Credit Suisse Debt Investor PresentationDavid Mathers, Chief Financial Officer  December 8, 2016 

 Disclaimer (1/2)  The data presented in this presentation relating to the Swiss Universal Bank refers to the division of Credit Suisse Group as the same is currently managed within Credit Suisse Group. The scope, revenues and expenses of the Swiss Universal Bank vary from the planned scope of Credit Suisse (Schweiz) AG and its subsidiaries, planned to be subject to a partial IPO, market conditions permitting. Any such IPO would involve the sale of a minority stake and would be subject to, among other things, all necessary approvals.It is therefore not possible to make a like-for-like comparison of the Swiss Universal Bank as a division of Credit Suisse Group on the one hand and Credit Suisse (Schweiz) AG as a potential IPO vehicle on the other hand.Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2015 and in “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on December 7, 2016 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 except as may be required by applicable law. In particular, the terms “Illustrative”, “Ambition”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such illustrations, ambitions and goals are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. Accordingly, this information should not be relied on for any purpose. We do not intend to update these illustrations, ambitions or goals.We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Figures throughout presentation may also be subject to rounding adjustments. Cautionary Statements Relating to Interim Financial InformationThis presentation contains certain unaudited interim financial information as of or for periods after September 30, 2016, the date of our last published quarterly financial statements. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the fourth quarter of 2016 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the fourth quarter of 2016. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the fourth quarter of 2016 will be included in our 4Q16 Earnings Release, and audited consolidated financial statements for full-year 2016 will be included in our Annual Report on Form 20-F for the year ended December 31, 2016, when they are published. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of the fourth quarter or the full year 2016. 

 Disclaimer (2/2)  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 or a reference thereto can be found in this presentation in the Appendix, which is available on our website at credit-suisse.com.Statement regarding capital, liquidity and leverage As of January 1, 2013, Basel 3 was implemented in Switzerland along with the Swiss “Too Big to Fail” legislation and regulations thereunder (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 3 framework had been in place in Switzerland during such periods. Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. Leverage amounts for 4Q14, which are presented in order to show meaningful comparative information, are based on estimates which are calculated as if the BIS leverage ratio framework had been implemented in Switzerland at such time. Beginning in 2015, the Swiss leverage ratio is calculated as Swiss total capital, divided by period-end leverage exposure. The look-through BIS tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by end-period leverage exposure. Selling restrictions This document, and the information contained herein, is not an offer to sell or a solicitation of offers to purchase or subscribe for securities of Credit Suisse Group AG or Credit Suisse (Schweiz) AG in Switzerland, the United States or any other jurisdiction. This document is not a prospectus within the meaning of article 652a of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of the SIX Swiss Exchange AG or any other exchange or regulated trading facility in Switzerland or a prospectus or offering document under any other applicable laws. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which such documents are barred or prohibited by law. A decision to invest in securities of Credit Suisse Group AG or Credit Suisse (Schweiz) AG should be based exclusively on a written agreement with Credit Suisse Group AG or an offering and listing prospectus to be published by Credit Suisse Group AG or Credit Suisse (Schweiz) AG for such purpose. Any offer and sale of securities of Credit Suisse (Schweiz) AG will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered in the United States of America absent such registration or an exemption from registration. There will be no public offering of such securities in the United States of America.  

 Delivering against our key objectives    Costs  CHF 19.6 bn  2016E adjusted operating expensesat constant FX rates*  2016E net savings  CHF 1.6 bn    CHF 2.9 bn  9M16 Core pre-tax income adjusted  Profitability  CHF 2.4 bn  9M16 SRU pre-tax loss adjusted  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix* See Appendix1 Relating to Wealth Management in SUB, IWM and APAC    3Q16 CET1 look-through ratio  12.0%+180 bps vs. 3Q15  Capital  3.4%  3Q16 CET1 look-through leverage ratio    Assets  9M16 net new assets1  CHF 30.9 bn10% emerging market growth rate3% mature market growth rate 

 Agenda  Progress in capital reallocation and growth  1  Update on cost initiatives  2  Divisional execution towards targets and strategy  3  Funding plan and strategy   4  Regulatory update  5 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  CET1 ratio increased to 12.0%; RWA reallocated to growth businesses  285  270      10.2%  12.0%      1 Business impact includes business moves and internally driven methodology and policy impact and is expressed as net of FX and major external methodology changes  SRU  GM  IBCM  IWM  SUB  APAC  (8)  (20)  +3  +3  +4  +6  (28)  +16  3Q15  3Q16  3Q15  3Q16  3Q16 vs. 3Q15 Basel III RWA business impact1 in CHF bn  Basel III RWA in CHF bn  CET1 ratio in %  Sources  Increases 

 Continued reduction of leverage exposure while re-allocating to growth businesses; Tier 1 leverage ratio up 70 bps YoY  3Q15  3Q16  1,045  949      3.9%  4.6%  1 Business impact excludes impact from FX  Sources  SRU  Corp. Ctr. / HQLA  IBCM  APAC  SUB  (24)  (76)  +9  +14  GM  (11)  +10  +33  (116)  Increases  IWM  (5)  1.1%  2.8%  1.2%  3.4%  3Q15  3Q16  3Q16 vs. 3Q15 Leverage exposure business impact1 in CHF bn  Leverage exposure in CHF bn  Leverage ratio in %  Tier 1  CET1  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  3Q16  Operating Free Capital Generated  Cash component of dividends  2018  CET1 ratio1,2in %  Capital released from SRU RWA reduction4    CET1 Leverage ratio   >3.5%  Illustrative CET1 capital generation and impact on capital ratios   Tier1 Leverage ratio   ~5.0%  3.4%  4.6%  CET1 benefit from Credit Suisse (Schweiz) IPO3  11-12% until end 2016  1 Pre significant litigation 2 Pre reforms to Basel III 3 Any such IPO would involve the sale of a minority stake and would be subject to, among other things, all necessary approvals and would be intended to generate / raise additional capital for Credit Suisse AG or Credit Suisse (Schweiz) AG 4 Includes business growth and methodology impacts (excluding Basel III reform)  12-13% over 2017 and 2018  >13% in 2018+ buffer for Basel III reform  CET1 ratio targets1,2  CET1 equivalent of increase in RWA for other divisions4     

 Agenda  Progress in capital reallocation and growth  1  Update on cost initiatives  2  Divisional execution towards targets and strategy  3  Funding plan and strategy   4  Regulatory update  5 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  On track to reduce expenses to below CHF 19.8 bn target, with CHF 1.6 bn net savings expected by end-2016    2015  21.2  19.8  Adjusted operating expenses at constant FX rates* in CHF bn  Net savings in CHF bn    2016Target    1.6  2016estimated      (1.6)    2016 estimated  19.6  1.6 net savings  Net headcount1 reductions of 6,050 as of December 4, exceeding target net reduction for full year 2016  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Headcount includes permanent full-time equivalent employees, contractors, consultants and other contingent workers; Achieved as of December 4, 2016 includes departed and notified headcount * See Appendix 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Adjusted operatingexpenses at constantFX rates* in CHF bn  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * See Appendix  2015  Gross savings  Investments in growth  2016 estimated  21.2  (2.1)  19.6  Strengthening of controls  0.3  0.2      2016 target of CHF 19.8 bn    Expect to achieve CHF 2.1 bn of gross savings in 2016, while reinvesting in growth businesses that aims at achieving attractive returns 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Summary of progress    Target total of >CHF 4.2 bn of net savings by end-2018  2015    2016estimated  Estimated 2016 cost reductions  2015 – 2018 cost reduction program* in CHF bn, year-end targets  2017 & 2018planned savings   Prior 2018 Target(Investor Day 2015)    On track to beat target cost base of CHF 19.8 bn for 2016;expect to reduce cost base to <CHF 17.0 bn by end-2018  Revised 2018Target    Note: Cost reduction program measured in constant FX rates and based on expense run rate excluding major litigation expenses, restructuring costs and goodwill impairment, but including other costs to achieve savings. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix* See Appendix  21.2  18.5 – 19.0  <17.0  (2.6)    2016 cost target CHF 19.8 bn 

 Agenda  Progress in capital reallocation and growth  1  Update on cost initiatives  2  Divisional execution towards targets and strategy  3  Funding plan and strategy   4  Regulatory update  5 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Continued focus on cost discipline at SUB with maintained 2018 pre-tax income target  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results and a reconciliation of adjustments applied for Swisscard are included in the Appendix. Financial and other information is for Swiss Universal Bank division. Scope of Credit Suisse (Schweiz) AG differs from Swiss Universal Bank division1 Excludes Swisscard impact  Adjustedpre-tax income1in CHF bn  2015  Prior 2018 Target(ID 2015)  2018Target  2.3  1.6  2.3 

   Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  IWM outlook impacted by adverse market environment in near term  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Including additional market related activities  Adjustedpre-tax incomein CHF bn  Prior 2018 Target(ID 2015)  Revised 2018Target  (0.4)  2.1  1.8  2015  1.0  Asset Management1  Business transfers  0.1 

   Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Adjustedpre-tax incomein CHF bn  Prior 2018 Target(ID 2015)  Revised 2018Target  Marketimpact  2.1  1.6  0.3  0.7  0.7  2015  1.1  Wealth Mgmt.1  Businesstransfers  Prior 2018 Targetexcl. business transfers   Costinitiatives  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Including contributions from wealth management connected activities  0.7  (0.7)  (0.1)  2.0  APAC wealth management target unchanged; reduced overall target reflects adverse impact from market conditions 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Global Markets targeted to meet its cost of capital by 2018  Note: Adjusted results are non-GAAP financial measures † See Appendix  Adjusted net revenues  Adjusted total operating expenses  2018 Ambition in USD bn  6.0+   Less than 4.8        Target return on regulatory capital†: 10 – 15% 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Revenue growth and operating efficiencies to drive IBCM toward return target  Note: Adjusted results are non-GAAP financial measures † See Appendix  2018Target  15-20%  Adjusted return on regulatory capital†    ~60% revenue growth~40% operating efficiencies  2016 to 2018 PTI Growth 

   SRU RWA and leverage exposure outlookOn track to reduce RWA and leverage exposure by ~80% by end-2019  1 RWA shown excluded projected inflation from future regulatory uplifts (e.g. fundamental review of trading book). Regulatory (FINMA) approval required for any operational risk reduction   (35)%  RWA1 in USD bn  Leverage exposure in USD bn  (30)%  (80)%  (76)%  excl. ops risk  Operational risk  Credit & market risk  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update 

   Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update    Comparison to previously announced Ambition  SRU pre-tax loss outlookPre-tax loss drag projected to reduce to ~USD 800 mn by year-end 2019  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results is included in the Appendix.1 As announced with 4Q15 earnings release to be CHF 850 mn ~ USD 850 mn2 Includes impact from the recalibration of funding cost allocations effective January 1, 20163 2018 target no longer projects the early redemption of legacy funding instruments  2  3  Illustrativeadjustedpre-tax income progression in USD mn  ~(1,400)  ~(800)  1 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Overview of revised financial targets for Group and divisions  APAC  Pre-tax income o/w Wealth Management 2  IWM  Pre-tax income  SUB  Pre-tax income  Global Markets  RWA threshold1Leverage exposure threshold1Return on regulatory capital†  Note: Adjusted results are non-GAAP financial measures1 As announced on March 23, 2016 (Credit Suisse Strategy Update) 2 Including contributions from wealth management connected activities † See Appendix  2016  USD 60 bnUSD 290 bn  > CHF 1.4 bn1< CHF 19.8 bn111-12%1  Group  Net cost savingsOperating cost baseCET1 ratio (pre significant litigation)CET1 leverage ratio  SRU  Pre-tax lossRWALeverage exposure  2019  > 13% pre-Basel III reform uplift; > 11% post-Basel III reform uplift  ~ USD 0.8 bnUSD 30 bnUSD 40 bn  2018  CHF 1.6 bnCHF 0.7 bn  CHF 1.8 bn  CHF 2.3 bn  10-15%  > CHF 4.2 bn< CHF 17.0 bn12-13%> 3.5%  15- 20%  Adjusted figures  IBCM  Return on regulatory capital†  ~ USD 1.4 bn 

 Agenda  Progress in capital reallocation and growth  1  Update on cost initiatives  2  Divisional execution towards targets and strategy  3  Funding plan and strategy   4  Regulatory update  5 

 Overall funding volumes and costs to decline through 2019  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Reduced funding and capital requirements driven by the continued progress on the wind-down of the SRU portfolio  Progress in SRU reduction     Over USD 8 bn of expensive capital rolls off through 2019  High cost debt rolling off     Capital markets funding volume expected to decline by approximately 28% from 2016 to 2019 due to reduction of term funding demand required by businesses  Optimization of resources     More expensive bail-in HoldCo debt replacing lower cost maturing OpCo debt   Debt replacementdynamics     Credit Suisse spreads at elevated level as a result of large issuance volumes in 2014 and 2015 to support IHC and entity liquidity  Elevated senior spreads level             HoldCo to OpCo spread basis for UK / Swiss peers remains significantly wider than for US peers  HoldCo to OpCo spread differential        

 Funding needs reflect business demand and Group / Entity regulatory requirements  1 Includes shareholders’ equity and noncontrolling interests 2 Includes AT1 High Trigger capital instruments, grandfathered Tier 1 and Tier 2 capital instruments, and legacy capital instruments 3 Bail-in debt instruments 4 Includes senior debt, structured notes, Pfandbrief/covered bonds, due to banks and other short-term liabilities 5 Pre significant litigation expenses 6 Pre reforms to Basel III 7 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  HoldCo debt3      OpCo & other debt4   Deposits  Equity1  Capital instr.2  Liquidity  3Q16  Loss absorbing capital  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  3Q16  Business Demand  Supply  RWA“look-through”CHF 270 bn  “Look-through” regulatory and management targets        CET1 ratio5,6~13%  2018  LCR130-150%NSFR> 100%  NSFR> 100%  LCR>110%  Leverage exposure“look-through”CHF 949 bn          TLACratio728.6%(Jan 1, 2020) 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Reduced capital instrument costs expected to offset increased HoldCo funding costs  Estimated funding costs1 – capital instruments in USD bn    2.8  2.8  2.7  2.2  Estimated funding costs1 – other sources of funding in USD bn  Total funding cost1 in USD bn  1.4  1.5  1.5  1.6  1 Cost represents a spread to the 3-month reference rate 

 Illustrative funding cost sensitivity and spread mediation  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Funding costs sensitivity in CHF bn   2019E  2.71  2.67      HoldCo  AT1 High Trigger  2018E  2.24  2.13          Spread tightening assumes HoldCo spread  50bps, AT1 spread  100bps in 2018  (40) mn  (110) mn  All other1  1 Includes grandfathered T1 and T2 capital instruments, legacy capital instruments and OpCo debt 

 Continued reinforcement of our creditor-friendly themes and strong capacity for capital coupon payments  Source: Bloomberg “Distributable Profits” = aggregate of i) net profits carried forward and ii) freely available reserves (other than reserves for own shares), in each case, less any amounts that must be contributed to legal reserves under applicable law, all as appearing in the Relevant Accounts (i.e., the audited unconsolidated financial statements of the issuer for the previous financial year) 1 Shown are Credit Suisse USD - 7.5% - PNC10 - AT1 - XS0989394589; UBS USD - 7% - PNC10 - AT1 - CH0271428333; Deutsche Bank USD - 7.5% - PNC10 - AT1 - US251525AN16 2 As of the end of 2015, the distributable profits of Credit Suisse Group AG, under the terms of our capital instruments, consisted of statutory and discretionary reserves of CHF 10.5 bn, retained earnings brought forward of CHF 5.2 bn and net profit of CHF 0.1 bn   Early 2016 market volatility in USD low-trigger AT1 capital instruments1, price in %  Deutsche Bank  UBS  Credit Suisse  AT1 instruments include a contractual dividend stopperCredit Suisse will be prohibited from making any AT1 interest payment if: Distributable profits of CHF 15.8 bn (as of end 20152) are less than the aggregate amount of payments on Tier 1 instrumentsMinimum regulatory requirements are not met – transitional capital ratiosFINMA prohibited such interest paymentCredit Suisse historically has called all capital instruments on first call  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update 

 Large capital buffer to capital instrument triggers  CET1 capital3Q16  14.1%  38.6  19.2  CHF 19.5 bnCET1 buffer1  3Q161 CET1 capital ratio  Conversion trigger2  CET1 capitalat conversion trigger  7.0%  Look-through impact4:  Assuming CET1 capital ratio of 12.0%5 (as of end 3Q16)  CHF 13.4 bnCET1 buffer  13.7  Write-down trigger3  5.0%  CET1 capitalat write-down trigger  CHF 25.0 bnCET1 buffer1  7.0%  CHF 18.8 bnCET1 buffer  5.0%  Assuming a targeted CET1 capital ratio of 13% (end 2018 target, pre-Basel III reform uplift)  CHF 18.4 bnCET1 buffer  7.0%  CHF 24.5 bnCET1 buffer  5.0%  Note: For presentation purposes the CET1 buffer for the 5.125% low-trigger capital instrument is not shown The write-down trigger for certain capital instruments takes into account that other outstanding capital instruments that contain relatively higher capital ratios as part of their trigger feature are expected to convert into equity or be written down prior to the write down of such capital instruments Rounding differences may occur CET1 = Common equity Tier 1 1 Based on end 3Q16 phase-in risk-weighted assets of CHF 274 bn 2 Conversion into equity upon Credit Suisse Group AG’s (the “Group”) reported phase-in CET1 ratio falling below 7%, or a determination by FINMA that conversion is necessary, or that the Group requires public sector capital support, to prevent it from becoming insolvent, bankrupt or unable to pay a material amount of debts, or other similar circumstances 3 The principal amount of the instrument would be written-down to zero and canceled if the following trigger events were to occur: A) the Group’s reported phase-in CET1 ratio falls below 5%; or B) FINMA determines that cancellation of the instrument and other similar contingent capital instruments is necessary, or that the Group requires public sector capital support, in either case to prevent it from becoming insolvent or otherwise failing (“Customary Non-Viability Scenarios”) 4 Assumes the full application of a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and the phase-out of an adjustment for the accounting treatment of pension plans and certain capital instruments 5 Based on end 3Q16 look-though risk-weighted assets of CHF 270 bn   Phase-in BIS CET1 ratio and capital in CHF bn  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update 

 Build-up of HoldCo debt layer reduces loss given default and supports credit ratings  OpCo  HoldCo  Capital instruments  Estimated funding volumes  12%  19%  30%  40%    Resolution (restructuring by FINMA)    Loss absorption waterfall  Deposits, in so far as not privileged  AT1 and tier 2 instruments  Equity capital  Senior bonds without capital adequacy eligibility (e.g. HoldCo bail-in bonds)  Other claims not excluded from conversion/write-down (e.g. OpCo senior unsecured bonds), with the exception of deposits  Bail-in hierarchy in Switzerland      Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update 

 Stable funding sources and liquidity strength providestrong foundation for creditors  130%-150% target range going forward  The strengthening of the ratio since 1Q15 reflects our efforts to ensure that Group entities meet applicable local liquidity requirements  Group liquidity coverage ratio (LCR) in %    Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  Funding sources by type, total liabilities & equity as of:  Match funded1    3Q16  Due to banks, other short-term liabilities2 and short-term borrowings    Core customer deposits3    Long-term debt4 & total equity5      Note: Beginning in May 2015, FINMA required us to maintain a minimum LCR of 110% at all times 1 Repurchase agreements, short positions and funding-neutral liabilities. Funding neutral liabilities primarily include brokerage receivables/payables, positive/negative replacement values and cash collateral 2 Other short-term liabilities primarily includes excess of funding neutral liabilities (brokerage payables) over corresponding assets 3 Core customer deposits are from clients with whom we have a broad and longstanding relationship. Core customer deposits exclude deposits from banks and certificates of deposit 4 Includes structured notes, secured long-term debt, senior unsecured funding OpCo and HoldCo, Tier 1 and Tier 2 capital instruments and covered bonds. 5 Includes shareholder’s equity and non-controlling interests   68% or an increase of CHF 61 bn since end-2010    21%  38%  30%  11% 

 Future issuances focused on HoldCo and AT1  1 Includes AT1 High Trigger capital instruments, grandfathered Tier 1 and Tier 2 capital instruments, and legacy capital instruments 2 Including Pfandbrief/Covered Bonds 3 As of September 30, 2016 4 Issuance plans reflect projected business growth, development of the balance sheet, future funding needs and maturity profiles as well as the effects of changing market and regulatory conditions and assumes callable issues redeemed at first call date. Subject to change   Long-term debt capital markets issuances in CHF bn  Capital instruments1    Senior bonds (OpCo)2      Senior bonds (HoldCo)  37  40  16  YTD3  25  8  7  13    Scheduled maturities3  Estimated 2017 issuance~ 13 to 15o/w 1-3 capital, 10-12 senior instruments (HoldCo)4    21  25  17  2017  2018  2019  Supply normalized compared to prior yearsSenior unsecured HoldCo issuances expected to replace maturing OpCo notes (USD 22 bn HoldCo issued to date)Existing callable capital expected to be replaced with AT1 instruments or otherwise redeemed  Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update   

 Agenda  Progress in capital reallocation and growth  1  Update on cost initiatives  2  Divisional execution towards targets and strategy  3  Funding plan and strategy   4  Regulatory update  5 

 Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update    Recalibrated leverage ratio likely to be primary capital constraint until beginning 2020, however…   1 The binding constraint is calculated as the worse of 10% of RWA and 3.5% of leverage exposure due to the TBTF requirement of 10% CET 1 ratio and 3.5% CET 1 leverage ratio requirement2 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 from the start of 2020  …  2018  Standardized Approach to Counterparty Credit Risk, Banking Book Securitizations and Equity Investment in Funds rules effective from January 1, 2018  Impact of revised Market Risk rules expected to be effective by December 31, 2019. Will affect primarily market risk assets in divisions with trading activity  2019  2020  Revised Swiss TBTF rules will be phased-in and become fully effective January 1, 2020  2016  Group of Governors and Heads of Supervision (GHOS) of BCBS is due to meet in January 2017 where final rules for revisions to standard rules for floors, credit risk and operational risk are expected. Significant recalibration to draft rules expected  Revised Swiss TBTF rules require going concern leverage ratio of 5% (of which 3.5% CET1), 5%2 gone concern leverage ratio, going concern RWA ratio of 14.3% (of which 10% CET1) and 14.3%2 gone concern RWA ratio to become fully effective by January 1, 2020 (phase-in)  Major regulatory capital changes anticipated over 2016-2020  Recent BCBS conference comments on November 30, 2016 indicate a longer implementation and phase-in period than previously expected. Use of internal models was confirmed 

   Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update  RWA estimated regulatory impact - 2018 to 2020 and beyond    Estimated net regulatory impact in CHF bn  2018E  2019E  2020E and beyond  Advanced rules estimated impact  Equity investments in fundsSACCRBanking book securitization  2018+: >13% pre Basel III reform ; >11% post Basel III reform  Final rules impact  Draft rules impact  FRTB  Pending BCBS finalization of remaining rules; significant recalibration expected January 2017.FRTB CVAReduced IRBOperational Risk  12-13% in 2018  Estimated CET1 ratio (%)Pre significant litigation 

   HoldCo    Swiss bail-in regime similar to US and UK approach  Structural  Switzerland  UK  United States    1 Under the new draft amendment to BRRD Article 108, the European Commission has proposed to change national insolvency hierarchies in the EU member states in order to provide for a preferred and a non-preferred senior unsecured class  FSB subordination forms:  Statutory  Germany  Italy  Existing bonds subordinated  New class created by statute  France  Evolving      Contractual  New class created within subordinated class  On a case-by-case basis                                                                                                         United States  Other EU countries1    Capital  Cost initiatives  Divisional financials  Funding plan  Regulatory update 

 Appendix 

 Credit rating peer comparison – Bank Holding Companies        Aa3AA-  A1A+  A2A  A3A-    Baa1BBB+     Moody’s rating scale   Fitch and S&P rating scale  Baa2BBB         HSBC           Morgan Stanley   Citigroup     Bank of America       Barclays   JPMorgan Chase   Credit Suisse Group AG   Goldman Sachs   RBS        F  M*  S*  M  F  S  M  S  F  F  M*  S*  M  F  S  F  F  F  S  S  M  M  F  S  M•  Legend  M  Moody’s  F  Fitch  S  S&P    Baa3BBB-     UBS  S  F•    Ba1BB+  M1  S  M  Source: Bloomberg. Ratings shown are current senior unsecured long-term debt ratings and are subject to change without notice. Latest rating action on July 7, 2016 * Long-term rating on negative outlook • Long-term rating on positive outlook Ratings apply to holdings companies: HSBC Holdings plc, JPMorgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc., Credit Suisse Group AG, UBS Group AG, Barclays plc, and Royal Bank of Scotland Group plc 1 On September 21, 2015, Moody's assigned a rating to the guaranteed US dollar senior notes issued by UBS Group Funding (Jersey) Limited. This rating was initiated by Moody's and was not requested by the rated entity Note: Ratings not shown for BNP Paribas SA, Deutsche Bank AG and Société Générale SA, given there is no holding company structure or holding company rating 

 Credit rating peer comparison – Bank Operating Companies        Aa2AA  Aa3AA-  A1A+  A2A    A3A-     Moody’s rating scale   Fitch and S&P rating scale  Baa1BBB+                            Legend  M  Moody’s  F  Fitch  S  S&P    Baa2BBB    Source: Bloomberg. Ratings shown are current senior unsecured long-term ratings and short-term ratings (below each symbol) and are subject to change without notice Latest rating action on July 19, 2016 * Long-term rating on negative outlook •• On review for upgrade Note: Ratings shown are for HSBC Bank plc, JPMorgan Chase Bank NA, UBS AG, Bank of America NA, Citibank NA, Goldman Sachs Bank USA, Morgan Stanley Bank NA., BNP Paribas SA, Credit Suisse AG, Société Générale SA, Barclays Bank plc and Deutsche Bank AG   JPMorgan Chase   UBS   Deutsche Bank   Goldman Sachs   Morgan Stanley   Citigroup   BNP Paribas   Bank of America   Société Générale   Credit Suisse AG (Bank)   Barclays   HSBC      (F1+)  F  (P-1)  M*  (A-1+)  S*  (P-1)  M  (F1+)  F  (A-1)  S  (P-1)  M  (F1)   F  (A-1)  S  (P-1)  M  (F1)   F  (P-1)  M  (F1)   F  (P-1)  M  (F1)   F  (P-1)  M  (F1)   F  (P-1)  M  (F1)   F  (A-1)  S••  (A-1)  S••  (A-1)  S••  (A-1)  S••  (A-1)  S  (F1)  F  (P-1)  M  (A-1)  S  (F1)  F  (P-1)  M  (A-1)  S  (P-1)  M*  (A-2)  S*  (F1)  F  (F1)  F  (A-2)  S*  (P-2)  M 

 New TBTF capital requirements for internationally operating SIBs in Switzerland – grandfathering rules  Grandfathering rules  USD  6.5%  2023   08/2023  Going / Gone concern  Currency  Coupon  Maturity  First call  Recognized as  First call or end 2019 (whichever is first)  Qualifies as Going concern until  Low-trigger  Tier 2  AT1  EUR  5.75%  2025   09/2020  CHF  6.0%  perpetual  09/2018  Going /Gone concern  First call (even if beyond 2019)  USD  7.5%  perpetual  12/2023      USD  6.25%  perpetual  12/2024  First call or end 2019 (whichever is first)  High-trigger  Tier 2  AT1  CHF  7.125%  2022   03/2017  CHF  9.0%  perpetual  10/2018  Going concern  USD  9.5%  perpetual  10/2018      USD  9.5%  perpetual  10/2018  Going /Gone concern  Write-down  Conversion  CHF  floating  perpetual  n.a.  Going concern     Write-down  Contingent Capital Awards  Total   CHF 15.8 bn   2,500  Notional(in million)  1,250  290  2,250  2,500  750  2,500  1,720  1,725  3901  1 Represents the amount recognized in regulatory capital Note: In May 2016 the Swiss Federal Council amended the Capital Adequacy Ordinance (CAO) which recalibrates and expands the existing “Too Big to Fail” regime in Switzerland. The amended CAO came into effect on July 1, 2016, subject to phase-in and grandfathering provisions for certain outstanding instruments, and has to be fully applied by January 1, 2020. After January 1, 2020, the low-trigger Tier 2 instruments receive gone concern treatment and the Group’s gone concern requirement is reduced by a factor of 0.5 for the outstanding amount of these instruments in relation to risk-weighted assets and leverage exposure. In effect, the low-trigger Tier 2 instruments receive 1.5x value in the gone concern ratio  Outstanding regulatory capital instruments as of end-3Q16  New TBTF 

 Early capital compliance on a phase-in basis  CET1  Additional tier 15(incl. high-trigger Tier 1 and Tier 2 and low-trigger Tier 1)    Bail-in debt instruments6     4.0%  5.5%  8.5%  10.0%  7.0%  14.25%  18.2%  25.18%  28.6%  21.76%  Going concern  Gone concern        Going concern  Gone concern      7.5%    Credit Suisse look-through  26.1%  Leverage ratio1  Capital ratio2  7  4  3  1 In percentage of leverage exposure 2 In percentage of risk-weighted assets 3 Based on end 3Q16 look-through leverage exposure of CHF 949 bn 4 Based on end 3Q16 look-through Swiss RWA of CHF 271 bn 5 Includes CHF 5.8 bn of additional Tier 1 high-trigger capital instruments, CHF 5.1 bn of additional Tier 1 low-trigger capital instruments and CHF 0.7 bn of Tier 2 high-trigger capital instruments 6 Includes CHF 22.7 bn of bail-in debt instruments and CHF 4.2 bn of Tier 2 low-trigger capital instruments 7 Effective July 1, 2016 8 Effective as of January 1 for the applicable year Note: In May 2016 the Swiss Federal Council amended the Capital Adequacy Ordinance (CAO) which recalibrates and expands the existing “Too Big to Fail” regime in Switzerland. The amended CAO came into effect on July 1,2016, subject to phase-in and grandfathering provisions for certain outstanding instruments, and has to be fully applied by January 1, 2020. Figures do not include the effects of the countercyclical buffers and any rebates forresolvability and for certain Tier 2 low-trigger instruments recognized in gone concern capital. After January 1, 2020, the low-trigger Tier 2 instruments receive gone concern treatment and the Group’s gone concernrequirement is reduced by a factor of 0.5 for the outstanding amount of these instruments in relation to RWA and Leverage Exposure. In effect, the low-trigger Tier 2 instruments receive 1.5x value in the gone concern ratio  Leverage ratio requirements8  Capital ratio requirements8 

 Swiss Resolution Regime is debt investor friendly  Restructuring  Resolution (by FINMA)  PONV  Recovery  Post-resolution  Bail in(as a means of last resort)Financial stability safeguarded  Sale or transfer of assets and/or closure of certain business lines  Trigger of high-strike /low-strike Cocos1  Disposals  Further options from Recovery Plan  Refill TLAC  Earlyintervention  Capital replenishmentDividend cutsBonus reductionAT1 coupon cancellation  Capital Adequacy Ordinance  Bank Insolvency Ordinance (BIO-FINMA)  Trigger of regulatory capital instruments with PONV conversion/ write-off feature   Liquidation /wind-down(no bail-in powers)  Etc.  Business as usual  1 Credit Suisse AG (OpCo) has issued Tier 2 low-trigger capital instruments where the principal amount is written off upon certain triggering events, including Credit Suisse Group’s CET1 ratio falling below 5% or Credit Suisse Group becoming non-viable 2 Swiss Bank Insolvency Ordinance; FINMA has the possibility but not the requirement to compensate former shareholders     Further restructuringsManagement changesEtc.  Swiss resolution regime All shareholders and capital instruments to be fully eliminated/fully written off, before FINMA has power to force losses into bail-in debt NCWOL principleStrict and complete hierarchy of losses is enforced by law2Debt-for equity swap transfers all remaining equity to bail-in debt investors; minimizing their economic loss   Credit Suisse Group AG Resolution entitySimple and clean balance sheetLiabilities are structurally subordinated to OpCo (Credit Suisse AG) 

 Notes  Throughout the presentation rounding differences may occurAll risk-weighted assets (RWA) and leverage exposure figures shown in this presentation are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis points (bps) Gross margin = adj. net revenues annualized / average AuM; net margin = adj. pre-tax income annualized / average AuMMandates penetration reflects advisory and discretionary mandates as percentage of total AuM, excluding AuM from the external asset manager (EAM) business  General notes  * “Adjusted operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2Q15: USD/CHF 0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 4Q15: USD/CHF 1.0000, EUR/CHF 1.0851, GBP/CHF 1.5123, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2Q16: USD/CHF 0.9756, EUR/CHF 1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review† Regulatory capital reflects the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is based on (adjusted) returns after tax assuming a tax rate of 30% for all periods and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For Global Markets and Investment Banking & Capital Markets, return on regulatory capital is based on US dollar denominated numbers  Specific notes  Abbreviations  Adj. = Adjusted; AT1 = Additional Tier 1; AM = Asset Management; ann. = annualized; APAC = Asia Pacific; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; BRRD = Bank Recovery and Resolution Directive; CAO = Capital Adequacy Ordinance; CET1 = Common Equity Tier 1; Corp. Ctr. = Corporate Center; C&IB = Corporate & Institutional Banking; CRO = Chief Risk Officer; CCRO = Compliance and Regulatory Affairs; CVA = Credit Valuation Adjustment; ECM = Equity Capital Markets; EM = Emerging Markets; EMEA=Europe, Middle East & Africa; FINMA = Swiss Financial Market Supervisory Authority; FRTB = Fundamental review of the trading book; FSB = Financial Stability Board; FTE = Full time equivalents; FVoD = Fair Value of Own Debt; FX = Foreign Exchange; GM = Global Markets; GMAR = Global Markets Accelerated Restructuring; HoldCo = Holding Company; HQ = Headquarters; HQLA = High Quality Liquid Assets; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; ID = Investor Day; IHC = Intermediate Holding Company; IOSCO = The International Organization of Securities Commissions; IPO = Initial Public Offer; IRB = Internal Ratings-Based; IWM = International Wealth Management; KPI = Key Performance Indicator; LATAM =Latin America; LCR = Liquidity Coverage ratio; M&A = Mergers & Acquisitions; NCWOL = No Creditor Worse Off than in Liquidation; NNA = Net new assets; NSFR = Net Stable Funding Ratio; OpCo = Operating Company; OpRisk = Operational Risk PB = Private Banking; PB&WM = (Former) Private Banking & Wealth Management (division) pp. = percentage points; PTI = Pre-tax income; PONV = Point of Non-Viability; QoQ = Quarter-on-quarter; RM(s) = Relationship Manager(s); RoRC = Return on regulatory capital; RWA = Risk Weighted Assets; SA-CCR = Standardized Approach - Counterparty Credit Risk; SME = Small and Medium Enterprises; SMG = Systematic Market-Making Group; SoW = Share of Wallet; SRU = Strategic Resolution Unit; STS = Sales and Trading Services; SUB = Swiss Universal Bank; T1= Tier 1 capital; TBTF = Too Big to Fail; TLAC = Total loss absorbing capacity; (U)HNW(I) = (Ultra) High Net Worth (Individuals); WM = Wealth Management; YoY = Year-on-Year; YTD = Year To Date 

 Reconciliation of adjustment items (1/2)    CS Group in CHF mn                SRU in USD mn                Corp. Ctr. in CHF mn                  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    Net revenues reported  5,396  5,108  4,638  4,210  5,985  6,955  6,647    (170)  (371)  (545)  (126)  (90)  437  335    72  (95)  110  (748)  752  384  173    Fair value on own debt  -  -  -  697  (623)  (228)  (144)    -  -  -  -  -  -  -    -  -  -  697  (623)  (228)  (144)    Real estate gains  -  -  -  (72)  -  (23)  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    (Gains)/losses on business sales  (346)  -  56  (34)  -  -  -    -  -  4  -  -  -  -    -  -  52  -  -  -  -    Net revenues adjusted  5,050  5,108  4,694  4,801  5,362  6,704  6,503    (170)  (371)  (541)  (126)  (90)  437  335    72  (95)  162  (51)  129  156  29    Provision for credit losses  55  (28)  150  133  110  51  30    6  (38)  119  99  21  13  5    -  (2)  1  (2)  1  -  -    Total operating expenses reported  5,119  4,937  4,972  10,518  5,023  5,248  5,106    698  445  601  1,103  688  690  651    279  142  76  307  211  121  223    Goodwill impairment  -  -  -  (3,797)  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Restructuring expenses  (145)  (91)  (255)  (355)  -  -  -    (23)  (21)  (80)  (158)  -  -  -    -  -  -  -  -  -  -    Major litigation provisions  (306)  -  -  (564)  (203)  (63)  10    (324)  -  -  (257)  (27)  (9)  -    -  -  -  -  -  -  -    Total operating expenses adjusted  4,668  4,846  4,717  5,802  4,820  5,185  5,116    351  424  521  688  661  680  651    279  142  76  307  211  121  223    Pre-tax income/(loss) reported  222  199  (484)  (6,441)  852  1,656  1,511    (874)  (778)  (1,266)  (1,328)  (799)  (266)  (320)    (207)  (235)  33  (1,053)  540  263  (50)    Total adjustments  105  91  311  5,307  (420)  (188)  (154)    347  21  84  415  27  9  -    -  -  52  697  (623)  (228)  (144)    Pre-tax income/(loss) adjusted  327  290  (173)  (1,134)  432  1,468  1,357    (527)  (757)  (1,181)  (913)  (772)  (256)  (320)    (207)  (235)  85  (356)  (83)  35  (194)      IWM AM in CHF mn                GM in USD mn                IBCM in USD mn                  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    Net revenues reported  292  334  320  365  308  335  320    1,396  1,671  1,252  1,168  1,632  2,052  2,272    479  558  395  418  414  605  420    Fair value on own debt  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Real estate gains  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    (Gains)/losses on business sales  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Net revenues adjusted  292  334  320  365  308  335  320    1,396  1,671  1,252  1,168  1,632  2,052  2,272    479  558  395  418  414  605  420    Provision for credit losses  -  -  -  -  -  -  -    (6)  (17)  22  (5)  15  (4)  4    (9)  -  30  -  -  -  -    Total operating expenses reported  243  273  253  330  267  275  274    1,310  1,532  1,430  4,517  1,346  1,641  1,498    450  417  425  902  346  451  471    Goodwill impairment  -  -  -  -  -  -  -    -  -  -  (2,690)  -  -  -    -  -  -  (384)  -  -  -    Restructuring expenses  (2)  (2)  2  (4)  -  -  -    (52)  (52)  (102)  (97)  -  -  -    (16)  9  (28)  (22)  -  -  -    Major litigation provisions  -  -  -  -  -  -  -    (7)  -  -  (51)  (132)  (57)  -    -  -  -  -  -  -  -    Total operating expenses adjusted  241  271  255  326  267  275  274    1,251  1,480  1,328  1,679  1,214  1,584  1,498    434  426  397  496  346  451  471    Pre-tax income/(loss) reported  49  61  67  35  41  60  46    92  156  (200)  (3,345)  271  415  770    39  141  (60)  (484)  68  154  (51)    Total adjustments  2  2  (2)  4  -  -  -    59  52  102  2,838  132  57  -    16  (9)  28  406  -  -  -    Pre-tax income/(loss) adjusted  51  63  65  39  41  60  46    150  208  (98)  (507)  403  473  770    55  132  (32)  (78)  68  154  (51)    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 PB in CHF mn                IWM PB in CHF mn                APAC PB in CHF mn                  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    Net revenues reported  1,160  840  846  963  857  956  920    789  811  853  808  785  830  801    346  337  319  271  303  307  297    Fair value on own debt  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Real estate gains  (346)  -  -  (72)  -  (23)  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    (Gains)/losses on business sales  -  -  -  (10)  -  -  -    -  -  -  (11)  -  -  -    -  -  -  -  -  -  -    Net revenues adjusted  814  840  846  881  857  933  920    789  811  853  797  785  830  801    346  337  319  271  303  307  297    Provision for credit losses  13  7  9  14  14  9  12    -  16  (2)  (7)  11  (1)  2    38  2  (17)  (5)  24  -  (1)    Total operating expenses reported  603  582  632  784  639  690  659    593  611  622  874  618  619  567    242  245  216  228  210  188  190    Goodwill impairment  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Restructuring expenses  (16)  (3)  (35)  (33)  -  -  -    (13)  (13)  (10)  (32)  -  -  -    (3)  -  -  (1)  -  -  -    Major litigation provisions  -  -  -  (25)  -  -  -    19  -  -  (228)  (50)  -  10    -  -  -  (6)  -  -  -    Total operating expenses adjusted  587  579  597  726  639  690  659    599  598  612  614  568  619  577    239  245  216  221  210  188  190    Pre-tax income/(loss) reported  544  251  205  165  204  257  249    196  184  233  (59)  156  212  232    66  90  120  48  69  119  108    Total adjustments  (330)  3  35  (24)  -  (23)  -    (6)  13  10  249  50  -  (10)    3  -  -  7  -  -  -    Pre-tax income/(loss) adjusted  214  254  240  141  204  234  249    190  197  243  190  206  212  222    69  90  120  55  69  119  108      SUB C&IB in CHF mn                APAC IB in CHF mn                APAC IB in USD mn                  3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    3Q16  2Q16  1Q16  4Q15  3Q15  2Q15  1Q15    Net revenues reported  507  497  510  532  507  506  480    571  574  588  555  582  733  791    587  590  595  554  603  783  835    Fair value on own debt  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Real estate gains  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    (Gains)/losses on business sales  -  -  -  (13)  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Net revenues adjusted  507  497  510  519  507  506  480    571  574  588  555  582  733  791    587  590  595  554  603  783  835    Provision for credit losses  17  2  (3)  29  25  24  11    (4)  1  (5)  8  -  11  (2)    (4)  1  (5)  8  -  12  (3)    Total operating expenses reported  276  293  286  304  286  271  275    489  457  449  1,212  489  474  436    503  468  452  1,221  505  505  460    Goodwill impairment  -  -  -  -  -  -  -    -  -  -  (756)  -  -  -    -  -  -  (765)  -  -  -    Restructuring expenses  (3)  (1)  (5)  (9)  -  -  -    (20)  (10)  (1)  (2)  -  -  -    (21)  (10)  (1)  (2)  -  -  -    Major litigation provisions  -  -  -  -  -  -  -    -  -  -  -  -  -  -    -  -  -  -  -  -  -    Total operating expenses adjusted  273  292  281  295  286  271  275    469  447  448  454  489  474  436    482  458  451  454  505  505  460    Pre-tax income/(loss) reported  214  202  227  199  196  211  194    86  116  144  (665)  93  248  357    88  121  148  (675)  98  266  378    Total adjustments  3  1  5  (4)  -  -  -    20  10  1  758  -  -  -    21  10  1  767  -  -  -    Pre-tax income/(loss) adjusted  217  203  232  195  196  211  194    106  126  145  93  93  248  357    109  131  149  92  98  266  378    Reconciliation of adjustment items (2/2) 

 Swisscard deconsolidation impactImpact of the deconsolidation on the Swiss Universal Bank  Note: Adjusted results are non-GAAP financial measures. A reference to the reconciliation to reported results for other adjustments not relating to Swisscard is included in the Notes of this presentation † See AppendixThis is an illustrative pro-forma presentation of the impact of the deconsolidation of the card issuing business on the historical results of SUB as if it had occurred on December 31, 2014. Given that as of July 1, 2015 the business has been deconsolidated and transferred to the equity method investment, Swisscard AECS GmbH and the transaction does not qualify for discontinued operations, the historical results are not restated in this respect. The reduction in pre-tax income in the Private Banking business of Swiss Universal Bank is offset by the reduction in minority interest from the deconsolidation at the Group level, therefore there is no material impact on the Group’s net income attributable to shareholders. These illustrative figures cannot be seen as being indicative of future trends or results 1 Pro-forma impact of the card issuing business deconsolidation    in CHF mn  1Q15  2Q15  3Q15  9M15    1Q15  2Q15  3Q15  9M15    1Q15  2Q15  3Q15  9M15  Net interest income  611  685  708  2,004    9  9  -  18    602  676  708  1,986  Recurring commissions & fees  412  412  372  1,196    56  59  -  115    356  353  372  1,081  Transaction-based revenues  382  349  295  1,026    8  7  -  15    374  342  295  1,011  Other revenues  (5)  (7)  (11)  (23)    -  -  -  -    (5)  (7)  (11)  (23)  Net revenues  1,400  1,439  1,364  4,203    73  75  -  148    1,327  1,364  1,364  4,055  Provision for credit losses  23  33  39  95    -  -  -  -    23  33  39  95  Total operating expenses  934  961  925  2,820    61  62  -  123    873  899  925  2,697  Pre-tax income  443  445  400  1,288    12  13  -  25    431  432  400  1,263  Return on regulatory capital†  14%  14%  13%  14%    -  -  -  -    14%  14%  13%  14%  SUB adjusted  Swisscard Impact1  SUB adjusted ex Swisscard