UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
 
Form 6-K
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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
November 30, 2017
 
Commission File Number 001-15244
 
CREDIT SUISSE GROUP AG
 
(Translation of registrant’s name into English)
 
Paradeplatz 8, 8001 Zurich, Switzerland
(Address of principal executive office)
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Commission File Number 001-33434
 
CREDIT SUISSE AG
 
(Translation of registrant’s name into English)
 
Paradeplatz 8, 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 ☐
 

 
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This report includes the slides for the presentation to investors in connection with Investor Day 2017 on November 30, 2017.
 

 Credit Suisse Investor Day 2017Tidjane Thiam, CEO Credit Suisse  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis 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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, 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, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. 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 www.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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

 Program of the day  Opening remarks Tidjane Thiam 8.30 am 45 min  Webcast  Morning break-out sessions 9.25 am  No webcast  Global Markets Brian Chin, David Miller, Mike Stewart 45 minAPAC Helman Sitohang, Francesco de Ferrari, Carsten Stoehr, Ken Pang 45 minBreak 20 minEfficiency & Productivity Pierre-Olivier Bouée, Paul Turrell 45 minCompliance Lara Warner, Homa Siddiqui 45 min  Lunch 12.45 pm 50 min  Afternoon break-out sessions 1.35 pm  No webcast  SUB Thomas Gottstein, Didier Denat, Serge Fehr 45 minIBCM Jim Amine, Malcolm Price, David Hermer 45 minIWM Iqbal Khan, Claudio de Sanctis, Bruno Daher 45 minBreak 25 min  Capital,Funding and SRU David Mathers 4.15 pm 45 min  Webcast  Wrap-up & Q&A 5.00 pm 60 min   Webcast    Investor Day 2017 
 

 Delivering against our objectives  Costs  Reduce our cost base  Net cost savings* since 2015  CHF 2.9 bn at 3Q17  Risk  Right-size and de-risk our Global Markets activities  GM RWA reduction2  -47% 3Q17 vs. 3Q15  Legacy  Resolve legacy issues and wind-down the SRU  SRU RWA reduction3  -70% 3Q17 vs. 3Q15  Capital  Strengthen our capital position  CET1 ratio  13.2% at 3Q17  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix *Measured using Group adjusted operating expenses at constant FX rates, see Appendix1 Relating to SUB PC, IWM PB and APAC PB within WM&C 2 See page 46 for details on measurement 3 Excludes operational risk RWA of CHF 19 bn in 3Q15 and CHF 20 bn in 3Q17  Growth  Deliver profitable growth and generate capital organically  CHF 3.7 bn in 9M17  Core adjusted PTI  CHF 33.2 bn in 9M17  NNA in Wealth Management1 
 

 The way forward  Our strategy and progress  The opportunity  Agenda 
 

   Source: McKinsey Wealth Pools 20171 Excludes life and pension assets  Global wealth management pools have grown significantly…  1.8x  Personal financial assetsof the wealthy (USD >1 mn)1in USD tn  Opportunity  Strategy and progress  Way forward 
 

   Source: McKinsey Wealth Pools 20171 Excludes life and pension assets  …with both Emerging Markets and Mature Markets offeringattractive growth dynamics  1.4x  Mature Markets  Emerging Markets  3.2x  9%  CAGR2016-21E  4%  Personal financial assetsof the wealthy (USD >1 mn)1in USD tn  CAGR2016-21E  Opportunity  Strategy and progress  Way forward 
 

 Across the world, wealth levels differ significantly but are undergoingmajor changes…  GDP per capitain 20161in USD k  Source: IMF, MeasuringWorth, 2017 Credit Suisse estimates1 GDP per capita at constant prices, purchasing power parity; 2011 international dollar  Vietnam  India  Philippines  Indonesia  Brazil  China  Thailand  Mexico  South Korea  Hong Kong  Japan  United Kingdom  Eurozone  Switzerland  2016  Turkey  Opportunity  Strategy and progress  Way forward  US GDP per capita 
 

 …China has made rapid progress and still presents hugeopportunities…  GDP per capitain 20161in USD k  Source: IMF, MeasuringWorth, 2017 Credit Suisse estimates1 GDP per capita at constant prices, purchasing power parity; 2011 international dollar  US GDP per capita  2016  1991  2001  2006  2008  2016    Opportunity  Strategy and progress  Way forward 
 

 …and so do many other emerging economies  GDP per capitain 20161in USD k  Source: IMF, MeasuringWorth, 2017 Credit Suisse estimates1 GDP per capita at constant prices, purchasing power parity; 2011 international dollar  Vietnam  Philippines  Thailand  2016  Mexico  Nigeria        Turkey      Poland      2016  2001  Opportunity  Strategy and progress  Way forward  US GDP per capita  Indonesia         
 

     Emerging Markets  MatureMarkets  To capture the global wealth opportunity, a balanced approach isneeded between Emerging and Mature Markets  GDP per capitain 20161in USD k  Source: IMF, MeasuringWorth, 2017 Credit Suisse estimates1 GDP per capita at constant prices, purchasing power parity; 2011 international dollar  Vietnam  India  Philippines  Indonesia  Brazil  China  Thailand  Mexico  South Korea  Hong Kong  Japan  United Kingdom  Eurozone  Switzerland  2016  Turkey  Opportunity  Strategy and progress  Way forward  US GDP per capita 
 

   Wealth is highly concentrated in Emerging Markets (1/2)…  Source: Credit Suisse Global Wealth Report 2017  Opportunity  Strategy and progress  Way forward  Wealth distribution2016  100%  100%    Top 0.1% of the population owns 27% of total wealth    Indonesia 
 

   Wealth is highly concentrated in Emerging Markets (2/2)…  Thailand  Source: Credit Suisse Global Wealth Report 2017  Opportunity  Strategy and progress  Way forward  Wealth distribution2016  100%  100%    Top 0.1% of the population owns 38% of total wealth   
 

   Astor  Ford  Gould  Vanderbilt  Rockefeller  Field  Carnegie  Mellon  Weyerhaeuser  …as all wealth is created by entrepreneurs  Opportunity  Strategy and progress  Way forward 
 

     Wealth creation in Emerging Markets is mostly driven by first andsecond generation entrepreneurs  Emerging Markets generational ownership of family-owned companies  Source: Credit Suisse Research Institute, “The CS Family 1000” as of September 27, 2017  Opportunity  Strategy and progress  Way forward 
 

 Successful UHNW clients require a “one-stop-shop” approach toserve their private wealth and business needs  Daily program – select activities at Credit Suisse headquarters  UHNW client example   Trading Floor visitFXFixed IncomeStructured Asset SolutionsEquities  Senior relationship meeting withCredit Suisse Executive Board member  Various meetingsPrivate EquityChief Investment Officer  Wealth Planning & InvestmentsPB solutionsInvestment adviceTrust and estate advisoryGlobal custody  Enterprise-relatedGrowth financingIPO-related exit opportunities  Opportunity  Strategy and progress  Way forward 
 

 Quality of execution is key  Long-term trusted relationships, based on history, heritage, discretion and confidentialityRecruitment and retention of top-notch RMsBroad and deep investment and advisory offeringBest-in-class global execution and capital markets, advisory and financing capabilitiesFocus on sustainability and impact investingProactive management of wealth transfer across generationsState-of-the-art digital capabilities  Opportunity  Strategy and progress  Way forward 
 

   Mature Markets1generational ownership of family-owned companies  In Mature Markets, wealth is more evenly distributed acrossgenerations…  Source: Credit Suisse Research Institute, “The CS Family 1000” as of September 27, 20171 Relates to Europe only  Opportunity  Strategy and progress  Way forward 
 

 …requiring a more differentiated approach    UHNW  Integrated approach between Wealth Management and Investment BankingGrowing importance of impact investing and sustainability    HNW  Mature Markets client segment  Key success factors  Focus on most profitable clients, with complex Wealth Management and Investment Banking needsApply strict return hurdles to assess opportunitiesMaximize efficiency and productivity of coverage, with digitalization  Opportunity  Strategy and progress  Way forward 
 

       Within Wealth Management, the UHNW and HNW segments are bothhighly profitable  1 Source: McKinsey Wealth Pools 2017 2 Source: Boston Consulting Group; relates to Return on Risk Adjusted Capital  ~10-15%  >15%  Wealth pool1 2016, in USD tn  Typical returns2  >30%  Opportunity  Strategy and progress  Way forward 
 

 Our strategy  A leading Wealth Manager…   …with strong Investment Banking capabilities  Opportunity  Strategy and progress  Way forward 
 

 Delivering against our objectives  Costs  Reduce our cost base  Risk  Right-size and de-risk our Global Markets activities  Capital  Strengthen our capital position  Legacy  Resolve legacy issues and wind-down the SRU  Growth  Deliver profitable growth and generate capital organically  Opportunity  Strategy and progress  Way forward 
 

 We have strengthened our capital base…  CET1 capital in CHF bn  40.6  Tier 1 capitalin CHF bn  43.3  47.2  38.8  46.7            Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 …and transformed our capital position both on an RWA and leveragebasis    CET1 ratio  Tier 1 leverage ratio            1  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   We are allocating increasing amounts of capital towards Wealth Management and IBCM as we right-size our Markets activities…  1 Includes Global Markets, APAC Markets and SRU. SRU excludes operational risk RWA of CHF 19 bn in 2Q15 and CHF 20 bn in 3Q17  SUB, IWM, APAC WM&C and IBCM RWA in CHF bn  Markets activities RWA1 in CHF bn  -33%  +20%  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   …and we are reshaping the Group at pace  1 Excludes Corporate Center RWA of CHF 15 bn in 2Q15 and CHF 21 bn in 3Q172 Includes Global Markets, APAC Markets and SRU. SRU excludes operational risk RWA of CHF 19 bn in 2Q15 and CHF 20 bn in 3Q17  SUB, IWM, APAC WM&C, IBCM  Markets activities2  RWA allocation1in CHF terms  100%  100%  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

     We are addressing our historic growth challenge in WealthManagement  Wealth Management AuMgrowth momentum2011-2015, CAGR  1  2  4  3  5  Source: Company reports, Credit Suisse estimates1 Private Banking client assets, in USD 2 Investment Management long-term assets under supervision, in USD 3 Wealth Management and Wealth Management Americas invested assets, in CHF 4 Asset and Wealth Management invested assets, in EUR 5 SUB PC, IWM PB and APAC PB within WM&C AuM, in CHF; 2011 based on internal estimates; 2012-2015 as reported  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   In Wealth Management we are following a balanced approachbetween Mature and Emerging Markets  As per 2015 and 2016 Investor Day  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 We are set up to capture the significant growth opportunity withUHNW and entrepreneurs    Scalable global Wealth Management platform  Growth in UHNW population  Increased share of wallet withexisting clients  Growth in UHNW wealth    Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy     
 

   2016 APAC client revenue distributionIllustrative  Multi-billionUSD corporate notesNNA ~CHF 400 mn  This is largely driving our strong growth in APAC  FX hedgingDebt / Equity underwriting  NNA ~CHF 600 mnMulti-billion USD debt / equity underwriting  Private placementNNA CHF 400+ mnCorporate loan  Progress in 2017Selected client transactions   Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  2  3  4  Existing underpenetrated clients  Existing top clients  1  1  2  3  4  Key activity  Key activity  Key activity  Key activity 
 

 Our growth is disciplined and we are focused on increasing ourproductivity  APAC PB new RM productivity1  IWM PB RM productivity, net revenues per RM, based on CHF terms  +12%  1 APAC PB within WM&C; relates to a 3-year cycle of specific RM cohort for the period 2015-2017 (annualized) 2 Based on cumulative contribution (revenues less direct operating expenses excluding allocations) 3 Based on average RM post-tax contribution over direct operating expenses from year 1 to 3  5x increase in AuM per RM from years 1 to 32-3 years payback period235-40% Return on Investment over 3 years3      Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 We have achieved a step change in growth and profitability,both in APAC WM&C…  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix    +152%  APAC WM&C adjustedpre-tax incomein CHF mn  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 …and in IWM  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix  +38%  IWM adjustedpre-tax incomein CHF mn  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   We have successfully streamlined our activities and platform inWestern Europe…  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  As per 2015 Investor Day 
 

 positive  negative  …and returned to profitability through positive operating leverage…  Revenues  Operating expenses  Pre-tax income  IWM Europepre-tax incomein CHF mn  9M16  9M17  -12%    +13%  Opportunity  Strategy and progress  Way forward  + >100 mn  Capital  Growth  Cost  Risk  Legacy 
 

   …while refocusing on clients and driving positive net asset flows  European regularization outflowsin CHF bn  IWM Europe NNAin CHF bn  1  1  1  1  -13.0  -7.0  -10.5  -4.7  -1.5  -1.6  –  1 Figures for 2011 through 2014 represent Western European cross-border net new assets under our structure prior to our re-segmentation announcement on October 21, 2015 (PB&WM – Wealth Management Clients); figures for 2015 through 9M17 represents outflows related to regularization from IWM Europe; does not reflect SRU outflows of legacy Western Europe business for 2015 through 9M17  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   In SUB we have delivered a 14% growth in profitability  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. 1 Excludes Swisscard pre-tax income of CHF 25 mn for 9M15        1  SUB adjustedpre-tax incomein CHF bn  +14%    Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 Our balanced approach between Mature Markets and EmergingMarkets has yielded strong results…  Net margin1  Net revenues2  NNA1  CHF 33.2 bn  36 bps  +9% vs. 9M16  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Relating to SUB PC, IWM PB and APAC PB within WM&C 2 Relating to SUB, IWM and APAC WM&C   CHF 9.5 bn  Wealth Management 9M17 adjusted results  +4 bps vs. 9M16  +11% vs. 9M16  Pre-tax income2  +24% vs. 9M16  CHF 3.1 bn  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

       …and a significant improvement in our growth profile  Wealth Management AuMgrowth momentum   2011-2015, CAGR   2015-9M17, CAGR  1  2  4  3  5  5  3  2  4    1  Source: Company reports, Credit Suisse estimates1 Private Banking client assets, in USD 2 Investment Management long-term assets under supervision, in USD 3 Wealth Management and Wealth Management Americas invested assets, in CHF 4 Asset and Wealth Management invested assets (2011-15); Private and Commercial Bank invested assets (2015-9M17), both in EUR 5 SUB PC, IWM PB and APAC PB within WM&C AuM, in CHF; 2011 based on internal estimates; 2012-9M17 as reported  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   In Investment Banking, industry revenues have been flat…  Note: Includes risk/trading revenues, excludes proprietary revenues, write-offs, private equity and principal investments; no adjustments for Brexit includedSource: Coalition, McKinsey  Investment Banking revenue poolsin USD bn  FICC  IBD  EQ  +2%  253  281  273  276  282  278  CAGR2016-21E  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   …with pressure on profitability and steadily increasing capitalrequirements  Note: Median Return on Equity based on core perimeter, includes fines and ring-fenced legacySource: Morgan Stanley, Oliver Wyman, “The World Turned Upside Down” as of March 16, 2017  Investment BankingReturn on Equity  ~2x  Capital level requirements  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   In IBCM, we have pivoted towards ECM and M&A while maintaining leadership in Leveraged Finance…   M&A ECM Leveraged Finance        9M17 vs. 9M16  Americas leveraged loans volumes and deals1  IBCM share of wallet1  9M17 4.2% 5.8% 7.2%   1 Source: Dealogic as of September 30, 2017 2 Source: Oliver Wyman      Loan volume in USD bn    Number of deals  Number of deals  Loan volume    Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  2017E2 
 

 …we have executed a number of marquee global transactions…  Selected global M&A transactions announced in 9M17 (deal value)  IBCM IPO ranking and share of wallet1  1 Source: Dealogic as of September 30, 2017, refers to Americas and EMEA  SoW  8.3%  5.8%  4.1%  #1 in 3Q17  Abertis  USD 34 bn  Lead Financial Advisor and Lead Debt Advisor to Atlantia andprovided committed financing  USD 30 bn  Financial Advisor to Actelion  INC Research  USD 5 bn  Financial Advisor to inVentiv Health and provided committed financing  USD 5 bn  Financial Advisor and Corporate Broker to Aberdeen AM  Johnson & Johnson  Standard Life  Worldpay  USD 12 bn  Financial Advisor to Vantiv and Joint Lead Arranger on committed financing  Toshiba Memory Corp.  USD 18 bn  Financial Advisor to SK hynix  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 …and significantly increased our profitability    IBCM adjusted pre-tax incomein USD mn  +92%  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 In Global Markets, we have right-sized our activities…  As per 2015 Investor Day  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   …reduced capital consumption…  Global Markets leverage exposure in USD bn  1 Figures for 3Q15 present financial information based on results under our structure prior to our re-segmentation announcement on October 21, 2015; on the basis of our current structure, the 3Q15 RWA and leverage exposure amounts for Global Markets are USD 63 bn and USD 313 bn  Global Markets RWA in USD bn  -47%  1  -34%  1  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   …and significantly de-risked  -51%  Global MarketsValue-at-RiskTrading book average one-day, 98%risk management VaR in CHF mn  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 We have restructured our portfolio…  Equities  Credit  Securitized Products  In scope  Market growth31H17 vs. 1H16  -3%  +53%  +14%              1 Includes EM Macro; excludes EM Financing 2 Includes G10 FX and Commodities 3 Source: Coalition as of September 2017  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy    Strategic focus  Rationalize    Macro2 and Rates  -14%    ~  ~  Emerging Markets1  -2%     
 

   …and improved our profitability  Global Markets adjusted pre-tax incomein USD mn  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix    +183%  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   We have launched our new joint venture International TradingSolutions...  Product development & manufacturing  International Trading Solutions  SUB & IWM Product & Advisory Specialists  Equity Derivatives  Fixed Income Products  Flow Products  Structured EQ Derivatives  Structured Credit & Financing  Macro / Rates / FX  Emerging Markets  Swiss Markets  Client needs  Distribution & syndication  Wealth Management distribution  ITSsales and distribution  Global Marketssales and distribution      Wealth Management  Core Institutional  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 …and we will aim to better serve the needs of our WealthManagement clients  1 Source: McKinsey Private Banking Survey, 2016; reflects the share of structured products and retail products as percent of AuM  2.9x  Growth opportunity  Structured products penetration of Private Banking clients1in % of AuM  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

             We see significant potential to better connect our WealthManagement clients to global capital markets  Europe  Exclusive note in partnership with asset manager USD 490 mn raised across Europe  Emerging Europe  Latin America  Middle East & Africa  Proactive ProNote switch for Greek UHNW client  CHF 36 mn  ProNote issued in two tranches for Bahamas and Swiss booking centers CHF 125 mn  Egyptian T-Bill Notes USD 62 mn raised  Selected recent transactions  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 Our approach has yielded strong results  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Relating to SUB PC, IWM PB and APAC PB within WM&C 2 Relating to SUB, IWM and APAC WM&C  
 

     Delivering estimated net cost savings of ~CHF 3.2 bn by end 2017    Adjusted operating expenses at constant FX rates*in CHF bn  Business exits and resizing  Optimization  Business growth    Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  Note: Illustrative path. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix.1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates* See Appendix  1 
 

   We are using technology and other operational levers to driveefficiency across the bank  Real Estate10% fewer buildings  IT productivity  Vendor optimizationVendors reduced by ~5,000Suppliers reduced by ~1,000  Contracts~50% of suppliers consolidated  Leverage 3rd party strategic partnerships  Utilities  Data centerfootprint  25% reductionin IT change spend  IT incidents reduced by over 20%3  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  1 Since year-end 2015 2 Relates to planned reduction in IT cash spend from 2016 compared to 2018 estimates 3 Relates to average number of IT-wide incidents in 2017 YTD April compared to 2015  2  1  1  1 
 

   We are reducing our 2017 cost guidance from <CHF 18.5 bn to~CHF 18.0 bn and target to reduce our cost base further to <CHF 17.0 bn in 2018  Target total of >CHF 4.2 bn of net savings by end-2018  Note: Illustrative path. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * See Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 2 Operating within the range, subject to market conditions and investment opportunities            2017 cost target of <CHF 18.5 bn  2015 – 2018 cost reduction program* in CHF bn, year-end targets  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  1  1  2019-2020Adjusted operating expenses: CHF 16.5-17.0 bn2   
 

   While reducing costs, we have increased our spend in complianceand controls…  1000+ controlimprovements   85% faster10% of costs101 major investigations closedInvestigations  Technology40+ robots   Clientonboarding  Global client risk90% faster assessment using Single Client View  75% more reviews80% more risk factorsEmployee risksurveillance  50-70% faster50-90% fewer rejections30-45% cheaper  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy  1 In 2017 2 By 4Q2018 3 Since 2016  1  1  1  2  3  3 
 

 …building a safer institution with an industrialized, institutionalizedand digitalized Compliance function  Reducing risk with better, stronger, faster prevention and detection  People driven    Tech enabled  Fragmented processes    Globally standardized approach  Episodic reviews    Always on  Sample-based surveillance    Comprehensive, multi-risk factor-based surveillance  Sequential implementation    High speed implementation  From  To  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

 We have been reducing the drag from the SRU at a healthy pace  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix  Adjusted pre-tax incomein CHF bn   Core  SRU drag  Group  +29%  -38%  3.7  2.9        +394%  Opportunity  Strategy and progress  Way forward  Capital  Growth  Cost  Risk  Legacy 
 

   We are driving returns higher across our business lines…  Adj. RoRC†  RWA  15%  28%  28%  15%  7%  1%  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix† See Appendix  In CHF bn unlessotherwise specified  9M17  9M16  15%  23%  20%  8%  2%  13%  9M17  ~  65  37  19  20  58  SUB  IWM  APAC WM&C  IBCMUSD bn  GlobalMarketsUSD bn  APAC MarketsUSD bn  13  Opportunity  Strategy and progress  Way forward           
 

 2.2  0.4  …and significantly increasing Group profitability  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix  Net revenues  Operating expenses  Pre-tax income  Group adjusted resultsin CHF bn   15.7  14.9  14.2  13.3  9M16  9M17  -6%    +6%  +394%  Opportunity  Strategy and progress  Way forward 
 

   SUB – making progress  SUB adjusted pre-tax incomein CHF bn   Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Excludes Swisscard pre-tax income of CHF 25 mn for 9M15 2 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates  1  Opportunity  Strategy and progress  Way forward  2   
 

   IWM – making progress  Opportunity  Strategy and progress  Way forward  1    Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates  IWM adjusted pre-tax incomein CHF bn  
 

   APAC – WM&C expected to achieve original 2018 target in 2017;confirming Markets return target  APAC WM&Cadjusted pre-taxincomein CHF bn   Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 2 Targeted for 2019 † See Appendix  APAC MarketsTarget adjusted return on regulatory capital†: 10 – 15%2    Opportunity  Strategy and progress  Way forward  1   
 

   IBCM – making progress  IBCM adjustedreturn on regulatory capital†  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates † See Appendix  2018 Targetadjusted return on regulatory capital†: 15 – 20%    Opportunity  Strategy and progress  Way forward  1   
 

 Global Markets – making progress  Adjusted figures  2018 Ambition  2016 Results  Net revenues  USD 6.0 bn+  USD 5.6 bn  USD ~5.7 bn  2017 Estimate1  Operating expenses  <USD 4.8 bn  USD 5.3 bn  USD ~5.0 bn    Opportunity  Strategy and progress  Way forward  2018 Targetadjusted return on regulatory capital†: 10 – 15%    Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates. Net revenues exclude SMG † See Appendix 
 

   SRU – making progress  Opportunity  Strategy and progress  Way forward  1 Excludes operational risk RWA of CHF 19 bn in 2015, CHF 19 bn in 2016, CHF 20 bn in 3Q17 and CHF 20 bn in 2018  SRU RWA excl. Op Risk1in USD bn  SRU leverage exposurein USD bn  -69%  170  103  68  40   
 

 …and further improving our pre-tax loss target for 2019  -83%  -73%  SRU adjusted pre-tax income progressionin USD mn   Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 2 SRU program will be economically completed by end-2018; residual operations and assets to be absorbed into the rest of Group from 2019 onwards  2  Opportunity  Strategy and progress  Way forward  1   
 

   Overview of financial targets for Group and divisions in 2018…  Group  Net cost savings*Operating cost base*CET1 ratioCET1 / Tier 1 leverage ratio  SUB  Pre-tax income  CHF 2.3 bn  IWM  Pre-tax income  CHF 1.8 bn  >CHF 4.2 bn<CHF 17.0 bn>12.5%>3.5% / >5.0%  Adjusted figures  10-15%1  APAC Markets  Return on regulatory capital†  Global Markets  RWA thresholdLeverage exposure thresholdReturn on regulatory capital†  USD 60 bnUSD 290 bn10-15%  APAC WMC  Pre-tax income  CHF 0.85 bn    15-20%  IBCM  Return on regulatory capital†  SRU      Pre-tax loss 2018Pre-tax loss 2019RWA excl. Op RiskLeverage exposure  ~USD 1.4 bn~USD 0.5 bn2USD 11 bn2USD 40 bn2  Opportunity  Strategy and progress  Way forward  (cumulative since 2015)  Note: Adjusted results are non-GAAP financial measures *, † See Appendix 1 Targeted for 2019 2 SRU program will be economically completed by end-2018; residual operations and assets to be absorbed into the rest of Group from 2019 onwards 
 

 …and announcing new Group profitability objectives for 2019and 2020  Opportunity  Strategy and progress  Way forward  2020  11-12%  10-11%  2019  Return on tangible equity‡based on CHF  Note: RoTE (a non-GAAP financial measure) on a reported basis‡ See Appendix   
 

 Most of the expected profit improvements to 2019 from knownactions…  Return on tangible equity‡ developmentbased on CHF  Revenue growth primarily from WMC businesses1 & additional cost initiatives  Known actions &cost initiatives    Opportunity  Strategy and progress  Way forward  Note: Illustrative path. RoTE (a non-GAAP financial measure) on a reported basis1 WMC businesses reflects Wealth Management and connected businesses and includes SUB, IWM, APAC WM&C and IBCM‡ See Appendix 
 

 …over which we have clear visibility  2  1  1  Opportunity  Strategy and progress  Way forward  Note: Illustrative path. RoTE (a non-GAAP financial measure) on a reported basis1 Excludes restructuring and litigation expenses 2 Excludes funding and other operating expenses from SRU and Corporate Center; includes tax effect‡ See Appendix  RoTE‡ impact of known actions & cost initiativesfrom 9M17 to 2019based on CHF 
 

 Anticipated usage of cumulative capital generated  Strengthening capital generation provides increasing returns to shareholders  RoTE‡ @ 11%  RoTE‡ @ 10%  RoTE‡ @ 12%  RoTE‡ @ 11%  Implied combined net income generation of~CHF 9-10 bn in 2019 and 20201  Net income generation1 in CHF bn  ~20% for investment in wealth management and connected businesses2~30% for RWA uplift resulting from Basel III reforms and other contingencies50% of net income to be distributed to shareholders primarily through share buybacks or special dividend  Note: RoTE (a non-GAAP financial measure) on a reported basis1 Estimated net income generation based on RoTE targets for respective years. Estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2019 and 2020 may differ from any estimates 2 Includes SUB, IWM, APAC WM&C and IBCM ‡ See Appendix    Opportunity  Strategy and progress  Way forward 
 

 The way forward  Our strategy and progress  The opportunity  Summary 
 

   Conclusion  Execute with disciplineDeliver value for our shareholders 
 

 Program of the day  Opening remarks Tidjane Thiam 8.30 am 45 min  Webcast  Morning break-out sessions 9.25 am  No webcast  Global Markets Brian Chin, David Miller, Mike Stewart 45 minAPAC Helman Sitohang, Francesco de Ferrari, Carsten Stoehr, Ken Pang 45 minBreak 20 minEfficiency & Productivity Pierre-Olivier Bouée, Paul Turrell 45 minCompliance Lara Warner, Homa Siddiqui 45 min  Lunch 12.45 pm 50 min  Afternoon break-out sessions 1.35 pm  No webcast  SUB Thomas Gottstein, Didier Denat, Serge Fehr 45 minIBCM Jim Amine, Malcolm Price, David Hermer 45 minIWM Iqbal Khan, Claudio de Sanctis, Bruno Daher 45 minBreak 25 min  Capital,Funding and SRU David Mathers 4.15 pm 45 min  Webcast  Wrap-up & Q&A 5.00 pm 60 min   Webcast    Investor Day 2017 
 

 Appendix 
 

 Reconciliation tables (1/4)  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.    Group in CHF mn      Core in CHF mn      SUB, IWM and APAC WM&C in CHF mn      9M17  9M16    9M17  9M16    9M17  9M16  Net revenues reported  15,711  15,142    16,446  16,211    9,521  9,103  Fair value on own debt  -  -    -  -    -  -  Real estate gains  -  (346)    -  (346)    -  (346)  (Gains)/losses on business sales  (15)  56    23  52    -  -  Net revenues adjusted  15,696  14,852    16,469  15,917    9,521  8,757  Provision for credit losses  167  177    138  94    81  77  Total operating expenses reported  13,892  15,028    12,976  13,316    6,527  6,266  Goodwill impairment  -  -    -  -    -  -  Restructuring expenses  (318)  (491)    (279)  (371)    (131)  (110)  Major litigation provisions  (238)  (306)    (59)  12    (59)  19  Total operating expenses adjusted  13,336  14,231    12,638  12,957    6,337  6,175  Pre-tax income/(loss) reported  1,652  (63)    3,332  2,801    2,913  2,760  Total adjustments  541  507    361  65    190  (255)  Pre-tax income/(loss) adjusted  2,193  444    3,693  2,866    3,103  2,505    CS Group in CHF mn                                      3Q17  2Q17  1Q17  4Q16  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15  4Q14  3Q14  2Q14  1Q14  9M17  2016  2015  Total operating expenses reported  4,540  4,541  4,812  7,309  5,119  4,937  4,972  10,518  5,023  5,248  5,106  5,406  5,181  6,790  5,052  13,892  22,337  25,895  Goodwill impairment  -  -  -  -  -  -  -  (3,797)  -  -  -  -  -  -  -  -  -  (3,797)  Restructuring expenses  (112)  (69)  (137)  (49)  (145)  (91)  (255)  (355)  -  -  -  -  -  -  -  (318)  (540)  (355)  Major litigation provisions  (108)  (31)  (97)  (2,401)  (306)  -  -  (563)  (204)  (63)  10  (393)  (290)  (1,711)  (42)  (238)  (2,707)  (820)  Debit valuation adjustments (DVA)  (20)  (17)  (26)  -  -  -  -  -  -  -  -  -  -  -  -  (63)  -  -  Certain accounting changes  (49)  (53)  (25)  -  -  -  -  -  -  -  -  -  -  -  -  (125)  -  -  Total operating expenses adjusted  4,251  4,371  4,527  4,859  4,668  4,846  4,717  5,803  4,819  5,185  5,116  5,013  4,891  5,079  5,010  13,148  19,090  20,923  FX adjustment  106  101  69  70  120  70  33  -  62  137  120  (54)  55  161  189  277  292  319  FX neutral total operating expenses adjusted  4,357  4,472  4,596  4,929  4,788  4,916  4,750  5,803  4,881  5,322  5,236  4,959  4,946  5,240  5,199  13,425  19,382  21,242 
 

 Reconciliation tables (2/4)  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.    SUB in CHF mn                                  3Q17  2Q17  1Q17  4Q16  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15  9M17  9M16  9M15  2016  2015  Net revenues reported  1,319  1,405  1,354  1,399  1,667  1,337  1,356  1,495  1,364  1,462  1,400  4,078  4,360  4,226  5,759  5,721  Real estate gains  -  -  -  (20)  (346)  -  -  (72)  -  (23)  -  -  (346)  (23)  (366)  (95)  (Gains)/losses on business sales  -  -  -  -  -  -  -  (23)  -  -  -  -  -  -  -  (23)  Net revenues adjusted  1,319  1,405  1,354  1,379  1,321  1,337  1,356  1,400  1,364  1,439  1,400  4,078  4,014  4,203  5,393  5,603  Provision for credit losses  14  36  10  34  30  9  6  43  39  33  23  60  45  95  79  138  Total operating expenses reported  879  867  940  983  879  875  918  1,088  925  961  934  2,686  2,672  2,820  3,655  3,908  Goodwill impairment  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  Restructuring expenses  (13)  4  (52)  3  (19)  (4)  (40)  (42)  -  -  -  (61)  (63)  -  (60)  (42)  Major litigation provisions  (9)  (6)  (27)  (19)  -  -  -  (25)  -  -  -  (42)  -  -  (19)  (25)  Total operating expenses adjusted  857  865  861  967  860  871  878  1,021  925  961  934  2,583  2,609  2,820  3,576  3,841  Pre-tax income/(loss) reported  426  502  404  382  758  453  432  364  400  468  443  1,332  1,643  1,311  2,025  1,675  Total adjustments  22  2  79  (4)  (327)  4  40  (28)  -  (23)  -  103  (283)  (23)  (287)  (51)  Pre-tax income/(loss) adjusted  448  504  483  378  431  457  472  336  400  445  443  1,435  1,360  1,288  1,738  1,624    SUB PC in CHF mn        SUB C&ICin CHF mn        IWM in CHF mn                          IWM AM in CHF mn        9M17  9M16  9M15    9M17  9M16  9M15    3Q17  2Q17  1Q17  9M17  4Q16  3Q16  2Q16  1Q16  9M16  9M15  2016  2015    9M17  9M16  9M15  Net revenues reported  2,171  2,509  2,356    1,907  1,851  1,870    1,262  1,264  1,221  3,747  1,299  1,081  1,145  1,173  3,399  3,379  4,698  4,552    1,067  946  963  Real estate gains  -  (346)  (23)    -  -  -    -  -  -  -  (54)  -  -  -  -  -  (54)  -    -  -  -  (Gains)/losses on business sales  -  -  -    -  -  -    -  -  -  -  -  -  -  -  -  -  -  (11)    -  -  -  Net revenues adjusted  2,171  2,163  2,333    1,907  1,851  1,870    1,262  1,264  1,221  3,747  1,245  1,081  1,145  1,173  3,399  3,379  4,644  4,541    1,067  946  963  Provision for credit losses  32  29  35    28  16  60    3  8  2  13  6  0  16  (2)  14  12  20  5    -  -  -  Total operating expenses reported  1,550  1,558  1,746    1,136  1,114  1,074    904  891  928  2,723  962  836  884  875  2,595  2,620  3,557  3,824    844  769  816  Goodwill impairment  -  -  -    -  -  -    -  -  -  -  -  -  -  -  -  -  -  -    -  -  -  Restructuring expenses  (54)  (54)  -    (7)  (9)  -    (16)  (7)  (36)  (59)  (16)  (15)  (15)  (8)  (38)  -  (54)  (36)    (23)  (2)  -  Major litigation provisions  (4)  -  -    (38)  -  -    (11)  (6)  -  (17)  (7)  19  -  -  19  (40)  12  (268)    -  -  -  Total operating expenses adjusted  1,492  1,504  1,746    1,091  1,105  1,074    877  878  892  2,647  939  840  869  867  2,576  2,580  3,515  3,520    821  767  816  Pre-tax income/(loss) reported  589  922  575    743  721  736    355  365  291  1,011  331  245  245  300  790  747  1,121  723    223  177  147  Total adjustments  58  (292)  (23)    45  9  -    27  13  36  76  (31)  (4)  15  8  19  40  (12)  293    23  2  -  Pre-tax income/(loss) adjusted  647  630  552    788  730  736    382  378  327  1,087  300  241  260  308  809  787  1,109  1,016    246  179  147 
 

 Reconciliation tables (3/4)  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.    APAC in CHF mn      APAC WM&C in CHF mn            APC Mktsin USD mn      9M17  9M16    9M17  9M16  9M15  2016  2015    3Q17  3Q16  Net revenues reported  2,619  2,735    1,696  1,344  1,139  1,904  1,506    354  449  Real estate gains  -  -    -  -  -  -  -    -  -  (Gains)/losses on business sales  -  -    -  -  -  -  -    -  -  Net revenues adjusted  2,619  2,735    1,696  1,344  1,139  1,904  1,506    354  449  Provision for credit losses  8  15    8  18  32  29  31    -  -  Total operating expenses reported  2,058  2,098    1,118  999  876  1,386  1,643    308  391  Goodwill impairment  -  -    -  -  -  -  (446)    -  -  Restructuring expenses  (40)  (34)    (11)  (9)  -  (14)  (1)    (6)  (16)  Major litigation provisions  -  -    -  -  -  -  (6)    -  -  Total operating expenses adjusted  2,018  2,064    1,107  990  876  1,372  1,190    302  375  Pre-tax income/(loss) reported  553  622    570  327  231  489  (168)    46  58  Total adjustments  40  34    11  9  -  14  453    6  16  Pre-tax income/(loss) adjusted  593  656    581  336  231  503  285    52  74    IBCM in USD mn              GM in USD mn            9M17  9M16  2016  2015  LTM 3Q17  LTM 3Q16    9M17  9M16  LTM 3Q17  2016  2015  Net revenues reported  1,609  1,432  2,001  1,857  2,178  1,850    4,483  4,319  5,739  5,575  7,124  Real estate gains  -  -  -  -  -  -    -  -  -  -  -  (Gains)/losses on business sales  -  -  -  -  -  -    -  -  -  -  -  Net revenues adjusted  1,609  1,432  2,001  1,857  2,178  1,850    4,483  4,319  5,739  5,575  7,124  Provision for credit losses  32  21  20  -  31  21    24  (1)  21  (4)  11  Total operating expenses reported  1,309  1,291  1,713  2,170  1,731  2,193    3,801  4,272  5,051  5,522  9,004  Goodwill impairment  -  -  -  (384)  -  (384)    -  -  -  -  (2,690)  Restructuring expenses  (29)  (35)  (29)  (22)  (23)  (57)    (81)  (206)  (95)  (220)  (97)  Major litigation provisions  -  -  -  -  -  -    -  (7)  -  (7)  (240)  Total operating expenses adjusted  1,280  1,256  1,684  1,764  1,708  1,752    3,720  4,059  4,956  5,295  5,977  Pre-tax income/(loss) reported  268  120  268  (313)  416  (364)    658  48  667  57  (1,891)  Total adjustments  29  35  29  406  23  441    81  213  95  227  3,207  Pre-tax income/(loss) adjusted  297  155  297  93  439  77    739  261  762  284  1,136 
 

 Reconciliation tables (4/4)  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.    SRU in USD mn            SRU in CHF mn      9M17  9M16  9M15  2016  2015    9M17  9M16  Net revenues reported  (752)  (1,087)  682  (1,285)  557    (735)  (1,069)  Real estate gains  -  -  -  (4)  -    -  -  (Gains)/losses on business sales  (39)  5  -  6  -    (38)  4  Net revenues adjusted  (791)  (1,082)  682  (1,283)  557    (773)  (1,065)  Provision for credit losses  28  87  39  115  138    29  83  Total operating expenses reported  937  1,743  2,026  4,353  3,130    916  1,712  Goodwill impairment  -  -  -  -  -    -  -  Restructuring expenses  (40)  (122)  -  (123)  (158)    (39)  (120)  Major litigation provisions  (184)  (324)  (37)  (2,646)  (295)    (179)  (318)  Total operating expenses adjusted  713  1,297  1,989  1,584  2,677    698  1,274  Pre-tax income/(loss) reported  (1,717)  (2,917)  (1,383)  (5,753)  (2,711)    (1,680)  (2,864)  Total adjustments  185  451  37  2,771  453    180  442  Pre-tax income/(loss) adjusted  (1,532)  (2,466)  (1,346)  (2,982)  (2,258)    (1,500)  (2,422) 
 

 Notes (1/2)  For reconciliation of adjusted to reported results, refer to the appendix of this Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is 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.For 3Q17, tangible equity excluded goodwill of CHF 4,715 million and other intangible assets of CHF 219 million from total shareholders’ equity attributable to shareholders of CHF 43,858 million as presented in our balance sheet. 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Overview of Capital & FundingDavid Mathers  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis 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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, 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, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. 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 www.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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Overview of Capital & Funding  Update on cost reduction plans  1  Funding cost update  2  Capital update (including Basel III reforms)  3  RoTE target  4  Capital distribution & dividend plan  5  Financial targets  6 
 

   Reducing 2017 costs to ~CHF 18.0 bn from <CHF 18.5 bn;cost base to reduce further to below CHF 17.0 bn in 2018  Note: Illustrative path. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 2 Operating within the range, subject to market conditions and investment opportunities* See Appendix  Costs  Funding  Capital  RoTE  Dividend  Targets  Target total of >CHF 4.2 bn of net savings by end-2018            2017 cost target of <CHF 18.5 bn  2015 – 2018 cost reduction program* in CHF bn  1  1  2019-2020Adjusted operating expenses: CHF 16.5-17.0 bn2   
 

   Costs  Funding  Capital  RoTE  Dividend  Targets        Business exits and right-sizing  Optimization  Business growth  Adjusted operating expenses at constant FX rates* in CHF bn  Estimated gross savings and investments in CHF bn      Adjusted operating expenses at constant FX rates*  Note: Illustrative path. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Reflects Wealth Management and connected businesses and includes SUB, IWM, APAC WM&C and IBCM2 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates* See Appendix  o/w WMC1 ~0.7  2015 to 2017 – Estimated net savings of ~CHF 3.2 bn after ~CHF 0.9 bn of investments, predominantly in Wealth Management and connected businesses  2  2 
 

   2017 to 2018 – On track to achieve cost target of <CHF 17.0 bnafter growth investments      Costs  Funding  Capital  RoTE  Dividend  Targets    Business exits and right-sizing  Business growth  Adjusted operating expenses at constant FX rates* in CHF bn  Note: Illustrative path. Adjusted results are non-GAAP financial measures1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates* See Appendix  1  Optimization 
 

   2019 to 2020 – Continued productivity gains expected; Group aims to operate at a cost base of CHF 16.5 – 17.0 bn, subject to market conditions  Costs  Funding  Capital  Dividend  Targets      RM recruiting in emerging marketsDeveloping new wealth management marketsIncremental investments in process automation and technology estate  1  ~ -0.6 - 0.8  16.5-17.0  Adjusted operating expenses at constant FX rates*in CHF bn  Note: Illustrative path. Adjusted results are non-GAAP financial measures* See Appendix 1 Operating within the range, subject to market conditions and investment opportunities  RoTE  2019-2020Adjusted operating expenses: CHF 16.5-17.0 bn1   
 

 Refinancing of capital instruments expected to reduce funding costs  Costs  Funding  Capital  Dividend  Targets  Estimatedfunding cost savings1in USD bn  Cumulative2017 – 2019   Redemption of legacy capital issuances and first call for 2012/2013 AT1 instruments    RoTE  1 Represents average 2017 funding spread and other related issuance costs 
 

 CET1 ratio increased to 13.2% by 3Q17  285  265    10.2%  12.0%  3Q15  3Q16  Basel III RWA in CHF bn  CET1 ratio in %      270  3Q17        13.2%  3Q15  3Q16  3Q17  Costs  Funding  Capital  Dividend  Targets  RoTE 
 

   Recalibrated leverage ratio likely to be primary capital constraint until the end of 2020, however…   1 The binding constraint is calculated as the worst of 10% of RWA and 3.5% of leverage exposure based on the Swiss TBTF CET1 capital and leverage requirements2 Does not include the effects of the countercyclical buffers and any rebates for resolvability and for certain tier 2 low-trigger instruments recognized in gone concern capital   …RWA uplift resulting from Basel III reforms will drive the binding constraint1 at the end of 2020  2017  Standardized Approach to Counterparty Credit Risk (SA-CCR) and Equity Investment in Funds rules effective from January 1, 2020  2020  2021+  Revised Swiss TBTF rules will be phased-in and become fully effective January 1, 2020  2016  BCBS is due to meet in December 2017 and the Group of Governors and Heads of Supervision (GHOS) of BCBS is expected to meet in January 2018, where revisions to standard rules for floors, credit risk and operational risk are expected to be discussed  Revised Swiss TBTF rules require going concern leverage ratio of 5% (of which 3.5% CET1) and additional 5%2 gone concern leverage ratio, going concern RWA ratio of 14.3% (of which 10% CET1) and additional 14.3%2 gone concern RWA ratio  Major regulatory capital changes anticipated over 2017-2021  Implementation and phase-in period of final rules on floors, credit risk and operational risk expected in the next decade  …  Costs  Funding  Capital  Dividend  RoTE  Impact of revised Market Risk (FRTB) rules to be effective from December 31, 2020. Will affect market risk assets in divisions with trading activity   Targets 
 

     RWA estimated regulatory impact – 2020 to 2021 and beyond  2020E  2021E and beyond  Advanced rules estimated impact (excludes impact from standard rules for floors)  Equity investments in fundsSA-CCRFRTB  Final rules impact  Pending BCBS finalization of remaining rulesFRTB CVAReduced IRB2Operational Risk  Draft rules impact  Estimated netregulatory impactRWA in CHF bn  Costs  Funding  Capital  Dividend  Targets  1 Revised rules on equity investments in funds and central counterparties2 Revised rules for advanced credit risk  FRTB  SA-CCR  Other1  RoTE  2018-19:Nothing significant 
 

 Our focus on execution is driving our overall return on capital higher  Costs  Funding  Capital  Dividend  Targets  RoTE  As per 3Q17 results 
 

 Most of the expected profit improvements to 2019 from knownactions…  Return on tangible equity‡ developmentbased on CHF  Revenue growth primarily from WMC businesses1 & additional cost initiatives  Known actions &cost initiatives    Note: Illustrative path. RoTE (a non-GAAP financial measure) on a reported basis1 WMC businesses reflects Wealth Management and connected businesses and includes SUB, IWM, APAC WM&C and IBCM‡ See Appendix  Costs  Funding  Capital  Dividend  Targets  RoTE 
 

 …over which we have clear visibility  2  1  1  Note: Illustrative path. RoTE (a non-GAAP financial measure) on a reported basis1 Excludes restructuring and litigation expenses 2 Excludes funding and other operating expenses from SRU and Corporate Center; includes tax effect‡ See Appendix  RoTE‡ impact of known actions & cost initiativesfrom 9M17 to 2019based on CHF  Improvement in reported RoTE‡  Costs  Funding  Capital  Dividend  Targets  RoTE 
 

 Anticipated usage of cumulative capital generated  Strengthening capital generation provides increasing returns to shareholders  RoTE‡ @ 11%  RoTE‡ @ 10%  RoTE‡ @ 12%  RoTE‡ @ 11%  Implied combined net income generation of~CHF 9-10 bn in 2019 and 20201  Net income generation1 in CHF bn  ~20% for investment in wealth management and connected businesses2~30% for RWA uplift resulting from Basel III reforms and other contingencies50% of net income to be distributed to shareholders primarily through share buybacks or special dividend  Note: RoTE (a non-GAAP financial measure) on a reported basis1 Estimated net income generation based on RoTE targets for respective years. Estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2019 and 2020 may differ from any estimates 2 Includes SUB, IWM, APAC WM&C and IBCM ‡ See Appendix    Costs  Funding  Capital  Dividend  Targets  RoTE 
 

   Overview of 2018 financial targets  Group  Net cost savings*Operating cost base*CET1 ratioCET1 / Tier 1 leverage ratio  SUB  Pre-tax income  CHF 2.3 bn  IWM  Pre-tax income  CHF 1.8 bn  >CHF 4.2 bn<CHF 17.0 bn>12.5%>3.5% / >5.0%  Adjusted figures  10-15%1  APAC Markets  Return on regulatory capital†  Global Markets  RWA thresholdLeverage exposure thresholdReturn on regulatory capital†  USD 60 bnUSD 290 bn10-15%  APAC WM&C  Pre-tax income  CHF 0.85 bn    15-20%  IBCM  Return on regulatory capital†  SRU      Pre-tax loss 2018Pre-tax loss 2019RWA excl. Op RiskLeverage exposure  ~USD 1.4 bn~USD 0.5 bn2USD 11 bn2USD 40 bn2  (cumulative since 2015)  Note: Adjusted results are non-GAAP financial measures *, † See Appendix 1 Targeted for 2019 2 SRU program will be economically completed by end-2018; residual operations and assets to be absorbed into the rest of Group from 2019 onwards  Costs  Funding  Capital  RoTE  Dividend  Targets 
 

 New Group financial objectives for 2019 and 2020  Costs  Funding  Capital  Dividend  Targets  Group  Reported RoTE‡  Net savings / operating cost base*  CET1 ratio  Intend to increase RoTE to 10-11% by 2019 and 11-12% by 2020Increasing RoTE to drive higher tangible book value per share (TBVPS)  Intend to operate at a cost base of CHF 16.5 bn – CHF 17.0 bn between 2019-20201  Intend to operate at >12.5% pre Basel III reforms  Note: Adjusted results are non-GAAP financial measures. RoTE (a non-GAAP financial measure) on a reported basis1 Operating within the range, subject to market conditions and investment opportunities *, ‡ See Appendix  RoTE  Capital distribution  Return 50% of net income earned cumulatively in 2019 and 2020 to shareholders primarily through share buybacks or special dividend 
 

 Appendix  November 30, 2017  18 
 

 Target RoTE of 10-11% for 2019; 11-12% for 2020  Tangible equity in excess of regulatory requirements4    Adjusted return on regulatory capital† /return on tangible equity based on CHF  ~13-14%  At minimumRoRC targets  Note: Illustrative path. RoTE (a non-GAAP financial measure) on a reported basis. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix† See Appendix 1 SRU program will be economically completed by end-2018; residual operations and assets to be absorbed into the rest of Group from 2019 onwards 2 SUB, IWM and APAC WM&C at 2018 adjusted PTI targets plus IBCM at minimum adjusted RoRC target of 15% in both 2018 and 2019 equals ~1.5% 3 Global Markets and APAC Markets 4 Includes tax difference between adj. RoRC and return on tangible equity        2  3  1   
 

 Reconciliation tables (1/4)  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.    Group in CHF mn      Core in CHF mn      SUB, IWM and APAC WM&C in CHF mn      9M17  9M16    9M17  9M16    9M17  9M16  Net revenues reported  15,711  15,142    16,446  16,211    9,521  9,103  Fair value on own debt  -  -    -  -    -  -  Real estate gains  -  (346)    -  (346)    -  (346)  (Gains)/losses on business sales  (15)  56    23  52    -  -  Net revenues adjusted  15,696  14,852    16,469  15,917    9,521  8,757  Provision for credit losses  167  177    138  94    81  77  Total operating expenses reported  13,892  15,028    12,976  13,316    6,527  6,266  Goodwill impairment  -  -    -  -    -  -  Restructuring expenses  (318)  (491)    (279)  (371)    (131)  (110)  Major litigation provisions  (238)  (306)    (59)  12    (59)  19  Total operating expenses adjusted  13,336  14,231    12,638  12,957    6,337  6,175  Pre-tax income/(loss) reported  1,652  (63)    3,332  2,801    2,913  2,760  Total adjustments  541  507    361  65    190  (255)  Pre-tax income/(loss) adjusted  2,193  444    3,693  2,866    3,103  2,505    CS Group in CHF mn                                      3Q17  2Q17  1Q17  4Q16  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15  4Q14  3Q14  2Q14  1Q14  9M17  2016  2015  Total operating expenses reported  4,540  4,541  4,812  7,309  5,119  4,937  4,972  10,518  5,023  5,248  5,106  5,406  5,181  6,790  5,052  13,892  22,337  25,895  Goodwill impairment  -  -  -  -  -  -  -  (3,797)  -  -  -  -  -  -  -  -  -  (3,797)  Restructuring expenses  (112)  (69)  (137)  (49)  (145)  (91)  (255)  (355)  -  -  -  -  -  -  -  (318)  (540)  (355)  Major litigation provisions  (108)  (31)  (97)  (2,401)  (306)  -  -  (563)  (204)  (63)  10  (393)  (290)  (1,711)  (42)  (238)  (2,707)  (820)  Debit valuation adjustments (DVA)  (20)  (17)  (26)  -  -  -  -  -  -  -  -  -  -  -  -  (63)  -  -  Certain accounting changes  (49)  (53)  (25)  -  -  -  -  -  -  -  -  -  -  -  -  (125)  -  -  Total operating expenses adjusted  4,251  4,371  4,527  4,859  4,668  4,846  4,717  5,803  4,819  5,185  5,116  5,013  4,891  5,079  5,010  13,148  19,090  20,923  FX adjustment  106  101  69  70  120  70  33  -  62  137  120  (54)  55  161  189  277  292  319  FX neutral total operating expenses adjusted  4,357  4,472  4,596  4,929  4,788  4,916  4,750  5,803  4,881  5,322  5,236  4,959  4,946  5,240  5,199  13,425  19,382  21,242 
 

 Reconciliation tables (2/4)  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.    SUB in CHF mn                                  3Q17  2Q17  1Q17  4Q16  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15  9M17  9M16  9M15  2016  2015  Net revenues reported  1,319  1,405  1,354  1,399  1,667  1,337  1,356  1,495  1,364  1,462  1,400  4,078  4,360  4,226  5,759  5,721  Real estate gains  -  -  -  (20)  (346)  -  -  (72)  -  (23)  -  -  (346)  (23)  (366)  (95)  (Gains)/losses on business sales  -  -  -  -  -  -  -  (23)  -  -  -  -  -  -  -  (23)  Net revenues adjusted  1,319  1,405  1,354  1,379  1,321  1,337  1,356  1,400  1,364  1,439  1,400  4,078  4,014  4,203  5,393  5,603  Provision for credit losses  14  36  10  34  30  9  6  43  39  33  23  60  45  95  79  138  Total operating expenses reported  879  867  940  983  879  875  918  1,088  925  961  934  2,686  2,672  2,820  3,655  3,908  Goodwill impairment  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  Restructuring expenses  (13)  4  (52)  3  (19)  (4)  (40)  (42)  -  -  -  (61)  (63)  -  (60)  (42)  Major litigation provisions  (9)  (6)  (27)  (19)  -  -  -  (25)  -  -  -  (42)  -  -  (19)  (25)  Total operating expenses adjusted  857  865  861  967  860  871  878  1,021  925  961  934  2,583  2,609  2,820  3,576  3,841  Pre-tax income/(loss) reported  426  502  404  382  758  453  432  364  400  468  443  1,332  1,643  1,311  2,025  1,675  Total adjustments  22  2  79  (4)  (327)  4  40  (28)  -  (23)  -  103  (283)  (23)  (287)  (51)  Pre-tax income/(loss) adjusted  448  504  483  378  431  457  472  336  400  445  443  1,435  1,360  1,288  1,738  1,624    SUB PC in CHF mn        SUB C&ICin CHF mn        IWM in CHF mn                          IWM AM in CHF mn        9M17  9M16  9M15    9M17  9M16  9M15    3Q17  2Q17  1Q17  9M17  4Q16  3Q16  2Q16  1Q16  9M16  9M15  2016  2015    9M17  9M16  9M15  Net revenues reported  2,171  2,509  2,356    1,907  1,851  1,870    1,262  1,264  1,221  3,747  1,299  1,081  1,145  1,173  3,399  3,379  4,698  4,552    1,067  946  963  Real estate gains  -  (346)  (23)    -  -  -    -  -  -  -  (54)  -  -  -  -  -  (54)  -    -  -  -  (Gains)/losses on business sales  -  -  -    -  -  -    -  -  -  -  -  -  -  -  -  -  -  (11)    -  -  -  Net revenues adjusted  2,171  2,163  2,333    1,907  1,851  1,870    1,262  1,264  1,221  3,747  1,245  1,081  1,145  1,173  3,399  3,379  4,644  4,541    1,067  946  963  Provision for credit losses  32  29  35    28  16  60    3  8  2  13  6  0  16  (2)  14  12  20  5    -  -  -  Total operating expenses reported  1,550  1,558  1,746    1,136  1,114  1,074    904  891  928  2,723  962  836  884  875  2,595  2,620  3,557  3,824    844  769  816  Goodwill impairment  -  -  -    -  -  -    -  -  -  -  -  -  -  -  -  -  -  -    -  -  -  Restructuring expenses  (54)  (54)  -    (7)  (9)  -    (16)  (7)  (36)  (59)  (16)  (15)  (15)  (8)  (38)  -  (54)  (36)    (23)  (2)  -  Major litigation provisions  (4)  -  -    (38)  -  -    (11)  (6)  -  (17)  (7)  19  -  -  19  (40)  12  (268)    -  -  -  Total operating expenses adjusted  1,492  1,504  1,746    1,091  1,105  1,074    877  878  892  2,647  939  840  869  867  2,576  2,580  3,515  3,520    821  767  816  Pre-tax income/(loss) reported  589  922  575    743  721  736    355  365  291  1,011  331  245  245  300  790  747  1,121  723    223  177  147  Total adjustments  58  (292)  (23)    45  9  -    27  13  36  76  (31)  (4)  15  8  19  40  (12)  293    23  2  -  Pre-tax income/(loss) adjusted  647  630  552    788  730  736    382  378  327  1,087  300  241  260  308  809  787  1,109  1,016    246  179  147 
 

 Reconciliation tables (3/4)  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.    APAC in CHF mn      APAC WM&C in CHF mn            APC Mktsin USD mn      9M17  9M16    9M17  9M16  9M15  2016  2015    3Q17  3Q16  Net revenues reported  2,619  2,735    1,696  1,344  1,139  1,904  1,506    354  449  Real estate gains  -  -    -  -  -  -  -    -  -  (Gains)/losses on business sales  -  -    -  -  -  -  -    -  -  Net revenues adjusted  2,619  2,735    1,696  1,344  1,139  1,904  1,506    354  449  Provision for credit losses  8  15    8  18  32  29  31    -  -  Total operating expenses reported  2,058  2,098    1,118  999  876  1,386  1,643    308  391  Goodwill impairment  -  -    -  -  -  -  (446)    -  -  Restructuring expenses  (40)  (34)    (11)  (9)  -  (14)  (1)    (6)  (16)  Major litigation provisions  -  -    -  -  -  -  (6)    -  -  Total operating expenses adjusted  2,018  2,064    1,107  990  876  1,372  1,190    302  375  Pre-tax income/(loss) reported  553  622    570  327  231  489  (168)    46  58  Total adjustments  40  34    11  9  -  14  453    6  16  Pre-tax income/(loss) adjusted  593  656    581  336  231  503  285    52  74    IBCM in USD mn              GM in USD mn            9M17  9M16  2016  2015  LTM 3Q17  LTM 3Q16    9M17  9M16  LTM 3Q17  2016  2015  Net revenues reported  1,609  1,432  2,001  1,857  2,178  1,850    4,483  4,319  5,739  5,575  7,124  Real estate gains  -  -  -  -  -  -    -  -  -  -  -  (Gains)/losses on business sales  -  -  -  -  -  -    -  -  -  -  -  Net revenues adjusted  1,609  1,432  2,001  1,857  2,178  1,850    4,483  4,319  5,739  5,575  7,124  Provision for credit losses  32  21  20  -  31  21    24  (1)  21  (4)  11  Total operating expenses reported  1,309  1,291  1,713  2,170  1,731  2,193    3,801  4,272  5,051  5,522  9,004  Goodwill impairment  -  -  -  (384)  -  (384)    -  -  -  -  (2,690)  Restructuring expenses  (29)  (35)  (29)  (22)  (23)  (57)    (81)  (206)  (95)  (220)  (97)  Major litigation provisions  -  -  -  -  -  -    -  (7)  -  (7)  (240)  Total operating expenses adjusted  1,280  1,256  1,684  1,764  1,708  1,752    3,720  4,059  4,956  5,295  5,977  Pre-tax income/(loss) reported  268  120  268  (313)  416  (364)    658  48  667  57  (1,891)  Total adjustments  29  35  29  406  23  441    81  213  95  227  3,207  Pre-tax income/(loss) adjusted  297  155  297  93  439  77    739  261  762  284  1,136 
 

 Reconciliation tables (4/4)  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.    SRU in USD mn            SRU in CHF mn      9M17  9M16  9M15  2016  2015    9M17  9M16  Net revenues reported  (752)  (1,087)  682  (1,285)  557    (735)  (1,069)  Real estate gains  -  -  -  (4)  -    -  -  (Gains)/losses on business sales  (39)  5  -  6  -    (38)  4  Net revenues adjusted  (791)  (1,082)  682  (1,283)  557    (773)  (1,065)  Provision for credit losses  28  87  39  115  138    29  83  Total operating expenses reported  937  1,743  2,026  4,353  3,130    916  1,712  Goodwill impairment  -  -  -  -  -    -  -  Restructuring expenses  (40)  (122)  -  (123)  (158)    (39)  (120)  Major litigation provisions  (184)  (324)  (37)  (2,646)  (295)    (179)  (318)  Total operating expenses adjusted  713  1,297  1,989  1,584  2,677    698  1,274  Pre-tax income/(loss) reported  (1,717)  (2,917)  (1,383)  (5,753)  (2,711)    (1,680)  (2,864)  Total adjustments  185  451  37  2,771  453    180  442  Pre-tax income/(loss) adjusted  (1,532)  (2,466)  (1,346)  (2,982)  (2,258)    (1,500)  (2,422) 
 

 Notes (1/2)  For reconciliation of adjusted to reported results, refer to the appendix of this Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is 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.For 3Q17, tangible equity excluded goodwill of CHF 4,715 million and other intangible assets of CHF 219 million from total shareholders’ equity attributable to shareholders of CHF 43,858 million as presented in our balance sheet. 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Global MarketsBrian Chin  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Key messages    Achieve 2018 ambition of USD 6.0+ bn of net revenues, <USD 4.8 bn of adjusted operating expenses and target of 10-15% adjusted RoRC†Fixed Income: Top 3 player in Credit businesses; Macro offering geared to top GM and Wealth Management (WM) clientsEquities: Top 5 full-service player and top non-US bank, while increasing franchise profitability and returnsMaintain client-focused franchise with differentiated offering to Institutional, Corporate and WM clients  Key priorities  Talent – Attract, retain and develop top performersCollaboration – Product engine for Wealth Management clients in IWM and SUB, partnership with APAC and IBCMCapital allocation – Disciplined approach to dynamically allocating capital to service clients and maximize revenuesCost optimization – Continue to improve efficiency and operating leverage  Way forward    Well positioned for 2018 ambitionSuccessfully restructured Global Markets division, while maintaining franchise strengths and improving profitabilityProgressing strategy and evolving the business model and positioning for the future  Progress since last Investor Day      Global Markets  Equities  Credit Products  Note: Adjusted results are non-GAAP financial measures† See Appendix 
 

 GM franchise remains strong  Structured Products Bank of the Year  Most Innovative Investment Bank for Leveraged Finance, Securitization & Emerging Markets  Recent awards  Client ranking in Global Cash since 20074  Global Prime Brokerage since 20125  Initial Public Offering for 3Q172  Top 4  Top 4  #1  Asset Finance franchise since 20131  Global Institutional Loans and High Yield franchise since 20122  US Institutional Loan underwriter3   #1  Top 3  #1  Structured Products House of the Year, 2017  Algo Provider of the Year for AES FX service          Global Markets  Equities  Credit Products  1 Thomson Reuters 2 Dealogic as of September 30, 2017; includes AMER and EMEA 3 Dealogic as of September 30, 2017 4 Third Party Competitive Analysis 5 Based on level of Hedge Fund AuM with Prime Broker from Hedge Fund Intelligence / Absolute Return / EuroHedge 6 P&I. Represents asset managers with AUM> USD 250 bn as of FY 2016. 7 HFM Billion Dollar List. Represent US Hedge funds with AUM >USD 10 bn as of July 1, 2017  Fixed Income Products  EquitiesProducts  Global Markets client landscape   GM coverage of top asset managers (AuM> USD 250 bn)6  Represents USD 57 tn of AuM  GM coverage of top US hedge funds (AuM >USD 10 bn)7  Represents USD 1 tn of AuM  Global Markets products 
 

 Market environment  Volatility (VIX)1  1 Thomson Reuters and Factset 2 Represents year-end OIS 3 Credit Suisse Research  Average  US Fed rates expectation2,3 in %  US High Yield / Inv. Grade spreads3 in bps  Global Markets  Equities  Credit Products  CS US Liquid IG Spreads  CS US Liquid HY Spreads  Min =Avg =Max =  9 (Nov 2017)1648 (Aug 2011)    2011  2012  2013  2014  2015  2016  2017  1Q16  2Q16  3Q16  4Q16  1Q17  2Q17  3Q17  3Q17  1Q16  2Q16  2Q17  1Q17  4Q16  3Q16        2017  2018  2019  2017 Avg. ~11 
 

 On track for 2018 ambition: Positive operating leverage &earnings power…  Global Markets  Equities  Credit Products  Full Year results in USD bn  Adjusted net revenues1  Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix; 1 Excludes SMG revenues of USD 160 mn in 9M16, USD -10 mn in 9M17, USD 172 mn in 2016 and USD 2 mn in LTM 2017 2 Thomson Reuters and Factset  LTM(as of Sep 30, 2017)  2018 Ambition  4.2  4.5  4.1  3.7  -8%  Adjusted operating expenses  9M16  9M17  +8%  9M results in USD bn  6.0+  YoY   -31%  Market conditions  <4.8  2016  VIX (Average)2  16.4  11.4  12.1  15.8        ? 
 

 …coupled with higher quality revenues  1 Total revenues excluding SMG revenues of USD 321 mn in 9M15, USD -10 mn in 9M17 and GM Other revenues  Global Markets Value-at-Risk average one-day, 98% risk management VaR in CHF mn  Revenue mix1  Global Markets  Equities  Credit Products  -51%  Financing  Trading 
 

 Driving opportunity through collaboration   Structured products penetration of Private Banking clients1  International Trading Solutions: Increased collaboration  1 McKinsey private banking survey, 2016; reflects the share of structured products and retail products as percent of AuM 2 Based on GM revenues from International Wealth Management and Swiss Universal Bank clients  Global Markets  Equities  Credit Products  Growth opportunity  in % of AuM  2.9x  3Q16  3Q17  CS Wealth Management client revenues2  Revenue growth  1.3x 
 

 Credit Suisse Investor Day 2017Global MarketsMike Stewart, Head of Equities 
 

 Equities – A full service business with broad capabilities   500+ mn sharesUS listed shares traded per day  2,500+ clientsActively covered  1,500+ stocksCovered by Equity Research  >5,000Research notes published per year    Cash   Convertible Bonds  Equity Strategy  Origination/ Capital Markets  Electronic Trading  Corporate / UHNWI  Origination  EquityDerivatives  Clients  700+ clientsOn AES platform   ~20,000 stocksCovered in HOLT  Prime  Research  High touch Trading  Program Trading  Clearing and Execution  Index & Flow Swaps (incl. ETFs)  Margin Financing & Securities Lending  Flow  Trading  HOLT  Single Stock Coverage   Global Markets  Equities  Credit Products  Structured 
 

 Equities franchise: Early impressions  Global Markets  Equities  Credit Products  Ambition: Top 5 full-service player and top non-US bank, while increasing profitability and returns  …capturing share is key to growing our top-line  ...significant upside in collaboration  …maintaining competitive edge in electronic and content   …focus on operational leverage to drive profitability   Tenured team with strong brand and institutional client franchise  Wealth Management clients are critical  Long history of innovation   Industry continues to evolve with muted growth expectations 
 

 Targeting growth with core client base  Wealth Management  Core Institutional  Corporate & Sponsors  Cash Equities  Equity Derivatives  Prime Services                  Global Markets  Equities  Credit Products  Partner with select clients to provide access products, grow wallet share and drive higher returns    SUB  IWM  APAC  GM  IBCM  Client Type  Credit SuisseChannel  Products    Collaboration focus      GM  APAC  SUB 
 

 Creating win-win solutions for clients and the franchise  Global Markets  Equities  Credit Products  Product development & manufacturing    International Trading Solutions (ITS)  SUB & IWM Product & Advisory Specialists  EQ Derivatives  Fixed Income Products    Wealth Managementclients  Core Institutionalclients    Client channels  Client needs  SUB  GM     IWM   Distribution & syndication  IWM  ITS Sales  ITS Sales  APAC  APAC  Flow StructuredPayoffsFLP FinancingQuantitative Investor Solutions   Structured Credit / FinancingMacro / Rates / FXEmerging MarketsSwiss Markets  SUB  Relationship ManagersAdvisory and Sales  Determine client demand  Develop client solution  Distribute  SUB 
 

 Credit Suisse Investor Day 2017Global MarketsDavid Miller, Head of Credit 
 

 Credit – Long standing history providing value-added solutions to clients    Global Markets  Equities  Credit Products  Investment Grade Sales & Trading  Investment Grade Origination  Mortgage Servicing  Asset Finance Origination   Clients  Global Credit Products  Securitized Products  Leveraged Finance Sales and Trading  ClientFinancing  Agency Sales & Trading  #1 Sponsor-backed institutional loan franchise  #1 US high yield issuance for sponsor-backed financing  Top 2 Best algo trading platform(CSLiveEx Algo)  >75% Participation rateTop acquisition financing deals  Structuring lead on 72% of all Securitized Products lead assignments   #7 largest clientis CS Asset Management and Wealth Management  Source: Dealogic, MarketAxess and Thomson Reuters  Leveraged Finance Origination  ClientFinancing  Private Label Sales & Trading  #1 in Asset class diversification on Securitized Products lead assignments (14 Asset types originated) 
 

 Strong Credit franchise: Maintaining share with clients  Recent awards  Structured Products Bank of the Year  Most Innovative Investment Bank for Leveraged Finance, Securitization and Emerging Markets  Credit Derivatives House of the Year  Credit share of wallet  Global Markets  Equities  Credit Products  1 Dealogic as of September 30, 2017 2 Thomson Reuters as of September 30, 2017 3 As of September 30, 2017. Excludes non-officers. Years rounded up to nearest integer  Credit team tenure3 average  1  1  1  2  1  1  1  1  1  2  3  3  Americas Institutional Loan1  Americas Leveraged Finance1  Global Leveraged Finance1  Securitized Products All US Securitizations2  2014  2015  2016  3Q17  1  2  3  3  Securitized Products US RMBS2  1  1  1  1  Credit Management Team Average Industry Experience  20+years 
 

 Improved risk profile and reduced revenue volatility   Credit Value-at-risk2 average one-day, 98% risk management VaR in USD mn  Note: Credit includes Global Credit Products and Securitized Products 1 Excludes Global Credit Products management and treasury 2 FY 2015 represents estimate for VaR pre-GMAR restatement  Credit revenue mix1   Global Markets  Equities  Credit Products  Financing  Trading  -61% 
 

 Market outlook  Global Private Equity dry powder1 in USD bn  Market opportunities   Source: Preqin, Federal Bank of New York 1 Undrawn Private Equity commitments 2 As of November 2017  Global Markets  Equities  Credit Products  US Household Debt in USD tn  US Household Debt Service Ratio in %  +69%  Buyout  Other Private Equity      2 
 

 Global Market 2017 estimate and 2018 target  1 Net revenues excluding SMG revenues of USD 172 mn in 2016 and USD -10 mn for 9M172 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates† See Appendix  ~5.7  Net revenues estimate1 in USD bn  Adjusted RoRC† based on USD  2018 Target return on regulatory capital†: 10 – 15%    Global Markets  Equities  Credit Products  2  5.4  6.0+ 
 

 Appendix  November 30, 2017  20 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Asia PacificHelman Sitohang  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Key messages    Key priorities    Way forward    Progress since last Investor Day      Profitable growth and leadership in Wealth Management & Connected activities – APAC model a differentiatorAttractive profitability in APAC Markets with strengthened connectivity to wealth activities and global clients     Higher base of profits and assets in WM&C 9M17 YoY: Net revenues +26%, adj. pre-tax income +73%, assets under management +13% Targeted resource reduction and repositioning in Markets 3Q17 YoY1: Adj. total operating expenses -19%, leverage exposure -13%, risk-weighted assets -22%Leadership in key client franchises2 – Private Banking, Equity Derivatives, Advisory & Underwriting  Grow client activitiesDrive collaboration with other divisionsMaintain strong risk and controlsAttract the best talent  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix1 in USD 2 Asia Private Banker 2016 excl. Citi PB given focus on retail/affluent; The Asset “Best Equity Derivatives House for Asia” award; Dealogic Quarterly Markets Review, APAC ex-Japan and China Onshore for 9M17  The Entrepreneurs’ Bank in Asia Pacific  
 

 APAC Wealth Management & Connected (WM&C)  APAC Private Banking  Credit Suisse APAC – Integrated model  APAC Financing  APAC Advisory & Underwriting  APAC Markets  Cash  Equity Solutions  Consistent, profitable growthUHNWI / Entrepreneur focusMultiple franchise strengths  Reshaped in 2017Focus on returnsEquity derivatives strength        Fixed Income Solutions  Prime Services 
 

 Capital solutions  Top 3 advisory and underwriting franchise1  Equity Derivatives House of the Year 20162  Family governance and family office advisory; Trust and estate services            Growth Capital  Wealth Preservation / Transfer  2. Expansion  3. Consolidation  4. Succession  Entrepreneurlifecycle  1. Start-up  Wealth Building  Wealth Monetization        Credit Suisse as the Entrepreneurs’ Bank in Asia Pacific      Wealth focus with traditional Private Banking offering  1 Dealogic Quarterly Markets Review, APAC ex-Japan and China Onshore for 9M17 2 Best Equity Derivatives House – Asia by The Asset for the 3rd consecutive year (2014-2016)  Focused strategy provides tailored advisory and solutions 
 

           Advisory and credit facility  Investment in subsidiary  Derivatives  Personal & Family Office  Subsidiary IPO  Client examples    1  Southeast Asia billionaire    Advisory & Underwriting  Private Banking  Markets  2  North Asia billionaire  Corporate & event-driven Financing   Financing        Private & Corporate Lending  Bond issuance  Personal wealth management    Private Banking  Advisory & Underwriting  Financing  DCM distribution & hedging  Markets        3  Global investor & APAC entrepreneur    Entrepreneur  Investor              WM&C  Markets  Adv. & Underw. Division  Private Banking Division  Markets WM&C       
 

 WM&C expected to achieve original 2018 target in 2017;confirming Markets return target  APAC WM&C adjusted pre-tax income in CHF bn  APAC Markets adjusted RoRC† in USD  Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 2 Targeted for 2019† See Appendix  Target adjusted return on regulatory capital†: 10 – 15%2  Net revenues estimate 20171 in USD bn  1.17 – 1.20  confirmed    revised    1  Adjusted pre-tax loss for 4Q171 estimated to be broadly in line with the adjusted pre-tax loss in 4Q16  581(9M17)  ~0.7  0.6(9M17) 
 

 Appendix 
 

 Ongoing APAC wealth and business upside  1 UHNWI based on millionaire households with >USD 20 mn private financial wealth. HNWI based on millionaire households with USD 1-20 mn private financial wealth. Source: BCG Wealth Report 2017 2 Estimates by Credit Suisse Research Institute The Family Business Model 2017 3 7% represents AuM for Top 10 PBs (Source: Asia Private Banker) divided by total U/HNWI wealth (Source: BCG Wealth Report 2017)  APAC U/HNWI wealth1 in USD trn  2016 U/HNWI wealth  Asia wealth ownership by generation2  UHNWI  HNWI  Higher demand for tailored solutions across nexus of business and personal wealth  APAC U/HNWI wealth expected to nearly double in next 5 years  Entrepreneurs are central to wealth creation…   …and currently underserved  CAGR: 13%  3 
 

 Credit Suisse in Asia geared to Wealth Management & Connected activities; well positioned to capture wealth-centric growth in the region  APACWM&C  APACMarkets  Note: Based on CHF 
 

 Multiple leading franchises that our clients value  1 Source: Dealogic Quarterly Markets Review for 9M17    Best Bank for Financing, AsiaBest Bank for Wealth Management, AsiaBest Investment Bank in Indonesia, Singapore, South Korea, Vietnam      Best Private Bank – Asia      Top 3 Advisory & Underwriting1(APAC ex-Japan and China Onshore)       2017: #1 All-Asia Sales Team Survey2017: #1 All-Asia Trading Team Survey      Best Equity Derivatives House – AsiaBest Equity House – Asia ex-Japan      Quant House of the Year   
 

 Advisory & Underwriting strength critical to client dialogue  Share of wallet based rank1    #1  #2  #4  #4  #5  M&A  #1  ECM  #2  DCM  #4  Lev Loans  #2  India  Southeast Asia  Korea  Australia  Greater China  By country/region  By product  1 Internal view based on Dealogic data as of Nov 23, 2017 for addressable CS markets in APAC, and excludes Japan, China A-Shares, and for DCM/Loans reflects G3 currency issuance (USD, Euro, and Japanese Yen); amongst international banks 
 

 Meaningful opportunity with our strategic clients  Note: Internal management view   Deepening penetration  2016 APAC client revenue distribution curve – illustrative   Building scale  Broadening solutions  Revenues by client in 2016  Existing underpenetrated clients  Existing top clients 
 

 Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix† See Appendix    Higher scale and operating leverage in WM&C   0.9  1.0  1.1  1.1  1.3  1.7  WM&C adjusted results in CHF bn      Net revenues  Pre-tax income  Total operating expenses  Adjusted RoRC†  15%  20%  28%   
 

 AuM steadily growing across the region   APAC PB1 AuMin CHF bn  APAC PB1NNA growth (annualized)  13%  11%  12%  1 APAC PB within WM&C  CAGR (9M15 – 9M17)  +17% 
 

 Broad base of revenue growth and agility to meet clients’ preferences  Net interest income  Recurring commissions and fees  Transaction-based revenues  CAGR (9M15 – 9M17)  APAC PB1 revenuesin CHF bn  +16%  Gross marginin bps  81  86  91  1 APAC PB within WM&C 
 

       Integrated APAC Financing platform delivers spectrum of solutions  APAC Financingwithin WM&C  Structuring  Risk Management  Distribution      APAC Private Banking  APAC Advisory & Underwriting  Other Credit Suisse Divisions  U/HNWIsFamily OfficesSovereigns  EntrepreneursCorporatesInstitutionals  Clients  Coverage 
 

 Credit growth at measured pace to key clients  Net loans in CHF bn  Structured  Delivering financing solutions to UHNWIsFocus on event-driven financingStrong activity with Greater China clients  Lombard  Stable lending / AuM penetrationLending growth supported by market sentimentStrengthened risk management 
 

 APAC Markets business repositioned in 2017  % of Revenue (9M17)  Cash  Prime Services  Equity Solutions  Fixed Income Solutions  ~75%  ~25%  Ambition  Strategy  Top 5  Niche  Top 3  Focus on returnsExecution and content leadership  Wealth management connectivityExtend Equity Derivatives platform 
 

 Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix  Targeted lower resourcing across Markets franchise    -19%  -22%  -13%  3Q17 vs. 3Q16 based on USD 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Efficiency & ProductivityPierre-Olivier Bouée, Paul Turrell  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

     Deliver operating cost base* of <CHF 17 bn by end-2018Maintain strong cost discipline and drive the right behaviors to ensure continued cost savings and productivity gains beyond 2018  Key priorities    Drive towards 2018 cost target, including roll-off of Legal Entity Program and wind-down of Strategic Resolution UnitContinue investment in technology and digitalization to promote ongoing productivity gainsApply front-to-back process optimization to increase both effectiveness and efficiency across the Bank  Way forward    CHF 1.3 bn net cost* savings estimated to be delivered in 20171 bringing total net cost savings achieved since Year-end 2015 to CHF 3.2 bn across all cost types in all Divisions and Corporate FunctionsOn track to deliver more than CHF 4.2 bn cumulative net cost* savings since 2015 to end-2018Disciplined execution of business exits, wind-downs and rationalizations continuing to be key in delivering on our cost target, while increasing focus on optimization and transformation activities  Progress since last Investor Day      * See Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates  Key messages 
 

   Reducing 2017 costs to ~CHF 18.0 bn from <CHF 18.5 bn;cost base to reduce further to below CHF 17.0 bn in 2018  Note: Illustrative path. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 2 Operating within the range, subject to market conditions and investment opportunities* See Appendix  Target total of >CHF 4.2 bn of net savings by end-2018            2017 cost target of <CHF 18.5 bn  2015 – 2018 cost reduction program* in CHF bn  1  1  2019-2020Adjusted operating expenses: CHF 16.5-17.0 bn2   
 

         Business exits and right-sizing  Optimization  Business growth  Adjusted operating expenses at constant FX rates* in CHF bn  Estimated gross savings and investments in CHF bn      Adjusted operating expenses at constant FX rates*  Note: Illustrative path. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Reflects Wealth Management and connected businesses and includes SUB, IWM, APAC WM&C and IBCM2 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates* See Appendix  o/w WMC1 ~0.7  2015 to 2017 – Estimated net savings of ~CHF 3.2 bn after ~CHF 0.9 bn of investments, predominantly in Wealth Management and connected businesses  2  2 
 

 We proactively manage our cost base down    Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 4Q17 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates* Measured at constant FX rates, see Appendix  Group adjusted operating expenses* in CHF bn     1Q  2Q  3Q  4Q        Estimated  1 
 

   Savings have been achieved across all cost types  Adjusted operating expenses at constant FX rates* in CHF bn  Examples  1  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix* See Appendix 1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates  2017 Estimate  2015  Non-compensation expenses  Compensation expenses  ~18.0  21.2  ~-19%  Total~-15%  Non-compensation expenses: Contingent workers reduced by ~7,400Demand Management: Consulting and legal spend reduced by 35%Contractors services lowered by ~30%Market Data optimized by 5% in 2017Supplier contracts consolidation by ~50% and vendor panel optimization by ~15% Reduction in buildings by 10% of building (14% in square meters)Compensation expenses: Permanent employee footprint reduction of ~1,300High cost location reduction of ~2,800Increase in Business Delivery Centers by ~1,500  ~-12% 
 

 While reducing costs, we have increased our spend in growth, compliance and controls   Note: Illustrative path. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates* See Appendix  Group adjusted operating expense savings at constant FX rates*in CHF bn      1  1 
 

 Our focus is to achieve sustainable cost reduction  Executing with discipline the agreed strategic decisionsImproving processes/services as way to generate efficiencies across the Group while maintaining a strong risk disciplineLimiting optionality and focusing on prioritization and quality of execution  Enhanced Management Information aligned with identified cost drivers to support decision-makingAdopting a front-to-back view on costs Rigorous tracking of cost savings, financial and non-financial benefits  Overall joint partnership on costs across Divisions and Corporate FunctionsActive Demand and Supply management Driving consistent front-to-back approach to optimization of processes and services  Top-down approach (with regular cost reviews at Executive Board level) combined with bottom-up accountability Divisions and Corporate Functions empowered to drive cost agenda according to their specific requirementsProgram execution embedded in the Group’s financial governance and business processesInstitutionalize infrastructure and processes to continuously improve cost discipline  Effectiveness to drive efficiency  Transparency to drive accountability  Collaborative approach  Aligned to Group strategy and operating model       
 

   Key internal levers to achieve sustainable cost reduction  Business exits  Business rationalization  Costdiscipline  Sale of Private Banking US onshore business, Monaco, GibraltarRoll-off of Legal Entity Program  Global Markets Accelerated Restructuring and APAC Markets RestructuringSUB operating model simplificationLondon rightsizing  Institutionalize Demand Management processesMaintain discipline of Change the Bank spend notably through prioritization of programs at Division and Group levelCalibrate quarterly and annual financials to synthetize cost achievements across Divisions and Corporate Functions  Drive Operating Model effectiveness  Leverage Technology and Innovation  Execute front-to-back operating and cost model rightsizingContinue footprint optimizationEnhance effectiveness in delivering change  Drive front-to-back process automation and infuse innovative technology (AI, Deep Learning, Distributed ledger, Smart Contracts)Simplify our technology estate whilst moving towards Cloud-based IT infrastructure  Transformoperating model in line with the Group’s overarching strategy  Optimizeand standardize organizational structures and underlying business processes  Discontinueredundant processes, activities and applications    Areas of focus  Key internal levers 
 

       We have a disciplined and strategic approach to our workforce and global footprint  Permanentemployees  Contractors1  Outsourced2  Consultants3  Balanced global senior footprintContinued investment in our talent base  Temporary high skilled staff augmentation  Leverage commodity services across the IndustryShare delivery responsibility with 3rd party vendors  Strategic advisory services on short term basis  Employee footprint reduced with a focus on high cost locations (e.g. London and New York)Strengthened Business Delivery Centers footprint in Pune and RaleighOpened a new site in Warsaw  Aligned contractor resources Strategic conversion of over 1,000 contractors to permanent employees  Rightsized Managed Capacity contractsConsolidated contracts  Consulting spend reduced by 35%  Achievements 2016 / 2017   Workforce strategy philosophy  Employee categories  Workforce strategy plans  Continued rebalancing of permanent employees for knowledge retention and cost efficiency, with further optimization  Maintain contractor levels for specialist skills  Continue to identify opportunities to transition from Managed Capacity to Managed Services  Rationalize Consulting vendor tail  1 Third party person selected and managed by Credit Suisse 2 Credit Suisse to reserve capacity and define required skill-set, but staff selection, management and accountability for timely delivery remain under full control and discretion of third party 3 Credit Suisse to select senior partner, but 3rd party firm selects and manages support staff  32%  68%   
 

 Continue to reduce costs and drive effectiveness in a sustainable manner through increased focus on Optimize and Transform initiatives  Strategic and interactive approach to defining and implementing a front-to-back mindset across Divisions and Corporate Functions  Front-to-back Operating Model Review    Increase productivity while continuing to invest with the objective of 10–15% efficiency gains in software development activities over the next two years  Effectiveness in Delivering Change        Drive efficiencies in a sustainable manner through the use of advanced technologies and continue application simplification and decommissioning  Rationalization of Technology Estate    Front-to-back process reengineering applying advanced technologies such as Intelligent Workflow, Robotics, Analytics, Machine Learning and Artificial Intelligence  Automation of Processes 
 

 Systematically adopt front-to-back approach when reviewingprocesses     Example SUB Digitalization – Legacy state  Example SUB Digitalization – End state  High manual work load with media breaks in processing Multi channel operations processing Process handoffs between front and back process units  Digitalize more than 200 operational processes from front-to-back Develop new highly scalable digitization and scanning infrastructureEliminate paper flows and track process effectivenessImprove digital client experience  Back-end Processing  Physical forms  PC & Calls (Front)  Online                                                          Scanning  Digital record   Physical forms  PC (Front)  Online                                                                            Back-end Processing                                                                 
 

   Measuring and managing developers’ productivity by introducing software development telemetry  Established fully integrated development platform which serves as repository to capture key artifacts while developing software Added a reporting suite to analyze software development effectiveness based in change in the code base Evaluate coding effort depending upon language, volume of code and complexityAssess coding quality through identification of code rework and maintainabilityIdentify the characteristics of high performing teams (quantity and quality) to replicate across wider organizations  Quality of Code  Coding Effort       Low performing teams – low productivity and with large portion of code rework    Teams with low productivity, but good code quality  Top performing teams – highly productive, with good code quality  Example – Coding Effort vs. Quality of Code  Productivity Analytics Platform     
 

   We automate re-engineered processes using state-of-the-art technology      Example – Pre-matching settlement  Open Exceptions  Open Exceptions  Open Exceptions  CS user emails counterparty exception details and updates narrative  Counterparty emails response  CS user reads and acts upon response and updates narrative  For limited exception types a robot handles interaction with certain counterparties exception details and updates narrative  CS user reads and acts upon free-format responses and updates narrative  For all exception types a robot emails all counterparty exception details and updates narrative  Counterparty emails response  A.I. natural language processing reads the email and a robot acts upon response including auto-routing exception to department best placed to resolve  prioritised using data analytics  Re-engineeredManual Process  Robot handlesinteraction(2017)  Expect to enhance with AI(2018+)  Robot responds with standard template and updates narrative  Cleansed the data sources providing exception data  Standardized email template for consistent communication across clients, markets and products  10 x faster  Increased coverage from 3 to over 9,000 Broker/ Clients in 2017  Response rates increased from 10% to 40%  Provided clients a standardized response template to enable efficiency for both parties   Standardized narration providing improved MI                                                                                                                                      Counterparty emails response 
 

   Applying “Big Data” in Group Financial Accounting  Example – Big Data Capital Calculation Infrastructure  Challenge  Millions of trade records daily applying up to 50,000 rules on more than 200 servers supporting development test and production of infrastructure Increased complexity, operations and change cost of calculations framework Considerable growth of data storage costs of legacy infrastructure  Faster processing and aggregation reducing calculation time1:Americas from 90 to 18 minutesEMEA from 120 to 27 minutesAPAC from 20 to 12 minutesGreater scalability, simplicity, flexibility and re-usability to meet future regulatory demandsData storage compression tools reducing storage costs by 90% Reduced Total Cost of Ownership  Data Processed in Parallel  MAP  TextCSVBinaryXMLLogData  REDUCE                                                                                  In-memory calculation engine using “Big Data” based on open source software, with separate rules engine logic    1 As of implementation in January 2017 
 

   Cloud as solution to limit need to Build for Peak   ~60 physical servers  Peak  Average        UK Market Open490,000  Trading Day200,000  US Market Close630,000  Overnight20,000  US Market Open900,000  ~340 physical servers  Cloud management platform with highly automated solution set for infrastructure and application managementUsing the Cloud to reduce costs through consumption-based charging for average data volumeDealing with peak capacity more effectively both from a cost and risk perspective  Cloud as a solution    Example – CS Intraday Market Data Infrastructure – Price updates per second 
 

   2017 to 2018 – On track to achieve cost target of <CHF 17.0 bnafter growth investments        Business exits and right-sizing  Business growth  Adjusted operating expenses at constant FX rates* in CHF bn  Note: Illustrative path. Adjusted results are non-GAAP financial measures1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates* See Appendix  1  Optimization 
 

   2019 to 2020 – Continued productivity gains expected; Group aims to operate at a cost base of CHF 16.5 – 17.0 bn, subject to market conditions      RM recruiting in emerging marketsDeveloping new wealth management marketsIncremental investments in process automation and technology estate  1  ~ -0.6 - 0.8  16.5-17.0  Adjusted operating expenses at constant FX rates*in CHF bn  Note: Illustrative path. Adjusted results are non-GAAP financial measures* See Appendix 1 Operating within the range, subject to market conditions and investment opportunities  2019-2020Adjusted operating expenses: CHF 16.5-17.0 bn1   
 

   Embedding sustainable cost discipline – some perspectives  In order to simplify our IT estate and reduce CTB on non-strategic applications, we expect further decommissioning of 400 IT applications in the next 3 years  Continue to focus and re-engineer our manual processes and overlay RPA as a strategic imperative, with the objective of 350-400 Robots in active use by end 2019  Address our consulting tail where 80% of consulting firms represent 20% of spend  We continue to build out our Cloud infrastructure capabilities by migrating 60% of our Operating System instances to the Cloud by 2020  In order to drive further efficiencies and reduce client maintenance costs, we plan to off-board more than 70,000 low return client accounts during 2018  Rebalance our outsourcing towards Managed Outcome and Managed Service where up to 50% savings can be achieved  Through the advent of Agile, Dev Ops, Demand Management, we will strive for 10-15% efficiency in IT Change by end 2018  We continue to embrace advancements in communications and simplify our associated costs, e.g. transition to softphone based solution for ~80% of the overall voice estate by 2019, retire 60,000 phones  We intend to further leverage Big Data across Risk and Finance Functions. For example in Finance IT to reduce batch processing time by ~60%  Note: Statements reflect our planned initiatives 
 

 Appendix  November 30, 2017  20 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Compliance & Regulatory AffairsLara Warner  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Ensuring compliant growth and well-managed risk    Protect the strategic aspirations of Credit Suisse by ensuring compliant growth within divisional business strategiesMitigating new and existing compliance risk through clear risk appetites, strong controls, and technology-driven surveillance  Key priorities    Aim to manage compliance risks by using an intelligence-led risk focus and putting knowledge in the hands of the front lines, at the lowest cost per unit of riskPivot investment in next-generation technology in an effort to leap-frog surveillance capabilities and proactively detect client and employee risks  Way forward    Increased the stature of compliance and embedded compliance culture and behavior within Credit Suisse Aggressively addressed legacy risk and implemented over 1,000 control improvements across Credit Suisse Deployed state of the art data and technology platform  Progress since last Investor Day     
 

         Rising risk and cost of regulatory compliance across financial services industry      Visible            Number of New Regulations1  Cumulative Industry Fines2  Rising Cost of Compliance Organizations4        200 average daily alerts in 2016  52,506  8,704  17,763  Fin. Services Regulatory Change Alert Volume  1 Thomson Reuters, Cost of Compliance 2017 2 Boston Consulting Group, Global Risk 2017- Staying the Course in Banking 3 Verbal discussions with PWC and peers from Goldman, JP Morgan and Bank of America 4 Tradenews Compliance Expenditure, April 2017  USD 321 bn  High Regulatory Implementation Costs3    6x  10% annually  15-25%annually 
 

   Industrywide, hidden costs of compliance growing at an even faster pace                    VisibleCosts          Non-VisibleCosts    Business Controls Added1    Business Control Officers1    Data Consumption and Provisioning by Compliance Organizations2    Number and Cost of Regulatory Inquiries with Investigations1          - $2M-$10M+ per Investigation  Total Risk and Cost of Compliance  1 Verbal discussions with PWC and peers from Goldman, JP Morgan and Bank of America 2 Data required for surveillance and other compliance requirements - Reg Tech Summit 2017 - London  15-20%annually  10-15%annually  20x  10-15%annually 
 

 Independent risk and control function within decentralized bank strategy…  CCRO reports directly to the CEO and is a member of the Executive Board Divisional Chief Compliance Officers report to the CCRO and are part of each division’s Executive CommitteesDistinctive Assets:Investigations teamData scientistsRegulatory AffairsStrong Talents:PhDsCompliance expertsInvestigatorsProcess reengineering expertsFront office experience  Chief Compliance and Regulatory Affairs Officer (CCRO) organization  1  2  3  4 
 

 …powered by advanced data and technology platform to detect risks  Compliance Officers  DataScientists  FrontOffice  ~4,000,000,000 records        ~143 Data sets                            ~12,000,000 CIFs    ~99% of client data (Corporate and natural person)         CCRO Data Lake    Better, faster capabilities achieved in 2017  Robotics  ~220x more suitability & appropriateness checks with significant risk reduction  Investigationreviews    Politically exposed persons assessments      RM reviews    Multi-jurisdictionclient searches    Predictive transaction monitoring alerts                                        Tax scenarios        ~80-90% faster and ~20% more information reviewed at a ~95% lower cost  ~60% faster assessments with consistent information at a ~40% lower cost  ~70-80% more RM reviews covering ~80% more risk factors  ~90% faster and more consistent client information across jurisdictions  ~45x increase in productive alert disposition and ~60% faster resolution with more alert data at a ~90% lower cost  ~3-4x faster and more holistic client tax risk review at a ~95% lower cost    Large and modern data lakePlatform-based data lineage and real-time data quality assessmentState of the art analytics 
 

 From periodic, human-led to “always on,” tech-led controls driving earlier prevention & detection 
 

     Compliance is focused on reducing risk while optimizing costs  Risk Priorities  -12%  2%  3%  2%  Share of overall CS expenses  Hidden Costs    −14%  20%  22%  24%        IT Cost  Business Cost  Legacy Risk  Regulatory Risk (Regulatory Affairs)  Business Strategy Compliance Risk      Total Cost of Compliance  …and targeting a decrease in cost of compliance in CHF mn  +72%  Industry Average3 = 4%  Investigations Risk  25%    2%  Reducing risks…    Efficiency Measures  Processes Re-Engineering  Knowledge Management  … driving efficiency…  1  2  1 2017 Estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 2 2018 Estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2018 may differ from any estimates 3 Duff and Phelps Global Regulatory Outlook 2017  
 

 Legacy risk significantly reduced  Higher Risk Clients  PEPs: Politically Exposed Persons  Tax Review US Persons  Tax Review Rest of the World  Panama Papers  Scope  Results  PEP Risk Appetites Scored all PEPs and exited riskiest PEPs based on PEP risk appetites  Small percentage of client base  Small percentage of client base  Global Focus  Covered countries  All clients/trusts  Risk Types  Reviewed all Swiss booked clients in one yearInternational review underway  Extensive reviews of clients and client-facing teamsIn-depth review by Monitor  Client tax remediation completedRecent Audit validated resultsAll clients reviewed for tax evidence  Review of Mossack Fonseca-related client relationships and Trust mandates completed A small number of connections require follow-up  High Risk Emerging Markets  High Risk Emerging Markets  Exited a number of high risk marketsApproved key market and legal entity risk appetites  Trading  All trading books  Evaluated and dramatically reduced number of trading books                Control  Restrictive market risk appetites for clients and products  Full risk analysis and highly restrictive risk appetite enforcedHeightened surveillance enforced  Zero tolerance for undeclared US clientsHeightened surveillance enforced   Zero tolerance for onboarding untaxed assets  Enhanced compliance requirements for trusts  Full review of all legacy client files  Trade surveillance 
 

 Compliance Investigations: learning from legacy risks faster, better, and cheaper  Lessons Learned and Read-Across for every case with root cause analysis and remediationOver 300 mitigating actions completed at a Global Level to date due to efforts of Compliance Investigations  From1  Weeks  Months  Days  Weeks  To  Days  Hours  Hours  Days  Exposure Assessments  Global Name Searches  Related parties  Matter  Desk Reviews          Millions  Thousands  Cost of Investigations    Palantir Gotham  1 Since the inception of Compliance Investigations function in 2016 
 

   Investment Banking  Emerging Markets  GROWTH FOCUSRisks:Geopolitical and market risksCompliance Focus:Highly selective clientsRestricted Client and Market Risk Appetite  Strategy: Investment Banking Products sold into Wealth ManagementFootprint: 4 primary locations, ~900 traders, ~300 supervisors, ~150 Compliance Coverage OfficersRisks:High and complex regulationMisconduct must be found quicklyCompliance Focus:Trader conduct, trader surveillance, conflicts    Wealth Management  GROWTH FOCUSFootprint: 40+ locations, ~3,500 relationship managers1, ~600 Compliance Coverage OfficersRisks:RM conduct, legacy client risk, AML risk (client onboarding)Misconduct difficult to detect over timeCompliance Focus:All clients are approved by compliance prior to onboardingModern surveillance capabilities  Mature Markets  PROFITABILITY FOCUSRisks:Complex Regulation RisksCompliance Focus:Education, automation, state of the art surveillance  Markets  Businesses  1 As of 3Q17, SUB, IWM and APAC PB  Business Compliance risks well understood and managed 
 

  18%  Regulatory Affairs managing regulatory risks and promoting efficient spend    >90 Direct Regulators Globally  Increased Number of Regulations1    Centralized Reg Affairs Function    Optimized Regulatory Spend in CHF bn    Traceability/Post Life Control  Investment Validation  Horizon Scanning      2016  2017  22%     15%                   Delivery Monitoring  Lobbying & Consul-tations  >500 commitments year-to-date90+% completed on time    Impact Assess-ment  2018  Regulatory Portfolio3  Regulatory Portfolio3  Initial Regulatory Demand2  Ambition  6x  1 Thomson Reuters, Cost of Compliance 2017 2 Initial demand submissions by portfolio owners for regulatory funding 3 Portfolio of programs delivering validated regulatory requirements  Initial Regulatory Demand2 
 

 CCRO / Front OfficeRe-engineering  Compliance and Business re-engineering processes for control effectiveness and efficiencies  Client Onboarding  Client Experience  Control Effectiveness  Control Efficiency   Time          Rejections      People  Total Cost                    Process Re-engineering  Digitalization  50% Faster  50 % Lower  20% FewerPeople  30% LowerOverall Cost  Q1 2018 Goals  Q3/Q4 2018 Goals  70% Faster  90 % Lower  25% FewerPeople   45% LowerOverall Cost                            Success Measures 
 

 Compliance is providing tools to the business to put knowledge in their hands      ~50-60 page country manual document limited to in office use~2000 questions emailed a month to the cross-border compliance helpdesk  Mobile App for usage anywhereLower number of cross-border travel breachesFirst digital compliance assistant available to all employees in Credit Suisse for a low development costHelp desk headcount   Cross Border Policy   Cross Border Compass App     Compliance on Demand  ...Know Your client Policy, Personal account trading, Cross Border…Access to knowledge of > 800 Compliance Coverage Officers in the hands of the Front Office  2018   2016  2017 
 

 Building a safer institution with industrialized, institutionalized, and digitalized Compliance function  Reducing risk with better, stronger, faster prevention and detection  People driven    Tech enabled  Fragmented processes    Globally standardized approach  Episodic reviews    Always on  Sample-based surveillance    Comprehensive, multi-risk factor-based surveillance  Sequential implementation    High speed implementation  From  To 
 

 Appendix  November 30, 2017  17 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Swiss Universal BankThomas Gottstein  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Key messages    Further strengthen client focus and sales cultureFoster AuM, revenue and loan growthContinue to significantly invest in digitalization to optimize business model Keep long-term focus on return on regulatory capital  Key priorities    Aim to achieve sustainable asset and revenue growth in both reported businessesExecute with discipline on cost agenda by leveraging digital capabilities and continuously improving efficiencyFurther strengthen our market position in Switzerland by delivering superior value proposition to our clientsKeep strong connectivity with Investment Banking & Capital Markets, Global Markets, IWM and APAC    Delivered consistent adjusted PTI growth quarter after quarter1, leveraging our integrated universal bank modelAchieved strong business growth with UHNWI, Entrepreneurs & Executives (E&E) and Small & Medium-sized Enterprises (SME), as well as maintained #1 position in Swiss Investment Banking confirming Credit Suisse as THE bank for entrepreneurs in Switzerland Maintained cost discipline, streamlined the organization along client segments and eliminated duplications Invested heavily in digitalization and enhanced readiness for regulatory changes  Progress since last Investor Day      Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix1 3Q17 was the 7th consecutive quarter with adjusted PTI growth YoY  Way forward 
 

 1Q  2Q  3Q  SUB adjustedpre-tax incomein CHF mn      +4%  4Q    +6%  +8%    +2%  +10%  +13%  +10%  Continued YoY PTI growth over seven consecutive quarters  4  1,5993  1,738  ~1,800 - 1,900  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 Excludes net revenues and total operating expenses for Swisscard of CHF 73 mn andCHF 61 mn, respectively 2 Excludes net revenues and total operating expenses for Swisscard of CHF 75 mn and CHF 62 mn, respectively 3 Excludes net revenues and total operating expenses for Swisscard of CHF 148 mn and CHF 123 mn, respectively 4 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 
 

   Adjusted pre-tax income +14% since 2015  14% PTI growth2 since 2015 driven by:Strong contribution from both reported segmentsOverall cost discipline and improved YoY revenue growth momentum2 (+2% in 9M17)Corporate & Institutional ClientsRevenues increased +3% in 9M17, driving 8% PTI growth2 YoYPrivate ClientsContinuously addressing high cost base in Private Clients segment with cost/income ratio down 6 pp2 since 9M15Client activity pick-up in 9M17 across all Private Banking businesses  1  SUB adjusted pre-tax income in CHF mn  Private Clients  Corp. & Inst.Clients  1,263  1,360  1,435  9M17 vs. 9M15: +7%  9M17 vs. 9M15: +23%    +14%  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 Excludes net revenues and total operating expenses for Swisscard of CHF 148 mn and CHF 123 mn, respectively 2 On an adjusted basis 
 

 Robust referral framework between business areassupporting and incentivizing collaboration  SoW trend 20171  We strengthened our position and outperformed competition through deepening collaboration between our business areas  SUB market position1  Private Clients  Retail, Affluent & HNWI  #2  UHNWI  #2  Corporate & Institutional Clients  Business insights  Large Corporates  #1   ECM  DCM  M&A  IB CH  #1  Institutionals   #1  Ext. Asset Managers  #1  SMEs  #2  New organizational setup showing positive results in efficiency and in client activityInvestments in Entrepreneurs & Executives and Premium Clients organizations delivering strong NNA growthSolid performance by subsidiaries (Neue Aargauer Bank, BankNow and Swisscard)  Combination of Corporate & Investment Banking resulting in incremental deal flow for both Large Swiss Corporates (LSC) and Small & Medium-sized Enterprises (SME)SME with significant increase of acquired clients compared to previous yearInvestment Banking Switzerland ranked #1 again with 13.7% Share of Wallet3Innovative solutions driving capital velocity  2.9 bn  2.6 bn  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 Private Clients: The Boston Consulting Group (based on revenues in 2015), Corporate & Institutional Clients: The Boston Consulting Group (based on revenues in 2016), Investment Banking Switzerland: Dealogic as of November 17, 2017 2 LTM adj. net revenues as of September 2017 (4Q16 – 3Q17) 3 See Slide 16 † See Appendix   Institutionals continuing strong performance with high return on regulatory capital†Completed External Asset Managers (EAM) portfolio repositioning – expecting to be well positioned for future growth              Adj. net revenues2   
 

   Strong AuM and NNA growth momentum in Private Clients segment, enabling future revenue growth  1 Client business volume includes assets under management, assets under custody and credit volumes  +39%  SUB Private Clients  AuMin CHF bn  NNAin CHF bn  SUB Private Clients - UHNWI  Client business volume1  NNA  +237%  +7%      NNA growth rate(annualized)  1.3%  3.3% 
 

   Successful Entrepreneurs & Executives strategy combining our Private Banking and Corporate & Institutional Clients offering  E&E net new assets  Number of E&E locations  # of E&E relationship managers                                        National E&E coverage  +64%  +23%  +62%   
 

   Continuous improvement of the cost structure while investing in robust infrastructure  AdjustedC/I ratio  68%  66%  ~64%  Adjusted total operating expenses in CHF bn  Outlook 20182Cost reduction of 5-6%3 driven by:Continued optimization of our front office footprint including further centralizationCompletion of automatization program in Operations and further improvements in IT delivery efficiencyReduced allocations from Corporate Functions in line with overall Group cost reduction programCost / income ratio aimed below 60%3    1  -4%  ~-3%  2  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 Excludes total operating expenses for Swisscard of CHF 123 mn2 2017 estimate and 2018 outlook based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 and 2018 may differ from any estimates3 On an adjusted basis 
 

 Credit Suisse Investor Day 2017Swiss Universal BankSerge Fehr, Head Private & Wealth Management Clients 
 

 Refined client coverage addressing our various private client segments more efficiently  Wealth  Advice intensity  RetailEfficient and fast service to a broad client baseMultichannel offering and standardized products  AffluentMore sophisticated financial needsModular products and Advisory & Discretionary Mandates  HNWI and Executives & EntrepreneursIndividual advisorySpecialist advice by Investment Consultant and Wealth PlannerMore tailored offering  UHNWISingle Family Offices, Wealthy Families, Entrepreneurs & Top Executives Holistic client coverage with trusted advisors and best expertsSuperior and customized offering incl. leverage of global CS platform  Branch / call center coverage  RM coverage  RM & specialist coverage  Dedicated UHNWI organization    Private Client segmentation and value propositions  1 As of 3Q17 2 Includes Neue Aargauer Bank  1,300 relationship managers1 / 162 branches2 / 530 ATMs     4 service centers for Swiss market    12 mortgage center hubs    Finance specialists    RM coverage in local branches   
 

   Key initiatives to drive both cost savings and revenues / growth    +26% increase in Investment Consultant trading revenues YoY     Reduction of clients per RM resulting in +11% increase in client activity YoY      +62% NNA increase YoY in E&E     >75% mortgage renewal rate without physical meeting     ~-6% reduction in compensation expenses in front units YoY     Impact in 20171  Initiatives    3  Delayering    4  Centralization    5  Entrepreneurs & Executives     1  Improved client segmentation    Increased client focus  2  Increased local presence of Entrepreneurs & Executives desks leveraging collaboration with Corporate & Institutional Clients  Centralized leadership of specialists to ensure consistency while keeping local presence  RMs to focus on specific client segment with respective value proposition and smaller client portfolios  Drive effective leadership: elimination of a large number of management roles, while increasing span of control  Shifted 100,000 retail clients (of which significant portion with mortgages) to retail centers and refined affluent and HNWI portfolios  1 Impact 9M17 vs. 9M16 
 

   Revenue opportunities in Private Clients segment  Net Interest Income  Increase mortgage renewal rate   Increase new mortgage business and mortgage renewal rate   Recurring commissions and fees  Transaction-based revenues  Retail  Affluent  HNWI and E&E  UHNWI  Leverage intermediary channel  Tap lombard potential  Increase bundle product penetration  Fund-savings plans  Increase conversion 3rd pillar cash into 3rd pillar funds  Increase advisory & discretionary solutions penetration  Mass-customized wealth planning services  Tailored Wealth Planning Services (Financial Planning, Tax, Inheritance)  Promote BVG 1e offering1  Switch liquidity into investments  Leverage Investment Consulting  Improve sales culture and push targeted investment campaigns  Loan growth through increase in lombard lending penetration …  … and large ticket, structured lending transactions  Growth in asset base (incl. selective RM hires)  Unique investment opportunities  Increase institutional/specialized mandates penetration  Advice and support of strategic client transactions  Exploit further sales potential in structured products, collateral trading services and FX                    (Illustrative)  1 Occupational Pensions Act (BVG) 
 

 Credit Suisse Investor Day 2017Swiss Universal BankDidier Denat, Head Corporate & Investment Banking 
 

 Corporate & Investment Banking – fully integrated platform dedicated to Swiss clients  Local investment banking franchise with leading positions in M&A, ECM, DCM and Acquisition FinanceComprehensive financing capabilities fully focused on Swiss clientsGlobally connected to IBCM, Global Markets and APACInstitutionalized co-coverage between Corporate Banking and Investment Banking SwitzerlandSeamless collaboration with Private Clients on coverage of business owners and key executives  Source: Dealogic as of November 17, 2017Note: Bubble sizes indicate total revenues in M&A, ECM , DCM, High Yield and Leveraged Loans products from 2013 to November 17, 2017  Depth of corporate coverage  Swiss Domestic Investment Banking capabilities  High  Low  Low  High    International investment banks    Swiss domestic banks 
 

   Source: Dealogic as of November 17, 2017Note: Includes all M&A, ECM , DCM, High Yield and Leveraged Loans products    Consistent market leader in Investment Banking Switzerland  Share of wallet in Switzerland (2013-2017)  League table 2017             in USD mn          Pos.  Bank  Rev   No.   SoW%  1  Credit Suisse   119    99    13.7   2  UBS   105    58    12.0   3  BoA Merrill Lynch   100    21    11.6   4  JPMorgan   81    33    9.3   5  Goldman Sachs   44    21    5.1      Total   868    268    100.0  
 

   Collaboration creating incremental upside and visible wins    Term Loan B offering  Joint Bookrunner  CHF 375,000,000  July 2017  Public tender offer from  Financial Advisor  USD 30,963,000,000  June 2017  with demerger and public listing of new R&D unit    Equiv. Senior Secured Credit Facilities offering  Joint Physical Bookrunner  CHF 410,000,000  June 2017    3.00% Bonds due 2023  Sole Lead Manager and Bookrunner  CHF 335,000,000  June 2017 and November 2016  CHF 195,000,000  3.00% Bonds due 2021    3.625% Green Bonds due 2022  Joint Lead Manager and Bookrunner  CHF 75,000,000  June 2017    Initial public offering  Joint Global Coordinator and Joint Bookrunner  CHF 1,901,000,000  April 2017    USD 46,596,500,000  Tender Agent & Financial Advisor  February 2016    Sale of duagon to  Financial Advisor to duagon  Undisclosed terms  July 2017  Joint Bookrunner  0.150% Bonds due 2024  May 2017  CHF 300,000,000    Sale of Open Systems to  Financial Advisor toOpen Systems  Undisclosed terms  June 2017  Initial public offering  Joint Bookrunner  CHF 2,295,000,000  July 2017  Lead Left Bookrunner  Senior Secured Credit Facilities offering  March 2017  EUR 719,000,000 
 

   Benefitting from our collaboration between Corporate & Investment Banking and Private Clients   Swiss based technology SME offering communication solutions  Services  2014  2017  2015  2016  Client’s main corporate bank    Client  Coverage  Corporate only client  SUB division client  Sell-side transaction Lead arranger for buyer  Collaboration  2018  Proceeds kept in Private Banking    Illustrative Example 
 

     Collaboration    Digitalization  Key initiatives to drive continued sustainable and profitable growth      Sales culture  Systematic client coverage between SME and IB SwitzerlandCo-coverage of Large Caps between LSC and IB SwitzerlandStrong collaboration with PWMC and Premium ClientsGlobal connectivity with IBCM, Global Markets and APAC  Rigorous sales management Drive coverage intensity, coverage impact and cross-sellingFully align measurement and incentives  Automate key processes to increase efficiency (e.g. client onboarding)Digitalize standard product offering (e.g. Online Leasing, Online Credit)Enhance client experience throughout solutions offering  Expected impact  Initiatives     Clear focus on client activity     Faster time-to-client, better user experience     Increase transactional revenues     Lower costs and higher efficiency  3  1  2 
 

   Maintaining our 2018 PTI target for the Swiss Universal Bank division  Adjusted pre-tax incomein CHF bn  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 Excludes net revenues and total operating expenses for Swisscard of CHF 148 mn and CHF 123 mn, respectively 2 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates 3 Illustrative development           +~3-4% revenues3Driven by clearly identified revenue initiatives, but market dependent~5-6% cost reduction3Driven by clearly identified cost measures  confirmed    1  2 
 

 Appendix  November 30, 2017  21 
 

     Organization - Swiss Universal Bank Division  Chief Operating OfficerDagmar M. Kamber Borens  General CounselThomas Grotzer  Human ResourcesClaude Täschler  Corporate & Investment BankingDidier Denat  Institutional ClientsAndré Helfenstein  Chief Executive OfficerThomas Gottstein  Chief Financial OfficerAntoine Boublil  Chief Risk OfficerPhilippe Clémençon  Chief Compliance OfficerErwin Grob  Business Areas  Products  Support Functions  Subsidiaries  Asset Management SwitzerlandMichel Degen  1 Dual solid reporting line into T. Gottstein and Y.-A. Sommerhalder (ITS Head of Fixed Income and WM Products)  Private Clients  Corporate & Institutional Clients  International Trading Solutions SwitzerlandUrs Beeler1  Products & Investment ServicesFlorence Schnydrig Moser  Premium ClientsFelix Baumgartner  Private & WealthManagement Clients (PWMC)Serge Fehr  SwisscardMarcel Bührer  BANK-NowErich Wild  Neue Aargauer BankRoland Herrmann 
 

   Systematically adopt Front-to-Back approach when reviewing our processes – Example SUB digitalization  F2B Digitalization Program Scope    Merkur Program Scope  Legacy State  End State  Multi channel operations processing (online, PC and calls, physical forms) High manual work drivers with a process requiring human intervention and process handoffs between Front and BackIncreasing need to eliminate unstructured order input and processing media breaks  Digitize more than 200 operational processes from Front-to-Back Develop new digitalization & scanning IT infrastructure with high scalabilityContribute to complete Digital Client ExperienceEliminate paper flows Capture savings  Back-end Processing  Physical forms  PC & Calls (Front)  Online                                                            Scanning  Digital record   Physical forms  PC (Front)  Online    Unique Digital Order  Digitalization Infrastructure  Back-end Interface                                                                            Back-end Processing                                                               
 

 Investing in improved client experience through digitalization  Process enhancements  Illustrative investment roadmapBubble sizes indicate potential total investment  2018 and beyond  1Q17  2Q17  3Q17  4Q17  Legal Entity Onboarding  New investment advisory processComprehensive digital advisory process across all client channels    Swiss Post Solution    Direct AdvisorRelationship managers application with improved Credit Risk Management capabilities    Credit digitalization      Credit Suisse DirectOnline Banking forPrivate Clients    Kids Banking    TWINTOnline mobile payment app    Credit Suisse Direct BusinessOnline leasing, payment assistant, multi-banking and balance optimizer for corporate clients    Enhanced online banking functionalities    Digital relationship onboardingFully digitalized client onboarding with adoption rate of 80%1        Client Channels  1 Since launch in January 2017 
 

                                                                                                                                                                                                                                                                                   Key trends in private banking redefining our business model  Continuous increase in complexity and administration  Shift in client interaction and process efficiency  Significant change in client behavior and needs  Selected Credit Suisse statisticsHigh adoption rate of new CS Direct1 >50%Adoption rate digital on-boarding2 ~80%Continuous decrease in client transactions in branches since 20133 -20%                    High              Effective Corporate Governance  Pressure on capital & liquidity  Market infrastructure revision  Financial products regulation    Prudential measures  Investor protection measures    Increased data protection challenges  FinTechs & digitalization    Low  2017  2018  2019  2020  1 Data as of September 2017; adoption rate since launch in June 2017 2 Data as of September 2017; adoption rate since launch in January 2017 3 Reduction in number of transactions at bank teller in 2016 vs 2013 4 Includes Neue Aargauer Bank  Regulatory & Compliance  Technology  Distribution  Selected Credit Suisse statisticsReduction of # branches4 by 23% since 2013Decrease in Affluent relationship managers by ~150 FTE in 9M17Increase in E&E locations and relationship managers by 64% and 23% since September 2016 respectively  Impact on Financial Industry 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Investment Banking and Capital Markets James L. Amine  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Key messages    Well-positioned, global advisory and underwriting franchisesSignificant connectivity with GM, APAC, SUB and IWM drives revenue for the entire Bank~40% of IBCM gross revenues are shared with other divisions Capital efficient, high-return platform  IBCM    Maintain balanced product mix and increase connectivity with other divisionsImprove operating performance in EMEASelf-fund investment that maintains competitivenessContinue disciplined expense management  Key priorities    Grew revenue through strategies tailored to each client segment that leverage the global platformLTM net revenues up 18% year-on-yearImproved profitability by driving operating efficienciesLTM adj. PTI up 470% year-on-yearDelivered returns in excess of cost of capital: target 15-20% adj. return on regulatory capital† by 2018LTM adj. return on regulatory capital† at 16%  Progress since last Investor Day      Note: LTM = Last Twelve Months as of 9/30/2017. Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix † See Appendix 
 

 Revenue mix1  M&A revenue1,2 growth  Balanced revenue mix by growing M&A and ECM  ECM revenue1,2 growth  Credit Suisse  Market  Δ vs. Market+11 pp  Δ vs. Market+26 pp  2016-9M17    44%  Credit Suisse  Market  Source: Dealogic as of September 30, 2017. Note: Based on IBCM addressable market; includes Americas and EMEA only. Percentages may not total due to rounding 1 Based on revenues before JV transfers to other divisions, Corporate Bank and funding costs. Excludes structured products, UHNW and other IBCM revenues 2 Represents year-on-year growth, indexed to 2014  LTM(as of Sep 30, 2017)  LTM(as of Sep 30, 2017) 
 

 Covered1 share of wallet by client segment  Improved share of wallet across all client segments  Source: Dealogic as of September 30, 2017. Note: IG = Investment Grade; Non-IG = Non-Investment Grade. All share of wallet 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). Percentages may not total due to rounding1 Covered clients are defined as priority clients actively covered by IBCM and may vary from year to year        30% of Market  44% of Market  27% of Market  +108 bps  +207 bps  +96 bps     
 

 Share of wallet growth driven by investment in the coverage footprint  Managing Director population  ~40% have more than a decade of experience as MDs  ~10% repeat hires  12.5 years average tenure  Want to break the scale to better visualize the increase?Changed to be more pronounced  +8% 
 

 Revenue growth has outpaced peers since announcing strategy  Underwriting and advisory revenue growth since 2015 Investor Day  Market Growth  Source: Peer financial reports and filings. Underwriting and advisory revenue growth since 2015 Investor Day based on reported revenue growth for the aggregate FY16 and 9M17 period compared to the aggregate FY15 and 9M16 period. Credit Suisse based on IBCM addressable market; includes Americas and EMEA only. Peers based on global market.  0% 
 

   Strategy has delivered steady improvement in revenue and profitability  Net revenues and adj. direct operating expenses in USD mn  Adjusted pre-tax income in USD mn  Note: Direct operating expenses defined as operating expenses excluding allocated expenses. Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix   +372%  Net revenues  Adjusted direct operating expenses  +17%  -5%  LTM(as of Sep 30, 2017)  LTM(as of Sep 30, 2017)  2015  2016  LTM vs 2015 
 

   Revenue growth and operating leverage drive returns  Net revenues in USD mn  Cost/income ratio based on USD and adj. numbers  Adjusted RoRC† based on USD  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix† See Appendix  +17%  -17 pp  +11 pp  LTM(as of Sep 30, 2017)  LTM(as of Sep 30, 2017)  LTM(as of Sep 30, 2017) 
 

 IBCM targets  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates† See Appendix  Adjusted RoRC† in USD  2018 Target adjusted return on regulatory capital†: 15 – 20%    1 
 

 Credit Suisse Investor Day 2017Investment Banking and Capital Markets David Hermer, Head of Equity Capital Markets 
 

   ECM overview  IPO activity  IPO fee pool by region  Credit Suisse IPO share of wallet  Backdrop  Source: Dealogic as of September 30, 2017Note: All market and share of wallet data are based on IBCM addressable market; includes Americas and EMEA only  Power alleys activeIncreasing momentum for Credit Suisse  Healthier volumes in 2017Significantly improved breadth of issuance  +440 bps  US/Canada  EMEA  LatAm  LTM(as of Sep 30, 2017) 
 

   ECM outlook  Source: FactSet as of November 16, 2017  12-month forward EPS (indexed)  VIX  Benchmark indices (indexed)   FTSE 100 +3%  S&P +15%  NASDAQ +26%  STOXX 600+6%  STOXX 600+10%  S&P +8%  FTSE 100 +5%  NASDAQ +11%  Average  Min =Avg =Max =  9 (Nov 2017)1648 (Aug 2011)    Jan-11  Jan-12  Jan-13  Jan-14  Jan-15  Jan-16  Jan-17  2017 Avg. ~11 
 

 Credit Suisse Investor Day 2017Investment Banking and Capital Markets Malcolm Price, Head of Financial Sponsors 
 

 Financial Sponsors overview  Source: Dealogic as of September 30, 2017. Note: All market, share of wallet and rank data are based on IBCM addressable market; excludes self-advised deals and non-core DCM products (investment grade loans, asset-backed and mortgage-backed securities, and government debt) 1 Based on 2012 to September 30, 2017 2 Share of wallet is based on LTM as of September 30, 2017        #1    #3    #1    #1    #1    #1  Financial Sponsors Market in USD bn  15 bn Avg. Ann. Fees1  Americas Financial Sponsors Market in USD bn  Credit Suisse Rank  Credit Suisse Share of Wallet  AmericasSponsors Market Fees  2 
 

 Financial Sponsors outlook  Financial Sponsor opportunity in USD bn  Undrawn Private Equity commitments and unrealized portfolio values in USD bn  Source: Dealogic as of September 30, 2017 and Preqin as of November 17, 2017Note: All market 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 Reflects undrawn private equity commitments targeted for buyouts only  M&A  ECM  Lev Fin  DCM  SponsorsMarket Fees  1 
 

 Appendix  November 30, 2017  17 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017International Wealth ManagementIqbal Khan, Bruno Daher, Claudio de Sanctis  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Key messages    A leading Private Banking position across emerging markets and EuropeStrong Asset Management capabilities across our traditional & alternative product lines globallyFocus on superior, compliant and profitable growth  InternationalWealthManagement    Continue to broaden contribution to growth across producer populationFurther align client advisory portfolios' risk/return profile to our House ViewLeverage firm-wide capabilities to meet untapped client demand  Way forward    Consistent strategy execution with step-change in revenues and PTIReturned to profitability in Europe, double-digit growth in emerging markets and transition of AM on trackSelf-funded growth investments through stringent cost discipline  Progress since last Investor Day     
 

     Private Banking  Asset Management  IWM with significant international PB franchise and a global AM footprint  1  3  2  Swiss FundMarket Provider5  7  Global AlternativeAsset manager6  PBranking2  Emerging Markets3  Europe4  CHF ~215 bn AuM(~70% from strategic andother UHNW clients)  CHF ~140 bn AuM(~45% from strategic andother UHNW clients)  Traditional investments:CHF ~250 bn AuM  Alternative investments:CHF ~130 bn AuM  AMranking  Note: AuM data as of end 9M17 1 Credit Suisse and McKinsey Wealth Pools 2017 2 As per Euromoney 2017 Survey for 'Best Private Banking Services Overall‘ 3 Middle East & Africa, Emerging Europe and Latin America 4 Including International Private Clients business 5 Swiss Funds & Asset Management Association media release March 2017 6 Willis Towers Watson Global Alternatives Survey 2017, company filings  ~85% from Institutional & 3rd Party clients~15% from Credit Suisse Private Banking clients    ~7% CAGR regional wealthgrowth to 20251  ~4% CAGR regional wealthgrowth to 20251 
 

   Achieved step change in profitability: 9M17 already in line with FY16 level  1.1 bn  0.8 bn  0.8 bn  +22%  +39%  +55%  FY 2016  +38%  vs. 9M15    1.1 bn  300 mn  241 mn  260 mn  308 mn  IWM adjusted PTI in CHF  1Q  2Q  3Q  382 mn  378 mn  327 mn  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 
 

 Successful execution of the priorities presented at Investor Day 2016…  Grow PTI by around CHF 150 mn in Europe    Grow leading franchises in Middle East & Africa and Emerging Europe    Balance transition with growth ambition in Latin America    Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix.Revenues and pre-tax income growth: 9M17 vs. 9M16, NNA annualized growth during 9M17 1 Shown as absolute as the business turned to profitability and percentage change is therefore not meaningful  Grow adjusted PTI by over CHF 200 mn inAsset Management    13%Net revenues growth  14%Net revenues growth  10%Net revenues growth  21%Management fees growth  7%NNA growth rate  10%NNA growth rate  (2)%NNA growth rate  8%NNA growth rate    Clearprogress    Clearprogress    Clearprogress    Clearprogress  27%Pre-tax income growth  29%Pre-tax income growth  37%Adj. pre-tax income growth  >100 mnPre-tax income growth1  How we executed in 9M17 against our end 2018 goals: 
 

   Leverage our Investment EngineCapitalize on AM’s product expertiseEnhance lending capabilities  Grow Strategic Clients franchiseStrategic RM hiringDevelop footprint  Develop digital service modelEfficiency, automation & accountabilityStrengthen compliance & risk  …while consistently delivering on our client focused strategy  DeliverClient Value  EnhanceClient Proximity  IncreaseClient Time        CHF 7 bn mandates sales; 3-year outperformance1PB channel drives ~2/3rd of AM NNA2CHF 1.5 bn net loan growth at 10 bps higher loan margin3  Strategic clients revenues up 27%; ~55% of PB NNA4Double digit growth in RM productivityBuilt-out capabilities in UK & Lux. hubs and Mexico onshore  Launched digital client collaboration tools & e-onboardingStreamlined account opening; accelerated time-to-marketFurther enhanced compliance & risk oversight  9M17 achievement (examples)  1 Asset Risk Consultants PCI Report 2Q17 2 Excluding NNA from Investments & Partnerships 3 Loan margin 9M17 vs 2016 4 Revenues growth 9M17 vs. 9M16; share of IWM PB NNA in 9M17  Objectives 
 

      1 Asset Risk Consultants PCI Report 2Q17 2 Credit Suisse Invest Note: 30% mandates as of end 9M17    Investment performance relative to peers3-year period from 9M14 through 9M171  Mandates net sales momentumin CHF bn  Advisory2  Discretionary  House View outlook  Mandates penetration at 30%; aim to increase to >40%    7.2  2.0  2%  4%  6%  8%  10%  Successful house view performance rewarded by strong mandate inflows   One market view across the firm      Creating single and bank-wide House View, combining PB and GM economic & market analysis capabilities Consolidating our research and strategy teams even furtherContinued roll out ofGM equity research into ourglobal WM franchise 
 

   Capitalizing on our Asset Management product expertise  1 Excluding NNA from Investments & Partnerships  ~2/3rd of NNAthrough Private Banking channel  PrivateBanking  Institutional and 3rd parties     Strong client demand is expected to drive a further increase in PB/AM collaboration    AM net new assets (NNA)1 in CHF bn  AM AuM breakdown by sales channel end 9M17  ~15%  Aim to grow through close partnership with GM and strong direct coverage of top institutions and 3rd-party placement agents 
 

     Loan growth at increasing margins and strong credit risk history  Credit volume1 in CHF bn  Gross loan revenue margin2 in basis points  1 2016 restated from prior disclosure to reflect transfer of exposures from APAC to IWM 2 Client rate net of reference rate over average loan volume3 From 2003 through 2016 for mortgages, from 2006 through 2016 for aviation finance, from 2001 through 2016 for export finance and from 2002 through 2016 for ship finance and lombard lending  Avg. annual loss rate through the cycle3  ~10 bps  Net new lendingin CHF bn  1.5  4.1    +2%  10 
 

   Addressing financing needs of our wealth management clients  1 2016 restated from prior disclosure to reflect transfer of exposures from APAC to IWM 2 Including structured lending of 1.2% and 1.6% at end 2016 and end 9M17, respectively 3 Export Credit Agency  Entrepreneurial growthdown 3%-points  Investment & asset allocationup 4%-points  Life-Styledown 1%-point        Lombardlending2  Real Estate  Aviation/Yachtfinance  Shipfinance  Export finance(ECA3 backed)  Client needs  54%  56%  10%  12%  7%  6%  23%  21%  6%  5%  Credit volume share1        End 2016  End 3Q17 
 

   Continue to build out our strategic clients franchise  TotalIWM PB  Otherclients  Strategicclients  Expect up to CHF 100 mn revenue growth in 2018 from wallet share gains and a broader strategic client base    Strong increase in revenues from strategic clients  Maintained strong gross margin1 related to strategic clients in basis points  Strong net new assets from strategic clients 9M17 net new assets in CHF bn  ~55% of NNAfrom strategic clients  1 Does not include revenues booked in divisions other than IWM; 9M16 restated from prior disclosures at 49 bp to reflect changes in targeted client population    ~27%  -2 
 

   Systematic coverage of an Entrepreneur and his company        Middle East based UHNW client, founder and chairman of a leading Business House in the region…  Holistic bespoke coverage  …seeking a reliable partner to holistically address his private investment and entrepreneurial growth needs    from 2013…  …through 2017…  Privateplacement  Debtissuance  Bridgefinancing  Acquisition financing  Entrepreneurialneeds  Private Banking solutions, i.e.asset management solutions, aircraft financing, residential mortgages, etc.  Personal investmentneeds  Lending Specialists  Investment Banking  Asset Management  Risk and Compliance  Relationship Manager  One-Stop destination   Know Your Client  Practical Example 
 

   Utilizing lending to transform local concentration into global diversification        Client profile and needs  UHNWIs in the region typically have a majority of their Net Worth invested locallyLow-return of local investments fosters client to seek:yield enhancement via…asset diversification with…global investment opportunities...without divesting local holdings  Primary banker for Clients in the Region …     …providing bespoke solutions and delivery  Consolidation of local holdings with Credit SuisseMonetization with our Structured Lending capabilitiesLoan proceeds reinvested with Credit Suisse into global portfolio of diversified, best-in-class solutions (e.g. AM, Structured Solutions)Client subsequently transferred additional financial investments from other institutions to Credit Suisse  One-stop destination offering both Local and International Capabilities catering to Lending and Investment needs  Practical Example 
 

       Offering holistic bespoke solutions to UHNW clients  Yield enhancementas lender againstsingle stock position  Discretionary and Advisory Mandates, Opportunistic Investment Solutions, Family Governance, Succession Planning  Debt capital market support as bondissuance coordinator  Equity capital market support as co-leading IPO arranger  As Private Individual  As Entrepreneur  Asset / Equity side  Liabilityside     Holistic bespoke solutions     Client profile and needs  European based UHNW client with several billion of wealthEntrepreneurial activities in different industriesOne-stop-shop offering 360° integrated solutions in wealth management, structuring, financing and capital raising    360°services  Practical Example 
 

   Quality hiring in targeted growth markets, leading to higher productivity  AuM per RM  Net revenues per RM  Europe2  Emerging markets1  1 Including RM not allocated to regional business areas 2 Including International Private Clients business area, which services lower wealth band clients, predominantly from Europe  Targeted rebalancing and upgrading of talent base…Number of RM  … drives double digit RM productivity improvementsin CHF mn  520  470  640  660  Net: -50  Net: +20            +140  -120  +30  -80  +17%  +12% 
 

   Continue to broaden individual producer contribution  Year-on-year revenue growth per RM Revenue growth 9M17 annualized vs. 2016  ~70% of RMs with positive revenue growth      RMs byrevenue growth  More systematic advice via advisory mandates and support of investment specialistsContinued implementation of House View to optimize client portfolios’ risk/return profile for a large part of advisory relationshipsStreamline processes front to back tofree up advisor timeLeverage cross-divisional capabilities to meet untapped client demand      Simplified  Amplify  Activate  Re-energize & consolidate                   
 

   Leveraging GM capabilities to meet untapped client demand  Currently low AuM penetration and supportive market environment    FX exposure an embedded, but insufficiently addressed investment risk in many of our client's wealth structures  Clients seeking investment diversification and yield-enhancement  Referrals of PB's entrepreneurial client base into GM/ITS  Significant client demand capacity  ITS collaboration revenues with IWM PB clients  ITS capabilities  Note: ITS, International Trading Solutions, is an internal business partnership between the Credit Suisse divisions of Global Markets, International Wealth Management and Swiss Universal Bank  Structured Solution  ForeignExchange  FinancingSolution  Bespoke Transactions  +26% 
 

   House View and ITS capabilities delivering value-add solutions for clients    An exclusive solution…  Protected Note on a financial credit fundFull capital protectionFull upside participationExclusively available for Credit Suisse clients    Research conviction call(House View)Financials offering the best risk/return reward in credit marketITS structuring capabilitiesDistinctive fund-linked solution made available to PB clients through dedicated one-stop organizationRM & IC1 engagementPromoting and explaining the solution in a House-View-linked portfolio context    USD 490 mn AuM(capped)Allocated within 1 week(over-subscribed)More than 100 clients Distributed in 8 EU locations  …delivered viafront-to-back collaboration…  …generating significant impact  Note: ITS, International Trading Solutions, is an internal business partnership between the Credit Suisse divisions of Global Markets, International Wealth Management and Swiss Universal Bank1 RM = Relationship Manager; IC = Investment Consultant  Practical Example 
 

   Protecting the franchise and reputation while increasing control effectiveness & efficiency    Client Risks  Processes & Simplification  Technology  People Risks  Enhancing key Compliance & Risk processes to ensure superior and compliant growth 
 

   Profitable and compliant growth towards CHF 1.8 bn PTI in 2018  Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates  ~1.4 −1.5  1.1(9M17)  1.8  confirmed    IWM adjusted pre-tax income in CHF bn  1 
 

 Appendix  November 30, 2017  22 
 

   Investments & Partnerships  Managementfees  Performance & placement fees  Operating businesses1  Asset Management revenue contribution by type/business in CHF mn  Asset Management adjustedpre-tax income in CHF mn  Successfully transitioned AM business mix towards wholly-owned operating businesses, while growing recurring fees and PTI  Fee-based gross marginin basis points  Adjusted cost/ income ratio in %  85  77  81  33  34  32  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 All of AM business excluding Investments & Partnerships 
 

   Strong cost-discipline driving operating leverage  IWM adjusted operating expenses in CHF bn, excluding impact from SMG1  Savings  Investments  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix 1 Excluding expenses of CHF 13mn in 2016 and CHF 92 mn in 9M17 for SMG, which was transitioned from the Global Markets division to IWM in December 2016  Expect to continue to self-fund growth in 2018    2015  2016  9M17  2.69M16  3.5    Self-funded growth    Self-funded growth  Savings  Investments    Invested in key platforms and developed onshore client proximityDigital RM/client collaboration tools and e-onboardingStrategic hiring and targeted upgrading of talent base  Growth Investments    Delayering, workforce and location optimizationProcess simplification and automationExited non-strategic businesses  CostSavings    Operating Leverage  Double-digit growth in RM productivityEnhanced scalability of franchise 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 Credit Suisse Investor Day 2017Strategic Resolution UnitDavid Mathers  November 30, 2017 
 

   Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.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, 2016 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on November 30, 2017 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, 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. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions or goals. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates, assumptions and opinionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. 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. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on November 30, 2017. All Investor Day presentations are available on our website at www.credit-suisse.com. Statement regarding capital, liquidity and leverage As 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.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

   Key messages    Significant progress to date in reducing PTI and capital drag:RWA (ex. Op Risk) and leverage exposure reduced by USD 39 bn and USD 129 bn, respectively, since 3Q15Adjusted pre-tax loss reduced by USD 0.9 bn in 9M17 vs. 9M16 Adjusted operating expenses lower by USD 1.3 bn in 9M17 vs. 9M15Significant reduction in the complexity and overall risk profile of the portfolio  SRU performance    End-2018 RWA (ex. Op Risk) and leverage exposure targets of USD 11 bn and USD 40 bn, respectively2018 pre-tax loss target unchanged at ~USD 1.4 bnNew 2019 pre-tax loss target of ~USD 0.5 bn, reduced from USD 0.8 bn; improvement reflects accelerated closure of the SRU1 and further expense savings  Looking ahead    Resolve legacy issues and successfully wind-down the SRU:Continued focus on capital mitigation to meet end-state goalsResolve critical remaining cases to minimize SRU’s drag on Group pre-tax incomeMaintain SRU’s strong governance and controls throughout the transition period  Key priorities      Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix1 SRU program will be economically completed by end-2018; residual operations and assets to be absorbed into the rest of Group from 2019 onwards 
 

 SRU continues to reduce its pre-tax income drag on Group results…      Pre-tax income  Net revenues  Operating expenses  -1.1  1.3  -0.8  0.7  -2.5  -1.5  9M16  9M17  +27%  +38%  -45%  SRU adjusted resultsin USD bn  Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix. 
 

   Derivatives  RWA (excl. Operational risk) in USD bn  Leverage exposure in USD bn  Loans & financing facilities  Other assets  Former PB&WM  Market risk  Life finance  Derivatives  Loans & financing facilities  Other assets  Former PB&WM  Life finance  -70%  -66%  Note: Capital breakout based on internal categorization; for illustrative purposes only; operational Risk RWA of USD 20 bn at 3Q15, and USD 20 bn at 3Q17  …and release capital to the Group 
 

   On track to reduce RWA and leverage exposure by ~80% by end-2018  -70%  RWA (excl. operational risk) in USD bn  Leverage exposure in USD bn  -80%    Original Target(as per 2016 Investor Day)  -66%  -80%    Note: Operational Risk RWA of USD 20 bn at 3Q15, and USD 20 bn at 3Q17  Original Target(as per 2016 Investor Day) 
 

   Walk forward to 2019 Target      Walk forward to 2018 Target  Estimated SRU pre-tax loss of <USD 2.0 bn in 2017; pre-tax loss drag estimated to reduce from ~USD 800 mn to ~USD 500 mn in 2019  Adjusted pre-tax income progression1 in USD mn  Note: Illustrative path. Adjusted results are non-GAAP financial measures. PTI walk forward based on internal categorization1 SRU program will be economically completed by end-2018; residual operations and assets to be absorbed into the rest of Group from 2019 onwards2 2017 estimate based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual results for 2017 may differ from any estimates  confirmed    revised    2 
 

 Year-on-year expense reduction of ~USD 450 mn estimated in 2018  Illustrative adjusted operating expense progression in USD mn    Original Ambition(as per 2016 Investor Day)  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix  -64%  ~ -450 
 

   Key SRU takeaways  Meet end-2018 targets:USD 11 bn RWA (ex. Op Risk)USD 40 bn leverage exposureAdjusted pre-tax loss of ~USD 1.4 bn, reducing to ~USD 0.5 bn in 2019Adjusted operating expense reduction of USD 2.2 bn vs. 2015Resolve legacy issues to minimize 2019 and onwards capital and PTI drag, while developing a plan for reabsorption of remaining items into Credit Suisse GroupMaintain SRU’s governance and controls throughout the transition period 
 

 Appendix  November 30, 2017  10 
 

 Notes (1/2)  General notes  Specific notes  * Our cost savings program is measured using adjusted operating expenses at constant FX rates. “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for1Q15: 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 1.0010, 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 1.2451,1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603,3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695.These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) income after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.   For reconciliation of adjusted to reported results, refer to the Appendix of either the CEO or CFO Investor Day 2017 presentation. Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets 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 pointsGross 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 
 

 Notes (2/2)  Abbreviations  Adj. = Adjusted; AI = Artificial Intelligence; AM = Asset Management; AML = Anti-Money Laundering; APAC = Asia Pacific; AT1 = Additional Tier 1; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1; CIC = Corporate & Institutional Clients; CIF = Customer/Client Information File; Corp. Ctr. = Corporate Center; CVA = Credit Valuation Adjustment; DCM = Debt Capital Markets; EAM = External Asset Manager; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA = Europe, Middle East & Africa; EPS = Earnings Per Share; EQ = Equities; EU = European Union; FICC = Fixed Income, Currencies & Commodities; FINMA = Swiss Financial Market Supervisory Authority; FLP = Fund Linked Products; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; G10 = Group of Ten; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; IBD = Investment Banking Department; IC = Investment Consultant; IMF = International Monetary Fund; IP = Investor Products; IPO = Initial Public Offering; IRB = Internal Ratings Based; IT = Information Technology; ITS = International Trading Solutions; IWM = International Wealth Management; JV = Joint Venture; LSC = Large Swiss Corporates; M&A = Mergers & Acquisitions; MI = Management Information; Mkts = Markets; NNA = Net new assets; Op Risk = Operational Risk; PB = Private Banking; PC = Private Clients; PEP = Politically Exposed Person; pp = percentage points; PTI = Pre-tax income; PWMC = Private & Wealth Management Clients; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RPA = Robotic Process Automation; RWA = Risk-weighted assets; SA-CCR = Standardized Approach to Counterparty Credit Risk; SME = Small and Medium-Sized Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBTF = Too Big To Fail; TBVS = Tangible Book Value per Share; (U)HNW(I) = (Ultra) High Net Worth (Individuals); VaR = Value-at-Risk; VIX = Volatility Index; WM = Wealth Management; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 
 

  
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
 
   
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
   
(Registrants)
     
 
By:
/s/ Christian Schmid
   
Christian Schmid
   
Managing Director
   
     
    /s/ Claude Jehle
    Claude Jehle
Date: November 30, 2017   Director