Credit Suisse : 2022 | Second Quarter Results Presentation Slides for Media (PDF)

2Q22 Results

Media Call

Thomas Gottstein	Chief Executive Officer
David Mathers	Chief Financial Officer

July 27, 2022

Disclaimer (1/2)

Credit Suisse has not finalized its 2Q22 Financial Report and Credit Suisse's independent registered public accounting firm has not completed its review of the condensed consolidated financial statements (unaudited) for the period. Accordingly, the financial information contained in this document is subject to completion of quarter-end procedures, which may result in changes to that information.

This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.

Please also refer to our 2Q22 Earnings Release for additional information.

Cautionary statement regarding forward-looking statements

This document contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors" in our Annual Report on Form

20-F for the fiscal year ended December 31, 2021 and in the "Cautionary statement regarding forward-looking information" in our 2Q22 Earnings Release published on July 27, 2022 and submitted to the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements.

In particular, the terms "Estimate", "Illustrative", "Ambition", "Objective", "Outlook", "Goal", "Commitment" and "Aspiration" are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, illustrations, ambitions, objectives, outlooks, goals, commitments and aspirations are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, increased inflation, interest rate volatility and levels, global and regional economic conditions, challenges and uncertainties resulting from Russia's invasion of Ukraine, political uncertainty, changes in tax policies, scientific or technological developments, evolving sustainability strategies, changes in the nature or scope of our operations, changes in carbon markets, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, these statements, which speak only as of the date made, are not guarantees of future performance and should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks, goals, commitments, aspirations or any other forward-looking statements. For these reasons, we caution you not to place undue reliance upon any forward-looking statements.

We may not achieve the benefits of our strategic 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 (including macroeconomic and other challenges and uncertainties, for example, resulting from Russia's invasion of Ukraine), changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives.

Estimates and assumptions

In preparing this document, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this document may also be subject to rounding adjustments. All opinions and views constitute good faith judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information.

Statement regarding non-GAAP financial measures

This document contains non-GAAP financial measures, including results excluding certain items included in our reported resultsas well as return on regulatory capital and return on tangible equity (which is based on tangible shareholders' equity). Further details and information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix as well as in the 2Q22 Earnings Release, which is available on our website at www.credit-suisse.com.

Our estimates, ambitions, objectives, aspirations and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives, aspirations and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Results excluding certain items included in our reported results do not include items such as goodwill impairment, major litigation provisions, real estate gains, impacts from foreign exchange and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Such estimates, ambitions, objectives and targets are calculated in a manner that is consistent with the accounting policies applied by us in preparing our financial statements.

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Disclaimer (2/2)

Statement regarding capital, liquidity and leverage

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

Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. The tier 1 leverage ratio and CET1 leverage ratio are calculated as BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure.

Sources

Certain material in this document has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

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2Q22 key messages

Financials

Strategy

CHF (0.4) bn

adjusted pre-tax loss driven by

USD (0.9) bn adjusted pre-tax loss in the Investment Bank

Strategic pivot

Ongoing strategic review to further materially pivot to Wealth Management, Swiss Bank and Asset Management

Transformation of our Investment Bank towards a less complex, capital-light,advisory-led and connected model

CHF (1.2) bn

reported pre-tax loss including CHF (0.4) bn of major litigation provisions, CHF (0.2) bn of Allfunds-related losses and CHF (0.1) bn of restructuring charges

Comprehensive Group cost efficiency program

targeting absolute cost base of CHF <15.5 bn1 in the medium-term supported by broader cost efficiency and digital transformation plan

13.5% CET1 ratio

4.3% CET1 leverage ratio;

6.1% Tier 1 leverage ratio

Achieved

USD >3 bn IB allocated capital reduction ambition

Third-party capital

Evaluating strategic options for our market leading Securitized Products business to attract third-party capital

Risk, Litigation and Regulatory remediation

Risk reduction

7% YoY reduction in Group credit portfolio, including 15% reduction in NIG portfolio and 18% reduction in EM portfolio; >70% reduction of Russia net credit exposure since end of 2021

Proactive approach

to resolving legal cases;

major litigation provisions of CHF (0.2) bn for SEC/CFTC communications recordkeeping matter and CHF (0.2) bn for previously disclosed legacy matters

Regulatory remediation

Continued progress on regulatory remediation supported by the Strategic Regulatory Remediation Committee set up to oversee delivery on our regulatory programs

4 Note: Results excluding certain items in our reported results are non-GAAP financial measures. See the appendix of this presentation for detailed information and defined terms as well as important presentation and other information relating to non-GAAP financial measures, including reconciliations. 1 Measured using adjusted operating expenses at constant 2021 FX rates

Group 1H22 performance adversely impacted by challenging market conditions, especially affecting the IB, major litigation provisions and Allfunds

1H22 adjusted/ reported pre-tax incom e analysis

in CHF mn

Adjusted PTI

Adjustments

Swiss Bank		787
Wealth Management		326
Investment Bank (USD mn)	(915)
Asset Management		82
Corporate Center	(462)
Group adjusted PTI	(142)
Major litigation provisions	(1,087)
Loss on Allfunds	(521)
Other adjustments2		149
Group reported PTI	(1,601)

	Note: Results excluding certain items in our reported results are non-GAAP financial measures. See the appendix of this presentation for detailed information and defined terms as well as important presentation and other
	information relating to non-GAAP financial measures, including reconciliations. 1 Includes restructuring expenses of CHF 80 mn, goodwill impairment of CHF 23 mn, revaluation losses related to our investment in SIX of
5	CHF 19 mn, loss related to Archegos of CHF 13 mn, real estate gains of CHF 13 mn, expenses related to real estate disposals of CHF 6 mn and loss on business sales of CHF 1 mn 2 Includes real estate gains of
	CHF 177 mn, Archegos release of CHF 148 mn, restructuring expenses of CHF 126 mn, goodwill impairment of CHF 23 mn, revaluation losses related to our investment in SIX of CHF 14 mn, expenses related to real estate

disposals of CHF 9 mn and loss on business sales of CHF 4 mn