Page 1

Media Release Zurich , April 22 , 2021 First quarter 2021 financial results CREDIT SUISSE Net loss of CHF 252 mn in 1Q21 , reflecting significant charge with respect to the US - based hedge fund matter in 1Q21 , offsetting positive performance across wealth management and investment banking ; capital position with CET1 ratio of 12.2 % to be further strengthened by successful placement of 203 mn shares via two series of Mandatory Convertible Notes Credit Suisse Group 1Q21 1Q20 A1Q20 Reported Results ( CHF mn , unless otherwise specified ) Net revenues 7,574 5,776 31 % o / w Wealth Management - related 3,882 3,766 3 % o / w Investment Bank in USD mn 3,888 2,155 80 % Provision for credit losses 4,394 568 Total operating expenses 3,937 4,007 ( 2 ) % Pre - tax income / ( loss ) ( 757 ) 1,201 Net income / ( loss ) attributable to shareholders ( 252 ) 1,314 Return on tangible equity attributable to shareholders ( 2.6 ) % 13.1 % CET1 ratio 12.2 % 12.1 % Tier 1 leverage ratio¹ 5.5 % 5.3 % Adjusted excluding significant items and the US based hedge 1Q21 1Q20 fund matter * ( CHF mn ) Net revenues 7,430 5,508 Pre - tax income 3,596 946 A1Q20 35 % 280 % Thomas Gottstein , Chief Executive Officer of Credit Suisse Group AG , commented : “ Our results for the first quarter of 2021 have been significantly impacted by a CHF 4.4 bn charge related to a US - based hedge fund . The loss we report this quarter , because of this matter , is unacceptable . Together with the Board of Directors , we have taken significant steps to address this situation as well as the supply chain finance funds matter . Among other decisive actions , we have made changes in our senior business and control functions ; we have enhanced our risk review across the bank ; we have launched independent investigations into these matters by external advisors , supervised by a special committee of the Board ; and we have taken several capital - related actions . We will work to ensure Credit Suisse emerges stronger . However , it is also important to recognize that our underlying 1021 financial performance2 , across all divisions , was strong , supported by solid results in Switzerland , and strong growth in APAC and investment banking . We expect that our successful MCN placement today will further strengthen our balance sheet and enable us to support the momentum in our core franchises . Our underlying result is a testament to the earnings power of Credit Suisse and to the commitment of our employees . And it makes it all the more important that we quickly and decisively resolve the issues we are currently dealing with . " Financial highlights Strong revenue generation across Wealth Management - related businesses and the Investment Bank ; reported net revenues up 31 % year on year Strong 1Q21 Net New Assets ( NNA ) for the Group of CHF 28.4 bn , of which WM NNA of CHF 14.4 bn , equal to a 7 % annualized growth rate with positive contributions across all three WM businesses CET1 ratio of 12.2 % and CET1 leverage ratio of 3.8 % at the end of 1Q21 , with intention to achieve approx . 13 % CET1 ratio and a minimum of 4.0 % CET1 leverage ratio Successfully placed 203 mn shares via two series of MCNs , leading to an estimated uplift of ~ 55-60 bps to the CET1 ratio³ Business highlights for 1Q21 Continued momentum in Wealth Management ( WM ) -related businesses with pre - tax income growth , on an adjusted basis , excluding significant items * , of 59 % year on year and an adjusted RoRC , excluding significant items * , of 29 % Strong growth in Asia Pacific ( APAC ) with pre - tax income growth , on an adjusted basis and excluding significant items * , of 164 % year on year and an adjusted RoRC , excluding significant items * , of 52 % , on a USD basis Investment Bank ( IB ) results significantly impacted by US- based hedge fund charge of CHF 4.4 bn ; net revenues grew by 80 % year on year ; reported pre - tax loss of USD 2.6 bn Group - wide AuM of CHF 1.6 trn at end of 1Q21 , up 6 % vs 4Q20 ; WM AUM of CHF 841 bn , up 6 % vs 4Q20 ; WM Client Business Volume of CHF 1.3 trn , up 7 % vs 4Q20 Supply Chain Finance ( SCF ) Funds matter : returning cash to investors in the four supply SCF funds remains CSAM's priority ; to date , total cash distributions to investors of USD 4.8 bn ; progress updates to be provided over the coming months Page 1