6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
November 3, 2016
Commission File Number 001-15244
CREDIT SUISSE GROUP AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number 001-33434
CREDIT SUISSE AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.





This report includes the media release and the slides for the presentation to investors in connection with the 3Q16 results.





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CREDIT SUISSE GROUP AG
Paradeplatz 8
P.O. Box
CH-8070 Zurich
Switzerland

Telephone +41 844 33 88 44
Fax +41 44 333 88 77
media.relations@credit-suisse.com
November 3, 2016
Media Release
Credit Suisse announces profitable 3Q16
• Group reported PTI of CHF 222 million, up 12% compared to 2Q16  
• Group adjusted* PTI of CHF 327 million, up 13% compared to 2Q16
• Combined reported PTI of CHF 1,155 million (adjusted* CHF 847 million) for APAC, SUB and IWM
• Adjusted* non-compensation expenses down 12% at constant FX rates compared to 3Q15; as of November 3, 2016, headcount1 reduced by 5,400 of the 6,000 targeted for FY16
• Net income attributable to shareholders of CHF 41 million
Wealth Management NNA of CHF 30.9 billion for 9M16 in challenging markets
• Wealth Management NNA of CHF 9.2 billion for 3Q16
• Cumulative Wealth Management NNA for 9M16 of CHF 30.9 billion, up 40% compared to 9M15
• 9M16 Wealth Management AuM of CHF 725 billion, up 9% compared to 9M15
IBCM and GM profitable
• Strong revenue contribution in IBCM with outperformance in debt and equity underwriting
• Positive momentum in GM from core Credit franchise
Strengthening of capital position and leverage ratio
• Look-through CET1 ratio of 12%, up 180 bp compared to 3Q15; includes a gain on the sale of real estate of CHF 346 million and litigation provisions of CHF 357 million
• Look-through CET1 leverage ratio of 3.4%, up 60 bp compared to 3Q15
• SRU reduced leverage exposure by USD 29 billion and RWA by USD 3 billion compared to 2Q16, contributing to Group’s improved capital position and look-through CET1 leverage ratio
Tidjane Thiam, Chief Executive Officer of Credit Suisse, stated: “In 3Q16, we remained focused on implementing our strategy with discipline. The hard work of our teams across our divisions has allowed us to confirm the positive trends that were visible in our 2Q16 results.
We have remained focused on reducing our cost base, with our total adjusted* operating cost base at constant FX rates decreasing by 2% compared to 3Q15. At constant FX rates, adjusted* non-compensation expenses decreased 12%, reflecting our restructuring efforts beyond straight headcount reductions. In parallel, as of November 3, 2016, our headcount1 was reduced by 5,400. We estimate that the annualized equivalent of the net adjusted cost savings achieved in 9M16 is CHF 1.5 billion2: we are on track to beat our end-2016 target.
APAC, SUB and IWM were all profitable with combined adjusted* PTI of CHF 847 million and generated CHF 9.2 billion of Wealth Management NNA. Cumulative Wealth Management NNA of CHF 30.9 billion in 9M16 were up 40% compared to 9M15. Our IBCM division achieved a 16% increase in USD net revenues in 3Q16 compared to 3Q15 and our Global IBCM franchise achieved a 22% increase in 3Q16 revenues year on year. In our restructured GM division, RWA are down 16% and revenues are down 14% compared to 3Q15. Thanks to our focus on costs, GM was profitable for the second consecutive quarter with particular strength in Global Credit Products. We continued to make progress in the SRU, reducing leverage exposure by USD 78 billion and RWA by USD 20 billion compared to 3Q15. Over the same period, SRU costs have decreased by USD 310 million or 47%.
In APAC, net revenues for the division totaled CHF 917 million in 3Q16, representing an increase against both 2Q16 and 3Q15. Wealth Management produced record net revenues of CHF 346 million. NNA were strong at CHF 4.6 billion, and we reached record AuM of CHF 169 billion, driven by increased momentum with UHNWI and entrepreneur clients. Our integrated coverage model in these segments is continuing to gain traction as we deliver bespoke financing, underwriting and advisory services to this target client base.
1
SUB delivered solid adjusted* PTI of CHF 431 million in 3Q16. In Wealth Management, we recorded outflows of CHF 0.5 billion and CHF 0.4 billion as we exited a number of EAM relationships and in relation to ongoing regularization measures, respectively, resulting in NNA of CHF 0.2 billion. Compared to 2Q16, we generated stable NII, offset by seasonally lower transaction volumes.
IWM continued to attract strong NNA in Wealth Management, which totaled CHF 4.4 billion in 3Q16. Our 2016 growth initiatives, including the launch of the Strategic Client Partners unit with a dedicated coverage team, have allowed us to create further value for our UHNWI clients. In 3Q16, strong NII reflected higher loan volumes and higher margins, offsetting seasonally weaker transaction volumes that remained adversely affected in a challenging market environment.
In IBCM, we generated USD 55 million of adjusted* PTI in 3Q16. Overall, IBCM net revenues were up 16% from 3Q15, with Equity and Debt Underwriting up 40% and 13%, respectively, contributing to our top 5 position3 across key products. In Advisory, we continued to leverage the strength of our global franchise, with a number of marquee transactions exceeding USD 10 billion4 announced during 3Q16.
GM delivered adjusted* PTI of USD 150 million, a result achieved by a combination of our focus on cost reduction and the strong performance in Credit compared to 3Q15. Global Credit Products delivered its best third quarter performance since 2013 as our teams stayed close to clients across high yield and investment grade markets. This was offset by a weaker contribution from our equities businesses, particularly in equity derivatives and equities trading in Europe. In the US, our Equities franchise held up well and we maintained our strong positions with our core clients across Cash and Prime Services. We continue to make progress in creating operating leverage in GM and expect to approach our end-2018 cost target of USD 5.4 billion by end-2016.
Compared to 3Q15, the SRU delivered further reductions in leverage exposure of USD 78 billion and in RWA of USD 20 billion. Over the same period, SRU adjusted* costs have decreased by USD 310 million or 47%. The progress in the SRU is central to the restructuring of the Group as it contributes to generating the resources we need to invest in APAC, IWM, SUB and IBCM, where we expect to produce higher returns.
We further strengthened our capital position with a CET1 ratio of 12% on a look-through basis as of end-3Q16, including the impact of litigation provisions of CHF 357 million.
During 3Q16, we continued to make progress in implementing our strategy. We have reduced costs significantly and continued to grow profitably in our chosen markets, with cumulative NNA across Wealth Management up 40% year on year. Disciplined capital management, organic capital generation and the disposal of assets and businesses announced in March 2016 have allowed us to continue to invest in higher return areas.
Looking ahead, we expect market activity to continue to be influenced by geopolitical and macro-economic uncertainty over the next several quarters and the outlook to remain challenging.
We still have a long way to go in our journey but we are fully mobilized to deliver in challenging market conditions on our key commitments to reduce cost, strengthen our capital base and drive profitable business growth.”
2
Information for media
Media Relations, Credit Suisse
Tel: +41 844 33 88 44
Email: media.relations@credit-suisse.com
Information for investors
Investor Relations, Credit Suisse
Tel: +41 44 333 71 49
Email: investor.relations@credit-suisse.com
The complete 3Q16 Financial Report and Results Presentation Slides are available for download from 07:00 CET today at: https://www.credit-suisse.com/results.
Presentation of 3Q16 results – Thursday November 3, 2016
Event  Analyst Call Media telephone conference
Time    08:15 Zurich
07:15 London
03:15 New York		 10:15 Zurich
09:15 London
05:15 New York
Language  The presentation will be held in English.
 The presentation will be held in English.
Simultaneous interpreting in German will be available.
Access via
Telephone       		 +41 44 580 40 01 (Switzerland)
+44 1452 565 510 (Europe)
+1 866 389 9771 (US)
Reference: Credit Suisse Group quarterly results

Please dial in 10 minutes before the start
of the presentation.		 +41 44 580 40 01 (Switzerland)
+44 1452 565 510 (Europe)
+1 866 389 9771 (US)
Reference: Credit Suisse Group quarterly results

Please dial in 10 minutes before the start
of the presentation.
Playback        Replay available approximately one hour
after the event:
+41 44 580 34 56 (Switzerland)
+44 1452 550 000 (Europe)
+1 866 247 4222 (US)
Conference ID: 95668961#
 Replay available approximately two hours
after the event:
+41 44 580 34 56 (Switzerland)
+44 1452 550 000 (Europe)
+1 866 247 4222 (US)
Conference ID English: 95703020#
Conference ID German: 95710327#
The results of Credit Suisse Group comprise the results of our six reporting segments, including the Strategic Resolution Unit, and the Corporate Center. Core results exclude revenues and expenses from our Strategic Resolution Unit.
As we move ahead with the implementation of our strategy, it is important to measure the progress achieved by our underlying business performance in a consistent manner. To achieve this, we will focus our analyses on adjusted results.
Adjusted results referred to in this release are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for the purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. We will report quarterly on the same adjusted* basis for the Group, Core and divisional results until end-2018 to allow investors to monitor our progress in implementing our strategy, given the material restructuring charges we are likely to incur and other items which are not reflective of our underlying performance but are to be borne in the interim period. Tables in the appendix of this Media Release provide the detailed reconciliation between reported and adjusted results for the Group, Core businesses and the individual divisions.
3
Asia Pacific (APAC)
APAC achieved profitable growth in 3Q16 with an adjusted* PTI of CHF 175 million and generated an adjusted* return on regulatory capital of 13%5. Net revenues totaled CHF 917 million, up 4% compared to 3Q15, demonstrating the strength of the Wealth Management franchise and the effectiveness of the integrated approach to serving clients. Compared to 2Q16, APAC reported higher restructuring expenses, principally in the Investment Bank.
Wealth Management reported record AuM of CHF 169 billion at end-3Q16. Continued collaboration activity across the division contributed to NNA of CHF 4.6 billion, representing an annualized growth rate of 12%. Adjusted* net margin decreased 2 basis points compared to 3Q15, with growth in net interest income and transactional revenues offset by higher operating expenses and provision for credit losses. The increase in provision for credit losses relates to a small number of share-based loans in Hong Kong.
The Investment Bank delivered a strong performance in the business with UHNWI and entrepreneur clients. In 9M16, the APAC IBCM franchise ranked #1 in terms of share of wallet in Asia Pacific ex-Japan among international banks6. Fixed Income revenues increased 51% compared to 3Q15, mainly reflecting higher financing activities with UHNWI and entrepreneur clients. Equity sales and trading revenues were stable compared to 2Q16 and were lower compared to 3Q15 due to lower trading volumes.
International Wealth Management (IWM)
IWM delivered a robust performance in challenging markets with an adjusted* PTI of CHF 241 million and continued NNA momentum across businesses and regions. Adjusted* total operating expenses remained stable compared to 3Q15, with disciplined cost control being offset by further investments in growth and higher compliance and regulatory costs.
Wealth Management reported higher revenues compared to 3Q15, with strong NII reflecting the cumulative benefit from loan growth and higher margins. Recurring revenues remained broadly stable over the last three quarters while transactional revenues were adversely affected by a challenging market environment. The hiring of senior and experienced RMs continued in 3Q16, with the number of new hires offset by managed reductions and attrition. Strong NNA of CHF 4.4 billion–representing an annualized growth rate of 6% - reflected inflows from emerging markets and Europe. AuM of CHF 311.4 billion increased 9% compared to 3Q15.
In Asset Management, adjusted* PTI increased significantly from 3Q15, driven by lower operating expenses. Higher investment-related gains and broadly stable management fees were offset by lower investment and partnership income, mainly from single manager hedge funds, compared to 3Q15. NNA of CHF 5 billion include strong contributions from emerging markets and fixed income products.
Swiss Universal Bank (SUB)
SUB delivered adjusted* PTI of CHF 431 million, reflecting higher revenues from NII, partially offset by subdued transaction volumes across the franchise due to lower levels of client activity. Compared to 3Q15, adjusted* total operating costs declined 7% despite continuous investments in regulatory, compliance and digitalization initiatives in Wealth Management. SUB continued to focus on growing the Bank for Entrepreneurs.
In Wealth Management, mandates penetration was 29% at end-3Q16, an increase of 5% compared to 3Q15 driven by Credit Suisse Invest. AuM remained strong at CHF 244.5 billion. SUB recorded NNA of CHF 0.2 billion, including outflows from selected EAM exits and regularization. Wealth Management realized a gain on the sale of real estate of CHF 346 million (excl. from adjusted* PTI) in 3Q16.
4
Corporate & Institutional Banking achieved a strong result and maintained its leading market share in terms of announced M&A transactions7 and DCM8 deals despite challenging market conditions.
Credit Suisse (Schweiz) AG is on track to commence operations in November 2016. The planned partial (20-30%) initial public offering is scheduled to take place by end-2017, market conditions permitting9.
Investment Banking & Capital Markets (IBCM)
IBCM continued to execute its strategy as evidenced by strong share of wallet gains10 across all key products in 9M16 compared to 2015.
IBCM delivered an adjusted* PTI of USD 55 million. Compared to 3Q15, net revenues of USD 479 million were up 16%, reflecting an increase in debt and equity underwriting revenues, partially offset by lower advisory revenues. Adjusted* total operating costs increased compared to 3Q15, driven by higher variable compensation expenses.
The strength and connectivity of the global IBCM franchise is also reflected in the global advisory and underwriting revenues11 of USD 945 million, which increased 22% compared to 3Q15 and outperformed the industry-wide fee pool, which rose by 4%. Credit Suisse achieved global top 5 positions3 across its key products in 9M16.
RWA totaled USD 18.6 billion and were 21% higher than in 3Q15, primarily reflecting the increase in IBCM’s share in the Corporate Bank.
Global Markets (GM)
GM had a profitable 3Q16 with adjusted* PTI of USD 150 million. Compared to 3Q15, performance was driven by continued strength in Credit products, improved emerging markets revenues, notably in Latin America, and our ability to sustain our market share during restructuring12. This was offset by a weaker contribution from Equities, in part as a result of the reduced allocation of capital to the business compared to 3Q15. In the US, our Equities franchise held up well and we maintained our strong positions with our core clients across Cash and Prime Services. In Europe, the performance in Equities was weaker, driven by lower client activity and less favorable trading conditions. Additionally, our equity derivatives business was impacted by a low volatility and low volume environment, resulting in weaker revenues compared to 3Q15.
GM saw positive client momentum and maintained market share in several businesses as the division further optimized its cost- and capital-efficient business model. GM continues to invest in its chosen products and geographies to further strengthen its market position.
As a result of GMAR, GM achieved further operating efficiency gains across the division with adjusted* total operating costs down 15% compared to 2Q16. GM continues to make progress in creating operating leverage and expects to approach its end-2018 cost target of USD 5.4 billion by end-2016.
RWA remained broadly stable compared to end-2Q16 and GM continues to operate below the end-2016 RWA ceiling of USD 60 billion.
5
Strategic Resolution Unit (SRU)
The SRU continued to make substantial progress in reducing leverage exposure and RWA, which decreased by USD 29 billion and USD 3 billion, respectively, compared to 2Q16, as a result of a broad range of transactions in 3Q16. These included various disposals, such as the sale of a number of corporate loan portfolios and the sale of Credit Suisse Park View BDC, Inc. as well as the continued progress of credit derivative trade exits and the execution of a large number of transactions aimed at reducing derivative exposures.
Adjusted* pre-tax loss improved by USD 230 million compared to 2Q16. Lower revenue losses in 3Q16 were driven by a recovery in the credit markets from 1H16, partially offset by losses on life insurance and a credit provision on ship finance portfolios. On a reported basis, the SRU recorded a pre-tax loss of USD 874 million, which included litigation provisions.
Adjusted* total operating costs decreased by USD 310 million compared to 3Q15, driven by the exit from the US Private Banking onshore business and a reduced footprint in legacy investment banking businesses.
SRU has continued to make significant progress since the strategy was announced in October 2015. Compared to 3Q15, RWA and leverage exposure decreased by USD 20 billion and USD 78 billion, respectively.
6
Footnotes
* Adjusted results are non-GAAP financial measures. For a reconciliation of the adjusted results to the most directly comparable US GAAP measures, see the Appendix of this media release for reconciliations of adjustment items.
1 Headcount includes permanent full-time equivalent employees, contractors, consultants and other contingent workers. Includes departed and notified headcount.
2 Cost savings comparing 9M16 adjusted operating expenses at constant FX rates to 75% of full year 2015 cost base of CHF 21.2 billion.
3 Source: Dealogic for the period ending September 30, 2016.
4 Source: Dealogic as of September 30, 2016.
5 Regulatory capital reflects the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is based on (adjusted) returns after tax assuming a tax rate of 30% for all periods and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For Global Markets and Investment Banking & Capital Markets, return on regulatory capital is based on US dollar denominated numbers.
6 Source: Dealogic as of October 2016.
7 Source: Thomson Securities, SDC Platinum, Credit Suisse.
8 Source: International Financial Review.
9 Any such IPO would involve the sale of a minority stake and would be subject to, among other things, all necessary approvals and would be intended to generate / raise additional capital for Credit Suisse AG or Credit Suisse (Schweiz) AG.
10 Source: Dealogic for the period ending September 30, 2016; includes Americas and EMEA only.
11 Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements.
12 Source: Thomson Reuters, Dealogic, The Banker, Investment Banking Awards 2016 and GlobalCapital.
Abbreviations
Asia Pacific – APAC; Asset under Management – AuM; basis point – bp; Debt Capital Markets – DCM; Global Markets – GM; EAM – External Asset Managers; General & Administrative – G&A; Global Markets Accelerated Restructuring – GMAR; International Wealth Management – IWM; Investment Banking & Capital Markets – IBCM; Net New Assets – NNA; Net Interest Income – NII; Pre-tax income – PTI; Relationship Managers – RMs; Risk weighted assets – RWA; Strategic Resolution Unit – SRU; Swiss Universal Bank – SUB; M&A – Mergers and Acquisitions; ECM – Equity Capital Markets; DCM – Debt Capital Markets
Important information
This Media Release contains select information from the full 3Q16 Financial Report and 3Q16 Results Presentation Slides that Credit Suisse believes is of particular interest to media professionals. The complete 3Q16 Financial Report and 3Q16 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 3Q16 Financial Report and Results Presentation Slides are not incorporated by reference into this Media Release.
Information referenced in this Media Release, whether via website links or otherwise, is not incorporated into this Media Release.
“Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2Q15: USD/CHF 0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2Q16: USD/CHF 0.9756, EUR/CHF 1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.
We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives.
Mandates penetration means advisory and discretionary mandates in private banking businesses as a percentage of the related AuM, excluding those from the external asset manager business.
When we refer to Wealth Management focused divisions throughout this Media Release, we mean APAC, IWM and SUB. References to the “Wealth Management” businesses in APAC, IWM and SUB refer to those divisions’ Private Banking businesses.
When we refer to operating divisions throughout this Media Release, we mean SUB, IWM, APAC, IBCM and GM.
Investors and others should note that we announce material information (including quarterly earnings releases and financial reports) to the investing public using press releases, SEC and Swiss ad hoc filings, our website and public conference calls and webcasts. We intend to also use our Twitter account @creditsuisse (https://twitter.com/creditsuisse) to excerpt key messages from our public disclosures, including earnings releases. We may retweet such messages through certain of our regional Twitter accounts, including @csschweiz (https://twitter.com/csschweiz) and @csapac (https://twitter.com/csapac). Investors and others should take care to consider such abbreviated messages in the context of the disclosures from which they are excerpted. The information we post on these Twitter accounts is not a part of this Media Release.
In various tables, use of “–” indicates not meaningful or not applicable.
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Appendix
Adjusted results are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures.
Key metrics
   in / end of % change in / end of % change
3Q16 2Q16 3Q15 QoQ YoY 9M16 9M15 YoY
Credit Suisse Group results (CHF million)   
Net revenues 5,396 5,108 5,985 6 (10) 15,142 19,587 (23)
Provision for credit losses 55 (28) 110 – (50) 177 191 (7)
Total operating expenses 5,119 4,937 5,023 4 2 15,028 15,377 (2)
Income/(loss) before taxes  222 199 852 12 (74) (63) 4,019 –
Net income/(loss) attributable to shareholders  41 170 779 (76) (95) (91) 2,884 –
Assets under management and net new assets (CHF million)   
Assets under management 1,255.2 1,218.4 1,285.8 3.0 (2.4) 1,255.2 1,285.8 (2.4)
Net new assets 11.9 12.1 16.2 (1.7) (26.5) 34.5 44.8 (23.0)
Basel III regulatory capital and leverage statistics   
CET1 ratio (%) 14.1 14.2 14.0 – – 14.1 14.0 –
Look-through CET1 ratio (%) 12.0 11.8 10.2 – – 12.0 10.2 –
Look-through CET1 leverage ratio (%) 3.4 3.3 2.8 – – 3.4 2.8 –
Look-through tier 1 leverage ratio (%) 4.6 4.4 3.9 – – 4.6 3.9 –
Credit Suisse and Core Results 
   Core Results Strategic Resolution Unit Credit Suisse
in / end of 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15
Statements of operations (CHF million)   
Net revenues  5,561 5,471 6,073 (165) (363) (88) 5,396 5,108 5,985
Provision for credit losses  50 9 89 5 (37) 21 55 (28) 110
Compensation and benefits 2,540 2,572 2,202 134 162 305 2,674 2,734 2,507
General and administrative expenses 1,464 1,530 1,781 514 230 319 1,978 1,760 2,100
Commission expenses 309 331 374 13 21 42 322 352 416
Restructuring expenses 124 71 – 21 20 – 145 91 –
Total other operating expenses 1,897 1,932 2,155 548 271 361 2,445 2,203 2,516
Total operating expenses  4,437 4,504 4,357 682 433 666 5,119 4,937 5,023
Income/(loss) before taxes  1,074 958 1,627 (852) (759) (775) 222 199 852
Statement of operations metrics (%)   
Return on regulatory capital 10.4 9.4 15.1 – – – 1.8 1.6 6.5
Balance sheet statistics (CHF million)   
Total assets 729,130 723,106 752,205 77,581 98,058 106,215 806,711 821,164 858,420
Risk-weighted assets 1 217,194 214,974 211,111 53,268 56,481 73,511 270,462 271,455 284,622
Leverage exposure 1 833,736 822,743 853,134 115,008 143,805 191,735 948,744 966,548 1,044,869
1
Disclosed on a look-through basis.
A-1
Credit Suisse and Core Results 
   Core Results Strategic Resolution Unit Credit Suisse
in / end of 9M16 9M15 9M16 9M15 9M16 9M15
Statements of operations (CHF million)   
Net revenues  16,211 18,950 (1,069) 637 15,142 19,587
Provision for credit losses  94 154 83 37 177 191
Compensation and benefits 7,384 7,488 506 909 7,890 8,397
General and administrative expenses 4,550 4,867 1,036 899 5,586 5,766
Commission expenses 1,011 1,092 50 122 1,061 1,214
Restructuring expenses 371 – 120 – 491 –
Total other operating expenses 5,932 5,959 1,206 1,021 7,138 6,980
Total operating expenses  13,316 13,447 1,712 1,930 15,028 15,377
Income/(loss) before taxes  2,801 5,349 (2,864) (1,330) (63) 4,019
Statement of operations metrics (%)   
Return on regulatory capital 9.1 16.2 – . – (0.2) 9.8
Reconciliation of adjusted results 
   Core Results Strategic Resolution Unit Credit Suisse
in 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15
Reconciliation of adjusted results (CHF million)   
Net revenues  5,561 5,471 6,073 (165) (363) (88) 5,396 5,108 5,985
   Fair value on own debt  – – (623) – – – – – (623)
   Real estate gains  (346) 0 0 0 0 0 (346) 0 0
Adjusted net revenues  5,215 5,471 5,450 (165) (363) (88) 5,050 5,108 5,362
Provision for credit losses  50 9 89 5 (37) 21 55 (28) 110
Total operating expenses  4,437 4,504 4,357 682 433 666 5,119 4,937 5,023
   Restructuring expenses  (124) (71) – (21) (20) – (145) (91) –
   Major litigation provisions  12 0 (177) (318) 0 (26) (306) 0 (203)
Adjusted total operating expenses  4,325 4,433 4,180 343 413 640 4,668 4,846 4,820
Income/(loss) before taxes  1,074 958 1,627 (852) (759) (775) 222 199 852
   Total adjustments  (234) 71 (446) 339 20 26 105 91 (420)
Adjusted income/(loss) before taxes  840 1,029 1,181 (513) (739) (749) 327 290 432
Adjusted return on regulatory capital (%) 8.1 10.1 11.0 – – – 2.7 2.4 3.3
   Core Results Strategic Resolution Unit Credit Suisse
in 9M16 9M15 9M16 9M15 9M16 9M15
Reconciliation of adjusted results (CHF million)   
Net revenues  16,211 18,950 (1,069) 637 15,142 19,587
   Fair value on own debt  – (995) – – – (995)
   Real estate gains  (346) (23) 0 0 (346) (23)
   Gains on business sales 1 52 0 4 0 56 0
Adjusted net revenues  15,917 17,932 (1,065) 637 14,852 18,569
Provision for credit losses  94 154 83 37 177 191
Total operating expenses  13,316 13,447 1,712 1,930 15,028 15,377
   Restructuring expenses  (371) – (120) – (491) –
   Major litigation provisions  12 (221) (318) (36) (306) (257)
Adjusted total operating expenses  12,957 13,226 1,274 1,894 14,231 15,120
Income/(loss) before taxes  2,801 5,349 (2,864) (1,330) (63) 4,019
   Total adjustments  65 (797) 442 36 507 (761)
Adjusted income/(loss) before taxes  2,866 4,552 (2,422) (1,294) 444 3,258
Adjusted return on regulatory capital (%) 9.3 13.8 – – 1.2 8.0
1
Reflects a reclassification of CHF 52 million from cumulative translation adjustments to other revenues in the Corporate Center in connection with the sale of Credit Suisse (Gibraltar) Limited in 9M16.
A-2
Swiss Universal Bank
   in / end of % change in / end of % change
3Q16 2Q16 3Q15 QoQ YoY 9M16 9M15 YoY
Results (CHF million)   
Net revenues  1,667 1,337 1,364 25 22 4,360 4,226 3
   of which Private Banking  1,160 840 857 38 35 2,846 2,733 4
   of which Corporate & Institutional Banking  507 497 507 2 0 1,514 1,493 1
Provision for credit losses  30 9 39 233 (23) 45 95 (53)
Total operating expenses  879 875 925 0 (5) 2,672 2,820 (5)
Income before taxes  758 453 400 67 90 1,643 1,311 25
   of which Private Banking  544 251 204 117 167 1,000 710 41
   of which Corporate & Institutional Banking  214 202 196 6 9 643 601 7
Metrics (%)   
Return on regulatory capital 24.7 14.9 13.4 – – 18.0 14.3 –
Cost/income ratio 52.7 65.4 67.8 – – 61.3 66.7 –
Private Banking   
Assets under management (CHF billion) 244.5 241.4 237.1 1.3 3.1 244.5 237.1 3.1
Net new assets (CHF billion) 0.2 0.9 3.1 – – 1.8 6.1 –
Gross margin (annualized) (bp) 191 140 141 – – 158 145 –
Net margin (annualized) (bp) 89 42 34 – – 55 38 –
Corporate & Institutional Banking   
Assets under management (CHF billion) 284.6 280.9 263.1 1.3 8.2 284.6 263.1 8.2
Net new assets (CHF billion) (1.2) 0.7 1.9 – – 1.8 6.4 –
Reconciliation of adjusted results
   Private Banking Corporate & Institutional Banking Swiss Universal Bank
in 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15
Adjusted results (CHF million)   
Net revenues  1,160 840 857 507 497 507 1,667 1,337 1,364
   Real estate gains  (346) 0 0 0 0 0 (346) 0 0
Adjusted net revenues  814 840 857 507 497 507 1,321 1,337 1,364
Provision for credit losses  13 7 14 17 2 25 30 9 39
Total operating expenses  603 582 639 276 293 286 879 875 925
   Restructuring expenses  (16) (3) – (3) (1) – (19) (4) –
Adjusted total operating expenses  587 579 639 273 292 286 860 871 925
Income before taxes  544 251 204 214 202 196 758 453 400
   Total adjustments  (330) 3 0 3 1 0 (327) 4 0
Adjusted income before taxes  214 254 204 217 203 196 431 457 400
Adjusted return on regulatory capital (%) – – – – – – 14.0 15.0 13.4
   
Private Banking		 Corporate &
Institutional Banking		 Swiss
Universal Bank
in 9M16 9M15 9M16 9M15 9M16 9M15
Adjusted results (CHF million)   
Net revenues  2,846 2,733 1,514 1,493 4,360 4,226
   Real estate gains  (346) (23) 0 0 (346) (23)
Adjusted net revenues  2,500 2,710 1,514 1,493 4,014 4,203
Provision for credit losses  29 35 16 60 45 95
Total operating expenses  1,817 1,988 855 832 2,672 2,820
   Restructuring expenses  (54) – (9) – (63) –
Adjusted total operating expenses  1,763 1,988 846 832 2,609 2,820
Income before taxes  1,000 710 643 601 1,643 1,311
   Total adjustments  (292) (23) 9 0 (283) (23)
Adjusted income before taxes  708 687 652 601 1,360 1,288
Adjusted return on regulatory capital (%) – – – – 14.9 14.1
A-3
International Wealth Management
   in / end of % change in / end of % change
3Q16 2Q16 3Q15 QoQ YoY 9M16 9M15 YoY
Results (CHF million)   
Net revenues  1,081 1,145 1,093 (6) (1) 3,399 3,379 1
   of which Private Banking  789 811 785 (3) 1 2,453 2,416 2
   of which Asset Management  292 334 308 (13) (5) 946 963 (2)
Provision for credit losses  0 16 11 (100) (100) 14 12 17
Total operating expenses  836 884 885 (5) (6) 2,595 2,620 (1)
Income before taxes  245 245 197 0 24 790 747 6
   of which Private Banking  196 184 156 7 26 613 600 2
   of which Asset Management  49 61 41 (20) 20 177 147 20
Metrics (%)   
Return on regulatory capital 20.5 20.6 17.0 – – 22.2 21.7 –
Cost/income ratio 77.3 77.2 81.0 – – 76.3 77.5 –
Private Banking   
Assets under management (CHF billion) 311.4 298.6 286.5 4.3 8.7 311.4 286.5 8.7
Net new assets (CHF billion) 4.4 5.4 1.7 – – 15.2 1.2 –
Gross margin (annualized) (bp) 104 110 106 – – 111 106 –
Net margin (annualized) (bp) 26 25 21 – – 28 26 –
Asset Management   
Assets under management (CHF billion) 324.3 314.9 314.6 3.0 3.1 324.3 314.6 3.1
Net new assets (CHF billion) 5.0 3.5 5.6 – – 10.0 22.9 –
Reconciliation of adjusted results
   Private Banking Asset Management International Wealth Management
in 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15
Adjusted results (CHF million)   
Net revenues  789 811 785 292 334 308 1,081 1,145 1,093
Provision for credit losses  0 16 11 0 0 0 0 16 11
Total operating expenses  593 611 618 243 273 267 836 884 885
   Restructuring expenses  (13) (13) – (2) (2) – (15) (15) –
   Major litigation provisions  19 0 (50) 0 0 0 19 0 (50)
Adjusted total operating expenses  599 598 568 241 271 267 840 869 835
Income before taxes  196 184 156 49 61 41 245 245 197
   Total adjustments  (6) 13 50 2 2 0 (4) 15 50
Adjusted income before taxes  190 197 206 51 63 41 241 260 247
Adjusted return on regulatory capital (%) – – – – – – 20.1 21.9 21.3
    Private
Banking		 Asset
Management		 International
Wealth Management
in 9M16 9M15 9M16 9M15 9M16 9M15
Adjusted results (CHF million)   
Net revenues  2,453 2,416 946 963 3,399 3,379
Provision for credit losses  14 12 0 0 14 12
Total operating expenses  1,826 1,804 769 816 2,595 2,620
   Restructuring expenses  (36) – (2) – (38) –
   Major litigation provisions  19 (40) 0 0 19 (40)
Adjusted total operating expenses  1,809 1,764 767 816 2,576 2,580
Income before taxes  613 600 177 147 790 747
   Total adjustments  17 40 2 0 19 40
Adjusted income before taxes  630 640 179 147 809 787
Adjusted return on regulatory capital (%) – – – – 22.7 22.8
A-4
Asia Pacific
   in / end of % change in / end of % change
3Q16 2Q16 3Q15 QoQ YoY 9M16 9M15 YoY
Results (CHF million)   
Net revenues  917 911 885 1 4 2,735 3,013 (9)
   of which Private Banking  346 337 303 3 14 1,002 907 10
   of which Investment Banking  571 574 582 (1) (2) 1,733 2,106 (18)
Provision for credit losses  34 3 24 – 42 15 32 (53)
Total operating expenses  731 702 699 4 5 2,098 1,987 6
Income before taxes  152 206 162 (26) (6) 622 994 (37)
   of which Private Banking  66 90 69 (27) (4) 276 296 (7)
   of which Investment Banking  86 116 93 (26) (8) 346 698 (50)
Metrics (%)   
Return on regulatory capital 11.3 15.6 12.5 – – 15.9 23.0 –
Cost/income ratio 79.7 77.1 79.0 – – 76.7 65.9 –
Private Banking   
Assets under management (CHF billion) 169.0 158.3 139.1 6.8 21.5 169.0 139.1 21.5
Net new assets (CHF billion) 4.6 5.0 3.7 – – 13.9 14.8 –
Gross margin (annualized) (bp) 84 87 84 – – 85 81 –
Net margin (annualized) (bp) 16 23 19 – – 24 26 –
Reconciliation of adjusted results
   Private Banking Investment Banking Asia Pacific
in 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15 3Q16 2Q16 3Q15
Adjusted results (CHF million)   
Net revenues  346 337 303 571 574 582 917 911 885
Provision for credit losses  38 2 24 (4) 1 – 34 3 24
Total operating expenses  242 245 210 489 457 489 731 702 699
   Restructuring expenses  (3) 0 – (20) (10) – (23) (10) –
Adjusted total operating expenses  239 245 210 469 447 489 708 692 699
Income before taxes  66 90 69 86 116 93 152 206 162
   Total adjustments  3 0 0 20 10 0 23 10 0
Adjusted income before taxes  69 90 69 106 126 93 175 216 162
Adjusted return on regulatory capital (%) – – – – – – 12.9 16.4 12.5
   Private Banking Investment Banking Asia Pacific
in 9M16 9M15 9M16 9M15 9M16 9M15
Adjusted results (CHF million)   
Net revenues  1,002 907 1,733 2,106 2,735 3,013
Provision for credit losses  23 23 (8) 9 15 32
Total operating expenses  703 588 1,395 1,399 2,098 1,987
   Restructuring expenses  (3) – (31) – (34) –
Adjusted total operating expenses  700 588 1,364 1,399 2,064 1,987
Income before taxes  276 296 346 698 622 994
   Total adjustments  3 0 31 0 34 0
Adjusted income before taxes  279 296 377 698 656 994
Adjusted return on regulatory capital (%) – – – – 16.7 23.0
A-5
Global Markets
   in / end of % change in / end of % change
3Q16 2Q16 3Q15 QoQ YoY 9M16 9M15 YoY
Results (CHF million)   
Net revenues  1,357 1,630 1,579 (17) (14) 4,232 5,656 (25)
Provision for credit losses  (5) (17) 14 (71) – 1 14 (93)
Total operating expenses  1,275 1,493 1,302 (15) (2) 4,188 4,261 (2)
Income before taxes  87 154 263 (44) (67) 43 1,381 (97)
Metrics (%)   
Return on regulatory capital 2.5 4.3 6.5 – – 0.4 11.0 –
Cost/income ratio 94.0 91.6 82.5 – – 99.0 75.3 –
Reconciliation of adjusted results
   Global Markets
in 3Q16 2Q16 3Q15 9M16 9M15
Adjusted results (CHF million)   
Net revenues  1,357 1,630 1,579 4,232 5,656
Provision for credit losses  (5) (17) 14 1 14
Total operating expenses  1,275 1,493 1,302 4,188 4,261
   Restructuring expenses  (52) (50) – (202) –
   Major litigation provisions  (7) 0 (127) (7) (181)
Adjusted total operating expenses  1,216 1,443 1,175 3,979 4,080
Income before taxes  87 154 263 43 1,381
   Total adjustments  59 50 127 209 181
Adjusted income before taxes  146 204 390 252 1,562
Adjusted return on regulatory capital (%) 4.1 5.8 9.6 2.4 12.4
A-6
Investment Banking & Capital Markets
   in / end of % change in / end of % change
3Q16 2Q16 3Q15 QoQ YoY 9M16 9M15 YoY
Results (CHF million)   
Net revenues 467 543 400 (14) 17 1,398 1,367 2
Provision for credit losses (9) 0 0 – – 20 0 –
Total operating expenses 437 408 335 7 30 1,266 1,204 5
Income before taxes  39 135 65 (71) (40) 112 163 (31)
Metrics (%)   
Return on regulatory capital 6.1 22.6 12.6 – – 6.4 11.6 –
Cost/income ratio 93.6 75.1 83.8 – – 90.6 88.1 –
Reconciliation of adjusted results
   Investment Banking & Capital Markets
in 3Q16 2Q16 3Q15 9M16 9M15
Adjusted results (CHF million)   
Net revenues  467 543 400 1,398 1,367
Provision for credit losses  (9) 0 0 20 0
Total operating expenses  437 408 335 1,266 1,204
   Restructuring expenses  (15) 8 – (34) –
Adjusted total operating expenses  422 416 335 1,232 1,204
Income before taxes  39 135 65 112 163
   Total adjustments  15 (8) 0 34 0
Adjusted income before taxes  54 127 65 146 163
Adjusted return on regulatory capital (%) 8.6 21.1 12.6 8.3 11.6
A-7
Cautionary statement regarding forward-looking information
This media release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:
– our plans, objectives or goals;
– our future economic performance or prospects;
– the potential effect on our future performance of certain contingencies; and
– assumptions underlying any such statements.
Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:
– the ability to maintain sufficient liquidity and access capital markets;
– market volatility and interest rate fluctuations and developments affecting interest rate levels;
– the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the US or other developed countries in 2016 and beyond;
– the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
– adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;
– the ability to achieve our strategic objectives, including improved performance, reduced risks, lower costs and more efficient use of capital;
– the ability of counterparties to meet their obligations to us;
– the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies, as well as currency fluctuations;
– political and social developments, including war, civil unrest or terrorist activity;
– the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
– operational factors such as systems failure, human error, or the failure to implement procedures properly;
– actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations;
– the effects of changes in laws, regulations or accounting policies or practices in countries in which we conduct our operations;
– competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
– the ability to retain and recruit qualified personnel;
– the ability to maintain our reputation and promote our brand;
– the ability to increase market share and control expenses;
– technological changes;
– the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
– acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;
– the adverse resolution of litigation, regulatory proceedings and other contingencies;
– the ability to achieve our cost efficiency goals and cost targets; and
– our success at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in I – Information on the company in our Annual Report 2015.
A-8
 Third Quarter 2016 Results  Presentation to Investors and Analysts  November 3, 2016 
 
 Disclaimer  Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2015 filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements except as may be required by applicable law.We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Statement regarding purpose and basis of presentation This presentation contains certain historical information that has been re-segmented to approximate what our results under our new structure would have been, had it been in place from 2015. In addition, "Illustrative,“ “Ambition” and “Goal” presentations are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such presentations are subject to a large number of inherent risks, assumptions and uncertainties, many of which are outside of our control. Accordingly, this information should not be relied on for any purpose. In preparing this presentation, management has made estimates and assumptions which affect the reported numbers. Actual results may differ. Figures throughout presentation may also be subject to rounding adjustments. Statement regarding non-GAAP financial measures This presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in this presentation, which is available on our website at credit-suisse.com. Statement regarding capital, liquidity and leverage As of January 1, 2013, Basel 3 was implemented in Switzerland along with the Swiss “Too Big to Fail” legislation and regulations thereunder. As of January 1, 2015, the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS), was implemented in Switzerland by FINMA. Our related disclosures are in accordance with our interpretation of such requirements, including relevant assumptions. Changes in the interpretation of these requirements in Switzerland or in any of our assumptions or estimates could result in different numbers from those shown in this presentation. Capital and ratio numbers for periods prior to 2013 are based on estimates, which are calculated as if the Basel 3 framework had been in place in Switzerland during such periods. Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. Beginning in 2015, the Swiss leverage ratio is calculated as Swiss total capital, divided by period-end leverage exposure. The look-through BIS tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by end-period leverage exposure. 
 
 3Q16 earnings reviewTidjane Thiam, Chief Executive OfficerDavid Mathers, Chief Financial Officer  November 3, 2016 
 
 Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix   Reported  APAC  IWM  SUB  IBCM  Global Markets  SRU  CS Group  Net revenues  Pre-tax income  Net revenues  Pre-tax income  Net revenues  Pre-tax income  Net revenues in USD mn  Pre-tax income in USD mn  Net revenues in USD mn  Pre-tax income in USD mn  Net revenues in USD mn  Pre-tax income in USD mn  Net revenues  Pre-tax Income  Net income attr. to shareholders  RWA in CHF bn  “Look-through” CET1 ratio  Leverage exposure in CHF bn  “Look-through” CET1 leverage ratio  3Q16  2Q16  3Q15  Adjusted  3Q16  2Q16  3Q15  917  911  885  152  206  162  917  911  885  175  216  162  1,081  1,145  1,093  245  245  197  1,081  1,145  1,093  241  260  247  1,667  1,337  1,364  758  453  400  1,321  1,337  1,364  431  457  400  479  558  414  39  141  68  479  558  414  55  132  68  1,396  1,671  1,632  92  156  271  1,396  1,671  1,632  150  208  403  (170)  (371)  (90)  (874)  (778)  (799)  (170)  (371)  (90)  (527)  (757)  (772)  5,396  5,108  5,985  222  199  852  5,050  5,108  5,362  327  290  432  41  170  779  270  271  12.0%  11.8%  949  967  3.4%  3.3%    Overview of Credit Suisse 3Q16 results  285  10.2%  1,045  2.8%  In CHF mn unless otherwise specified     
 
 Key messages    Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 Measured at constant FX rates (see Appendix)2 Relating to Wealth Management in SUB, IWM and APAC  Disciplined executionContinued progress on cost reductions with adjusted non-comp expenses1 down 12% YoY; on track to beat 2016 cost targetsContinued focus on profitable growthAPAC, IWM and SUB with wealth management inflows of CHF 9.2 bn2 in 3Q16 and CHF 30.9 bn2 at 9M16. Combined adjusted PTI of CHF 847 mnStrong revenue contribution in IBCM with outperformance in debt and equity capital markets; Global top 5 market positions across key products Continued profitability in Global Markets with positive momentum from core Credit franchiseImproved capital positionSRU with reduction of USD 29 bn leverage exposure and USD 3 bn RWA“Look-through” CET1 ratio of 12.0%  3  2  1  Execution  Profitable growth  Capital  Detailed Financials 
 
 Adjustedtotal operating expenses at constant FX rates*in CHF bn   On track to beat 2016 cost targets      Execution  Profitable growth  Capital    Detailed Financials  2016 cost target of CHF 19.8 bn; average CHF 4.95 bn / quarter  -2%  -2%  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * See Appendix 
 
 Progress on non-compensation expenses     2016    2015        1Q  2Q  3Q  Adjusted non-comp operating expenses at constant FX rates*in CHF mn  +3%  -8%  -12%  Execution  Profitable growth  Capital  Detailed Financials  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * See Appendix 
 
 Note: Headcount includes permanent full-time equivalent employees, contractors, consultants and other contingent workers 1 Includes departed and notified headcount  Total 2016 commitment  Achieved1 as of November 3  Remaining 2016 commitment  On track to deliver 2016 headcount reduction  6,000  Reduction to global headcount in 2016  Execution  Profitable growth  Capital  Detailed Financials 
 
   Balanced approach to growth in Wealth Management  Assets under Management1in CHF bn    Mature Markets  Emerging Markets  1Q16  2Q16  + CHF 19 bn  1 Relating to Wealth Management in SUB, IWM and APAC  Execution  Profitable growth  Capital  Detailed Financials              3Q16  1Q16  2Q16  3Q16  + CHF 33 bn  + CHF 52 bn 
 
   Wealth Management – attracting more net new assets  NNA in Wealth Management1in CHF bn  APAC  IWM  SUB  Adjusted gross margin1,2in bps  111  115  22.1  30.9  9M15  9M16  +40%  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Relating to Wealth Management in SUB, IWM and APAC2 Adjusted to exclude Swisscard net revenues of CHF 148 mn for 9M15 in SUB Wealth Management   Execution  Profitable growth  Capital  Detailed Financials 
 
   APAC – benefitting from an integrated approach  Execution  Profitable growth  Capital  Detailed Financials    Net new assets in CHF bn  Assets under management in CHF bn  Revenues in CHF mn        Underwriting,Advisory  WM  APAC Underwriting & Advisory rank1  #7  #1  1 Source: Dealogic (APAC ex Japan) as of September 30, 2016. Ranking amongst international banks for the first 9 months of 2015 and 2016  +14%  +98%      361    461    Total    + 
 
   APAC profitability  Execution  Profitable growth  Capital  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix† See Appendix  Detailed Financials  13%  Adjusted pre-tax incomein CHF mn  Adjusted return on regulatory capital†     
 
   IWM – strong asset inflows  Execution  Profitable growth  Capital  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Relating to IWM Wealth Management2 Relating to IWM† See Appendix  Detailed Financials  Adjusted return on regulatory capital 2,†  20%      NNA Wealth Management in CHF bn  AuM Wealth Management in CHF bn  Adjusted gross margin1in bps  106  111  3Q16 
 
   Swiss Universal Bank – resilient performance  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix† See Appendix  Execution  Profitable growth  Capital  Detailed Financials          Adjusted pre-tax income in CHF mn  Adjusted return on regulatory capital† 
 
   IBCM – increased revenues in a seasonally slow quarter  IBCM Net revenuesin USD mn  Advisory  Equity underwriting  Debt underwriting  +16%   3Q16 vs 3Q15  Execution  Profitable growth  Capital  Detailed Financials   (2)%  +40%  +13%  218  54  168  1 Total IBCM net revenues also include other revenues of USD (27) mn in 3Q15 and USD (8) mn in 3Q16 
 
   Global advisory and underwriting delivering increased revenues in new setup  Global advisory and underwriting revenues1in USD mn  Advisory  Equity underwriting  Debt underwriting  1 Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements   3Q16 vs 3Q15  Execution  Profitable growth  Capital  Detailed Financials   +4%  +44%  +23%  448  128  201  +22% 
 
   Global Markets – focus on operational leverage  Execution  Detailed Financials    RWA in USD bn  Adjusted operating expenses in USD bn    -16%  -6%  Leverage exposurein USD bn  313  296  Profitable growth  Capital  -15%  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix  Adjusted operating expenses in USD bn         
 
 SRU Leverage exposurein USD bn   SRU – significant progress in reducing leverage exposure and costs      -40%  Execution  Profitable growth    Detailed Financials  -20%  Capital  RWA in USD bn  75  55  58  Adjusted operating expenses in USD mn  661  351  424  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 
 
   We have been deleveraging and investing capital into higher return areas  Risk-weightedassetsin CHF bn  Deleveraging and mitigation1      Investment into SUB, IWM,APAC, IBCM2  3Q15    -11%  3Q16 post investment  1 Deleveraging in GM, SRU and CC, including FX and methodology changes2 Relating to business impact only, excluding effects from FX and methodology changes  Execution  Profitable growth  Capital  Detailed Financials  3Q16 post deleveraging and mitigation 
 
 Capital position improving – “look-through” CET1 ratio at 12.0%  Basel III CET1 capital ratio    Execution  Profitable growth  Capital  Detailed Financials             
 
 Summary    Executing with discipline – cost reductionsGenerating profitable growthImproving capital position  Execution  Profitable growth  Capital  Detailed Financials 
 
 Detailed Financials  November 3, 2016 
 
 Adjusted    Results overview  Credit Suisse Group results 3Q16 2Q16 3Q15 9M16 9M15 Net revenues 5,396 5,108 5,985 15,142 19,587 Provision for credit losses 55 (28) 110 177 191 Total operating expenses 5,119 4,937 5,023 15,028 15,377Pre-tax income/(loss) 222 199 852 (63) 4,019 Fair value on own debt - - (623) - (995) Real estate gains (346) - - (346) (23) (Gains)/losses on business sales - - - 56 - Restructuring expenses 145 91 - 491 - Major litigation expenses 306 - 203 306 257 Net revenues 5,050 5,108 5,362 14,852 18,569 Provision for credit losses 55 (28) 110 177 191 Total operating expenses 4,668 4,846 4,820 14,231 15,120 Pre-tax income 327 290 432 444 3,258Net income/(loss) attributable to shareholders 41 170 779 (91) 2,884Diluted Earnings/(loss) per share in CHF 0.02 0.08 0.44 (0.05) 1.64Return on Tangible Equity1 0.4% 1.7% 8.9% (0.3)% 11.2%  Note: All values shown are in CHF mn unless otherwise specified. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Based on tangible shareholders’ equity attributable to shareholders, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity attributable to shareholders as presented in our balance sheet. Management believes that the return on tangible shareholders’ equity attributable to shareholders is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired  Execution  Profitable growth  Capital  Detailed Financials 
 
     1 Business impact includes business moves and internally driven methodology and policy impact 2 FX impact and other reflects impact from FX and major external methodology changes3 Net of FX and major external methodology changes  Basel 3 RWA in CHF bn  285  270  3Q16 vs. 3Q15 Basel 3 RWA business impact3 in CHF bn  (12)  (3)  Business impact1  FX impactand other2  (20)  (8)  +16  Leverage exposure in CHF bn  3Q15  3Q16  FX impact    Business impact    (83)  (13)  Continued re-allocation of resources to growth areaswith increased capital ratios  Execution  Profitable growth  Capital  Detailed Financials  APAC  SUB  IWM  IBCM  +3  +3  +4  +6  3Q16 vs. 3Q15 Leverage exposure business impact3 in CHF bn  IWM  SUB  APAC  IBCM  (76)  (24)  (11)  (5)  +28  +14  +10  +9  12.0%  10.2%  CET1 ratio  3.4%  2.8%  CET1 leverage ratio  4.6%  3.9%  Tier1 leverage ratio     
 
 9M16 net savings of CHF 1.46 bn, reaching full year 2016 target of CHF 1.4 bn  Average quarter 2015  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Cost savings comparing 9M16 adjusted operating expenses at constant FX rates to 75% of full year 2015 cost base of CHF 21.2 bn * See Appendix    2016    2015  Adjusted operating expenses at constant FX rates* in CHF bn  Execution  Profitable growth  Capital  Detailed Financials  9M16 net expense savings of CHF 1.46 bn1, reaching full year 2016 net savings target of CHF 1.4 bn, mainly driven by:Net headcount reductions of 5,400 departed and notified contractor, consultant and employee headcount as part of the cost programCHF 0.6 bn of lower deferred compensation expensesCHF 0.2 bn of decreased professional services cost from the reduction of contractors and consultantsCHF 0.2 bn of reduced compensation expenses from lower employee headcountCommitted to delivering 2016 cost target supported by planned further net headcount reductions of 600 in 4Q16 to reach 6,000 total net reduction in 2016  Key messages  5.3  4.8  3Q16    75% of full year 2015  15.9  14.5  9M16    2016 cost target of CHF 19.8 bn;avg. of 4.95/quarter 
 
 PB  Swiss Universal Bank Pre-tax income up YoY despite reduced client activity   Adjusted pre-tax income up 8% compared to 3Q15:Continued YoY profit growthRevenues down 3% driven by low client activity partly offset by rebound in net interest incomeOperating expenses down 7% despite continuous investment in regulatory, compliance and digitalization in Wealth ManagementFocus on growing ‘Bank for Entrepreneurs’; targeting HNWI/UHNWI in Wealth Management and SME in C&IB, in addition to our leading Swiss corporates franchiseWealth Management Credit Suisse Invest driving mandates penetration of 29%,up 5 pp. vs. 3Q15Selected exits in the External Asset Manager (EAM) business and regularization outflows impacting NNA by CHF (0.5) bn and CHF (0.4) bn, respectivelyCorporate & Institutional BankingContinued strong results including benefits from reduced operating expenses, supported by lower corporate functions cost, and lower provisions for credit lossesNNA impacted by outflows from a small number of individual cases  Key metrics in CHF bn  Key messages  Adjusted key financials in CHF mn    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Adj. net margin in bps  35  42  34  (7)  1  Net new assets  0.2  0.9  3.1      Mandates penetration  29%  28%  24%      Net loans  167  165  163  +1%  +3%  Net new assets C&IB  (1.2)  0.7  1.9      Risk-weighted assets  66  65  59  +1%  +10%  Leverage exposure  246  245  234  -  +5%    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Private Banking  814  840  857  (3)%  (5)%  Corp. & Inst. Banking  507  497  507  +2%  -  Net revenues  1,321  1,337  1,364  (1)%  (3)%  Provision for credit losses  30  9  39      Total operating expenses  860  871  925  (1)%  (7)%  Pre-tax income  431  457  400  (6)%  +8%  Cost/income ratio  65%  65%  68%      Return on regulatory capital†  14%  15%  13%      Execution  Profitable growth  Capital  Detailed Financials  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix † See Appendix 
 
 PB  Key messages  Adjusted key financials in CHF mn  International Wealth ManagementRobust performance in challenging markets and continued NNA momentum  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix † See Appendix    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Private Banking  789  811  785  (3)%  +1%  Asset Management  292  334  308  (13)%  (5)%  Net revenues  1,081  1,145  1,093  (6)%  (1)%  Provision for credit losses  -  16  11      Total operating expenses  840  869  835  (3)%  +1%  Pre-tax income  241  260  247  (7)%  (2)%  Cost/income ratio  78%  76%  76%      Return on regulatory capital†  20%  22%  21%        3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Adj. net margin in bps  25  27  28  (2)  (3)  Net new assets  4.4  5.4  1.7      Mandates penetration  29%  29%  29%      Number of RM  1,160  1,170  1,190  (10)  (30)  Net loans  43  43  41  -  +5%  Net new assets AM  5.0  3.5  5.6      Risk-weighted assets  33  34  32  -  +4%  Leverage exposure  89  95  94  (7)%  (5)%  Key metrics in CHF bn  Execution  Profitable growth  Capital  Detailed Financials  Higher Wealth Management revenues vs. 3Q15 offset by growth investments and higher risk and compliance costsAsset Management with higher pre-tax income vs. 3Q15 reflecting effective cost controlContinued NNA momentum across businesses and regionsWealth ManagementStrong net interest income reflecting cumulative benefit of loan growth and higher marginsRecurring revenues down vs. 3Q15 but broadly stabilized for last three quarters, while transaction revenues remained adversely affected in a challenging market environmentNNA of CHF 4.4 bn (net of regularization outflows of CHF 1.5 bn) with inflows from emerging markets and Europe; AuM up 9% YoYSignificant upgrade of RMs with senior and experienced hires offset by managed reductions and attritionAsset Management24% higher pre-tax income vs. 3Q15 driven by 10% lower expenses, resulting in a 4 pp. improvement in cost/income ratioHigher investment-related gains and broadly stable management fees were offset by lower investment and partnership income vs. 3Q15NNA of CHF 5.0 bn with strong contribution from emerging markets and fixed income products 
 
 PB  Adjusted key financials in CHF mn  Asia PacificPre-tax income up YoY with continued investment in Wealth Management growth  Strong client activity levels with UHNWIs and Entrepreneurs across Wealth Management and Underwriting & AdvisoryGrowth in WM with NNA of CHF 4.6 bn in 3Q16 and record level AuM; high level of collaboration between WM and IBIncrease in operating expenses from investment in RMs and risk and compliance functions, partially offset by YoY cost reductions in IBYoY capital usage reflects growth in lending activities to UHNW/Entrepreneur clientsWealth ManagementRevenue increase supported by higher loan volumes and AuM of CHF 169 bnNet margin down 2 bps vs. 3Q15 with growth in net interest income and transactional revenues offset by higher operating expenses and credit provisionsIncrease in provision for credit losses relates to a small number of share-based loans in Hong KongInvestment BankingStronger revenues in Underwriting & Advisory driven by Entrepreneur clients and improving marketsEquities sales and trading weaker YoY, albeit stable QoQSolid fixed income revenues reflecting strength in financing activities and gains on structured deposits    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Private Banking  346  337  303  +3%  +14%  Investment Banking  571  574  582  (1)%  (2)%  Net revenues  917  911  885  +1%  +4%  Provision for credit losses  34  3  24      Total operating expenses  708  692  699  +2%  +1%  Pre-tax income  175  216  162  (19)%  +8%  Cost/income ratio  77%  76%  79%      Return on regulatory capital†  13%  16%  13%        3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Adj. net margin in bps  17  23  19  (6)  (2)  Net new assets  4.6  5.0  3.7      Number of RM  650  650  550  -  +100  Net loans  39  38  34  +2%  +12%  Risk-weighted assets  32  32  27  +2%  +21%  Leverage exposure  108  108  100  +1%  +8%  Key metrics in CHF bn  Execution  Profitable growth  Capital  Detailed Financials  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix † See Appendix  Key messages 
 
 Results reflect continued execution of our strategy, evidenced by strong share of wallet gains:9M16 share of wallet2 up versus 2015 in all key productsTop 5 rank3 in each of announced M&A, ECM and Leveraged Finance for 9M16Continued momentum with investment grade corporatesNet revenues of USD 479 mn up 16% YoY driven by higher revenues in debt and equity underwriting, partially offset by lower advisory revenuesAdjusted operating expenses up 25% YoY due to higher variable compensation; 9M16 adjusted expenses of USD 1.3 bn broadly stable vs. prior year periodRisk-weighted assets of USD 19 bn, up 21% YoY, driven primarily by an increase in IBCM’s share of the Corporate BankIn 3Q16, global advisory and underwriting revenues of USD 945 mn, up 22% YoY, outperforming the industry-wide fee pool (up 4%)3  Key messages  Investment Banking & Capital MarketsResults driven by increased underwriting activity; Top 5 ranks in all key products  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Gross global revenues from advisory, debt and equity underwriting generated across all divisions before cross-divisional revenue sharing agreements2 Source: Dealogic for the period ending September 30, 2016; includes Americas and EMEA only 3 Source: Dealogic for the period ending September 30, 2016 † See Appendix    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Risk-weighted assets  19  17  15  +10%  +21%  Leverage exposure  46  45  37  +2%  +25%  Adjusted key financials in USD mn    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net revenues  479  558  414  (14)%  +16%  Provision for credit losses  (9)  -  -      Total operating expenses  434  426  346  +2%  +25%  Pre-tax income  55  132  68  (59)%  (19)%  Cost/income ratio  91%  76%  84%      Return on regulatory capital†  9%  21%  13%      Key metrics in USD bn  Execution  Profitable growth  Capital  Detailed Financials    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Global advisory and underwriting revenues1  945  1,075  777  (12)%  +22%  Total Advisory and Underwriting revenues1 in USD mn 
 
 Key messages  Adjusted key financials in USD mn  Global MarketsPositive momentum in credit products offset by challenging equity market conditions     3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Equities  330  550  536  (40)%  (38)%  Credit  740  758  723  (2)%  +2%  Solutions  359  423  414  (15)%  (13)%  Other  (33)  (60)  (40)      Net revenues  1,396  1,671  1,632  (16)%  (14)%  Provision for credit losses  (6)  (17)  15      Total operating expenses1  1,251  1,480  1,214  (15)%  +3%  Pre-tax income  150  208  403  (28)%  (63)%  Cost/income ratio  90%  89%  74%      Return on regulatory capital†  4%  6%  10%      Execution  Profitable growth  Capital  Detailed Financials  Higher YoY credit products results, improved emerging markets revenues, notably in Latin America, and sustained market share through restructuringMaintained #1 asset finance2 rank vs. 3Q15 despite significant rescaling of franchiseAwarded Most Innovative Bank for Leveraged Finance and securitized products3 and Structured Product Bank of the Year4Weakness in equity derivatives reflecting low volatility and muted client activity; cash and prime services revenues resilient in the Americas offset by weak trading results, particularly in EMEAAdjusted operating expenses up 3% YoY due to higher variable compensation9M16 adjusted expenses of USD 4.1 bn, down 6% YoYExpected to approach end-2018 target of USD 5.4 bn by end-2016, reflecting substantial progress on accelerated cost reductions and lower costs in the UKRWA broadly stable compared to 2Q16, operating below end-2016 ceiling of USD 60 bn    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Risk-weighted assets  53  52  63  +1%  (16)%  Leverage exposure  296  286  313  +3%  (6)%  Key metrics in USD bn  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Does not include restructuring expenses of USD 52 mn in 2Q16 and USD 53 mn in 3Q16 and major litigation of USD 7 mn and USD 132 mn in 3Q15 2 Thomson Reuters 3 The Banker, Investment Banking Awards 2016 4 GlobalCapital † See Appendix 
 
 Adjusted  Key messages  Strategic Resolution UnitSubstantial reduction in RWA and leverage exposure; adjusted expenses down 47% YoY  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix  Key financials in USD mn    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net revenues  (170)  (371)  (90)  +54%  (89)%  Provision for credit losses  6  (38)  21      Total operating expenses  351  424  661  (17)%  (47)%  Pre-tax loss  (527)  (757)  (772)                  Restructuring expenses  23  21  -      Major litigation expenses  324  -  27      Pre-tax loss reported  (874)  (778)  (799)        3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Risk-weighted assets  55  58  75  (5)%  (27)%  RWA excl. operational risk  35  38  56  (9)%  (37)%  Leverage exposure  119  148  196  (20)%  (40)%  Key metrics in USD bn  Substantial progress in reducing leverage exposure and RWA in 3Q16 by USD 29 bn and USD 3 bn, respectively:Loan and financing exposure reduced by more than 15% in the quarter through the sale of loans and facilities, in addition to the sale of Credit Suisse Park View BDC, Inc.Bilateral derivatives trade count reduced by ~30% in the quarter through CDS step-outs; compression and unwinds across the macro and emerging market portfoliosAdjusted pre-tax income improved by USD 230 mn vs. 2Q16:Reduced revenue losses compared to 2Q16, driven by a recovery from 1H16 adverse credit markets, partially offset by losses on life insurance and a credit provision on ship finance portfoliosExit costs at ~1% of RWA due to constructive market conditionsContinued progress on expense reductions; 3Q16 expenses down USD 73 mn vs. prior quarterIncrease in major litigation provisions of USD 324 mnOn a year-on-year basis, leverage exposure and RWA reduced by USD 78 bn and USD 20 bn, respectively; adjusted operating expenses lower by USD 310 mn, mainly driven by the exit from US Private Banking onshore business and reduced footprint in legacy Investment Banking businesses  Execution  Profitable growth  Capital  Detailed Financials 
 
 Key messages    Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix 1 Measured at constant FX rates (see Appendix)2 Relating to Wealth Management in SUB, IWM and APAC  Disciplined executionContinued progress on cost reductions with adjusted non-comp expenses1 down 12% YoY; on track to beat 2016 cost targetsContinued focus on profitable growthAPAC, IWM and SUB with wealth management inflows of CHF 9.2 bn2 in 3Q16 and CHF 30.9 bn2 at 9M16. Combined adjusted PTI of CHF 847 mnStrong revenue contribution in IBCM with outperformance in debt and equity capital markets; Global top 5 market positions across key products Continued profitability in Global Markets with positive momentum from core Credit franchiseImproved capital positionSRU with reduction of USD 29 bn leverage exposure and USD 3 bn RWA“Look-through” CET1 ratio of 12.0%  3  2  1  Execution  Profitable growth  Capital  Detailed Financials 
 
 Appendix  November 3, 2016 
 
 3Q15  3Q16  Wealth Management businessesNNA generation  NNA growth (annualized)  2%  6%  (6)%  8%  8%  4Q15  1Q16  2Q16  IWM PB NNA in CHF bn  Regularization outflows included in NNA in CHF bn  3Q15  3Q16  5%  -  (5)%  1%  2%  4Q15  1Q16  2Q16  SUB PB NNA in CHF bn  (0.3)  (0.4)  (0.3)  (0.4)  (0.3)  (0.3)  (1.5)  (2.5)  (1.0)  (1.0)  3Q15  3Q16  9%  12%  9%  11%  13%  4Q15  1Q16  2Q16  APAC PB NNA in CHF bn  (0.1)  (0.9)  -  (0.1)  (0.1) 
 
 Wealth Management businessesNet and gross margins  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation. For details on calculations see at the end of this presentation under ‘Notes’  SUB PB Adj. net margin in bps  243  243  241  3Q15  3Q16  2Q16  Adj. gross margin in bps  3Q15  3Q16  2Q16  IWM PB Adj. net margin in bps  295  304  294  3Q15  3Q16  2Q16  Adj. gross margin in bps  3Q15  3Q16  2Q16  APAC PB Adj. net margin in bps  144  165  155  3Q15  3Q16  2Q16  Adj. gross margin in bps  3Q15  3Q16  2Q16  Average AuM in CHF bn  204  214  254  206  190  197  69  69  90  Adj. pre-tax income in CHF mn  857  814  840  785  789  811  303  346  337  Adj. net revenues in CHF mn 
 
 Swiss Universal BankPrivate Banking and Corporate & Institutional Banking  Private Banking Adjusted key financials in CHF mn  C&IB Adjusted key financials in CHF mn  Key metrics in CHF bn  Key metrics in CHF bn    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net interest income  278  242  256  +15%  +9%  Recurring commissions & fees  118  123  117  (4)%  +1%  Transaction-based  124  146  144  (15)%  (14)%  Other revenues  (13)  (14)  (10)      Net revenues  507  497  507  +2%  -  Provision for credit losses  17  2  25      Total operating expenses  273  292  286  (6)%  (5)%  Pre-tax income  217  203  196  +7%  +11%  Cost/income ratio  54%  59%  56%        3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Adj. net margin in bps  35  42  34  (7)  1  Net new assets  0.2  0.9  3.1      Assets under management   245  241  237  +1%  +3%  Mandates penetration  29%  28%  24%      Number of RM  1,500  1,530  1,570  (30)  (70)    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net new assets  (1.2)  0.7  1.9      Assets under management   285  281  263  +1%  +8%  Number of RM  480  470  470  +10  +10    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net interest income  446  441  452  +1%  (1)%  Recurring commissions & fees  243  240  255  +1%  (5)%  Transaction-based  125  159  151  (21)%  (17)%  Other revenues  -  -  (1)      Net revenues  814  840  857  (3)%  (5)%  Provision for credit losses  13  7  14      Total operating expenses  587  579  639  +1%  (8)%  Pre-tax income  214  254  204  (16)%  +5%  Cost/income ratio  72%  69%  75%      Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation 
 
 Private Banking Adjusted key financials in CHF mn  Asset Management Adjusted key financials in CHF mn  Key metrics in CHF bn  Key metrics in CHF bn    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net interest income  326  304  259  +7%  +26%  Recurring commissions & fees  267  273  292  (2)%  (9)%  Transaction- and perf.-based  197  236  235  (17)%  (16)%  Other revenues  (1)  (2)  (1)      Net revenues  789  811  785  (3)%  +1%  Provision for credit losses  -  16  11      Total operating expenses  599  598  568  -  +5%  Pre-tax income  190  197  206  (4)%  (8)%  Cost/income ratio  76%  74%  72%        3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Adj. net margin in bps  25  27  28  (2)  (3)  Net new assets  4.4  5.4  1.7      Assets under management   311  299  287  +4%  +9%  Net loans  43  43  41  -  +5%  Number of RM  1,160  1,170  1,190  (10)  (30)    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Management fees  218  220  224  (1)%  (3)%  Performance & placement rev.  41  42  35  (2)%  +17%  Investment & partnership inc.  33  72  49  (54)%  (33)%  Net revenues  292  334  308  (13)%  (5)%  Total operating expenses  241  271  267  (11)%  (10)%  Pre-tax income  51  63  41  (19)%  +24%  Cost/income ratio  83%  81%  87%        3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net new assets  5.0  3.5  5.6      Assets under management  324  315  315  +3%  +3%  International Wealth ManagementPrivate Banking and Asset Management  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation 
 
 Asia PacificPrivate Banking and Investment Banking  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation  Private Banking Adjusted key financials in CHF mn  Investment Banking Adjusted key financials in USD mn  Key metrics in CHF bn    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Net interest income  159  143  114  +11%  +39%  Recurring commissions & fees  67  70  65  (4)%  +3%  Transaction- and perf.-based  120  124  103  (3)%  +17%  Other revenues  -  -  21      Net revenues  346  337  303  +3%  +14%  Provision for credit losses  38  2  24      Total operating expenses  239  245  210  (2)%  +14%  Pre-tax income  69  90  69  (23)%  -  Cost/income ratio  69%  73%  69%        3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Adj. net margin in bps  17  23  19  (6)  (2)  Net new assets  4.6  5.0  3.7      Assets under management   169  158  139   +7%  +22%  Number of RM  650  650  550  -  +100    3Q16  2Q16  3Q15  Δ 2Q16  Δ 3Q15  Fixed income sales & trading  152  172  101  (12)%  +50%  Equity sales & trading  349  350  468  -  (25)%  Underwriting & advisory  118  102  60  +16%  +97%  Other revenues  (32)  (34)  (26)      Net revenues  587  590  603  (1)%  (3)%  Provision for credit losses  (4)  1  -      Total operating expenses  482  458  505  +5%  (5)%  Pre-tax income  109  131  98  (17)%  +11%  Cost/income ratio  82%  78%  84%     
 
 Reconciliation of adjustment items (1/2)  Adjusted results are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures.    CS Group in CHF mn        SRU in USD mn        Corp. Ctr. in CHF mn        SUB PB in CHF mn        IWM PB in CHF mn        APAC PB in CHF mn        3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15  Net revenues reported  5,396  5,108  5,985    (170)  (371)  (90)    72  (95)  752    1,160  840  857    789  811  785    346  337  303  Fair value on own debt  -  -  (623)    -  -  -    -  -  (623)    -  -  -    -  -  -    -  -  -  Real estate gains  -  -  -    -  -  -    -  -  -    -  -  -    -  -  -    -  -  -  (Gains)/losses on business sales  (346)  -  -    -  -  -    -  -  -    (346)  -  -    -  -  -    -  -  -  Net revenues adjusted  5,050  5,108  5,362    (170)  (371)  (90)    72  (95)  129    814  840  857    789  811  785    346  337  303  Provision for credit losses  55  (28)  110    6  (38)  21    -  (2)  1    13  7  14    -  16  11    38  2  24  Total operating expenses reported  5,119  4,937  5,023    698  445  688    279  142  211    603  582  639    593  611  618    242  245  210  Goodwill impairment  -  -  -    -  -  -    -  -  -    -  -  -    -  -  -    -  -  -  Restructuring expenses  145  91  -    23  21  -    -  -  -    16  3  -    13  13  -    -  -  -  Major litigation provisions  306  -  203    324  -  27    -  -  -    -  -  -    (19)  -  50    3  -  -  Total operating expenses adjusted  4,668  4,846  4,820    351  424  661    279  142  211    587  579  639    599  598  568    239  245  210  Pre-tax income/(loss) reported  222  199  852    (874)  (778)  (799)    (207)  (235)  540    544  251  204    196  184  156    66  90  69  Total adjustments  105  91  (420)    347  21  27    -  -  (623)    (330)  3  -    (6)  13  50    3  -  -  Pre-tax income/(loss) adjusted  327  290  432    (527)  (757)  (772)    (207)  (235)  (83)    214  254  204    190  197  206    69  90  69  A full reconciliation of all quarters from 2014 to 3Q16 is available in the time series 
 
 Reconciliation of adjustment items (2/2)    SUB C&IB in CHF mn        IWM AM in CHF mn        APAC IB in CHF mn        APAC IB in USD mn        GM in USD mn        IBCM in USD mn        3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15    3Q16  2Q16  3Q15  Net revenues reported  507  497  507    292  334  308    571  574  582    587  590  603    1,396  1,671  1,632    479  558  414  Fair value on own debt  -  -  -    -  -  -    -  -  -    -  -  -    -  -  -    -  -  -  Real estate gains  -  -  -    -  -  -    -  -  -    -  -  -    -  -  -    -  -  -  (Gains)/losses on business sales  -  -  -    -  -  -    -  -  -    -  -  -    -  -  -    -  -  -  Net revenues adjusted  507  497  507    292  334  308    571  574  582    587  590  603    1,396  1,671  1,632    479  558  414  Provision for credit losses  17  2  25    -  -  -    (4)  1  -    (4)  1  -    (6)  (17)  15    (9)  -  -  Total operating expenses reported  276  293  286    243  273  267    489  457  489    503  468  505    1,310  1,532  1,346    450  417  346  Goodwill impairment  -  -  -    -  -  -    -  -  -    -  -  -    -  -  -    -  -  -  Restructuring expenses  3  1  -    2  2  -    20  10  -    21  10  -    52  52  -    16  (9)  -  Major litigation provisions  -  -  -    -  -  -    -  -  -    -  -  -    7  -  132    -  -  -  Total operating expenses adjusted  273  292  286    241  271  267    469  447  489    482  458  505    1,251  1,480  1,214    434  426  346  Pre-tax income/(loss) reported  214  202  196    49  61  41    86  116  93    88  121  98    92  156  271    39  141  68  Total adjustments  3  1  -    2  2  -    20  10  -    21  10  -    59  52  132    16  (9)  -  Pre-tax income/(loss) adjusted  217  203  196    51  63  41    106  126  93    109  131  98    150  208  403    55  132  68  A full reconciliation of all quarters from 2014 to 3Q16 is available in the time series  Adjusted results are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures. 
 
 Swisscard deconsolidation impactImpact of the deconsolidation on the Swiss Universal Bank  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this presentation † See Appendix-NotesThis is an illustrative pro-forma presentation of the impact of the deconsolidation of the card issuing business on the historical results of SUB as if it had occurred on December 31, 2014. Given that as of July 1, 2015 the business has been deconsolidated and transferred to the equity method investment, Swisscard AECS GmbH and the transaction does not qualify for discontinued operations, the historical results are not restated in this respect. The reduction in pre-tax income in the Private Banking business of Swiss Universal Bank, is offset by the reduction in minority interest from the deconsolidation at the Group level, therefore there is no material impact on the Group’s net income attributable to shareholders. These illustrative figures cannot be seen as being indicative of future trends or results 1 Pro-forma impact of the card issuing business deconsolidation    in CHF mn  1Q15  2Q15    1Q15  2Q15    1Q15  2Q15  Net interest income  611  685    9  9    602  676  Recurring commissions & fees  412  412    56  59    356  353  Transaction-based revenues  382  349    8  7    374  342  Other revenues  (5)  (7)      -    (5)  (7)  Net revenues  1,400  1,439    73  75    1,327  1,364  Provision for credit losses  23  33    -  -    23  33  Total operating expenses  934  961    61  63    873  898  Pre-tax income  443  445    12  12    431  433  Return on regulatory capital†  14%  14%    -  -    14%  14%  SUB adjusted  Swisscard Impact1  SUB adj. ex Swisscard 
 
 Currency mix capital metric4  A 10% strengthening of the USD (vs. CHF) would have a (0.3) bps impact on the “look-through” BIS CET1 ratio    Contribution  Applying a +/- 10% movement on the average FX rates for 9M16, the sensitivities are:USD/CHF impact on 9M16 pre-tax income by CHF + 212 / (212) mnEUR/CHF impact on 9M16 pre-tax income by CHF + 149 / (149) mn  Swiss Universal Bank    Net revenues 4,360 79% 12% 7% 1% 1%Total expenses2 2,717 86% 3% 3% 3% 5%    International Wealth Management    Net revenues 3,399 27% 38% 23% 2% 10%Total expenses2 2,609 42% 23% 13% 10% 12%  Net revenues 16,211 29% 41% 13% 2% 15%Total expenses2 13,410 32% 34% 5% 12% 17%      CHF  Currency mix & Group capital metrics  1 As reported 2 Total expenses include provisions for credit losses 3 Sensitivity analysis based on weighted average exchange rates of USD/CHF of 0.98 and EUR/CHF of 1.09 for the 9M16 results4 Data based on September 2016 month-end currency mix and on a look-through basis5 Reflects actual capital positions in consolidated Group legal entities (net assets) including net asset hedges less applicable Basel 3 regulatory adjustments (e.g. goodwill)    Asia Pacific  Net revenues 2,735 2% 44% 1% 1% 52%Total expenses2 2,113 5% 22% -% 2% 71%      Global Markets  Net revenues 4,232 1% 59% 23% 2% 15%Total expenses2 4,189 3% 61% 4% 25% 7%      Investment Bank & Capital Markets    Net revenues 1,398 -% 90% 4% 4% 2%Total expenses2 1,286 19% 57% 5% 14% 5%    Sensitivity analysis on Core results3  Credit Suisse Core results1  Core results      9M16in CHF mn    Basel 3 Risk-weighted assets  Swiss leverage exposure        CHF  EUR  Other                USD      USD  CET1 capital 5  CHF  USD  EUR  GBP  Other 
 
 Notes  Throughout the presentation rounding differences may occur.All risk-weighted assets (RWA) and leverage exposure figures shown in this presentation are as of the end of the respective period and on a “look-through” basis.Gross and net margins are shown in basis points (bps). Gross margin = adj. net revenues annualized / average AuM; net margin = adj. pre-tax income annualized / average AuM.Mandates penetration reflects advisory and discretionary mandates as percentage of total AuM, excluding AuM from the external asset manager (EAM) business.  General notes  * “Adjusted operating expenses at constant FX rates” and “adjusted non-compensation operating expenses at constant FX rates” include adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2Q15: USD/CHF 0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2Q16: USD/CHF 0.9756, EUR/CHF 1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.† Regulatory capital reflects the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is based on (adjusted) returns after tax assuming a tax rate of 30% for all periods and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure  Specific notes  Adj. = Adjusted; AM = Asset Management; APAC = Asia Pacific; AuM = Assets under Management; Corp. Ctr. = Corporate Center; C&IB = Corporate & Institutional Banking; ECM = Equity Capital Markets; EM = Emerging Markets; FTE = Full time equivalents; GM = Global Markets; HQLA = High Quality Liquid Assets; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IWM = International Wealth Management; M&A = Mergers & Acquisitions; NNA = Net new assets; PB = Private Banking; pp. = percentage points; PTI = Pre-tax income; QoQ = Quarter-on-quarter; RM = Relationship Manager(s); SME = Small and Medium Enterprises; SRU = Strategic Resolution Unit; STS = Sales and Trading Services; SUB = Swiss Universal Bank; (U)HNW(I) = (Ultra) High Net Worth (Individuals); WM = Wealth Management; YoY = Year-on-year  Abbreviations 
 
  
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
 (Registrant)
 
 
Date: November 3, 2016
By:
/s/ Tidjane Thiam
Tidjane Thiam
Chief Executive Officer
By:
/s/ David R. Mathers
David R. Mathers
Chief Financial Officer