Edgar Filing: CREDIT SUISSE GROUP AG

6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

February 14, 2017

Commission File Number 001-15244

CREDIT SUISSE GROUP AG

(Translation of registrant’s name into English)

Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)

Commission File Number 001-33434

CREDIT SUISSE AG

(Translation of registrant’s name into English)

Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

This report includes the media release and the slides for the presentation to investors in connection with the 4Q16 results.

CREDIT SUISSE GROUP AG

Paradeplatz 8

P.O. Box

CH-8070 Zurich

Switzerland

Telephone +41 844 33 88 44

Fax +41 44 333 88 77

media.relations@credit-suisse.com

February 14, 2017

Media Release

Credit Suisse Group announces 4Q16 and FY16 results

Strong asset inflows in 2016 with increased margins, highlighting the strength, diversification and scale of the Wealth Management platform. NNA of CHF 28.5 billion¹ in 2016, with record AuM up 8% to CHF 734 billion¹

IBCM delivers best fourth quarter revenue performance since 2012. Significant increase in transaction activity maintained across ECM and DCM in January 2017

Rightsizing of GM substantially completed with good momentum in 4Q16 and a strong start to the year in January 2017. GM franchise well positioned to capture future upside

Look-through CET1 ratio of 11.6% post-DOJ RMBS settlement (12.5%² pre-settlement), an improvement of 140 bps compared to 3Q15 CET1 ratio of 10.2% reported at announcement of our new strategy in October 2015

Look-through CET1 leverage ratio of 3.3% post-DOJ RMBS settlement (3.5%³ pre-settlement), an improvement of 50 bps compared to 3Q15 CET1 leverage ratio of 2.8% reported at announcement of our new strategy in October 2015

Key business highlights

• 4Q16 reported PTL of CHF 1,903 million; FY16 reported PTL of CHF 1,966 million

• 4Q16 adjusted* PTI of CHF 171 million; FY16 adjusted* PTI of CHF 615 million

• 4Q16 and FY16 net loss attributable to shareholders of CHF 2,347 million and CHF 2,438 million, respectively

• FY16 net cost savings of CHF 1.9 billion⁴, resulting in adjusted* total operating expenses of CHF 19.4 billion measured at constant FX rates, or CHF 19.1 billion at actual FX rates; exceeded end-2016 target of below CHF 19.8 billion

• Substantial progress in reducing legacy assets within SRU, with RWA and leverage exposure both down 39%, in US dollars, at end-2016 compared to end-2015

Continued progress in core franchises

• Strong NNA of CHF 28.5 billion¹, up 58% compared to FY15 at higher adjusted* gross margin of 114 bp, demonstrating the scale and diversification of our Wealth Management franchise. Record FY16 Wealth Management AuM of CHF 734 billion¹, up 8% compared to FY15

• FY16 NNA comprised CHF 14.3 billion of assets from Emerging Europe, the Middle East and Africa (13% growth rate), CHF 14.6 billion from the APAC region (10% growth rate), including positive inflows of CHF 0.7 billion in 4Q16, and CHF 4.2 billion from Europe, including International Private Clients (4% growth rate). NNA in Switzerland and in Latin America were negative in 4Q16. This was primarily due to the proactive measures we took to reduce the number of EAMs we work with in Switzerland, and was also driven by outflows from regularization both in Latin America and Switzerland

• Our Wealth Management focused divisions of SUB, IWM and APAC have made good progress. Compared to FY15, adjusted* PTI in SUB rose 9% (excluding Swisscard⁵) and adjusted* PTI in IWM rose 9% in FY16. In APAC Wealth Management and connected activities⁶ pro-forma PTI increased 65% in FY16

• Strong IBCM performance; FY16 net revenues in US dollars up 8% year on year, with higher market share across key products⁷. 4Q16 adjusted* net revenues of USD 569 million represent our strongest fourth quarter since 2012; FY16 IBCM adjusted* PTI in US dollars increased 219% compared to FY15

• Rightsizing of GM substantially completed with FY16 adjusted* PTI of USD 284 million in a year of significant restructuring. Improved operating leverage with FY16 revenues of USD 5,575 million

Tidjane Thiam, Chief Executive Officer of Credit Suisse, stated: “2016 was the first full year of implementing our new strategy and it was a challenging and busy 12 months. Thanks to our strong client franchise and the dedication of our teams, we have made good progress on our key objectives.”

“We have significantly reduced our fixed operating cost base and increased our operating leverage. We have generated industry-leading net inflows at higher margins. We have achieved meaningful successes in advisory and underwriting, with strong increases in both market share and profitability.⁷We have substantially completed the rightsizing of GM and the division was profitable for FY16, with good momentum in 4Q16.”

“We have reached an agreement with the US Department of Justice on the RMBS matter, thus removing a major source of uncertainty for our future.”

“We have significantly strengthened the Group’s capital ratio, increasing the look-through CET1 ratio by 140 bps⁸ to 11.6% post-DOJ RMBS settlement compared to the ratio reported when we announced our new strategy in October 2015. Our look-through CET1 ratio pre-settlement would have been 12.5%².”

“Our teams have worked hard and made good progress during a challenging year: they achieved a positive finish to the year. Many of the positive trends that we observed in 4Q16 have continued into January 2017. We believe we are well positioned to continue to make progress with our restructuring program in 2017 and 2018, and to capture profitable growth opportunities across our franchises and geographies.”

“With global geopolitical uncertainty increasing, we believe that our Swiss heritage and identity will be an asset as we work hard to provide performance, stability and safety for our clients around the world.”

Changes to the Board of Directors

The Board of Directors of Credit Suisse Group AG is proposing Alexandre Zeller, as previously announced, and Andreas Gottschling for election as new non-executive Board members at the Annual General Meeting on April 28, 2017. Noreen Doyle and Jean Lanier, upon reaching the respective tenure limits, and Jassim Bin Hamad J.J. Al Thani will not stand for re-election. Chairman Urs Rohner and the other members of the Board of Directors are standing for re-election for a term of office of one year.

Regarding the nominations of Alexandre Zeller and Andreas Gottschling, Urs Rohner, Chairman of the Board of Directors of Credit Suisse Group, said: "Alexandre Zeller has an excellent track record in the financial services industry and a wealth of experience, particularly in our important Swiss home market. Andreas Gottschling has longstanding international experience, proven leadership skills and profound knowledge in risk management and regulatory capital issues. Alexandre Zeller and Andreas Gottschling both bring an enormous wealth of expertise to complement the Board of Directors in their respective areas."

Urs Rohner commented as follows on Noreen Doyle, Jean Lanier and Jassim Al Thani stepping down from the Board of Directors: "Upon reaching the respective tenure limits, Noreen Doyle and Jean Lanier will not stand for re-election, nor will Jassim Al Thani, who steps down after seven years on the Board. Credit Suisse is very grateful to Noreen Doyle, Jean Lanier and Jassim Al Thani for their personal contributions to the bank. It was a huge privilege for us to work with them on the Board of Directors during a crucial period for Credit Suisse. I am very happy that Noreen Doyle will continue to serve as Chair of Credit Suisse International and Credit Suisse Securities (Europe) Limited, our UK subsidiaries, and I wish all of them the very best in their future endeavors.”

Dividend

The Board of Directors will propose to shareholders at the Annual General Meeting on April 28, 2017, a distribution of CHF 0.70 per share out of reserves from capital contributions for the financial year 2016. The distribution will be free of Swiss withholding tax and will not be subject to income tax for Swiss resident individuals holding the shares as a private investment. The distribution will be payable in cash or, subject to any legal restrictions applicable in shareholders’ home jurisdictions, in new shares of Credit Suisse Group at the option of the shareholder.

Information for media

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

Information for investors

Investor Relations, Credit Suisse
Tel: +41 44 333 71 49
e-mail: investor.relations@credit-suisse.com

The complete 4Q16 earnings release and results presentation slides are available for download from 07:00 CET today at: https://www.credit-suisse.com/results

Presentation of 4Q16 and FY16 results – Tuesday, February 14, 2017

Event	Analyst Call	Media conference
Time	08:15 Zurich 07:15 London 02:15 New York	10:00 Zurich 09:00 London 04:00 New York
Speakers	Tidjane Thiam, Chief Executive Officer David Mathers, Chief Financial Officer	Tidjane Thiam, Chief Executive Officer David Mathers, Chief Financial Officer
Language	The presentation will be held in English.	The presentation will be held in English. Simultaneous interpreting in German will be available.
Access via Telephone	+41 44 580 40 01 (Switzerland) +44 1452 565 510 (Europe) +1 866 389 9771 (US) Reference: Credit Suisse Group quarterly results Please dial in 10 minutes before the start of the presentation.	+41 44 580 40 01 (Switzerland) +44 1452 565 510 (Europe) +1 866 389 9771 (US) Reference: Credit Suisse Group Media Call Please dial in 10 minutes before the start of the presentation.
Q&A Session	Opportunity to ask questions via the telephone conference.	Opportunity to ask questions via the telephone conference.
Playback	Replay available approximately one hour after the event: +41 44 580 34 56 (Switzerland) +44 1452 550 000 (Europe) +1 866 247 4222 (US) Conference ID: 56583629#	Replay available approximately two hours after the event: +41 44 580 34 56 (Switzerland) +44 1452 550 000 (Europe) +1 866 247 4222 (US) Conference ID English: 56619547# Conference ID German: 56653449#

The results of Credit Suisse Group comprise the results of our six reporting segments, including the Strategic Resolution Unit, and the Corporate Center. Core results exclude revenues and expenses from our Strategic Resolution Unit.

As we move ahead with the implementation of our strategy, it is important to measure the progress achieved by our underlying business performance in a consistent manner. To achieve this, we will focus our analyses on adjusted results.

Adjusted results referred to in this release are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for the purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. We will report quarterly on the same adjusted* basis for the Group, Core and divisional results until end-2018 to allow investors to monitor our progress in implementing our strategy, given the material restructuring charges we are likely to incur and other items which are not reflective of our underlying performance but are to be borne in the interim period. Tables in the appendix of this Media Release provide the detailed reconciliation between reported and adjusted results for the Group, Core businesses and the individual divisions.

Overview of Group Performance and Outlook

Material increase in operating leverage

In the first year of our three-year strategic plan, we significantly reduced our adjusted* fixed cost base with CHF 1.9 billion⁴ of net savings, exceeding our 2016 expense reduction target of CHF 1.4 billion. Our adjusted* total operating cost base has been reduced to CHF 19.4 billion measured at constant FX rates or CHF 19.1 billion measured at actual FX rates, placing us on track to deliver against our end-2018 target adjusted* operating cost base of below CHF 17 billion. Our focus on driving down costs, while maintaining investment in growth businesses and improving our control framework, has created positive operating leverage for our business going forward.

Profitable growth in Wealth Management

We have significantly strengthened our asset gathering capabilities and delivered profitable growth across our Wealth Management businesses. Net asset inflows increased 58% to CHF 28.5 billion¹ in 2016 at improved margins. These results are largely the product of our focus on UHNWI and entrepreneur clients. AuM increased by CHF 53 billion in 2016, with balanced progress between mature markets and emerging markets. In 4Q16, we generated strong inflows of assets in the Middle East and Eastern Europe and Western Europe as well as in Asia Pacific. As a result of our continuing regularization efforts, we recorded 4Q16 outflows, mainly in Latin America and in Switzerland. We have also implemented selected exits among our EAMs in Switzerland, leading to outflows in addition to the usual end-of-year outflows in that market.

Strength in advisory and origination

IBCM delivered a strong performance, reflecting the quality of our advisory platform. FY16 net revenues in US dollars were up 8% year on year, with the Americas up 15% over that period, while the Street was down 7% and 3%⁷, respectively. Advisory revenues were up 11% year on year, significantly outperforming the Street⁷, which saw revenues decline 4%. Our teams advised on 6 of the 10 largest announced M&A transactions during the year.⁹

In 4Q16, IBCM delivered adjusted* PTI of USD 142 million and net revenues of USD 569 million, representing our strongest fourth quarter since 2012 and outperforming the Street⁷ in all of our key product areas. IBCM’s adjusted* return on regulatory capital¹⁰ for 4Q16 was 22%.

Benefits from GM restructuring starting to emerge

In a year of significant restructuring, GM remained profitable with adjusted* PTI of USD 284 million in FY16. In 4Q16, GM revenues were higher than in 4Q15, despite a 20% reduction in RWA in US dollars. With an annualized¹¹ adjusted* cost base of less than USD 5.2 billion¹² for 2016, we remain on track to reach our adjusted* target of less than USD 4.8 billion in costs and to generate an adjusted* return on regulatory capital¹⁰ of 10-15% by end-2018.

Our franchise in the Americas delivered an improved performance in 4Q16, underscoring the potential of our platform to capture future upside. The Credit franchise showed strong momentum with a 66% increase in net revenues in US dollars in 4Q16 compared to 4Q15. Our Cash Equities and Prime Services businesses in the Americas remained resilient, offset by continued muted client activity in EMEA, while revenues in Solutions were impacted by low levels of volatility in equity derivatives.

We believe we are well positioned to benefit from further collaboration opportunities across the bank and our improved operating leverage.

Continued progress in the SRU

Over the past 12 months, the SRU has made significant progress in disposing of legacy positions and de-risking, with RWA and leverage exposure down by USD 29 billion (39%) and USD 67 billion (39%), respectively. In FY16, adjusted* total operating expenses decreased by USD 1,093 million compared to FY15.

Resolution of key legal issue

In January 2017, we announced that we had reached a final settlement with the DOJ related to our legacy RMBS business – a business conducted through 2007. It was a key strategic objective to put this matter behind us. In 4Q16, we recorded a provision of approximately USD 2 billion in addition to our existing provisions of USD 550 million in connection with this matter, which were recorded in prior periods.

Strengthening our capital position

As of December 31, 2016, we reported a look-through CET1 ratio of 11.6%, up 140 bps compared to the 3Q15 CET1 ratio of 10.2% reported when we announced our new strategy in October 2015. Without taking into account the impact of the settlement with the DOJ regarding our legacy RMBS business, we would have reached our highest-ever look-through CET 1 ratio of 12.5%². The RMBS settlement removed a major source of uncertainty for the bank.

Current trading and outlook

In January 2017, we have seen positive inflows across each of our Wealth Management businesses. In GM, the momentum from 4Q16 has continued into January with continued client activity levels across capital markets and trading, particularly in our Credit and Securitized Products businesses with revenues for the month up over 100% compared to January 2016, somewhat offset by lower trading volumes and volatility levels in equities. In IBCM, we have seen a busy calendar of transaction pricing across both ECM and DCM, with IBCM net revenues for the month of January up 90% compared to January 2016.

We believe we are well positioned to seize opportunities to grow our business profitability. We have delivered against a number of our key strategic objectives and remain focused on executing with discipline. We believe that we will create significant value for our shareholders over time.

Divisional summary

Swiss Universal Bank (SUB)

In 4Q16, SUB delivered year-on-year growth in adjusted* PTI for the fourth consecutive quarter – a good performance in a challenging Swiss market with negative interest rates. Adjusted* PTI of CHF 378 million increased 13% compared to 4Q15. Net revenues reflected stable NII and recurring commissions and fees, partially offset by lower transaction-based revenues compared to 4Q15, which included an extraordinary dividend from our ownership in SIX Group. Efficiency measures allowed us to generate savings and mitigate the costs of investing in regulatory, compliance and digitalization initiatives across the division. Adjusted* total operating expenses (excluding Swisscard⁵) decreased 4% compared to FY15. Credit provisions decreased by CHF 9 million and CHF 59 million compared to 4Q15 and FY15, respectively, reflecting the quality of our loan portfolio, an important characteristic of SUB. Adjusted* PTI (excluding Swisscard⁵) totaled CHF 1,738 million in FY16, up 9% from FY15. Adjusted* return on regulatory capital¹⁰ was 14% for FY16.

Credit Suisse (Schweiz) AG successfully started operations in November 2016, marking the delivery of a major project and the delivery of a central commitment to our regulator FINMA. Our preparations are on track for the planned partial IPO of Credit Suisse (Schweiz) AG¹³ in the second half of 2017, market conditions permitting and subject to the approval of the Board of Directors.

In Wealth Management, mandates penetration increased to 30% in 4Q16, an increase of 4 percentage points compared to 4Q15, driven by Credit Suisse Invest. Net asset outflows of CHF 3.5 billion in 4Q16 compared to outflows of CHF 2.9 billion in 4Q15, partly reflecting proactive measures to continuously improve our EAM network, leading to selected EAM exits. We also continued our efforts related to regularization. For FY16, asset inflows were CHF 2.1 billion, offset by further outflows from selected EAM exits and regularization of CHF 3.8 billion. AuM remained solid at CHF 242.9 billion, up 1% compared to FY15.

Our market-leading Corporate & Institutional Banking business delivered a strong quarter and a strong year. We retained our number one position in terms of announced M&A transactions¹⁴ and DCM¹⁵ deals in 2016. Total AuM in Corporate & Institutional Banking were CHF 288.6 billion, up 5% versus FY15. Our pipeline of business is strong and includes our advisory role in Johnson & Johnson’s announced USD 30 billion acquisition of the Swiss biotech firm Actelion Pharmaceuticals Ltd. Euromoney named us the ‘Best Investment Bank in Switzerland 2016’¹⁶ and International Financing Review the ‘Swiss Franc Bond House of the Year’¹⁷.

International Wealth Management (IWM)

IWM delivered a strong performance with 9% growth in adjusted* PTI to CHF 1,109 million in FY16, an increase in net revenues and record NNA in Wealth Management. IWM showed good momentum during the year and had a strong finish with 4Q16 adjusted* PTI of CHF 300 million. This 31% increase reflected higher NII, improved client activity and higher performance revenues compared to 4Q15. FY16 adjusted* total operating expenses remained stable, reflecting IWM’s success in self-funding investments in growth and in compliance and risk functions as a result of disciplined cost management. Adjusted* return on regulatory capital¹⁰ for the division improved to 23% for FY16.

In Wealth Management, we delivered a strong performance in 4Q16 with adjusted* net revenues of CHF 864 million, an increase of 8% compared to 4Q15. Adjusted* net revenues increased by CHF 104 million or 3% in 2016, with higher NII and, in 4Q16, higher client activity. AuM increased 12% to CHF 323.2 billion in FY16 with NNA of CHF 15.6 billion across emerging markets and Europe at a growth rate of 5%, or 7% before regularization outflows of CHF 5.7 billion, as a result of our proactive stance. Wealth Management was able to grow both AuM and the adjusted* gross margin, which improved by 3 bps to 110 bps in FY16. Adjusted* PTI was stable in 4Q16 and FY16, with higher expenses, mainly due to investments, offsetting higher revenues. Adjusted* PTI was up 15% compared to 4Q15 excluding an extraordinary dividend from SIX Group in 4Q15.

Asset Management reported strong adjusted* PTI of CHF 108 million and CHF 287 million in 4Q16 and FY16, up 177% and 54% compared to 4Q15 and FY15, respectively. Adjusted* total operating expenses decreased 9% in FY16, reflecting solid cost control during the year, while performance and placement revenues rose 27% and management fees increased 2%. NNA totaled CHF 5.6 billion in FY16, with net asset outflows in 4Q16, primarily reflecting emerging market money market outflows of CHF 3.5 billion.

Asia Pacific (APAC)

APAC delivered a strong performance in Wealth Management and connected activities⁶ in FY16 with pro-forma PTI of CHF 513 million, an increase of 65% year on year, and pro-forma return on regulatory capital¹⁰ of 23% in 2016.

We have an integrated approach to serving our clientele with our APAC Wealth Management business, our APAC underwriting and advisory business and our APAC Financing Group, all working closely together. We believe this approach was an important driver of the progress achieved in Wealth Management and connected activities⁶ in 2016.

Wealth Management generated record net revenues and record average AuM of CHF 171.6 billion in 4Q16, reflecting inflows of CHF 14.6 billion for FY16 and an annualized NNA growth rate of 10%. NNA were positive during 4Q16 at CHF 0.7 billion, despite the adverse impact of outflows due to regularization in 4Q16. Adjusted* gross margin improved by 15 bps compared to 4Q15 due to higher NII, recurring commissions and fees and transaction-based revenues, while adjusted* net margin increased by 8 bps. Credit Suisse was named the ‘Best Private Bank in Asia’ for the second year in succession and the third time overall by Asian Private Banker¹⁸.

Underwriting and advisory revenues increased 34% in US dollars compared to FY15 as a result of increased client activity. Credit Suisse is ranked number one in terms of share of wallet in Asia Pacific ex-Japan among international banks⁷.

The APAC Financing Group, set up in 2016, has been a key enabler to deliver an integrated approach to our core lending activities, resulting in a notable increase in deal flow across our key client segments in APAC.

Equity sales and trading revenues decreased 31% in FY16 compared to FY15 as they were adversely impacted by decreased client activity in Greater China. Fixed income sales and trading revenues remained resilient in FY16 despite significant declines in 4Q16.

APAC achieved adjusted* PTI of CHF 122 million in 4Q16 and of CHF 778 million in FY16. Adjusted* return on regulatory capital¹⁰ was 15% for FY16. Our Wealth Management and connected activities⁶ have had a very strong year and a very strong final quarter of 2016. Our focus on UHNWI and entrepreneurs has allowed us to grow both assets and margins in a challenging environment.

Investment Banking & Capital Markets (IBCM)

IBCM delivered a strong performance in FY16, reflecting excellent execution of our strategy presented in 2015, as evidenced by improved share of wallet across all key products and covered client segments⁷. Adjusted* PTI for FY16 was USD 297 million, up 219% compared to the prior year. Net revenues rose 8% year on year, driven by strong advisory and debt underwriting revenues, outperforming the Street⁷. Adjusted* total operating expenses decreased 5% compared to FY15, driven by cost discipline and the self-funding of growth investments.

In 4Q16, adjusted* PTI was USD 142 million and net revenues rose 36% compared to 4Q15 to USD 569 million, representing the strongest fourth quarter since 2012 and outperforming the Street⁷. Adjusted* return on regulatory capital¹⁰ increased to 12% in FY16.

Global advisory and underwriting¹⁹ revenues rose 9% compared to FY15, outperforming the industry-wide fee pool, which decreased 5%⁷. We have grown our market share of completed M&A transactions and have also achieved global top-5 market positions in Leverage Finance⁷ and ECM⁷ for 2016.

Global Markets (GM)

GM was profitable in a restructuring year with FY16 adjusted* PTI of USD 284 million, driven by a substantial reduction in costs and our ability to maintain leading market positions across our core franchises as we rightsized our business model. Adjusted* total operating expenses declined by USD 682 million compared to FY15.

In 4Q16, adjusted* PTI improved compared to 4Q15, reflecting more favorable market conditions and continued cost and capital discipline, highlighting the potential of the rightsized GM platform to capture future upside. Revenues improved across US leveraged finance trading and underwriting, securitized products and emerging markets businesses. In addition, excluding SMG, Equities revenues were resilient, as solid performance in Americas Cash Equities and Prime Services was offset by continued muted client activity in EMEA, and revenues in Solutions were impacted by low levels of volatility in equity derivatives.

GM ended 4Q16 with an annualized¹¹ adjusted* operating cost base of less than USD 5.2 billion¹², compared to USD 6.0 billion at end-2015. We are on track to achieve our end-2018 targets of less than USD 4.8 billion in costs and to generate an adjusted* return on regulatory capital¹⁰ of 10-15%. With increased capital efficiency and a reduced risk profile, we are operating at below our end-2016 RWA target of USD 60 billion and our USD 290 billion leverage exposure target.

Strategic Resolution Unit (SRU)

In 4Q16, the SRU continued to make significant progress in disposing of and de-risking legacy positions, with RWA and leverage exposure down by USD 11 billion and USD 16 billion, respectively, compared to 3Q16. RWA for derivative, loan and financing portfolios were reduced by 38% compared to 3Q16, through a broad range of transactions, including the sale of loan portfolios, and a large number of unwinds and compressions across macro and credit derivative products. Compared to FY15, RWA and leverage exposure both decreased by 39%, in US dollars, while the number of bilateral derivatives trades was reduced by 191,000 or 57%.

Compared to FY15, adjusted* total operating expenses decreased by USD 1,093 million or 41%, driven primarily by the exit from our US Private Banking onshore business and a reduced footprint in legacy investment banking businesses.

Adjusted* PTL of USD 516 million improved by USD 396 million compared to 4Q15. Exit costs were approximately 0.5% of RWA in 4Q16, which is below our revised long-term guidance of less than 3%. In 4Q16, we recorded a litigation provision of approximately USD 2 billion due to the settlement with the DOJ related to our legacy RMBS business. We aim to reduce the adjusted* full year PTI drag to approximately USD 800 million by end-2019.

Biographies of the proposed new non-executive Board members

Alexandre Zeller was appointed Chairman of the Board of Directors of Credit Suisse (Schweiz) AG as of October 1, 2016. Prior to that, he was Chairman of the Board of Directors of SIX Group from May 2013. After completing his studies at the University of Lausanne (Business Administration) and Harvard Business School in Boston (Advanced Management Program), he worked in International Operational Audit at Nestlé in Vevey from 1984 to 1987. He subsequently held various functions at Credit Suisse in Zurich until 2002, during which time he was appointed to the Executive Board of Private Banking Switzerland in 1999 and to the position of CEO Private Banking Switzerland in 2002. After working as CEO of Banque Cantonale Vaudoise in Lausanne from 2002 to 2008, he then moved to HSBC Private Bank (Suisse) in Geneva, where he worked until 2012 as the CEO, Country Manager Switzerland, and Regional CEO Global Private Banking EMEA. Since 2012, Alexandre Zeller has held mandates as a professional board member with various companies and foundations in Switzerland. Alexandre Zeller is a Swiss citizen and was born in 1961.

Andreas Gottschling was a member of the Management Board and Chief Risk Officer of Erste Group Bank AG, Vienna, from 2013 to 2016. From 2012 to 2013, he was a senior advisor in the risk practice at McKinsey & Company, Zurich. Prior to that, he was with Deutsche Bank in London and Frankfurt, as a member of the Risk Executive Committee and Divisional Board from 2005 to 2012, with additional responsibility as Global Head of Operational Risk from 2006 to 2010. From 2003 to 2005, he held the role of Head of Quant Research at LGT Capital Management in Pfäffikon. From 2000 to 2003, he was a consultant at Euroquants, Frankenthal, and a Professor of Finance at Washington State University, Washington. He started his career at Deutsche Bank Research in 1997. Prior to that he studied Mathematics and Economics at Albert-Ludwigs University of Freiburg and Harvard University, and holds a Master and a PhD in Economics from the University of California, San Diego. Andreas Gottschling is a German citizen and was born in 1967.

Footnotes

* Adjusted results are non-GAAP financial measures. For a reconciliation of the adjusted results to the most directly comparable US GAAP measures, see the Appendix of this media release for reconciliations of adjustment items.

¹Relating to Wealth Management in SUB, IWM and APAC.

²The look-through CET1 ratio, without taking into account the impact of the final DOJ settlement relating to our legacy RMBS business, excludes a provision in 4Q16 of approximately USD 2 billion and an increase in 4Q16 in operational risk RWA of approximately CHF 0.7 billion.

³The look-through CET1 leverage ratio, without taking into account the impact of the final DOJ settlement relating to our legacy RMBS business, excludes a provision in 4Q16 of approximately USD 2 billion.

⁴FY16 net cost savings represents the difference between FY15 ‘adjusted operating expenses at constant FX rates’ of CHF 21.2 billion and FY16 ‘adjusted operating expenses at constant FX rates’ of CHF 19.4 billion. ‘Adjusted operating expenses at constant FX rates’ include adjustments as made in all our disclosures for restructuring expenses (CHF 355 million in FY15 and CHF 539 million in FY16), major litigation expenses (CHF 820 million in FY15 and CHF 2,407 million in FY16) and a goodwill impairment taken in 4Q15 of CHF 3,797 million as well as adjustments for FX (CHF (318) million in FY15 and CHF (293) million in FY16).

⁵Adjusted to exclude Swisscard net revenues of CHF 148 million and operating expenses of CHF 123 million for 2015 in SUB Wealth Management.

⁶Includes contributions from APAC Wealth Management, APAC Underwriting and Advisory as well as Financing for activities with our UHNWI, Entrepreneurs and Corporate clients. Pro forma figures for Wealth Management and connected activities within APAC are based on preliminary estimates.

⁷Source: Dealogic as of December 31, 2016.

⁸Compared to 3Q15 CET1 ratio of 10.2% reported at the announcement of our new strategy in October 2015.

⁹Source: Dealogic M&A Analytics as of January 3, 2016.

¹⁰Regulatory capital reflects the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is based on (adjusted) returns after tax assuming a tax rate of 30% for all periods and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For GM and IBCM, return on regulatory capital is based on US dollars denominated numbers.

¹¹Annualized numbers do not take account of variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results.

¹²4Q16 annualized adjusted* cost base, which was below our previous estimate of USD 5.2 billion presented at Investor Day on December 7, 2016.

¹³Scope of Credit Suisse (Schweiz) AG differs from SUB. 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.

¹⁴Source: Thomson Securities, SDC Platinum, Credit Suisse.

¹⁵Source: International Financial Review.

¹⁶Source: Euromoney, July 2016.

¹⁷Source: IFR Review of the Year 2016.

¹⁸Source: Asian Private Banker – awards for distinction 2016.

¹⁹Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements.

Abbreviations

Asia Pacific – APAC; Asset under Management – AuM; basis point – bps; Common Equity Tier 1 – CET1; Debt Capital Markets – DCM; Equity Capital Markets – ECM; Europe, the Middle East and Africa – EMEA; External Asset Managers – EAM; Foreign Exchange – FX; Full Year – FY; Global Markets – GM; IFR – International Financial Review; Initial Public Offering – IPO; International Wealth Management – IWM; Investment Banking & Capital Markets – IBCM; Mergers and Acquisitions – M&A; Net Interest Income – NII; Net New Assets – NNA; Pre-tax income – PTI; Pre-tax loss – PTL; Relationship Managers – RMs; Residential Mortgage-Backed Securities – RMBS; Risk-weighted assets – RWA; Securities and Exchange Commission – SEC; Strategic Resolution Unit – SRU; Swiss Financial Market Supervisory Authority – FINMA; Swiss Universal Bank – SUB; Ultra-High-Net-Worth Individual – UHNWI; US Department of Justice – DOJ

Important information about the Swiss Universal Bank

The data presented in this media release relating to the Swiss Universal Bank refers to the division of Credit Suisse Group as the same is currently managed within Credit Suisse Group.

The scope, revenues and expenses of the Swiss Universal Bank vary from the planned scope of Credit Suisse (Schweiz) AG and its subsidiaries, for which a partial IPO is planned, 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.

It is therefore not possible to make a like-for-like comparison of the Swiss Universal Bank as a division of Credit Suisse Group on the one hand and Credit Suisse (Schweiz) AG as a potential IPO vehicle on the other hand.

Important information about this Media Release

Information referenced in this Media Release, whether via website links or otherwise, is not incorporated into this Media Release.

“Adjusted 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, 4Q15: USD/CHF 1.0000, EUR/CHF 1.0851, GBP/CHF 1.5123, 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, 4Q16: USD/CHF 1.0101, EUR/CHF 1.0798, GBP/CHF 1.2451. 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.

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.

In particular, the terms “Illustrative”, “Ambition”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such illustrations, ambitions and goals are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. Accordingly, this information should not be relied on for any purpose. We do not intend to update these illustrations, ambitions or goals.

In preparing this media release, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Figures throughout this media release may also be subject to rounding adjustments. In particular, pro forma figures for Wealth Management and connected activities within APAC are based on preliminary estimates.

This presentation contains certain unaudited interim financial information for the year-to-date 2017, the date of our last published quarterly financial statements. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the first quarter of 2017 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the first quarter of 2017. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the first quarter of 2017 will be included in our 1Q17 Financial Report. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of 1Q17 or the full first quarter of 2017.

As of January 1, 2013, Basel 3 was implemented in Switzerland along with the Swiss “Too Big to Fail” legislation and regulations thereunder (in each case, subject to certain phase-in periods). 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 of our assumptions or estimates could result in different numbers from those shown in this media release.

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.

Mandates penetration means advisory and discretionary mandates in private banking businesses as a percentage of the related AuM, excluding those from the external asset manager business.

When we refer to Wealth Management focused divisions throughout this Media Release, we mean APAC, IWM and SUB. References to the “Wealth Management” businesses in APAC, IWM and SUB refer to those divisions’ Private Banking businesses.

Investors and others should note that we announce material information (including quarterly earnings releases and financial reports) to the investing public using press releases, SEC and Swiss ad hoc filings, our website and public conference calls and webcasts. We intend to also use our Twitter account @creditsuisse (https://twitter.com/creditsuisse) to excerpt key messages from our public disclosures, including earnings releases. We may retweet such messages through certain of our regional Twitter accounts, including @csschweiz (https://twitter.com/csschweiz) and @csapac (https://twitter.com/csapac).

Investors and others should take care to consider such abbreviated messages in the context of the disclosures from which they are excerpted. The information we post on these Twitter accounts is not a part of this Media Release.

In various tables, use of “-“ indicates not meaningful or not applicable.

A summary document containing a more detailed description of the option to receive the distribution in new shares will be made available to shareholders of Credit Suisse Group on or around March 24, 2017. The conditions for the exercise of the scrip alternative, including possible restrictions to its availability to some Credit Suisse Group shareholders, will be specified in such summary document. This Earnings Release does not constitute an offer to sell or an invitation to subscribe for, or the solicitation of an offer to buy or subscribe for, securities of Credit Suisse Group nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefor. This Earnings Release does not constitute a prospectus within the meaning of any applicable law. Eligible shareholders should make their decision to receive a cash distribution or to receive new shares of Credit Suisse Group as part of the 2016 distribution solely based on the terms and conditions of the 2016 distribution and the additional information contained in the relevant documents, which will be available upon publication of the invitation to the 2017 Annual General Meeting. This Earnings Release does not constitute a recommendation to shareholders to elect to receive new shares of Credit Suisse Group as part of the 2016 distribution. Eligible shareholders are furthermore advised to consult their bank, tax or financial adviser before making any decision.

Selling restrictions

This document, and the information contained herein, is not an offer to sell or a solicitation of offers to purchase or subscribe for securities of Credit Suisse Group AG or Credit Suisse (Schweiz) AG in Switzerland, the United States or any other jurisdiction. This document is not a prospectus within the meaning of article 652a of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of the SIX Swiss Exchange AG or any other exchange or regulated trading facility in Switzerland or a prospectus or offering document under any other applicable laws.

Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which such documents are barred or prohibited by law. A decision to invest in securities of Credit Suisse Group AG or Credit Suisse (Schweiz) AG should be based exclusively on a written agreement with Credit Suisse Group AG or an offering and listing prospectus to be published by Credit Suisse Group AG or Credit Suisse (Schweiz) AG for such purpose. Any offer and sale of securities of Credit Suisse (Schweiz) AG will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered in the United States of America absent such registration or an exemption from registration. There will be no public offering of such securities in the United States of America.

Appendix

Adjusted results are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures.

Key metrics
	in / end of			% change		in / end of		% change
	4Q16	3Q16	4Q15	QoQ	YoY	2016	2015	YoY
Credit Suisse Group results (CHF million)
Net revenues	5,181	5,396	4,210	(4)	23	20,323	23,797	(15)
Provision for credit losses	75	55	133	36	(44)	252	324	(22)
Total operating expenses	7,009	5,119	10,518	37	(33)	22,037	25,895	(15)
Income/(loss) before taxes	(1,903)	222	(6,441)	–	(70)	(1,966)	(2,422)	(19)
Net income/(loss) attributable to shareholders	(2,347)	41	(5,828)	–	(60)	(2,438)	(2,944)	(17)
Assets under management and net new assets (CHF million)
Assets under management	1,252.5	1,255.2	1,214.1	(0.2)	3.2	1,252.5	1,214.1	3.2
Net new assets	(6.7)	11.9	2.1	–	–	27.8	46.9	(40.7)
Basel III regulatory capital and leverage statistics
CET1 ratio (%)	13.6	14.1	14.3	–	–	13.6	14.3	–
Look-through CET1 ratio (%)	11.6	12.0	11.4	–	–	11.6	11.4	–
Look-through CET1 leverage ratio (%)	3.3	3.4	3.3	–	–	3.3	3.3	–
Look-through tier 1 leverage ratio (%)	4.4	4.6	4.5	–	–	4.4	4.5	–

A-1

Credit Suisse and Core Results
	Core Results			Strategic Resolution Unit			Credit Suisse
in / end of	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15
Statements of operations (CHF million)
Net revenues	5,383	5,561	4,336	(202)	(165)	(126)	5,181	5,396	4,210
Provision for credit losses	47	50	33	28	5	100	75	55	133
Compensation and benefits	2,576	2,540	2,890	106	134	259	2,682	2,674	3,149
General and administrative expenses	1,630	1,464	2,168	2,254	514	640	3,884	1,978	2,808
Commission expenses	390	309	368	4	13	41	394	322	409
Goodwill impairment	0	0	3,797	0	0	0	0	0	3,797
Restructuring expenses	48	124	199	1	21	156	49	145	355
Total other operating expenses	2,068	1,897	6,532	2,259	548	837	4,327	2,445	7,369
Total operating expenses	4,644	4,437	9,422	2,365	682	1,096	7,009	5,119	10,518
Income/(loss) before taxes	692	1,074	(5,119)	(2,595)	(852)	(1,322)	(1,903)	222	(6,441)
Statement of operations metrics (%)
Return on regulatory capital	6.6	10.4	(49.0)	–	–	–	(16.0)	1.8	(50.7)
Balance sheet statistics (CHF million)
Total assets	739,536	729,130	719,982	80,297	77,581	100,823	819,833	806,711	820,805
Risk-weighted assets¹	222,604	217,194	217,522	45,441	53,268	72,424	268,045	270,462	289,946
Leverage exposure¹	844,995	833,736	819,084	105,768	115,008	168,544	950,763	948,744	987,628
1 Disclosed on a look-through basis.

Credit Suisse and Core Results
	Core Results		Strategic Resolution Unit			Credit Suisse
in / end of	2016	2015	2016		2015	2016	2015
Statements of operations (CHF million)
Net revenues	21,594	23,286	(1,271)		511	20,323	23,797
Provision for credit losses	141	187	111		137	252	324
Compensation and benefits	9,960	10,378	612		1,168	10,572	11,546
General and administrative expenses	6,180	7,035	3,290		1,539	9,470	8,574
Commission expenses	1,401	1,460	54		163	1,455	1,623
Goodwill impairment	0	3,797	0		0	0	3,797
Restructuring expenses	419	199	121		156	540	355
Total other operating expenses	8,000	12,491	3,465		1,858	11,465	14,349
Total operating expenses	17,960	22,869	4,077		3,026	22,037	25,895
Income/(loss) before taxes	3,493	230	(5,459)		(2,652)	(1,966)	(2,422)
Statement of operations metrics (%)
Return on regulatory capital	8.5	0.5	–	^.	–	(4.1)	(4.5)

A-2

Reconciliation of adjusted results
	Core Results			Strategic Resolution Unit			Credit Suisse
in	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15
Reconciliation of adjusted results (CHF million)
Net revenues	5,383	5,561	4,336	(202)	(165)	(126)	5,181	5,396	4,210
Fair value on own debt	–	–	697	–	–	–	–	–	697
Real estate gains	(74)	(346)	(72)	(4)	0	0	(78)	(346)	(72)
(Gains)/losses on business sales	0	0	(34)	2	0	0	2	0	(34)
Adjusted net revenues	5,309	5,215	4,927	(204)	(165)	(126)	5,105	5,050	4,801
Provision for credit losses	47	50	33	28	5	100	75	55	133
Total operating expenses	4,644	4,437	9,422	2,365	682	1,096	7,009	5,119	10,518
Goodwill impairment	0	0	(3,797)	0	0	0	0	0	(3,797)
Restructuring expenses	(48)	(124)	(199)	(1)	(21)	(156)	(49)	(145)	(355)
Major litigation provisions	(26)	12	(309)	(2,075)	(318)	(255)	(2,101)	(306)	(564)
Adjusted total operating expenses	4,570	4,325	5,117	289	343	685	4,859	4,668	5,802
Income/(loss) before taxes	692	1,074	(5,119)	(2,595)	(852)	(1,322)	(1,903)	222	(6,441)
Total adjustments	0	(234)	4,896	2,074	339	411	2,074	105	5,307
Adjusted income/(loss) before taxes	692	840	(223)	(521)	(513)	(911)	171	327	(1,134)
Adjusted return on regulatory capital (%)	6.6	8.1	(2.1)	–	–	–	1.4	2.7	(8.9)

	Core Results		Strategic Resolution Unit		Credit Suisse
in	2016	2015	2016	2015	2016	2015
Reconciliation of adjusted results (CHF million)
Net revenues	21,594	23,286	(1,271)	511	20,323	23,797
Fair value on own debt	–	(298)	–	–	–	(298)
Real estate gains	(420)	(95)	(4)	0	(424)	(95)
(Gains)/losses on business sales	52	(34)	6	0	58	(34)
Adjusted net revenues	21,226	22,859	(1,269)	511	19,957	23,370
Provision for credit losses	141	187	111	137	252	324
Total operating expenses	17,960	22,869	4,077	3,026	22,037	25,895
Goodwill impairment	0	(3,797)	0	0	0	(3,797)
Restructuring expenses	(419)	(199)	(121)	(156)	(540)	(355)
Major litigation provisions	(14)	(530)	(2,393)	(290)	(2,407)	(820)
Adjusted total operating expenses	17,527	18,343	1,563	2,580	19,090	20,923
Income/(loss) before taxes	3,493	230	(5,459)	(2,652)	(1,966)	(2,422)
Total adjustments	65	4,099	2,516	446	2,581	4,545
Adjusted income/(loss) before taxes	3,558	4,329	(2,943)	(2,206)	615	2,123
Adjusted return on regulatory capital (%)	8.6	10.0	–	–	1.3	4.0
Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology used to calculate return on regulatory capital.

A-3

Swiss Universal Bank
	in / end of			% change		in / end of % change
	4Q16	3Q16	4Q15	QoQ	YoY	2016	2015	YoY
Results (CHF million)
Net revenues	1,399	1,667	1,495	(16)	(6)	5,759	5,721	1
of which Private Banking	858	1,160	963	(26)	(11)	3,704	3,696	0
of which Corporate & Institutional Banking	541	507	532	7	2	2,055	2,025	1
Provision for credit losses	34	30	43	13	(21)	79	138	(43)
Total operating expenses	983	879	1,088	12	(10)	3,655	3,908	(6)
Income before taxes	382	758	364	(50)	5	2,025	1,675	21
of which Private Banking	194	544	165	(64)	18	1,194	875	36
of which Corporate & Institutional Banking	188	214	199	(12)	(6)	831	800	4
Metrics (%)
Return on regulatory capital	12.2	24.7	12.3	–	–	16.5	13.8	–
Cost/income ratio	70.3	52.7	72.8	–	–	63.5	68.3	–
Private Banking
Assets under management (CHF billion)	242.9	244.5	241.0	(0.7)	0.8	242.9	241.0	0.8
Net new assets (CHF billion)	(3.5)	0.2	(2.9)	–	–	(1.7)	3.2	–
Gross margin (annualized) (bp)	141	191	159	–	–	154	148	–
Net margin (annualized) (bp)	32	89	27	–	–	50	35	–
Corporate & Institutional Banking
Assets under management (CHF billion)	288.6	284.6	275.8	1.4	4.6	288.6	275.8	4.6
Net new assets (CHF billion)	2.5	(1.2)	4.2	–	–	4.3	10.6	–

A-4

Reconciliation of adjusted results

Private Banking

Corporate & Institutional Banking

Swiss Universal Bank

4Q16

3Q16

4Q15

4Q16

3Q16

4Q15

4Q16

3Q16

4Q15

Adjusted results (CHF million)

Net revenues

858

1,160

963

541

507

532

1,399

1,667

1,495

Real estate gains

(20)

(346)

(72)

(20)

(346)

(72)

Gains on business sales

(10)

(13)

(23)

Adjusted net revenues

838

814

881

541

507

519

1,379

1,321

1,400

Provision for credit losses

Total operating expenses

654

603

784

329

276

304

983

879

1,088

Restructuring expenses

(16)

(33)

(3)

(9)

(19)

(42)

Major litigation provisions

(25)

(19)

(25)

Adjusted total operating expenses

657

587

726

310

273

295

967

860

1,021

Income before taxes

194

544

165

188

214

199

382

758

364

Total adjustments

(23)

(330)

(24)

(4)

(327)

(28)

Adjusted income before taxes

171

214

141

207

217

195

378

431

336

Adjusted return on regulatory capital (%)

–

12.1

14.0

11.4

	Private Banking		Corporate & Institutional Banking		Swiss Universal Bank
in	2016	2015	2016	2015	2016	2015
Adjusted results (CHF million)
Net revenues	3,704	3,696	2,055	2,025	5,759	5,721
Real estate gains	(366)	(95)	0	0	(366)	(95)
Gains on business sales	0	(10)	0	(13)	0	(23)
Adjusted net revenues	3,338	3,591	2,055	2,012	5,393	5,603
Provision for credit losses	39	49	40	89	79	138
Total operating expenses	2,471	2,772	1,184	1,136	3,655	3,908
Restructuring expenses	(51)	(33)	(9)	(9)	(60)	(42)
Major litigation provisions	0	(25)	(19)	0	(19)	(25)
Adjusted total operating expenses	2,420	2,714	1,156	1,127	3,576	3,841
Income before taxes	1,194	875	831	800	2,025	1,675
Total adjustments	(315)	(47)	28	(4)	(287)	(51)
Adjusted income before taxes	879	828	859	796	1,738	1,624
Adjusted return on regulatory capital (%)	–	–	–	–	14.2	13.4

A-5

International Wealth Management
	in / end of			% change		in / end of		% change
	4Q16	3Q16	4Q15	QoQ	YoY	2016	2015	YoY
Results (CHF million)
Net revenues	1,299	1,081	1,173	20	11	4,698	4,552	3
of which Private Banking	918	789	808	16	14	3,371	3,224	5
of which Asset Management	381	292	365	30	4	1,327	1,328	0
Provision for credit losses	6	0	(7)	–	–	20	5	300
Total operating expenses	962	836	1,204	15	(20)	3,557	3,824	(7)
Income/(loss) before taxes	331	245	(24)	35	–	1,121	723	55
of which Private Banking	228	196	(59)	16	–	841	541	55
of which Asset Management	103	49	35	110	194	280	182	54
Metrics (%)
Return on regulatory capital	27.0	20.5	(1.9)	–	–	23.3	15.4	–
Cost/income ratio	74.1	77.3	102.6	–	–	75.7	84.0	–
Private Banking
Assets under management (CHF billion)	323.2	311.4	289.6	3.8	11.6	323.2	289.6	11.6
Net new assets (CHF billion)	0.4	4.4	(4.2)	–	–	15.6	(3.0)	–
Gross margin (annualized) (bp)	116	104	110	–	–	112	107	–
Net margin (annualized) (bp)	29	26	(8)	–	–	28	18	–
Asset Management
Assets under management (CHF billion)	321.6	324.3	321.3	(0.8)	–	321.6	321.3	–
Net new assets (CHF billion)	(4.4)	5.0	3.6	–	–	5.6	26.5	–

A-6

Reconciliation of adjusted results
	Private Banking			Asset Management			International Wealth Management
in	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15
Adjusted results (CHF million)
Net revenues	918	789	808	381	292	365	1,299	1,081	1,173
Real estate gains	(54)	0	0	0	0	0	(54)	0	0
Gains on business sales	0	0	(11)	0	0	0	0	0	(11)
Adjusted net revenues	864	789	797	381	292	365	1,245	1,081	1,162
Provision for credit losses	6	0	(7)	0	0	0	6	0	(7)
Total operating expenses	684	593	874	278	243	330	962	836	1,204
Restructuring expenses	(11)	(13)	(32)	(5)	(2)	(4)	(16)	(15)	(36)
Major litigation provisions	(7)	19	(228)	0	0	0	(7)	19	(228)
Adjusted total operating expenses	666	599	614	273	241	326	939	840	940
Income/(loss) before taxes	228	196	(59)	103	49	35	331	245	(24)
Total adjustments	(36)	(6)	249	5	2	4	(31)	(4)	253
Adjusted income before taxes	192	190	190	108	51	39	300	241	229
Adjusted return on regulatory capital (%)	–	–	–	–	–	–	24.4	20.1	18.8

Reconciliation of adjusted results (continued)
	Private Banking		Asset Management		International Wealth Management
in	2016	2015	2016	2015	2016	2015
Adjusted results (CHF million)
Net revenues	3,371	3,224	1,327	1,328	4,698	4,552
Real estate gains	(54)	0	0	0	(54)	0
Gains on business sales	0	(11)	0	0	0	(11)
Adjusted net revenues	3,317	3,213	1,327	1,328	4,644	4,541
Provision for credit losses	20	5	0	0	20	5
Total operating expenses	2,510	2,678	1,047	1,146	3,557	3,824
Restructuring expenses	(47)	(32)	(7)	(4)	(54)	(36)
Major litigation provisions	12	(268)	0	0	12	(268)
Adjusted total operating expenses	2,475	2,378	1,040	1,142	3,515	3,520
Income before taxes	841	541	280	182	1,121	723
Total adjustments	(19)	289	7	4	(12)	293
Adjusted income before taxes	822	830	287	186	1,109	1,016
Adjusted return on regulatory capital (%)	–	–	–	–	23.1	21.7

A-7

Asia Pacific
	in / end of			% change		in / end of		% change
	4Q16	3Q16	4Q15	QoQ	YoY	2016	2015	YoY
Results (CHF million)
Net revenues	862	917	826	(6)	4	3,597	3,839	(6)
of which Private Banking	372	346	271	8	37	1,374	1,178	17
of which Investment Banking	490	571	555	(14)	(12)	2,223	2,661	(16)
Provision for credit losses	11	34	3	(68)	267	26	35	(26)
Total operating expenses	748	731	1,440	2	(48)	2,846	3,427	(17)
Income/(loss) before taxes	103	152	(617)	(32)	–	725	377	92
of which Private Banking	96	66	48	45	100	372	344	8
of which Investment Banking	7	86	(665)	(92)	–	353	33	–
Metrics (%)
Return on regulatory capital	7.6	11.3	(49.7)	–	–	13.7	6.7	–
Cost/income ratio	86.8	79.7	174.3	–	–	79.1	89.3	–
Private Banking
Assets under management (CHF billion)	168.3	169.0	150.4	(0.4)	11.9	168.3	150.4	11.9
Net new assets (CHF billion)	0.7	4.6	3.0	–	–	14.6	17.8	–
Gross margin (annualized) (bp)	87	84	72	–	–	86	79	–
Net margin (annualized) (bp)	22	16	13	–	–	23	23	–

Reconciliation of adjusted results
	Private Banking			Investment Banking			Asia Pacific
in	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15	4Q16	3Q16	4Q15
Adjusted results (CHF million)
Net revenues	372	346	271	490	571	555	862	917	826
Provision for credit losses	9	38	(5)	2	(4)	8	11	34	3
Total operating expenses	267	242	228	481	489	1,212	748	731	1,440
Goodwill impairment	–	–	–	0	0	(756)	0	0	(756)
Restructuring expenses	(1)	(3)	(1)	(18)	(20)	(2)	(19)	(23)	(3)
Major litigation provisions	0	0	(6)	0	0	0	0	0	(6)
Adjusted total operating expenses	266	239	221	463	469	454	729	708	675
Income/(loss) before taxes	96	66	48	7	86	(665)	103	152	(617)
Total adjustments	1	3	7	18	20	758	19	23	765
Adjusted income before taxes	97	69	55	25	106	93	122	175	148
Adjusted return on regulatory capital (%)	–	–	–	–	–	–	9.0	12.9	11.7

	Private Banking		Investment Banking		Asia Pacific
in	2016	2015	2016	2015	2016	2015
Adjusted results (CHF million)
Net revenues	1,374	1,178	2,223	2,661	3,597	3,839
Provision for credit losses	32	18	(6)	17	26	35
Total operating expenses	970	816	1,876	2,611	2,846	3,427
Goodwill impairment	–	–	0	(756)	0	(756)
Restructuring expenses	(4)	(1)	(49)	(2)	(53)	(3)
Major litigation provisions	0	(6)	0	0	0	(6)
Adjusted total operating expenses	966	809	1,827	1,853	2,793	2,662
Income before taxes	372	344	353	33	725	377
Total adjustments	4	7	49	758	53	765
Adjusted income before taxes	376	351	402	791	778	1,142
Adjusted return on regulatory capital (%)	–	–	–	–	14.8	20.4

A-8

Global Markets

in / end of

% change

in / end of

% change

4Q16

3Q16

4Q15

QoQ

YoY

2016

2015

YoY

Results (CHF million)

Net revenues

1,265

1,357

1,170

(7)

5,497

6,826

(19)

Provision for credit losses

(4)

(5)

(4)

(20)

(3)

–

Total operating expenses

1,264

1,275

4,486

(1)

(72)

5,452

8,747

(38)

Income/(loss) before taxes

(3,312)

(94)

–

(1,931)

–

Metrics (%)

Return on regulatory capital

0.3

2.5

(90.3)

–

0.4

(11.2)

–

Cost/income ratio

99.9

94.0

383.4

–

99.2

128.1

–

Reconciliation of adjusted results
	Global Markets
in	4Q16	3Q16	4Q15	2016	2015
Adjusted results (CHF million)
Net revenues	1,265	1,357	1,170	5,497	6,826
Provision for credit losses	(4)	(5)	(4)	(3)	10
Total operating expenses	1,264	1,275	4,486	5,452	8,747
Goodwill impairment	0	0	(2,661)	0	(2,661)
Restructuring expenses	(15)	(52)	(96)	(217)	(96)
Major litigation provisions	0	(7)	(50)	(7)	(231)
Adjusted total operating expenses	1,249	1,216	1,679	5,228	5,759
Income/(loss) before taxes	5	87	(3,312)	48	(1,931)
Total adjustments	15	59	2,807	224	2,988
Adjusted income/(loss) before taxes	20	146	(505)	272	1,057
Adjusted return on regulatory capital (%)	0.7	4.1	(13.7)	2.0	6.7

A-9

Investment Banking & Capital Markets

in / end of

% change

in / end of

% change

4Q16

3Q16

4Q15

QoQ

YoY

2016

2015

YoY

Results (CHF million)

Net revenues

574

467

420

1,972

1,787

Provision for credit losses

(9)

100

–

Total operating expenses

425

437

897

(3)

(53)

1,691

2,101

(20)

Income/(loss) before taxes

149

(477)

282

–

261

(314)

–

Metrics (%)

Return on regulatory capital

22.9

6.1

(85.4)

–

10.7

(15.4)

–

Cost/income ratio

74.0

93.6

213.6

–

85.8

117.6

–

Reconciliation of adjusted results
	Investment Banking & Capital Markets
in	4Q16	3Q16	4Q15	2016	2015
Adjusted results (CHF million)
Net revenues	574	467	420	1,972	1,787
Provision for credit losses	0	(9)	0	20	0
Total operating expenses	425	437	897	1,691	2,101
Goodwill impairment	0	0	(380)	0	(380)
Restructuring expenses	6	(15)	(22)	(28)	(22)
Adjusted total operating expenses	431	422	495	1,663	1,699
Income/(loss) before taxes	149	39	(477)	261	(314)
Total adjustments	(6)	15	402	28	402
Adjusted income/(loss) before taxes	143	54	(75)	289	88
Adjusted return on regulatory capital (%)	22.0	8.6	(13.8)	11.9	4.6

Global advisory and underwriting revenues
	in			% change
	4Q16	3Q16	4Q15	QoQ	YoY
Global advisory and underwriting revenues (USD million)
Global advisory and underwriting revenues	1,042	945	790	10	32
of which advisory and other fees	310	209	299	48	4
of which debt underwriting	498	552	274	(10)	82
of which equity underwriting	234	184	217	27	8

A-10

Cautionary statement regarding forward-looking information

This media release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:

– our plans, objectives or goals;

– our future economic performance or prospects;

– the potential effect on our future performance of certain contingencies; and

– assumptions underlying any such statements.

Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:

– the ability to maintain sufficient liquidity and access capital markets;

– market volatility and interest rate fluctuations and development s affecting interest rate levels;

– the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the US or other developed countries in 2016 and beyond;

– the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;

– adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;

– the ability to achieve our strategic objectives, including improved performance, reduced risks, lower costs and more efficient use of capital;

– the ability of counterparties to meet their obligations to us;

– the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies, as well as currency fluctuations;

– political and social developments, including war, civil unrest or terrorist activity;

– the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;

– operational factors such as systems failure, human error, or the failure to implement procedures properly;

– actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and

– policies in countries in which we conduct our operations;

– the effects of changes in laws, regulations or accounting policies or practices in countries in which we conduct our operations;

– competition or changes in our competitive position in geographic and business areas in which we conduct our operations;

– the ability to retain and recruit qualified personnel;

– the ability to maintain our reputation and promote our brand;

– the ability to increase our market share and control expenses;

– technological changes;

– the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;

– acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;

– the adverse resolution of litigation, regulatory proceedings and other contingencies;

– the ability to achieve our cost efficiency, net new asset, pre-tax income/(loss), capital ratios and return on regulatory capital, leverage exposure threshold, RWA threshold, and other targets and ambitions; and

– other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in I – Information on the company in our Annual Report 2015.

A-11

Fourth Quarter and Full Year 2016 Results Presentation to Investors and Analysts February 14, 2017

Disclaimer (1/2) The data presented in this presentation relating to the Swiss Universal Bank refers to the division of Credit Suisse Group as the same is currently managed within Credit Suisse Group. The scope, revenues and expenses of the Swiss Universal Bank vary from the planned scope of Credit Suisse (Schweiz) AG and its subsidiaries, for which a partial initial public offering (IPO) is planned, 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.It is therefore not possible to make a like-for-like comparison of the Swiss Universal Bank as a division of Credit Suisse Group on the one hand and Credit Suisse (Schweiz) AG as a potential IPO vehicle on the other hand.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 other 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 and in “Cautionary statement regarding forward-looking information" in our fourth quarter earnings release 2016 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. In particular, the terms “Illustrative”, “Ambition”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such illustrations, ambitions and goals are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. Accordingly, this information should not be relied on for any purpose. We do not intend to update these illustrations, ambitions or goals.We may not achieve the benefits of our strategic initiativesWe 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.Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Figures throughout presentation may also be subject to rounding adjustments. In particular, pro forma figures from Wealth Management and connected activities within APAC are based on preliminary estimates.Cautionary Statements Relating to Interim Financial InformationThis presentation contains certain unaudited interim financial information for the year-to-date 2017, the date of our last published quarterly financial statements. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the first quarter of 2017 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the first quarter of 2017. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the first quarter of 2017 will be included in our 1Q17 Financial Report. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of 1Q17 or the full first quarter of 2017.

Disclaimer (2/2) Statement regarding non-GAAP financial measuresThis 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 in the Appendix, which is available on our website at credit-suisse.com.Statement regarding capital, liquidity and leverageAs of January 1, 2013, Basel III was implemented in Switzerland along with the Swiss “Too Big to Fail” legislation and regulations thereunder (in each case, subject to certain phase-in periods). 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 of 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 III 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.Selling restrictionsThis document, and the information contained herein, is not an offer to sell or a solicitation of offers to purchase or subscribe for securities of Credit Suisse Group AG or Credit Suisse (Schweiz) AG in Switzerland, the United States or any other jurisdiction. This document is not a prospectus within the meaning of article 652a of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of the SIX Swiss Exchange AG or any other exchange or regulated trading facility in Switzerland or a prospectus or offering document under any other applicable laws. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which such documents are barred or prohibited by law. A decision to invest in securities of Credit Suisse Group AG or Credit Suisse (Schweiz) AG should be based exclusively on a written agreement with Credit Suisse Group AG or an offering and listing prospectus to be published by Credit Suisse Group AG or Credit Suisse (Schweiz) AG for such purpose. Any offer and sale of securities of Credit Suisse (Schweiz) AG will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered in the United States of America absent such registration or an exemption from registration. There will be no public offering of such securities in the United States of America.

4Q16 and Full Year 2016Earnings ReviewTidjane Thiam, Chief Executive OfficerDavid Mathers, Chief Financial Officer

Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 The look-through CET1 ratio, without taking into account the impact of the final DOJ settlement relating to our legacy RMBS business, excludes a provision in 4Q16 of approximately USD 2 bn and an increase in operational risk RWA of approximately CHF 0.7 bn2 The look-through CET1 leverage ratio, without taking into account the impact of the final DOJ settlement relating to our legacy RMBS business, excludes a provision in 4Q16 of approximately USD 2 bn Overview of Credit Suisse 2016 results Pre-tax income(CHF mn unless otherwise specified) Reported Adjusted 2016 2015 2016 2015 SUB 2,025 1,675 1,738 1,624 IWM 1,121 723 1,109 1,016 APAC 725 377 778 1,142 IBCM in USD mn 268 (313) 297 93 Global Markets in USD mn 57 (1,891) 284 1,136 Total CS Core 3,493 230 3,558 4,329 SRU in USD mn (5,460) (2,711) (2,982) (2,258) CS Group (1,966) (2,422) 615 2,123 RWA in CHF bn 268 290 2016 pre-DOJ RMBS settlement: “Look-through” CET1 ratio 11.6% 11.4% 12.5%1 Leverage exposure in CHF bn 951 988 “Look-through” CET1 leverage ratio 3.3% 3.3% 3.5%2

We are well positioned to capture growth and benefit from improved market conditions Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Measured at constant FX rates (see Appendix) 2 Relating to Wealth Management in SUB, IWM and APAC 3 Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements 4 Dealogic as of December 31, 2016 5 Annualized numbers do not take account of variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results 6 Estimated 4Q16 annualized exit rate shown at Investor Day 2016 7 The look-through CET1 ratio, without taking into account the impact of the final DOJ settlement relating to our legacy RMBS business, excludes a provision in 4Q16 of approximately USD 2 bn and an increase in operational risk RWA of approximately CHF 0.7 bn Growing profitablyWealth Management achieved CHF 28.5 bn of NNA in 2016, a 58%2 increase year-on-year; Assets under Management increased by 8% to CHF 734 bn2 in 2016 at higher gross and net marginsGlobal advisory and underwriting3 delivered increased revenues and outperformance against the market4Benefits from Global Markets restructuring starting to emerge: 4Q16 annualized5 adjusted cost base below USD 5.2 bn6 and increasing momentum across Credit and Equities 2 Strengthening our capital position“Look-through” CET1 ratio at 11.6% (12.5%7 pre-DOJ RMBS settlement) 4 Executing with disciplineSignificant increase in operating leverage: adjusted net cost savings of CHF 1.9 bn1 achieved in 2016, exceeding our target of > CHF 1.4 bn1 1 Resolving key legacy issuesSettlement with DOJ related to RMBS matterContinued progress in reducing legacy portfolio in the SRU 3

Adjustedtotal operating expenses at constant FX rates*in CHF bn Achieved net cost savings of CHF 1.9 bn in 2016, exceedingour 2016 target of > CHF 1.4 bn Note: Cost reduction program measured in constant FX rates and based on expense run rate excluding major litigation expenses, restructuring costs and a goodwill impairment taken in 4Q15, but including other costs to achieve savings. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * See Appendix 1.9 Execution Profitable growth Legacy Detailed Financials Capital

Large diversified platform generating strong asset inflowsin 2016… NNA in Wealth Management1in CHF bn 2015 2016 +58% 1 Relating to Wealth Management in SUB, IWM and APAC Execution Profitable growth Legacy Detailed Financials Capital

…with higher gross and net margins Adjusted gross margin1,2 in bps Adjusted net margin1,2 in bps Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Relating to Wealth Management in SUB, IWM and APAC2 Adjusted to exclude Swisscard net revenues of CHF 148 mn and operating expenses of CHF 123 mn for 2015 in SUB Wealth Management Execution Profitable growth Legacy Detailed Financials Capital

4Q16 NNA affected by seasonality, regularization andproactive EAM exits. In Q1 to date, all divisions positive 1 Relating to Wealth Management in SUB, IWM and APAC2 Includes IWM International Private Clients business Wealth Management NNA in 4Q161in CHF bn -3.5 2 4Q15 -2.9 -1.9 Seasonal effects Proactive management action (incl. regularization and selected EAM exits) -1.5 -1.4 Execution Profitable growth Legacy Detailed Financials Capital IWM

In 2016, strong inflows across Emerging and Mature Markets 1 Relating to Wealth Management in IWM (excluding Latin America) and APAC2 Includes IWM International Private Clients business Wealth Management NNA in 20161in CHF bn 2 NNA growth rate 10% 13% 4% Execution Profitable growth Legacy Detailed Financials Capital

Continued growth in assets under management during 2016 AuM in Wealth Management1in CHF bn 1 Relating to Wealth Management in SUB, IWM and APAC + CHF 53 bn Execution Profitable growth Legacy Detailed Financials Capital

Strong performance across our APAC wealth managementactivities Adjusted pre-tax income(management estimate)2in CHF mn Adjusted return on regulatory capital† (management estimate)2 16% 23% APAC Wealth Management and connected activities1 Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix† See Appendix1 Includes contributions from APAC Wealth Management, APAC Underwriting and Advisory as well as Financing for activities with our UHNWI, Entrepreneurs and Corporate clients2 Pro forma Wealth Management and connected activities within APAC based on preliminary estimates +65% Execution Profitable growth Legacy Detailed Financials Capital

Strong asset inflows and increase in profitability in IWM Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix† See Appendix Adjusted return on regulatorycapital† 23% IWM Wealth Management NNA in CHF bn IWM Adjusted pre-tax income in CHF bn Adjusted gross marginin bps 107 110 22% 2015 2016 Execution Profitable growth Legacy Detailed Financials Capital

SUB delivered year-on-year profit growth for the fourthconsecutive quarter… Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results and a reconciliation of adjustments applied for Swisscard are included in the Appendix. Financial and other information is for Swiss Universal Bank division. Scope of Credit Suisse (Schweiz) AG differs from Swiss Universal Bank division1 Excludes Swisscard impact Adjusted pre-tax income1in CHF mn +10% +6% +8% +13% Execution Profitable growth Legacy Detailed Financials Capital

…with PTI up 15% compared to 2014 Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results and a reconciliation of adjustments applied for Swisscard are included in the Appendix. Financial and other information is for Swiss Universal Bank division. Scope of Credit Suisse (Schweiz) AG differs from Swiss Universal Bank division1 Excludes Swisscard impact Adjusted pre-tax income1in CHF bn Execution Profitable growth Legacy Detailed Financials Capital +15%

Global advisory and underwriting delivering increased revenues and outperformance against the market Global advisory and underwriting revenues1in USD bn Advisory Equity underwriting Debt underwriting 1 Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements2 Dealogic as of December 31, 2016, relating to 2016 vs. 2015 revenue development +9% Performance vs. market2 Execution Profitable growth Legacy Detailed Financials Capital

Benefits from Global Markets restructuring starting to emerge– lower operating expenses and capital consumption… -13% Adjusted operating expenses in USD bn Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Based on 4Q16 annualized adjusted cost base, which was below our previous estimate of CHF 5.2 bn presented at the Investor Day on December 7, 2016 1 RWA in USD bn -20% Execution Profitable growth Legacy Detailed Financials Capital

…combined with a strong rebound in Credit revenues anda resilient Equities performance Credit products net revenues in USD mn Equities excl. SMG1 net revenues in USD mn +34% +66% 1 SMG = Strategic Market-Making Group Execution Profitable growth Legacy Detailed Financials Capital

SRU RWAin USD bn Continued progress in reducing legacy portfolio -39% SRU leverage exposurein USD bn 170 103 SRU adjusted operating expenses in USD bn 2.7 1.6 Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Based on annualized 2019 quarterly average adjusted operating expense ambition, as presented at the Investor Day on December 7, 2016 40 0.41 Execution Profitable growth Legacy Detailed Financials Capital

Strengthening our capital position – “look-through” CET1 ratioat 11.6% (12.5%1 pre-DOJ RMBS settlement) Basel III “look-through” CET1 capital ratio Impact of DOJ RMBS settlement1 Post-DOJRMBS settlement 12.5% Pre-DOJRMBS settlement1 1 The look-through CET1 ratio, without taking into account the impact of the final DOJ settlement relating to our legacy RMBS business, excludes a provision in 4Q16 of approximately USD 2 bn and an increase in operational risk RWA of approximately CHF 0.7 bn Execution Profitable growth Legacy Detailed Financials Capital

Current trading and outlook Continued momentum in January across Wealth Management and Investment Banking We have seen positive inflows across each of our Wealth Management1 businesses in JanuarySignificant rebound in client activity levels across capital markets and trading, with Credit and Securitized Productsrevenues up over 100% year-on-year2, somewhat offset by lower trading volumes and volatility levels in EquitiesIBCM revenues up 90% year-on-year2 with broad based strength in Advisory, ECM and DCMWell positioned to capture profitable growth opportunities and benefit from improved market conditions 1 Relating to Wealth Management in SUB, IWM and APAC2 Month of January 2017 vs. 2016 Execution Profitable growth Legacy Detailed Financials Capital

Detailed Financials

Adjusted Results overview Credit Suisse Group results 4Q16 3Q16 4Q15 2016 2015 Net revenues 5,181 5,396 4,210 20,323 23,797 Provision for credit losses 75 55 133 252 324 Total operating expenses 7,009 5,119 10,518 22,037 25,895Pre-tax income/(loss) (1,903) 222 (6,441) (1,966) (2,422) Fair value (gains)/losses on own debt - - 697 - (298) Real estate gains (78) (346) (72) (424) (95) (Gains)/losses on business sales 2 - (34) 58 (34) Goodwill impairment - - (3,797) - (3,797) Restructuring expenses (49) (145) (355) (540) (355) Major litigation expenses (2,101) (306) (564) (2,407) (820) Net revenues 5,105 5,050 4,801 19,957 23,370 Provision for credit losses 75 55 133 252 324 Total operating expenses 4,859 4,668 5,802 19,090 20,923 Pre-tax income 171 327 (1,134) 615 2,123Net income/(loss) attributable to shareholders (2,347) 41 (5,828) (2,438) (2,944)Diluted Earnings/(loss) per share in CHF (1.12) 0.02 (3.28) (1.19) (1.73)Return on Tangible Equity1 n/m 0.4% n/m n/m n/m 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 Appendix1 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 Execution Profitable growth Legacy Detailed Financials Capital

1 Business impact includes business moves and internally driven methodology and policy impact; methodology & policy reflects external methodology changes only2 Net of FX and major external methodology changes 3 Includes FX impact of CHF 8 bn and the impact of CHF (13) bn from the change in accounting treatment of collateralized loan obligations (CLOs) in 1Q164 IWM excludes the impact of CHF (13) bn from the change in accounting treatment of collateralized loan obligations (CLOs) in 1Q16 Basel III RWA in CHF bn 290 268 4Q16 vs. 4Q15 Basel III RWA business impact2 in CHF bn (33) 7 (28) +9 Leverage exposure in CHF bn 4Q15 4Q16 FX impact& Other3 Business impact (32) (5) 4Q16 capital ratios impacted by DOJ settlement;continued reallocation of resources to growth areas APAC +5 IWM +2 SUB +1 4Q16 vs. 4Q15 Leverage exposure business impact2 in CHF bn SUB +12 APAC +9 IBCM +5 (63) (5) +6 +30 11.6% 11.4% CET1 ratio 3.3% 3.3% CET1 leverage ratio 4.4% 4.5% Tier1 leverage ratio 4 Business impact1 FX impact Methodology & policy1 (12) (2) IWM4 +4 4 IBCM +1 Execution Profitable growth Legacy Detailed Financials Capital

End-2016 CET1 ratio at 11.6% and within target rangedespite negative impact from the DOJ settlement 4Q15 to 4Q16 CET1 ratio development 12% 11% CET1 ratio targetthrough end-20161 2 1 Pre-significant litigation2 The look-through CET1 ratio, without taking into account the impact of the final DOJ settlement relating to our legacy RMBS business, excludes a provision in 4Q16 of approximately USD 2 bn and an increase in operational risk RWA of approximately CHF 0.7 bn Execution Profitable growth Legacy Detailed Financials Capital

Net cost savings of CHF 1.9 bn achieved in 2016,exceeding target for the year by CHF 0.5 bn Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * See AppendixHeadcount includes permanent full-time equivalent employees, contractors, consultants and other contingent workers Adjusted operating expenses at constant FX rates* in CHF bn Achieved full year net savings of CHF 1.9 bn, exceeding target by CHF 0.5 bn, including net headcount reductions of more than 7,250By end-2017 we target to be below CHF 18.5 bn, including an incremental headcount reduction of more than 5,500 for the yearCommitted to delivering on our end-2018 target with cost base of below CHF 17.0 bn Key messages 21.24 <19.8 19.38 <17.0 (1.86) <18.5 Execution Profitable growth Legacy Detailed Financials Capital

Swiss Universal Bank Strong full year performance with the fourth consecutive quarter of YoY PTI growth Key messages PB Key metrics in CHF bn Adjusted key financials in CHF mn 4Q16 3Q16 4Q15 2016 2015 Adj. net margin2 in bps 28 35 231 36 321 Net new assets (3.5) 0.2 (2.9) (1.7) 3.2 Mandates penetration 30% 29% 26% 30% 26% Net loans 166 167 163 166 163 Net new assets C&IB 2.5 (1.2) 4.2 4.3 10.6 Risk-weighted assets 66 66 60 66 60 Leverage exposure 253 246 238 253 238 4Q16 3Q16 4Q15 2016 2015 Net revenues 1,379 1,321 1,4001 5,393 5,6031 o/w Private Banking 838 814 8811 3,338 3,5911 o/w Corp. & Inst. Banking 541 507 5191 2,055 2,0121 Provision for credit losses 34 30 43 79 138 Total operating expenses 967 860 1,021 3,576 3,841 Pre-tax income 378 431 3361 1,738 1,6241 Pre-tax income ex Swisscard 378 431 3361 1,738 1,5991 o/w Private Banking 171 214 1411 879 8031 o/w Corp. & Inst. Banking 207 217 1951 859 7961 Cost/income ratio 70% 65% 73% 66% 69% Return on regulatory capital† 12% 14% 11% 14% 13% Note: Financial and other information is for Swiss Universal Bank division. Scope of Credit Suisse (Schweiz) AG differs from Swiss Universal Bank division. All financial numbers presented and discussed are adjusted, unless otherwise stated. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Includes an extraordinary dividend from SIX Group of CHF 24 mn in PB and CHF 4 mn in C&IB in 4Q15 2 Adjusted to exclude Swisscard net revenues and operating expenses for 2015 in SUB PB † See Appendix Pre-tax income up 13% compared to 4Q15; full year 2016 result2 improved 9% YoY with continued focus on cost disciplineImproved revenues from 3Q16; slightly down from 4Q15 which included an extraordinary dividend from our ownership in SIX GroupOperating expenses down 5% from 4Q15Credit provisions at low levels, reflecting the quality of our loan portfolioWealth Management Credit Suisse Invest continued driving mandates penetration of 30%, up 4 pp. vs. 4Q15Continued selected exits in the External Asset Manager (EAM) business and regularization outflows impacted 4Q16 NNA by CHF (1.9) bn, totaling CHF (3.8) bn for full year 2016 AuM of CHF 243 bn (up CHF 2 bn / 1% vs. full year 2015)Corporate & Institutional BankingContinued strong result with improved revenue performance QoQ / YoY; good IB momentum in Switzerland reflected in a strong increase in revenues in 4Q16Total AuM of CHF 289 bn (up CHF 13 bn / 5% vs. full year 2015) Execution Profitable growth Legacy Detailed Financials Capital

International Wealth Management9% PTI growth in 2016 with higher revenues and record PB NNA Note: All financial numbers presented and discussed are adjusted, unless otherwise stated. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix † See Appendix 1 Includes an extraordinary dividend from SIX Group of CHF 23 mn in 4Q15 Adjusted key financials in CHF mn 4Q16 3Q16 4Q15 2016 2015 Net revenues 1,245 1,081 1,1621 4,644 4,5411 o/w Private Banking 864 789 7971 3,317 3,2131 o/w Asset Management 381 292 365 1,327 1,328 Provision for credit losses 6 - (7) 20 5 Total operating expenses 939 840 940 3,515 3,520 Pre-tax income 300 241 2291 1,109 1,0161 o/w Private Banking 192 190 1901 822 8301 o/w Asset Management 108 51 39 287 186 Cost/income ratio 75% 78% 81% 76% 78% Return on regulatory capital† 24% 20% 19% 23% 22% PB 4Q16 3Q16 4Q15 2016 2015 Adj. net margin in bps 24 25 261 27 281 Net new assets 0.4 4.4 (4.2) 15.6 (3.0) Number of RM 1,140 1,160 1,180 1,140 1,180 Net loans 45 43 40 45 40 Net new assets AM (4.4) 5.0 3.6 5.6 26.5 Risk-weighted assets 35 33 33 35 33 Leverage exposure 94 89 102 94 102 Key messages Strong finish to the year with an increase across major revenue components in 4Q16 vs. 3Q16Improved return on regulatory capital and cost/income ratio despite further investments in growth and in compliance & risk functionsWealth ManagementAuM increased 12% during 2016 with NNA of CHF 15.6 bn from emerging markets and Europe; NNA growth rate at 5%, or 7% before regularization outflows of CHF 5.7 bnImproved gross margin by 3 bps to 110 bps in 2016Revenue increase in 2016; higher net interest income and improved client activity in 4Q16; recurring revenues stabilizedStable PTI with investments offsetting higher revenues; PTI up 15% vs. 4Q15 if excluding an extraordinary SIX dividend in 4Q15Asset ManagementPre-tax income up 54% vs. 2015Management fees increased by 2%; solid cost control with total expenses down 9% in 2016NNA of CHF 5.6 bn in 2016; negative NNA in 4Q16, mainly reflecting CHF 3.5 bn emerging market money market outflows Key metrics in CHF bn Execution Profitable growth Legacy Detailed Financials Capital

PB Adjusted key financials in CHF mn Asia PacificContinued growth and record full year results in Wealth Management 4Q16 3Q16 4Q15 2016 2015 Net revenues 862 917 826 3,597 3,839 Provision for credit losses 11 34 3 26 35 Total operating expenses 729 708 675 2,793 2,662 Pre-tax income 122 175 148 778 1,142 Cost/income ratio 85% 77% 82% 78% 69% Return on regulatory capital† 9% 13% 12% 15% 20% 4Q16 3Q16 4Q15 2016 2015 Adj. net margin in bps 23 17 15 24 23 Net new assets 0.7 4.6 3.0 14.6 17.8 Number of RM 640 650 580 640 580 Net loans 40 39 36 40 36 Risk-weighted assets 35 32 27 35 27 Leverage exposure 109 108 99 109 99 Note: All financial numbers presented and discussed are adjusted, unless otherwise stated. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix † See Appendix1 Includes contributions from APAC Wealth Management, APAC Underwriting and Advisory as well as Financing for activities with our UHNWI, Entrepreneurs and Corporate clients. Pro forma Wealth Management and connected activities within APAC are based on preliminary estimates 2 Source: Dealogic 3 SMG = Strategic Market-Making Group Key messages Record net revenues and pre-tax income in Wealth Management for the full year and 4Q16, with a revenue increase of 37% vs. 4Q15Continued positive NNA of CHF 0.7 bn in 4Q16 and CHF 14.6 bn in 2016, despite regularization outflows of CHF 1.4 bn in 4Q16 and CHF 2.5 bn in 2016Wealth Management gross margin up 15 bps vs. 4Q15 including higher margins on growing loan and deposit volumes and increased client activity; net margin up 8 bps vs. 4Q15Improved performance in Underwriting & Advisory vs. 4Q15 from increased client activity – #1 Rank2 in APAC ex-Japan amongst international banks for 2016Fixed income sales and trading revenues were lower in 4Q16 vs. 4Q15, reflecting reduction in client activity, especially in Rates, partially offset by positive net fair value impact on a portfolio of impaired loans and higher FX activityEquities revenues (excluding SMG3) up slightly vs. 4Q15, mainly reflecting trading gains and positive net fair value impact on a portfolio of impaired loans, partially offset by decrease in Prime Services. Full year 2016 results were adversely impacted from decreased client activity in Greater China Key metrics in CHF bn 4Q16 3Q16 4Q15 2016 2015 Pre-tax income 167 99 61 513 311 Pro-forma Wealth Management & connected activities1 in CHF mn Execution Profitable growth Legacy Detailed Financials Capital

Key messages Investment Banking & Capital MarketsIncreased PTI reflects improved share of wallet and strong performance in debt underwriting Note: All financial numbers presented and discussed are adjusted, unless otherwise stated. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. All share of wallet and rank data is based on IBCM addressable market; includes Americas and EMEA only; excludes self-advised deals and non-core DCM products (investment grade loans, asset-backed and mortgage-backed securities, and government debt) 1 Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements 2 Source: Dealogic † See Appendix 4Q16Strong PTI driven by 4Q16 net revenues of USD 569 mn up 36% YoY, outperforming the StreetOperating expenses down 14% YoY on lower variable compensation and general and administrative expensesReturn on regulatory capital of 22%, with Americas return on regulatory capital of 28%RWA of USD 18 bn up 8% YoY due to an increase in IBCM’s share of the Corporate Bank, partially offset by reduced commitments related to debt underwriting activityGlobal advisory and underwriting revenues1 up 32% YoY, outperforming the industry-wide fee pool which is up 1%20162016 net revenues were up 8% YoY on strong advisory and debt underwriting revenues, outperforming the Street2Operating expenses down 5%, reflecting cost discipline and self-funded growth investmentResults reflect continued execution of our strategy, evidenced by improved share of wallet2 across all key products for full year 2016Increased covered share of wallet2 across all client segments 4Q16 3Q16 4Q15 2016 2015 Risk-weighted assets 18 19 16 18 16 Leverage exposure 45 46 41 45 41 Adjusted key financials in USD mn 4Q16 3Q16 4Q15 2016 2015 Net revenues 569 479 418 2,001 1,857 Provision for credit losses (1) (9) - 20 - Total operating expenses 428 433 496 1,684 1,764 Pre-tax income 142 55 (78) 297 93 Cost/income ratio 75% 91% 119% 84% 95% Return on regulatory capital† 22% 9% n/m 12% 5% Key metrics in USD bn 4Q16 3Q16 4Q15 2016 2015 Global advisory and underwriting revenues1 1,042 945 790 3,771 3,460 Global Advisory and Underwriting revenues1 in USD mn Execution Profitable growth Legacy Detailed Financials Capital

Key messages Global MarketsGlobal Markets delivers profitability in a restructuring year 4Q16 3Q16 4Q15 2016 2015 Equities 441 330 531 1,861 2,388 o/w SMG 20 15 84 183 423 Credit 608 740 366 2,501 3,131 Solutions 259 359 316 1,384 1,759 Other (52) (33) (45) (171) (154) Net revenues 1,256 1,396 1,168 5,575 7,124 Provision for credit losses (3) (6) (4) (4) 11 Total operating expenses 1,236 1,251 1,679 5,295 5,977 Pre-tax income 23 151 (507) 284 1,136 Cost/income ratio 98% 90% 144% 95% 84% Return on regulatory capital† 1% 4% n/m 2% 7% Substantial rebound in profitability vs. 4Q15 driven by an 8% increase in revenues on a 20% reduction in RWA and 26% reduction in costs, highlighting strength of resized franchiseStrong results and leading market positions in credit products, securitized products and emerging markets vs. 4Q15 with outperformance in the AmericasHigher equities revenues in a seasonally slower quarter, up 34% vs. 3Q16, reflecting an increase in trading volumesYoY revenue decline in equity derivatives on lower volatility, albeit significant sequential improvement as client activity increased; further collaboration with IWM clients core management focus for 2017Operating expenses declined 26% vs. 4Q15 reflecting lower compensation and benefits and other expenses 4Q16 annualized1 cost base exit rate below USD 5.2 bn2;on track to achieve 2018 ambition of < USD 4.8 bn in costsExpenses declined USD 682 mn vs. 2015 driven by substantial progress on accelerated cost initiatives Increased capital efficiency and reduced risk profile; operating below year-end 2016 RWA ceiling of USD 60 bn and leverage exposure ceiling of USD 290 bn 4Q16 3Q16 4Q15 2016 2015 Risk-weighted assets 51 53 64 51 64 Leverage exposure 278 296 280 278 280 Key metrics in USD bn Note: All financial numbers presented and discussed are adjusted, unless otherwise stated. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Annualized numbers do not take account of variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results 2 Estimated 4Q16 annualized exit rate shown at Investor Day 2016 Execution Profitable growth Legacy Detailed Financials Capital Adjusted key financials in USD mn

Adjusted Key messages Strategic Resolution UnitContinued execution of our strategy – 4Q16 adjusted expenses down 58% YoY;leverage exposure and RWA down 39% Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix Key financials in USD mn 4Q16 3Q16 4Q15 2016 2015 Net revenues (201) (170) (125) (1,283) 557 Provision for credit losses 28 6 99 115 138 Total operating expenses 287 351 688 1,584 2,677 Pre-tax loss (516) (527) (912) (2,982) (2,258) Real estate gains (4) - - (4) - Loss on business sales 1 - - 6 - Restructuring expenses 1 23 158 123 158 Major litigation expenses 2,029 324 258 2,353 295 Pre-tax loss reported (2,543) (874) (1,328) (5,460) (2,711) 4Q16 3Q16 4Q15 2016 2015 Risk-weighted assets 44 55 73 44 73 RWA excl. operational risk 25 35 54 25 54 Leverage exposure 103 119 170 103 170 Key metrics in USD bn Continued progress in reducing RWA and leverage exposure in 4Q16 by USD 11 bn and USD 16 bn, respectively. RWA for derivatives, loans and financing portfolios down 38% vs. 3Q16:Broad range of transactions executed in the quarter, including the sale of loan portfolios, and a large number of unwinds and compressions across macro and credit derivative productsReductions include the sale of a loan portfolio in connection with which GM entered into a co-investment agreement; and the transfer of certain derivative positions from SRU to GM which received regulatory approval to apply updated capital models. Combined impact on RWA and Leverage for GM of USD 3 bn and USD 8 bn, respectivelyAdjusted pre-tax income improved by USD 11 mn vs. 3Q16:Reduction to adjusted operating expenses vs. prior quarter, partially offset by lower fee based revenues from legacy investment banking businesses due to accelerated unwinds; exit cost at ~0.5% of RWA; revised lifetime guidance to < 3%On a year-on-year basis, RWA and leverage exposure reduced by USD 29 bn (39%) and USD 67 bn (39%), respectively. Bilateral derivatives trade count of 142k, down 191k vs. 4Q15, or 57%Full year 2016 adjusted operating expenses lower by USD 1.1 bn, or 41%, driven by the exit from US Private Banking onshore business and reduced footprint in legacy Investment Banking businesses4Q16 includes a USD 2 bn expense provision in connection with the settlement with the US Department of Justice related to our legacy residential mortgage-backed securities business Execution Profitable growth Legacy Detailed Financials Capital

Summary Executing with disciplineGrowing profitablyResolving key legacy issuesStrengthening our capital position 1 3 2 4

Appendix

Wealth Management businessesNet and gross margins Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation. For details on calculations see at the end of this presentation under ‘Notes’1 Adjusted to exclude Swisscard net revenues and operating expenses for 1Q and 2Q in 2015 in SUB PB SUB PB Adj. net margin1 in bps Adj. gross margin1 in bps IWM PB Adj. net margin in bps Adj. gross margin in bps APAC PB Adj. net margin in bps 151 160 150 4Q15 2016 4Q16 Adj. gross margin in bps Average AuM in CHF bn 55 376 351 Adj. pre-tax income1 in CHF mn 271 1,374 1,178 Adj. net revenues1 in CHF mn 3Q16 2015 4Q15 2016 4Q16 3Q16 2015 4Q15 2016 4Q16 3Q16 2015 4Q15 2016 4Q16 3Q16 2015 4Q15 2016 4Q16 3Q16 2015 4Q15 2016 4Q16 3Q16 2015 165 69 346 172 97 372 295 300 301 190 822 830 797 3,317 3,213 304 190 789 316 192 864 243 241 249 141 879 803 881 3,338 3,443 243 214 814 243 171 838

Swiss Universal BankPrivate Banking and Corporate & Institutional Banking Note: Financial and other information is for Swiss Universal Bank division. Scope of Credit Suisse (Schweiz) AG differs from Swiss Universal Bank division. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation1 Adjusted to exclude Swisscard net revenues and operating expenses in 2015 in SUB PB 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 4Q16 3Q16 4Q15 2016 2015 Net interest income 291 278 288 1,083 987 Recurring commissions & fees 125 118 116 475 467 Transaction-based 139 124 128 548 593 Other revenues (14) (13) (13) (51) (35) Net revenues 541 507 519 2,055 2,012 Provision for credit losses 24 17 29 40 89 Total operating expenses 310 273 295 1,156 1,127 Pre-tax income 207 217 195 859 796 Cost/income ratio 57% 54% 57% 56% 56% 4Q16 3Q16 4Q15 2016 2015 Adj. net margin1 in bps 28 35 23 36 32 Net new assets (3.5) 0.2 (2.9) (1.7) 3.2 Assets under management 243 245 241 243 241 Mandates penetration 30% 29% 26% 30% 26% Number of RM 1,490 1,500 1,570 1,490 1,570 4Q16 3Q16 4Q15 2016 2015 Net new assets 2.5 (1.2) 4.2 4.3 10.6 Assets under management 289 285 276 289 276 Number of RM 480 480 490 480 490 4Q16 3Q16 4Q15 2016 2015 Net interest income 454 446 465 1,801 1,770 Recurring commissions & fees 253 243 257 971 1,102 Transaction-based 131 125 159 564 720 Other revenues - - - 2 (1) Net revenues 838 814 881 3,338 3,591 Provision for credit losses 10 13 14 39 49 Total operating expenses 657 587 726 2,420 2,714 Pre-tax income 171 214 141 879 828 Pre-tax income ex Swisscard 171 214 141 879 803 Cost/income ratio 78% 72% 82% 72% 76%

International Wealth ManagementPrivate Banking and Asset Management Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation 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 4Q16 3Q16 4Q15 2016 2015 Net interest income 353 326 275 1,308 1,006 Recurring commissions & fees 277 267 283 1,093 1,161 Transaction- and perf.-based 235 197 240 922 1,049 Other revenues (1) (1) (1) (6) (3) Net revenues 864 789 797 3,317 3,213 Provision for credit losses 6 - (7) 20 5 Total operating expenses 666 599 614 2,475 2,378 Pre-tax income 192 190 190 822 830 Cost/income ratio 77% 76% 77% 75% 74% 4Q16 3Q16 4Q15 2016 2015 Adj. net margin in bps 24 25 26 27 28 Net new assets 0.4 4.4 (4.2) 15.6 (3.0) Assets under management 323 311 290 323 290 Net loans 45 43 40 45 40 Number of RM 1,140 1,160 1,180 1,140 1,180 4Q16 3Q16 4Q15 2016 2015 Management fees 228 218 225 891 873 Performance & placement rev. 108 41 56 208 164 Investment & partnership inc. 45 33 84 228 291 Net revenues 381 292 365 1,327 1,328 Total operating expenses 273 241 326 1,040 1,142 Pre-tax income 108 51 39 287 186 Cost/income ratio 72% 83% 89% 78% 86% 4Q16 3Q16 4Q15 2016 2015 Net new assets (4.4) 5.0 3.6 5.6 26.5 Assets under management 322 324 321 322 321

Asia PacificPrivate Banking and Investment Banking Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation Private Banking Adjusted key financials in CHF mn Investment Banking Adjusted key financials in USD mn Key metrics in CHF bn 4Q16 3Q16 4Q15 2016 2015 Net interest income 166 159 131 602 445 Recurring commissions & fees 92 67 60 302 260 Transaction- and perf.-based 114 120 84 486 456 Other revenues - - (4) (16) 17 Net revenues 372 346 271 1,374 1,178 Provision for credit losses 9 38 (5) 32 18 Total operating expenses 266 239 221 966 809 Pre-tax income 97 69 55 376 351 Cost/income ratio 72% 69% 82% 70% 69% 4Q16 3Q16 4Q15 2016 2015 Adj. net margin in bps 23 17 15 24 23 Net new assets 0.7 4.6 3.0 14.6 17.8 Assets under management 168 169 150 168 150 Number of RM 640 650 580 640 580 4Q16 3Q16 4Q15 2016 2015 Fixed income sales & trading 71 152 140 647 636 Equity sales & trading 337 349 374 1,335 1,947 Underwriting & advisory 114 118 80 407 303 Other revenues (35) (32) (42) (130) (113) Net revenues 487 587 552 2,259 2,773 Provision for credit losses 2 (5) 8 (7) 17 Total operating expenses 459 483 454 1,851 1,924 Pre-tax income 26 109 90 415 832 Cost/income ratio 94% 82% 82% 82% 69%

Reconciliation of adjustment items (1/2) IWM AM in CHF mn GM in USD mn IBCM in USD mn 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 Net revenues reported 381 292 365 1,327 1,328 1,256 1,396 1,168 5,575 7,124 569 479 418 2,001 1,857 Fair value on own debt - - - - - - - - - - - - - - - Real estate gains - - - - - - - - - - - - - - - (Gains)/losses on business sales - - - - - - - - - - - - - - - Net revenues adjusted 381 292 365 1,327 1,328 1,256 1,396 1,168 5,575 7,124 569 479 418 2,001 1,857 Provision for credit losses - - - - - (3) (6) (4) (4) 11 (1) (9) - 20 - Total operating expenses reported 278 243 330 1,047 1,146 1,250 1,310 4,517 5,522 9,004 422 449 902 1,713 2,170 Goodwill impairment - - - - - - - (2,690) - (2,690) - - (384) - (384) Restructuring expenses (5) (2) (4) (7) (4) (14) (52) (97) (220) (97) 6 (16) (22) (29) (22) Major litigation provisions - - - - - - (7) (51) (7) (240) - - - - - Total operating expenses adjusted 273 241 326 1,040 1,142 1,236 1,251 1,679 5,295 5,977 428 433 496 1,684 1,764 Pre-tax income/(loss) reported 103 49 35 280 182 9 92 (3,345) 57 (1,891) 148 39 (484) 268 (313) Total adjustments 5 2 4 7 4 14 59 2,838 227 3,027 (6) 16 406 29 406 Pre-tax income/(loss) adjusted 108 51 39 287 186 23 151 (507) 284 1,136 142 55 (78) 297 93 Adjusted results are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures. CS Group in CHF mn SRU in USD mn Corp. Ctr. in CHF mn 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 Net revenues reported 5,181 5,396 4,210 20,323 23,797 (198) (170) (125) (1,285) 557 (16) 72 (748) 71 561 Fair value on own debt - - 697 - (298) - - - - - - - 697 - (298) Real estate gains (78) (346) (72) (424) (95) (4) - - (4) - - - - - - (Gains)/losses on business sales 2 - (34) 58 (34) 1 - - 6 - - - - 52 - Net revenues adjusted 5,105 5,050 4,801 19,957 23,370 (201) (170) (125) (1,283) 557 (16) 72 (51) 123 263 Provision for credit losses 75 55 133 252 324 28 6 99 115 138 - - (2) (1) (1) Total operating expenses reported 7,009 5,119 10,518 22,037 25,895 2,317 698 1,104 4,060 3,130 262 279 307 759 862 Goodwill impairment - - (3,797) - (3,797) - - - - - - - - - - Restructuring expenses (49) (145) (355) (540) (355) (1) (23) (158) (123) (158) (7) - - (7) - Major litigation provisions (2,101) (306) (564) (2,407) (820) (2,029) (324) (258) (2,353) (295) - - - - - Total operating expenses adjusted 4,859 4,668 5,802 19,090 20,923 287 351 688 1,584 2,677 255 279 307 752 862 Pre-tax income/(loss) reported (1,903) 222 (6,441) (1,966) (2,422) (2,543) (874) (1,328) (5,460) (2,711) (278) (207) (1,053) (687) (300) Total adjustments 2,074 105 5,307 2,581 4,545 2,027 347 416 2,478 453 7 - 697 59 (298) Pre-tax income/(loss) adjusted 171 327 (1,134) 615 2,123 (516) (527) (912) (2,982) (2,258) (271) (207) (356) (628) (598)

SUB PB in CHF mn IWM PB in CHF mn APAC PB in CHF mn 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 Net revenues reported 858 1,160 963 3,704 3,696 918 789 808 3,371 3,224 372 346 271 1,374 1,178 Fair value on own debt - - - - - - - - - - - - - - - Real estate gains (20) (346) (72) (366) (95) (54) - - (54) - - - - - - (Gains)/losses on business sales - - (10) - (10) - - (11) - (11) - - - - - Net revenues adjusted 838 814 881 3,338 3,591 864 789 797 3,317 3,213 372 346 271 1,374 1,178 Provision for credit losses 10 13 14 39 49 6 - (7) 20 5 9 38 (5) 32 18 Total operating expenses reported 654 603 784 2,471 2,772 684 593 874 2,510 2,678 267 242 228 970 816 Goodwill impairment - - - - - - - - - - - - - - - Restructuring expenses 3 (16) (33) (51) (33) (11) (13) (32) (47) (32) (1) (3) (1) (4) (1) Major litigation provisions - - (25) - (25) (7) 19 (228) 12 (268) - - (6) - (6) Total operating expenses adjusted 657 587 726 2,420 2,714 666 599 614 2,475 2,378 266 239 221 966 809 Pre-tax income/(loss) reported 194 544 165 1,194 875 228 196 (59) 841 541 96 66 48 372 344 Total adjustments (23) (330) (24) (315) (47) (36) (6) 249 (19) 289 1 3 7 4 7 Pre-tax income/(loss) adjusted 171 214 141 879 828 192 190 190 822 830 97 69 55 376 351 SUB C&IB in CHF mn APAC IB in CHF mn APAC IB in USD mn 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 4Q16 3Q16 4Q15 2016 2015 Net revenues reported 541 507 532 2,055 2,025 490 571 555 2,223 2,661 487 587 552 2,259 2,773 Fair value on own debt - - - - - - - - - - - - - - - Real estate gains - - - - - - - - - - - - - - - (Gains)/losses on business sales - - (13) - (13) - - - - - - - - - - Net revenues adjusted 541 507 519 2,055 2,012 490 571 555 2,223 2,661 487 587 552 2,259 2,773 Provision for credit losses 24 17 29 40 89 2 (4) 8 (6) 17 2 (5) 8 (7) 17 Total operating expenses reported 329 276 304 1,184 1,136 481 489 1,212 1,876 2,611 477 504 1,221 1,901 2,691 Goodwill impairment - - - - - - - (756) - (756) - - (765) - (765) Restructuring expenses - (3) (9) (9) (9) (18) (20) (2) (49) (2) (18) (21) (2) (50) (2) Major litigation provisions (19) - - (19) - - - - - - - - - - - Total operating expenses adjusted 310 273 295 1,156 1,127 463 469 454 1,827 1,853 459 483 454 1,851 1,924 Pre-tax income/(loss) reported 188 214 199 831 800 7 86 (665) 353 33 8 88 (677) 365 65 Total adjustments 19 3 (4) 28 (4) 18 20 758 49 758 18 21 767 50 767 Pre-tax income/(loss) adjusted 207 217 195 859 796 25 106 93 402 791 26 109 90 415 832 Reconciliation of adjustment items (2/2) Adjusted results are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures.

Swisscard deconsolidation impactImpact of the deconsolidation on the Swiss Universal Bank Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results for other adjustments not relating to Swisscard is included in the Notes of this presentation † See AppendixThis 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, 2013. 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 2014 1Q15 2Q15 3Q15 4Q15 2015 2014 1Q15 2Q15 3Q15 4Q15 2015 2014 1Q15 2Q15 3Q15 4Q15 2015 Net interest income 2,377 611 685 708 753 2,757 36 9 9 - - 18 2,341 602 676 708 753 2,739 Recurring commissions & fees 1,671 412 412 372 373 1,569 233 56 59 - - 115 1,438 356 353 372 373 1,454 Transaction-based revenues 1,462 382 349 295 287 1,313 49 8 7 - - 15 1,413 374 342 295 287 1,298 Other revenues (36) (5) (7) (11) (13) (36) - - - - - - (36) (5) (7) (11) (13) (36) Net revenues 5,474 1,400 1,439 1,364 1,400 5,603 318 73 75 - - 148 5,156 1,327 1,364 1,364 1,400 5,455 Provision for credit losses 94 23 33 39 43 138 5 - - - - - 89 23 33 39 43 138 Total operating expenses 3,794 934 961 925 1,021 3,841 239 61 62 - - 123 3,555 873 899 925 1,021 3,718 Pre-tax income 1,586 443 445 400 336 1,624 74 12 13 - - 25 1,512 431 432 400 336 1,599 Return on regulatory capital† 13% 14% 14% 13% 11% 13% - - - - - - 13% 14% 14% 13% 11% 13% SUB adjusted Swisscard impact1 SUB adjusted ex Swisscard

Currency mix & Group capital metrics Currency mix capital metric4 ”look-through” A 10% strengthening / weakening of the USD (vs. CHF) would have a +0.7 bps / (3.5) bps impact on the“look-through” BIS CET1 ratio CHF 1 As reported 2 Total expenses include provisions for credit losses 3 Sensitivity analysis based on weighted average exchange rates of USD/CHF of 0.99 and EUR/CHF of 1.09 for the 2016 results 4 Data based on December 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 III regulatory adjustments (e.g. goodwill) Basel III Risk-weighted assets Swiss leverage exposure CHF EUR Other USD USD CET1 capital 5 Contribution Swiss Universal Bank Net revenues 5,758 79% 12% 7% 1% 1%Total expenses2 3,734 89% 5% 3% 2% 2% International Wealth Management Net revenues 4,697 25% 41% 20% 3% 11%Total expenses2 3,576 46% 25% 12% 9% 9% Net revenues 21,594 28% 43% 12% 2% 15%Total expenses2 18,100 33% 34% 5% 12% 16% Asia Pacific Net revenues 3,597 2% 45% 2% 1% 50%Total expenses2 2,872 7% 21% 1% 4% 68% Global Markets Net revenues 5,497 -% 61% 20% 4% 14%Total expenses2 5,449 2% 60% 4% 26% 9% Investment Bank & Capital Markets Net revenues 1,972 -% 91% 4% 3% 3%Total expenses2 1,710 2% 72% 5% 16% 5% Credit Suisse Core results1 Core results 2016in CHF mn CHF USD EUR GBP Other Applying a +/- 10% movement on the average FX rates for 2016, the sensitivities are:USD/CHF impact on 2016 pre-tax income by CHF + 303 / (303) mnEUR/CHF impact on 2016 pre-tax income by CHF + 172 / (172) mn Sensitivity analysis on Core results3

Notes Throughout the presentation rounding differences may occurAll risk-weighted assets (RWA) and leverage exposure figures shown in this presentation are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis points (bps)Gross margin = adj. net revenues annualized / average AuM; net margin = adj. pre-tax income annualized / average AuMMandates penetration reflects advisory and discretionary mandates as percentage of total AuM, excluding AuM from the external asset manager (EAM) business General notes Adj. = Adjusted; AM = Asset Management; APAC = Asia Pacific; AuM = Assets under Management; bps = basis points; Corp. Ctr. = Corporate Center; C&IB = Corporate & Institutional Banking; DCM = Debt Capital Markets; DOJ = Department of Justice; EAM = External Asset Manager; ECM = Equity Capital Markets; GM = Global Markets; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IWM = International Wealth Management; n/m = not meaningful; NNA = Net new assets; PB = Private Banking; pp. = percentage points; PTI = Pre-tax income; QoQ = Quarter-on-quarter; RM = Relationship Manager(s); RMBS = Residential Mortgage-Backed Securities; SMG = Systematic Market-Making Group; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; UHNWI = Ultra High Net Worth Individuals; WM = Wealth Management; YoY = Year-on-year Abbreviations Specific notes * “Adjusted 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, 4Q15: USD/CHF 1.0000, EUR/CHF 1.0851, GBP/CHF 1.5123, 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, 4Q16: USD/CHF 1.0101, EUR/CHF 1.0798, GBP/CHF 1.2451. 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.† Regulatory capital reflects the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is based on (adjusted) returns after tax assuming a tax rate of 30% for all periods and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For Global Markets and Investment Banking & Capital Markets, return on regulatory capital is based on US dollar denominated numbers.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CREDIT SUISSE GROUP AG and CREDIT SUISSE AG

(Registrants)

Date: February 14, 2017

By:

/s/ Tidjane Thiam

Tidjane Thiam

Chief Executive Officer

By:

/s/ David R. Mathers

David R. Mathers

Chief Financial Officer