Credit Suisse reports pre-tax income of CHF 12.8 bn with a CET1 ratio of 20.3% in 1Q23; results reflect write-down of CHF 15 bn AT1 capital notes

Media Release Zurich, April 24, 2023

◾	SPG: Achieved approximately USD 48 bn reduction in the asset equivalent exposures of SPG and related financing

Wealth Management (WM)
Restated adjusted* pre-tax income/loss QoQ in CHF million	1Q23   ◾ WM’s adjusted* net revenues were down 33% vs. 1Q22. Net interest income was down 37%, mainly reflecting lower loan margins on lower average loan volumes, higher costs related to interest rate management and higher funding costs, partially offset by higher deposit margins despite significantly lower average deposit volumes. Recurring commissions and fees declined 17%, reflecting lower average AuM. Transaction- and performance-based revenues were down 43%, primarily due to reduced client activity, but were 9% higher QoQ. ◾ Adjusted* operating expenses in WM were down 8% vs. 1Q22. This was due to lower general and administrative expenses, driven by lower professional services fees and allocated corporate function costs. ◾ WM had an adjusted* 1Q23 pre-tax loss of CHF 115 mn. The reported pre-tax loss of CHF 1.5 bn includes a goodwill impairment charge of CHF 1.3 bn and restructuring expenses of CHF 46 mn. ◾ WM experienced net asset outflows of CHF 47.1 bn in 1Q23 driven by outflows across all regions.
Swiss Bank (SB)
Restated adjusted* pre-tax income QoQ in CHF million	1Q23   ◾ Adjusted* net revenues were down 8% vs. 1Q22. Net interest income was down 11% YoY. Higher deposit income was offset by decreased income from loans, as well as by the absence of SNB threshold benefits following the increase of interest rates. Net interest income in 1Q23 was down 2% compared to 4Q22. Recurring commissions and fees declined 8% YoY, which reflected lower average AuM. Transaction-based revenues were down 12% due to decreased client activity and lower revenues from the Swiss investment banking business. ◾ Adjusted* operating expenses were down 3% vs. 1Q22. This was driven by lower discretionary compensation expenses as well as decreased Group-wide operating costs. ◾ The SB had an adjusted* pre-tax income of CHF 313 mn, down 20% vs. 1Q22. This reflects the lower net revenues and higher non- specific provisions for credit losses, which were partially offset by lower operating expenses. ◾ The net asset outflows of CHF 6.9 bn in 1Q23 mainly reflected outflows in the private clients business.

² FTE reduction includes notified reductions in workforce who were on the payroll as of end of 1Q23

Media Release Zurich, April 24, 2023

Media Release Zurich, April 24, 2023

Capital Release Unit (CRU)

1Q23

◾	Adjusted* net revenues were down USD 1.0 bn vs. 1Q22. This decrease was driven by a loss of revenues from businesses transferred from the IB, particularly from SPG. The CRU also saw losses on the valuation of certain financing arrangements associated with the Apollo transaction.

Contact details

Kinner Lakhani, Investor Relations, Credit Suisse Tel: +41 44 333 71 49

Email: investor.relations@credit-suisse.com

Dominik von Arx, Corporate Communications, Credit Suisse Tel: +41 844 33 88 44

Email: media.relations@credit-suisse.com

The Earnings Release for 1Q23 is available to download from 06:45 CET today at: www.credit-suisse.com/results

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Abbreviations

AM – Asset Management; AuM – assets under management; bn – billion; CET1 – common equity tier 1; CHF – Swiss francs; FINMA – Swiss Financial Market Supervisory Authority FINMA; FTE – Full time equivalent; GAAP – Generally accepted accounting principles; HQLA – high-quality liquid assets; IB – Investment Bank; LCR – Liquidity Coverage Ratio; mn – million; NCU – Non- Core Unit; NNA – net new assets; QoQ – Quarter on Quarter; RWA – risk- weighted assets; SB – Swiss Bank; SNB – Swiss National Bank; SCFF – Supply Chain Finance Funds; SEC – US Securities and Exchange Commission; SPG – Securitized Product Group; trn – trillion; USD – US dollar; WM – Wealth Management; YoY – Year on Year

Important information

This document contains select information from the full 1Q23 Earnings Release that Credit Suisse believes is of particular interest to media professionals. The complete 1Q23 Earnings Release, which has been distributed simultaneously, contains more comprehensive information about our results and operations for the reporting quarter, as well as important information about our reporting methodology and some of the terms used in this document. The complete 1Q23 Earnings Release is not incorporated by reference into this document.

The Group’s independent registered public accounting firm has not completed a review of the financial information contained in the 1Q23 Earnings Release. Any subsequent review may result in changes to that information.

We may not achieve all of the expected benefits of our strategic initiatives, such as in relation to the proposed transaction between Credit Suisse and UBS, our intended reshaping of the bank, cost reductions and strengthening and reallocating capital. Factors beyond our control, including but not limited to the market and economic conditions (including macroeconomic and other challenges and uncertainties, for example, resulting from Russia’s invasion of Ukraine), the reaction by our clients, employees and others to our proposed initiatives, enhanced risks to our businesses during the contemplated transitions, changes in laws, rules or regulations and other challenges discussed in our public filings, such as reputational harm resulting from prior events or reactions to our strategic initiatives, could limit our ability to achieve some or all of the expected benefits of these initiatives. Our ability to implement our strategy objectives could also be impacted by timing risks, obtaining all required approvals and other factors. See also the “Cautionary Statement regarding forward-looking information” below, “Risk factors” in I – Information on the company in our Annual Report 2022 and “Risk factors” in Credit Suisse in our 1Q23 Earnings Release.

In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook”, “Guidance”, “Goal”, “Commitment” and “Aspiration” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, illustrations, ambitions, objectives, outlooks, guidance, goals, commitments and aspirations, as well as any other forward-looking statements described as targets or projections, 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, increased inflation, interest rate volatility and levels, global and regional economic conditions, challenges and uncertainties resulting from Russia’s invasion of Ukraine, political uncertainty, geopolitical conflicts, changes in tax policies, scientific or technological developments, evolving sustainability strategies, including changes in approach due to shifting market expectations and business trends, the need for concurrent actions and efforts by external parties and other actors that are outside of our control to achieve our sustainability-related goals and initiatives, changes in the nature or scope of our operations, including as a result of our recently announced strategy initiatives, changes in carbon markets, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, these statements, which speak only as of the date made, are not guarantees of future performance and should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks, guidance, goals, commitments, aspirations, targets, projections or any other forward-looking statements. For these reasons, we caution you not to place undue reliance upon any forward- looking statements.

In preparing this document, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this document may also be subject to rounding adjustments. All opinions and views constitute good faith 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.

Return on tangible equity, a non-GAAP financial measure, is calculated as annualized net income attributable to shareholders divided by average tangible shareholders’ equity. Tangible shareholders’ equity, a non-GAAP financial measure, is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Management believes that return on tangible equity is meaningful as it is a measure used and relied upon by industry analysts and investors to assess valuations and capital adequacy. Adjusted* return on tangible equity excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology. For end-1Q23, tangible shareholders’ equity excluded goodwill of CHF 1,324 million and other intangible assets of CHF 428 million from total shareholders’ equity of CHF 54,066 million as presented in our balance sheet. For end-4Q22, tangible shareholders’ equity excluded goodwill of CHF 2,903 million and other intangible assets of CHF 458 million from total shareholders’ equity of CHF 45,129 million as presented in our balance sheet. For end-1Q22, tangible shareholders’ equity excluded goodwill of CHF 2,931 million and other intangible assets of CHF 307 million from total shareholders’ equity of CHF 44,442 million as presented in our balance sheet.

Credit Suisse is subject to the Basel framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks, which include capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. Credit Suisse has adopted the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS) and implemented in Switzerland by the Swiss Financial Market Supervisory Authority FINMA (FINMA).

Unless otherwise noted, all CET1 ratio, CET1 leverage ratio, Tier-1 leverage ratio, risk-weighted assets and leverage exposure figures in this document are as of the end of the respective period.

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. The tier 1 leverage ratio and CET1 leverage ratio are calculated as BIS tier 1 capital and CET1 capital, respectively, divided by period end leverage exposure.

Investors and others should note that we announce important company information (including quarterly earnings releases and financial reports as well as our annual sustainability report) to the investing public using press releases, SEC and Swiss ad hoc filings, our website and public conference calls and webcasts. We also routinely use our Twitter account @creditsuisse (https://twitter.com/creditsuisse), our LinkedIn account (https://www.linkedin.com/company/credit-suisse/), our Instagram accounts (https://www.instagram.com/creditsuisse_careers/ and https://www.instagram.com/creditsuisse_ch/), our Facebook account (https://www.facebook.com/creditsuisse/) and other social media channels as additional means to disclose public information, including to excerpt key messages from our public disclosures. We may share or retweet such messages through certain of our regional accounts, including through Twitter at @csschweiz (https://twitter.com/csschweiz) and @csapac (https://twitter.com/csapac). Investors and others should take care to consider such abbreviated messages in the context of the disclosures from which they are excerpted. The information we post on these social media accounts is not a part of this document.

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

Certain material in this document has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and the interpretation of various sources of information, including other third-party sources believed to be reliable. These sources of information may be limited in terms of accuracy, availability and timeliness. 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, reasonableness or reliability of such information.

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

The English language version of this document is the controlling version.