Media Release Zurich, December 11, 2019

 

Media Release Zurich, December 11, 2019

 

---

Page 3

 

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

 Credit Suisse Investor Day 2019Key Financials  David Mathers, Chief Financial OfficerDecember 11, 2019 

 Disclaimer  2  December 11, 2019  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on December 11, 2019 and filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” 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 and goals 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, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the fourth quarter of 2019. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the fourth quarter of 2019 or the full year 2019 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the full year 2019. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the fourth quarter of 2019 and full year results will be included in our 4Q19 Earnings Release and our 2019 Annual Report. Statement regarding non-GAAP financial measuresThis presentation also contains non-GAAP financial measures, including adjusted results as well as return on regulatory capital, return on tangible equity and tangible book value per share (which are based on tangible shareholders’ equity). Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in this presentation in the Appendix, which is available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation provisions, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on Tangible Equity is based on tangible shareholders' equity (also known as tangible book value), a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Tangible book value per share excludes the impact of any dividends paid during the performance period, share buybacks, own credit movements, foreign exchange rate movements and pension-related impacts, 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.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), 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. References to phase-in and look-through included herein refer to Basel III capital requirements and Swiss Requirements. Phase-in reflects that, for the years 2014-2018, there was a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and a phase-out of an adjustment for the accounting treatment of pension plans. For the years 2013-2022, there is a phase-out of certain capital instruments. Look-through assumes the full phase-in of goodwill and other intangible assets and other regulatory adjustments and the phase-out of certain capital instruments.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 look-through tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio.SourcesThis presentation contains certain material 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 or reliability of such information. Certain information has been derived from internal management accounts. 

 Update on Financials  3  December 11, 2019  Capital ratios & distribution  Review of progress during 2019  2  1  Financial ambitions in 2020 and beyond  3 

 Strong improvement of RoTE in a challengingrevenue environment  4  December 11, 2019      Return on tangibleequity‡based on CHF    ‡ RoTE is a non-GAAP financial measure, see Appendix1 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ    RoTE‡>8%FY 2019 Estimate1  1Q19  1Q18  2Q19  2Q18  3Q19  3Q18 

 Continued disciplined use of resources  5  December 11, 2019  Adjusted operating cost base at constant FX rates* in CHF bn  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * Adjusted operating cost base at constant 2018 FX rates; see Appendix          15.0  13.9  13.2  12.6  Adjusted operatingcost base  Adjustmentsincl. FX*  Reported 

 Net income generation driving growth in TBVPS;returning capital to shareholders in line with guidance  6  December 11, 2019  ‡ Tangible book value per share is a non-GAAP financial measure, see Appendix 1 As of November 29, 2019  Tangible book value per share (TBVPS)‡in CHF  Year-to-date returned CHF 1.6 bn of capital to shareholdersCHF 695 mn of ordinary dividend paid in 2019, in line with expectation to grow dividend by at least 5% p.a.Year-to-date repurchased CHF 895 mn of shares1; on track to meet CHF 1 bn of targeted share buybacks for 2019  +10%     

   Fourth quarter outlook  7  December 11, 2019  At our third quarter results on October 30, 2019, we said we expected to see the usual seasonal slowdown as a result of the holiday season in many parts of the world, as well as headwinds from the ongoing challenging geopolitical environment. So far in 4Q19, our business performance has improved against 4Q18Examining the reported pre-tax income trends of our businesses in more detail for the fourth quarter to date: In SUB, we are seeing ongoing pressures from the negative interest rate environment, which we expect to substantially mitigate in 2020. In the meantime, we have identified opportunities to offset these pressures through real estate sales, at least one of which we expect to close in the fourth quarterWe are seeing a stable performance in IWMAPAC and GM are showing significantly better performances compared to 4Q18, which was particularly challengingWhile we expect IBCM to be loss-making for 2019, our pipeline of announced deals has been building strongly in the fourth quarter, a marked improvement year over yearWe expect to achieve a reported RoTE‡ of greater than 8% for the full year 2019  ‡ RoTE is a non-GAAP financial measure, see AppendixNote: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ 

 Update on Financials  8  December 11, 2019  Capital ratios & distribution  Review of progress during 2019  2  1  Financial ambitions in 2020 and beyond  3 

   We expect to increase our RoTE by ~175 bps in 2020;additional upside in a supportive environment  9  December 11, 2019  RoTE‡developmentbased on CHF  2  Constructive market environment  Challenging market environment  ~11%  10%      Revenue growth  Additionalcost measuresof up to 40 bps      Note: Illustrative path. ‡ RoTE is a non-GAAP financial measure, see Appendix1 Based on Consensus Summary published by Credit Suisse Group on October 18, 2019 and available on the Credit Suisse website. Consensus data is used solely for illustrative purposes. Actual results may differ significantly2 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ 3 Includes impact from higher average tangible shareholders’ equity  >55 bps  ~40 bps  ~30 bps  ~30 bps  ~10%  3  2  3  7.9%    1  3  3  ~20 bps  3 

 Corporate Center expected to benefit from substantialreduction in losses due to structured notes volatility  10  December 11, 2019    270  ARU  Estimated pre-tax lossper quarter in FY 20201  1 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ2 Includes impact from higher average tangible shareholders’ equity    ~ 225-250    Corporate Center excl. ARU and structured notes volatility  Pre-tax loss from Corporate Centerexcluding structured notes volatilityin CHF mn  Illustrative equivalentin FY 20201  Pre-tax loss/gain fromstructured notes volatilityin CHF mn  Continue to expect the Corporate Center loss at ~CHF 250 mn per quarter in 2020, including the drag from the ARU, but excluding any structured notes volatilityStructured notes volatility expected to be substantially lower in 2020 as compared to 2019; hedge in place at an expected ~70-80% effectiveness level  Equivalent to>55 bps ofRoTE improvement2    ~ -120 

 Expect ~CHF 250 mn of incremental net interest incomeand funding savings in 2020 vs. 2019  11  December 11, 2019  In October 2019 we started calculating Operational Risk RWA in US dollars rather than Swiss francs1Alignment of capital hedging strategy leading to a larger amount of shareholders’ equity held in US dollars, with an initial credit in 4Q19Expect additional net interest income of ~CHF 200 mn in 2020, including benefits from the forward curveDue to the increased exemption threshold for negative interest rates by the SNB as of November 1, 2019, we foresee a benefit of~CHF 50 mnExpect costs for additional TLAC and AT1 capital instruments issuances to be largely offset by anticipated funding cost savings  Illustrative benefit from net interest income and lower funding costs in 2020in CHF mn  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ1 As communicated on October 2, 2019 2 Includes impact from higher average tangible shareholders’ equity  Equivalent to ~40 bps of RoTE improvement2  ~250 

 Operating cost base will depend on market conditions with higher investments in a constructive environment  12  December 11, 2019    1  Illustrative development of 2020 adjusted operating cost base*in CHF bn  Equivalent to~30 bps of RoTE improvement2  ~16.4  Constructive market environment  Challenging market environment  ~16.9  ~16.1      Revenue growth  Additionalcost measuresof up to 40 bps of RoTE2      Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix * Adjusted operating cost base at constant 2019 FX rates; see Appendix1 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ2 Includes impact from higher average tangible shareholders’ equity 

 Historic momentum in asset gathering expected to continue,driving recurring revenue growth in 2020  13  December 11, 2019  ‡ RoTE is a non-GAAP financial measure, see Appendix1 Total Group AuM (excluding SRU for 3Q15) 2 Reflects recurring commissions and fees in SUB, IWM and APAC PB within WM&C over average Group AuM (excluding SRU for 4Q18)3 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ4 Assumes no growth from market movements or FX 5 Assumes 15% marginal costs 6 Includes impact from higher average tangible shareholders’ equity  Historic  Illustrative assumptionsfor 20203  AuM1 in CHF trn  Avg. AuM base increase:+ ~CHF 75 bn(Assumes ~4% AuM growth p.a.4)      Recurring margin2 in bps  Recurring margin:~29 bps    Illustrative development in 2020:Expected recurring revenue increaseof ~CHF 215 mn3Expected incremental pre-tax income: ~CHF 180 mn3,5Expected incremental RoTE‡ increase: ~30 bps3,6    1.1  1.5  CAGR:~6.5%  29 

 Update on Financials  14  December 11, 2019  Capital ratios & distribution  Review of progress during 2019  2  1  Financial ambitions in 2020 and beyond  3 

 Our capital ratio reflects accelerated RWA inflationunder Swiss regulations  15  December 11, 2019  Cumulative methodology related RWA increasesince end-20141in CHF bn  1 Includes RWA increase from both internal and external model and parameter updates as well as methodology and policy changes 

 As a Swiss bank we are operating under an early adoption capital regime vs. our non-Swiss peers  16  December 11, 2019    Basel IIIreforms  Selected regulatory initiatives impacting RWA and/or leverage  Mortgage multipliers  “Model moratorium” on RWA reduction  SA-CCR  2020  2022(extended from 2020)  Mid-20211(with delayed potential impact pursuant tocapital floor phase-in for IMM approach)  FRTB  Expected to be delayed  2023/241,2(likely delay from 2022)  2023/241,3(likely to be aligned to EU)        Gone concern capital ratio requirements for RWA  14.3%6  4.5-17.5%7  7.5-9.5%7  1 Credit Suisse estimate 2 Assumes multi-year linear phase-in of the revised Credit, FRTB and Operational risk impacts similar to capital floors 3 Assumes alignment with EU implementation date 4 Based on Collins Amendment to the Dodd-Frank Act 5 Source: Company public disclosures. Includes Bank of America, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Société Générale and UBS. Relating to average converted to USD 6 Does not include any rebates for resolvability and for certain tier 2 low-trigger instruments recognized in gone concern capital 7 Credit Suisse analysis: EU estimate based on 8% TLOF MREL requirement. US estimate based on final FED (LTD/BHC) rules published on December 15, 2016; median of the US range for GSIBs    (national discretion)  OpRisk RWA as % of RWA5  27%  16%  29%    (lower of ratios under advancedvs. standardized approach)4 

 Timing and impact of FRTB to be agreed and finalized  17  December 11, 2019    1 Ratio of RWA to leverage exposure 2 Reflects the 35% risk density basis used to calibrate the Swiss TBTF2 framework currently in place 3 Risk density as per 3Q19 based on company public disclosures of RWA and leverage exposure, which may be defined differently by jurisdiction; peers include UBS, Barclays, HSBC, Deutsche Bank, BNP Paribas, Société Générale 4 Includes expected RWA inflation of ~CHF 12-13 bn for SA-CCR/IMM, Equity Investments in Funds, Central Counterparties and other non-Basel III methodology changes  29%  Credit Suisse risk density1  Peers risk density1,3  28%  29%          4    Capital impact of FRTB expected to be delayed and potentially offset by other RWA changes, subject to agreements with the Swiss authorities  35% Swiss TBTF framework2 

 After SA-CCR and other methodology changes in 2020,no significant regulatory RWA inflation expected in 2021 or 2022  18  December 11, 2019  1 Includes external and internal model and parameter updates2 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ  Expected RWA increase from Basel III reforms & other methodology changesin CHF bn  Equity Investmentsin FundsCentral Counterparties  2  2  2  1  Non-Basel III methodology changes1  Basel III regulatory reform impact      not significant 

 Anticipated development of CET1 capital ratio during 2020  19  December 11, 2019  CET1 capital ratioin %  ‡ Return on tangible equity and tangible book value per share are non-GAAP financial measures, see Appendix1 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ2 Includes RWA increase from non-Basel III related methodology changes and other effects such as impacts from hedging costs related to FX immunization of the CET1 capital ratio and changes in regulatory CET1 capital adjustments  Expect total RWA increase from Basel III reformsand other methodology changes of ~CHF 12-13 bn in 2020~CHF 8-9 bn from SA-CCR/IMM~CHF 3 bn from Equity Investments in Funds and Central Counterparties~CHF 1 bn from non-Basel III methodology changesExpect to distribute at least 50% of net income to shareholders via ordinary dividend and share buybackApproved share buyback of up to CHF 1.5 bn; expect to buy back at least CHF 1.0 bn in 2020, subject to market and economic conditionsOrdinary dividend expected to increase by at least 5% p.a.  1  1  1  SA-CCR/IMMEquity Investments in FundsCentral Counterparties  At least 50%payout ratio  2  @ ~10% RoTE‡ 

 Growing TBVPS remains a key priority  20  December 11, 2019  Tangible book valueper share‡in CHF  @ ~10% RoTE‡  Growth in TBVPS‡before capital distribution    ‡ Return on tangible equity and tangible book value per share are non-GAAP financial measures, see Appendix1 For the purpose of this analysis, tangible book value per share includes net income generated during the performance period and excludes the impact of any dividends paid, share buybacks and other items such as own credit movements, foreign exchange rate movements and pension-related impacts2 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ  ~18    1, 2       

   We expect to continue operating profitably and return capital to shareholders in 2020  21  December 11, 2019  Share buyback programup to CHF 1.5 bn approved withat least CHF 1.0 bn expected in 20201  Sustainable ordinary dividendexpected to increase by at least 5% p.a.  ‡ RoTE is a non-GAAP financial measure, see Appendix1 Subject to market and economic conditions  10% RoTE‡  Expect to distribute at least 50% of net income to shareholders 

 Appendix  22  December 11, 2019 

 Share buyback program  23  December 11, 2019  For 2020, the Board of Directors of Credit Suisse Group AG has approved a buyback of Credit Suisse Group AG ordinary shares of up to CHF 1.5 bn. We expect to buy back at least CHF 1.0 bn in 2020 (subject to market and economic conditions)  Amount  Timing  Execution  We will publish a formal announcement and commence the share buyback program following approval by the Swiss Takeover Board  The shares will be repurchased for the purpose of capital reduction. Any such capital reduction via cancellation of repurchased shares will need to be resolved at a future annual general meeting of shareholdersThe buyback will be conducted on a second trading line on the SIX Swiss Exchange. This is driven by the need to identify the selling shareholders for Swiss withholding tax considerations. 35% withholding tax can be reclaimed by eligible Swiss investors in full and by non-Swiss investors within the framework of double taxation agreements (if applicable)  Credit Suisse Group AG will disclose any share buybacks conducted during the share buyback program on a daily basis  Regular disclosure 

 Reconciliation of adjustment items (1/2)  24  December 11, 2019  Adjusted results are non-GAAP financial measures that exclude certain items included in our reported results. During the implementation of our strategy, it was important to measure the progress achieved by our underlying business performance. 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.                 Group in CHF mn  9M19  9M18  9M17  9M16  2018  2015  Total operating expenses reported  12,610  13,156  13,892  15,028  17,303  25,895  Goodwill impairment  -  -  -  -  -  -3,797  Restructuring expenses  -  -490  -318  -491  -626  -355  Major litigation provisions  -63  -162  -238  -306  -244  -820  Expenses related to real estate disposals  -51  -  -  -  -51  -  Expenses related to business sales  -  -3  -  -  -  -  Debit valuation adjustments (DVA)  -21  14  -63  46  45  -33  Total operating cost base adjusted  12,475  12,515  13,273  14,277  16,427  20,890  FX adjustment  -42  -  27  -68  -  -135  Total operating cost base adjusted at constant 2018 FX  12,433  12,515  13,300  14,209  16,427  20,755 

 Reconciliation of adjustment items (2/2)  25  December 11, 2019  Adjusted results are non-GAAP financial measures that exclude certain items included in our reported results. During the implementation of our strategy, it was important to measure the progress achieved by our underlying business performance. 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.   GM in USD mn    2018  2015  5,115  7,124  -  -  -  -  5,115  7,124  24  11  4,922  9,004  -  -2,690  -246  -97  -10  -240  -  -  4,666  5,977  169  -1,891  256  3,027  425  1,136    SUB in CHF mn              9M19  9M18  2018  2017  2016  20151  Net revenues reported  4,272  4,191  5,564  5,396  5,759  5,573  Real estate gains  -117  -15  -21  -  -366  -95  Gains (-)/losses on business sales  -  -37  -37  -  -  -23  Net revenues adjusted  4,155  4,139  5,506  5,396  5,393  5,455  Provision for credit losses  67  100  126  75  79  138  Total operating expenses reported  2,394  2,464  3,313  3,556  3,655  3,785  Goodwill impairment  -  -  -  -  -  -  Restructuring expenses  -  -80  -101  -59  -60  -42  Major litigation provisions  -3  -2  -37  -49  -19  -25  Expenses related to real estate disposals  -10  -  -  -  -  -  Total operating expenses adjusted  2,381  2,382  3,175  3,448  3,576  3,718  Pre-tax income/loss (-) reported  1,811  1,627  2,125  1,765  2,025  1,650  Total adjustments  -104  30  80  108  -287  -51  Pre-tax income/loss (-) adjusted  1,707  1,657  2,205  1,873  1,738  1,599  1 Excludes net revenues and total operating expenses for Swisscard of CHF 148 mn and CHF 123 mn, respectively 

 26  December 11, 2019  For reconciliation of adjusted to reported results, refer to the Appendix of this Investor Day 2019 presentationThroughout the presentation rounding differences may occurUnless otherwise noted, all CET1 capital, CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in this presentation for periods prior to 2019 are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuMMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager business  General notes  Specific notes  Notes (1/2)  * Following the successful completion of our restructuring program in 2018, we updated our calculation approach for adjusted operating cost base at constant FX rates. Beginning in 1Q19, adjusted operating cost base at constant FX rates includes adjustments for major litigation provisions, expenses related to real estate disposals and business sales as well as for debit valuation adjustments (DVA) related volatility and FX, but not for restructuring expenses and certain accounting changes. Adjustments for FX apply unweighted 2018 currency exchange rates, i.e., a straight line average of monthly rates, consistently for the periods under review. Under the current presentation, adjusted operating cost base at constant FX rates for periods prior to 1Q19 still include adjustments for restructuring expenses and a goodwill impairment taken in 4Q15, but no longer include an adjustment for certain accounting changes. Beginning in 1Q20, adjustments for FX will apply unweighted 2019 currency exchange rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital (a non-GAAP financial measure) is calculated using income/(loss) after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders’ equity. Tangible book value per share is a non-GAAP financial measure, which is calculated by dividing tangible shareholders’ equity by total number of shares outstanding. Management believes that tangible shareholders’ equity/tangible book value, return on tangible equity and tangible book value per share are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-4Q17, tangible shareholders’ equity excluded goodwill of CHF 4,742 mn and other intangible assets of CHF 223 mn from total shareholders’ equity of CHF 41,902 mn as presented in our balance sheet. For end-1Q18, tangible shareholders’ equity excluded goodwill of CHF 4,667 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 42,540 mn as presented in our balance sheet. For end-2Q18, tangible shareholders’ equity excluded goodwill of CHF 4,797 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 43,470 mn as presented in our balance sheet. For end-3Q18, tangible shareholders’ equity excluded goodwill of CHF 4,736 mn and other intangible assets of CHF 214 mn from total shareholders’ equity of CHF 42,734 mn as presented in our balance sheet. For end-4Q18, tangible shareholders’ equity excluded goodwill of CHF 4,766 mn and other intangible assets of CHF 219 mn from total shareholders’ equity of CHF 43,922 mn as presented in our balance sheet. For end-1Q19, tangible shareholders’ equity excluded goodwill of CHF 4,807 mn and other intangible assets of CHF 224 mn from total shareholders’ equity of CHF 43,825 mn as presented in our balance sheet. For end-2Q19, tangible shareholders’ equity excluded goodwill of CHF 4,731 mn and other intangible assets of CHF 216 mn from total shareholders’ equity of CHF 43,673 mn as presented in our balance sheet. For end-3Q19, tangible shareholders’ equity excluded goodwill of CHF 4,760 mn and other intangible assets ofCHF 219 mn from total shareholders’ equity of CHF 45,150 mn as presented in our balance sheet. Shares outstanding were 2,550.3 mn at end-4Q17, 2,552.4 mn at end-3Q18, 2,550.6 mn at end-4Q18 and 2,473.8 mn at end-3Q19. 

 Notes (2/2)  27  December 11, 2019  Abbreviations  ABL = Asset Based Lending; Abs. = Absolute; Adj. = Adjusted; AFG = Asia Pacific Financing Group; AM = Asset Management; Ann. = Annualized;APAC = Asia Pacific; Approx. = Approximately; ARC = Asset Risk Consultants; ARU = Asset Resolution Unit; ATS = APAC Trading Solutions; AuM = Assets under Management; Avg.= Average; BCBS = Basel Committee on Banking Supervision; BEAT = Base Erosion and Anti-Abuse Tax; BfE = Bank for Entrepreneurs; BHC = Bank Holding Company; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CBG = Corporate Bank Group; CC = Corporate Center; CCO = Chief Compliance Officer; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1;CH = Switzerland; C/I = Cost/Income; C&IC = Corporate and Institutional Clients; CIC = Corporate & Institutional Clients; CLO = Collateralized Loan Obligation; CRO = Chief Risk Officer; CSAM = Credit Suisse Asset Management; DCM = Debt Capital Markets; DevOps = Development-to-Operations; DPS = Dividend Per Share; E = Estimate; EAM = External Asset Manager; ECA = Export Credit Agency; ECM = Equity Capital Markets; E&E = Entrepreneurs & Executives;EMEA = Europe, Middle East & Africa; ESG = Environmental Social and Governance; Est. = Estimate; EU = European Union; Excl. = Exclude; FID = Fixed Income Department; FI&WM = Fixed Income Wealth Management; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; FY = Full Year; GC = General Counsel; GCP = Global Credit Products; GM = Global Markets; GMV = Gross Market Value; GYB = Global Yield Balanced; HLG = High Level Group; HR = Human Resources; HY = High Yield; IAF = Impact Advisory & Finance; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IBOR = Interbank Offer Rate; IFC = International Finance Corporation; IG = Investment Grade; ILS = Insurance-Linked Strategies; IMM = Internal Model Method;incl. = including; IPO = Initial Public Offering; IRB = Internal Ratings-Based Approach; IT = Information Technology; ITS = International Trading Solutions;IWM = International Wealth Management; LDI = Liability-driven investments; Lev Fin = Leveraged Finance; LTD = Long-term debt; LTM = Last Twelve Months; LTV = Loan to Value; M&A = Mergers & Acquisitions; MREL = Minimum Requirement for own funds and Eligible Liabilities; NIG = Non investment grade;NNA = Net new assets; NRI = Non-resident Indians; Op Risk = Operational Risk; OTC = Over the Counter; p.a. = per annum; PB = Private Banking;PB&WM = Private Banking & Wealth Management; PC = Private Clients; PD = probability of default; p.p. = percentage points; PTI = Pre-tax income;QIS = Quantitative Investment Strategies; QoQ = Quarter over Quarter; QT = Quantitative Trading; RBL = Reserve Based Lending; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE= Return on Tangible Equity; RSA = Revenue Sharing Agreement; RWA = Risk-weighted assets;SA-CCR = Standardized Approach to Counterparty Credit Risk; SBL = Share Backed Lending; SCP = Strategic Client Partner; SEA = South East Asia;SME = Small and Medium-Sized Enterprises; SNB = Swiss National Bank; SoW = Share of Wallet; SP = Securitized Products; STBs = Sustainable Transition Bonds; SUB = Swiss Universal Bank; TBVPS = Tangible book value per share; TLAC = Total Loss-Absorbing Capacity; TLOF = Total Liabilities and Own Funds; TMT = Technology, Media and Telecommunications; (U)HNW(I) = (Ultra) High Net Worth (Individuals); U/W = Underwriting; US GAAP = United States Generally Accepted Accounting Principles; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 

  

   Credit Suisse Investor Day 2019Growth in Wealth Management  Thomas Gottstein, CEO Swiss Universal BankPhilipp Wehle, CEO International Wealth ManagementHelman Sitohang, CEO Asia PacificDecember 11, 2019 

 2  December 11, 2019  Disclaimer  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on December 11, 2019 and filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” 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 and goals 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, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the fourth quarter of 2019. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the fourth quarter of 2019 or the full year 2019 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the full year 2019. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the fourth quarter of 2019 and full year results will be included in our 4Q19 Earnings Release and our 2019 Annual Report. Statement regarding non-GAAP financial measuresThis presentation also contains non-GAAP financial measures, including adjusted results as well as return on regulatory capital, return on tangible equity and tangible book value per share (which are based on tangible shareholders’ equity). Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on December 11, 2019. All Investor Day presentations are available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation provisions, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on Tangible Equity is based on tangible shareholders' equity (also known as tangible book value), a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Tangible book value per share excludes the impact of any dividends paid during the performance period, share buybacks, own credit movements, foreign exchange rate movements and pension-related impacts, 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.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), 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. References to phase-in and look-through included herein refer to Basel III capital requirements and Swiss Requirements. Phase-in reflects that, for the years 2014-2018, there was a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and a phase-out of an adjustment for the accounting treatment of pension plans. For the years 2013-2022, there is a phase-out of certain capital instruments. Look-through assumes the full phase-in of goodwill and other intangible assets and other regulatory adjustments and the phase-out of certain capital instruments.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 look-through tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio.SourcesThis presentation contains certain material 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 or reliability of such information. Certain information has been derived from internal management accounts. 

   Credit Suisse Investor Day 2019Swiss Universal Bank  Thomas Gottstein, CEO Swiss Universal BankDecember 11, 2019 

   Continued improvements of financial metrics (PTI, cost/income ratio, RoRC) and strong client business volume growth driven by significant AuM growth in institutional clients (pension funds) and continued positive momentum in private clients (U/HNWI)Successful Bank for Entrepreneurs (BfE) implementation:Solid momentum in Corporate Banking, U/HNWI and E&E clientsMaintained strong #1 position in our Swiss investment banking business1Further strengthened BfE offering suite, notably in private equity and in technologyAccelerated rollout of new digital offerings across private, corporate and institutional clients, driving digital adoption rate and automationCreated Direct Banking, demonstrating strong commitment to high-tech development of retail and small commercial clientsFor the second year running, won both Euromoney awards (2018, 2019): Best Bank and Best Investment Bank in Switzerland  SUB highlights 2019  4  December 11, 2019  1 Dealogic for the period January 1 to November 27, 2019. Ranked #1 across M&A, ECM and DCM in Switzerland  Swiss Universal Bank 

   SUB delivered a strong performance in a challenging environment…  5  December 11, 2019  Adjusted pre-tax income in CHF mn  Adjusted return on regulatory capital†  Adjusted cost/income ratio  Client business volume in CHF bn  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix of the CEO and CFO Investor Day presentations † RoRC is a non-GAAP financial measure, see Appendix 1 Excludes net revenues and total operating expenses for Swisscard of CHF 148 mn and CHF 123 mn, respectively 2 3Q19 includes CHF 98 mn related to the transfer of the InvestLab fund platform to Allfunds Group, recorded in SUB C&IC 3 Includes commercial assets and transactional accounts  1,707  1  1  1  AuM  AuC3  Net loans  807  833  870  854  948  +18%  9M  2  2  2  Swiss Universal Bank 

   6  December 11, 2019  …9M19 has shown further PTI improvement…  SUBpre-tax incomein CHF bn  1  † RoRC is a non-GAAP financial measure, see Appendix 1 9M19 includes CHF 98 mn related to the transfer of the InvestLab fund platform to Allfunds Group, recorded in SUB C&IC  C/I ratio  RoRC†  1.6  1.3  66%  59%  56%  14%  17%  19%  Swiss Universal Bank  1.8 

   7  December 11, 2019  …and we continue to be a leading Swiss bank in terms of efficiency  Source: Company public disclosures and The Boston Consulting Group Benchmarking 2019 1 Swiss Universal Bank; excludes net revenues and total operating expenses for Swisscard of CHF 148 mn and CHF 123 mn, respectively  Cost/income ratio 1H19Compared to domestic peer group  Cost/income ratio 2015Compared to domestic peer group  SUB1  SUB  Bank 1    Bank 1  Bank 2  Bank 3  Bank 4  Bank 5  Bank 6  Bank 7  Bank 8  Bank 1    Bank 1  Bank 2  Bank 3  Bank 4  Bank 5  Bank 6  Bank 7  Bank 8  -12pps  Swiss Universal Bank 

   8  December 11, 2019  Key themes in 2020  Revenue initiatives  Net interest income:Implement targeted negative interest rates on deposits, grow lending book, increase balance sheet velocityRecurring commissions & fees:Pricing discipline, grow AuM / NNA, grow Direct BankingTransaction-based revenues:ITS collaboration, RM productivity, alternatives to cash, IB Switzerland  Further drive digital adoption as well as automation and optimize footprint over timeDedicated efficiency improvement and cost ambitions by business areaFurther pursue structural cost reduction opportunities  Driving cost discipline and positive operating leverage  Private Clients: Disciplined approach to mortgages and strict compliance framework implementationCorporate and IB clients: Robust risk management framework, optimized commodity trade finance and continued low loss ratioInstitutional Clients: Focus on risk framework implementation for financial institutions and EAMs  Prudent risk management  Revenues  Operating leverage  Risk  Swiss Universal Bank 

     Managing through negative interest rates:Illustrative UHNW RM book (~40 client groups with high CHF cash positions)  2019before re-pricingnegative interest rates1  2020after re-pricingnegative interest rates1  Asset allocation  Estimatedmargin uplift    +20bps  Cash CHF  Equities  Other2  Funds  Cash EUR  Direct investmentsDiscretionary mandatesCSAM funds / CS thematic fundsReal estate fundsFX businessUSD term depositsAlternative investments  Cash CHF  Equities  Other2  Funds  Cash EUR  Funds                1 Re-pricing private clients with account balances >CHF 2 mn a rate of -75 bps and >EUR 1mn a rate of -40 bps 2 Incl. Alternative Investments, Fixed Income, Structured Products and Cash in other currencies  Offered solutions  December 11, 2019  9  Some expected outflows will be compensated by inflows  Swiss Universal Bank 

   10  December 11, 2019  Opportunity to drive revenue growth  Recurringcommissions & fees  Move cash into discretionary mandatesIncrease share of wallet with U/HNWI  Capitalize on positive momentum in pension fund business  Transaction-based revenues  Further strengthen collaboration with ITS (Aim to increase SP penetration >3%)Further increase sales effectiveness by leveraging digital capabilities  #1 franchise IB Switzerland, reduced fee pool in 2019, but strong pipeline for 2020 Increase FX business with SME clients     Private Clients     Corporate & Institutional Clients  AuM in CHF bn  AuM in CHF bn  Structured productpenetration1 in %  IB CH SoW3 2011 - 2019  1st  1st  1st  M&A  DCM  ECM  4.8% penetration at Credit Suisse2  1 Source: McKinsey private banking survey 2017. AuM represents UHNWI, HNWI and entry-HNWI. Reflects the share of structured products and retail products as percent of AuM.3Q18 and 3Q19 represent CS internal view leveraging McKinsey methodology 2 Across IWM and SUB 3 Dealogic for the period January 1, 2011 to November 27, 2019  206  209  214  2.2%  2.4%  2.8%  347  360  425  +22%  +4%  Swiss Universal Bank 

   Investment Banking Switzerland has further strengthened its market-leading position in 2019  Total share of wallet and size of wallet in Switzerland2In USD mn  1 Includes Alcon spin-off (US headquartered) and excludes own issuance. Excluding Alcon, CS SoW is 18.1% (#1) and UBS 11.7% (#2) 2 Dealogic as of November 28, 2019; indicates total revenues in M&A, ECM, DCM, High Yield and Leveraged Loans products in Switzerland. Includes Alcon spin-off  CS rank  #1  #1  #1        Financial Advisor of the Year - Switzerland 2019  2019 YTD SoW1,2  Notable transactions in 2019    Public tender offer to acquire  Financial advisor and Sole Bridge Financing Provider  USD 2,855m  Pending    IPO  Joint Global Coordinator  CHF 752m  October 2019    CHF 200,000,0000.020% Bonds due 2022CHF 200,000,0000.200% Bonds due 2025  Sole Bookrunner  CHF 400m  May 2019    2.500% Bonds due 2024  Sole Bookrunner  CHF 200m  October 2019    CHF 200,000,000FRN, Bonds due 2021CHF 250,000,0000.000% Bonds due 2025CHF150,000,0000.350%, Bonds due 2029  Joint Bookrunner  CHF 600m green bonds  November 2019    IPO  Joint Global Coordinator  CHF 1,530m  April 2019    Sale of to  Financial Advisor  USD 10,112m  October 2019  /    IPO  Joint Global Coordinator  CHF 589m  April 2019    Sale of swisspro Group AG to  Financial Advisor  Undisclosed terms  October 2019    ABB + Private Placement  Sole Bookrunner and Financial Advisor  CHF 1,053m  November 2019    Acquisition of Australian life insurance business from  Exclusive Financial Advisor  USD 2,144m  June 2019    Joint Bookrunner  CHF 660m green bonds  October 2019  CHF 285,000,0000.125% Bonds due 2023CHF 200,000,0000.300% Bonds due 2039CHF 175,000,0000.000% Bonds due 2028  11  December 11, 2019  Swiss Universal Bank 

   12  December 11, 2019  Direct Banking to drive digital offering for high-tech clients  About Direct Banking  Achievements & way-forward  Focus on four key areas to increase market share in retail and small commercial clients segments:Launch of new product offeringsFurther digitalization of current products and processesBest-in-class client service by investing in technology and extending servicing hoursStrong focus on highest security standards  Covering > 1 mn retail client accounts and ~60 k small commercial clients...with ~500 employees in 4 contact centers offering basic products such as accounts, cards, saving solutions including pension products, standard mortgages and simple investment offerings  increase in mobile banking usage since January 2019  ~10pp  of legal entities and private clients are digitally onboarded  > 90%   ‘Best digital corporate bank’Institute of Financial Services Zug (IFZ) and e-foresight                    Swiss Universal Bank 

   13  December 11, 2019  Substantially reduced operating expenses in the last few years  Total operating expenses in CHF bn  1  1 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ 2 9M19 figure  9M19  66%  60%  56%  C/Iratio  2  Mobile banking penetration  Local footprint   ~+14 pp  214  146  68 branches closed  increase in digital RM workbench usage in 2019  ~50pp  more eDoc subscriptions since 2017  ~3x  Strong track record in terms of efficiency and effectiveness over the last 3 years  Continuously driving productivity agenda with clear focus on utilization and front-to-back digitalization  decrease in # of teller transactions since 2017  ~20%  sales leads generated applying advanced analytics  >400k  Swiss Universal Bank   ~15 pp 

   14  December 11, 2019  SUB provisions for credit losses remain on a very low level  PC  C&IC  1 Excluding consumer finance loans booked with BANK-now, credit loss rates would be 2 bps (2017), 5 bps (2018) and 3 bps (9M19, annualized) 2 Annualized  High quality with high proportion of mortgagesHighly collateralizedResilient performance with credit loss rate below 8 bps over the last three years1Stringent and prudent self-regulation in income-producing real estate segment in line with recent regulatory requirementsContinuous monitoring of real estate, construction, export and retail industriesConsumer loan book through our subsidiary BANK-now performing very well over the last several years  Breakdown of SUB loan book by sectoras of 3Q19  Loan loss provisions1  9M19  Net loansin CHF bn  5 bps  165  2017  7 bps  168  2018  5 bps  172  9M19  2  Commercial & industrial loans and others  Corporate real estate  Consumer finance  Loans collateralized by securities  Mortgages  CHF 172 bn  Swiss Universal Bank 

 15  December 11, 2019  Summary  Resilient performance in 2019 despite market headwindsContinued leadership as The Bank for Entrepreneurs and in other ‘high-touch’ areas (e.g. UHNWI, IB, IC)Successfully launched Direct Banking to focus on ‘high-tech’ needs of retail and small commercial clientsKey measures introduced in 4Q19 to address negative interest rate environmentContinued focus on multiple growth opportunities as well as on cost discipline and further efficiency improvements  Summary  Above market growthin revenues & client business volumeIndustry leadingcost/income ratioStrong return on regulatory capital  Ambition  Swiss Universal Bank 

 Appendix  16  December 11, 2019 

   Investment BankingSwitzerlandJens Haas  SUB divisional management committee & ExB of Credit Suisse (Schweiz) AG  17  December 11, 2019  Business Areas  Products  Support Functions  General CounselThomas Grotzer  Human ResourcesClaude Täschler  Chief Executive OfficerThomas Gottstein  Chief Financial OfficerAntoine Boublil  Chief Risk OfficerPhilippe Clémençon1  Chief Compliance OfficerErwin Grob  SUB Sales & ITS SwitzerlandDamian Hoop2  Corporate BankingDidier Denat  Institutional ClientsAndré Helfenstein  Private Clients  Corporate & Institutional Clients  Premium ClientsFelix Baumgartner  Wealth Management ClientsSerge Fehr  Chief Operating OfficerRobert Wagner  Digitalization & ProductsAnke Bridge Haux  Direct BankingMario Crameri      1 Serena Fioravanti effective as of January 1, 2020 2 Dual solid reporting line into Thomas Gottstein and Yves-Alain Sommerhalder (ITS Head of Fixed Income and WM Products)  Swiss Universal Bank 

   18  December 11, 2019  Current interest rate environment  1 Source: Bloomberg as of November 29, 2019 2 Source: Bloomberg as of November 29, 2019 and November 29, 2018 respectively  CHF 10y swap rate evolution1  CHF forward yield curve2  Current macroeconomic dynamics…Short end of curve anchored by SNB, expected to remain on a low level for a longer period of time10-year swap rate significantly more volatile, hitting all time low in August 2019Most domestic banks now charging CHF deposits with negative rates above a certain threshold for private clients and corporate clientsSNB changed threshold calculation from 20x to 25x minimum reserves for banks beginning November 1, 2019 …and business implicationsNegative rates keeping EUR / CHF at around 1.10 supporting export-oriented SMEsPension funds struggling to achieve expected returns, increasingly turning to alternative investments, and for some, expanding into lendingHighly favorable financing conditions supporting rising real estate prices while causing higher vacancy rates in selected areas    Swiss Universal Bank 

   Bank for Entrepreneurs offering suite  19  December 11, 2019  Swiss Universal Bank 

       20  December 11, 2019  Our digitalization roadmap is geared towards client solutions and efficiency      2020 and beyond  1Q19  2Q19  3Q19  4Q19  Processes  Client solutions    Viva young and student product range    Credit Suisse Direct Advisor   Client Self Services Adding signatories and payment investigations  Start rollout to Corporate & Institutional Clients RMs and finalize rollout to ‘Direct Banking’  EAM client onboardingDigital onboarding for EAM clients    Credit Suisse DirectMobile banking app re-launch and 3rd pillar fund trading    Mobile payment solutionsApple, Samsung, and Swatch Pay     End-to-end integrated cases such as instant overdrafts and non-binding offers  Corporate ecosystemsKlara and Cashworks integration into online banking  Mobile bankingIntegrated retail offering    Further end-to-end digitalization of credit process      Credit digitalization  Digital onboarding  RM workbench rollout with SUB HNWI business completed        Branch binding offers for mortgages and online lombard    Corporate Open BankingSwiss payment API      Start rollout to Premium Clients and ‘Direct Banking’    Client identificationCID 2.0 for PLC/LLC onboardings      Modular investment reportingIntroduction of iSIR and adhoc reporting  Digital retail advice & investmentsAligned investment journeys  Reporting capabilities across different banks  Multibanking  ‘Best digital corporate bank’Institute of Financial Services Zug (IFZ)and e-foresight  Swiss Universal Bank 

   Credit Suisse Investor Day 2019International Wealth Management  Philipp Wehle, CEO International Wealth ManagementDecember 11, 2019 

   IWM – an attractive wealth and asset management franchise   22  December 11, 2019  Private Banking  Asset Management  We operate in highly relevant markets…  Note: 9M19 includes CHF 131 mn related to the transfer of the InvestLab fund platform to Allfunds Group, recorded in IWM PB 1 Credit Suisse Global Wealth Report 2019 2 Credit Suisse and Oliver Wyman Wealth Pools 2019 3 Beginning of 2016 through end 3Q19 4 9M19 vs. 9M16 5 BCG Global AM Database 2019 6 Active specialty, solutions/liability-driven investments/balanced in BCG Global AM Database          PTI1.5      22%  78%  28%  72%  Net revenues4.2  9M19 in CHF bn  AuM791  54%  46%  Population1 ~40%GDP1 ~40%Wealth2 ~35%  IWMcover    2023E  2018  2015  ~5%  ~4%  CAGR  in CHF tr  …with a long-term industry growth…  Multiple awards since 2015, reflecting our integrated deliveryCHF 56 bn NNA3 and 6% AuM CAGR3 since 2016PTI up 91%4 since 2016  Top-tier player in our segment geared towards alternatives / alternatives-lite solutions (~2/3rd of AuM)CHF 62 bn NNA3 and 7% revenue CAGR4 since 2016PTI up 90%4 since 2016  …with tangible success  16% 5%32% 4%32% 0%20% 3%  2015  2018  2023E  ~7%  ~5%  CAGR  in CHF tr  AuM share 20185  Fee pool CAGR 2018-23E5  IndustryAM AuM5  AlternativesAlternatives-lite6Active corePassive  IndustryPB AuM2  International Wealth Management 

   IWM key highlights 9M19  23  December 11, 2019  Continued revenue growth (up 6%1 9M19 vs. 9M18), supported by client activation – outperformingpeers (revenues down 3%2)Strong momentum reflecting integrated solution delivery to our clients; PB NNA of CHF 10.4 bn (4% growth rate3); CHF 4.0 bn of new lending in PB; AM NNA of CHF 14.0 bn  Business momentum  1 Up 3% excluding the gain of CHF 131 mn in 3Q19 on the InvestLab transfer 2 Company reports; 9M19 vs. 9M18; UBS GWM & AM, Deutsche Bank WM and AM, Goldman Sachs IM, JPMorgan Chase WM and AM, Morgan Stanley WM and IM 3 Annualized 4 Asset Risk Consultants, October 2019; Credit Suisse Supertrends and Themes 3Q19  Strong performance4 of our investment strategyDevelopment of innovative investment offering leveraging our House View (e.g., Thematic Equities, ESG)Bespoke yield enhancement and capital protection solutions delivered in collaboration with ITS  Valueto clients  Strengthened PB client coverage (e.g., RM headcount up 60, or 5%), self-funded by further efficiency measuresEvolution of platform technology (e.g., transition of AM platform to new risk management platform) and digital capabilities, accounting for approximately 35% of total gross investments  Investments to deliver growth  International Wealth Management 

   Capturing new growth opportunities in Private Banking  24  December 11, 2019  SustainablePre-tax Income Growth  StrongReturn On Capital  ContinuedMarket Outperformance          Further improve client servicing through:Regional client proximitySystematic solution deliveryDigitally enabled approach  1  2  3  International Wealth Management 

   Greater client proximity to capture regional wealth pools  25  December 11, 2019  1  Note: Excludes former International Private Clients cross-regional business area (CHF 19 bn AuM as of 3Q19) 1 Rounded to nearest 5 bn or 10 percentage points 2 Northern and Southern Europe CAGR since 2017 3 The AuM policy review introduced in 1Q19 resulted in a reclassification of approximately CHF 20 bn from AuM to assets under custody; the end 2015 AuM has been updated accordingly   IWM Private Banking  AuM end 3Q191, in CHF  AuM growth (2015-3Q19)1  PTI growth (CAGR 2015-3Q19 LTM)2  Double-digit growth  Single-digit growth        Mature Markets(~40% of PB AuM1)    75 bn    65 bn    Northern Europe                                                                                                              SouthernEurope    30 bn                                                                                                                                                    Latin America        55 bn    Emerging Europe                                                                                                20 bn                                                                                                                                                                                                                    Africa & NRI      55 bn    Middle East & Turkey                                                                                                                                                                                                                      45 bn                                                                                                                                                    Brazil      Split into separate regions in 3Q18  Split into separate regions in 3Q18  Split into separate regions in 3Q18  Selected regional growth initiatives 2019  Emerging Markets(~60% of PB AuM1)  +20%  +60%  +90%  +60%3  +30%  +40%  +20%  Israel  Saudionshore  Sub-Saharan Africa  Multi-shore model  ITS collaboration  Luxembourg build-out  Spaindomestic  International Wealth Management 

   More systematic solution delivery to increase share of wallet  26  December 11, 2019          ~400  Ambition12020 to 2022  Actual2016 to 2018  ~200   ~2x     Estimated net revenue increasefrom Strategic Clientsin CHF mn  2    Add further senior coverage bankers, co-developing billionaire client relationships    Further roll out ‘fast-track’ service paths to reduce time-to-market    Deliver bespoke solutions collaboratively with ITS, IBCM and other capabilities to address client needs    Institutionalize holistic and interdisciplinary review of clients with relevant experts across the bank   1 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ  International Wealth Management 

   Client value from addressing client assets and liabilities  27  December 11, 2019  …majority of liquid and illiquid wealth invested locally…seeking global asset diversification and yield enhancement…without divesting local holdings  Consolidation of holdings with Credit Suisse as house-bank  Strategic UHNW client in emerging market with…                               Client profile and needs     Credit Suisse one-stop-shop solution    2  Example  Monetization of wealth with bespoke asset-backed Structured Lending solution  Reinvestment of loan proceeds into global, tailored AM and ITS solutions  International Wealth Management 

   Digitally enabled client engagement to improve profitability  28  December 11, 2019  Onboard clients,fast and paperless  A  Define Investment Strategy, intuitively guided collection of client needs  Implement InvestmentStrategy, algorithm-based along House View  Rebalance Portfolios,with event triggered trade recommendations  B  C  D  Our digitally enabled House View delivery…  Enhancedclient experience      A  B  C  D  average portfolio return3   …drives major benefits…  Clientsbenefits  time required to develop an investment proposal  Private Banking International(launched November 2019)Scale up digitally enabled value proposition to international investment clients… …and transform into a pan-European bank through Luxembourg hub  RMsbenefits  YoY revenue increase  Franchisebenefits  Based on client engagement initiative in 20192  1 2016 to 3Q19 2 Comparison of clients engaged through the initiative vs. average in applicable client scope 3 Average portfolio expected return at comparable risk profile  x1.2  -80%  >10 p.p.                …for a core part of our clients  >100 mn digitalization investments since 20161Roll-out of benefits across franchise in progress  3  International Wealth Management 

   Transformed Asset Management model, now strongly positioned for further profitable growth  29  December 11, 2019  2016  3Q19 LTM  IWM AM pre-tax incomein CHF mn  +17% CAGR  Products  Streamlined offering with top-quality alternatives and alternative-lite products  ~2/3 Alternative / alternative-lite business1  Distribution  Strengthened internal and 3rd-party distribution channels in regionalized setup  57 bn NNA2o/w ~35% throughCS WM3 channel  Mix  Shifted business model towardsfully-owned operations  +9% CAGRin management fees5  Platform  Modernized and rationalized operations(e.g., transition to new risk management platform)  -15 p.p.Cost / income ratio improvement4  1 Share of AuM at 3Q19 2 Since 2017 3 IWM PB, SUB and APAC PB 4 Since 2015 5 Since 9M16      …scaling market-leading franchises…launching differentiated products  Further grow Asset Management by…  …driving benefits from regional focus…deepening collaboration with PB  International Wealth Management 

   Risk Management and Compliance – firmly embeddedin how we operate  30  December 11, 2019  International Wealth Management  30  December 11, 2019    Protect the franchise and reputationwhile facilitating sustainable growth  Investments          Example:  Strengthening supportInvestments up 25% in Risk Management and Compliance in 2019 vs. 2016  Governance    Example:  Client CommitteeSenior platform for joint decision making on key transactions across front office and control functions  Steering  ScorecardsBonus / malus performance impact based on a broad set of risk indicators      Example:  Transparency  Single Client ViewConsolidated view of complex networks of client relationships across 12 booking platforms  Example:     

   Summary  31  December 11, 2019  Low-margin product with strong client demand(Index Solutions)  SustainablePre-tax Income Growth  StrongReturn On Capital  ContinuedMarket Outperformance    Our strategic ambition:Greater client proximity to capture regional growth poolsMore systematic solution delivery to increase share of walletDigitally enabled client engagement to improve profitabilityFurther growth in Asset Management by scaling market leading franchisesRisk Management and Compliance firmly embedded in the way we operate        International Wealth Management 

 Appendix  32  December 11, 2019 

   Addressing financing needs of our clients as part of our wealth management offering  33  December 11, 2019  Entrepreneurial growthdown 6 p.p.  Investment & asset allocationup 8 p.p.  Lifestyledown 2 p.p.  Lombard lending2  Real Estate  Aviation/Yachtfinance  Shipfinance  Export finance(ECA3 backed)  Client needs  54%  60%  10%  12%  7%  5%  23%  18%  6%  5%  Credit volume share1      End 2016  End 3Q19  1 2016 restated from prior disclosure to reflect transfer of exposures from APAC to IWM 2 Including structured lending against non-financial assets of 1.2% and 3.2% at end 2016 and end 3Q19, respectively 3 Export Credit Agency  International Wealth Management 

   Credit volume portfolio overview  34  December 11, 2019  ~93% investment grade and regionally diversified credit exposure4 (stable vs. 2015)Loan portfolio over 95% on a secured basisImpaired loans /gross loans ratio at 151 bps ~40% of loan portfolio with UHNW clientsMortgages: Mostly residential located in Switzerlandand selected international locations (e.g., UK, FR, IT)Lombard:~75% secured lending based on standardlending parameters~25% non-standard / share-backed lending solutions offered to UHNW clients  ~120 bps3  ~215 bps  Gross loan revenue margin2     IWM credit volume in CHF bn  Key risk metrics (3Q19, unless otherwise noted)  3Q19  56  3  2016  48  Lombard lending1  Ship finance  Real Estate  Aviation / Yacht finance  Export finance  1 Including structured lending against non-financial assets 2 9M19 3 Excluding margin on structured lending against non-financial assets 4 Transaction rating as per internal rating system  International Wealth Management 

     2015  -110  9M19  2018  0  0.13  9M15  9M19  2.6  2015  9M19  Quality hiring in targeted growth markets, leading to higher productivity; started net hiring in 9M19  35  December 11, 2019  AuM per RM  Net revenues per RM  Western Europe2  Emerging markets1  1 Including RM not allocated to regional business areas 2 Including International Private Clients business area, which services clients predominantly from Europe 3 Impact from gain of CHF 131 mn in 3Q19 on the InvestLab transfer  Targeted rebalancing and upgrading of talent base…Number of relationship managers  … drives strong RM productivity improvementsin CHF mn    +27%  +24%  Net: -110  Net: +100  Net hires  Net hires  Net leavers  Net hires  International Wealth Management 

   Credit Suisse Investor Day 2019Asia Pacific   Helman Sitohang, CEO Asia PacificDecember 11, 2019 

   APAC highlights 2019  37  December 11, 2019  Note: All financial figures as of end of 9M19. 3Q19 includes CHF 98 mn related to the transfer of the InvestLab fund platform to Allfunds Group, recorded in APAC PB within WM&C † RoRC is a non-GAAP financial measure, see Appendix 1 Includes PB net interest income, AFG net interest income and PB recurring commission and fees 2 Dealogic Non-Japan Asia, ex-China Onshore, as of November 28, 2019     Asia’s Best Bank for Wealth Management  Derivatives House of the Year Asia ex-Japan  #1 share of wallet rank for Advisory & underwriting (Non-Japan Asia)2  Further strengthened our integrated delivery and Bank for Entrepreneurs differentiationTop 3 franchises in each of APAC IBCM, PB, AFG and Equity SolutionsLaunched ATS (APAC Trading Solutions) to enhance wealth solutions and global connectivityMultiple top franchises in PB and APAC IBCM across our regional footprintDelivering consistently strong RoRC† – 23% for WM&C & 16% for APAC division, anchored by wealth activityRecord WM&C revenues and AuM, with higher base of recurring revenues1 and positive operating leverageCollaboration activity driving deeper share of client wallet and PB and APAC IBCM coverage productivity Focus on capital velocity and risk disciplineAwarded Asia’s Best Bank for Wealth Management by Euromoney  Asia Pacific 

     APAC is delivering strong organic growth in wealth management  38  December 11, 2019    WM&C net revenuesin CHF bn  CAGR+13%  Record  Assets under Managementin CHF bn      Record  Asset growth   10% NNA growth (annualized)    Revenue growth      2  1 3Q19 includes CHF 98 mn related to the transfer of the InvestLab fund platform to Allfunds Group, recorded in APAC PB within WM&C 2 Includes market movements, currency and other  1  Asia Pacific 

     Asia wealth projected to grow, with outsized share to top players  39  December 11, 2019  Significant share of client wallet with top players  Share of wallet with top 5 firms2   30%    55%  #2   ~40% of global U/HNW wealth pool growth from APAC  80% 1st & 2nd Gen. entrepreneurs, i.e. corporate-linked4  44% of wealth pool in APAC is managed by wealth managers (vs. 62% Rest of world)1  U/HNWI Wealth CAGR (2018 – 2023E)1      #1   1 Oliver Wyman Wealth Management Market Sizing Model 2019 - Financial assets of > USD 1 mn held by a private individual 2 Dealogic Non-Japan Asia, ex-China onshore as of November 28, 2019 3 Asian Private Banker league table. Top 5 firms share out of Top 20 4 Estimates by Credit Suisse Research Institute The CS Family 1000 in 2018  Share of wallet with top 5 firms3   Advisory & Underwriting fees22019 YTD, in USD mn  PB Assets under Management3end 2018, in USD bn  Asia Pacific 

   Collaboration from integrated APAC division a key differentiator  40    Significant net assets referred through collaboration    Significant revenues from integrated solutions      APAC IBCMCoverage depth and global access  ATS(new in 2019) Product innovation and wealth focus  December 11, 2019        α  α  α          Holistic advisory  Tailored investments & lending  Structured solutions  Private BankingClient networkand distribution  20 bn+  1 bn+  in CHF  in CHF  Asia Pacific 

   41  December 11, 2019  Deepening opportunity with UHNWI/Entrepreneurs    Bank for Entrepreneurs - Example client journey     Growing and uplifting our top clients  Strategic clients’ revenues  Develop  Expand  Cultivate  +13%      2009  2013  2016  2017  2018  2019    1st transaction with CS: convertible bond (APAC IBCM)  Syndicated loan (APAC IBCM /AFG)  IPO (APAC IBCM/ PB/Markets)  IPO + cross-border M&A (APAC IBCM/PB/Markets)   AuM (PB)  1 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ. Includes YTD revenues as of November 30, 2019, APAC IBCM deals executed but not yet booked, AFG December 2019 accruals and expected Day 1 fees, PB December 2019 revenues.   1    Asia Pacific 

   Strong and diversified regional footprint poised for growth  42  December 11, 2019  Momentum  Opportunity  WM&C rev. growth(9M15-9M19 CAGR)  U/HNWI Wealth growth3(2018-2023E CAGR)  +12%  Positioning  Advisory & U/W SoW rank2(2019 YTD)  #3  Foreign PB AuM rank1(9M19)  Top 3      +6%  #5  n.a.  +7%  #1  Top 2  +5%  #5  Top 2  +9%  #3  Top 3  +3%  niche    ~5%  >30%  ~15%  Top 2  1 Internal management estimate based on Credit Suisse APAC business scope, including offshore and onshore business where relevant. Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ 2 Dealogic APAC ex-Japan, ex-China Onshore, as of November 28, 2019 3 Oliver Wyman Wealth Management Market Sizing Model 2019 - Financial assets of > USD 1 mn held by a private individual  Asia Pacific 

   APAC: Continue to deliver strong growth in wealth management at attractive returns  43  December 11, 2019  Grow client assets and recurring revenues, while maintaining focus on capital velocity Deliver ATS upside from increasing tailored wealth solutions and platform synergiesDrive country franchises leveraging Credit Suisse top positionsCreate further “alpha” from increasing client engagement and collaborationContinue to enhance risk management and controls  Bank for Entrepreneurs  Asia Pacific 

 Appendix  44  December 11, 2019 

 45  December 11, 2019  For reconciliation of adjusted to reported results, refer to the Appendix of the CEO and CFO Investor Day 2019 presentations, published on December 11, 2019Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 capital, CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in this presentation for periods prior to 2019 are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuMMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager business  General notes  Specific notes  Notes (1/2)  * Following the successful completion of our restructuring program in 2018, we updated our calculation approach for adjusted operating cost base at constant FX rates. Beginning in 1Q19, adjusted operating cost base at constant FX rates includes adjustments for major litigation provisions, expenses related to real estate disposals and business sales as well as for debit valuation adjustments (DVA) related volatility and FX, but not for restructuring expenses and certain accounting changes. Adjustments for FX apply unweighted 2018 currency exchange rates, i.e., a straight line average of monthly rates, consistently for the periods under review. Under the current presentation, adjusted operating cost base at constant FX rates for periods prior to 1Q19 still include adjustments for restructuring expenses and a goodwill impairment taken in 4Q15, but no longer include an adjustment for certain accounting changes. Beginning in 1Q20, adjustments for FX will apply unweighted 2019 currency exchange rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital (a non-GAAP financial measure) is calculated using income/(loss) after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders’ equity. Tangible book value per share is a non-GAAP financial measure, which is calculated by dividing tangible shareholders’ equity by total number of shares outstanding. Management believes that tangible shareholders’ equity/tangible book value, return on tangible equity and tangible book value per share are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-4Q17, tangible shareholders’ equity excluded goodwill of CHF 4,742 mn and other intangible assets of CHF 223 mn from total shareholders’ equity of CHF 41,902 mn as presented in our balance sheet. For end-1Q18, tangible shareholders’ equity excluded goodwill of CHF 4,667 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 42,540 mn as presented in our balance sheet. For end-2Q18, tangible shareholders’ equity excluded goodwill of CHF 4,797 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 43,470 mn as presented in our balance sheet. For end-3Q18, tangible shareholders’ equity excluded goodwill of CHF 4,736 mn and other intangible assets of CHF 214 mn from total shareholders’ equity of CHF 42,734 mn as presented in our balance sheet. For end-4Q18, tangible shareholders’ equity excluded goodwill of CHF 4,766 mn and other intangible assets of CHF 219 mn from total shareholders’ equity of CHF 43,922 mn as presented in our balance sheet. For end-1Q19, tangible shareholders’ equity excluded goodwill of CHF 4,807 mn and other intangible assets of CHF 224 mn from total shareholders’ equity of CHF 43,825 mn as presented in our balance sheet. For end-2Q19, tangible shareholders’ equity excluded goodwill of CHF 4,731 mn and other intangible assets of CHF 216 mn from total shareholders’ equity of CHF 43,673 mn as presented in our balance sheet. For end-3Q19, tangible shareholders’ equity excluded goodwill of CHF 4,760 mn and other intangible assets ofCHF 219 mn from total shareholders’ equity of CHF 45,150 mn as presented in our balance sheet. Shares outstanding were 2,550.3 mn at end-4Q17, 2,552.4 mn at end-3Q18, 2,550.6 mn at end-4Q18 and 2,473.8 mn at end-3Q19. 

 46  December 11, 2019  Notes (2/2)  Abbreviations  ABL = Asset Based Lending; Abs. = Absolute; Adj. = Adjusted; AFG = Asia Pacific Financing Group; AM = Asset Management; Ann. = Annualized;APAC = Asia Pacific; Approx. = Approximately; ARC = Asset Risk Consultants; ARU = Asset Resolution Unit; ATS = APAC Trading Solutions; AuM = Assets under Management; Avg.= Average; BCBS = Basel Committee on Banking Supervision; BEAT = Base Erosion and Anti-Abuse Tax; BfE = Bank for Entrepreneurs; BHC = Bank Holding Company; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CBG = Corporate Bank Group; CC = Corporate Center; CCO = Chief Compliance Officer; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1;CH = Switzerland; C/I = Cost/Income; C&IC = Corporate and Institutional Clients; CIC = Corporate & Institutional Clients; CLO = Collateralized Loan Obligation; CRO = Chief Risk Officer; CSAM = Credit Suisse Asset Management; DCM = Debt Capital Markets; DevOps = Development-to-Operations; DPS = Dividend Per Share; E = Estimate; EAM = External Asset Manager; ECA = Export Credit Agency; ECM = Equity Capital Markets; E&E = Entrepreneurs & Executives;EMEA = Europe, Middle East & Africa; ESG = Environmental Social and Governance; Est. = Estimate; EU = European Union; Excl. = Exclude; FID = Fixed Income Department; FI&WM = Fixed Income Wealth Management; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; FY = Full Year; GC = General Counsel; GCP = Global Credit Products; GM = Global Markets; GMV = Gross Market Value; GYB = Global Yield Balanced; HLG = High Level Group; HR = Human Resources; HY = High Yield; IAF = Impact Advisory & Finance; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IBOR = Interbank Offer Rate; IFC = International Finance Corporation; IG = Investment Grade; ILS = Insurance-Linked Strategies; IMM = Internal Model Method;incl. = including; IPO = Initial Public Offering; IRB = Internal Ratings-Based Approach; IT = Information Technology; ITS = International Trading Solutions;IWM = International Wealth Management; LDI = Liability-driven investments; Lev Fin = Leveraged Finance; LTD = Long-term debt; LTM = Last Twelve Months; LTV = Loan to Value; M&A = Mergers & Acquisitions; MREL = Minimum Requirement for own funds and Eligible Liabilities; NIG = Non investment grade;NNA = Net new assets; NRI = Non-resident Indians; Op Risk = Operational Risk; OTC = Over the Counter; p.a. = per annum; PB = Private Banking;PB&WM = Private Banking & Wealth Management; PC = Private Clients; PD = probability of default; p.p. = percentage points; PTI = Pre-tax income;QIS = Quantitative Investment Strategies; QoQ = Quarter over Quarter; QT = Quantitative Trading; RBL = Reserve Based Lending; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE= Return on Tangible Equity; RSA = Revenue Sharing Agreement; RWA = Risk-weighted assets;SA-CCR = Standardized Approach to Counterparty Credit Risk; SBL = Share Backed Lending; SCP = Strategic Client Partner; SEA = South East Asia;SME = Small and Medium-Sized Enterprises; SNB = Swiss National Bank; SoW = Share of Wallet; SP = Securitized Products; STBs = Sustainable Transition Bonds; SUB = Swiss Universal Bank; TBVPS = Tangible book value per share; TLAC = Total Loss-Absorbing Capacity; TLOF = Total Liabilities and Own Funds; TMT = Technology, Media and Telecommunications; (U)HNW(I) = (Ultra) High Net Worth (Individuals); U/W = Underwriting; US GAAP = United States Generally Accepted Accounting Principles; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 

 December 11, 2019  47   

 Credit Suisse Investor Day 2019An effective approach: 3 case studies  Eric Varvel, Global Head of Asset ManagementMarisa Drew, CEO Impact & Advisory FinanceEdwin Low and Zeth Hung, Co-Heads APAC IBCMDecember 11, 2019 

 Disclaimer  2  December 11, 2019  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on December 11, 2019 and filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” 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 and goals 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, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the fourth quarter of 2019. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the fourth quarter of 2019 or the full year 2019 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the full year 2019. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the fourth quarter of 2019 and full year results will be included in our 4Q19 Earnings Release and our 2019 Annual Report. Statement regarding non-GAAP financial measuresThis presentation also contains non-GAAP financial measures, including adjusted results as well as return on regulatory capital, return on tangible equity and tangible book value per share (which are based on tangible shareholders’ equity). Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on December 11, 2019. All Investor Day presentations are available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation provisions, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on Tangible Equity is based on tangible shareholders' equity (also known as tangible book value), a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Tangible book value per share excludes the impact of any dividends paid during the performance period, share buybacks, own credit movements, foreign exchange rate movements and pension-related impacts, 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.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), 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. References to phase-in and look-through included herein refer to Basel III capital requirements and Swiss Requirements. Phase-in reflects that, for the years 2014-2018, there was a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and a phase-out of an adjustment for the accounting treatment of pension plans. For the years 2013-2022, there is a phase-out of certain capital instruments. Look-through assumes the full phase-in of goodwill and other intangible assets and other regulatory adjustments and the phase-out of certain capital instruments.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 look-through tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio.SourcesThis presentation contains certain material 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 or reliability of such information. Certain information has been derived from internal management accounts. 

 Asset Management  3  December 11, 2019 

   Significant growth in profitability and margins  IWM Asset Management pre-tax income  2015  3Q19 LTM  ∆    182  448  PTI  2.5x    11%  34%  RoE after-tax  ~3x    1,184  Operating expenses  +3%  1,146    11.2  9.4  RWA in CHF bn    -16%  321  426  AuM in CHF bn    +33%  14%  27%  PTI margin1  ~2x    IWM Asset Management key metrics  in CHF mn    High-margin, market-leading specialist with global capabilities     Strong distribution network and growing connectivity with PB    >70% of assets with institutional investors2    >1,100 employees with five major investment hubs2    in CHF mn  25% CAGR  1 PTI margin calculated as pre-tax income divided by revenues 2 As of September 30, 2019  4  December 11, 2019 

 Re-orient towards alternative solutions  1  Grow recurring management fees  3  Increase collaboration with Private Banking  2  Be a high-quality, high-returning global asset manager fully leveraging capabilities across the GroupFocus on products and markets where we have a distinct competitive advantage Provide institutional-quality products and solutions to both institutional and private investors  Ambition  Strategic priorities  Aim to continue to increase the value of the business  5  December 11, 2019 

       Re-orient towards alternative solutions    Repositioned core franchisesto alternatives-lite   Boutique and growing alternatives  Pure-play, scaled alternatives   Insurance-Linked Strategies#2 ILS manager globally3  NEXTHigh-returning private equity Fintech investor  Quantitative TradingDifferentiated offerings across QT and QIS  Latin AmericaCredit and Real Estate franchises in Mexico and Brazil  Balanced SolutionsScaled institutional quality   Low-margin product with strong client demand  Index SolutionsGreater than CHF 100 bnin AuM1  +35 bn  +69 bn (66% of total AuM growth)  Asset Management industry      Passive/Undifferentiated  Specialized/Alternatives                        AuM growth since 20156 in CHF      1  Average Credit Suisse margin  ~7 bps  ~45 bps  6  Credit Investments GroupOne of the largest senior loan managers; #1 US CLO manager2  Fixed IncomeInnovative product offerings  EquitiesSpecialized product offerings  Real Estate#1 manager in Switzerland4 with expanding international presence  1 As of September 30, 2019 2 Creditflux as of September 30, 2019 3 Current Artemis AuM ranking 4 FINMA-authorized CIV weighted by asset area 5 Morningstar data as of October 31, 2019 6 Fee-based businesses  December 11, 2019  CommoditiesOne of the largest US mutual fund managers by AuM5  

       Re-orient towards alternative solutions    Repositioned core franchisesto alternatives-lite   Boutique and growing alternatives  Pure-play, scaled alternatives   Insurance-Linked Strategies#2 ILS manager globally3  NEXTHigh-returning private equity Fintech investor  Quantitative TradingDifferentiated offerings across QT and QIS  Latin AmericaCredit and Real Estate franchises in Mexico and Brazil  Balanced SolutionsScaled institutional quality   Low-margin product with strong client demand  Index SolutionsGreater than CHF 100 bnin AuM1  Asset Management industry      Passive/Undifferentiated  Specialized/Alternatives                            1  7  Credit Investments GroupOne of the largest senior loan managers; #1 US CLO manager2  Fixed IncomeInnovative product offerings  EquitiesSpecialized product offerings  Real Estate#1 manager in Switzerland4 with expanding international presence  December 11, 2019  +35 bn  +69 bn (66% of total AuM growth)  AuM growth since 20156 in CHF  Average Credit Suisse margin  ~7 bps  ~45 bps  CommoditiesOne of the largest US mutual fund managers by AuM5   1 As of September 30, 2019 2 Creditflux as of September 30, 2019 3 Current Artemis AuM ranking 4 FINMA-authorized CIV weighted by asset area 5 Morningstar data as of October 31, 2019 6 Fee-based businesses 

 Credit Investments Group  Key initiatives and product innovation  #1 US CLO manager12019 Global Capital CLO Manager of the Year2CS Floating Rate High Income and CS Strategic Income Mutual Funds maintain Morningstar Five Star Ratings3First close on CLO equity fund  AuM in CHF bn    CLOs    Leveraged Loans  Global Fixed Income   Supply Chain Fund family UHNW MandatesFixed Maturity Bond Fund seriesAsia Corporate Bond FundLong/Short Bond Fund  +7.8+5.4+4.7+1.9+1.5  NNA in CHF bn  Innovative/higher-margin offerings    Recently launched strategies    Other Strategies (Funds and Mandates)  AuM in CHF bn    1  Created a leading credit platform with ~CHF 120 bn AuM   13% CAGR  12% CAGR  8  1 Creditflux as of September 30, 2019 2 Global Capital, May 2019 3 Morningstar data as of September 30, 2019  December 11, 2019 

 CS (Lux) Robotics Equity Fund (June ‘16)CS (Lux) Security Equity Fund (May ‘13)CS (Lux) Digital Health Equity Fund (Dec ’17)CS (Lux) Edutainment Equity Fund (Sept ‘19)  Assets under Management  Pure-Play approach: Select long-term winners from a concentrated universe of companies with high “purity” or exposure to respective themesBottom-up stock selection: Multi-year investment horizon of 7–10 years and typically a low turnover ratio  Key Differentiators  1  Launched ~CHF 6 bn Thematic Equity Fund Family  9  in CHF bn  +69.9% +186.8%+23.7%N/A2  ITD Performance1  1 Represents inception to date performance for Class B shares from FundGateway/Factsheets; data as of October 31, 2019 2 Performance figures unavailable given launch was less than twelve months ago  Thematic Equity Fund Offerings (launch date)  December 11, 2019 

   Collaboration highlights  PB has delivered 34% of total Asset Management NNA since end-2015In 9M19, the percentage of assets raised through PB has increased to ~50% of total Asset Management NNAPriorities include:Focus on differentiated UHNW solutions aligned with House View where applicableAM Product Specialists closely aligned with Advisory & Sales and Relationship Managers  in CHF bn  Significant NNA generation since end-2015    Raised through PB channels    Raised through institutional investors  2  Increase collaboration with Private Banking  10  December 11, 2019 

     Revenue growth  +265  ∆ 2015 -3Q19 LTM  +305  Management Fees  Performance & PlacementFees  Investments & Partnerships  Net revenues in CHF mn  3  Grow recurring management fees  Targeted deployment of Risk-Weighted Assets  -16%  -30%  Fee-based businesses  Investments & Partnerships  ∆ 2015 -3Q19  Strong base of stable, recurring management fees     Scaled existing, successful strategies      Reduced fee-based businesses RWA by 30%    Limited use of capital for third-party investments    RWA in CHF bn  1,328  1,633  11  December 11, 2019 

   Performance       Innovation, product adjacencies and ESG    Distribution    Management of resources    Scale  Management philosophy going forward    Management matters  12  December 11, 2019 

 Impact Advisory & Finance (IAF)  13  December 11, 2019 

 IAF is responding to the paradigm shift in changingclient needs since its inception in 2017  14                                                                                                                                                                                                                                                                                                                                                                  Tidjane ThiamGroup CEO      Global Markets  Investment Banking & Capital Markets   IAF Department   The IAF Department is responsible for setting the strategy as well as directing, coordinating and facilitating activities globally across the bank which leads to sustainable finance and impact investing on behalf of the bank’s private wealth, institutional and corporate clients.  Corporate clients Institutional clients Private clients   International Wealth Management   Swiss Universal Bank   APAC   December 11, 2019 

 The UN Sustainable Development Goals lend themselves to mapping against our Credit Suisse Research Supertrends  15  Technology at the service of humans  Silver economy   Millennial’s values     Angry societies   Infrastructure          December 11, 2019 

 Our selected IAF highlights demonstrate ourstrong progress in 2019  16  Private clients    Institutional & corporate clients    Industry standard setting and innovative finance     Green Carpet Days Impact Investing Workshop Series Low Carbon Blue Economy NoteResponsible Consumer Fund  Green Bond underwriting “CSAM goes ESG”Sustainable Transition BondsSustainable IPO activity  IFC Operating Principles for Impact Management Responsible Investor Oceans ReportHLG on innovation for Humanitarian Aid Rhino impact bond  December 11, 2019 

 17  Green Carpet DaysHow to build a sustainable and impact portfolioHighly interactive session designed around the needs of individual clients to provide practical and actionable advice on each client’s sustainable and impact investing journey Sessions covered include:Do I have to sacrifice returns? No! Here’s whyWhat would a fully sustainable portfolio look like? Making a difference: how to evaluate impact Pickup in electric vehicle and sustainable food lunch  Impact investing workshop series Targeting primarily NextGenThree 3-hour workshops over 12-18 months, leveraging the program from: Sessions covered include:Different approaches to sustainable and impact investing across asset classesHow do we maximize impact? Building a sustainable and impact portfolio  Low Carbon Blue Economy Note Collaboration with World Bank to help protect our oceans  Invest in projects that promote sustainable economic growth, support job creation and maintain ocean health  Work with governments to improve policies that support the blue agenda  Capital protection plus carbon index upside   AAA backed note   Responsible Consumer FundPublic equity strategy geared towards millennial values Clients  Waste and recycling  Sustainable Supply Chains       Produce, transform and distribute  Sustainable Foods    Renewables and efficiency  Sustainable Urban Systems    Mobility and sharing  Sustainable Lifestyles          Private clients  December 11, 2019 

 18  Green BondsAccelerated growth in Green Bond activity   Sustainable Transition Bonds (STBs)Defining a new framework   CSAM goes ESG Targeting CHF 100 bn of ESG AuM by the end of 2020   IPO activityFinancing corporates making an impact   “We’ve seen a growing demand from investors for a wider universe of green and sustainable investment opportunities, alongside the need for consistent and standardized disclosures on transition…STBs will provide investors with more opportunities to finance corporate efforts to decarbonize.”   Sarah BreedenExecutive Director of UK Banks Supervision, Bank of England  “To reach a carbon neutral economy, all companies in all sectors will need to transition, requiring financing well beyond existing green products…STBs can play a key part in ensuring finance supports this outcome.”  Credit Suisse acted as a primary underwriter in the IPOThe shares were priced at USD 25 per share implying an EV of USD 1.5 bn and traded as high as USD 72.25 by the end of the trading week1 It was the best performing first-day IPO in nearly two decades1  in USD bn1     Press ReleaseCredit Suisse Asset Management migrates ESG across its product range, targeting CHF 100 billion of ESG assets under management by the end of 2020 Credit Suisse Asset Management is taking the important step of integrating environmental, social and corporate governance factors (ESG) into its investment process. In the first phase, more than 30 actively managed investment funds with more than CHF 20 billion of assets will be repositioned to fulfil the ESG criteria defined by the Credit Suisse Sustainable Investing Framework by the end of October 2019.   1 Source: Bloomberg 2 As per end of November 2019  IAF established     Institutional &corporate clients  Mary SchapiroChairman and Vice Chair for Global Public Policy, Bloomberg  2  10x  December 11, 2019 

 APAC IBCM  19  December 11, 2019 

   Top Credit Suisse APAC IBCM franchise  20  1 Dealogic as of November 28, 2019 (Non-Japan Asia, ex-China onshore) 2 Gross revenue originated by APAC IBCM within WM&C pre revenue sharing agreements with APAC Markets 3 Dealogic as of September 30, 2019 (APAC ex-Japan, ex-China onshore) 4 IMF World Economic Outlook, October 2019    APAC IBCM gross revenues2(in CHF mn)   +13%  CAGR(9M16-9M19)  Dealogic street fees3   +3%  APAC GDP4(2016-2019E)  +6%  Advisory & Underwriting share of wallet1  #1   #3   #3  #2     Non-Japan Asia  #1   #2   #1  #1   SEA  #3   #7   #2  #4   Greater China      Integrated model and co-coverageLeadership across regional footprintProduct expertise and TMT strengthTop decision makers and client focus  Our differentiators  1  2  3  1  4  December 11, 2019 

    Collaboration is central to our approach  21      APAC IBCMCoverage depth and global access  ATS(new in 2019) Product innovation and wealth focus        α  α  α          Holistic advisory  Tailored investments & lending  Structured solutions  Private BankingClient networkand distribution  +  Global connectivity    1  December 11, 2019 

    Broad-based regional footprint positions us for growth  22  1 Dealogic as of November 28, 2019 (APAC ex-Japan, ex-China onshore) 2 Internal management estimate based on Credit Suisse APAC business scope, including offshore and onshore business where relevant. Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of December 11, 2019. Actual results may differ 3 Oliver Wyman Wealth Management Market Sizing Model 2019 - Financial assets of > USD 1 mn held by a private individual                                                                                                                                                                                                                                                                                              U/HNW wealth3 (CAGR ’18-23E)  Foreign PB AuM rank2  Gr. China  SEA & frontier markets  India  Japan  Australia  Advisory & Underwriting SoW rank1      Top 3  +12%  #3    Top 3  +9%  #3    Top 2  +3%  niche    Top 2  +7%  #1    Top 2  +5%  #5  2  Korea    n/a  +6%  #5  Mutual strengths in APAC IBCM and PBEntrepreneur focus and connectivity with PB/ATSIntra APAC connectivity and global access  The Asset Country Awards 2019 Best Equity Advisor and Best M&A Advisor for China   The Asset Country Awards 2019 Best M&A Advisor for Korea   FinanceAsia Country Awards 2019 Best International Investment Bank in Singapore, Indonesia, Malaysia  Euromoney Awards for Excellence 2019   Best Investment Bank in Vietnam   FinanceAsia Achievement Awards 2019 Best Country Deal, India  December 11, 2019 

    Our Top 5 market share across all Products  23  1 Dealogic as of November 28, 2019 (APAC ex-Japan, ex-China onshore)  #3  #4  #4  Advisory & Underwriting SoW rank1(2019 YTD)  #1  ECM  M&A  DCM  Leveraged Finance  #1  All products  3  #2   Convertible Bonds  #2   High Yield  Corporate solutions coupled with wealth offering#2 TMT SoW rank1Marquee transactionsCollaboration and alignment with Markets   FinanceAsia Achievement Awards 2019Deal of the year, Asia for Alibaba's HK Listing   December 11, 2019 

    Intensity of client focus across the division  24          Top clients  Top producers  Front-to-back prioritization  Large transactions      ecosystem  4  December 11, 2019 

 Appendix  25  December 11, 2019 

 26  December 11, 2019  For reconciliation of adjusted to reported results, refer to the Appendix of the CEO and CFO Investor Day 2019 presentations, published on December 11, 2019Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 capital, CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in this presentation for periods prior to 2019 are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuMMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager business  General notes  Specific notes  Notes (1/2)  * Following the successful completion of our restructuring program in 2018, we updated our calculation approach for adjusted operating cost base at constant FX rates. Beginning in 1Q19, adjusted operating cost base at constant FX rates includes adjustments for major litigation provisions, expenses related to real estate disposals and business sales as well as for debit valuation adjustments (DVA) related volatility and FX, but not for restructuring expenses and certain accounting changes. Adjustments for FX apply unweighted 2018 currency exchange rates, i.e., a straight line average of monthly rates, consistently for the periods under review. Under the current presentation, adjusted operating cost base at constant FX rates for periods prior to 1Q19 still include adjustments for restructuring expenses and a goodwill impairment taken in 4Q15, but no longer include an adjustment for certain accounting changes. Beginning in 1Q20, adjustments for FX will apply unweighted 2019 currency exchange rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital (a non-GAAP financial measure) is calculated using income/(loss) after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders’ equity. Tangible book value per share is a non-GAAP financial measure, which is calculated by dividing tangible shareholders’ equity by total number of shares outstanding. Management believes that tangible shareholders’ equity/tangible book value, return on tangible equity and tangible book value per share are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-4Q17, tangible shareholders’ equity excluded goodwill of CHF 4,742 mn and other intangible assets of CHF 223 mn from total shareholders’ equity of CHF 41,902 mn as presented in our balance sheet. For end-1Q18, tangible shareholders’ equity excluded goodwill of CHF 4,667 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 42,540 mn as presented in our balance sheet. For end-2Q18, tangible shareholders’ equity excluded goodwill of CHF 4,797 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 43,470 mn as presented in our balance sheet. For end-3Q18, tangible shareholders’ equity excluded goodwill of CHF 4,736 mn and other intangible assets of CHF 214 mn from total shareholders’ equity of CHF 42,734 mn as presented in our balance sheet. For end-4Q18, tangible shareholders’ equity excluded goodwill of CHF 4,766 mn and other intangible assets of CHF 219 mn from total shareholders’ equity of CHF 43,922 mn as presented in our balance sheet. For end-1Q19, tangible shareholders’ equity excluded goodwill of CHF 4,807 mn and other intangible assets of CHF 224 mn from total shareholders’ equity of CHF 43,825 mn as presented in our balance sheet. For end-2Q19, tangible shareholders’ equity excluded goodwill of CHF 4,731 mn and other intangible assets of CHF 216 mn from total shareholders’ equity of CHF 43,673 mn as presented in our balance sheet. For end-3Q19, tangible shareholders’ equity excluded goodwill of CHF 4,760 mn and other intangible assets ofCHF 219 mn from total shareholders’ equity of CHF 45,150 mn as presented in our balance sheet. Shares outstanding were 2,550.3 mn at end-4Q17, 2,552.4 mn at end-3Q18, 2,550.6 mn at end-4Q18 and 2,473.8 mn at end-3Q19. 

 27  December 11, 2019  Notes (2/2)  Abbreviations  ABL = Asset Based Lending; Abs. = Absolute; Adj. = Adjusted; AFG = Asia Pacific Financing Group; AM = Asset Management; Ann. = Annualized;APAC = Asia Pacific; Approx. = Approximately; ARC = Asset Risk Consultants; ARU = Asset Resolution Unit; ATS = APAC Trading Solutions; AuM = Assets under Management; Avg.= Average; BCBS = Basel Committee on Banking Supervision; BEAT = Base Erosion and Anti-Abuse Tax; BfE = Bank for Entrepreneurs; BHC = Bank Holding Company; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CBG = Corporate Bank Group; CC = Corporate Center; CCO = Chief Compliance Officer; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1;CH = Switzerland; C/I = Cost/Income; C&IC = Corporate and Institutional Clients; CIC = Corporate & Institutional Clients; CLO = Collateralized Loan Obligation; CRO = Chief Risk Officer; CSAM = Credit Suisse Asset Management; DCM = Debt Capital Markets; DevOps = Development-to-Operations; DPS = Dividend Per Share; E = Estimate; EAM = External Asset Manager; ECA = Export Credit Agency; ECM = Equity Capital Markets; E&E = Entrepreneurs & Executives;EMEA = Europe, Middle East & Africa; ESG = Environmental Social and Governance; Est. = Estimate; EU = European Union; Excl. = Exclude; FID = Fixed Income Department; FI&WM = Fixed Income Wealth Management; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; FY = Full Year; GC = General Counsel; GCP = Global Credit Products; GM = Global Markets; GMV = Gross Market Value; GYB = Global Yield Balanced; HLG = High Level Group; HR = Human Resources; HY = High Yield; IAF = Impact Advisory & Finance; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IBOR = Interbank Offer Rate; IFC = International Finance Corporation; IG = Investment Grade; ILS = Insurance-Linked Strategies; IMM = Internal Model Method;incl. = including; IPO = Initial Public Offering; IRB = Internal Ratings-Based Approach; IT = Information Technology; ITS = International Trading Solutions;IWM = International Wealth Management; LDI = Liability-driven investments; Lev Fin = Leveraged Finance; LTD = Long-term debt; LTM = Last Twelve Months; LTV = Loan to Value; M&A = Mergers & Acquisitions; MREL = Minimum Requirement for own funds and Eligible Liabilities; NIG = Non investment grade;NNA = Net new assets; NRI = Non-resident Indians; Op Risk = Operational Risk; OTC = Over the Counter; p.a. = per annum; PB = Private Banking;PB&WM = Private Banking & Wealth Management; PC = Private Clients; PD = probability of default; p.p. = percentage points; PTI = Pre-tax income;QIS = Quantitative Investment Strategies; QoQ = Quarter over Quarter; QT = Quantitative Trading; RBL = Reserve Based Lending; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE= Return on Tangible Equity; RSA = Revenue Sharing Agreement; RWA = Risk-weighted assets;SA-CCR = Standardized Approach to Counterparty Credit Risk; SBL = Share Backed Lending; SCP = Strategic Client Partner; SEA = South East Asia;SME = Small and Medium-Sized Enterprises; SNB = Swiss National Bank; SoW = Share of Wallet; SP = Securitized Products; STBs = Sustainable Transition Bonds; SUB = Swiss Universal Bank; TBVPS = Tangible book value per share; TLAC = Total Loss-Absorbing Capacity; TLOF = Total Liabilities and Own Funds; TMT = Technology, Media and Telecommunications; (U)HNW(I) = (Ultra) High Net Worth (Individuals); U/W = Underwriting; US GAAP = United States Generally Accepted Accounting Principles; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 

  

   Credit Suisse Investor Day 2019Driving revenue growth in Wealth Management  Philipp Wehle, CEO International Wealth ManagementHelman Sitohang, CEO Asia PacificThomas Gottstein, CEO Swiss Universal BankDecember 11, 2019 

 2  December 11, 2019  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on December 11, 2019 and filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” 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 and goals 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, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the fourth quarter of 2019. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the fourth quarter of 2019 or the full year 2019 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the full year 2019. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the fourth quarter of 2019 and full year results will be included in our 4Q19 Earnings Release and our 2019 Annual Report. Statement regarding non-GAAP financial measuresThis presentation also contains non-GAAP financial measures, including adjusted results as well as return on regulatory capital, return on tangible equity and tangible book value per share (which are based on tangible shareholders’ equity). Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on December 11, 2019. All Investor Day presentations are available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation provisions, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on Tangible Equity is based on tangible shareholders' equity (also known as tangible book value), a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Tangible book value per share excludes the impact of any dividends paid during the performance period, share buybacks, own credit movements, foreign exchange rate movements and pension-related impacts, 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.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), 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. References to phase-in and look-through included herein refer to Basel III capital requirements and Swiss Requirements. Phase-in reflects that, for the years 2014-2018, there was a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and a phase-out of an adjustment for the accounting treatment of pension plans. For the years 2013-2022, there is a phase-out of certain capital instruments. Look-through assumes the full phase-in of goodwill and other intangible assets and other regulatory adjustments and the phase-out of certain capital instruments.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 look-through tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio.SourcesThis presentation contains certain material 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 or reliability of such information. Certain information has been derived from internal management accounts.  Disclaimer 

 International Wealth Management  3  December 11, 2019 

                                                                                                                           IWM Northern EuropeContinue growing a successful franchise  4  December 11, 2019    IWM  SUB  APAC    1 Rounded to nearest 5 bn 2 Gross hiring 3 Strategic Client Partners    Overview  Turnaround journey FY16-18> CHF 100 mn absolute PTI increase> CHF 10 bn cumulative NNA> 100 RMs and specialists hired2  AuM: CHF ~75 bn1as of end of 3Q19    Focus marketsIWM Southern Europe(for reference)    Focus marketsIWM Northern Europe                                              Singapore    Local presence    International hub  Well positioned for future growth    Integrated delivery of bespoke solutionsTargeted book planning involving experts across the bank  Global capabilities  Proximity  Systematic approach  Covering 11 markets with local presence in 5 countriesConstantly evaluating opportunities for footprint expansionSeek to attract top performing RMs and specialists  Regional SCPs3 co-developing strategic clientsEnhanced focus on UHNW / entrepreneur clientsProactive engagement based on client needs             

   IWM Emerging EuropeDriving growth from deeper reach into emerging markets  5  December 11, 2019  Opportunity  Priorities  1 Rounded to nearest 5 bn 2 Excl. clients with onboarding restrictions 3 Oliver Wyman Wealth Management Pool, 2019 4 Dealogic, 2019; IBCM Israel analysis  Intensify collaboration with local IBCM capabilitiesFurther leverage IBCM global technology industry team  Israel  Growing UHNW wealth pool (8% p.a. growth outlook in UHNW wealth to 20233) Accelerating investment banking market (~29% fee pool CAGR ’16-’184)    Partner with firm-wide lending and IBCM capabilitiesLeverage distinctive export and project finance solutions  Central Asia  Wealth creation process fueled by infrastructure spendGrowing corporate lending and investment banking activity    Grow share of wallet with dedicated coverage and management focusAccelerate (U)HNWI client acquisition with net RM hiring  Russia  Access to ~75% of ‘Forbes 100’2#1 international bank with strong positioning in (U)HNWI segment (~6% expected p.a. wealth pool growth to 20233)    AuM: CHF ~55 bn1as of end of 3Q19  Overview  Performance FY16-18  Revenue growth  +35%  PTI growth  +60%    Local presence    Focus markets                                                                                                                                                                                                    International hub                                                Singapore  IWM  SUB  APAC 

   Structured Transactions GroupUnlocking clients’ wealth across asset classes  6  December 11, 2019  Examples  Single Stock Financing for Generational Wealth TransferEuropean UHNW entrepreneur client, founder of internationally successful retail businessNeed to transfer control of holding company to next generationCredit Suisse provided client’s children a 5-year loan facility backed by majority stake in holding company to purchase preferred shares and ensure transfer of controlPledge of proceeds reinvested with Credit Suisse in portfolio of liquid securities  Syndicated Senior FacilityReal Estate developer owned by strategic IWM client in Em. Markets (~CHF 1 bn AuM) Need for refinancing of existing debt and fresh liquidity for new infrastructure projectsMulti-collateral financing, including assignment over 3rd party corporate receivables and mortgages over land – Credit Suisse as lead arranger of entire facilityStrengthened PB relationship to beneficial owner with further NNA inflow for Credit Suisse        Structured Lombard  Structured Lending  Bespokelending solutionsfor PB clients  Financing against financial assets  Financing againstnon-financial assets  Experienced team structuring and managing risks throughout the transaction lifecycleRisk-based assessment on transactional level (e.g. syndication, insurance)Strong risk management processes and regular interactions with control functionsFocus on suitability and enforcement of collateral  Embeddedrisk management culture    IWM  SUB  APAC 

 Asia Pacific  7  December 11, 2019 

   Growing PB franchise in large APAC wealth markets  8  December 11, 2019  North Asia  South Asia  APAC PB Assets under Managementin CHF bn  10%  ~8%  ~10%    Broad-based asset growth  CAGR (9M16-9M19)  1 Dealogic for November 28, 2019 YTD (APAC ex-Japan, ex-China Onshore) 2 Internal management estimate based on Credit Suisse APAC business scope, including offshore and onshore business where relevant. 3 Oliver Wyman Wealth Management Market Sizing Model 2019 - Financial assets of > USD 1 mn held by a private individual                                                                                                                                                                                                                                                                                              U/HNW wealth3 (CAGR ’18-23E)  Foreign PB AuM rank2  Gr. China  SEA & frontier markets  India  Australia  Adv. & U/W SoW rank1      Top 3  +12%  #3    Top 3  +9%  #3    Top 2  +7%  #1    Top 2  +5%  #5  Japan    Top 2  +3%  niche  Korea    n/a  +6%  #5  IWM  SUB  APAC 

   Differentiated Credit Suisse setup in ThailandNew PB market example  9  December 11, 2019    Attractive market with strong CS starting position    Regulatory opening permitting onshore PB advisory    Delivering holistic franchise success  Fast growing onshore wealth, esp. U/HNWI and Entrepreneurs#2 IBCM share of wallet1Leading Cash EQ franchiseSolid Thailand PB offshore  Lean setup with advisory license and onshore RMsLow cost model, leveraging Singapore platform / infrastructureGlobal value proposition / offering for domestic clients  Assets under Managementillustrative  1 Dealogic as of November 28, 2019  IWM  SUB  APAC 

   Client example: South Asia UHNW / Entrepreneur family  10  December 11, 2019  2006  2012  2014  2016  2018  2019  Family Trust    PB NNA inflow  2nd Gen. PB account open  ESG compliant mandates  PB NNA inflow    Multi generational CS client relationship    Client profile  Family Founder  1st Generation  2nd Generation  Partner  CS relationship started  M&A  Bond Mandate Solutions  Bond issuance  Sibling  Wife  …  3rd Generation  …  Block trade  M&A  Client AuM1CHF >1 bn  1 As of October 31, 2019  Partner  IWM  SUB  APAC 

   Our integrated model strengthens client engagement    Strong growth across client segments    PB Rev/RMin CHF mn  AuM / RM Growth for Top 5 AuM Banks2CAGR 2015 – 2018    PB revenuein CHF bn  CAGR(9M16-9M19)  11%    ~9%  HNW / Rest  UHNW  RM tenure (in yrs)  1.4X  2.8  2.0  Total  CS Invest  +31%  AuMOct19 YoY  Discretionary Mandates  +17%  Fund Solutions  +16%    Holistic wealth advisory …    …complemented with tailored solutions  APAC IBCM / Markets collaboration for corporate advisory and solutions(e.g., M&A, ECM, financing)  Joint product launches with ATS (e.g., GYB Pronotes, SPARK tracker)  December 11, 2019    Deliver enhanced RM productivity…  Institutional solutions for UH-Trading(e.g., Prime Services for PB, Investor Products)  …and industry-leading asset origination  11  1 3Q19 includes CHF 98 mn related to the transfer of the InvestLab fund platform to Allfunds Group, recorded in APAC PB within WM&C 2 Asian Private Banker. Peer set represents Top 5 banks by AuM in 2018  1  ~13%  IWM  SUB  APAC 

         Our advisory and solutions focus serves clients through their wealth journey  12  Wealth Building  Wealth Preservation  Wealth Transfer  ATS: Tailored financing solutions (e.g. bridge loan)  APAC IBCM: Strategic advisory (e.g. cross-border M&A)  APAC IBCM: Monetization / liquidity events (e.g. IPOs)  ATS: Family office, institution-like offering (e.g. Prime Services, Loan/Bond re-packaging)   Integrated coverage for business/corporate needs  PB offering for wealth    ATS: Structured credit, portfolio securitization   Holistic PB offering (CS House view, asset allocation, wide range of investment products, Lombard loans)  Trust setup  Sustainable & Impact Investing  Philanthropy advisory  Family Governance, Succession Planning  December 11, 2019  IWM  SUB  APAC 

   Client example: North Asia UHNW / Entrepreneur client   13  December 11, 2019  Client revenue growth (YTD’191 YoY) +250%  2014  2015  2016  2017  2018  2019  IPOEquity Derivatives  Bond issuanceEquity private placementBlock trade  Advisory services Term loanShare buyback  FX exotics trade  Financial advisory  IPO     PB Share-backed loanPB NNA inflow  PB Share-backed loan  Client NNA (YTD’191) CHF 0.7 bn  1 as of November 8, 2019  IWM  SUB  APAC 

 Swiss Universal Bank  14  December 11, 2019 

   Dedicated client coverage for our wealth management clients in Switzerland  December 11, 2019  15    UHNWI / Premium Clients  HNWI  Affluent  Direct Banking  E&E   Private Client segmentation1   Financial metrics                                                               Region overview    average annual PTI growth3  15%  FTE decrease4  -9%  absolute client business volume increase5  ~17bn    Client business volume5  Broad client base across Switzerland, served through 146 branches2Organized across 11 regionsTailored offering by currentlarge client centric organization>610 Relationship managers~75 Executive & Entrepreneur relationship managers>560 Cash service employees~200 Mortgage experts ~45 Investment consultants ~90 Wealth planning specialists   1 Based on client wealth 2 Including Neue Aargauer Bank branches 3 PTI CAGR from 2015-2018, relating to Private & Wealth Management Clients business area (P&WMC) 4 9M16-9M19 P&WMC 5 2016-9M19 P&WMC, includes assets under management, asset under custody and net loans  IWM  SUB  APAC 

   16  Attraction of new volume demonstrates right positioning  Increase Net Promoter Score1 by driving a strong and proactive client centric organizationRegional RM and Expert set-up combined with true leadership cultureto ensure client proximity to deliver holistic advice~90 Wealth Planning Experts addressing pension needsLeverage Mortgage Experts and enhance digital offering   How we achieved it    Net new assets    Sources for growth   Organic growth of current already substantial market share in private client businessSecure share in expected CHF 30 bn pension flows until 20232Participate in E&E market expected growth of 10% until 20233Participate in mortgage market expected growth of 3%4   Lending volume   December 11, 2019  1 Used to calculate the likelihood of a referral 2 Federal Statistical Office, New pension statistics 2019 3 Source: Boston Consulting Group, Global Wealth Report 2018 and Credit Suisse internal estimates4 Internal forecast for 2020 by Credit Suisse, Swiss Real Estate Economics    +88%  +3%  IWM  SUB  APAC 

   17  Discretionary solutions are the core solution for our clients  Discretionary solutions’ added valueTop quartile performanceHouse View implementedFree up RM timeRisk management, client suitability & appropriateness ensuredExpected margin increase of >100bps2+15% increase of discretionary solutions assets through net sales (since 2015)8bn growth potential in discretionary solutions by moving penetration to average 30% (current 22%3)Top team at 41%Top RMs above 50%  Scorecard evolution From volume driven to full revenue focus (high revenue weight)Cash conversionReduce high cash quota in lower client segmentMass effectBroadening sales by activating more than 685 RMsNegative interest ratesin CH market can drive investment momentum  Discretionary solutions    Our approach   Solution & potential  December 11, 2019  1 2016 – 9M19, CAGR of discretionary solutions assets 2 Expected margin uplift of discretionary solutions compared to CHF cash positions 3 Internal data as of September 30, 2019    Gross sales by RM; 9M19  Distribution of sales results   Average   Net sales discretionary solutions   Discretionary solutionsassets  5% CAGR1  IWM  SUB  APAC 

     18  December 11, 2019  Navigating through negative interest rate environment  Early focus on deposit profitability in C&IC…  C&IC net interest income in CHF bn    Key measures to mitigate recent yield curve pressure…    Interest rates applicable  >2 mn: -75 bps  >1 mn: -40 bps  56  Net loans in CHF bn  …was key in stabilizing our net interest income  …and further opportunities in 2020  Put cash to work (discretionary mandates, fund solutions and alternative investments)Opportunity to prudently grow loan bookConstantly monitoring market dynamics with potential further threshold / rate adjustment  Rate adjustments  Threshold adjustments  Apr/May 2015  1st wave of negative rates  Threshold adjustment  Dec 2017    Feb 2019  Nov 2019                    56    Corporate & Institutional Clients  Private Clients  Standard pricing from Nov 15, 2019  SNB tiering change from Nov 1, 2019  2  1  IWM  SUB  APAC 

 Appendix  19  December 11, 2019 

 20  December 11, 2019  For reconciliation of adjusted to reported results, refer to the Appendix of the CEO and CFO Investor Day 2019 presentations, published on December 11, 2019Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 capital, CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in this presentation for periods prior to 2019 are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuMMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager business  General notes  Specific notes  Notes (1/2)  * Following the successful completion of our restructuring program in 2018, we updated our calculation approach for adjusted operating cost base at constant FX rates. Beginning in 1Q19, adjusted operating cost base at constant FX rates includes adjustments for major litigation provisions, expenses related to real estate disposals and business sales as well as for debit valuation adjustments (DVA) related volatility and FX, but not for restructuring expenses and certain accounting changes. Adjustments for FX apply unweighted 2018 currency exchange rates, i.e., a straight line average of monthly rates, consistently for the periods under review. Under the current presentation, adjusted operating cost base at constant FX rates for periods prior to 1Q19 still include adjustments for restructuring expenses and a goodwill impairment taken in 4Q15, but no longer include an adjustment for certain accounting changes. Beginning in 1Q20, adjustments for FX will apply unweighted 2019 currency exchange rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital (a non-GAAP financial measure) is calculated using income/(loss) after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders’ equity. Tangible book value per share is a non-GAAP financial measure, which is calculated by dividing tangible shareholders’ equity by total number of shares outstanding. Management believes that tangible shareholders’ equity/tangible book value, return on tangible equity and tangible book value per share are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-4Q17, tangible shareholders’ equity excluded goodwill of CHF 4,742 mn and other intangible assets of CHF 223 mn from total shareholders’ equity of CHF 41,902 mn as presented in our balance sheet. For end-1Q18, tangible shareholders’ equity excluded goodwill of CHF 4,667 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 42,540 mn as presented in our balance sheet. For end-2Q18, tangible shareholders’ equity excluded goodwill of CHF 4,797 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 43,470 mn as presented in our balance sheet. For end-3Q18, tangible shareholders’ equity excluded goodwill of CHF 4,736 mn and other intangible assets of CHF 214 mn from total shareholders’ equity of CHF 42,734 mn as presented in our balance sheet. For end-4Q18, tangible shareholders’ equity excluded goodwill of CHF 4,766 mn and other intangible assets of CHF 219 mn from total shareholders’ equity of CHF 43,922 mn as presented in our balance sheet. For end-1Q19, tangible shareholders’ equity excluded goodwill of CHF 4,807 mn and other intangible assets of CHF 224 mn from total shareholders’ equity of CHF 43,825 mn as presented in our balance sheet. For end-2Q19, tangible shareholders’ equity excluded goodwill of CHF 4,731 mn and other intangible assets of CHF 216 mn from total shareholders’ equity of CHF 43,673 mn as presented in our balance sheet. For end-3Q19, tangible shareholders’ equity excluded goodwill of CHF 4,760 mn and other intangible assets ofCHF 219 mn from total shareholders’ equity of CHF 45,150 mn as presented in our balance sheet. Shares outstanding were 2,550.3 mn at end-4Q17, 2,552.4 mn at end-3Q18, 2,550.6 mn at end-4Q18 and 2,473.8 mn at end-3Q19. 

 21  December 11, 2019  Notes (2/2)  Abbreviations  ABL = Asset Based Lending; Abs. = Absolute; Adj. = Adjusted; AFG = Asia Pacific Financing Group; AM = Asset Management; Ann. = Annualized;APAC = Asia Pacific; Approx. = Approximately; ARC = Asset Risk Consultants; ARU = Asset Resolution Unit; ATS = APAC Trading Solutions; AuM = Assets under Management; Avg.= Average; BCBS = Basel Committee on Banking Supervision; BEAT = Base Erosion and Anti-Abuse Tax; BfE = Bank for Entrepreneurs; BHC = Bank Holding Company; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CBG = Corporate Bank Group; CC = Corporate Center; CCO = Chief Compliance Officer; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1;CH = Switzerland; C/I = Cost/Income; C&IC = Corporate and Institutional Clients; CIC = Corporate & Institutional Clients; CLO = Collateralized Loan Obligation; CRO = Chief Risk Officer; CSAM = Credit Suisse Asset Management; DCM = Debt Capital Markets; DevOps = Development-to-Operations; DPS = Dividend Per Share; E = Estimate; EAM = External Asset Manager; ECA = Export Credit Agency; ECM = Equity Capital Markets; E&E = Entrepreneurs & Executives;EMEA = Europe, Middle East & Africa; ESG = Environmental Social and Governance; Est. = Estimate; EU = European Union; Excl. = Exclude; FID = Fixed Income Department; FI&WM = Fixed Income Wealth Management; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; FY = Full Year; GC = General Counsel; GCP = Global Credit Products; GM = Global Markets; GMV = Gross Market Value; GYB = Global Yield Balanced; HLG = High Level Group; HR = Human Resources; HY = High Yield; IAF = Impact Advisory & Finance; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IBOR = Interbank Offer Rate; IFC = International Finance Corporation; IG = Investment Grade; ILS = Insurance-Linked Strategies; IMM = Internal Model Method;incl. = including; IPO = Initial Public Offering; IRB = Internal Ratings-Based Approach; IT = Information Technology; ITS = International Trading Solutions;IWM = International Wealth Management; LDI = Liability-driven investments; Lev Fin = Leveraged Finance; LTD = Long-term debt; LTM = Last Twelve Months; LTV = Loan to Value; M&A = Mergers & Acquisitions; MREL = Minimum Requirement for own funds and Eligible Liabilities; NIG = Non investment grade;NNA = Net new assets; NRI = Non-resident Indians; Op Risk = Operational Risk; OTC = Over the Counter; p.a. = per annum; PB = Private Banking;PB&WM = Private Banking & Wealth Management; PC = Private Clients; PD = probability of default; p.p. = percentage points; PTI = Pre-tax income;QIS = Quantitative Investment Strategies; QoQ = Quarter over Quarter; QT = Quantitative Trading; RBL = Reserve Based Lending; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE= Return on Tangible Equity; RSA = Revenue Sharing Agreement; RWA = Risk-weighted assets;SA-CCR = Standardized Approach to Counterparty Credit Risk; SBL = Share Backed Lending; SCP = Strategic Client Partner; SEA = South East Asia;SME = Small and Medium-Sized Enterprises; SNB = Swiss National Bank; SoW = Share of Wallet; SP = Securitized Products; STBs = Sustainable Transition Bonds; SUB = Swiss Universal Bank; TBVPS = Tangible book value per share; TLAC = Total Loss-Absorbing Capacity; TLOF = Total Liabilities and Own Funds; TMT = Technology, Media and Telecommunications; (U)HNW(I) = (Ultra) High Net Worth (Individuals); U/W = Underwriting; US GAAP = United States Generally Accepted Accounting Principles; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 

  

 Credit Suisse Investor Day 2019Increasing profitability across ourMarkets activities  Brian Chin, CEO Global MarketsDavid Miller, CEO Investment Banking & Capital Markets December 11, 2019   

 Disclaimer  2  December 11, 2019  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on December 11, 2019 and filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” 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 and goals 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, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the fourth quarter of 2019. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the fourth quarter of 2019 or the full year 2019 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the full year 2019. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the fourth quarter of 2019 and full year results will be included in our 4Q19 Earnings Release and our 2019 Annual Report. Statement regarding non-GAAP financial measuresThis presentation also contains non-GAAP financial measures, including adjusted results as well as return on regulatory capital, return on tangible equity and tangible book value per share (which are based on tangible shareholders’ equity). Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on December 11, 2019. All Investor Day presentations are available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation provisions, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on Tangible Equity is based on tangible shareholders' equity (also known as tangible book value), a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Tangible book value per share excludes the impact of any dividends paid during the performance period, share buybacks, own credit movements, foreign exchange rate movements and pension-related impacts, 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.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), 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. References to phase-in and look-through included herein refer to Basel III capital requirements and Swiss Requirements. Phase-in reflects that, for the years 2014-2018, there was a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and a phase-out of an adjustment for the accounting treatment of pension plans. For the years 2013-2022, there is a phase-out of certain capital instruments. Look-through assumes the full phase-in of goodwill and other intangible assets and other regulatory adjustments and the phase-out of certain capital instruments.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 look-through tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio.SourcesThis presentation contains certain material 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 or reliability of such information. Certain information has been derived from internal management accounts. 

  Speakers   Hosts  3  December 11, 2019  Presenters Increasing profitability across our Markets activities  David MillerCEO Investment Banking & Capital Markets  Brian ChinCEO Global Markets  Paul GaliettoGlobal Head of Equities   Michael EbertCo-head of ITS and Global Head of Equity Derivatives  Yves- AlainSommerhalderCo-head of ITS and Global Head of FI&WM Products and Head of ATS  Jay KimGlobal Head of Securitized Products  Jeff CohenHead of Global Credit Products 

    Increasing profitability across our Markets activities  4  December 11, 2019  Agenda     Global Markets   Brian Chin Paul Galietto Michael Ebert & Yves-Alain Sommerhalder  APAC Trading Solutions   Yves-Alain Sommerhalder  Investment Banking & Capital Markets   David Miller  Q&A  All 

 5  December 11, 2019  Global Markets is a key component of the Credit Suisse strategy 

     Reinvigorated Equity DerivativesUnique WM collaboration frameworkFull service Flow and Structured platform  6  December 11, 2019  Global Markets serves Institutional, Corporate and WM clients with leading Fixed Income and Equities products    Bespoke structured products for WMOptimized Rates and EM Refocused electronic FX for WM    Top-ranked Leveraged Finance1 and Securitized Products businesses2Market-leading distribution capabilitiesFully integrated platform   Global Markets     Develops and distributes products to clients in partnership with all divisions   APAC  IBCM  IWM   SUB  Equity Derivatives  Credit  Fixed Income & Wealth Management  Cash Equities & Prime Services    Corporates  Institutional Clients  Wealth Management Clients    Restructured Global EquitiesRevitalized e-trading offering Strategic partner to largest clients   International Trading Solutions (ITS)    Equities  Fixed Income    1 Dealogic as of September 30, 2019; Includes AMER and EMEA HY Bonds and Institutional Loans 2 Thomson Reuters as of September 30, 2019 

 7  December 11, 2019  Global Markets has meaningfully improved revenues and profitability following the restructuring…  Net revenues in USD mn  1 Return on leverage exposure is a non-GAAP financial measure and calculated using income after tax applying an assumed tax rate of 30% and 3.5% of average leverage exposure based on USD 2 Return on RWA is a non-GAAP financial measure and calculated using income after tax applying an assumed tax rate of 30% and 10% of average RWA based on USD   Return on leverage exposure1  Return on RWA2  6%  4%  14%  9%  Operating expenses in USD mn  Pre-tax income in USD mn  -6%  +150%  +7%     

     …by reducing its cost, capital and risk footprint…  Leverage exposure in USD bn  8  December 11, 2019    Total adjusted operating expenses in USD bn    -46%  RWA in USD bn  Value-at-Risk Trading book average one-day, 98% risk mgmt. VaR in CHF mn  -43%  -52%  -1.3 bn  Reduced Risk  Reduced Costs  Reduced Capital  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix of the CEO and CFO Investor Day presentations1 Figures for 3Q15 present financial information based on results under our structure prior to our re-segmentation announcement on October 21, 2015; on the basis of our current structure, the 3Q15 RWA and leverage exposure amounts for Global Markets are USD 63 bn and USD 313 bn, respectively  Reduced Capital  1  1 

     December 11, 2019  Financing  Underwriting  Trading  1 Percentages exclude GM Other and SMG revenues 2 Indexed to 100% of core business revenues in USD 3 Dealogic as of September 30, 2019; Includes AMER and EMEA HY Bonds and Institutional Loans 4 For 9M18 vs. 9M19 5 Thomson Reuters as of September 30, 2019  51%  60%  Fee-based  60% of revenues from fee-based businessesTop-2 Leveraged Finance Underwriting franchise3Improved Prime Services Return on Assets4 Built-out #1 ranked Asset Finance business5Grew Financing in ITS      +9 pp  9  …while prioritizing stable, fee-based revenue streams  Optimized trading business mixReduced Rates footprintInvested in Equity Derivatives Maintained strength in GCP and SP trading  Diversified net revenue mix1,2…  …driving balanced growth across different cycles               

 10  December 11, 2019  353  582  460  2018 Avg: ~396  +229 bps  -122 bps  Elevated high yield credit spreads1  Lower U.S. 10 year rate3  Challenging primary activity across regions (cumulative Street fees4)  9M19 results achieved despite mixed market conditions, which are expected to persist  -22%  -15%  Leveraged Finance   2019  ECM   2018  Volatility and geopolitical uncertainty negatively impacted primary activity in 2019   Note: YTD as of September 30, 2019 1 Source: CS Plus 2 Source: Chicago Board Options Exchange 3 Source: U.S. Department of the Treasury 4 Source: Dealogic as of September 30, 2019 includes Americas and EMEA Street fees  Lev FinCM  ECM      2019YTD Avg: ~457  2018 Avg: ~2.9  2019YTD Avg: ~2.3  Continued low volatility environment (VIX)2  2018 Avg: ~16.7  36  25  37  2019YTD Avg: ~15.9 

 These macro factors have reduced the Sales & Trading wallet  11  December 11, 2019  Macro & EM2  Credit  Securitization  Coalition Fixed Income Sales & Trading revenue pools1in USD bn   Coalition Equities Sales & Trading revenue pools1in USD bn   Total   1 Coalition as of November 2019 according to GM and APAC taxonomy 2 Includes G10 Rates, G10 FX and EM Macro 3 Total includes Futures and Options   Cash  Equity Derivatives  Prime Services  Total3   -8%  -6%  +12%  -21%  +2%  -12%  -10%  -2%  -22%  +17%  -13%  +6%  Down 13% vs. 2014-2017 average  -9%  -3%  +7%  -15%  2019 estimated on path to be down 11% vs 20181  Peak year: Up 1% vs. 2014-2017 average 

 12  December 11, 2019  1 Relating to Global Markets only. Global Fixed Income Sales and Trading net revenues (across GM and APAC Markets) increased 16% in 9M19 YoY; Global Equity Sales and Trading net revenues (across GM and APAC Markets) decreased 1% YoY 2 Source: Company public disclosures. Includes Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, UBS and Deutsche Bank. Relating to Global Sales & Trading revenues in USD terms, For Equity Sales & Trading, Deutsche Bank not included as it exited that business as part of its strategic transformation as announced on July 7, 2019. 3 Dealogic as of September 30, 2019 4 Source: Based on Credit Suisse internal volumes and turnover 5 Source: Bloomberg as of October 2019 6 Dealogic as of September 30, 2019; Includes AMER and EMEA HY Bonds and Institutional Loans 7 Source: Thomson Reuters as of September 30, 2019 8 Source: Absolute Returns as of June 2019. Based on AuM 9 Source: Third Party competitive analysis as of 3Q19 10 Source: EuroHedge as of June 2019. Based on total AuM    1  1  US HY spreads up 100 bps YoY US 10 yr of 1.68% down 137 bps YoY  ECM activity3 down 15% YoY EMEA trading volumes4 down 18% YoY  Peers2  Peers2  Market Pressures     #1 Asset Finance7  #1 Credit Structured Notes5  #2 Leveraged FinanceCapital Markets6  #4 U.S. Prime Services8  #4 U.S. Cash Equities9  #2 EMEA Prime Services10  Global Markets Fixed Income Sales & Trading1 Net revenues in USD terms, 9M19 YoY  Global Markets Equity Sales & Trading1 Net revenues in USD terms, 9M19 YoY  Outperformed peers  Despite market pressures  Resulting in share gains        In this environment, the restructured GM business model has outperformed…   

 13  December 11, 2019  …while competitors have announced strategic changes  One bank exited Cash Equities and Equity Derivatives and three regional players reduced Cash Equities  One bank exited Prime Services      One bank reduced Macro footprint      Two banks announced plans to take a more narrow overall strategy in their market business      Remain invested; have already right-sized  Remain invested; have already right-sized      Remain invested; have already right-sized  Already streamlined model post the restructuring            CS restructuring already achieved the steps many banks are now taking, creating a competitive advantage  Market movements  CS position 

 Attract and retain world class talent  14  December 11, 2019  Sustaining GM’s growth is a key focus for 2020+  Continue momentum in Equities   Maintain strength in SP and GCP  Build on ITS success to capture Wealth Management potential  Drive further collaboration, particularly in APAC Asset Finance and Equities              Product and platform strategy   Expand technology and data offering      Partner with APAC to deliver innovative international solutions  Expand WM client base, a key differentiator and growth engine  Continue to focus on client experience  Collaborate with IWM, SUB and IBCM to deliver products to core clients              Client and collaboration focus  Grow share with priority clients     

 Credit   15  December 11, 2019 

 Market-leading GCP business continues to deliver strong results  1 Dealogic as of September 30, 2019; Includes AMER and EMEA HY Bonds and Institutional Loans 2 Share of industry revenue pool ranks. Source: Coalition Competitor Analytics, 1H19. All ranks are based on the Coalition Index Banks (BofA, BARC, BNPP, Citi, DB, GS, JPM, MS, SG, and UBS) and results are analyzed according to Credit Suisse’s internal business structure 3 Awards: Most Innovative Bank for Leveraged Finance (The Banker), 4th consecutive year and 5th time in the past six years and Americas Credit Derivatives House of the Year (GlobalCapital), 3rd consecutive year  16  December 11, 2019  Top-2 Global Leveraged Finance capital markets franchise in 9M191Best-in-class distribution platform is a differentiator3Q19 best Global Investment Grade trading quarter since 1Q14Global financing growth initiatives up over 50% YoYMulti-year award winning franchise3  Strategic priorities and growth drivers   Grow and evolve product offering Enhance client coverage and execution, including WM clientsPartner with APAC to increase global distribution Invest in technology to support electronic trading Continue to grow Investment Grade franchise in partnership with IBCM  Key achievements  Americas Institutional Loans1  Americas Leveraged Finance1  Global Leveraged Finance1  2018  2  2  2  2017  1  2  2  9M19  2  2  2          Maintaining leading capital markets ranking while gaining share in trading  #1   Global Leveraged Finance Trading2  #1   Global High Yield Trading2  #2   Global Loans Trading2  #5   Global Investment Grade Trading2 

 Maintained #1 Asset Finance ranking2 Executed the most new issue transactions as bookrunner over the LTM2Introduced 13 inaugural issuers to the market, more than peers combined2Structuring agent of choice with most transactions as lead structurer3SP Asset Finance partnership with APAC grew 2x YoY4Renamed Most Innovative Bank for Securitization5 and Overall Best Securitization Bank6  Diversified SP platform retains top industry rankings: transformed business mix over time  1 Net Revenues exclude SP other and treasury 2 Thomson Reuters as of September 30, 2019; LTM represents last twelve months 3 Thomson Reuters as of September 30, 2019. Lead structurer for 88 transactions, the most among peers 4 Based on 2018 vs. 9M19 annualized 5 The Banker as of October 2019 6 Global Capital as of May 2019  17  December 11, 2019  Key achievements  Strategic priorities and growth drivers   Export platform and strategy to APACEnhance partnership across IBCMExpand client continuum with early and mid stage companiesGrow new and existing asset classesEstablish capital and liquidity partners  Target revenue zone  Trading  Transformed business model to focus on fee/accrual businesses   Fee / Accrual  SP net revenue performance1  Trading focused model 

 Equities  18  December 11, 2019 

 We continue to successfully grow the Equities franchise  19  December 11, 2019  GM Equities Sales & Trading and Underwriting net revenues1in USD mn  +1%  7.7%  6.9%  Equities Trading wallet share2  1 Includes sales and trading and underwriting and excludes APAC 2 Wallet share based on publically reported equities trading revenues from CS, BARC, BAC, JPM, GS, C, MS and UBS. Credit Suisse revenues include Global Markets and APAC Markets 3 Based on Coalition data for Prime Services and Equity Derivatives (9M19 vs. 9M18); Source: Third Party competitive analysis as of 3Q19 4 Based on Institutional Investor 2019 All-America Research Survey. Ranked teams grew to 16 from 12 in 2018 5 Dealogic as of September 30, 2019; relates to 9M19  AchievementsImproved market share across all three products: Prime, Cash and Equity Derivatives3 Improved return on assets in Prime Services YoYDeployed new electronic platform, accelerating market share gainsMatured derivatives offering with growth across productsMaintained commitment to fundamental research and sharply improved Institutional Investor rankings4Participated in 4 out of the 5 largest US IPOs5 in collaboration with IBCM    +75 bps  1,585  1,599  Underwriting  Trading  +6%  -34% 

 20  December 11, 2019  As per Investor Day 2018, execution is underway…  2018 Investor Day 

 …and we continue to strengthen our overall offering  21  December 11, 2019  Cash and Electronic% U.S. AES market share (Vol)1  Prime ServicesReturn on assets2  Equity DerivativesEquity Derivatives net revenues  1 Based on market volumes and Credit Suisse internal volumes and turnover 2 Leverage based on period average  Substantial efficiencies realized through globally coordinated collateral funding teamsHard pivot to growth agenda based on attractive incremental returnsWell positioned to manage Hedge Fund industry consolidation   Expand Flow Trading with core institutional client baseCreate unique flows via risk recyclingScale up and deliver QIS  Strengthen coverage and sales across product and geographiesNewly deployed infrastructure supports rapid product innovationNew algorithms and ultra low latency just now being deployed, anticipate accelerated market share gains based on 2020 product rollout  +41 bps  +15 bps  +5% 

 Cash Equities is gaining momentum with clients globally  22  December 11, 2019  U.S.Market share %   +24 bps  Source: Third Party competitive analysis as of 3Q19  +16 bps  Pan EuropeanMarket share %  +10 bps  +25 bps  AsiaMarket share%  GlobalMarket share %  -8%  -15%  -16%  -12%  Market wallet  

 Stronger international collaboration is a key growth driver with Institutional, Wealth Management and Corporate clients  1 Represents 9M19 client revenues. Calculated as total client revenues from overlapping clients (across GM Equities and APAC Equities) divided by total Global Equities client revenues (GM Equities and APAC Equities)  23  December 11, 2019  Global Equities client revenues  Global Markets / APAC Markets execution underway to grow pre tax incomeEstablished global inventory optimization processIntegrating technology plans and systems, while reducing duplicative platformsDriving global client planning and prioritizationEnhancing global advisory delivery          GM Equities  APACEquities  80%1overlap 

 ITS  24  December 11, 2019 

 ITS is a cross-divisional product manufacturing and distribution platform for Wealth Management, Corporate & Institutional clients  25  December 11, 2019  International Trading Solutions (ITS)  Equity Derivatives  Fixed Income  Flow Derivatives   Structured Derivatives   Strategic Equity Derivatives  Macro (Rates, FX and EM)  Structured Credit & Financing  Investor Products   Cross Asset Execution & Agency Products   

 The model is working: ITS has delivered strong revenue growth  26  December 11, 2019  ITS net revenuesin USD mn  +28%  AchievementsImplemented repeatable WM collaboration framework substantially increasing collaborationGrew Financing, Structured Credit and Investor Products collaboration with WM clients Repositioned the Macro and Emerging Markets trading businesses creating the path for profitable growthInvested in Execution Factory and grew electronic client base and increased STP ratesReinvigorated full-service Equity Derivatives offering Executed platform integrations creating cross regional scale and expense saves  Continued focus on growing share and connectivity with Institutional, Wealth Management and Corporate clients 

 Continued momentum on increasing Structured Products offering to Wealth Management clients  27  December 11, 2019  1 Source: McKinsey private banking survey 2017. AuM represents UHNW, HNW and entry-HNW. Reflects the share of structured products and retail products as percent of AuM across IWM and SUB2 Credit Suisse internal view leveraging McKinsey methodology. AuM represents UHNW, HNW and entry-HNW. Reflects the share of structured products and retail products as percent of AuM across IWM and SUB 3 Source: McKinsey private banking survey 2018. Industry represents HNW (vs. 8% reported in 2017 survey)  CS Structured Products penetration of Private Banking clientsin % of AuM  3  1  1  2    Industry average3 in % of AuM  4.5%  4.6%  4.5%  2 

 As ITS matures, further revenue upside expected  28  December 11, 2019  Deepen penetration with WM following existing “house view” delivery model  Expand distribution of OTC products to WM clients  Grow strategic equity solutions for both WM and corporate clients  Grow financing products via global syndication channels (in partnership with APAC)  Continue to focus on platform harmonization to increase scale  II  III  IV  I  V  Growth levers 

 ATS  29  December 11, 2019 

   We established ATS in APAC to replicate success of ITS and leverage global connectivity  30  December 11, 2019    Additional upside via connectivity with ITS, GM and IBCM  Primary Deals APAC-originated  Asset Finance (Securitized Products)  Rates, Investor Products  Equity Derivatives distribution  Leveraged Finance  Other Core Solutions products  Growth via additional collaborationCohesive prime, Integrated FX, Coordinated Cash and research distribution  ATS(APAC Trading Solutions)  Cash / Prime  EQ Solutions  APAC Financing Group  WM Sales & Execution        APAC focus areas  Accelerate capture of APAC wealth opportunities Institutional quality products delivered via Wealth Management sales & executionLeverage Markets and Wealth Management distribution to provide access to AFG deal flow Disciplined risk management   FID Solutions  ATS/GM/IBCMCollaboration 

     Integrated approach creates opportunities to deliver tailored solutions  31  December 11, 2019  Strategic UHNW client in North Asia seeking re-financing of a existing term loan facility    End-to-end collaboration creates alpha  Origination  Tailored Solutions  Distribution  IBCM: Originated deal, leveraging strong relationshipIntroduced to PB for Trust services  IBCM/ATS: Senior secured loan ATS: Repackaged into a variety of structures (for various investors)  ATS: Distributed TRS & Leveraged Notes to institutional investorsPB: Distributed CDS/CLN to PB U/HNW clients  Client example #1    Large UHNW client in North Asia with sophisticated, institution-like needs, seeking higher returns from existing bond portfolio    Collaboration with Markets for PB clients  Client example #2  SPV-issued Note increasing post-leverage return on client’s existing portfolioHigher leverage freeing up client’s capital and also resulting into higher NNAStable 2-year structure, fixing LTV for the termLock-in fixed rate term financing, mitigating client’s interest rate risk 

     Further upside from regional / global collaboration opportunities  Support delivery of enhanced ATS and APAC divisional profitability         Accelerate capture of APAC wealth opportunities, leveraging ITS/IWM success  Strengthen intersection of Markets and Financing activity  Strengthen alignment and collaboration with Global Markets        Further improve risk management and capital velocity            $  Expect significant 2020 revenue opportunity from collaboration    32  December 11, 2019 

 IBCM  33  December 11, 2019 

 IBCM, in partnership with APAC and SUB, is a leading Investment Banking franchise with strong global capabilities  Best in class Leveraged Finance capabilitiesTop 2 rank globally over the last 10 years1,2  Premier Private Equity franchiseTop 3 with Sponsors globally over the last 10 years1  Leading IPO underwriterTop 5 rank in IPOs globally over the last 10 years1  Preeminent advisor to Technology companiesAdvised on 17 of the 20 largest global fee events over the last 10 years1  1 Source: Dealogic as of September 30, 2019 for the 2009–2018 period (Global perimeter) 2 Includes HY Bonds and Institutional Loans 3 Source: Dealogic as of September 30, 2019. APAC ex. Japan and ex. China onshore   Top tier franchises in APAC and SwitzerlandNumber 1 rank in APAC and Switzerland in 20193  December 11, 2019    MOST INNOVATIVE INVESTMENT BANK FOR LEVERAGED FINANCE    WESTERN EUROPE’SBEST BANK FOR ADVISORY    SWITZERLAND’S BEST INVESTMENT BANK        BEST M&A ADVISOR:CHINA  BEST EQUITY ADVISOR:CHINA  MOST IMPRESSIVE CORP.BOND HOUSE IN CHF  34        IBCM  APAC  SUB 

 IBCM’s deep connectivity across divisions is core to Credit Suisse’s integrated approach   35    IBCM delivers Investment Banking expertise to clients across the Credit Suisse platform~40% of IBCM originated business booked across the other 4 divisionsStrong connectivity with the Ultra High Net Worth segment through client referrals and deal executionDeal revenue generated through collaboration with Wealth Management up significantly since 2016Continued expansion of core partnership with Global Markets through new areas of collaboration          IBCM Collaboration  Global Markets  SUB  IWM  APAC  December 11, 2019 

 Following 3 years of strong performance, 9M19 results declined with mixed performance across products  36  2016-18 annual averagein USD mn   9M19 in USD mn  December 11, 2019  M&A  Lev Fin  ECM  2.9%  7.3%3  4.1%  9M19 IBCM Share of Wallet1  9M19 results trending lower than historical performance…  …driven by mixed performance across core products  Top 2 rank overall1#1 rank with Sponsors1Street activity down 24% YoY1  Top 6 rank in IPO and ECM1; involved in 4 of the 5 largest US IPOs1Under-representation in Healthcare (~25% of fee pool)1  Loss of market share driven by 43% fewer large completed fee events2Underperformance in historically strong IBCM M&A franchises (e.g. Industrials, Sponsors)  1 Source: Dealogic as of September 30, 2019 (Americas & EMEA) 2 Reflects fee events above USD 15 mn 3 Includes HY Bonds and Institutional Loans 

 For 2020, M&A performance expected to improve as IBCM pipeline rebuilds   M&A growth strategy supported by new initiatives Leverage expanded Technology and Healthcare footprint to capture share (33% of fee pool2)Enhanced sell-side initiative, in particular Sponsors exitsReinvigorate large cap coverage effort IBCM 2020 pipeline up substantially YoY and vs the 3-yr average1Tech and Healthcare represent 1/3 of the announced pipeline  Next year announced M&A pipeline1Expected fees from announced transactions  USD 7.6 bn  Sale of Animal Health business unit to Elanco Animal Health  Financial Advisor  Pending      Financial advisor  Pending  USD 8.4 bn  Combination with Interxion    Financial Advisor  Pending  ~USD 26 bn  Acquisition of TD Ameritrade    USD 17.3 bn  Acquisition ofCaesars Entertainment  Financial Advisor  Pending    Financial Advisor  Pending  USD 6.9 bn  Sale to NVIDIA  37  December 11, 2019  1 Reflects pipeline as of December 3 in the prior year 2 Source: Dealogic as of December 3, 2019 

 Credit Suisse consistent, best in class Leveraged Finance and Sponsors franchise, despite a challenging market environment…   2013  Americas Institutional Loans1  Americas Leveraged Finance1,2  IBCM Leveraged Finance1,2,3  SoW %  Rank  1  11.7%  1  11.9%  2  8.7%  3  9.5%  9.8%  3  10.1%  3  1  11.9%  1  11.5%  2  9.6%  1  8.5%  10.4%  1  8.9%  2  9.8%  1  8.4%  2  8.9%  2  8.7%  2  8.1%  2  8.6%  2  9.4%  2  7.3%  2  7.9%  2  #1 rank in Leveraged Finance with Sponsors globally over the last 10 years1,2,4 Advised all of the top 100 Sponsors globally over the last 10 years1,4  “Most Innovative Bank for Leveraged Finance” at The Banker Investment Banking Awards (awarded 5 out of 6 years running)  Awards  38  December 11, 2019  2014  SoW %  Rank  2015  SoW %  Rank  2016  SoW %  Rank  2017  SoW %  Rank  2018  SoW %  Rank  9M19  SoW %  Rank  1 Source: Dealogic as of September 30, 2019 2 Includes HY Bonds and Institutional Loans 3 Includes Americas & EMEA 4 2009–9M19 

 …well-positioned to capture expected growth in buyout activity supported by record levels of Private Equity dry powder  39  December 11, 2019  IBCM’s leading Sponsors franchise is ideally positioned to capture growth from Private Equity across all products…  …and is aligned with IBCM’s Infrastructure Coverage to expand market share     Global Infrastructure Dry Powder4 in USD bn  +2.9x  Global Private Equity Dry Powder1 in USD bn  +2.1x  Dry powder of Global Infrastructure funds nearly tripled since 2010Over 75% of infrastructure dry powder raised by private equity funds  1 Source: Preqin as of December 2, 2019; reflects undrawn private equity commitments targeted for buyouts, growth, venture and mezzanine 2 Source: Credit Suisse calculation assuming 40% equity contribution and USD 1.3 trn Private Equity dry powder as of December 2, 2019 3 Source: Dealogic for the 2016-9M19 period 4 Source: Preqin as of November 30, 2019  M&A & ECM as a percent of total Sponsors Street fees3  Total global purchasing power2 in USD tn  Lev Fin (60%)  3.3  1.3  Private Equity (40%)  M&A/ECM Exit Street fees3Annual average in USD bn   +16% 

 IBCM’s investment plan in high beta sectors nearing completion    Investment in Tech and Healthcare expected to drive IBCM revenue growth  IBCM expanded the coverage footprint in 2019, with incremental hires planned for 2020 to support growth in M&A and ECM Momentum in Technology with a Top 5 rank in 9M192Momentum in Healthcare with several large announced M&A transactions in 2019, including: CHF 10 bn sale of Nestle’s skin health businessUSD 8 bn sale of Bayer’s animal health businessUSD 7 bn 3M acquisition of Acelity  40  December 11, 2019  1 Source: Dealogic as of December 3, 2019 (Americas & EMEA) 2 Source: Dealogic as of September 30, 2019 (Americas & EMEA)  Tech and Healthcare now generate 30% of the IBCM Street fee pool1  25%  24%  28%  30%  Tech  HC  Rest of Street  2019YTDStreet Run-Rate vs. 2016  +32%  +13%  +22%  Tech + HC  % of 9M19 fee pool33% of M&A 43% of ECM43% of Lev Fin    Tech + Healthcare as a % of total product Street fees1  24%  42%  33% 

 Key takeaways   41  December 11, 2019  IBCM franchise is core to Credit Suisse’s strategy, with ~40% of IBCM originated business booked across the other 4 divisionsFollowing 3 years of strong performance, 9M19 performance is mixed in the context of a challenging market environment Going into 2020, IBCM ambition is to reinvigorate revenue generation to deliver profitable growth through the cycle Key areas of focus are:Grow M&A: early read of the pipeline suggests meaningful improvement in 2020Replicate Sponsors’ success in Leveraged Finance in M&A and ECM Gain share in high beta Tech and Healthcare sectors from recent investments 

 Appendix  42  December 11, 2019 

 43  December 11, 2019  Notes (1/2)  For reconciliation of adjusted to reported results, refer to the Appendix of the CEO and CFO Investor Day 2019 presentations, published on December 11, 2019Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 capital, CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in this presentation for periods prior to 2019 are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuMMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager business  General notes  Specific notes  * Following the successful completion of our restructuring program in 2018, we updated our calculation approach for adjusted operating cost base at constant FX rates. Beginning in 1Q19, adjusted operating cost base at constant FX rates includes adjustments for major litigation provisions, expenses related to real estate disposals and business sales as well as for debit valuation adjustments (DVA) related volatility and FX, but not for restructuring expenses and certain accounting changes. Adjustments for FX apply unweighted 2018 currency exchange rates, i.e., a straight line average of monthly rates, consistently for the periods under review. Under the current presentation, adjusted operating cost base at constant FX rates for periods prior to 1Q19 still include adjustments for restructuring expenses and a goodwill impairment taken in 4Q15, but no longer include an adjustment for certain accounting changes. Beginning in 1Q20, adjustments for FX will apply unweighted 2019 currency exchange rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital (a non-GAAP financial measure) is calculated using income/(loss) after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders’ equity. Tangible book value per share is a non-GAAP financial measure, which is calculated by dividing tangible shareholders’ equity by total number of shares outstanding. Management believes that tangible shareholders’ equity/tangible book value, return on tangible equity and tangible book value per share are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-4Q17, tangible shareholders’ equity excluded goodwill of CHF 4,742 mn and other intangible assets of CHF 223 mn from total shareholders’ equity of CHF 41,902 mn as presented in our balance sheet. For end-1Q18, tangible shareholders’ equity excluded goodwill of CHF 4,667 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 42,540 mn as presented in our balance sheet. For end-2Q18, tangible shareholders’ equity excluded goodwill of CHF 4,797 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 43,470 mn as presented in our balance sheet. For end-3Q18, tangible shareholders’ equity excluded goodwill of CHF 4,736 mn and other intangible assets of CHF 214 mn from total shareholders’ equity of CHF 42,734 mn as presented in our balance sheet. For end-4Q18, tangible shareholders’ equity excluded goodwill of CHF 4,766 mn and other intangible assets of CHF 219 mn from total shareholders’ equity of CHF 43,922 mn as presented in our balance sheet. For end-1Q19, tangible shareholders’ equity excluded goodwill of CHF 4,807 mn and other intangible assets of CHF 224 mn from total shareholders’ equity of CHF 43,825 mn as presented in our balance sheet. For end-2Q19, tangible shareholders’ equity excluded goodwill of CHF 4,731 mn and other intangible assets of CHF 216 mn from total shareholders’ equity of CHF 43,673 mn as presented in our balance sheet. For end-3Q19, tangible shareholders’ equity excluded goodwill of CHF 4,760 mn and other intangible assets ofCHF 219 mn from total shareholders’ equity of CHF 45,150 mn as presented in our balance sheet. Shares outstanding were 2,550.3 mn at end-4Q17, 2,552.4 mn at end-3Q18, 2,550.6 mn at end-4Q18 and 2,473.8 mn at end-3Q19. 

 Notes (2/2)  44  December 11, 2019  Abbreviations  ABL = Asset Based Lending; Abs. = Absolute; Adj. = Adjusted; AFG = Asia Pacific Financing Group; AM = Asset Management; Ann. = Annualized;APAC = Asia Pacific; Approx. = Approximately; ARC = Asset Risk Consultants; ARU = Asset Resolution Unit; ATS = APAC Trading Solutions; AuM = Assets under Management; Avg.= Average; BCBS = Basel Committee on Banking Supervision; BEAT = Base Erosion and Anti-Abuse Tax; BfE = Bank for Entrepreneurs; BHC = Bank Holding Company; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CBG = Corporate Bank Group; CC = Corporate Center; CCO = Chief Compliance Officer; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1;CH = Switzerland; C/I = Cost/Income; C&IC = Corporate and Institutional Clients; CIC = Corporate & Institutional Clients; CLO = Collateralized Loan Obligation; CRO = Chief Risk Officer; CSAM = Credit Suisse Asset Management; DCM = Debt Capital Markets; DevOps = Development-to-Operations; DPS = Dividend Per Share; E = Estimate; EAM = External Asset Manager; ECA = Export Credit Agency; ECM = Equity Capital Markets; E&E = Entrepreneurs & Executives;EMEA = Europe, Middle East & Africa; ESG = Environmental Social and Governance; Est. = Estimate; EU = European Union; Excl. = Exclude; FID = Fixed Income Department; FI&WM = Fixed Income Wealth Management; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; FY = Full Year; GC = General Counsel; GCP = Global Credit Products; GM = Global Markets; GMV = Gross Market Value; GYB = Global Yield Balanced; HLG = High Level Group; HR = Human Resources; HY = High Yield; IAF = Impact Advisory & Finance; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IBOR = Interbank Offer Rate; IFC = International Finance Corporation; IG = Investment Grade; ILS = Insurance-Linked Strategies; IMM = Internal Model Method;incl. = including; IPO = Initial Public Offering; IRB = Internal Ratings-Based Approach; IT = Information Technology; ITS = International Trading Solutions;IWM = International Wealth Management; LDI = Liability-driven investments; Lev Fin = Leveraged Finance; LTD = Long-term debt; LTM = Last Twelve Months; LTV = Loan to Value; M&A = Mergers & Acquisitions; MREL = Minimum Requirement for own funds and Eligible Liabilities; NIG = Non investment grade;NNA = Net new assets; NRI = Non-resident Indians; Op Risk = Operational Risk; OTC = Over the Counter; p.a. = per annum; PB = Private Banking;PB&WM = Private Banking & Wealth Management; PC = Private Clients; PD = probability of default; p.p. = percentage points; PTI = Pre-tax income;QIS = Quantitative Investment Strategies; QoQ = Quarter over Quarter; QT = Quantitative Trading; RBL = Reserve Based Lending; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE= Return on Tangible Equity; RSA = Revenue Sharing Agreement; RWA = Risk-weighted assets;SA-CCR = Standardized Approach to Counterparty Credit Risk; SBL = Share Backed Lending; SCP = Strategic Client Partner; SEA = South East Asia;SME = Small and Medium-Sized Enterprises; SNB = Swiss National Bank; SoW = Share of Wallet; SP = Securitized Products; STBs = Sustainable Transition Bonds; SUB = Swiss Universal Bank; TBVPS = Tangible book value per share; TLAC = Total Loss-Absorbing Capacity; TLOF = Total Liabilities and Own Funds; TMT = Technology, Media and Telecommunications; (U)HNW(I) = (Ultra) High Net Worth (Individuals); U/W = Underwriting; US GAAP = United States Generally Accepted Accounting Principles; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date 

  

 Credit Suisse Investor Day 2019Facilitating growth through an effective and efficient operating model  Lara Warner, Chief Risk OfficerLydie Hudson, Chief Compliance OfficerJames Walker, Chief Operating OfficerDecember 11, 2019 

 Disclaimer  2  December 11, 2019  This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statementsThis presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018 and in the “Cautionary statement regarding forward-looking information" in our media release relating to Investor Day, published on December 11, 2019 and filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” 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 and goals 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, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information. Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the fourth quarter of 2019. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the fourth quarter of 2019 or the full year 2019 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the full year 2019. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the fourth quarter of 2019 and full year results will be included in our 4Q19 Earnings Release and our 2019 Annual Report. Statement regarding non-GAAP financial measuresThis presentation also contains non-GAAP financial measures, including adjusted results as well as return on regulatory capital, return on tangible equity and tangible book value per share (which are based on tangible shareholders’ equity). Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of the CEO and CFO Investor Day presentations, published on December 11, 2019. All Investor Day presentations are available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation provisions, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on Tangible Equity is based on tangible shareholders' equity (also known as tangible book value), a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Tangible book value per share excludes the impact of any dividends paid during the performance period, share buybacks, own credit movements, foreign exchange rate movements and pension-related impacts, 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.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), 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. References to phase-in and look-through included herein refer to Basel III capital requirements and Swiss Requirements. Phase-in reflects that, for the years 2014-2018, there was a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and a phase-out of an adjustment for the accounting treatment of pension plans. For the years 2013-2022, there is a phase-out of certain capital instruments. Look-through assumes the full phase-in of goodwill and other intangible assets and other regulatory adjustments and the phase-out of certain capital instruments.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 look-through tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio.SourcesThis presentation contains certain material 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 or reliability of such information. Certain information has been derived from internal management accounts. 

  Speakers   Hosts  3  December 11, 2019  Presenters Facilitating growth through an efficient and effective operating model  Laura BarrowmanChief Information Officer  James WalkerChief Operating Officer  Lara WarnerChief Risk Officer  Lydie HudsonChief Compliance Officer 

 Credit Suisse Investor Day 2019Facilitating growth through an effective and efficient operating model  Lara Warner, Chief Risk OfficerDecember 11, 2019 

 5  December 11, 2019  Risk Appetite Management has evolved since 2015  Shift in Credit Suisse’s strategy drove key enhancements in risk management that support prudent growth    Shifted organization from siloed risk management (market, credit) to divisional CROs with proximity to clients, business and marketsAligned risk appetite to earnings stability to support consistent, organic capital generationIncreased focus on both sides of client balance sheet as well as UHNW clientsIncreased velocity of capital and distribution efforts resulting in lower and more liquid inventory     Result  Credit Suisse’s well positioned for prudent growth through the cycle 

   Credit Suisse has significantly de-risked…  6  December 11, 2019    Leverage Finance trading aged2as % of gross market value  Group Value-at-Risktrading book avg. one-day, 98% risk management VaRin CHF mn  Group Level 3 assetsin CHF bn  Global Markets leverage exposurein USD bn    1  -45%  -51%  -43%  ~-85%  1 Presents financial information based on results under our structure prior to our re-segmentation announcement on October 21, 2015; on the basis of our current structure, 9M15 leverage exposure for Global Markets is USD 313 bn 2 For cash products, aging definition is either > 180 days or > 270 days per trading strategies. Derivatives are out of scope. 9M15 level approximated based on end-2015 level. 

 7  December 11, 2019  Aligned risk appetite to earnings stability to support consistent, organic capital generation  Strong base of CET1 capital after completion of three-year restructuring at end of 2018. Available capital based on stress has increased by ~74%Risk appetite remained constant despite increased stress capacityAllocated risk appetite sized to support maintenance of Tangible Book Value Per Share (TBVPS) ambitions via an appropriate level of earnings stabilityCurrent usage remains below appetite given muted markets 

 8  December 11, 2019  Earnings volatility lower as a result, which supports TBVPS ambitions  Number of Global Markets loss days  1 Federal Financial Institutions Examination Council (102), September 2019   US example of linear trend of number of days trading loss1  Credit Suisse Holdings (USA)  US bank 1  US bank 2  European bank  2016  2017  2018  9M19 

 9  Credit risk management is a strength  December 11, 2019  Stable & diversified portfolio      Resilient portfolio    Credit portfolio generally stable in size – with diversity based on product, industry, country and divisionsOverall credit quality stable – no significant increase in impairments or workout portfolioModerate write-offs – CHF~200mn-300mn p.a. in past few years with impairments not driving higher write-offs  Controlledrisk management  Well controlled origination with strong selection of credit and stricter underwriting standards improving portfolio qualityKey areas of lending are well supported by collateral and provide a buffer to absorb significant shocksPortfolio concentration decreased, although some single name concentrations remain for key strategic clients  Strong risk mitigation – collateral, insurance, and hedging to reduce net exposure and minimize losses Lombard / Share Backed Lending – generally backed by global diversified financial collateral with conservative LTVs and ability to withstand significant price declinesSUB residential mortgage portfolio – conservative underwriting standards, strict affordability and amortizationCorporate Bank portfolio – structured hedging to manage downside risk GM Counterparty Credit Risk – portfolio improved by move to central clearing and strengthened collateral levels 

   10  Global credit portfolio remains stable with targeted EM lending  Potential exposure by country of risk  December 11, 2019  Potential exposure in USD bn  <1%  Generally stable size of credit portfolio since 2015 – diversity across products, industries and countriesVast majority of the portfolio has investment grade exposure profilePredominantly focused on Developed Markets with Emerging Market exposures accounting for small % of the portfolio Emerging Market credit portfolio focused on counterparties with balanced investment /non investment grade profile  9M19  2015 

 11  December 11, 2019  Tenor of loan portfolio has been lowered  Increase of short-term exposure by 9% of gross exposures Exposures longer than 5 years have decreased by 5% of gross exposures from 2015 to 2018 Lower tenor contributes to de-risking of loan portfolio and improved resiliency  Remaining contractual maturity of gross exposures  +9%  Within 1 year  > 5 years  -5% 

 12  December 11, 2019  Targeted hedging strategy supports earnings stability by limiting shock exposure  We leverage our strong structuring capability and client franchise to benefit our risk management and hedging solutionsIntegral to our ongoing risk practices is the execution of bespoke and structured hedging programs to manage idiosyncratic credit concentrations  Using highly rated counterparties, these programs target both developed and emerging market credit exposuresHedging activities have longer maturity and increased diversification Levels of risk mitigation have increased year-over-year, as measured with key internal stress risk metrics. Hedge coverage has increased from 20171  Hedge maturity profile1 % of total hedges  1 Measured in terms of RWA benefit   ~+7 p.p.   ~-16 p.p. 

     13  Impairments, watchlist and provisions stable  Impairments and provisions for accrual loans in CHF bn  Watchlist portfolio stable with no significant migration to workoutStable workout portfolio since 2018, accounting for less than 1% of total credit portfolioWrite-off levels have been relatively stable at CHF~200mn-300mn p.a. in the last few years with impairments not driving higher write-offsLevel of impaired loans generally stable since 2015. Low provision levels supported by the collateralized nature of the loan exposure   December 11, 2019  9M19  2015  2016  2017  2018   2.1  2.0  2.5   2.1   2.2 

 Share-backed lending portfolio resilient against equity downturn  Illustrative impact of share-backed lending unsecured exposures during equity downturn scenario at a point in time as number of basis points impact to CET1  December 11, 2019  14  Equity downturn in % on individual share basis  < 5  < 3  < 1  < 1  < 1    Share-backed lending (SBL) is an important product offering and a part of the strategy to support growth, revenue generation and ancillary business across the Group, in particular in APACA key risk in share-backed lending transactions is a significant equity downturnSBL transactions have conservative LTVs and are able to weather some significant market declines before potential losses may ariseIllustration reflects unsecured exposure which is a conservative proxy for loss potential as we exclude the impact of client collateral increase, recourse and other risk mitigationOverall impact below 30% equity drop is insignificant. A 40% drop in the value of underlying equity (assuming no recovery) would be expected to impact CET1 < 5 bps, mainly driven by APAC exposures  40%  10%  20%  30%  35% 

 15  December 11, 2019  Despite de-risking and asset quality improvement, credit risk RWA increased driven by methodology and policy changes  Credit risk RWA under IRB1 in CHF bn  Net impact 2016 to 3Q19 in CHF bn  +15%  1 Credit risk RWA (excluding counterparty credit risk) not including RWA under standardized approach of CHF 11 bn for 2016 and CHF 25 bn for 3Q19  Average portfolio asset quality improved as SRU offloaded higher-risk portfolios: SRU CR RWA significantly decreased from 2015 to 2018; associated risk weights dropped by more than halfResulting in a de-risking of Group average RWAIncreased RWA primarily driven by FINMA credit risk discretionary measures to e.g.:Income and Non-Income Producing Real estate Low rated corporates Lombard Annual Credit Provision ModelIncrease in RWA > 2.5% probability of default (PD) is mainly driven by regulatory measures:Various multipliers on Swiss Real EstateMultiplier on IB corporate applicable to corporate counterparties rated ‘B and worse’ (was phased in over years to the current value of 1.6x)  Portfolio quality improvement 

 16  Credit Suisse already navigating shocks globally   December 11, 2019  Markets are volatile    Risk management framework built for our strategy    Examples and risk focus    We are vigilantly operating in a mild to medium stress environment in a number of areas  Our Risk Management Framework is designed to: Protect against instantaneous shocks – granular risk appetite controls at risk factor and single name levelsProtect against through-the-cycle shocks – through myriad macro / earnings scenario analysesFacilitate prudent underwriting and rapid risk distribution   Market shocks drive temporary and permanent adaptations in risk management and certain specific actions:Restructured high profile corporate positions without significant lossesTurned down more Leverage Finance transactions and took smaller positions Hong Kong stocks experienced high idiosyncratic volatility over the last 6 months: proactive management of lending values Argentine dollar debt has fallen ~50 points through 2019: early exited number of repurchase agreement positionsTurkey market volatility: reduced risk appetite US / China trade tensions: make use of a supply chain analytical tool to understand second order impacts 

 Spotlight Leveraged Finance: Conditions stable despite market stress  17  December 11, 2019  Flex rate cushion2 (bps)  Underwriting exposure1  -74%  +164%  Underwriting duration3  1 Reflects peak Non-Investment Grade notional exposure for Leveraged Finance Capital Markets 2 Month-end weighted average(s) of remaining flex across loan and bridge commitments, averaged over the time period. A Flex provision allows the arranger to change spreads during syndication to adjust pricing 3 Reflects average days to de-risk, for Single B Rated loan and bridge commitments signed within each quarter  Active dialogue and challenge between CRO and investment banking businesses has increased significantly over the past year as the risk to end of the credit cycle has increased:A significant reduction in our commitments to B- credits in 3Q19 given the current environmentCredit Suisse Capital Markets business has actively either turned down or taken a significantly reduced participationMore Capital Markets turndowns in 3Q19 versus 2Q19; mainly driven by perceived difficulty of syndication and aggressive leverage proposals from the sponsorBuilt upon our high underwriting standards and the level of diligence, with additional scrutiny around add-backs and leverageable EBITDA 

 Spotlight Corporate Bank: Exposure Overview  18  December 11, 2019  Exposure is well diversified across ratings with majority of the net exposure in investment grade (IG) versus non investment grade (NIG)Maturities are well staggered with < 25% of net exposure due in 2020 and 2021Corporate Bank’s portfolio is well diversified across sectors. Oil & Gas and Healthcare represent the largest sectors Vast majority of the NIG portfolio is secured. The senior secured portfolio primarily consists of loans which have a first lien on all assets of the counterpartyCorporate Bank hedge program has increased by 25% since 2015, with an increased use of structured trades and de-emphasized single name CDS  IG  NIG  Net exposure by collateral1  Net exposure by industry1   1 As of month-end October 2018, calculated as gross exposure less hedge benefit 

 Spotlight APAC summary   19  December 11, 2019  Strong overall Credit Portfolio      Market, liquidity & operational risks    The credit portfolio is subject to a granular risk appetite frameworkConcentration risk is managed at the single-name and sectorial levelCollateral management proactively deploys algorithmic techniques to preemptively identify emerging vulnerabilities  APAC division manages market, liquidity and operational risks through an established risk frameworkMarket risks remain low as measured by stress value-at-risk metricsThe divisional liquidity profile is prudently maintained in excess of both regulatory and internal standards  Risk management targeted to APAC markets  APAC divisional credit portfolio is a diversified mix of institutional and private banking lending2019 aggregate growth has been steady and overall portfolio rating remains stable with majority IGWatch-list and surveillance impairment metrics remain low by historical standards 

 20  Spotlight APAC: Credit exposure  December 11, 2019  APAC credit portfolio trend in USD bn  APAC credit portfolio by industry1  APAC credit portfolio by product1  +20%  1 As of the end of September 2019  Asset Mgmt. & Inv. Funds 

   Spotlight APAC: Private Banking  21  December 11, 2019  Majority of absolute lending growth in APAC has been from collateralized lending to Private Banking clients Growth since 2016 mainly in investment grade lending while growth in non-investment grade lending remains controlledRisk is managed through a systematic rules-based approach to setting lending values and portfolio liquidity and diversification criteria, including regular stress testsAPAC represents significant portion of share-backed lending portfolio with stress test performance similar to GroupMortgage lending is a de minimis part of the overall Private Banking credit portfolio and subject to regular stress testing Resulting exposures are controlled through a risk appetite framework which caps collateral concentrations (including those to variable interest entities)  PB Lending by product typein USD  PB Lending by rating gradein USD  IG  NIG  +19%  +19%  Lombard  SBL  Mortgage  Other  2016  9M19  2016  9M19 

 22  Spotlight APAC: Greater China credit environment        Greater China exposure accounts for small part of Group exposureGreater China portfolio growth diversifying APAC South East Asia credit portfolioExecution of lending strategy targeted at core entrepreneurial clients   Credit Suisse’s overall credit quality has remained stable with an aggregate BB ratingGreater China portfolio has a lower weighted average probability of default than overall aggregate APAC credit portfolio Watchlist and surveillance impairment metrics remain very low  Overall institutional portfolio diversified with top industry concentration to commercial banksSingle name concentrations managed through a granular risk appetite frameworkPortfolio product composition diversified across corporate lending, Private Banking share-backed loans and derivatives  December 11, 2019  Overall portfolio structure in line with strategy  Portfolio ratings stable  Concentrations managed 

 Credit Suisse Investor Day 2019Facilitating growth through an effective and efficient operating model  Lydie Hudson, Chief Compliance OfficerDecember 11, 2019 

   Key messages  24  December 11, 2019  Key priorities    Mitigate and manage Compliance risk, with a particular focus on Financial Crime riskContinue to invest and deploy leading tools and technologyDrive control effectivenessLead Conduct and Ethics program in partnership with HR  Highlights of progress since 2018 Investor Day    Implemented control improvements, adapted to regulatory changeDelivered advanced tools for use by Compliance and Front OfficePartnered with CRO, HR and GC to drive platform strategy   Wayforward    Continue to enable compliant growth through alignment with business strategies Execute on deliverables with continued focus on technology solutionsDrive further control and operating effectiveness, with a focus on platform solutionsOngoing focus on Conduct and Ethics 

   Compliance remains core to our success  25  December 11, 2019  1 Boston Consulting Group, Global Risk 2019: Creating a More Digital, Resilient Bank 2 American Banker, April 2018          Non-visiblecosts          Visiblecosts  Industry fines since 20091  Industry spends ~6-10% of its revenues on Compliance2  Client facing employee hours documenting compliance  Control modifications in the front office  Responding to regulatory inquiries and investigations  Industry  ~ USD 400 bn spent in the last 10 years 

   Supporting growth through enhanced compliance capabilities  26  December 11, 2019  Capabilities  Expertise  Framework  GM  APAC  IBCM  IWM  SUB  Client SurveillanceSingle Client ViewTransaction SurveillanceSingle External ViewExternal Asset Manager SurveillanceInvestigations Analytics                    Transaction and Activity SurveillanceRelationship Manager SurveillanceTrading SurveillanceGlobal Information Barrier Surveillance            Employee Guidance and EnablementiComply RoboticsCase ManagerCross Border Compass                                                Compliance Risk Framework    Risk Monitoring, Surveillance,Testing  Risk Measurement  Risk Reporting    RiskMitigation,Control Issues & Improvements  Risk Appetites  Risk Identification           

   Expertise, framework and capabilities promote risk management  27  December 11, 2019  Transaction Data                      Employee Data    Transaction and Activity Surveillance  Employee Guidance and Enablement    DataLake      Client Data    Client Surveillance      1  Complex Client Monitoring  2  Compliant Growth Enablement  3  Client Risk Detection  Policies & Procedures       

   Analyzing complex client relationships with enhanced capabilities  28  December 11, 2019  1    Client Surveillance enables pro-active global exposure assessment across the bank on day one of incident awareness  Initial assessments done within days   Expansive reviews spanning multiple years  Coverage of significant transactional volume  Expansion of searches from clients to third parties  Enhanced investigations capabilities  If we learn of an external incident ….  Leverage cross-functional expertisePro-active Regulatory transparency      Illustrative example  Power of Attorney   Beneficial Owner    Corporate Structure  Natural Person     Advisor / Power of Attorney                                                                        Advisor / Power of Attorney  Holder                                                                          Account  Spouse  Children 

   Platforms and governance enable compliant growth  29  December 11, 2019  2  Illustrative example    ComplianceTeams    Market and country risk  Client risk and money laundering risk  Existing relationships and exposure  Negative news screening  Client level transaction monitoring  Case management and audit trail  Single Client View  Single External View  Market AreaRisk Appetite    Client Risk Scoring Model                Case Manager     Client HolisticSurveillance              Compliance Desktop    Borrower in Brazil    Proposed guarantor from Asia with Swiss Account    $200m Loan      Mexico  Water Facility Project in Latin America                       Third Party Guarantee             

   Enhanced client surveillance capabilities enable more effective detection of client risk  30  December 11, 2019  1 Alerts with high risk score will be prioritized as they contain more contributing factors to the alert  3    Medium risk country    14 model-driven triggers    0.7 overall risk score0.0 (low risk) – 1.0 (very high risk)1    Aggregate RiskScore  Know-Your-Client Score    Pattern Score                        Cash Withdrawals      Shipping Business              Illustrative example – A potential case with a medium risk country    Moving from rules-based to machine-led behavioral modelingObjective to reduce false positives and continuously learnAbility to adapt quickly   

   Integrated use of data across corporate functions   31  December 11, 2019      Employees    Clients    Transactions    Client Portfolio Data  Customer Data  Negative News  Know Your Client Data  Sanctions   Politically Exposed Persons List  Transactions Data & Alerts  Client Reference Data  Product Reference Data  Key Risk Indicators  Trade Data  HumanResources Data  Disciplinary &Misconducts  Personal Account Trading  Wall Crossings  Gifts & Entertainment Data  Travel Data  Trade Alerts  Performance Reviews  Credit Ratings  Credit Upgrades and Downgrades  Regulatory Scrutiny  Money Laundering Risk  Regulatory Risk  Geopolitical Risk  Conduct Risk  Internal Fraud  Legal Risk  Sustainability Risk  Credit Risk  Reputational Risk  Cyber Risk 

   Focused on platforms to drive operating and control effectiveness  32  December 11, 2019            Where we are    Other Data Sets  Workforce Data Sets  Client Data Sets            An industry problem…  Way forward…  Where we were  …multiplied by number of divisions, functions, locations…    1st Line of Defense1            SUB  IWM  APAC  GM    IBCM  2nd Line of Defense1            Compliance    Risk    GC    3rd Line of Defense1            Internal Audit                                      Client Intelligence  Technology  ConductAnalytics  Client Operations  Non-Financial Risk Mgmt  1 Applies to current users and/or data providers 

   Credit Suisse Investor Day 2019Facilitating growth through an effective and efficient operating model  James Walker, Chief Operating OfficerDecember 11, 2019 

   34  December 11, 2019  Proven track record on cost management; lowered cost base to CHF 16.4 bn by end of 2018    Business exits and right-sizing  Optimization  Net investments  Adjusted operating cost baseat constant FX rates* in CHF bn  Illustrative gross efficiencies and investments in CHF bn  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix of the CEO and CFO Investor Day presentations.* Adjusted operating cost base at constant 2018 FX rates; see Appendix         

   35  December 11, 2019  Maintaining lower break-even point through disciplined expense and investment management …     Divisions and corporate functions continuing to deliver efficiencies thereby facilitating investmentsProductivity continues to be delivered via ongoing optimization and further structural measuresProductivity allows for self funding of key regulatory projects such as IBORGrowth funding for revenue-producing hires aligned to revenue development within the yearLeveraging the cost management practices embedded in the fabric of the organization  Cost management principles 

   36  December 11, 2019  … and driving further structural savings initiatives    Improving footprint and reducing occupancy in high cost locations  Examples of specific initiatives  Themes  Rationalizing divisional / corporate function teams by promoting and consolidating processes into commonly shared platforms  Operating model  Optimizing captive vs outsourced vendor footprint mix in India, Poland and other locations to increase effectiveness and institutionalize knowledge retention  Workforce composition  Real estate footprint  Driving automation and data driven insights through leveraging innovative solutions such as Distributed Ledger Technology and machine learning  Automation 

   Aiming to realize further efficiencies across the bank  37  December 11, 2019  Productivity savings to be generated in line with Group objectives    Reviewing entity and country coverage, eliminating duplicationRationalizing divisionally aligned teams running parallel processes on commonly shared platforms Centralizing function aligned teams and platform supportSimplifying and streamlining risk assessment processes   Intended measures    Common platforms 

   38  December 11, 2019  Driving positive operating leverage through embedded cost management practices    Continued productivity improvements  Increasing flexibility of cost base through disciplined investment of productivity savings  Transparency to drive accountability  Continuing regular in-depth cost review meetings across Divisions and Corporate Functions and cost lines  Collaborative approach  Sharing best practices across the GroupDriving consistent front-to-back approach by optimization of processes, services and platforms 

   39  December 11, 2019  Leveraging scalable data platform across the bank to shorten implementation time and enhance business outcomes        RM surveillance data  Front office enabled to leverage the same data for RM productivity analytics    Example of a data platform  Impact    Implementation time  Initiator:  Adopters:  Compliance    6 months  Front office    3 months  Risk    1 month  Cost of adoption        Other Data Sets  Workforce Data Sets  Client Data Sets        1 Applies to current users and/or data providers  1st Line of Defense1            SUB  IWM  APAC  GM    IBCM  2nd Line of Defense1            Compliance    Risk    GC    3rd Line of Defense1            Internal Audit           

   40  December 11, 2019  Enabling the business to focus on revenue-producing activities embedding in-house developments and fintech solutions  ~80%   Onboarding type  Partial or full paper-based  Paperless  Volume1  ~20%    ~55%   ~45%        2018  2019    Full digital front-to-back end-to-end client onboarding        Faster data capturing and controls          Streamlined processing  Better data quality due to shift from forms to data controls            Continued progress on the digitalization at Swiss Universal Bank during 2019  Completed within 4 Days      ~50%   ~90%  1 SUB onboardings. 2018 reflects full year data; 2019 reflects data January through October 

       Improving IT productivity …  Leveraging DevOps practices to improve efficiency, cost management and qualityImproving tracking of overall value delivered by technology Automating the software development practices and processes  Integrated Toolchain  Continued progress  24×   2.4x   Usage of automated software pipelines2   Adoption of advanced development workflow2   - 20%  Cost per change request2   Adoption of integrated toolchain1   100%  More changes deployed2  Success rate of changes - smaller but more frequent changes2   99.5%  8%   Change activities on agile methodology3  IT code quality impacting Business operations2   8%  42%   Process optimization  Developer productivity  41  December 11, 2019   Odyssey (simplified view)  1 As of November 2019 2 November 2019 versus December 2018 3 As of June 2019 

   42  December 11, 2019  … and continuing to leverage technology advancements with a strengthened operating model  Of infrastructure incident tickets automated2  51%  Of Credit Suisse servers on private cloud 2  44%  Of investment portfolio allocated to strategic change1  77%  Applications decommissioned1  250  1.2 MW  Reduction in monthly carbon footprint3  Service desk incidents resolved by Amelia1  28%  Discontinue  Optimize  Transform  Successful DevOps Expos1  9  Staff attending Agile training sessions1  >2,400  1 YTD as of November 2019 2 As of November 2019 3 November 2019 versus December 2018 

 Appendix  43  December 11, 2019 

 44  December 11, 2019  Notes (1/2)  For reconciliation of adjusted to reported results, refer to the Appendix of the CEO and CFO Investor Day 2019 presentations, published on December 11, 2019Throughout the presentation rounding differences may occurUnless otherwise noted, all CET1 capital, CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in this presentation for periods prior to 2019 are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuMMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager business  * Following the successful completion of our restructuring program in 2018, we updated our calculation approach for adjusted operating cost base at constant FX rates. Beginning in 1Q19, adjusted operating cost base at constant FX rates includes adjustments for major litigation provisions, expenses related to real estate disposals and business sales as well as for debit valuation adjustments (DVA) related volatility and FX, but not for restructuring expenses and certain accounting changes. Adjustments for FX apply unweighted 2018 currency exchange rates, i.e., a straight line average of monthly rates, consistently for the periods under review. Under the current presentation, adjusted operating cost base at constant FX rates for periods prior to 1Q19 still include adjustments for restructuring expenses and a goodwill impairment taken in 4Q15, but no longer include an adjustment for certain accounting changes. Beginning in 1Q20, adjustments for FX will apply unweighted 2019 currency exchange rates.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital (a non-GAAP financial measure) is calculated using income/(loss) after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital. ‡ Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders’ equity. Tangible book value per share is a non-GAAP financial measure, which is calculated by dividing tangible shareholders’ equity by total number of shares outstanding. Management believes that tangible shareholders’ equity/tangible book value, return on tangible equity and tangible book value per share are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-4Q17, tangible shareholders’ equity excluded goodwill of CHF 4,742 mn and other intangible assets of CHF 223 mn from total shareholders’ equity of CHF 41,902 mn as presented in our balance sheet. For end-1Q18, tangible shareholders’ equity excluded goodwill of CHF 4,667 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 42,540 mn as presented in our balance sheet. For end-2Q18, tangible shareholders’ equity excluded goodwill of CHF 4,797 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 43,470 mn as presented in our balance sheet. For end-3Q18, tangible shareholders’ equity excluded goodwill of CHF 4,736 mn and other intangible assets of CHF 214 mn from total shareholders’ equity of CHF 42,734 mn as presented in our balance sheet. For end-4Q18, tangible shareholders’ equity excluded goodwill of CHF 4,766 mn and other intangible assets of CHF 219 mn from total shareholders’ equity of CHF 43,922 mn as presented in our balance sheet. For end-1Q19, tangible shareholders’ equity excluded goodwill of CHF 4,807 mn and other intangible assets of CHF 224 mn from total shareholders’ equity of CHF 43,825 mn as presented in our balance sheet. For end-2Q19, tangible shareholders’ equity excluded goodwill of CHF 4,731 mn and other intangible assets of CHF 216 mn from total shareholders’ equity of CHF 43,673 mn as presented in our balance sheet. For end-3Q19, tangible shareholders’ equity excluded goodwill of CHF 4,760 mn and other intangible assets ofCHF 219 mn from total shareholders’ equity of CHF 45,150 mn as presented in our balance sheet. Shares outstanding were 2,550.3 mn at end-4Q17, 2,552.4 mn at end-3Q18, 2,550.6 mn at end-4Q18 and 2,473.8 mn at end-3Q19.  General notes  Specific notes 

 Notes (2/2)  45  December 11, 2019  Abbreviations  ABL = Asset Based Lending; Abs. = Absolute; Adj. = Adjusted; AFG = Asia Pacific Financing Group; AM = Asset Management; Ann. = Annualized;APAC = Asia Pacific; Approx. = Approximately; ARC = Asset Risk Consultants; ARU = Asset Resolution Unit; ATS = APAC Trading Solutions; AuM = Assets under Management; Avg.= Average; BCBS = Basel Committee on Banking Supervision; BEAT = Base Erosion and Anti-Abuse Tax; BfE = Bank for Entrepreneurs; BHC = Bank Holding Company; BIS = Bank for International Settlements; bps = basis points; CAGR = Compound Annual Growth Rate; CBG = Corporate Bank Group; CC = Corporate Center; CCO = Chief Compliance Officer; CCRO = Chief Compliance and Regulatory Affairs Officer; CET1 = Common Equity Tier 1;CH = Switzerland; C/I = Cost/Income; C&IC = Corporate and Institutional Clients; CIC = Corporate & Institutional Clients; CLO = Collateralized Loan Obligation; CRO = Chief Risk Officer; CSAM = Credit Suisse Asset Management; DCM = Debt Capital Markets; DevOps = Development-to-Operations; DPS = Dividend Per Share; E = Estimate; EAM = External Asset Manager; ECA = Export Credit Agency; ECM = Equity Capital Markets; E&E = Entrepreneurs & Executives;EMEA = Europe, Middle East & Africa; ESG = Environmental Social and Governance; Est. = Estimate; EU = European Union; Excl. = Exclude; FID = Fixed Income Department; FI&WM = Fixed Income Wealth Management; FRTB = Fundamental Review of the Trading Book; FX = Foreign Exchange; FY = Full Year; GC = General Counsel; GCP = Global Credit Products; GM = Global Markets; GMV = Gross Market Value; GYB = Global Yield Balanced; HLG = High Level Group; HR = Human Resources; HY = High Yield; IAF = Impact Advisory & Finance; IB = Investment Banking; IBCM = Investment Banking & Capital Markets; IBOR = Interbank Offer Rate; IFC = International Finance Corporation; IG = Investment Grade; ILS = Insurance-Linked Strategies; IMM = Internal Model Method;incl. = including; IPO = Initial Public Offering; IRB = Internal Ratings-Based Approach; IT = Information Technology; ITS = International Trading Solutions;IWM = International Wealth Management; LDI = Liability-driven investments; Lev Fin = Leveraged Finance; LTD = Long-term debt; LTM = Last Twelve Months; LTV = Loan to Value; M&A = Mergers & Acquisitions; MREL = Minimum Requirement for own funds and Eligible Liabilities; NIG = Non investment grade;NNA = Net new assets; NRI = Non-resident Indians; Op Risk = Operational Risk; OTC = Over the Counter; p.a. = per annum; PB = Private Banking;PB&WM = Private Banking & Wealth Management; PC = Private Clients; PD = probability of default; p.p. = percentage points; PTI = Pre-tax income;QIS = Quantitative Investment Strategies; QoQ = Quarter over Quarter; QT = Quantitative Trading; RBL = Reserve Based Lending; RM = Relationship Manager(s); RoRC = Return on Regulatory Capital; RoTE= Return on Tangible Equity; RSA = Revenue Sharing Agreement; RWA = Risk-weighted assets;SA-CCR = Standardized Approach to Counterparty Credit Risk; SBL = Share Backed Lending; SCP = Strategic Client Partner; SEA = South East Asia;SME = Small and Medium-Sized Enterprises; SNB = Swiss National Bank; SoW = Share of Wallet; SP = Securitized Products; STBs = Sustainable Transition Bonds; SUB = Swiss Universal Bank; TBVPS = Tangible book value per share; TLAC = Total Loss-Absorbing Capacity; TLOF = Total Liabilities and Own Funds; TMT = Technology, Media and Telecommunications; (U)HNW(I) = (Ultra) High Net Worth (Individuals); U/W = Underwriting; US GAAP = United States Generally Accepted Accounting Principles; WM&C = Wealth Management & Connected; YoY = Year over year; YTD = Year to Date