**Exhibit 1.1**

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**Articles of Association**

**Credit Suisse Group**

 

 

 

Version as of March 2, 2005

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|                             |               | **I.**                                                                                                                                                                                       | **Corporate Name, Registered Office, Duration and Purpose**                                                                                                                                                                                                                                                                                                  |   |   |
|----------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | Art.    1                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                         |   |
|  Corporate Name,            |     | A       stock corporation under the name Credit Suisse Group (the “Company”)       is established with its registered office in Zurich, Switzerland. Its    duration is unlimited. |                                                                                                                                                                                                                                                                                                                                                         |   |
|   Registered    Office |
|   and    Duration      |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | Art. 2                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                         |   |
| Purpose                          |               | 1                                                                                                                                                                                            | The purpose of the Company is to hold direct or indirect interests in all types of businesses in Switzerland and abroad, in particular in the areas of banking, finance, assetmanagement and insurance. The Company has the power to establish new businesses, acquire a majority or minority interest in existing businesses and provide related financing. |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | 2                                                                                                                                                                                            | The Company       has the power to acquire, mortgage and sell real estate properties, both       in Switzerland and abroad.                                                                                                                                                                                                                                  |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | **II.**                                                                                                                                                                                      | **Share    Capital and Shares**                                                                                                                                                                                                                                                                                                                              |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | Art. 3                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                         |   |
| Share    Capital                 |               | 1                                                                                                                                                                                            | The fully paid-in share capital amounts to CHF 606,953,108.50 and is divided into 1,213,906,217 registered shares with a par value of CHF 0.5 each.                                                                                                                                                                                                          |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | 2                                                                                                                                                                                            | All share certificates shall bear the facsimile signatures of the Chairman or Chairwoman of the Board of Directors and one Member of the Board.                                                                                                                                                                                                              |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | 3                                                                                                                                                                                            | The Company may issue certificates representing more than one share each.                                                                                                                                                                                                                                                                                    |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | 4                                                                                                                                                                                            | The Company recognises only one representative for each share.                                                                                                                                                                                                                                                                                               |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | 5                                                                                                                                                                                            | Upon a resolution being passed by the General Meeting of Shareholders, registered shares may be converted into bearer shares.                                                                                                                                                                                                                                |   |   |
|                             |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                             |               | Art. 4                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                         |   |
| Shares,    Transfer of           |               | 1                                                                                                                                                                                  | The Company       recognises as a shareholder the person whose name is entered in the Share       Register.                                                                                                                                                                                                                                                  |   |   |
| Shares    and Share              |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |
| Register                         |               |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                         |   |   |

|   |   |   |
|--------|--------|--------|
|   | **2**  |   |
|   |   |   |

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|   |   | 2      | A person who has acquired registered shares will, upon application, be entered without limitation in the Share Register as having voting rights provided that he or she expresslystates that he or she has acquired the shares concerned in his or her own name for his or her own account.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
|   |   | 3      | Any person       not expressly stating in his or her application for registration that       the shares concerned have been acquired for his or her own account (hereinafter “nominees”)        may be entered for a maximum of 2% of the total outstanding share capital       with voting rights in the Share Register. In excess of this limit, registered       shares held by a nominee will only be granted voting rights if such nominee       declares in writingthat he or she is prepared to disclose the name, address and shareholding of       any person for whose account he or she is holding 0.5% or more of the       outstanding share capital. Art.10, Section 2 shall apply correspondingly       to nominees who are related  to one another through capital ownership       or voting rights or have a common management or are otherwise interrelated. |   |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
|   |   | 4      | The Board of Directors will issue the necessary directives to ensure that the aforementioned provisions are complied with.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
|   |   | 5      | This Article is subject to the mandatory provisions of Art. 685d, Section 3 of the Swiss Code of Obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
|   |   | 6      | In the case       of registered shares, the Company may forego the printing and delivery       of share certificates and, with the agreement of the owner of the shares,       may cancel issued  certificates when these are returned to the Company       and not replace the same. Shareholders may request at any time, at no       cost to them, the printing and delivery of certificates representing their       registered shares, and the Company may at any timeprint certificates of registered shares not physically represented by certificates.                                                                                                                                                                                                                                                                                                                           |   |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
|   |   | 7      | Registered shares not physically represented by certificates and the rights arising therefrom can only be transferred by assignment. Such assignment shall not be valid unless noticeis given to the Company. Title to the certificate of the transferred share is passed on to the transferee through legal and valid assignment and does not need the explicit consent of the Company. The bank which handles the book entries of theassigned registered shares on behalf of the shareholders may be notified by the Company of the assignment.                                                                                                                                                                                                                                                                                                                                        |   |   |

|   |   |   |
|--------|--------|--------|
|   | **3**  |   |
|   |   |   |

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|                       |   | 8                                                                                                                                                               | Registered       shares not physically represented by certificates and the financial rights       arising from these shares may be pledged only to the bank which handles       the book entries of  such shares on behalf of the shareholder. The pledge       must be made by means of a written pledge agreement. Notice to the Company       is not required. |   |   |
|----------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   |                                                                                                                                                            | The claim       to delivery of the certificate may be transferred to the bank accepting       the pledge. Otherwise the pledge of registered shares is valid when the       assigned or endorsed share certificates are transferred in accordance    with provisions of Art. 901, Section 2 of the Swiss Civil Code.                                              |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   | 9                                                                                                                                                               | All the above-mentioned restrictions regarding transfer also apply to the transfer of registered shares not physically represented by certificates.                                                                                                                                                                                                               |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   | **III.**                                                                                                                                                        | **Debt    Capital**                                                                                                                                                                                                                                                                                                                                               |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   | Art. 5                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                              |   |
| Bond Issues                |   | The Company       may issue bonds, with or without security, including warrants and convertible       issues, and mayguarantee such issues by its subsidiaries. |                                                                                                                                                                                                                                                                                                                                                              |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   | **IV.**                                                                                                                                                         | **The Governing    Bodies of the Company**                                                                                                                                                                                                                                                                                                                        |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   | Art. 6                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                              |   |
|                       |   | The governing    bodies of the Company shall be the following:                                                                                                  |                                                                                                                                                                                                                                                                                                                                                              |   |
|                       |   | 1.                                                                                                                                                              | The General       Meeting of Shareholders;                                                                                                                                                                                                                                                                                                                        |   |   |
|                       |   | 2.                                                                                                                                                              | The Board of Directors;                                                                                                                                                                                                                                                                                                                                           |   |   |
|                       |   | 3.                                                                                                                                                              | The Independent Auditors and the Group’s Independent Auditors.                                                                                                                                                                                                                                                                                               |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   | **1.**                                                                                                                                                          | **The General Meeting of Shareholders**                                                                                                                                                                                                                                                                                                                           |   |   |
|                       |   |                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                       |   | Art. 7                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                              |   |
| Authority    and Duty      |   | 1                                                                                                                                                               | The General Meeting of Shareholders shall ordinarily be called by the Board of Directors.                                                                                                                                                                                                                                                                         |   |   |
|  to    call a Meeting |

|   |   |   |
|--------|--------|--------|
|   | **4**  |   |
|   |   |   |

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|   |   | 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The ordinary General Meeting of Shareholders shall take place annually within six months after the close of the business year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |
|   |   | 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Extraordinary       General Meetings of Shareholders shall take place as necessary. One or       more shareholders whose combined holdings represent at least 10% of the       share capital can alsorequest that a meeting be called.                                                                                                                                                                                                                                                                                                                                                                              |   |                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |
|   |   | 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Shareholders representing shares with a par value of CHF 0.5 million may require that a particular item appear on the agenda of the meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |
|   |   | 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The request       to call a General Meeting of Shareholders must be submitted in writing       and at the same time shares of the Company representing at least 10% of       the share capital are to be  deposited. The request to include a particular       item on the agenda of the meeting, together with the relevant proposals,       must be submitted in writing and at the same time shares of the Company       with a par value of at least CHF 0.5 million are to bedeposited for safekeeping. The shares are to remain in safekeeping until the       day after the General Meeting of Shareholders. |   |                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |
|   |   | 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The request to include a particular item on the agenda, together with the relevant proposals, must be submitted to the Board of Directors not later than 45 days before the date ofthe meeting.                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |
|   |   | Art. 8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|   |   | The       General Meeting of Shareholders has the following powers which may not       be delegated. It may amend the articles of association, elect the Members       of the Board of Directors, elect the Independent Auditors, the Group’s       Independent Auditors and Special Auditors approve the annual report, the       consolidated financial statements and the annual statutory statements,       determine the allocation of the disposable profit, formally approve the       actions of the Member of the Board of Directors and pass resolutions on       all matters which have been reserved to its authority by law or by these       articles of association or which have been submitted to the meeting by    the Board of Directors. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Powers |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |
|   |   | Art. 9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|   |   | 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Notice of       the General Meeting of Shareholders must be given at least 20 days before       the meeting takes place. Notice of the meeting is to be published in the       Swiss Gazette of Commerce(Schweizerisches Handelsamtsblatt).                                                                                                                                                                                                                                                                                                                                                                         |   | Notice of    Meetings |

|   |   |   |
|--------|--------|--------|
|   | **5**  |   |
|   |   |   |

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|             |   | 2          | The notice of the meeting must include the items on the agenda, the proposals submitted by the Board of Directors and by shareholders who have required that a meeting be held or thata particular item be included on the agenda.                                                                                                                                                                                                                                                                                                                            |   |   |
|------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|             |   |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|             |   | 3          | No resolutions can be passed on proposals of which due notice has not been given, with the exception of those concerning the calling of an extraordinary General Meeting or thecarrying out of a special audit.                                                                                                                                                                                                                                                                                                                                               |   |   |
|             |   |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|             |   | Art.    10 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Voting    Rights |   | 1          | Subject to the provisions of Art. 4, Section 3 every share carries one vote at the General Meeting of Shareholders. However, except as set out in Sections 3–5 below, the sharesfor which a single shareholder can directly or indirectly exercise voting rights for his or her own shares or as a proxy may not exceed 2% of the total outstanding share capital.                                                                                                                                                                                       |   |   |
|             |   |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|             |   | 2          | For the purposes of the restrictions on voting rights as laid down in Section 1 above, legal entities, partnerships or groups of joint owners or other groups in which individuals orlegal entities are related to one another through capital ownership or voting rights or have a common management or are otherwise interrelated shall be regarded as being a single shareholder. The same shall apply to individuals, legal entities orpartnerships that act in concert (especially as a syndicate) with intent to evade the limitation on voting rights. |   |   |
|             |   |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|             |   | 3          | The restrictions on voting rights do not apply to the exercise of voting rights by representatives of a governing or executive body of the company who are designated by the Companyas proxies (Art. 689c of the Swiss Code of Obligations [CO]), or by persons designated by the Company as independent proxies (Art. 689c CO), or by persons acting as proxies for deposited shares (Art. 689d CO), provided all such persons have beeninstructed by shareholders to act as proxies.                                                                        |   |   |
|             |   |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|             |   | 4          | Nor do the       restrictions on voting rights apply to shares in respect of which the       shareholder confirms to the Company in the application for registration       that he or she has acquired  the shares in his or her name for his or       her own account and in respect of which the disclosure requirement set       out in Section 6 below has been satisfied.                                                                                                                                                                                |   |   |

|   |   |   |
|--------|--------|--------|
|   | **6**  |   |
|   |   |   |

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|              |   | 5       | In addition, the restrictions on voting rights do not apply to shares which are registered in the name of a nominee, provided that this nominee furnishes the Company withthe name, address and shareholding of the person(s) (as per definition in Section 2 above) for whose account he or she holds 0.5% or more of the total share capital outstanding at the time and for which he or she (or the beneficial owner, asappropriate) has satisfied the disclosure requirement set out in section 6 below. The Board of Directors has the right to conclude agreements with nominees concerning both their disclosure requirement and the exercise of voting rights. |                                                   |      |
|-------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|-----------|
|              |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |      |
|              |   | 6       | The disclosure obligation must be discharged in accordance with Art. 20 of the Federal Act on Stock Exchange and Securities Trading of 24 March 1995 and the relevantordinances and regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                   |      |
|              |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |      |
|              |   | 7       | The Board of Directors shall issue regulations regarding the proof of share ownership which is necessary in order to obtain voting cards.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                   |      |
|              |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |
|              |   | Art. 11 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |
|              |   | 1       | The       Chairman/Chairwoman of the Board of Directors shall chair the General       Meeting of Shareholders, and, in his or her absence, a Deputy Chairman/Chairwoman       or anothermember designated by the Board shall take the chair.                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                   | Chairman/ |
| Chairwoman,  |
| Secretary    |
|              |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |      |
|              |   | 2       | The       General Meeting of Shareholders shall elect by a show of hands the tellers       to count the votes at the meeting. Members of the Board of Directors,       the IndependentAuditors, the Group’s Independent Auditors and employees of the Companyshall not be eligible to act as tellers.                                                                                                                                                                                                                                                                                                                                                             |                                                   |      |
|              |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |      |
|              |   | 3       | The Board of Directors shall nominate a secretary to take the minutes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                   |      |
|              |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |
|              |   | Art. 12 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |
|              |   | 1       | The General Meeting of Shareholders may in principle pass resolutions without regard to the number of shareholders present at the meeting or represented byproxy.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                   | Quorums   |
|              |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                   |      |
|              |   | 2       | Representation       of at least half of the share capital is required for:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                   |      |
|              |   |    | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | conversion    of registered shares into bearer shares; |      |   |
|              |   |    | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | amendments    to Art. 4, Section 3                     |      |   |

|   |   |   |
|--------|--------|--------|
|   | **7**  |   |
|   |   |   |

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|                         |   |                                                                                                                      | –                                                                                                                                                                                                                                                                                                                                                                                                     | amendments to Art. 10, Sections 1–6 |   |   |
|------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|--------|
|                         |   |                                                                                                                      | –                                                                                                                                                                                                                                                                                                                                                                                                     | dissolution of the Company.              |   |   |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |
|                         |   | 3                                                                                                                         | This Article is subject to the mandatory provisions of the law and other provisions of these articles of association.                                                                                                                                                                                                                                                                                                |                                     |   |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |
|                         |   | Art. 13                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |
| Resolutions/                 |   | 1                                                                                                                         | Resolutions and elections by the General Meeting of Shareholders require the approval of an absolute majority of the votes represented at the meeting, except as otherwiseprescribed by mandatory provisions of law or by other provisions of these articles of association. In the case of an equality of votes, elections and resolutions shall be decided by the casting vote of the person chairing the meeting. |                                     |   |
|  Required    Majorities |
|                         |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |
|                         |   | 2                                                                                                                         | The conversion of registered shares into bearer shares, the dissolution of the Company and amendments to Art. 4, Section 3 of these articles of association require theapproval of at least three-quarters of the votes cast. Amendments to Art. 10, Sections 1–6 require the approval of at least seven-eighths of the votes cast.                                                                             |                                     |   |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |
|                         |   | 3                                                                                                                         | The       Chairman may allow elections and ballots to be conducted by a show of       hands, by written ballot or by electronic means. A written ballot is       held if requested by 50 ofthe shareholders present.                                                                                                                                                                                                 |                                     |   |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |
|                         |   | Art. 14                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |
| Minutes                      |   | The       person chairing the meeting and the secretary of the meeting are to sign       the       minutes of themeeting. |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |
|                         |   | **2.**                                                                                                                    | **The Board of Directors**                                                                                                                                                                                                                                                                                                                                                                                           |                                     |   |
|                         |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |
|                         |   | Art. 15                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |
| Election    and              |   | 1                                                                                                                         | The Board of Directors shall consist of a minimum of seven Members.                                                                                                                                                                                                                                                                                                                                                  |                                     |   |
| Term    of Office            |   |                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |
|                         |   | 2                                                                                                                         | Each Member of the Board of Directors shall be elected individually for a period of three years and shall be eligible for re-election. One year of office is understood tobe the period of time from one ordinary General Meeting of Shareholders to the close of the next ordinary General Meeting.                                                                                                                 |                                     |   |

|   |   |   |
|--------|--------|--------|
|   | **8**  |   |
|   |   |   |

----

|                   |   | Art. 16                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                   |             |
|------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
|                   |   | 1                                                                                                                                                                                                                                                    | The Board of Directors shall decide on all matters which have not been reserved for or conferred on another governing body of the Company by law by these articles of association orby other regulations.                                                                                                                                                                                              |             | Powers and |
| Responsibilities  |
|                   |   |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                   |             |   |
|                   |   | 2                                                                                                                                                                                                                                                    | The Board of Directors determines those who have signatory power and the nature of the signatory power required. A document signed on behalf of the Company is binding on the Companyonly when it carries the signatures of two authorised signatories.                                                                                                                                                |             |   |
|                   |   |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                   |             |
|                   |   | Art. 17                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                   |             |
|                   |   | The Board of Directors may delegate the management of the Company wholly or partly to committees of theBoard, individual Members of the Board or third parties, in accordance with the regulations governing the conduct of business of the Company. |                                                                                                                                                                                                                                                                                                                                                                                                   | Delegation    of |
| Powers            |
|                   |   |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                   |             |
|                   |   | Art. 18                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                   |             |
|                   |   | 1                                                                                                                                                                                                                                                    | A majority of the Members of the Board of Directors must be present in person in order to pass resolutions; there is no quorum requirement for the acknowledgement of capitalincreases and the subsequent changes to the articles of association which must be carried out. For resolutions carried out by circular letter, a majority of the Members of the Board of Directors must cast their votes. |             | Quorum/Required |
| Majorities        |
|                   |
|                   |   |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                   |             |   |
|                   |   | 2                                                                                                                                                                                                                                                    | Resolutions of the Board of Directors require the approval of an absolute majority of the votes cast. In the case of an equality of votes, decisions shall be determined by thecasting vote of the person chairing the meeting.                                                                                                                                                                        |             |   |
|                   |   |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                   |             |
|                   |   | Art. 19                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                   |             |
|                   |   | Minutes       shall be kept of the proceedings and resolutions of the Board of Directors.       The minutes shall be  signed by the person chairing the meeting and the       secretary.                                                             |                                                                                                                                                                                                                                                                                                                                                                                                   | Minutes          |

|   |   |   |
|--------|--------|--------|
|   | **9**  |   |
|   |   |   |

----

|                       |   | Art. 20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                         |   |
|----------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|--------|
| Remuneration        of     |   | The       Board of Directors shall be appropriately remunerated for its services       in an amount to be determined byitself.                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                         |   |
|  Directors            |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   | **3.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **The Independent Auditors, the Group’s Independent Auditors and the Special Auditors** |   |   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   | Art. 21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                         |   |
| Appointment        and     |   | The       Independent Auditors and the Group’s Independent Auditors shall be       elected by the General Meeting of Shareholders for one year and shall       be responsible for carrying out all functions and duties incumbent upon       them by law.       The       special auditors shall be elected by the General Meeting of Shareholders       for the term of one year and shall be responsible for the special audit    reports in connection with qualified capital increases (Art. 652f CO). |                                                                                         |   |
|  Duties               |
|                       |
|                       |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   | **V.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **Financial Year and Allocation of the Net Profit**                                          |   |   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |
|                       |   | Art. 22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                         |   |
| Financial    Year          |   | The    Company’s financial year shall be determined by the Board of Directors.                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                         |   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   | Art. 23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                         |   |
| Allocation    of           |   | The       allocation of the disposable profit shall be made by the General Meeting       of Shareholders. The distributions of a dividend and the establishment       and utilisation of special reserves, if any, shall be decided by the General       Meeting of Shareholders in accordance with Art. 671 ff of the Swiss Code    of Obligations.                                                                                                                                                            |                                                                                         |   |
|  disposable    Profit |
|                       |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |   |
|                       |   | **VI.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | **Dissolution    and Liquidation of the Company**                                            |   |   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                         |   |
|                       |   | Art. 24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                         |   |
|                       |   | Should       the Company be dissolved, the Board of Directors shall carry out the liquidation       unless the GeneralMeeting of Shareholders decides otherwise.                                                                                                                                                                                                                                                                                                                                                |                                                                                         |   |

|   |   |   |
|--------|--------|--------|
|   | **10** |   |
|   |   |   |

----

|   |   | **VII.**        | **Official    Notices and Announcements**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                   |
|--------|--------|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|
|   |   |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   |
|   |   | Art. 25         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   |   | 1               | The Swiss       Commercial Gazette (Schweizerisches Handelsamtsblatt) shall be the official       medium for publication of the Company’s notices and announcements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Publication            |
|   |   |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   |
|   |   | 2               | Notices and       announcements to the shareholders shall be made in the Swiss Commercial       Gazette (Schweizerisches Handelsamtsblatt), insofar as the law does not       prescribe some othermanner of publication.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
|   |   |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   |
|   |   |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   |
|   |   | **VIII. ** | **Transitional    Regulations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|   |   |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   |
|   |   | Art. 26         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   |   | 1               | The share capital pursuant to Art. 3 of the articles of association shall be increased by no more than CHF 25,000,000 through the issue of no more than 50,000,000 registered shareswith a par value of CHF 0.5 each, to be fully paid in, through the exercise of conversion and/or warrant rights issued in connection with bonds or other financial market instruments issued by Credit Suisse Group or any of its Group companies.Shareholders’ pre-emption rights are excluded. Holders of conversion and/or warrant rights are entitled to subscribe to the new shares. The Board of Directors shall set the conversion and/or warrant conditions.                                                                                                                                                                                                                                                                   |   | Conditional    Capital |
|   |
|   |
|   |
|   |
|   |   |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   |
|   |   | 2               | When issuing       bonds or other financial market instruments which are linked to conversion       and/or warrant rights, the Board of Directors is entitled to restrict       or excludeshareholders’ preferential subscription rights if the instruments are issuedin order to finance or refinance the acquisition of companies, parts of companies,equity stakes or new investment plans, and/or if they are issued on nationalor  international capital markets. If preferential subscription rights are notgranted, either directly or indirectly, by decision of the Board of Directors(1) the bonds or other financial market instruments are to be issued at marketconditions, (2)the issue of new shares shall be at market conditions taking due account of themarket price of the shares and/or comparable instruments with a market price,and (3) the time limit for exercising conversion rights may not be |   |                   |

|   |   |   |
|--------|--------|--------|
|   | **11** |   |
|   |   |   |

----

|   |   |           | more than       15 years, and the time limit for exercising warrant rights not more than    7 years from the date of the relevant issue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |
|--------|--------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |   |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|   |   | 3              | The acquisition of registered shares through the exercise of conversion or warrant rights and any further transfers of registered shares are subject to the transfer restrictions laiddown in Art. 4 of these articles of association.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |
|   |   |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|   |   | Art. 26a       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
|   |   | 1              | The share capital pursuant to Art. 3 of the articles of association shall be increased by no more than CHF 25,000,000 through the issue of no more than 50,000,000 registered shareswith a par value of CHF 0.5 each, to be fully paid in, through the exercise of conversion and option rights granted in connection with bonds or similar debt instruments issued by Credit Suisse Group or any of its Group companies. Shareholders’preemption rights are excluded. Shareholders’ preferential subscription rights with regard to these at most 50,000,000 new registered shares may be restricted or excluded by decision of the Board of Directors in order to finance or refinancethe acquisition of companies, parts of companies, equity stakes, or new investments, or in order to issue convertible bonds and/or warrants on domestic and international capital markets. If preferential subscription rights are excluded, then (1) thebonds are to be placed with the public at market conditions, (2) the exercise period is not to exceed five years from the date of issue for option rights or ten years for conversion rights, and (3) the conversion or exercise price for the new sharesis to be set at least in line with the market conditions prevailing on the date on which the bonds are issued. |   |   |
|   |   |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|   |   | 2              | The acquisition       of registered shares through the exercise of conversion or option rights       and any further transfers of registered shares is subject to the transfer       restrictions laiddown in Art. 4 of the articles of association.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|   |   |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|   |   | Art.       26b |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
|   |   | 1              | The share capital as per Art. 3 of the articles of association is to be increased by not more than CHF 48,257,205.50 through the issue of a maximum of 96,514,411 registered shareswith a par value of CHF 0.5 each, to be fully paid in. Upon acquisition, the new registered shares will                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |

|   |   |   |
|--------|--------|--------|
|   | **12** |   |
|   |   |   |

----

|   |   |     | be subject    to the transfer restrictions pursuant to Art. 4 of the articles of association.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                  |
|--------|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|
|   |   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |
|   |   | 2        | The preferential       subscription right of present shareholders is excluded in favour of the       staff, at all levels, and of Members of the Board of Directors of Credit       Suisse Group and its  Group companies. The shares shall be issued in accordance       with the guidelines adopted by the Board of Directors, as amended from       time to time. They may be issued at a price which is below their market       value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                  |
|   |   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |
|   |   | Art. 26c |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|   |   | 1        | The share capital pursuant to Art. 3 of the articles of association is to be increased by no more than CHF 7,693,316, corresponding to no more than 15,386,632 registered shares witha par value of CHF 0.5 each, to be fully paid in, through the exercise of options granted to employees at all levels of Donaldson, Lufkin & Jenrette, Inc. and its Group companies, which were rolled over in accordance with the merger agreementbetween Credit Suisse Group, Diamond Acquisition Corp. and Donaldson, Lufkin & Jenrette, Inc., dated August 30, 2000. The subscription ratio, time limits and further terms will be determined by the Board of Directors in accordance with theprovisions of the merger agreement dated August 30, 2000. The acquisition of shares through the exercise of option rights, and any subsequent transfer of the new shares is subject after issue to the transfer restrictions laid down in Art. 4 of thearticles of association. |   |                  |
|   |   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |
|   |   | 2        | The preemptive rights of the current shareholders are excluded in favor of staff at all levels of Donaldson Lufkin & Jenrette and its Group companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  |
|   |   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |
|   |   | Art. 27  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|   |   | 1        | The Board of Directors is authorized, at any time until April 25, 2005, to increase the share capital, pursuent to Art. 3 of the articles of association by no more than CHF22,740,000 by issuing no more than 45,480,000 registered shares with a par value of CHF 0.5 each, to be fully paid in. Increases by firm underwriting, as well as partial increases, are permissible. The issue price, the starting date for dividendentitlement and the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Authorized    Capital |

|   |   |   |
|--------|--------|--------|
|   | **13** |   |
|   |   |   |

----

|               |   |                                                                                                                                                                                                                                                                                                                                                                                                | type of contribution       will be determined by the Board of Directors. Upon acquisition, the new       registered shares are subject to the transfer restrictions laid down in       Art.4 of the articles of association.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|--------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|               |   |                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |
|               |   | 2                                                                                                                                                                                                                                                                                                                                                                                                   | The Board       of Directors is authorised to exclude the preferential subscription rights       of the shareholders in favour of third parties if the new shares are used       for the acquisition of  companies, segments of companies or participations       in the banking, finance, asset management or insurance industries through       an exchange of shares or for financing the acquisition of companies, segments       of companies or participations in theseindustries. If, in connection with company takeovers, commitments to service       convertible bonds or bonds with warrants are assumed, the Board of Directors       is authorised, for the purpose of fulfilling delivery commitments under       such bonds, to issue  new shares excluding the subscription rights of       shareholders. |   |   |
|               |   |                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |
|               |   | 3                                                                                                                                                                                                                                                                                                                                                                                                   | Registered shares for which subscriptions rights have been granted but not exercised, are to be sold on the market at market conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
|               |   |                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |
|               |   | Art.    27a                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|               |   | Deleted                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|               |   |                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |
|               |   | Art.    28                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| Non-Cash Capital   |   | Deleted                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|  Contribution |   |
|               |   | Art.    28a                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|               |   | Deleted                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|               |   |                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |
|               |   | Art.    28b                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|               |   | Deleted                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|               |   |                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |
|               |   | Art.    28c                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|               |   | In accordance       with the agreement on non-cash capital contributions dated8 December 1997, the Company has acquired from Credit Suisse       First Boston, Zurich, 9,651,170 registered shares of the “Winterthur” Swiss       Insurance Company, Winterthur, with a par value of CHF 20 each, and 35,694       rights tonew registered shares resulting from the invalidation of the |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |

|   |   |   |
|--------|--------|--------|
|   | **14** |   |
|   |   |   |

----

|   |   | remaining 35,694 registered        shares of the “Winterthur” Swiss Insurance Company (Articles        54 and 33, SESTA), with a total value and at a total price of CHF 1,414,282,140.        Settlement has been effected by transfer to Credit Suisse First Boston        of 70,714,107 fully paid-in registered shares of the Company with a par    value of CHF 20 each. The issue price per share is CHF 20.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   | Art. 28d                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |
|   |   | In accordance with the    agreement on non-cash capital contributions of         31 July 1998, the Company        has acquired from Credit Suisse (Bahamas) Limited, Nassau (Bahamas),        16,916,518 common stock of Garantia Banking Limited, with a par value        of USD 1.00 per share, with a total value and at a total price of CHF        706,325,400. Settlement has been effected by transfer to Credit Suisse        (Bahamas) Limited as exchange agent of 1,938,708 fully paid-in registered        shares of the Company with a par value of CHF 20 per share. The issue        price per share is CHF 364.3278. The sum of CHF 667,551,240, being the        amount by which the price paid exceeds the par value of the new shares    (CHF 38,774,160), is retained by the Company as a share premium.                                                                                                                              |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   | Art. 28e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |
|   |   | In accordance with the        agreement on non-cash capital contributions of 15 April 1999, the Company        has acquired from Reinsurance Derivatives Holding AG, Zurich, 30,470,235        Perpetual Non-Cumulative Class A Preference Shares, with a par value        of USD 1.00 per share, and 83,162,370 Participating Shares, with a par        value of USD 1.00 per share, of Credit Suisse Financial Products, London,        with a total value and a total price of CHF 486,000,000. Settlement has        been effected by transfer to Reinsurance Derivatives Holding AG, Zurich,        of 1,800,000 fully paid-in registered shares of the Company with a par        value of CHF 20 per share. The issue price per share is CHF 270. The        sum of CHF 450,000,000, being the amount by which the price paid exceeds        the par value of the new shares (CHF 36,000,000), is retained by the        Company asa share premium. |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   | Art. 28f                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |
|   |   | In accordance with the        agreements on non-cash capital contributions of 3 November    2000, the Company has acquired from AXA, Paris, AXA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |

|   |   |   |
|--------|--------|--------|
|   | **15** |   |
|   |   |   |

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|              |   | Financial, Inc., New York,        The Equitable Life Assurance Society of the United States, New York,        and AXA Participations Belgium, Brussels, 64,029,782 Common Shares, with        a par value of USD 0.10 per share, of Donaldson, Lufkin & Jenrette        Inc., Delaware, with a total value and a total price of CHF 8,502,828,693.50.        Settlement has been effected by transfer to AXA, AXA Financial, Inc.,        Equitable Life Assurance Society of the United States and AXA Participations        Belgium of 25,727,167 fully paid-in registered shares of the Company        with a par value of CHF 20 per share. The issue price per share is CHF        330.50. The sum of CHF 7,988,285,353.50, being the amount by which the        price paid exceeds the par value of the new shares (CHF 514,543,340),    is retained by the Company as a share premium. |   |   |
|-------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|              |   | Art. 29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |
| Non-Cash Capital  |   | Deleted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |
|  Acquisition |
|              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|              |   | The above text is a translation        of the original German articles of association (Statuten) which constitute    the definitive text and are binding in law.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |
|              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|              |   | Zurich, March 2, 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |

|   |   |   |
|--------|--------|--------|
|   | **16** |   |
|   |   |   |

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