)(d)		350
						24	(f)

Income (loss) from continuing operations before extraordinary items and cumulative effect of a change in accounting principle		$	671		$	(20	)	$	651

See accompanying notes.

CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Operations
Fiscal Year Ended December 31, 2001
(In millions)

		Historical			Pro Forma Adjustments			Pro Forma
Revenues:
	Principal transactions-net	$	1,255		$	(81	)(d)	$	1,174
	Investment banking and advisory		3,367			(392	)(d)		2,975
Commissions			1,479			(325	)(d)		1,164
						10	(h)
	Interest and dividends, net of interest expense		1,224			(211	)(d)		1,175
						162	(f)
	Other		223			(18	)(d)		205

	Total net revenues		7,548			(855	)		6,693

Expenses:
	Employee compensation and benefits		4,746			(433	)(d)		4,313
	Occupancy and equipment rental		700			(167	)(d)		533
Brokerage, clearing and exchange fees			325			(43	)(d)		292
						10	(h)
	Communications		315			(57	)(d)		258
	Professional fees		410			(64	)(d)		346
	Merger-related costs		476						476
	Other operating expenses		791			(123	)(d)		668

	Total expenses		7,763			(877	)		6,886

Income (loss) from continuing operations before provision (benefit) for income taxes, extraordinary items and cumulative effect of a change in accounting principle			(215	)		22			(193	)
Income tax provision (benefit)			(70	)		(49	)(d)		(62	)
						57	(f)

Income (loss) from continuing operations before extraordinary items and cumulative effect of a change in accounting principle		$	(145	)	$	14		$	(131	)

See accompanying notes.

CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES

Notes to Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition
and Unaudited Pro Forma Condensed Consolidated Statements of Operations

Credit Suisse First Boston, the business unit of which Credit Suisse First Boston (USA), Inc. and subsidiaries (the "Company") is a part, has entered into a definitive agreement (the "Agreement") to sell the Pershing unit, a global leader in financial services outsourcing solutions and investment-related products ("Pershing"), to The Bank of New York Company, Inc. for $2 billion in cash, the repayment of a $480 million subordinated loan and a contingent payment of up to $50 million based on future performance. The transaction is expected to close in the first half of the year, subject to regulatory approvals and other conditions.

The unaudited pro forma condensed consolidated statement of financial condition of the Company as of September 30, 2002 presents the consolidated financial condition of the Company as though the disposition of Pershing had occurred on September 30, 2002. The unaudited pro forma condensed consolidated statement of operations of the Company for the nine months ended September 30, 2002 presents the results of operations of the Company as though the disposition of Pershing had occurred on January 1, 2002. The unaudited pro forma condensed consolidated statement of operations of the Company for the fiscal year ended December 31, 2001 presents the results of operations of the Company as though the disposition of Pershing had occurred on January 1, 2001. The following unaudited pro forma adjustments are based on available information and on assumptions which management believes are reasonable. The unaudited pro forma financial information is presented for illustrative purposes only and does not purport to represent what the Company's financial condition and results of operations actually would have been had the disposition of Pershing been completed on the dates indicated or to project the Company's financial position or results of operations for any future date or period. The unaudited pro forma financial information does not give effect to any events or adjustments other than those described in the notes.

a): Reflects the receipt of $2 billion in cash, together with the repayment of a $480 million subordinated loan from The Bank of New York Company, Inc. pursuant to the Agreement but not the contingent payment of up to $50 million based on future performance.
b): Reflects the estimated gain on the sale of Pershing of $1,400 million, less estimated selling expenses of $51 million and estimated income tax expense of $502 million.
c): Reflects the disposition of the assets and liabilities of Pershing.
d): Eliminates the results of operations of Pershing for the period. The related estimated income tax expense was calculated using the statutory rate of 35%.
e): Reflects payment of $900 million by Pershing to the Company to settle an intercompany balance through the termination of a $900 million securities borrowing transaction between Pershing and the Company, assuming such balance was calculated as of September 30, 2002.
f): Reflects the estimated reduction in the Company's interest expense and the related income tax effect at the statutory rate of 35% for the period resulting from the utilization of available cash proceeds of $2,480 million, $900 million, and $545 million during the period as discussed in notes (a), (e) and (g), respectively.
g): Reflects payment of $545 million by The Bank of New York Company, Inc. pursuant to the Agreement, representing the amount by which assets exceed liabilities and the agreed $600 million of stockholders' equity. This amount can fluctuate depending on the level of business activity.

h): Intercompany balances between the Company and Pershing were eliminated in the preparation of the historical consolidated financial statements. These intercompany balances were established as third party balances in the unaudited pro forma condensed consolidated statement of financial condition and the unaudited pro forma condensed consolidated statements of operations. The Pershing balances were then identified and disposed of as discussed in the notes. As a result, the unaudited pro forma balances may be different than the historical consolidated balances.

No pro forma adjustments have been made to the unaudited pro forma condensed consolidated financial statements to reflect securities clearing, execution and related service arrangements that will be entered into in connection with the disposition. These arrangements are on terms that are substantially similar to the current arrangements between the Company and Pershing and would therefore not have a material impact on the unaudited pro forma condensed consolidated statement of operations of the Company for the nine months ended September 30, 2002 or the unaudited pro forma condensed consolidated statement of operations of the Company for the fiscal year ended December 31, 2001.

The deferred tax impact of our pro forma adjustments was not material and therefore no pro forma adjustments were made to the unaudited pro forma condensed consolidated statement of financial condition.

The unaudited pro forma condensed consolidated statements of operations do not include the estimated pre-tax gain of $1,400 million, estimated selling expenses of $51 million and estimated income taxes of $502 million from the disposition as the disposition is a material nonrecurring event. The gain is expected to be reflected in the consolidated statement of operations of the Company for the fiscal year ended December 31, 2003.

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CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES Unaudited Pro Forma Condensed Consolidated Statement of Operations Nine Months Ended September 30, 2002 (In millions)
CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES Unaudited Pro Forma Condensed Consolidated Statement of Operations Fiscal Year Ended December 31, 2001 (In millions)
CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES Notes to Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition and Unaudited Pro Forma Condensed Consolidated Statements of Operations

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