Investor Presentation Investor Relations November 2016 Disclaimer - - PowerPoint PPT Presentation

Investor Relations

Investor Presentation

November 2016

2

Disclaimer

Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and

• ther outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations,

estimates and intentions we express in these forward-looking statements, including those we identify in "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2015 filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements except as may be required by applicable law. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Statement regarding purpose and basis of presentation This presentation contains certain historical information that has been re-segmented to approximate what our results under our new structure would have been, had it been in place from 2015. In addition, "Illustrative,“ “Ambition” and “Goal” presentations are not intended to be viewed as targets or projections, nor are they considered to be Key Performance

• Indicators. All such presentations are subject to a large number of inherent risks, assumptions and uncertainties, many of which are outside of our control. Accordingly, this

information should not be relied on for any purpose. In preparing this presentation, management has made estimates and assumptions which affect the reported numbers. Actual results may differ. Figures throughout presentation may also be subject to rounding adjustments. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in this presentation, which is available on our website at credit-suisse.com. Statement regarding capital, liquidity and leverage As of January 1, 2013, Basel 3 was implemented in Switzerland along with the Swiss “Too Big to Fail” legislation and regulations thereunder. As of January 1, 2015, the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS), was implemented in Switzerland by FINMA. Our related disclosures are in accordance with our interpretation of such requirements, including relevant assumptions. Changes in the interpretation of these requirements in Switzerland or in any

• f our assumptions or estimates could result in different numbers from those shown in this presentation. Capital and ratio numbers for periods prior to 2013 are based on estimates,

which are calculated as if the Basel 3 framework had been in place in Switzerland during such periods. Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. Beginning in 2015, the Swiss leverage ratio is calculated as Swiss total capital, divided by period-end leverage exposure. The look-through BIS tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by end-period leverage exposure.

November 2016

3

Content

1 Credit Suisse in a nutshell 2 Strategic actions 4 15

Page

A Strengthen capital base B Reduce fixed costs C Rebalance our business mix 16 17 21 3 3Q16 results 23 4 Appendix 34

November 2016

4

Credit Suisse Group: key metrics

November 2016 CET1 = Common equity tier 1. PB = Private Banking. CIB = Corporate & Institutional Banking. 1 Relates to our senior unsecured debt and are subject to change without notice. Latest rating action on July 20, 2016. 2 Excluding Corporate Center and SRU. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix.

9M16 2015 2014 Net revenues 15.1 23.8 26.2 Pre-tax income/(loss) (0.1) (2.4) 3.6

Pre-tax income

excluding adjustment items

0.4 2.1 5.0 Net income/(loss) attributable to shareholders (0.1) (2.9) 1.9 Return on equity attributable to shareholders 0% (7)% 4% Net new assets 34.5 46.9 27.9 Assets under management 1,255 1,214 1,369 Total assets 807 821 921 Net loans 275 273 273

Financial Performance

In CHF bn

3Q16

2015 2014

CET1 ratio

12.0%

11.4% 10.1%

CET1 leverage ratio

3.4%

3.3% 2.5%

Tier 1 leverage ratio

4.6%

4.5% 3.5%

Short- Long- term term Outlook

Moody’s

P-1 A2

S&P

A-1 A Fitch Ratings F1 A

Stable Stable Stable

Capital ratios

Basel 3 look-through

A balanced business portfolio

21% 23% 33% 21% 2%

2015 adjusted pre-tax income2 47,690 employees

as of 3Q16

22% 15% 28% 6% 24%

3,790 relationship managers

as of 3Q16

1,980 650 1,160

Swiss Universal Bank International Wealth Management Asia Pacific Global Markets Investment Banking & Capital Markets

Senior Credit Ratings1

Credit Suisse AG (the Bank)

• /w 1,500 PB
• /w 480 CIB

CC & SRU

5%

Credit Suisse in a nutshell

5

Credit Suisse Core results by business activity

39% 9% 6% 46%

Net revenues

Note: Core Results do not include revenues and expenses from our Strategic Resolution Unit. 1 Excluding Corporate Center net revenues of CHF 87 mn, total operating expenses (incl. provisions for credit losses) of CHF 496 mn and pre-tax income/(loss) of CHF (409) mn. 2 Including provision for credit losses.

Private banking

Reported results by business activity1 – 9M16 CHF 16.1 bn

34% 7% 6% 53%

Total operating expenses2 CHF 12.9 bn

59% 20% 5% 16%

Pre-tax income CHF 3.2 bn

Corporate & institutional banking Asset management Investment banking

Credit Suisse in a nutshell November 2016

6 2.3% 2.6% 2.9% 3.2% 3.5% 0.7% 0.9% 1.1% 1.3% 1.5% 1.0% 2.0% 3.0% 4.0% 5.0%

CET1 Additional tier 15

(incl. high-trigger Tier 1 and Tier 2, and low-trigger Tier 1 instruments)

Bail-in debt instruments6 4.0% 5.5% 8.5% 10.0% 7.0%

8.125% 9.0% 9.46% 9.68% 10.0% 2.625% 3.0% 3.4% 3.9% 4.3% 3.5% 6.2% 8.9% 11.6% 14.3%

2016 2017 2018 2019 2020

14.25% 18.2% 25.18% 28.6% 21.76% Going concern Gone concern Going concern Gone concern

3.4% 1.2% 2.8%

3Q16 7.5%

Credit Suisse

look-through 11.9% 4.3% 9.9%

3Q16 26.1%

Leverage ratio1 Capital ratio2

7 4 3

New TBTF capital requirements for internationally operating SIBs in Switzerland – phase-in requirements

November 2016 TBTF = “Too Big to Fail”. SIBs = Systemically important banks. CET1 = Common Equity Tier 1. AT1 = Additional Tier 1. Note: Rounding differences may occur. 1 In percentage of leverage exposure. 2 In percentage of risk-weighted assets (RWA). 3 Based on end 3Q16 look-through leverage exposure of CHF 949 bn. 4 Based on end 3Q16 look-through Swiss RWA of CHF 271 bn. 5 Includes CHF 5.8 bn

• f additional Tier 1 high-trigger capital instruments, CHF 5.1 bn of additional Tier 1 low-trigger capital instruments and CHF 0.7 bn of Tier 2 high-trigger capital instruments. 6 Includes CHF 22.7 bn of bail-in debt

instruments and CHF 4.2 bn of Tier 2 low-trigger capital instruments. 7 Effective July 1, 2016. 8 Effective as of January 1 for the applicable year. Note: In May 2016 the Swiss Federal Council amended the Capital Adequacy Ordinance (CAO) which recalibrates and expands the existing “Too Big to Fail” regime in Switzerland. The amended CAO came into effect on July 1, 2016, subject to phase-in and grandfathering provisions for certain outstanding instruments, and has to be fully applied by January 1, 2020. Figures do not include the effects of the countercyclical buffers and any rebates for resolvability and for certain Tier 2 low-trigger instruments recognized in gone concern capital. After January 1, 2020, the low-trigger Tier 2 (LT T2) instruments receive gone concern treatment and the Group’s gone concern requirement is reduced by a factor of 0.5 for the outstanding amount of these instruments in relation to RWA and Leverage Exposure. In effect, the LT T2 instruments receive 1.5x value in the gone concern ratio.

Leverage ratio requirements8 Capital ratio requirements8

Credit Suisse in a nutshell

7

32.2 33.2 11.6 14.2 26.9 47.4

Requirements3 by 1.1.2020 Credit Suisse end 3Q16

70.7 94.9

Through 2019 we expect to replace existing callable capital instruments with fully compliant going concern high-trigger AT1 capital instruments We expect to replace a portion of maturing Bank (OpCo) instruments through 2019 with ~CHF 21 bn of TLAC instruments to reach our estimated gone concern requirement

Going concern Gone concern Shortfall (20.5)4 (2.6) (1.0) CET1 Additional tier 12

(incl. high-trigger Tier 1 and Tier 2, and low-trigger Tier 1 instruments)

Bail-in debt instruments1

New TBTF capital requirements for internationally operating SIBs in Switzerland – Credit Suisse shortfall/issuance requirement

November 2016 TBTF = “Too Big to Fail”. SIBs = Systemically important banks. CET1 = Common Equity Tier 1. AT1 = Additional Tier 1. 1 Includes CHF 22.7 bn bail-in debt instruments and CHF 4.2 bn of Tier 2 low-trigger capital instruments. 2 Includes CHF 5.8 bn of additional Tier 1 high-trigger capital instruments, CHF 5.1 bn of additional Tier 1 low-trigger capital instruments and CHF 0.7 bn of Tier 2 high-trigger capital instruments. 3 Based on end 3Q16 look-through leverage exposure of CHF 949 bn. 4 Does not reflect maturities of outstanding bail-in debt instruments that could impact gone concern eligibility. Note: In May 2016 the Swiss Federal Council amended the Capital Adequacy Ordinance (CAO) which recalibrates and expands the existing “Too Big to Fail” regime in Switzerland. The amended CAO came into effect on July 1, 2016, subject to phase-in and grandfathering provisions for certain outstanding instruments, and has to be fully applied by January 1, 2020.

Capital adequacy amounts, Swiss look-through in CHF bn

Credit Suisse in a nutshell

8

3.7 5.0 4.6 1.7 5.4 4.4 3Q16 3Q16

Private Banking Businesses

Net New Asset generation with good margins

Adjusted Gross margin in bps 104 106 110 84 84 87 Adjusted Net margin in bps 25 28 27 17 19 23 NNA growth (annualized) 6% 2% 8% 12% 9% 13% 3Q15 2Q16 3Q15 2Q16

IWM PB APAC PB

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix.

Regularization outflows included in NNA in CHF bn (1.5) (0.3) (1.0) (0.9) (0.1) (0.1) Average AuM in CHF bn 304 295 294 165 144 155

Credit Suisse in a nutshell

8.5 11.3 9.2 3Q16 109 114 115 27 28 31 6% 5% 8% 3Q15 2Q16

Total Private Banking

(2.8) (0.7) (1.4) 712 683 690

NNA in CHF bn

3.1 0.9 0.2 3Q16 134 141 140 35 34 42 0% 5% 2% 3Q15 2Q16

SUB PB

(0.4) (0.3) (0.3) 243 243 241

November 2016

9

Swiss Universal Bank – Switzerland core to the strategy

(U)HNWI = (Ultra)-high-net-worth individuals. 1 Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. 2 Market conditions permitting, any IPO would involve the sale of a minority stake and would be subject to, among other things, all necessary approvals and would be intended to generate / raise additional capital for Credit Suisse AG or Credit Suisse (Schweiz) AG. 3 Advisory and discretionary mandates as percentage of total AuM, excluding AuM from the external asset manager (EAM) business.

1.6 1.6 1.4 2.3 2014 2015 2018 target

Credit Suisse in a nutshell

• Focus on High-net-worth individuals and capture

synergies with mid/large SMEs by becoming the “Bank for Entrepreneurs”

• Exploit growth opportunities in UHNWI

Key Priorities Main Initiatives 20% to 30% IPO Optimize

footprint

Relationship managers

UHNWI

lending book

Ambition 2018

from 2014 base

Mandates penetration

• Planning partial IPO of the Legal Entity Credit Suisse

(Schweiz) AG by the end of 20172

• Expected positive group capital impact of roughly

CHF 2 to 4 bn including other management actions

• Converting approx. 45 branches into advisory branches

without teller

• Hire approx. 80 HNWI relationship managers
• +30% UHNWI relationship managers
• Double lending book and deal related revenues
• Cost/income ratio improvement from 68% to
• approx. 56%
• Steadily increase mandates penetration3; increased

14ppt to 29% as of end 3Q16 compared to 15% as of end 2014 primarily driven by Credit Suisse Invest

Drive efficiency

• Increase cost efficiency through optimized

footprint, automation and operational leverage

• End-to-end accountability and responsibility over

Swiss costs and investments

Focus to simplify

• Concentrate on Swiss-domiciled clients

Invest in brand

• Further strengthening of brand and reputation in

Switzerland

Empower to grow

Adjusted pre-tax income development1 in CHF bn

9M16

November 2016

10

International Wealth Management – replicate our success

(U)HNWI = (Ultra)-high-net-worth individuals UHNWI = CHF >50mn AuM or total wealth >250mn. Premium HNWI = CHF > 5mn AuM. Entry HNWI = CHF >1m AuM. 1 Adjusted results are non-GAAP financial

• measures. A reconciliation to reported results is included in the Appendix. 2 Credit volume / Assets under Management.

Ambition 2018

• Lending penetration2 to 15% from 12% end 2014
• Increase relationship manager headcount by 300

to 1,500 (from 1,180 end 2015). Majority of hires planned in emerging markets

Adjusted pre-tax income development1 in CHF bn

2.1 2014 2015 2018 target 1.2 1.0

Credit Suisse in a nutshell

Key Priorities Deliver client value

• Integrate coverage of private banking, investment

banking and asset management

• Leverage investment and research capabilities
• Invest in additional resources and broaden lending

activities to address clients’ sophisticated financing needs

Enhance client proximity

• Grow sales force
• Expand “hub and spokes” model

Increase client time

• Simplify and de-layer organization to bring decision-

making closer to point of advice

• Invest in technology and automation to increase

client face time

Main Initiatives Top Clients Strengthen

footprint

Lending Grow HNWI

• ffshore

clients

Asset Management

• Launch dedicated team to secure landmark deals
• Strategic Client Partners to generate CHF 300 mn

incremental revenues

• Enhance client proximity by aligning footprint across

regions and leveraging “hubs and spokes” model

• Strategically expand lending capabilities covering

corporate and private angle

• Focus coverage on international HNWI offshore

clients

• Develop a multi-channel service model with a strong

RM offering capability and required digital capabilities

• Grow fee-based revenues, extend product suite and

distribution

0.8 9M16

November 2016

11

Asia Pacific – The Trusted Entrepreneurs’ Bank

HNWI = High-net-worth individuals. UHNWI = Ultra-high-net-worth individuals. NNA = Net new assets. RMs = Relationship Managers. 1 Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix.

Ambition 2018

U/HNWI NNA of approx. CHF 25 bn in year 2018 Reach approx. 800 relationship managers

Adjusted pre-tax income development1 in CHF bn

0.9 1.1 0.7 2.1 2014 2015 2018 target

13.9 10.3 11.8

Number of relationship managers

650 460 460 510 580 17.5 17.8

Credit Suisse in a nutshell

Key Priorities

Deliver client critical equities & financing capabilities

• Continue to deliver new investment products and

services from our investment banking platform

• Prudently build out quality credit and equity

strategic financing, while remaining mindful of market volatility

Grow broad base of business profitability

• Continue to grow existing business franchises

where we have deep client relationships and strong, profitable market positions

• Grow recurring fee-income base by leveraging

integrated, advisory-led model

• Adjust business model for new market entry or

business acquisition to drive incremental growth

Focus on UHNWI Main Initiatives Expand footprint

• Replicate success of integrated bank approach in

South East Asia

• Expand footprint in Greater China

(China onshore, scaling up China offshore, Taiwan)

• Address Japan savings opportunity with integrated

solutions

NNA Development

In CHF bn

9M16

• Leverage investment banking connectivity to offer

unique proposition for UHNWI

November 2016

2012 2013 2014 2015 9M16

12

Global Markets – increased connectivity with the Group

1 Return on regulatory capital is calculated using income after tax, reflects ‘worst of' return on RWA or leverage exposure 2 Scenarios based on varying macro-economic assumptions Credit Suisse in a nutshell

Key Priorities

Investing in Core Businesses

• Reconfigured product portfolio focused on core Institutional clients and enhancing

connectivity across IBCM, IWM, APAC and SUB

• Investing to defend core Equities franchise; reinvesting leverage exposure with key

clients in Prime Services

• Extending low-cost, multi-asset class electronic offering
• Focus resources in Credit to defend profitability and drive IBCM strategic objectives
• Capitalizing on opportunities to provide Emerging Markets access to the key GM

and IWM clients

Reduced risk profile and resized capital footprint

• Substantially reduced risk exposure through portfolio sales, strategic hedges and

inventory reductions; achieved target of reducing expected quarterly pre-tax loss by 50% in adverse stressed scenario

• Operating within 2016-2018 RWA and leverage exposure ceilings

Rescaled footprint

10.0% 15.0% Downside Normalized Markets

Target average1,2 Improving the risk-adjusted performance of the portfolio to generate more stable structural returns and higher quality of earnings 2015 year-end vs. target cost reductions in USD bn

6.6 6.0 5.4

2015 2016 2018

(20)%

Risk-weighted assets as reported in USD bn Leverage exposure as reported in USD bn

Key Metrics

67 61 64 53

2013 2014 2015 3Q16

377 280 296

2013 2014 2015 3Q16

not available (21)% (21)%

Pre-Q2 restatements Post-Q2 restatements

November 2016

13

UHNWI

• High connectivity in the Americas and EMEA
• Ability to deliver banking products and investment opportunities

IBCM – goal to drive incremental revenues in the Americas and EMEA while maintaining returns in excess of cost of capital

IBCM = Investment Banking & Capital Markets. EMEA = Europe, Middle East and Africa. (Non)-IG = (Non)-Investment Grade. (U)HNWI = (Ultra)-high-net-worth individuals. M&A = Mergers & Acquisitions 1 Includes Americas and Europe, Middle East and Africa; excludes Switzerland. Return on Capital (return on regulatory capital) calculated using income after tax, assuming tax rate of 30%, and capital allocated using worst of 10% of year-end Basel 3 risk-weighted assets or 3.5% of year- end leverage exposure, respectively. 2014 calculated based on Swiss Leverage. Credit Suisse in a nutshell

Key Priorities Optimize client coverage footprint

• Targeted plans for investment grade

corporates, non-investment grade corporates and financial sponsors

• Develop our emerging markets team that

will integrate geographical coverage across all industries and products Rebalance product mix towards M&A advisory and equity underwriting

• Rebalance the product mix to better

support clients’ strategic goals, and transition to a more diversified and less volatile revenue mix Launch new initiative for UHNWI in the US

Investing in IBCM: rationale

Return ambition1

Return on Capital

(based on risk-weighted assets)

2014 2018 27% 27%

Return on Capital

(based on leverage exposure)

2014 2018 30% 48%

10% cost

• f capital

Capital Usage Profitability

• Selectively use capital where Credit Suisse is well positioned to

benefit from the largest growth opportunities

• Continue to focus on capital efficiency and returns
• Limited regulatory headwinds expected to continue
• Aim to deliver sustainable, profitable growth through a

rebalanced product mix

• Seek to grow IG and Non-IG corporate coverage while building
• n strong track record in leveraged finance and sponsors
• Goal: continue to deliver returns in excess of cost of capital
• Develop capabilities for coverage and

servicing of UHNWI in the US

November 2016

14

Content

1 Credit Suisse in a nutshell 2 Strategic actions 4 15

Page

A Strengthen capital base B Reduce fixed costs C Rebalance our business mix 16 17 21 3 3Q16 results 23 4 Appendix 34

November 2016

15

Summary of strategic actions

Strengthen capital base

Strengthen equity capital base with focus

• n maximizing free capital generation

A

EM = Emerging Markets. RWA = Risk-weighted assets. 1 Making no provision for significant litigation expenses. 2 “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2Q15: USD/CHF 0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2Q16: USD/CHF 0.9756, EUR/CHF 1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted

• perating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described

above) from adjusted operating expenses at constant FX rates. 3 Until we reach our capital target, we will recommend CHF 0.70 per share with a scrip alternative; we will discontinue the scrip once we have clarity on regulatory requirements and litigation risks. In any event, we will not continue with the scrip beyond 2017.

• approx. 13%

CET 1 ratio end-2018 target

• approx. 5 to 6%

Tier 1 leverage ratio end-2018 target

Fixed costs reduction2

Cost reduction program primarily related to fixed cost base

B Rebalancing businesses

Optimize resource allocation and focus on high-returning businesses with scale

C

Switzerland

increase profitability of the stable and high return cash flows in home market

Asia Pacific and other EM

increase resource allocation to Asia Pacific and replicate

• ur success in other

Emerging Markets

Returning capital to shareholders D

Intend to move to 40%

• perating FCG payout as

capital targets are met

Investment Banking businesses

Right-sizing with significant reduction where returns do not exceed cost of capital; Global Markets to operate within ceilings of

USD 60 bn of RWA

and USD 290 bn

• f leverage exposure

maintain 11-12%1 CET 1 ratio in 2016 Gross cost reductions: CHF 1.7 bn by end-2016 and CHF 4.3 bn by end-2018 Net cost reductions: CHF 1.4 bn by end-2016 and CHF >3.0 bn by end-2018 Recommending

CHF 0.70 per share

dividend with scrip option3

Strategic actions

Operating cost base: CHF 19.8 bn by end-2016 and CHF <18 bn by end-2018

November 2016

16

Measures to ensure delivery of our capital goals

A

Strategic actions: Strengthen capital base 1 Market conditions permitting, any such IPO would involve the sale of a minority stake and would be subject to, among other things, all necessary approvals and would be intended to generate / raise additional capital for Credit Suisse AG or Credit Suisse (Schweiz) AG.

CS Legal Entity Switzerland minority IPO1

• On track for 2H17; expected capital impact of

CHF 2 – 4 bn Business, real estate and other disposals / actions

• Potential scope to raise at least CHF 1 bn by end 2016

Global Markets wind-down

• Free up CHF 0.4 bn of capital by end 2017

Measures in place to strengthen

• ur capital base

Net cost savings

• Increased from CHF 2.0 bn to > CHF 3.0

November 2016

17

Cost savings target will support a more resilient operating model

1 “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2Q15: USD/CHF 0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2Q16: USD/CHF 0.9756, EUR/CHF 1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates. 2 Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix.

Target gross cost savings in CHF bn 1.7 4.3 Target net cost savings in CHF bn End 2018 End 2016

Target end 2016 2015 Target end 2018

> 3.0 1.4 21.2 19.8 < 18.0 Adjusted Operating Expenses1 in CHF bn

B

Strategic actions: Reduce fixed costs

End 2018 End 2016 4Q15 2016E 2017E

0.3

1Q16

Guidance on restructuring costs in CHF bn

0.1

2Q16

0.4 1.0 0.6 9M16

4.8

1Q16

4.9

2Q16

14.5 Target end 2018 9M16

6.0 5.4

Global Markets Adjusted2 Operating Expenses

in USD bn

1.3

1Q16

1.5

2Q16

Target end 2016

4.0

4Q16e 0.1

3Q16

4.8

3Q16

1.2

3Q16

November 2016

18

Further restructuring expected to result in increased cost savings

B

Strategic actions: Reduce fixed costs

Overview of key savings initiatives in CHF bn

CC: 1.0 IWM: 0.2 SUB: 0.4 SRU: 1.5 GM & IBCM: 1.2 Corporate Center1 Shared Services Other Front Office and SRU Expenses 2018 gross cost savings target 1.0 0.9 1.6 4.3

• Corp. Center

Substantial completion of major programs including regulatory projects Services Efficiencies from workforce strategy and London right- sizing, etc. SRU & Exits Wind-down of SRU portfolio, business exits, and associated costs 1 2 3

SUB = Swiss Universal Bank IWM = International Wealth Management APAC = Asia Pacific GM = Global Markets IBCM = Investment Banking & Capital Markets CC = Corporate Center SRU = Strategic Resolution Unit 1 Includes rundown of realignment costs.

Gross cost savings ~ 0.5 – 1.0 > 3.0 2018 net cost savings target Reinvestment

Sources of cost savings Investments to facilitate growth

Reinvestment plan prioritized for relationship manager recruitment and growth priorities in APAC and IWM

November 2016

19

9M16 net savings of CHF 1.46 bn, reaching full year 2016 target of CHF 1.4 bn

Average quarter 2015

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2Q15: USD/CHF 0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2Q16: USD/CHF 0.9756, EUR/CHF 1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates. 2 Cost savings comparing 9M16 adjusted operating expenses at constant FX rates to 75% of full year 2015 cost base of CHF 21.2 bn.

2016 2015

Adjusted operating expenses at constant FX rates1 in CHF bn

9M16 net expense savings of CHF 1.46 bn2, reaching full year 2016 net savings target of CHF 1.4 bn, mainly driven by: − Net headcount reductions of 5,400 departed and notified contractor, consultant and employee headcount as part of the cost program − CHF 0.6 bn of lower deferred compensation expenses − CHF 0.2 bn of decreased professional services cost from the reduction of contractors and consultants − CHF 0.2 bn of reduced compensation expenses from lower employee headcount Committed to delivering 2016 cost target supported by planned further net headcount reductions of 600 in 4Q16 to reach 6,000 total net reduction in 2016

Key messages

5.3 4.8 3Q16 75% of full year 2015 15.9 14.5 9M16

2016 cost target of CHF 19.8 bn;

• avg. of 4.95/quarter

B

Strategic actions: Reduce fixed costs November 2016

20

Variable compensation reduced in line with lower performance; decreased deferrals in upcoming periods

Variable compensation in CHF bn Unrecognized variable compensation in CHF bn

3.1 2.3 0.4

Unrecognized end 2014 Amortized in 2015 Forfeitures Awarded in 2015 Unrecognized end 2015 2016 2017 2018

26% reduction

While we have reduced the awarded variable incentive compensation over the past years, this has not yet been visible in the income statement, but reduced deferrals will… …lead to a smaller portion being recognized in the income statements of upcoming periods.

Estimated unrecognized compensation expenses to be amortized in future periods1 Note: rounding differences may occur. 1 Represent mark-to-market adjustments in 2015 not included as unrecognized expense at the end of 2014.

1.6 1.7 2.2 2.4 2013 2014 2015 3.8 4.1 4.0 Variable incentive compensation expensed (in respective years) 2.3

Unrestricted Deferred from prior periods

1.7 Deferral rates 1.6 1.7 2.0 1.6 2013 2014 2015 3.6 3.3 2.9 Variable incentive compensation awarded (in respective years)

Unrestricted Deferred into future periods

56% 48% 41% 1.7 1.2 1.2

1

1.9 2.3 (0.1) 1.5 0.6 0.2 B

Strategic actions: Reduce fixed costs November 2016

21

Strategic Resolution Unit established to facilitate rapid wind-down and reduce drag on overall Group performance

RWA in USD bn Litigation expenses in CHF mn

2Q16 (3.1)

Pre-tax losses in CHF bn

2014 2015

Leverage exposure in USD bn

C

Strategic actions: Rebalance our business mix

1Q16 (2.7) (1.3) (0.8) (2,536) (417) (23) (47) 2Q16 2014 2015 1Q16 2Q16 2014 2015 1Q16 254 170 167 148 2Q16 2014 2015 1Q16 79 73 67 58

(30)% (53)%

3Q16 (0.9) (334) 3Q16 3Q16 55 119 3Q16

November 2016

22

Content

1 Credit Suisse in a nutshell 2 Strategic actions 4 15

Page

A Strengthen capital base B Reduce fixed costs C Rebalance our business mix 16 17 21 3 3Q16 results 23 4 Appendix 34

November 2016

23

Adjusted

Results overview

Credit Suisse Group results 3Q16 2Q16 3Q15 9M16 9M15 Net revenues 5,396 5,108 5,985 15,142 19,587 Provision for credit losses 55 (28) 110 177 191 Total operating expenses 5,119 4,937 5,023 15,028 15,377 Pre-tax income/(loss) 222 199 852 (63) 4,019 Fair value on own debt

• (623)
• (995)

Real estate gains (346)

• (346)

(23) (Gains)/losses on business sales

• 56
• Restructuring expenses

145 91

• 491
• Major litigation expenses

306

• 203

306 257 Net revenues 5,050 5,108 5,362 14,852 18,569 Provision for credit losses 55 (28) 110 177 191 Total operating expenses 4,668 4,846 4,820 14,231 15,120 Pre-tax income 327 290 432 444 3,258 Net income/(loss) attributable to shareholders 41 170 779 (91) 2,884 Diluted Earnings/(loss) per share in CHF 0.02 0.08 0.44 (0.05) 1.64 Return on Tangible Equity1 0.4% 1.7% 8.9% (0.3)% 11.2%

Note: All values shown are in CHF mn unless otherwise specified. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 Based on tangible shareholders’ equity attributable to shareholders, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity attributable to shareholders as presented in our balance sheet. Management believes that the return on tangible shareholders’ equity attributable to shareholders is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired. 3Q16 results November 2016

24

PB

Swiss Universal Bank

Pre-tax income up YoY despite reduced client activity

Adjusted pre-tax income up 8% compared to 3Q15: − Continued YoY profit growth − Revenues down 3% driven by low client activity partly offset by rebound in net interest income − Operating expenses down 7% despite continuous investment in regulatory, compliance and digitalization in Wealth Management Focus on growing ‘Bank for Entrepreneurs’; targeting HNWI/UHNWI in Wealth Management and SME in C&IB, in addition to our leading Swiss corporates franchise Wealth Management Credit Suisse Invest driving mandates penetration of 29%, up 5 percentage points vs. 3Q15 Selected exits in the External Asset Manager (EAM) business and regularization outflows impacting NNA by CHF (0.5) bn and CHF (0.4) bn, respectively Corporate & Institutional Banking Continued strong results including benefits from reduced operating expenses, supported by lower corporate functions cost, and lower provisions for credit losses NNA impacted by outflows from a small number of individual cases

Key metrics in CHF bn Key messages Adjusted key financials in CHF mn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15

• Adj. net margin in bps

35 42 34 (7) 1 Net new assets 0.2 0.9 3.1 Mandates penetration 29% 28% 24% Net loans 167 165 163 +1% +3% Net new assets C&IB (1.2) 0.7 1.9 Risk-weighted assets 66 65 59 +1% +10% Leverage exposure 246 245 234

• +5%

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Private Banking 814 840 857 (3)% (5)%

• Corp. & Inst. Banking

507 497 507 +2%

• Net revenues

1,321 1,337 1,364 (1)% (3)% Provision for credit losses 30 9 39 Total operating expenses 860 871 925 (1)% (7)% Pre-tax income 431 457 400 (6)% +8% Cost/income ratio 65% 65% 68% Return on regulatory capital 14% 15% 13%

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 3Q16 results November 2016

25

Swiss Universal Bank

Private Banking and Corporate & Institutional Banking

Private Banking Adjusted key financials in CHF mn C&IB Adjusted key financials in CHF mn Key metrics in CHF bn Key metrics in CHF bn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net interest income 278 242 256 +15% +9% Recurring commissions & fees 118 123 117 (4)% +1% Transaction-based 124 146 144 (15)% (14)% Other revenues (13) (14) (10) Net revenues 507 497 507 +2%

• Provision for credit losses

17 2 25 Total operating expenses 273 292 286 (6)% (5)% Pre-tax income 217 203 196 +7% +11% Cost/income ratio 54% 59% 56% 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15

• Adj. net margin in bps

35 42 34 (7) 1 Net new assets 0.2 0.9 3.1 Assets under management 245 241 237 +1% +3% Mandates penetration 29% 28% 24% Number of RM 1,500 1,530 1,570 (30) (70) 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net new assets (1.2) 0.7 1.9 Assets under management 285 281 263 +1% +8% Number of RM 480 470 470 +10 +10 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net interest income 446 441 452 +1% (1)% Recurring commissions & fees 243 240 255 +1% (5)% Transaction-based 125 159 151 (21)% (17)% Other revenues

• (1)

Net revenues 814 840 857 (3)% (5)% Provision for credit losses 13 7 14 Total operating expenses 587 579 639 +1% (8)% Pre-tax income 214 254 204 (16)% +5% Cost/income ratio 72% 69% 75%

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 3Q16 results November 2016

26

PB

Key messages Adjusted key financials in CHF mn

International Wealth Management

Robust performance in challenging markets and continued NNA momentum

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Private Banking 789 811 785 (3)% +1% Asset Management 292 334 308 (13)% (5)% Net revenues 1,081 1,145 1,093 (6)% (1)% Provision for credit losses

• 16

11 Total operating expenses 840 869 835 (3)% +1% Pre-tax income 241 260 247 (7)% (2)% Cost/income ratio 78% 76% 76% Return on regulatory capital 20% 22% 21% 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15

• Adj. net margin in bps

25 27 28 (2) (3) Net new assets 4.4 5.4 1.7 Mandates penetration 29% 29% 29% Number of RM 1,160 1,170 1,190 (10) (30) Net loans 43 43 41

• +5%

Net new assets AM 5.0 3.5 5.6 Risk-weighted assets 33 34 32

• +4%

Leverage exposure 89 95 94 (7)% (5)%

Key metrics in CHF bn

Higher Wealth Management revenues vs. 3Q15 offset by growth investments and higher risk and compliance costs Asset Management with higher pre-tax income vs. 3Q15 reflecting effective cost control Continued NNA momentum across businesses and regions Wealth Management Strong net interest income reflecting cumulative benefit of loan growth and higher margins Recurring revenues down vs. 3Q15 but broadly stabilized for last three quarters, while transaction revenues remained adversely affected in a challenging market environment NNA of CHF 4.4 bn (net of regularization outflows of CHF 1.5 bn) with inflows from emerging markets and Europe; AuM up 9% YoY Significant upgrade of RMs with senior and experienced hires offset by managed reductions and attrition Asset Management 24% higher pre-tax income vs. 3Q15 driven by 10% lower expenses, resulting in a 4 pp. improvement in cost/income ratio Higher investment-related gains and broadly stable management fees were offset by lower investment and partnership income vs. 3Q15 NNA of CHF 5.0 bn with strong contribution from emerging markets and fixed income products

3Q16 results November 2016

27

Private Banking Adjusted key financials in CHF mn Asset Management Adjusted key financials in CHF mn Key metrics in CHF bn Key metrics in CHF bn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net interest income 326 304 259 +7% +26% Recurring commissions & fees 267 273 292 (2)% (9)% Transaction- and perf.-based 197 236 235 (17)% (16)% Other revenues (1) (2) (1) Net revenues 789 811 785 (3)% +1% Provision for credit losses

• 16

11 Total operating expenses 599 598 568

• +5%

Pre-tax income 190 197 206 (4)% (8)% Cost/income ratio 76% 74% 72% 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15

• Adj. net margin in bps

25 27 28 (2) (3) Net new assets 4.4 5.4 1.7 Assets under management 311 299 287 +4% +9% Net loans 43 43 41

• +5%

Number of RM 1,160 1,170 1,190 (10) (30) 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Management fees 218 220 224 (1)% (3)% Performance & placement rev. 41 42 35 (2)% +17% Investment & partnership inc. 33 72 49 (54)% (33)% Net revenues 292 334 308 (13)% (5)% Total operating expenses 241 271 267 (11)% (10)% Pre-tax income 51 63 41 (19)% +24% Cost/income ratio 83% 81% 87% 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net new assets 5.0 3.5 5.6 Assets under management 324 315 315 +3% +3%

International Wealth Management

Private Banking and Asset Management

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 3Q16 results November 2016

28

PB

Adjusted key financials in CHF mn

Asia Pacific

Pre-tax income up YoY with continued investment in Wealth Management growth

Strong client activity levels with UHNWIs and Entrepreneurs across Wealth Management and Underwriting & Advisory Growth in WM with NNA of CHF 4.6 bn in 3Q16 and record level AuM; high level of collaboration between WM and IB Increase in operating expenses from investment in RMs and risk and compliance functions, partially offset by YoY cost reductions in IB YoY capital usage reflects growth in lending activities to UHNW/Entrepreneur clients Wealth Management Revenue increase supported by higher loan volumes and AuM of CHF 169 bn Net margin down 2 bps vs. 3Q15 with growth in net interest income and transactional revenues offset by higher operating expenses and credit provisions Increase in provision for credit losses relates to a small number of share-based loans in Hong Kong Investment Banking Stronger revenues in Underwriting & Advisory driven by Entrepreneur clients and improving markets Equities sales and trading weaker YoY, albeit stable QoQ Solid fixed income revenues reflecting strength in financing activities and gains on structured deposits

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Private Banking 346 337 303 +3% +14% Investment Banking 571 574 582 (1)% (2)% Net revenues 917 911 885 +1% +4% Provision for credit losses 34 3 24 Total operating expenses 708 692 699 +2% +1% Pre-tax income 175 216 162 (19)% +8% Cost/income ratio 77% 76% 79% Return on regulatory capital 13% 16% 13% 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15

• Adj. net margin in bps

17 23 19 (6) (2) Net new assets 4.6 5.0 3.7 Number of RM 650 650 550

• +100

Net loans 39 38 34 +2% +12% Risk-weighted assets 32 32 27 +2% +21% Leverage exposure 108 108 100 +1% +8%

Key metrics in CHF bn

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix

Key messages

3Q16 results November 2016

29

Asia Pacific

Private Banking and Investment Banking

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix

Private Banking Adjusted key financials in CHF mn Investment Banking Adjusted key financials in USD mn Key metrics in CHF bn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net interest income 159 143 114 +11% +39% Recurring commissions & fees 67 70 65 (4)% +3% Transaction- and perf.-based 120 124 103 (3)% +17% Other revenues

• 21

Net revenues 346 337 303 +3% +14% Provision for credit losses 38 2 24 Total operating expenses 239 245 210 (2)% +14% Pre-tax income 69 90 69 (23)%

• Cost/income ratio

69% 73% 69% 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15

• Adj. net margin in bps

17 23 19 (6) (2) Net new assets 4.6 5.0 3.7 Assets under management 169 158 139 +7% +22% Number of RM 650 650 550

• +100

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Fixed income sales & trading 152 172 101 (12)% +50% Equity sales & trading 349 350 468

• (25)%

Underwriting & advisory 118 102 60 +16% +97% Other revenues (32) (34) (26) Net revenues 587 590 603 (1)% (3)% Provision for credit losses (4) 1

• Total operating expenses

482 458 505 +5% (5)% Pre-tax income 109 131 98 (17)% +11% Cost/income ratio 82% 78% 84%

3Q16 results November 2016

30

Results reflect continued execution of our strategy, evidenced by strong share of wallet gains: − 9M16 share of wallet2 up versus 2015 in all key products − Top 5 rank3 in each of announced M&A, ECM and Leveraged Finance for 9M16 − Continued momentum with investment grade corporates Net revenues of USD 479 mn up 16% YoY driven by higher revenues in debt and equity underwriting, partially offset by lower advisory revenues Adjusted operating expenses up 25% YoY due to higher variable compensation; 9M16 adjusted expenses of USD 1.3 bn broadly stable vs. prior year period Risk-weighted assets of USD 19 bn, up 21% YoY, driven primarily by an increase in IBCM’s share of the Corporate Bank In 3Q16, global advisory and underwriting revenues of USD 945 mn, up 22% YoY, outperforming the industry-wide fee pool (up 4%)3

Key messages

Investment Banking & Capital Markets

Results driven by increased underwriting activity; Top 5 ranks in all key products

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements 2 Source: Dealogic for the period ending September 30, 2016; includes Americas and EMEA only 3 Source: Dealogic for the period ending September 30, 2016

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Risk-weighted assets 19 17 15 +10% +21% Leverage exposure 46 45 37 +2% +25%

Adjusted key financials in USD mn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net revenues 479 558 414 (14)% +16% Provision for credit losses (9)

• Total operating expenses

434 426 346 +2% +25% Pre-tax income 55 132 68 (59)% (19)% Cost/income ratio 91% 76% 84% Return on regulatory capital 9% 21% 13%

Key metrics in USD bn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Global advisory and underwriting revenues1 945 1,075 777 (12)% +22%

Total Advisory and Underwriting revenues1 in USD mn

3Q16 results November 2016

31

Key messages Adjusted key financials in USD mn

Global Markets

Positive momentum in credit products offset by challenging equity market conditions

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Equities 330 550 536 (40)% (38)% Credit 740 758 723 (2)% +2% Solutions 359 423 414 (15)% (13)% Other (33) (60) (40) Net revenues 1,396 1,671 1,632 (16)% (14)% Provision for credit losses (6) (17) 15 Total operating expenses1 1,251 1,480 1,214 (15)% +3% Pre-tax income 150 208 403 (28)% (63)% Cost/income ratio 90% 89% 74% Return on regulatory capital 4% 6% 10%

Higher YoY credit products results, improved emerging markets revenues, notably in Latin America, and sustained market share through restructuring − Maintained #1 asset finance2 rank vs. 3Q15 despite significant rescaling of franchise − Awarded Most Innovative Bank for Leveraged Finance and securitized products3 and Structured Product Bank of the Year4 Weakness in equity derivatives reflecting low volatility and muted client activity; cash and prime services revenues resilient in the Americas offset by weak trading results, particularly in EMEA Adjusted operating expenses up 3% YoY due to higher variable compensation − 9M16 adjusted expenses of USD 4.1 bn, down 6% YoY − Expected to approach end-2018 target of USD 5.4 bn by end-2016, reflecting substantial progress on accelerated cost reductions and lower costs in the UK RWA broadly stable compared to 2Q16, operating below end- 2016 ceiling of USD 60 bn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Risk-weighted assets 53 52 63 +1% (16)% Leverage exposure 296 286 313 +3% (6)%

Key metrics in USD bn

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 Does not include restructuring expenses of USD 52 mn in 2Q16 and USD 53 mn in 3Q16 and major litigation of USD 7 mn and USD 132 mn in 3Q15 2 Thomson Reuters 3 The Banker, Investment Banking Awards 2016 4 GlobalCapital 3Q16 results November 2016

32

Adjusted

Key messages

Strategic Resolution Unit

Substantial reduction in RWA and leverage exposure; adjusted expenses down 47% YoY

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix

Key financials in USD mn

3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Net revenues (170) (371) (90) +54% (89)% Provision for credit losses 6 (38) 21 Total operating expenses 351 424 661 (17)% (47)% Pre-tax loss (527) (757) (772) Restructuring expenses 23 21

• Major litigation expenses

324

• 27

Pre-tax loss reported (874) (778) (799) 3Q16 2Q16 3Q15 Δ 2Q16 Δ 3Q15 Risk-weighted assets 55 58 75 (5)% (27)% RWA excl. operational risk 35 38 56 (9)% (37)% Leverage exposure 119 148 196 (20)% (40)%

Key metrics in USD bn

Substantial progress in reducing leverage exposure and RWA in 3Q16 by USD 29 bn and USD 3 bn, respectively: − Loan and financing exposure reduced by more than 15% in the quarter through the sale of loans and facilities, in addition to the sale of Credit Suisse Park View BDC, Inc. − Bilateral derivatives trade count reduced by ~30% in the quarter through CDS step-outs; compression and unwinds across the macro and emerging market portfolios Adjusted pre-tax income improved by USD 230 mn vs. 2Q16: − Reduced revenue losses compared to 2Q16, driven by a recovery from 1H16 adverse credit markets, partially offset by losses on life insurance and a credit provision on ship finance portfolios − Exit costs at ~1% of RWA due to constructive market conditions − Continued progress on expense reductions; 3Q16 expenses down USD 73 mn vs. prior quarter Increase in major litigation provisions of USD 324 mn On a year-on-year basis, leverage exposure and RWA reduced by USD 78 bn and USD 20 bn, respectively; adjusted operating expenses lower by USD 310 mn, mainly driven by the exit from US Private Banking onshore business and reduced footprint in legacy Investment Banking businesses

3Q16 results

33

Content

1 Credit Suisse in a nutshell 2 Strategic actions 4 15

Page

A Strengthen capital base B Reduce fixed costs C Rebalance our business mix 16 17 21 3 3Q16 results 23 4 Appendix 34

November 2016

34 45% 42% 6% 7% 47% 26% 13% 14%

Currency mix capital metric4

A 10% strengthening of the USD (vs. CHF) would have a (0.3) bps impact on the “look-through” BIS CET1 ratio Contribution

Applying a +/- 10% movement on the average FX rates for 9M16, the sensitivities are: USD/CHF impact on 9M16 pre-tax income by CHF + 212 / (212) mn EUR/CHF impact on 9M16 pre-tax income by CHF + 149 / (149) mn

Swiss Universal Bank Net revenues 4,360 79% 12% 7% 1% 1% Total expenses2 2,717 86% 3% 3% 3% 5% International Wealth Management Net revenues 3,399 27% 38% 23% 2% 10% Total expenses2 2,609 42% 23% 13% 10% 12% Net revenues 16,211 29% 41% 13% 2% 15% Total expenses2 13,410 32% 34% 5% 12% 17%

46% 39% 8% 7%

Currency mix & Group capital metrics

1 As reported 2 Total expenses include provisions for credit losses 3 Sensitivity analysis based on weighted average exchange rates of USD/CHF of 0.98 and EUR/CHF of 1.09 for the 9M16 results 4 Data based on September 2016 month-end currency mix and on a look-through basis 5 Reflects actual capital positions in consolidated Group legal entities (net assets) including net asset hedges less applicable Basel 3 regulatory adjustments (e.g. goodwill)

Asia Pacific Net revenues 2,735 2% 44% 1% 1% 52% Total expenses2 2,113 5% 22%

• %

2% 71% Global Markets Net revenues 4,232 1% 59% 23% 2% 15% Total expenses2 4,189 3% 61% 4% 25% 7% Investment Bank & Capital Markets Net revenues 1,398

• %

90% 4% 4% 2% Total expenses2 1,286 19% 57% 5% 14% 5%

Sensitivity analysis on Core results3 Credit Suisse Core results1

Core results 9M16

in CHF mn Basel 3 Risk-weighted assets Swiss leverage exposure

CHF EUR Other USD

USD

CET1 capital 5

CHF USD EUR GBP Other

Appendix - 3Q16 November 2016

35

Credit Suisse Group – a diversified loan book portfolio

104 or 38%

Consumer finance Loans collateralized by securities Real Estate Financial institutions Commercial and industrial loans Governments and public institutions Consumer2 CHF 146 bn or 53% Corporate & institutional1 CHF 130 bn or 47%

38 or 14% 4 or 1% 26 or 9% 82

• r 30%

18

• r 7%

4 or 1% SUB = Swiss Universal Bank. IWM = International Wealth Management. APAC = Asia Pacific. GM = Global Markets. IBCM = Investment Banking & Capital Markets. 1 Classified by counterparty type. 2 Classified by product type. 3 Excludes loans carried at fair value. 4 Impaired loans and allowance for loan losses are only based on loans that are not carried at fair value. 5 Not shown: Strategic Resolution Unit (SRU) gross loans of CHF 11.2 bn as of end 3Q16. Data points are only shown for major classes. 6 Including SRU.

Mortgages

Loan metrics

3Q16 2Q16 Total non-performing and non-interest- earning loans / Gross loans3 0.7% 0.6% Gross impaired loans / Gross loans3 0.9% 0.9% Allowance for loan losses / Gross loans3,4 0.3% 0.3% Specific allowance for loan losses / Gross impaired loans3,4 27% 27%

Development 3Q16 vs. 4Q15

Mortgages +1% Loans collateralized by securities (1)% Consumer finance +4% Real Estate (2)% Commercial and industrial loans +5% Financial institutions (15)% Governments and public institutions +13% Total 1%

Gross loans in CHF bn, 3Q16

Foreign Switzerland Gross loans by location

(inner pie chart) 58% 42% CHF

276 bn Divisional5 gross loans in CHF bn, 3Q16

SUB

99 or 59%

CHF 167 bn

24 or 14% 29 or 17%

IWM

17or 40%

CHF 43 bn

18 or 42%

APAC

12 or 32%

CHF 39 bn

22 or 57%

GM

4 or 45%

CHF 9 bn

4 or 44%

IBCM

5 or 82%

CHF 6 bn

Mortgages Real Estate Commercial and industrial loans

Gross loan book reported at fair value

Commercial and industrial loans Loans collateralized by securities Loans collateralized by securities Commercial and industrial loans Financial institutions Commercial and industrial loans Commercial and industrial loans

SUB IWM APAC GM IBCM Total6 0% 1% 13% 63% 54% 7%

Appendix - 3Q16 November 2016

36

Credit Suisse legal entity structure

November 2016

US Holding Co4

Simplified view1

Funding Entity3

UK Subsidiary5

Credit Suisse AG

Operating Bank with branches2

Credit Suisse Group AG

Holding Company

Swiss Legal Entity6 Legal Entity program goals

Designed to meet future requirements for global recovery and resolution planning; less complex and more efficient operating infrastructure for the bank In support of FINMA’s “single point of entry” bail-in strategy, debt will be issued from Credit Suisse Group AG3. Better aligns the booking of Investment Banking business on a regional basis, from a client and risk management perspective

Evolution of Legal Entity structure

Incorporated Credit Suisse (Schweiz) AG, a wholly-

• wned subsidiary of Credit Suisse AG

Received banking license on October 14, 2016 Expect the entity to start its business operations as an independent Swiss bank on November 20, 2016 Planned partial initial public offering (20-30%) by year-end 2017, market conditions permitting7

1 3 2

Started issuance of senior unsecured bail-in instruments by a wholly-owned subsidiary of the Group and guaranteed by the Group in 2015

2

Newly established branch of Credit Suisse AG in Dublin to become the primary hub for prime services business in Europe

3 1

1 Organizational structure shows main operating entities only. The Credit Suisse legal entity program has been approved by the Board of Directors of Credit Suisse Group AG, but is subject to final regulatory approval. Implementation of the program is well underway, with a number of key components to be implemented through to 2017. 2 Hub for Asia Pacific Investment Banking business in Singapore branch. 3 Funding may be issued either at the holding company level or at the level of an entity that will be substituted by the holding company in a restructuring event. 4 US Service Co activities will be housed here. 5 Credit Suisse is planning that the business of its two principal UK operating subsidiaries (Credit Suisse Securities (Europe) Limited and Credit Suisse International) will be consolidated into one single subsidiary. 6 In Switzerland, Credit Suisse has created a subsidiary for its Swiss-booked business (primarily wealth management, retail and corporate and institutional clients as well as the product and sales hub in Switzerland). Swiss-booked business from International Wealth Management, Asia Pacific and Strategic Resolution Unit will remain in Credit Suisse AG. 7 Any such IPO would involve the sale of a minority stake and would be subject to, among other things, all necessary approvals and would be intended to generate / raise additional capital for Credit Suisse AG or Credit Suisse (Schweiz) AG.

Credit Suisse Holdings (USA), Inc. established as Intermediate Holding Company (IHC) in the US on July 1, 2016, with the requisite capital, liquidity, infrastructure and governance, including its newly established board of directors

4 4

Appendix - 3Q16

37

The new legal entity Switzerland (LE CH)1 will form the backbone of SUB and the planned IPO in 20172

LE CH received its banking licence as of October 14, 2016, and is expected to commence its business operations as an independent Swiss bank on November 20, 2016 LE CH to cover all Swiss-booked clients of SUB (from today’s Credit Suisse AG) as well as SUB product areas and central SUB Functions Swiss-booked business from IWM/APAC/SRU will remain in Credit Suisse AG Swisscard, BANK-now, NAB planned to be subsidiaries to LE CH

1 Credit Suisse (Schweiz) AG. 2 Market conditions permitting, any such IPO would involve the sale of a minority stake and would be subject to, among other things, all necessary approvals and would be intended to generate / raise additional capital for Credit Suisse AG or Credit Suisse (Schweiz) AG. 3 The underwriting business is not part of the LE CH. 4 Functions: including COO; Finance; Comm./Marketing; Chief of Staff; IT; Operations; GC; CRO; CCO; HR. 5 Product areas: including Products & Inv. Services; Solution Partners; Sales & Trading Services CH; MACS CH. 6 Credit Suisse Group with 50% equity interest in Swisscard AECS AG

IPO perimeter (LE CH & subsidiaries in scope for IPO) Swiss UB

Business in LE CH Subsidiary of LE CH Partly in LE CH Functions4 Product areas5

Private & Wealth Management Clients (HNWI / Affluent / Retail clients Switzerland) Premium Clients (UHNWI Switzerland) IBD Switzerland3 Corporate & Institutional Clients Switzerland NAB BANK-now Swisscard6 External Asset Management Switzerland

IPO Perimeter

Appendix - 3Q16 November 2016

38

Credit Suisse Core – results by business divisions

Note: Core Results do not include revenues and expenses from our Strategic Resolution Unit. Rounding differences may occur. 1 Excluding Corporate Center net revenues of CHF 87 mn, total operating expenses (including provision for credit losses) of CHF 496 mn, pre-tax income/(loss) of CHF (409) mn, RWA of CHF 17 bn and leverage exposure of CHF 59 bn. 2 Including provision for credit losses

Results by business divisions1 – 9M16

Swiss Universal Bank International Wealth Management Asia Pacific Global Markets Investment Banking & Capital Markets

27% 21% 17% 26% 9% 21% 20% 16% 32% 10% 51% 25% 19% 1% 3% 33% 17% 16% 26% 9% 32% 11% 14% 37% 6% Net Revenues CHF 16.1 bn Pre-tax Income CHF 3.2 bn Total Operating Expenses2 CHF 12.9 bn RWA CHF 200 bn Leverage Exposure CHF 775 bn 40% 48% 13% Assets under Management CHF 1,334 bn

Appendix - 3Q16

Capital and Assets under Management – 2Q16

November 2016

39

Reconciliation of adjustment items (1/2)

CS Group in CHF mn SRU in CHF mn

• Corp. Ctr. in CHF mn

SUB PB in CHF mn IWM PB in CHF mn APAC PB in CHF mn

2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Net revenues reported 23,797 26,242 511 1,838 561 680 3,696 3,990 3,224 3,318 1,178 1,037 Fair value on own debt (298) (543)

• (298)

(543)

• Real estate gains

(95) (414)

• (95)

(414)

• (Gains)/losses on business sales

(34) (101)

• (10)

(24) (11) (77)

• Net revenues adjusted

23,370 25,184 511 1,838 263 137 3,591 3,552 3,213 3,241 1,178 1,037 Provision for credit losses 324 186 137 33 (1) 1 49 60 5 12 18 4 Total operating expenses reported 25,895 22,429 3,026 4,912 862 654 2,772 2,683 2,678 2,463 816 723 Goodwill impairment (3,797)

• Restructuring expenses

(355)

• (156)
• (33)
• (32)
• (1)
• Major litigation provisions

(820) (2,436) (290) (2,325)

• (25)
• (268)

(51) (6)

• Total operating expenses adjusted

20,923 19,993 2,580 2,587 862 654 2,714 2,683 2,378 2,412 809 723 Pre-tax income/(loss) reported (2,422) 3,627 (2,652) (3,107) (300) 25 875 1,247 541 843 344 310 Total adjustments 4,545 1,378 446 2,325 (298) (543) (47) (438) 289 (26) 7

• Pre-tax income/(loss) adjusted

2,123 5,005 (2,206) (782) (598) (518) 828 809 830 817 351 310

A full reconciliation of all quarters from 2014 to 3Q16 is available in the time series.

Appendix - 2015 November 2016

40

Reconciliation of adjustment items (2/2)

A full reconciliation of all quarters from 2014 to 3Q16 is available in the time series.

Appendix - 2015

SUB C&IB in CHF mn

IWM AM in CHF mn APAC IB in CHF mn GM in CHF mn IBCM in CHF mn

2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Net revenues reported 2,025 1,922 1,328 1,624 2,661 2,298 6,826 7,426 1,787 2,109 Fair value on own debt

• Real estate gains
• (Gains)/losses on business sales

(13)

• Net revenues adjusted

2,012 1,922 1,328 1,624 2,661 2,298 6,826 7,426 1,787 2,109 Provision for credit losses 89 34

• 17

36 10 7

• (1)

Total operating expenses reported 1,136 1,111 1,146 1,207 2,611 1,672 8,747 5,405 2,101 1,599 Goodwill impairment

• (756)
• (2,661)
• (380)
• Restructuring expenses

(9)

• (2)
• (96)
• (22)
• Major litigation provisions
• (4)
• (231)

(60)

• Total operating expenses adjusted

1,127 1,111 1,142 1,207 1,853 1,672 5,759 5,345 1,699 1,599 Pre-tax income/(loss) reported 800 777 182 417 33 590 (1,931) 2,014 (314) 511 Total adjustments (4)

• 4
• 758
• 2,988

60 402

• Pre-tax income/(loss) adjusted

796 777 186 417 791 590 1,057 2,074 88 511 November 2016

41

Reconciliation of adjustment items (1/2)

CS Group in CHF mn SRU in USD mn

• Corp. Ctr. in CHF mn

SUB PB in CHF mn IWM PB in CHF mn APAC PB in CHF mn

3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 Net revenues reported 5,396 5,108 5,985 (170) (371) (90) 72 (95) 752 1,160 840 857 789 811 785 346 337 303 Fair value on own debt

• (623)
• (623)
• Real estate gains
• (Gains)/losses on business sales

(346)

• (346)
• Net revenues adjusted

5,050 5,108 5,362 (170) (371) (90) 72 (95) 129 814 840 857 789 811 785 346 337 303 Provision for credit losses 55 (28) 110 6 (38) 21

• (2)

1 13 7 14

• 16

11 38 2 24 Total operating expenses reported 5,119 4,937 5,023 698 445 688 279 142 211 603 582 639 593 611 618 242 245 210 Goodwill impairment

• Restructuring expenses

145 91

• 23

21

• 16

3

• 13

13

• 3
• Major litigation provisions

306

• 203

324

• 27
• (19)
• 50
• Total operating expenses adjusted

4,668 4,846 4,820 351 424 661 279 142 211 587 579 639 599 598 568 239 245 210 Pre-tax income/(loss) reported 222 199 852 (874) (778) (799) (207) (235) 540 544 251 204 196 184 156 66 90 69 Total adjustments 105 91 (420) 347 21 27

• (623)

(330) 3

• (6)

13 50 3

• Pre-tax income/(loss) adjusted

327 290 432 (527) (757) (772) (207) (235) (83) 214 254 204 190 197 206 69 90 69

A full reconciliation of all quarters from 2014 to 3Q16 is available in the time series

Appendix - 3Q16 November 2016

42

Reconciliation of adjustment items (2/2)

SUB C&IB in CHF mn IWM AM in CHF mn APAC IB in CHF mn APAC IB in USD mn GM in USD mn IBCM in USD mn

3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 Net revenues reported 507 497 507 292 334 308 571 574 582 587 590 603 1,396 1,671 1,632 479 558 414 Fair value on own debt

• Real estate gains
• (Gains)/losses on business sales
• Net revenues adjusted

507 497 507 292 334 308 571 574 582 587 590 603 1,396 1,671 1,632 479 558 414 Provision for credit losses 17 2 25

• (4)

1

• (4)

1

• (6)

(17) 15 (9)

• Total operating expenses reported

276 293 286 243 273 267 489 457 489 503 468 505 1,310 1,532 1,346 450 417 346 Goodwill impairment

• Restructuring expenses

3 1

• 2

2

• 20

10

• 21

10

• 52

52

• 16

(9)

• Major litigation provisions
• 7
• 132
• Total operating expenses adjusted

273 292 286 241 271 267 469 447 489 482 458 505 1,251 1,480 1,214 434 426 346 Pre-tax income/(loss) reported 214 202 196 49 61 41 86 116 93 88 121 98 92 156 271 39 141 68 Total adjustments 3 1

• 2

2

• 20

10

• 21

10

• 59

52 132 16 (9)

• Pre-tax income/(loss) adjusted

217 203 196 51 63 41 106 126 93 109 131 98 150 208 403 55 132 68

A full reconciliation of all quarters from 2014 to 3Q16 is available in the time series

Appendix - 3Q16 November 2016

43

Swisscard deconsolidation impact

Impact of the deconsolidation on the Swiss Universal Bank

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation on slides 49/50 This is an illustrative pro-forma presentation of the impact of the deconsolidation of the card issuing business on the historical results of SUB as if it had occurred on December 31, 2014. Given that as of July 1, 2015 the business has been deconsolidated and transferred to the equity method investment, Swisscard AECS GmbH and the transaction does not qualify for discontinued operations, the historical results are not restated in this respect. The reduction in pre-tax income in the Private Banking business of Swiss Universal Bank, is offset by the reduction in minority interest from the deconsolidation at the Group level, therefore there is no material impact on the Group’s net income attributable to shareholders. These illustrative figures cannot be seen as being indicative of future trends or results 1 Pro-forma impact of the card issuing business deconsolidation in CHF mn

1Q15 2Q15 1Q15 2Q15 1Q15 2Q15 Net interest income 611 685 9 9 602 676 Recurring commissions & fees 412 412 56 59 356 353 Transaction-based revenues 382 349 8 7 374 342 Other revenues (5) (7)

• (5)

(7) Net revenues 1,400 1,439 73 75 1,327 1,364 Provision for credit losses 23 33

• 23

33 Total operating expenses 934 961 61 63 873 898 Pre-tax income 443 445 12 12 431 433 Return on regulatory capital† 14% 14%

• 14%

14%

SUB adjusted Swisscard Impact1 SUB adj. ex Swisscard

Appendix - 3Q16 November 2016

44

Credit Suisse – Investor Relations

investor.relations@credit-suisse.com

+41 44 333 71 49

November 2016