UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
April 27, 2022
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)
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   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.





This report includes the media release and the slides for the presentation to investors in connection with the 1Q22 results.





Media Release
Zurich, April 27, 2022
 

Ad hoc announcement pursuant to article 53 LR
Credit Suisse reports net revenues of CHF 4.4 bn and pre-tax loss of CHF 428 mn along with a CET1 ratio of 13.8% in 1Q22

“The first quarter of 2022 has been marked by volatile market conditions and client risk aversion. These conditions, together with the impact from our reduction in risk appetite in 2021 as we took decisive actions to strengthen our overall risk and controls foundation, had an adverse impact on our net revenues. Our operating expenses were higher year on year, driven in particular by higher previously reported litigation expenses of CHF 703 mn for the quarter as we continued our proactive approach to resolving  litigation matters. Against this backdrop, we reported a pre-tax loss for the quarter; however, on an adjusted* basis, we reported a pre-tax income of CHF 300 mn, including the adverse impact of CHF 206 mn of losses related to Russia’s invasion of Ukraine.
2022 is a transition year, and our clear focus remains on the disciplined execution of our new Group strategy as announced in November 2021: strengthening our core, simplifying our organization and investing for growth. We went live with our new structure in January; have reduced the allocated capital in the IB by USD 2.5 bn, 82% of our ambition of more than USD 3.0 bn; and have made significant progress on various other strategic priorities. I am confident that we are well positioned to build a stronger and client-centric bank that puts risk management at the core to deliver sustainable growth and value for investors, clients and colleagues.”
Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG

Credit Suisse Group results for 1Q22
Reported
(CHF mn)
1Q22
4Q21
1Q21
Δ4Q21
Δ1Q21
Net revenues
4,412
4,582
7,574
(4)%
(42)%
Provision for credit losses
(110)
(20)
4,394
-
-
Total operating expenses
4,950
6,266
3,937
(21)%
26%
Pre-tax income/(loss)
(428)
(1,664)
(757)
-
-
Effective tax rate
35%
(25)%
69%
-
-
Net income/(loss) attributable to shareholders
(273)
(2,085)
(252)
-
-
Return on tangible equity
(2.6)%
(20.9)%
(2.6)%
-
-
Cost/income ratio
112%
137%
52%
-
-
Net New Assets (NNA) in CHF bn
7.9
1.6
28.4
-
(72)%
Assets under Management (AuM) in CHF bn
1,555
1,614
1,596
(4)%
(3)%
Adjusted*
(CHF mn)
1Q22
4Q21
1Q21
  
Δ1Q21
Net revenues
4,582
4,384
7,430
4%
(38)%
Provision for credit losses
45
(15)
(36)
-
-
Total operating expenses
4,237
4,071
3,870
4%
9%
Pre-tax income/(loss)
300
328
3,596
(8)%
(92)%
o/w Russia-related
(206)
        


Capital ratios for 1Q22
 
 
 
 
13.8%
4.3%
6.1%
CET1 ratio vs. 12.2% in 1Q21
CET1 leverage ratio vs. 3.8% in 1Q21
Tier 1 leverage ratio vs. 5.4% in 1Q21


Page 1

Media Release
Zurich, April 27, 2022
 


Summary of 1Q22 performance

For our first quarter of 2022 we saw net revenues decrease by 42% year on year, driven by a decline in Investment Bank (IB) net revenues, down 51%, on a USD basis; a decline in Wealth Management (WM) net revenues, down 44%; as well as a decline in Asset Management (AM) net revenues, down 10%. These were only slightly offset by a revenue increase in Swiss Bank (SB) for the quarter, up 8% year on year. Reported net revenues included real estate gains of CHF 164 mn, offset by a loss of CHF 353 mn related to our equity investment in Allfunds Group and CHF 148 mn from Russia-related impacts. We had adjusted* net revenues of CHF 4.6 bn, down 38% year on year.

The economic environment and market conditions throughout the quarter placed challenges on a number of our business areas with changes in interest rate expectations, inflationary pressures as well as geopolitical tensions impacting wider market conditions and business activity.

We recorded a net release of provision for credit losses of CHF 110 mn for 1Q22, including a CHF 155 mn release related to an assessment of the future recoverability of receivables related to Archegos, which was partly offset by CHF 58 mn of provision for credit losses related to Russia’s invasion of Ukraine.

Reported operating expenses of CHF 5.0 bn were up 26% year on year primarily driven by litigation provisions of CHF 703 mn, of which major litigation provisions were CHF 653 mn, and increased cash accruals for compensation due to normalized deferral levels of CHF 214 mn. We had CHF 152 mn of select strategic investments such as the centralization of our procurement processes, investments in Group-wide infrastructure, as well as risk and compliance. Our adjusted*
operating expenses for 1Q22 of CHF 4.2 bn were up 9%, primarily driven by the increased cash accruals for compensation due to normalized deferral levels.

We reported a pre-tax loss of CHF 428 mn compared to a pre-tax loss of CHF 757 mn in 1Q21. Our adjusted* pre-tax income for 1Q22 was CHF 300 mn, down 92% year on year, including Russia-related losses of CHF 206 mn, and compared to an exceptionally strong 1Q21, primarily reflecting reduced client activity and capital markets issuances in volatile market conditions, as well as reflecting the cumulative reduction in risk appetite throughout 2021, increased cash accruals for compensation due to normalized deferral levels and the impact of hedging volatility due to flattening yield curve on Treasury books.

We reported a net loss attributable to shareholders of CHF 273 mn, compared to net loss attributable to shareholders of CHF 252 mn in 1Q21.

We had Group NNA of CHF 7.9 bn in 1Q22, compared to CHF 28.4 bn in 1Q21. Our global wealth management NNA for 1Q22, which includes our Wealth Management (WM) division and Private Banking Switzerland, were CHF 4.6 bn; we recorded positive NNA across all regions in WM despite volatile markets. The contributions on a regional level from WM and Private Banking Switzerland were CHF 2.1 bn in Switzerland, CHF 0.6 bn in EMEA, CHF 1.8 bn in APAC and CHF 0.1 bn in Americas. Swiss Bank’s NNA of CHF 6.0 bn was largely driven by its institutional clients business.

We maintained a resilient capital base with our CET1 capital ratio at 13.8%, our CET1 leverage ratio at 4.3% and our Tier 1 leverage ratio at 6.1% at the end of 1Q22.

 

Net revenues for 1Q22 and 1Q21 by region

Switzerland
EMEA
Asia Pacific
Americas
 
Switzerland
EMEA
Asia Pacific
 Americas
 

 

 

 

 

 

       
       
       

Page 2

Media Release
Zurich, April 27, 2022
 



Outlook
The combination of the current geopolitical situation following Russia’s invasion of Ukraine and the significant monetary tightening initiated by several of the major central banks in response to inflation concerns have resulted in heightened volatility and client risk aversion so far this year. While the Swiss Bank delivered a resilient performance and Equity Derivatives, M&A and Securitized Products had solid performances in 1Q22, overall, this market environment, in combination with the cumulative effect of our newly defined risk appetite as executed during 2021, has led to an adverse impact on client activity in our Wealth Management division as well as a reduction in the level of capital markets issuances within our Investment Bank. Furthermore, the Investment Bank has relatively limited exposure to business areas, such as interest rate trading, which have benefited from these developments.
 
We would expect these market conditions to persist in the coming months. In our Wealth Management business, while revenues should benefit later in the year from the higher interest rate environment, client risk appetite may remain subdued. Within the Investment Bank, while our M&A advisory pipeline is up both sequentially and on a year on year basis, and our leveraged finance business remains active, our ability to complete this client business is dependent on market conditions. Although the risk profile of our business is improving, our revenues will be adversely impacted by the cumulative reduction in our risk appetite in 2021 and by the exit from the majority of our Prime Service business. With regard to expenses, while variable compensation is expected to be subdued given the market environment, we expect increased cash accruals for compensation due to normalized deferral levels. Furthermore, we expect to see continued significant remediation spend in Risk, Compliance and Infrastructure. We continue to execute our expense saving programs and our outsourcing of our procurement function should generate significant savings; however, the bulk of the benefits from this broader program are only expected to be achieved in 2023.
 
As previously highlighted at our Investor Day on November 4, 2021, the year 2022 will be one of transition for Credit Suisse. The benefits from the strategic capital reallocation towards our core businesses and the structural cost savings from the reorganization measures that we are currently implementing should largely materialize from 2023 onwards. In this respect, we are focused on disciplined execution of our strategy with a clear focus on strengthening and simplifying our integrated model and investing in sustainable growth, while placing risk management at the very core of the bank.
 


Select Group strategy execution measures and progress

We are focused on refining and reinvigorating our franchise in order to drive forward our vision for Credit Suisse. This strategic vision builds on our considerable strength and is expected to support our path to long-term, sustainable growth. Our strategy has addressed fragmentation with the creation of an integrated Wealth Management and global Investment Bank division. We are making clear choices and plan to make significant investments in businesses and markets where we believe we have sustainable, competitive advantages.

We plan to shift around CHF 3 bn of capital into Wealth Management over the next three years and invest in all our core businesses.

Over the course of 1Q22 we have achieved the following relating to our Group strategy:
◾ Achieved 82%, or USD 2.5 bn, of our ambition to release more than USD 3 bn of capital allocated to IB to shift into our core businesses
◾ Launched an outsourcing agreement on April 1, 2022 with ChainIQ, and are on track to deliver centralized procurement
savings, as well as stepping up synergies from unified operating platforms and divisions. This puts us on our way toward meeting our ambition of CHF 1 bn to 1.5 bn in structural cost savings per annum by 2024 to invest in growth initiatives
◾ Reinforced our integrated model and driving an increase in collaboration across divisions by launching Private & Growth Markets in the IB, a joint venture with WM, and refocusing our efforts on our GTS platform to reinforce collaboration between IB and WM
◾ In global wealth management, which includes our WM division and Private Banking in Switzerland, we achieved a mandate penetration level near that of our medium-term ambition of between 33% and 35%; as of the end 1Q22, our mandate penetration stands at 33%, compared to 32% at the end of 4Q21
◾ In the Investment Bank, we made considerable progress toward our ambition of exiting Prime Services1 by the end of 2022. We have reduced Prime balances by 84% since 1Q21
◾ In our Swiss Bank, we are more than halfway toward our goal of 200,000 clients for our digital offering CSX by year-end 2022, which is currently used by approximately 125,000 clients; this reflects the ongoing strength in our home market


Page 3


Media Release
Zurich, April 27, 2022
 

Supply Chain Finance Funds Matter Update

Credit Suisse Asset Management (CSAM) continues to pursue all available avenues for recovery of the funds on behalf of our investors; this remains a priority. We continue to update stakeholders via publicly disclosed Q&As and portfolio details, the latest of which was published on April 13, 2022.

As of March 31, 2022, the focus areas account for approximately USD 2.18 bn. Regarding GFG Australia, the total cash amount returned via monthly payments, as well as the initial payment, since October 2021 is approximately AUD 204 mn (USD 148 mn)2. Discussions with GFG Alliance and Bluestone regarding refinancing and restructuring of other assets are ongoing. Furthermore, we have, as of March 31, 2022, filed 14 insurance claims through the filing process with Greensill Bank. These 14 claims have corresponding CSAM total underlying exposure of approximately USD 2.0 bn.


Impact of Russia’s invasion of Ukraine

We actively managed our exposure to Russia’s invasion of Ukraine across our businesses. We have substantially reduced our Russia net credit exposure3 to CHF 373 mn, a 56% reduction since the end of 2021. Our net credit exposure4 to Russian financial institutions is down 67% since the end of 2021 and we are continuing to reduce our exposures. Our corporate and individual clients are highly collateralized with non-Russian collateral and limited losses.

In 1Q22, we had losses of CHF 206 mn related to Russia’s invasion of Ukraine which negatively impacted our results. This includes CHF 148 mn from trading and fair value losses and CHF 58 mn in provision for credit losses, primarily reflecting non-specific provisions of CHF 44 mn for expected credit losses due to increased credit risk.

Additionally, the net asset value of our Russian subsidiaries is at CHF 0.2 bn, down CHF 16 mn compared to the end of 4Q21.


Page 4


Media Release
Zurich, April 27, 2022
 


Divisional summaries

Wealth Management (WM)
    
 
 
Adjusted* pre-tax income QoQ in CHF million
  

1Q22
On an adjusted* basis, WM’s pre-tax income fell to CHF 212 mn, down 74% year on year, however up when compared to 4Q21. The reduction in reported pre-tax income reflects certain headwinds, including a loss on the equity investment in Allfunds Group of CHF 353 mn, litigation provisions of CHF 237 mn, an adverse Russia-related impact of approximately CHF 99 mn, including credit provisions of CHF 40 mn. The year on year decrease in adjusted* pre-tax income was driven by lower adjusted* net revenues, down 22%, mainly due to lower transaction activity, as well as higher adjusted* operating expenses, up 16%, reflecting the increased cash accruals for compensation due to normalized deferral levels, technology investments, higher Group-wide risk and compliance costs, and higher relationship manager headcount. In 1Q22, we made progress on laying the foundations for an integrated Wealth Management division by implementing the new organizational structure to execute on our long-term vision for the division. This included the launch of new strategic capabilities including the Financing & Products group, Investment Solutions and Sustainability as well as Client Segment Management.
 
WM had reported net revenues of CHF 1.2 bn, down 44% year on year. The decline in reported net revenues was driven by weaker GTS revenues, lower brokerage and product issuance fees and the CHF 353 mn loss on the equity investment in Allfunds Group, partially offset by gains on real estate sales of CHF 25 mn. Results also included mark-to-market losses5 in APAC Financing of CHF 34 mn, as well as negative revenues in connection with the SCFF fee waiver program of CHF 26 mn. Adjusted* net revenues of CHF 1.5 bn, were down 22% driven by lower transaction- and performance-based revenues, down 38%, due to a strong comparable in 1Q21 and lower GTS revenues and lower brokerage and product issuance fees, including structured product revenues, due to challenging market conditions in 1Q22. We also saw lower net interest income, down 8%, and lower recurring commissions and fees, down 5%, primarily due to lower lending volumes.
 
WM had NNA of CHF 4.8 bn for the quarter with inflows mainly in the Swiss ultra-high net worth business and Asia Pacific as well as our external asset manager business. WM recorded AuM of CHF 707 bn in 1Q22, this compares to CHF 757 bn in 1Q21 and CHF 743 bn in 4Q21, reflecting unfavorable markets movements and structural effects, including certain de-risking measures and CHF 10.4 bn related to sanctions imposed in connection with Russia’s invasion of Ukraine, partially offset by favorable foreign exchange-related movements and net new assets. Additionally, WM had client business volume of CHF 1.0 trn, down 9% year on year.



Page 5


Media Release
Zurich, April 27, 2022
 



Investment Bank (IB)
    
 
 
Adjusted* pre-tax income/loss QoQ in USD million
  

1Q22
On an adjusted* basis the IB posted a pre-tax loss of USD 55 mn, down from pre-tax income of USD 2.4 bn in 1Q21, reflecting lower client activity, the impact of reduced capital usage as we de-risked our franchise, and Russia-related losses of USD 97 mn in GTS from trading and fair value losses. Reported pre-tax income included real estate gains of USD 57 mn and an Archegos impact of USD 174 mn6. Total reported operating expenses were up 6% and adjusted* operating expenses increased by 6% year on year primarily driven by increased cash accruals for compensation due to normalized deferral levels and higher Group-wide technology, risk and compliance expenses. The division’s reported net revenues were USD 2.1 bn for 1Q22, down 51% year on year due to a strong comparable in 1Q21, substantially reduced capital markets revenues, normalized fixed income activity, Russia-related losses as well as reduced capital usage.
 
Capital markets revenues decreased 66% year on year, reflecting a significant slowdown in equity capital markets issuances, due to elevated volatility compared to more favorable markets in 1Q21, and a reduced risk appetite in our leveraged finance business. Despite this decline, we gained share of wallet quarter on quarter7. We saw a reduction in our Advisory revenues, down 14% year on year, due to reduced M&A fees. Revenues in our Fixed Income Sales & Trading business were down 50% year on year, primarily reflecting more normalized conditions within our Securitized Products business compared to a robust 1Q21, although results were significantly higher than historical levels. Equity Sales & Trading revenues declined by 47% year on year due to our announced exit8 from prime services, lower equity derivatives trading results, as well as lower Cash trading volumes. GTS revenues declined year on year compared to a record 1Q21, due to the Russia-related losses as well as our strategy to reduce risk in Emerging Markets. However, we continued to see a resilient performance in Equity Derivatives, even though lower year on year due to a comparably strong 1Q21, given increased volatility through the quarter.
 
Risk Weighted Assets declined 21% year on year and leverage exposure declined 18% primarily due to reductions in Prime Services. We have reduced allocated capital by USD 2.5 bn since the end of 2020 and remain on track to achieve our ambition of more than USD 3 bn capital release by 2022.





Page 6


Media Release
Zurich, April 27, 2022
 



Swiss Bank (SB)
    
 
 
Adjusted* pre-tax income QoQ in CHF million
  

1Q22
Swiss Bank had resilient results in 1Q22 despite higher compensation expenses.
 
SB had an adjusted* pre-tax income of CHF 385 mn, down 8% year on year, mainly due to higher adjusted* operating expenses, up 5%, from increased cash accruals for compensation due to normalized deferral levels, targeted investments in the business and higher Group-wide technology, risk and compliance costs. Provision for credit losses were up compared to 4Q21, with an impact of CHF 14 mn related to Russia.
 
SB’s reported net revenues were CHF 1.1 bn, up 8% year on year; these included real estate sale gains of CHF 84 mn in 1Q22. The division’s adjusted* net revenues were stable. Recurring commissions and fees were up 7% year on year mainly driven by higher revenues from our investment in Swisscard and also reflected higher AuM levels. However, these were offset by lower net interest income, down 3%, and lower transaction-based revenues, down 4%, due to lower investment banking collaboration revenues.
 
SB had NNA of CHF 6.0 bn entirely driven by our institutional clients business. The division’s AuM as of the end of 1Q22 was CHF 582 bn, up from CHF 571 bn at the end of 1Q21 and compared to CHF 598 bn at the end of 4Q21. SB had client business volume of CHF 871 bn in 1Q22, up 2% year on year. Net loans were down 1% compared to 1Q21, however, they were up 1% compared to 4Q21, driven by our corporate banking and institutional clients businesses.

Page 7


Media Release
Zurich, April 27, 2022
 


Asset Management (AM)
    
 
 
Adjusted* pre-tax income QoQ in CHF million
 
 
  

1Q22
AM had an adjusted* pre-tax income of CHF 51 mn for 1Q22, down 62% year on year, driven by a combination of lower adjusted* net revenue, down 10%, and, higher adjusted* operating expenses, up 15%. Adjusted* operating expenses were up primarily due to increased cash accruals for compensation due to normalized deferral levels, expenses related to the SCFF matter and higher Group-wide technology, risk and compliance costs.
 
AM’s reported net revenues were down 10% year on year at CHF 361 mn while adjusted* net revenues were at CHF 359 mn, down 10%. The decrease in revenues was due to lower performance, transaction and placement revenues, down 52% year on year, driven by investment-related losses complemented by lower performance and transaction fees, as well as lower recurring management fees, down 3%, due to increased investor bias towards passive products and continued margin pressure. These declines were partly offset by higher investment and partnership income, up 48%, mainly due to higher investment-related gains.
 
AM had net asset outflows of CHF 0.6 bn for the quarter, mainly driven by outflows from Fixed Income and Credit, partially offset by inflows into Index Solutions and an emerging markets joint venture. AM had AuM of CHF 462 bn at the end of 1Q22, down 3% compared to the previous quarter, primarily due to unfavorable market performance, but up 1% year on year.

Page 8


Media Release
Zurich, April 27, 2022
 


Progress on our sustainability ambitions and strategy

Credit Suisse continued to focus on its sustainability strategy, driving activity across divisions and functions in 1Q22. The bank continues to emphasize the importance of sustainability as a core element of its value proposition for its clients, shareholders, employees and society.

Summary of recent sustainability-related activity:
◾ 1Q22 Sustainable AuM of CHF 144 bn9, up 22% year on year resulting in 9.3% Sustainable AuM penetration as of March 31, 202210
◾ Credit Suisse Asset Management has joined the Net Zero Asset Manager’s initiative, on March 22, further supporting the Group’s commitment to achieve net zero across our supply chain, operations and finance activities by 2050
◾ Won the 2022 Environmental Finance, ‘Award for innovation – bond structure (sustainability bond)’ and the ‘Sustainability bond of the year – sovereign’ award
◾ The announcement of enhanced sector policy restrictions to the financing of climate-sensitive sectors, including oil sands, deep-sea mining, Arctic oil and gas and palm oil. Details are available in our external summary of Credit Suisse’s Sector Policies and Guidelines
◾ The publication of the Credit Suisse 2021 Sustainability Report which highlights the important sustainability progress achieved during the calendar year. This included enhanced TCFD disclosure and reporting against core WEF IBC Stakeholder Capitalism Metrics for the first time
◾ Furthermore, in support of our Group strategy, with a clear focus on investing for growth, Emma Crystal became Chief Sustainability Officer for the Group, on April 1, 2022. Reporting directly into the Group CEO, her mandate includes responsibility for our global sustainability strategy and partnering with the four global business divisions, the four geographic regions and our corporate functions, to deliver on our existing sustainability and ESG ambitions


Page 9


Media Release
Zurich, April 27, 2022
 


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 Financial Report and Presentation Slides for 1Q22
are available to download from 06:45 CEST today at:
www.credit-suisse.com/results


Presentation of 1Q22 results
Wednesday, April 27, 2022


Event
Analyst Call
Media Call on 1Q22 Results
Time
08:15 CEST (Zurich)
07:15 BST (London)
02:15 EDT (New York)
10:30 CEST (Zurich)
09:30 BST (London)
04:30 EDT (New York)
Language
English
English
Access
Switzerland +41 44 580 48 67
UK +44 (0) 203 057 6528
USA +1 866 276 8933
 
Reference:
Credit Suisse Analysts and Investors Call
 
Conference ID:
8392879
 
Please dial in 10 minutes before the start
of the call. When dialing in please enter
the Passcode/Conference ID and leave
your first, last name and company name
after the tone. You will be joined
automatically to the conference.
 
Webcast link here.
Switzerland +41 44 580 48 67
UK +44 (0) 203 057 6528
USA +1 866 276 8933
 
Reference:
Credit Suisse Media Call
 
Conference ID:
9879055
 
Please dial in 10 minutes before the start
of the call. When dialing in please enter
the Passcode/Conference ID and leave
your first, last name and company name
after the tone. You will be joined
automatically to the conference.
 
Webcast link here.
Q&A Session
Following the presentation, you will have
the opportunity to ask the speakers
questions
Following the presentation, you will have
the opportunity to ask the speakers
questions
Playback
Replay available at the webcast link.
Replay available at the webcast link.


Page 10


Media Release
Zurich, April 27, 2022
 



Abbreviations
AM – Asset Management; APAC – Asia Pacific; AUD – Australian dollar; AuM – assets under management; BCBS – Basel Committee on Banking Supervision; BIS – Bank for International Settlements; bn – billion; CECL -  Current Expected Credit Loss; CET1 – common equity tier 1; CHF – Swiss francs; CSAM – Credit Suisse Asset Management; EMEA – Europe, Middle East and Africa; ESG – Environmental, Social and Governance; FINMA – Swiss Financial Market Supervisory Authority FINMA; GAAP – Generally accepted accounting principles; GTS – Global Trading Solutions; HRH – His Royal Highness;  IB – Investment Bank; mn – million; M&A – Mergers & Acquisitions; NNA – net new assets; Q&A – Questions & Answers; RWA – risk weighted assets; SB – Swiss Bank; SCFF – Supply Chain Finance Funds; SEC – US Securities and Exchange Commission; TCFD - Task Force on Climate-Related Financial Disclosures; SCFF – Supply Chain Finance Funds; trn – trillion; (U)HNW – (Ultra) high-net-worth; UK – United Kingdom; US – United States; USD – US dollar; WEF IBC – World Economic Forum’s  International Business Council; WM – Wealth Management.

Important information
This document contains select information from the full 1Q22 Earnings Release and 1Q22 Results Presentation slides that Credit Suisse believes is of particular interest to media professionals. The complete 1Q22 Earnings Release and 1Q22 Results Presentation slides, which have been distributed simultaneously, contain 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 these documents. The complete 1Q22Earnings Release and 1Q22 Results Presentation slides are not incorporated by reference into this document.

Credit Suisse has not finalized its 1Q22 Financial Report and Credit Suisse’s independent registered public accounting firm has not completed its review of the condensed consolidated financial statements (unaudited) for the period. Accordingly, the financial information contained in this document is subject to completion of quarter-end procedures, which may result in changes to that information.

Our ambition to release over USD 3 billion of capital from the Investment Bank over 2021-2022 and our ambition to invest approximately CHF 3 billion of capital in Wealth Management over 2021-2024 is based on an average of 13.5% risk-weighted assets and 4.25% leverage exposure.

Our cost savings ambition is measured using adjusted operating expenses at constant 2021 FX rates, progressively increasing from 2022-2024, and does not include cost reductions from exited businesses.

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 (including macroeconomic and other challenges and uncertainties, for example, resulting from Russia’s invasion of Ukraine), changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives.

In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook”, “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, goals, commitments and aspirations 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, changes in tax policies, scientific or technological developments, evolving sustainability strategies, changes in the nature or scope of our operations, 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, goals, commitments, aspirations 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 number

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. For end-1Q21, tangible shareholders’ equity excluded goodwill of CHF 4,644 million and other intangible assets of CHF 239 million from total shareholders’ equity of CHF 44,590 million as presented in our balance sheet. For end-4Q21, tangible shareholders’ equity excluded goodwill of CHF 2,917 million and other intangible assets of CHF 276 million from total shareholders’ equity of CHF 43,954 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.

Regulatory capital is calculated as the average of 13.5% of RWA and 4.25% of leverage exposure and return on regulatory capital, a non-GAAP financial measure, is calculated using income/(loss) after tax and assumes a tax rate of 30% for periods prior to 2020 and 25% from 2020 onward. For the Investment Bank, return on regulatory capital is based on US dollar denominated numbers. Return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology. Adjusted return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology.

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, Tier-1 leverage ratio, risk-weighted assets and leverage exposure figures in this document are as of the end of the respective period and, for periods prior to 2019, on a “look-through” basis.

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.

Client business volume includes assets under management, custody assets (including assets under custody and commercial assets) and net loans.

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



Page 11


Media Release
Zurich, April 27, 2022
 



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 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, 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.
* Refers to results excluding certain items included in our reported results. These are non-GAAP financial measures. For a reconciliation to the most directly comparable US GAAP measures, see the Appendix of this Media Release
1 With the exception of Index Access and APAC Delta One
2 AUD / USD exchange rate of 0.724 used for purposes of calculating GFG Australian amounts
3 Net credit exposure is net of risk mitigation, specific allowances for credit losses, specific provisions for off-balance sheet credit exposures and valuation adjustments
4 Net credit exposure is net of risk mitigation, of specific allowances for credit losses, specific provisions for off-balance sheet credit exposures and valuation adjustments
5 1Q22 mark-to-market losses of CHF (34) mn (net of CHF 7 mn of hedges). 1Q21 included mark-to-market losses of CHF (3) mn (net of CHF 4 mn of hedges)
6 Archegos impact includes revenues of USD 19 mn, release of provisions of credit losses of USD (167) mn and expenses of USD 12 mn
7 Based on Dealogic as of March 31, 2022 (Global)
8 With the exception of Index Access and APAC Delta One
9 Refers to Credit Suisse’s assets managed according to the Credit Suisse Sustainable Investment Framework (Sustainable AuM). This includes only AuM balances from managed solutions that to date have been mapped to a sustainability rating of 2 and higher, based on the Framework scale (0-5). The increase vs. 1Q21 reflects a combination of further product classifications, onboarding of new sustainable funds and net sales partially offset by market and FX movements
10 Percentage share of Sustainable AuM versus Total AuM

Page 12



Appendix
Appendix
Key metrics
   in / end of % change
1Q22 4Q21 1Q21 QoQ YoY
Credit Suisse Group results (CHF million)  
Net revenues  4,412 4,582 7,574 (4) (42)
Provision for credit losses  (110) (20) 4,394 450 –
Compensation and benefits 2,458 2,145 2,207 15 11
General and administrative expenses 2,148 2,182 1,376 (2) 56
Commission expenses 298 283 329 5 (9)
Restructuring expenses 46 33 25 39 84
Total other operating expenses 2,492 4,121 1,730 (40) 44
Total operating expenses  4,950 6,266 3,937 (21) 26
Loss before taxes  (428) (1,664) (757) (74) (43)
Loss attributable to shareholders  (273) (2,085) (252) (87) 8
Balance sheet statistics (CHF million)  
Total assets 739,554 755,833 865,576 (2) (15)
Risk-weighted assets 273,043 267,787 302,869 2 (10)
Leverage exposure 878,023 889,137 981,979 (1) (11)
Assets under management and net new assets (CHF billion)  
Assets under management 1,554.9 1,614.0 1,596.0 (3.7) (2.6)
Net new assets 7.9 1.6 28.4 393.8 (72.2)
Basel III regulatory capital and leverage statistics (%)  
CET1 ratio 13.8 14.4 12.2 – –
CET1 leverage ratio 4.3 4.3 3.8 – –
Tier 1 leverage ratio 6.1 6.1 5.4 – –
Page A-1
Appendix
Results excluding certain items included in our reported results are non-GAAP financial measures. Following the reorganization implemented at the beginning of 2022, we have amended the presentation of our adjusted results. Management believes that such 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 to the most directly comparable US GAAP measures.
Reconciliation of adjustment items
   Group
in 1Q22 4Q21 1Q21
Results (CHF million)  
Net revenues  4,412 4,582 7,574
   Real estate (gains)/losses  (164) (224) 0
   (Gains)/losses on business sales  3 (13) 0
   (Gain)/loss on equity investment in Allfunds Group  353 (31) (144)
   (Gain)/loss on equity investment in SIX Group AG  (5) 70 0
   Archegos  (17) 0 0
Adjusted net revenues  4,582 4,384 7,430
Provision for credit losses  (110) (20) 4,394
   Archegos  155 5 (4,430)
Adjusted provision for credit losses  45 (15) (36)
Total operating expenses  4,950 6,266 3,937
   Goodwill impairment  – (1,623) –
   Restructuring expenses  (46) (33) (25)
   Major litigation provisions  (653) (514) (4)
   Expenses related to real estate disposals  (3) (11) (38)
   Archegos  (11) (14) 0
Adjusted total operating expenses  4,237 4,071 3,870
Income/(loss) before taxes  (428) (1,664) (757)
Adjusted income before taxes  300 328 3,596
Adjusted economic profit (786) (842) 1,726
Adjusted return on tangible equity (%) 4.3 (1.0) 34.4
Page A-2
Appendix
Wealth Management
   in / end of % change
1Q22 4Q21 1Q21 QoQ YoY
Results (CHF million)  
Net revenues  1,177 1,377 2,085 (15) (44)
Provision for credit losses  24 (7) 13 – 85
Total operating expenses  1,510 1,227 1,094 23 38
Income/(loss) before taxes  (357) 157 978 – –
Metrics  
Economic profit (CHF million) (448) (68) 544 – –
Cost/income ratio (%) 128.3 89.1 52.5 – –
Assets under management (CHF billion) 707.0 742.6 757.0 (4.8) (6.6)
Net new assets (CHF billion) 4.8 (2.9) 14.5 – –
Gross margin (annualized) (bp) 65 73 114 – –
Net margin (annualized) (bp) (20) 8 54 – –
Reconciliation of adjustment items
   Wealth Management
in 1Q22 4Q21 1Q21
Results (CHF million)  
Net revenues  1,177 1,377 2,085
   Real estate (gains)/losses  (25) 1 (19) 0
   (Gains)/losses on business sales  3 (17) 0
   (Gain)/loss on equity investment in Allfunds Group  353 (31) (144)
   (Gain)/loss on equity investment in SIX Group AG  (2) 35 0
Adjusted net revenues  1,506 1,345 1,941
Provision for credit losses  24 (7) 13
Total operating expenses  1,510 1,227 1,094
   Restructuring expenses  (10) (7) (3)
   Major litigation provisions  (230) (3) 11
   Expenses related to real estate disposals  0 (3) (4)
Adjusted total operating expenses  1,270 1,214 1,098
Income/(loss) before taxes  (357) 157 978
Adjusted income before taxes  212 138 830
Adjusted economic profit (21) (82) 433
Adjusted return on regulatory capital (%) 7.1 4.5 26.3
1
Of which CHF 20 million is reflected in other revenues and CHF 5 million is reflected in transaction- and performance-based revenues.
Page A-3
Appendix
Investment Bank
   in / end of % change
1Q22 4Q21 1Q21 QoQ YoY
Results (CHF million)  
Net revenues  1,938 1,666 3,884 16 (50)
Provision for credit losses  (156) (7) 4,365 – –
Total operating expenses  1,970 3,661 1,829 (46) 8
Income/(loss) before taxes  124 (1,988) (2,310) – –
Metrics  
Economic profit (CHF million) (297) (1,897) (2,194) (84) (86)
Cost/income ratio (%) 101.7 219.7 47.1 – –
Results (USD million)  
Net revenues  2,096 1,820 4,263 15 (51)
Provision for credit losses  (169) (8) 4,635 – –
Total operating expenses  2,131 4,002 2,015 (47) 6
Income/(loss) before taxes  134 (2,174) (2,387) – –
Net revenue detail
in 1Q22 4Q21 1Q21
Net revenue detail (USD million)  
Fixed income sales and trading 802 504 1,616
Equity sales and trading 545 403 1,030
Capital markets 466 585 1,361
Advisory and other fees 221 331 257
Other revenues 62 (3) (1)
Net revenues  2,096 1,820 4,263
Page A-4
Appendix
Reconciliation of adjustment items
   Investment Bank
in 1Q22 4Q21 1Q21
Results (CHF million)  
Net revenues  1,938 1,666 3,884
   Real estate (gains)/losses  (53) 0 0
   Archegos  (17) 0 0
Adjusted net revenues  1,868 1,666 3,884
Provision for credit losses  (156) (7) 4,365
   Archegos  155 5 (4,430)
Adjusted provision for credit losses  (1) (2) (65)
Total operating expenses  1,970 3,661 1,829
   Goodwill impairment  0 (1,623) 0
   Restructuring expenses  (36) (25) (17)
   Major litigation provisions  0 (149) 0
   Expenses related to real estate disposals  (3) (8) (33)
   Archegos  (11) (19) 0
Adjusted total operating expenses  1,920 1,837 1,779
Income/(loss) before taxes  124 (1,988) (2,310)
Adjusted income/(loss) before taxes  (51) (169) 2,170
Adjusted economic profit (428) (533) 1,165
Adjusted return on regulatory capital (%) (1.2) (3.8) 42.2
Reconciliation of adjustment items
   Investment Bank
in 1Q22 4Q21 1Q21
Results (USD million)  
Net revenues  2,096 1,820 4,263
   Real estate (gains)/losses  (57) 0 0
   Archegos  (19) 0 0
Adjusted net revenues  2,020 1,820 4,263
Provision for credit losses  (169) (8) 4,635
   Archegos  167 5 (4,707)
Adjusted provision for credit losses  (2) (3) (72)
Total operating expenses  2,131 4,002 2,015
   Goodwill impairment  – (1,775) –
   Restructuring expenses  (39) (27) (19)
   Major litigation provisions  0 (163) –
   Expenses related to real estate disposals  (3) (9) (35)
   Archegos  (12) (21) 0
Adjusted total operating expenses  2,077 2,007 1,961
Income/(loss) before taxes  134 (2,174) (2,387)
Adjusted income/(loss) before taxes  (55) (184) 2,374
Adjusted economic profit (466) (579) 1,274
Adjusted return on regulatory capital (%) (1.2) (3.8) 42.2
Page A-5
Appendix
Swiss Bank
   in / end of % change
1Q22 4Q21 1Q21 QoQ YoY
Results (CHF million)  
Net revenues  1,109 1,209 1,031 (8) 8
Provision for credit losses  23 (4) 26 – (12)
Total operating expenses  615 606 593 1 4
Income before taxes  471 607 412 (22) 14
Metrics  
Economic profit (CHF million) 154 256 105 (40) 47
Cost/income ratio (%) 55.5 50.1 57.5 – –
Assets under management (CHF billion) 582.5 597.9 571.2 (2.6) 2.0
Net new assets (CHF billion) 6.0 1.0 3.8 – –
Gross margin (annualized) (bp) 75 82 74 – –
Net margin (annualized) (bp) 32 41 29 – –
Reconciliation of adjustment items
   Swiss Bank
in 1Q22 4Q21 1Q21
Results (CHF million)  
Net revenues  1,109 1,209 1,031
   Real estate (gains)/losses  (84) (205) 0
   (Gain)/loss on equity investment in SIX Group AG  (3) 35 0
Adjusted net revenues  1,022 1,039 1,031
Provision for credit losses  23 (4) 26
Total operating expenses  615 606 593
   Restructuring expenses  (1) (1) (7)
Adjusted total operating expenses  614 605 586
Income before taxes  471 607 412
Adjusted income before taxes  385 438 419
Adjusted economic profit 90 129 111
Adjusted return on regulatory capital (%) 11.6 13.2 12.4
Page A-6
Appendix
Asset Management
   in / end of % change
1Q22 4Q21 1Q21 QoQ YoY
Results (CHF million)  
Net revenues  361 399 400 (10) (10)
Provision for credit losses  0 (2) 0 100 –
Total operating expenses  308 308 269 0 14
Income before taxes  53 93 131 (43) (60)
Metrics  
Economic profit (CHF million) 28 57 84 (51) (67)
Cost/income ratio (%) 85.3 77.2 67.3 – –
Reconciliation of adjustment items
   Asset Management
in 1Q22 4Q21 1Q21
Results (CHF million)  
Net revenues  361 399 400
   Real estate (gains)/losses  (2) 0 0
Adjusted net revenues  359 399 400
Provision for credit losses  0 (2) 0
Total operating expenses  308 308 269
   Restructuring expenses  0 0 (1)
   Expenses related to real estate disposals  0 0 (1)
Adjusted total operating expenses  308 308 267
Income before taxes  53 93 131
Adjusted income before taxes  51 93 133
Adjusted economic profit 27 57 86
Adjusted return on regulatory capital (%) 25.3 44.7 55.2
Page A-7
Appendix
Cautionary statement regarding forward-looking information
This document contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:
■ our plans, targets or goals;
■ our future economic performance or prospects;
■ the potential effect on our future performance of certain contingencies; and
■ assumptions underlying any such statements.
Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions expressed in such forward-looking statements and that the ongoing COVID-19 pandemic creates significantly greater uncertainty about forward-looking statements in addition to the factors that generally affect our business. These factors include:
■ the ability to maintain sufficient liquidity and access capital markets;
■ market volatility, increases in inflation and interest rate fluctuations or developments affecting interest rate levels;
■ the ongoing significant negative consequences of the Archegos and supply chain finance funds matters and our ability to successfully resolve these matters;
■ our ability to improve our risk management procedures and policies and hedging strategies;
■ the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of negative impacts of COVID-19 on the global economy and financial markets and the risk of continued slow economic recovery or downturn in the EU, the US or other developed countries or in emerging markets in 2022 and beyond;
■ the emergence of widespread health emergencies, infectious diseases or pandemics, such as COVID-19, and the actions that may be taken by governmental authorities to contain the outbreak or to counter its impact;
■ potential risks and uncertainties relating to the severity of impacts from COVID-19 and the duration of the pandemic, including potential material adverse effects on our business, financial condition and results of operations;
■ the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
■ adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;
■ the ability to achieve our strategic goals, including those related to our targets, ambitions and financial goals;
■ the ability of counterparties to meet their obligations to us and the adequacy of our allowance for credit losses;
■ the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies;
■ the effects of currency fluctuations, including the related impact on our business, financial condition and results of operations due to moves in foreign exchange rates;
■ geopolitical and diplomatic tensions, instabilities and conflicts, including war, civil unrest, terrorist activity, sanctions or other geopolitical events or escalations of hostilities;
■ political, social and environmental developments, including climate change;
■ the ability to appropriately address social, environmental and sustainability concerns that may arise from our business activities;
■ the effects of, and the uncertainty arising from, the UK’s withdrawal from the EU;
■ the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
■ operational factors such as systems failure, human error, or the failure to implement procedures properly;
■ the risk of cyber attacks, information or security breaches or technology failures on our reputation, business or operations, the risk of which is increased while large portions of our employees work remotely;
■ the adverse resolution of litigation, regulatory proceedings and other contingencies;
■ actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations;
■ the effects of changes in laws, regulations or accounting or tax standards, policies or practices in countries in which we conduct our operations;
■ the discontinuation of LIBOR and other interbank offered rates and the transition to alternative reference rates;
■ the potential effects of changes in our legal entity structure;
■ competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
■ the ability to retain and recruit qualified personnel;
■ the ability to protect our reputation and promote our brand;
■ the ability to increase market share and control expenses;
■ technological changes instituted by us, our counterparties or competitors;
■ the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
■ acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; and
■ other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in I – Information on the company in our Annual Report 2021.
Page A-8
 1Q22 Results  Analyst and Investor Call  Thomas Gottstein Chief Executive OfficerDavid Mathers Chief Financial OfficerApril 27, 2022   
 
 Disclaimer (1/2)  2  Credit Suisse has not finalized its 1Q22 Financial Report and Credit Suisse’s independent registered public accounting firm has not completed its review of the condensed consolidated financial statements (unaudited) for the period. Accordingly, the financial information contained in this presentation is subject to completion of quarter-end procedures, which may result in changes to that information.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, targets, goals, 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, 2021 and in the “Cautionary statement regarding forward-looking information" in our 1Q22 Earnings Release published on April 27, 2022 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”, “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, goals, commitments and aspirations 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, changes in tax policies, scientific or technological developments, evolving sustainability strategies, changes in the nature or scope of our operations, 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, goals, commitments, aspirations or any other forward-looking statements. For these reasons, we caution you not to place undue reliance upon any forward-looking statements. 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 (including macroeconomic and other challenges and uncertainties, for example, resulting from Russia’s invasion of Ukraine), 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. 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 presentation 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.Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the second quarter of 2022. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the second quarter of 2022 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the second quarter of 2022. 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 second quarter of 2022 will be included in our 2Q22 Financial Report. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of or the full second quarter of 2022. 
 
 Disclaimer (2/2)  3  Statement regarding non-GAAP financial measuresThis presentation contains non-GAAP financial measures, including results excluding certain items included in our reported results as well as return on regulatory capital and return on tangible equity. Further details and information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix as well as in the 1Q22 Earnings Release, which are both available on our website at www.credit-suisse.com. Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Results excluding certain items included in our reported results do not include items such as goodwill impairment, major litigation provisions, real estate gains, impacts from foreign exchange and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on tangible equity is based on tangible shareholders' equity, a non-GAAP financial measure also known as tangible book value, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Return on regulatory capital (a non-GAAP financial measure) is calculated using income/(loss) after tax and assumes a tax rate of 25% and capital allocated based on the average of 13.5% of risk-weighted assets and 4.25% of leverage exposure; the essential components of this calculation are unavailable on a prospective basis. Such estimates, ambitions, objectives and targets are calculated in a manner that is consistent with the accounting policies applied by us in preparing our financial statements. Statement regarding capital, liquidity and leverageCredit 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.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. 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, reasonableness or reliability of such information.   
 
 2022 is a transition year for Credit Suisse 1Q22 key messages  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   4  CHF (0.4) bnreported pre-tax income;CHF (0.2) bn Russia-related impact  CHF 0.3 bnadjusted pre-tax income;CHF (0.2) bn Russia-related impact  13.8% CET1 ratio4.3% CET1 leverage ratio  Integrated strategylaunched to deliver growth in WM;positive NNA across all regions in volatile environment  Cost savingsfrom centralized Procurement and Prime Services exit1; unified platforms and divisions to drive synergies from 2023  Dynamic managingof risk in response to Russia’s invasion of Ukraine with 56% reduction in credit exposure2 from 4Q21  Strengtheningof both first and second line of defense on track  Proactive approachto settlement of litigation cases; CHF 0.7 bn of litigation provisions        Strategy  Risk and Litigation  Financials  82%of USD >3 bn IB allocated capital reduction ambition achieved 
 
 Reported PTI of CHF (428) mnincluded real estate gains of CHF 164 mn offset by major litigation provisions of CHF 653 mn, losses of CHF 353 mn related to Allfunds and CHF 206 mn from Russia-related losses      Adjusted PTI of CHF 300 mnpost Russia-related losses of CHF 206 mn and vs. exceptionally strong 1Q21, from reduced client activity and capital markets issuances in volatile market conditions, cumulative reduction in risk appetite in 2021, impact of flattening yield curve in Corporate Center Treasury results and increased cash accruals for compensation due to normalized deferral levels  1Q22 reflected reduced client activity in volatile markets…  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   5  Group quarterly net revenues and pre-tax incomein CHF bn    Net revenues    Pre-tax income  Reported  Adjusted  1Q21  2Q21  3Q21  4Q21  1Q22 
 
 …impacting Wealth Management and the Investment Bank while our Swiss Bank remained resilient  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   6  Adjusted PTI  1Q22 commentary    WMin CHF mn  IBin USD mn  SBin CHF mn  AMin CHF mn  CCin CHF mn  PTI adversely impacted by lower transaction activity, further reduced lending volumes and Russia-related impactsPositive NNA of CHF 4.8 bn across all regions; mandate penetration2 at 33% vs. 32% at 4Q21Increased investments including 50 new RMs in 1Q22, notably in APAC, Switzerland and EMEA  o/w Russia (99)o/w AFG1 (34)  o/w Russia (101)  Released allocated capital by USD 2.5 bn or 82% of USD >3 bn ambition by end-2022Significantly lower Capital Markets activity, notably in ECM; Russia-related losses of USD 101 mnSolid performances across Equity Derivatives, Securitized Products and M&A; Advisory pipeline up QoQ and YoY  Resilient performance with RoRC† of 12%, in line with 2024 ambitionStable net revenues from higher recurring commissions and feesStrong NNA of CHF 6.0 bn from institutional clients business and net loans up 1% sequentially  PTI impacted by lower performance-related income; RoRC† of 25%Recurring management fees broadly stable with higher investment and partnership incomeHigher operating expenses including expenses related to the SCFF matter  PTI adversely impacted by hedging volatility due to flattening yield curve on Treasury books, partly offset by lower operating expenses  1Q21  4Q21  1Q22 
 
 Comprehensive de-risking measures executed, improving our risk profile but impacting top-line in the short-term  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   7  Wealth Management  Ship financingExit of Sub-Saharan Africa markets (excluding South Africa)Russia-related de-riskingConcentration risks, notably in AsiaClient risk review      Improved risk profile of Bank  CHF ~(25) mn1of net revenues in 1Q22  Group credit portfolio down 9% YoYincluding 17% reduction in non-investment grade portfolio and 17% reduction in Emerging Markets portfolioGroup market risk reductionof 21% in market risk RWA YoY  De-risking measures(in the last 12 months)  Impact from de-risking measures  Investment Bank  Ongoing exit of Prime Services2Optimization of Corporate Bank exposureReduction of long-duration structured derivatives bookOngoing exit of ~10 non-core GTS markets without Wealth Management nexus  USD ~(250) mnof net revenues in 1Q22     
 
 Select updates on strengthening of Risk Management and addressing legacy issues  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   8  Risk and Compliance    56% reductionin Russia-related credit exposure2 vs. end-2021  Executing strategyconsistent with approved risk appetite  Strengthening of first and second line of defenseon track to enhance efficiency and effectiveness of Client Lifecycle Processes  Legal    Established Strategic Regulatory Remediation Committeeat the Executive Board level to oversee delivery on our regulatory programs  Proactive approachto settlement of litigation cases; litigation provisions of CHF 0.7 bn in 1Q22, most of which related to matters that originated more than a decade ago, in addition to CHF 0.5 bn in 4Q21  Settlement of 12 major litigation cases in civil matters since 2020, at an accelerated pace vs. previous years  Further strengthening of our risk culture with compensation aligned to improved risk and control practices; development of metrics to track progress  Dismissal of >80 cases1since 2020 
 
 Select Group Strategy metrics and milestones progress  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   9  Release capital allocated to IB to shift into core businesses  Select strategic initiatives  Deliver Group productivity cost savings for investment  Continue to deliver sustainability strategy  Wealth Management:Leverage House View to grow recurring revenues  Investment Bank:Exit Prime Services, optimize Corporate Bank  Swiss Bank:Drive digital model for retail and SME clients  Asset Management:Grow core operating business  Reinforce our integrated model  USD 2.5 bn reduction vs. 4Q20, representing 82% of ambition  1Q22 progress  Outsourcing of Procurement expected to lead to cash savings of CHF 150 mn in 2022, rising to CHF 250 mn in 2023; other cost measures, e.g. CTOO integration, to yield savings later in the year, increasing into 2023  Sustainable AuM3 of CHF 144 bn, up 22% vs. 1Q21; additional restrictions on Arctic oil & gas, oil sands and deep sea mining  Mandate penetration of 33% vs. 30% at 4Q20(for WM and PB Switzerland)  84% reduction in Prime balances since 1Q21Hired ~50 MDs4 in IBCM reflecting our commitment to rebuild  125k5 CSX clients at 1Q22  Management fee margin of 26 bpsJoined Net Zero Asset Managers initiative  Launched Private & Growth Markets and refocused GTS platform to reinforce collaboration between IB and WM  USD >3 bn reduction by 4Q22 vs. 4Q20  Ambitions  CHF ~1.0-1.5 bn structural cost savings p.a. by 20241  Deliver sustainable solutions  Mandate penetration of 33-35% by 2024(for WM and PB Switzerland)  Exit Prime Services2 by end-2022  200k clients by end-2022  Stable management fee margin ~26 bps  Increase revenues from collaboration 
 
 We will progressively deploy resources in Wealth Management to accelerate growth  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   10  Defined and launched the new integrated Wealth Management organization under the new divisional leadership, with clear lines of accountability, to execute our long-term vision for wealth managementDeployed new coverage set-upLaunched new, dedicated strategic capabilities including Financing & Products, Investment Solutions & Sustainability and Client Segment Management  Evolved our strategy following the Wealth Management CEO’s first 50 days assessment, also against the backdrop of the rapidly changing geopolitical contextLaunched practical development initiatives with clear senior-level accountability to operationalize these Ten strategic priorities focused on: client segments, priority markets, products and solutions, simplification and people  Exit of Private Banking activities in Sub-Saharan Africa markets (excluding South Africa)Accelerated digital outreach in Core HNW segment (e.g. PBI ‘CS in Brief’ extended to clients in 55 markets; behavioral client tracking analytics in place)Invested in 50 Relationship Manager hires in 1Q22 with focus on APAC, Switzerland and EMEA  Launch of integratedWealth Management division  Started execution of initiatives  Defined strategic execution program  CBV CHF ~1.6 trn by 2024(for WM and PB Switzerland)  AuMCHF ~1.1 trn by 2024(for WM and PB Switzerland)  Adj. RoRC†>18% by 2024  Key aspirations 
 
 Continued progress on reshaping the Investment Bank and investing for growth  11  Release capital from Prime and de-risk franchise  Invest in capital-light Investment Banking & Capital Markets business  Build a global franchise and increase Wealth Management connectivity  Hired ~50 new MDs4 in IBCM as part of our growth plan, with 21 new hires starting by 1H22 Grew market share in IBCM EMEA (Top 5) and IBCM APAC (Top 5) in 1Q225, commensurate with rebalancing the regional footprint Increased SoW in Leveraged Finance Capital Markets QoQ5Continue to rebuild IBCM Managing Director footprint, with a particular focus on high growth sectors and areas linked to sustainability  Delivered USD 2.5 bn reduction in allocated capital vs. 2020, achieving 82% of USD >3 bn capital release ambition1Reduced Prime chargeable balances by 84% since 1Q21 and 54% since 4Q21Increased oil and gas lending clients in the Aware or above category of the Client Energy Transition Framework2 by 8 pp. vs. 1Q21Enhanced risk management framework led to swift reduction in Russia exposureFull exit3 of Prime business to be achieved by end-2022 at the latest  Reintegrated Securities Research, APAC IBCM and Swiss IBCM to better serve clients globallyRefocused GTS platform with a simplified asset-aligned structure and unified sales team to drive collaboration Integrated HOLT in Equities franchise to deliver industry leading content & analytics Launched new Private & Growth Markets organization to capture nexus of WM and IB activity in EMEA2nd best quarterly Equity Derivatives result after 1Q21Focus on better harmonizing GTS and financing functionality globally  Drive market-leading Credit and Securitized Products businesses  Continued momentum in Securitized Products and expanded ESG offering in our Credit franchise#2 rank6 in Agency CMBS and #3 rank7 Pass Through trading  Capital1 releaseUSD >3 bn over 2021-2022  Key aspirations  Adj. RoRC†>12% in 2024  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.  
 
 Swiss Bank building on its leading positions  12  Further build strong consumer banking business  Further grow our leading corporate banking franchise  Grow Private and Digital Banking businesses  Gain further market share in institutional business  Go-live of ‘Life Plan’ Advisory in Private Banking to better access growing retirement asset poolInvested into PB growth: new RMs, wealth planning, underlying ITStrong growth in CSX, 125k clients in 1Q22; targeting 200k clients in 2022Roll out CSX bundles; new mortgage partnership with MoneyPark/PriceHubble  Leading positions in premium cardsSuccessful credit partnerships, e.g. with leading car manufacturersCapitalized on post-COVID normalization in cards, FX and leasingFurther enhance digitalization and partner integration  Top 2 Corporate Banking franchise leveraging #1 IBCM position1; robust deal flow in 1Q22Strong collaboration with Private Banking centered around EntrepreneursDrive lending growth including expansion of structured / capital velocity solutionsFurther develop sustainable finance offering  #1 Institutional Banking franchise2; continued strong NNA momentum in 1Q22Continued strong growth in fund lending solutions; expanding offeringEnhance Asset Servicing offering including ESG analytic capabilities  Simplify and digitalize front-to-back processes  Rolled out mortgage tools and select workflow automationSimplified onboarding in Private and Corporate BankingTargeted IT investments into simplification / automation – faster to client, lower cost to serve  CBVLow- to mid-single digitCAGR over 2022-2024  Adj. cost/income ratioMid 50s in 2024  Adj. RoRC†>12% in 2024  Key aspirations  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.  
 
 Progress on executing our ambitious strategy in Asset Management with a focus on talent and technology  13  Strengthen and simplify organization and governance model  Improve risk management and strengthen our control environment  Drive execution towards our long term strategic ambition  Strengthened product development process, including systematic viability and risk appetite assessments Extended and enhanced existing risk management framework and prepared for the build out of strategic priority areas, e.g. Private MarketsLaunch new ‘Everyone is a Risk Manager’ training program  Completed hiring and onboarding of senior management team in AM, e.g. Head of Distribution and Head of ProductDefined new global, functionally aligned organizational structureOptimized governance framework to further increase accountability and efficiencies Embed new global functional organization structure and support talent to thrive in the new AM organization structure  Defined new Sustainability Strategy for AM and joined Net Zero Asset Managers initiativeContinued to exit non-core investments and partnerships portfolio in a value accretive wayInitiated design of future AM / WM collaboration modelInitiated hiring in selected priority markets and investment capabilitiesDevelop detailed plans for few remaining strategic priority areas, e.g. Private Markets, definition of investment hub and product localization strategy  NNA growth>4% in 2024  Management fee marginStable at ~26 bps  Adj. cost/income ratio~75% in 2024  Adj. RoRC†>45% by 2024  Key aspirations  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.  
 
 Our recently established CTOO Organization is focused on agile, digital transformation and identifying rationalization opportunities  Rolled out new Engineering & Operations OrganizationLaunched program to adopt agile practices firm-wideLaunched program to leverage enterprise-wide digital core capabilities Aligned with the Strategic Regulatory Remediation Committee to ensure IT delivery of our commitmentsEnhancing culture of personal accountability and responsibility by “tone from the top”Attracting key talent and becoming a destination of choice for engineers  Kicked off planning and design process to establish single wealth management platformIdentified opportunities to decrease vendor dependencies and expensesIdentified opportunities to materially reduce IT delivery overheadLaunching location strategy to further identify and build out capabilities in high value locations  Strengthen  Simplify  Establishing Digitization & Investment Governance to prioritize and fully align resources to CS strategy Further driving CSX roll out with ambition of 200k clients by end-2022Assigning dedicated engineering resources to CS wide ESG focusAutomating across client journey to enhance client experience with initial focus on client onboarding  Invest for Growth  Best-known Swiss brand for digital banking in Switzerland  Best Structured Product Technological Solution, Americas                    Best Digital Networking Bank for Entrepreneurs in Asia  #1 E-Trading platform in APAC for AES                                      2021 WatersTechnology Asia Awards – Best AI Initiative  HK Technology – Innovative or Emerging Technology Adoption                                       Best Private Bank for Use of RegTech  Best Private Bank – Client Experience                                       Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   14 
 
 Leading the bank and our clients into a sustainable future  15  1Q22 milestones    Net Zero Asset Managers Initiativejoined on March 22, 2022  Sole Conservation Bond Structurer of the World Bank-issuedWildlife Conservation (“Rhino”) Bond  Additional policy restrictionson Arctic oil & gas, oil sands and deep sea mining  Financial progress and way forward    2021 Sustainability Reportpublished on March 10, 2022 with additional disclosures including reporting against core WEF IBC Stakeholder Capitalism Metrics and increased TCFD disclosure  Sustainability Bond of the year – sovereign1winner at Environmental Finance Bond Awards for acting as sole structurer & arranger of the Blue Bond for The Nature Conservancy  164 Wealth Management ESG funds3in 1Q22, up from 122 in 1Q21  Sustainable AuM2 of CHF 144 bnin 1Q22 resulting in penetration of 9.3% of total AuM;up from CHF 118 bn and penetration of 7.4% in 1Q21  New Sustainability LeadershipNewly appointed Chief Sustainability Officer, directly reporting to Group CEO  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   Continue to support clients’ transition and expand sustainable investment and finance offering, also via strategic partnerships  Further progresstowards our commitment to provide at least CHF 300 bn in sustainable finance by 2030  Reconfirm our commitmentto reach 2050 net zero emissions in line with the guidelines of the Science Based Targets Initiative  
 
 Detailed Financials 
 
 Group Overview  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   17  Reported net revenuesinclude real estate gains of CHF 164 mn, a loss of CHF 353 mn related to Allfunds and CHF 148 mn of Russia-related impact  Provision for credit lossesincludes a CHF 155 mn release related to Archegos, partly offset by CHF 58 mn of provisions related to Russia’s invasion of Ukraine      Higher operating expensesup 26%, driven by major litigation provision of CHF 653 mn, increased cash accruals for compensation due to normalized deferral levels and incremental investments  Adjusted PTI of CHF 300 mnpost Russia-related losses of CHF 206 mn and vs. exceptionally strong 1Q21, from reduced client activity and capital markets issuances in volatile market conditions, cumulative reduction in risk appetite in 2021, impact of hedging volatility due to flattening yield curve in Corporate Center Treasury results and increased cash accruals for compensation due to normalized deferral levels         Credit Suisse Group in CHF mn  1Q22  4Q21  1Q21  Δ 4Q21  Δ 1Q21  Reported      Net revenues  4,412  4,582  7,574  (4)%  (42)%        Provision for credit losses  (110)  (20)  4,394            Total operating expenses  4,950  6,266  3,937  (21)%  26%        Pre-tax income  (428)  (1,664)  (757)  n/m  n/m        Effective tax rate  35%  (25)%  70%            Net income/(loss) attributable to shareholders  (273)  (2,085)  (252)  n/m  n/m        Return on tangible equity‡  (2.6)%  (20.9)%  (2.6)%            Cost/income ratio  112%  137%  52%                        Adjusted      Net revenues  4,582  4,384  7,430  5%  (38)%        Provision for credit losses  45  (15)  (36)            Total operating expenses  4,237  4,071  3,870  4%  9%        Pre-tax income  300  328  3,596  (9)%  (92)%        o/w Russia-related  (206)  -  -     
 
 We have significantly reduced our Russia credit exposure  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   18        Financial institutionsnet credit exposure down 67% with further reduction of exposures ongoingCorporates & Individualshighly collateralized with non-Russia collateral and limited losses  Substantial reductionin our Russia net credit exposure by 56% to CHF 373 mn at March 31, 2022    CHF 0.2 bn net asset value of our Russian subsidiaries, down CHF 16 mn vs. December 31, 2021  in CHF mn    Gross  Net2    Gross  Net2  Risk exposure1    1,569  848    1,041  373   o/w Sovereigns    -  -    35  35   o/w Financial institutions    634  536    229  177   o/w Corporates    468  148    429  82   o/w Individuals    467  164    348  79    As at December 31, 2021    As at March 31, 2022  PTI losses of CHF 206 mninclude trading and fair value losses of CHF 148 mn as well as PCL of CHF 58 mn, of which CHF 44 mn of non-specific provisions 
 
 Higher operating expenses driven by increased cash accruals for compensation due to normalized deferral levels and incremental investments  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   19  Group adjusted operating expensesin CHF mn      Higher compensation and benefitsprimarily driven by CHF 214 mn of increased cash accruals for compensation due to normalized deferral levels   Incremental investmentsof CHF 152 mn in relation to our Group strategy and increased remediation spend in Risk, Compliance and Infrastructure      Restructuring expensesof CHF 79 mn over 4Q21-1Q22, with CHF 46 mn in 1Q22, out of our guidance of CHF ~400 mn, with the balance to be utilized over the rest of the year     Outsourcing of Procurementexpected to lead to cash savings of CHF 150 mn in 2022, rising to CHF 250 mn in 2023; other cost measures, e.g. CTOO integration to yield savings later in the year, increasing into 2023   
 
 Wealth Management & Private Banking Switzerland CBV impacted by adverse market movements; positive NNA across all regions  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   20        Regions  AuM  NNA  Switzerland  238  2.1  EMEA  284  0.6  Asia Pacific  212  1.8  Americas  82  0.1  Total  816  4.6  Wealth Management & Private Banking Switzerland1Q22 regional volumesin CHF bn  Market moves (35)FX impact 7Other1 (16)NNA 5   Assets under Management  Net loans  Custody assets  (5)%QoQ  Wealth Management & Private Banking Switzerland1Q22 volumes overviewin CHF bn  AuM  CBV      Wealth Management  Private BankingSwitzerland 
 
 Resilient CET1 capital and leverage ratios  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   21  CET1 ratio down 60 bpswith RWA increases of CHF 2 bn from operational risk (excluding FX) and CHF 2 bn from FX, partly offset by a reduction of USD 2 bn from Prime Services exit2  Leverage exposure down CHF 11 bndriven by a reduction of USD 20 bn from Prime Services exit2  Parent CET1 ratio of 11.8%vs. 11.4% at January 1, 2022, including dividend payment from CS Schweiz and capital repatriation from CSH USA totaling CHF ~2 bn; further planned dividend payments and capital repatriations from subsidiaries expected to increase the CET1 ratio in the second half of the year, subject to regulatory approval        13.8%  CET1 ratio    14.4%  Risk-weighted assets in CHF bn  1      Leverage exposure in CHF bn   o/w IB (13) o/w WM, SB, AM 0  1  4.3%  CET1 leverage ratio    4.3%  6.1%  Tier 1 leverage ratio  6.1%       o/w IB 0 o/w WM, SB, AM 1 
 
 Positive gearing to rising USD interest rates  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   22  Net interest income sensitivity(Wealth Management and Swiss Bank)NII increase from realization of USD forward rates1,in CHF mn  Significant NII sensitivity to USD forward rateswith an expected CHF ~150 mn incremental net interest income in 2022 and a further CHF ~400 mn in 2023  Uncertainty from timing of CHF and EUR rate moveswith expected negative impact from CHF moves towards zero rates partially offset by positive impact from EUR rate moves     
 
 Wealth Management  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   23  PTI significantly down YoY from lower transaction activity and Russia-related impacts    Transaction revenues downvs. strong 1Q21 reflecting Russia-related losses of CHF 59 mn, MtM losses2 in APAC Financing of CHF 32 mn, weaker GTS revenues and lower brokerage and product issuance feesFees and net interest income declinebroadly mirrors YoY reductions in volumes; NII up QoQInvesting in our businessHigher operating expenses driven by increased cash accruals for compensation due to normalized deferral levels, technology investments, higher Group-wide risk and compliance costs and higher RM headcountReported PTI reflects headwindsincluding CHF 353 mn loss on investment in Allfunds; major litigation provisions of CHF 230 mn; Russia-related impacts of CHF (99) mn, including credit provisions of CHF 40 mn    De-risking impacted volumes & flowswith lower loan volumes from Russia’s invasion of Ukraine and de-risking measures; CBV down 5% QoQ due to market movements and structural effects; positive NNA in difficult environment        in CHF mn  1Q22  4Q21  1Q21  Δ 1Q21  Adjusted key financials      Net interest income  514  502  561  (8)%        Recurring commissions and fees  420  432  444  (5)%        Transaction-based  578  413  938  (38)%        Net revenues1  1,506  1,345  1,941  (22)%        Provision for credit losses  24  (7)  13          Total operating expenses  1,270  1,214  1,098  16%        Adjusted PTI  212  138  830  (74)%        o/w Russia-related impact  (99)  -  -          Adjusted C/I ratio  84%  90%  57%          Adjusted RoRC†  7%  5%  26%          Reported PTI  (357)  157  978  n/m        Reported RoRC†  (12)%  5%  31%                          in CHF bn          Key metrics      Adjusted net margin in bps  12  7  46  (34)        Client business volume   1,040  1,099  1,143  (9)%        Net loans  97  103  114  (14)%        Net new assets  4.8  (2.9)  14.5          Risk-weighted assets  60  60  68  (12)%        Leverage exposure  233  233  245  (5)%        Number of relationship managers  1,940  1,890  1,900  2% 
 
 Investment Bank  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   24  Pre-tax loss reflects substantially reduced Capital Markets revenues, Russia-related losses and reduced capital usage primarily due to Prime Services exit        in USD mn  1Q22  4Q21  1Q21  Δ 1Q21  Adjusted key financials      Fixed income sales & trading  802  504  1,616  (50)%        Equity sales & trading  526  403  1,030  (49)%        Capital markets  466  585  1,361  (66)%        Advisory and other fees  221  331  257  (14)%        Other1  5  (3)  (1)  n/m        Net revenues  2,020  1,820  4,263  (53)%        Provision for credit losses  (2)  (3)  (72)          Total operating expenses  2,077  2,007  1,961  6%        Adjusted PTI  (55)  (184)  2,374  n/m        o/w Russia-related impact  (101)  -  -          Adjusted C/I ratio  103%  110%  46%          Adjusted RoRC†  (1)%  (4)%  42%          Reported PTI  134  (2,174)  (2,387)  n/m        Reported RoRC†  3%  (45)%  (42)%                          in USD bn          Key metrics      Risk-weighted assets  93  92  117  (21)%        Leverage exposure  364  380  444  (18)%      Net revenues down 53% vs. record 1Q21Significantly lower ECM activity and reduced M&A fees; lower YoY leveraged finance revenues due to reduced risk appetite, however regained share2 QoQLower GTS results reflecting underperformance in macro and emerging markets and resilient equity derivatives trading revenues vs. strong 1Q21Fixed Income results mainly reflect normalized securitized products revenues, albeit significantly above historic levelsEquities revenues include the impact from the exit3 of prime services and lower cash trading volumes; we maintained a #6 rank4 in cash equitiesOperating expenses increased 6%primarily driven by increased cash accruals for compensation due to normalized deferral levels and higher Group-wide technology, risk & compliance costsPre-tax loss of USD 55 mnreflecting our strategy to de-risk our franchise, lower client activity across all businesses and Russia-related losses of USD 101 mn, of which USD 97 mn in GTS from trading and fair value losses; reported PTI of USD 134 mn includes real estate gains of USD 57 mn and Archegos impact5 of USD 174 mn  RWA and LE declined YoYprimarily due to reductions in Prime Services; reduced allocated capital by USD 2.5 bn vs. 2020, on track to achieve our ambition of USD >3 bn capital release by 2022 
 
 Swiss Bank  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   25  Resilient results despite higher compensation expenses        in CHF mn  1Q22  4Q21  1Q21  Δ 1Q21  Adjusted key financials      Net interest income  576  587  591  (3)%        Recurring commissions and fees  336  332  314  7%        Transaction-based  136  138  142  (4)%        Net revenues1  1,022  1,039  1,031  (1)%        Provision for credit losses  23  (4)  26          o/w Russia-related impact  14  -  -          Total operating expenses  614  605  586  5%        Adjusted PTI  385  438  419  (8)%        Adjusted C/I ratio  60%  58%  57%          Adjusted RoRC†  12%  13%  12%          Reported PTI  471  607  412  14%        Reported RoRC†  14%  18%  12%                          in CHF bn          Key metrics      Adjusted net margin in bps  26  30  30  (4)        Client business volume   871  890  856  2%        Net loans  163  161  165  (1)%        Net new assets  6.0  1.0  3.8          Risk-weighted assets  70  69  73  (4)%        Leverage exposure  248  248  254  (2)%        Number of relationship managers  1,680  1,630  1,660  1%  Net revenues stablewith an increase of 7% in recurring commissions and fees supported by higher revenues from improved performance in our investment in Swisscard and higher AuM levels, offset by lower net interest income and decreased transaction-based revenues driven by lower IB collaboration revenuesOperating expenses up 5%from increased cash accruals for compensation due to normalized deferral levels, targeted investments in Swiss business and higher Group-wide technology, risk and compliance costsPTI down 8%due to higher operating expenses; RoRC† at 12%Russia-related impact of CHF 14 mnin provision for credit losses      Client business volume up 2%mainly driven by NNA; net loans up 1% compared to 4Q21 driven by our corporate banking and institutional clients businesses; NNA of CHF 6.0 bn entirely driven by our institutional clients business 
 
 Asset Management  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   26  PTI adversely affected by lower performance-related income and higher expenses        in CHF mn  1Q22  4Q21  1Q21  Δ 1Q21  Adjusted key financials      Management fees  272  286  279  (3)%        Performance, transaction & placement rev.  44  94  92  (52)%        Investment and partnership income  43  19  29  48%        Net revenues  359  399  400  (10)%        Provision for credit losses  -  (2)  -          Total operating expenses  308  308  267  15%        Adjusted PTI  51  93  133  (62)%        Adjusted C/I ratio  86%  77%  67%          Adjusted RoRC†  25%  45%  55%          Reported PTI  53  93  131  (60)%        Reported RoRC†  26%  45%  55%                          in CHF bn          Key metrics      Assets under management  462  477  458  1%        Net new assets  (0.6)  4.7  10.3          Risk-weighted assets  8  8  10  (17)%        Leverage exposure  3  3  3  (17)%      Net revenues down 10%mainly due to reduced performance, transaction and placement revenues, including investment related losses and lower performance fees, partially offset by higher investment & partnership income; recurring management fees broadly stableHigher operating expensesprimarily driven by increased cash accruals for compensation due to normalized deferral levels, expenses related to the SCFF matter and higher Group-wide technology, risk and compliance costsPTI downreflecting a volatile macro environment, reduced activity levels, risk appetite from clients and higher operating expenses  NNA outflows of CHF 0.6 bnin particular driven by outflows from Fixed Income and Credit; continued good momentum in Index SolutionsReduced capital intensitydriving RoRC† of 25% 
 
 Investor Deep Dive  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   27    Risk, Compliance, Technology and Wealth Management Deep Dive Event to be held before 2Q22 results, date to be announced in due course 
 
 CEO concluding remarks  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   28    Further strengthen risk culture    Accelerate client and revenue momentum    Execute strategic plan 
 
 Appendix 
 
 Net and gross margins  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   30  Adjusted gross margin in bps  1Q22  4Q21  2Q21  1Q21  3Q21  1Q22  4Q21  2Q21  1Q21  3Q21  729  830  Average AuM in CHF bn  Adjusted pre-tax income in CHF mn  Adjusted net revenues in CHF mn  1,941  1,547  1,567  384  432  754  759  1,506  212  724  1,345  138  755  Wealth Management  1Q22  4Q21  2Q21  1Q21  3Q21  1Q22  4Q21  2Q21  1Q21  3Q21  560  419  1,031  1,019  1,049  450  448  579  592  1,022  385  588  1,039  438  593  Swiss Bank  Adjusted net margin in bps 
 
 Corporate Center  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   31        Corporate Center                in CHF mn  1Q22  4Q21  1Q21  Δ 1Q21  Adjusted key financials      Treasury results  (254)  (130)  129  n/m        Asset Resolution unit  39  17  (33)  n/m        Other1  42  48  78  (46)%        Net revenues  (173)  (65)  174  n/m        Provision for credit losses  (1)  -  (10)          Total operating expenses  125  107  140  (11)%        Adjusted PTI  (297)  (172)  44  n/m        Reported PTI  (719)  (533)  32  n/m                        in CHF bn          Key metrics      Total assets  56  55  57  (3)%        Risk-weighted assets  49  46  42  16%        Leverage exposure  58  58  62  (5)%        ARU within Corporate Center                in CHF mn  1Q22  4Q21  1Q21  Δ 1Q21  Key financials      Net revenues  39  17  (33)  n/m        Provision for credit losses  (1)  0  (1)          Total operating expenses  30  27  36  (17)%        PTI  10  (10)  (68)  n/m                        in USD bn          Key metrics      Risk-weighted assets  7  8  9  (23)%        Leverage exposure  16  18  20  (23)% 
 
 Oil & Gas / Leveraged Finance exposures  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   32  Oil & Gas exposure1in USD bn  Leveraged Finance exposure2in USD bn 
 
 Currency mix & Group capital metrics  Footnotes are an integral part of this presentation. See slides 36-40 in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   33  Adjusted Credit Suisse Group results  Applying a +/- 10% movement on the average FX rates for 1Q22 LTM, the sensitivities are:USD/CHF impact on 1Q22 LTM pre-tax income by CHF +332 / (332) mnEUR/CHF impact on 1Q22 LTM pre-tax income by CHF +150 / (150) mn  Sensitivity analysis on Group results2  1Q22 LTMin CHF mn  Contribution  Wealth Management      Investment Bank    Swiss Bank      Asset Management      Group        CHF  USD  EUR  GBP  Other  Currency mix capital metric3  A 10% strengthening / weakening of the USD (vs. CHF) would have a (2.6) bps / +3.0 bps impact on the BIS CET1 ratio      Basel III Risk-weighted assets  Swiss leverage exposure      CHF  EUR  Other                USD      USD  CET1 capital 4    CHF    Net revenues 19,696 29% 44% 12% 3% 12%Total expenses1 16,393 32% 33% 5% 10% 20%  Net revenues 5,965 13% 48% 17% 4% 18%Total expenses1 4,799 34% 23% 7% 6% 30%  Net revenues 8,360 5% 64% 13% 5% 13%Total expenses1 7,363 7% 50% 5% 15% 23%  Net revenues 4,129 90% 2% 5% 1% 2%Total expenses1 2,408 89% 2% 2% 2% 5%  Net revenues 1,580 51% 36% 10% 1% 2%Total expenses1 1,183 42% 38% 6% 8% 6% 
 
 34  Results excluding certain items included in our reported results are non-GAAP financial measures. Following the reorganization implemented at the beginning of 2022, we have amended the presentation of our adjusted results. Management believes that such 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.  Reconciliation of adjustment items (1/2)   
 
 35  Results excluding certain items included in our reported results are non-GAAP financial measures. Following the reorganization implemented at the beginning of 2022, we have amended the presentation of our adjusted results. Management believes that such 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.  Reconciliation of adjustment items (2/2)   
 
 Notes  36  General notesThroughout this presentation and the 1Q22 Results presentation rounding differences may occurUnless otherwise stated, all financial numbers presented and discussed are adjusted. Results excluding certain items included in our reported results are non-GAAP financial measures. All percentage changes and comparative descriptions refer to YoY measurements unless otherwise specifiedUnless otherwise noted, all CET1 capital, CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in these presentations are as of the end of the respective periodGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuM. Net margin excluding certain significant items, as disclosed herein, is calculated excluding those items applying the same methodologyMandates reflect advisory and discretionary mandate volumesMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager businessParent means Credit Suisse AG on a standalone basis. All CET1 capital and CET1 ratio figures shown in these presentations for Parent are Swiss capital metricsClient Business Volume includes assets under management, custody assets and net loansCustody assets includes assets under custody and commercial assetsSpecific notes† Regulatory capital is calculated as the average of 13.5% of RWA and 4.25% of leverage exposure and return on regulatory capital, a non-GAAP financial measure, is calculated using income/(loss) after tax and assumes a tax rate of 25% from 2020 onward. For the Investment Bank, return on regulatory capital is based on US dollar denominated numbers. Return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology. Adjusted return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology.‡ 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.For end-1Q21, tangible shareholders’ equity excluded goodwill of CHF 4,644 mn and other intangible assets of CHF 239 mn from total shareholders’ equity of CHF 44,590 mn as presented in our balance sheet.For end-4Q21, tangible shareholders’ equity excluded goodwill of CHF 2,917 mn and other intangible assets of CHF 276 mn from total shareholders’ equity of CHF 43,954 mn as presented in our balance sheet.For end-1Q22, tangible shareholders’ equity excluded goodwill of CHF 2,931 mn and other intangible assets of CHF 307 mn from total shareholders’ equity of CHF 44,442 mn as presented in our balance sheet.Our ambition to release USD >3 bn of capital from the Investment Bank over 2021-2022 and our ambition to invest CHF ~3 bn of capital in Wealth Management over 2021-2024 is based on an average of 13.5% risk-weighted assets and 4.25% leverage exposure.AbbreviationsAdj. = Adjusted; AM = Asset Management; APAC = Asia Pacific; ARU = Asset Resolution Unit; AuM = Assets under Management; BIS = Bank of International Settlements; bps = basis points; CAGR = Compound annual growth rate; CBV = Client Business Volume; CC = Corporate Center; CET1 = Common Equity Tier 1; CHF = Swiss Franc; CM = Capital Markets; CMBS = commercial mortgage-backed securities; COVID = Coronavirus disease; CTOO = Chief Technology and Operations Officer; C/I = cost income ratio; ECM = Equity Capital Markets; EMEA = Europe, Middle East and Africa; ESG = Environment, Social, Governance; EUR = Euro; FINMA = Swiss Financial Market Supervisory Authority; FX = Foreign Exchange; GAAP = Generally Accepted Accounting Principles; GTS = Global Trading Solutions; HNW = High Net Worth; IB = Investment Bank; IG = Investment Grade; IT = Information Technology; LE = Leverage exposure; LTM = Last twelve months; M&A = Mergers & Acquisitions; MD = Managing Director; MtM = mark to market; NII = net interest income; NNA = Net New Assets; p.a. = per annum; PB = Private Banking; PBI = Private Banking International; PCL = provision for credit losses; pp. = percentage points; PTI = Pre-tax income; QoQ = Quarter on Quarter; rev. = revenues; RM = Relationship Manager; RoRC = Return on Regulatory Capital; RWA = Risk-weighted assets; SB = Swiss Bank; SCFF = Supply Chain Finance Funds; SME = Small and Medium Enterprises; SoW = Share of Wallet; TCFD = Task Force on Climate-Related Financial Disclosures; USD = United States Dollar; vs. = versus; WEF IBC = World Economic Forum’s International Business Council; WM = Wealth Management; YoY = Year on year   
 
 Footnotes  37  Slide 4 2022 is a transition year for Credit Suisse – 1Q22 key messages1. With the exception of Index Access and APAC Delta One2. Exposure is net of risk mitigation, specific allowances, specific provisions for credit losses and valuation adjustmentsSlide 6 …impacting Wealth Management and the Investment Bank while our Swiss Bank remained resilient1. Includes MtM losses in APAC Financing 2. Includes Wealth Management & Private Banking SwitzerlandSlide 7 Comprehensive de-risking measures executed, improving our risk profile but impacting top-line in the short-term1. Primarily driven by Ship Financing, concentration risks and client risk reviews2. With the exception of Index Access and APAC Delta OneSlide 8 Select updates on strengthening of Risk Management and addressing legacy issues1. Includes any type of case against Credit Suisse2. Exposure is net of risk mitigation, specific allowances, specific provisions for credit losses and valuation adjustmentsSlide 9 Select Group Strategy metrics and milestones progress1. Measured using adjusted operating expenses, excluding significant items, at constant 2021 FX rates, progressively increasing from 2022-2024; does not include cost reductions from exited businesses2. With the exception of Index Access and APAC Delta One3. Refers to Credit Suisse’s assets managed according to the Credit Suisse Sustainable Investment Framework (Sustainable AuM). This includes only AuM balances from managed solutions that to date have been mapped to a sustainability rating of 2 and higher, based on the Framework scale (0-5). The majority of this growth vs. 1Q21 has been achieved through progress on our framework implementation and product classification. The other relevant drivers include the launch of new sustainable funds and net sales of existing sustainable funds partially offset by market performance4. Since the beginning of 20215. Includes transfer of existing Bonviva clients to the CSX solutions 
 
 Footnotes  38  Slide 11 Continued progress on reshaping the Investment Bank and investing for growth1. Allocated capital based on the average of 13.5% RWA and 4.25% Leverage Exposure2. Client Energy Transition Framework (CETF) reflects CS methodology to assess the climate transition readiness of our clients3. With the exception of Index Access and APAC Delta One4. MD hires from January 1, 2021 to March 31, 20225. Source: Dealogic as of March 31, 2022 6. Source: Source CMBS Alert as of March 31, 20227. Source: Tradeweb as of March 31, 2022Slide 12 Swiss Bank building on its leading positions1. Dealogic as of 31 December 20212. BCGSlide 15 Leading the bank and our clients into a sustainable future1. Environmental Finance2. Refers to Credit Suisse’s assets managed according to the Credit Suisse Sustainable Investment Framework (Sustainable AuM). This includes only AuM balances from managed solutions that to date have been mapped to a sustainability rating of 2 and higher, based on the Framework scale (0-5). The majority of this growth vs. 1Q21 has been achieved through progress on our framework implementation and product classification. The other relevant drivers include the launch of new sustainable funds and net sales of existing sustainable funds partially offset by market performance3. Refers to Credit Suisse Wealth Management Global Lead Offering funds (including both CS and Third Party Funds) that, as of March 31, 2022, have been mapped to a sustainability classification of 2 and higher, based on the CS Sustainable Investments Framework scale (0-5)   
 
 Footnotes  39  Slide 18 We have significantly reduced our Russia credit exposure1. Exposure is net of specific allowances, specific provisions for credit losses and valuation adjustments2. Post risk mitigation including hedges (derivatives), guarantees, insurance and collateralSlide 20 Wealth Management and Private Banking Switzerland CBV impacted by adverse market movement; positive NNA across all regions1. Structural effects, including certain de-risking measures and CHF 10.4 bn related to the sanctions imposed in connection with Russia’s invasion of UkraineSlide 21 Resilient CET1 capital and leverage ratios1. FX impact from January to March FX rates2. With the exception of Index Access and APAC Delta OneSlide 22 Positive gearing to rising USD interest rates1. As of March 31, 2022Slide 23 Wealth Management1. Includes other revenues of CHF (6) mn in 1Q22, CHF (2) mn in 4Q21 and CHF (2) mn in 1Q212. 1Q22 mark-to-market losses of CHF (34) mn (net of CHF 7 mn of hedges). 1Q21 included mark-to-market losses of CHF (3) mn (net of CHF 4 mn of hedges)Slide 24 Investment Bank1. Other revenues include treasury funding costs and changes in the carrying value of certain investments2. Source: Dealogic as of March 31, 2022 3. With the exception of Index Access and APAC Delta One 4. Third Party competitive analysis as of FY 20215. Archegos impact includes revenues of USD 19 mn, credit provisions release of USD (167) mn and expenses of USD 12 mn   
 
 Footnotes  40  Slide 25 Swiss Bank1. Includes other revenues of CHF (26) mn in 1Q22, CHF (18) mn in 4Q21 and CHF (16) mn in 1Q21Slide 31 Corporate Center1. Other revenues primarily include required elimination adjustments associated with trading in own shares, treasury commissions charged to divisions, the cost of certain hedging transactions executed in connection with the Group's RWAs and valuation hedging impacts from long-dated legacy deferred compensation and retirement programs mainly relating to former employees Slide 32 Oil & Gas / Leveraged Finance exposures1. Oil & Gas net lending exposure in Corporate Bank2. Represents non-Investment Grade underwriting exposureSlide 33 Currency mix & capital metrics1. Total expenses include provisions for credit losses2. Sensitivity analysis based on Adjusted numbers and on weighted average exchange rates of USD/CHF of 0.92 and EUR/CHF of 1.01 for 1Q22 LTM results3. Data based on March 2022 month-end currency mix4. Reflects actual capital positions in consolidated Group legal entities (net assets) including net asset hedges less applicable Basel III regulatory adjustments (e.g. goodwill)