6-K 1 a180214-6k.htm 6-K 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
February 14, 2018
Commission File Number 001-15244
CREDIT SUISSE GROUP AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)

Commission File Number 001-33434
CREDIT SUISSE AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.






This report includes the media release and the slides for the presentation to investors in connection with the 4Q17 and full year 2017 results.






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

Telephone +41 844 33 88 44
Fax +41 44 333 88 77
media.relations@credit-suisse.com
February 14, 2018
Media Release
Reported FY17 pre-tax income of CHF 1.8 billion, up CHF 4 billion year on year
Adjusted* FY17 pre-tax income of CHF 2.8 billion, up 349% year on year
Following US tax reform, Credit Suisse reports FY17 net loss attributable to shareholders of CHF 983 million. Estimated additional benefit of at least 100 basis points on RoTE in 2019 from lower Group tax rate1. Positive business uplift expected from US tax reform
Continued to drive positive operating leverage in FY17 with adjusted* net revenues up 5% and adjusted* total operating expenses down 6% year on year
Achieved FY17 cost target with adjusted* operating cost base of CHF 17.7 billion at actual FX rates2, or CHF 18 billion at 2015 constant FX rates*. Total net cost savings of CHF 3.2 billion at constant FX rates* (CHF 3.6 billion at actual FX rates2) over two years
Wealth Management FY17 NNA3 of CHF 37.2 billion, up 27% year on year, with record AuM3 of CHF 772 billion, up 13% year on year. 4Q17 NNA3 of CHF 4.0 billion, compared to outflows of CHF 0.7 billion in 4Q16, representing a positive swing of CHF 4.7 billion
IBCM4 FY17 adjusted* pre-tax income up 41% year on year. Share of wallet gains across all key businesses
GM4 FY17 adjusted net revenues up 5%5 and adjusted* total operating expenses down 5%, resulting in 118% growth in adjusted* pre-tax income year on year
SRU wind-down on track for completion at end-2018. FY17 adjusted* total operating expenses down 43%, RWA6 down 43% and leverage exposure down 41% year on year
Look-through tier 1 leverage ratio of 5.2%; look-through CET1 ratio of 12.8% at end-2017 after deduction of approximately 45 basis points from increased operational risk RWA7 in 2H17
Strong start to 2018 in market-dependent activities, with year-on-year increase in estimated net revenues of more than 10%8 in Global Markets and more than 15%8 in APAC Markets during the first six weeks of the year
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Group highlights
• FY17 Group adjusted* net revenues of CHF 20.9 billion, up 5% year on year (4Q17: CHF 5.2 billion)
• FY17 adjusted* operating cost base of CHF 17.7 billion at actual FX rates2, down 7% year on year (4Q17: CHF 4.5 billion)
• FY17 Group reported pre-tax income of CHF 1.8 billion, compared to pre-tax loss of CHF 2.3 billion in FY16 (4Q17: pre-tax income of CHF 141 million)
• FY17 Group adjusted* pre-tax income of CHF 2.8 billion, up 349% year on year (4Q17: CHF 569 million)
• FY17 net loss attributable to shareholders of CHF 983 million, including income tax expenses of CHF 2,741 million primarily related to the re-assessment of deferred taxes resulting from the US tax reform (4Q17: net loss attributable to shareholders of CHF 2,126 million)
• The US Department of the Treasury is expected to issue guidance to clarify the application of the base erosion and anti-abuse tax (BEAT). On the basis of the current analysis of the BEAT alternative tax regime, we regard it as more likely than not that the Group will not be subject to this regime in 2018
Tidjane Thiam, Chief Executive Officer of Credit Suisse, stated: “2017 was a crucial year of delivery in our three-year restructuring plan, after 2016, which was a year of deep and radical reorganization and restructuring. It was key for us to demonstrate that our new structure is effective and that the strategy formulated in 2015 is working.
We believe that the 2017 results we are presenting today contain tangible evidence of the positive impact our restructuring efforts are having on the Group’s performance. In the second full year of our restructuring plan, we remained focused on execution.
We generated profitable growth9 and continued to drive positive operating leverage through both revenue growth and cost reductions. We increased the return on capital10 in every division. In particular, we saw accelerated momentum in our Wealth Management businesses11, which delivered higher profits9, higher combined NNA3 and higher margins12, demonstrating the power of our business model and the effectiveness of our focus on UHNWI clients.
We can look back on a number of notable achievements in 2017:
• Positive operating leverage accelerated across the Group; net revenues13 were up 5% and costs14 down 6%.
• Strong progress towards our 2018 profitability targets in Wealth Management. With adjusted* pre-tax income of CHF 4.2 billion11, we are 85% of the way to our CHF 4.95 billion11 target level with one year to go.
• At CHF 37.2 billion, Wealth Management NNA3 grew 27% year on year.
• Record Wealth Management AuM3 of CHF 772 billion, up 13% year on year, at higher margins12.
• Adjusted* operating cost base of CHF 17.7 billion at actual FX rates2 or CHF 18 billion at constant FX rates*; this equates to total net cost savings of CHF 3.2 billion at constant FX rates* (CHF 3.6 billion at actual FX rates2) since the cost program began two years ago.
• Each of our five operating divisions increased their return on capital10 year on year.
• Our APAC Wealth Management & Connected business exceeded its previous FY18 adjusted* pre-tax income target15 one year ahead of schedule. We won around 120 industry awards16 and, for the first time, we were named Best Private Bank17 and Best Corporate & Institutional Bank18 in the APAC region in the same year.
• International Trading Solutions (ITS) – a partnership established across GM, IWM and SUB to better service the needs of our UHNWI clients – has had a strong start to 2018.
Our 2017 results show that our strategy is working. In 2018, we will remain focused on disciplined execution and on delivering value for our clients and shareholders for the final year of our restructuring plan.”
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Current Trading and Outlook
We have focused relentlessly for two years now on reducing our fixed cost base to increase our resilience in unsupportive markets and increase our leverage in constructive markets. As a result of these efforts, we believe we are in a significantly improved position to benefit when market conditions improve. In the first six weeks of the year, we have seen evidence that this approach is paying off.
Our market-dependent activities19 had a strong start to the year. In the first six weeks of 2018, estimated net revenues were up by more than 10%8 in Global Markets and more than 15%8 in APAC Markets year on year, with significant outperformance in equity derivatives and securitized products as well as ITS. In addition, operating expenses across the two divisions have been reduced since we started our restructuring back in 2016, directly benefiting our bottom line, with a positive effect on profitability8.
That said, our market-dependent activities19 remain exposed to a number of uncertainties, from geopolitical developments to the path and speed of interest rate changes in major economies as quantitative easing is unwound and markets adjust. In the first six weeks of 2018, we have seen a significant pick-up in market volatility, which on the one hand had a positive impact on our secondary activities, and on the other hand, negatively impacted our primary calendar as clients wait for calmer markets in order to transact.
We are adopting a cautious short-term outlook in this period of heightened volatility. Overall, we have made significant progress in strengthening our capital position and de-risking our Markets businesses19 since 2015. Our outlook on the world economy remains positive and we believe that our strategy of being a leading wealth manager with strong investment banking capabilities as well as our efforts to cut fixed costs and lower our breakeven point leave us well positioned to create significant value for both our clients and our shareholders.
Changes to the Board of Directors
The Board of Directors of Credit Suisse Group AG is proposing Michael Klein and Ana Paula Pessoa for election as new non-executive members of the Board of Directors at the Annual General Meeting on April 27, 2018. Richard E. Thornburgh, upon reaching the relevant tenure limit, will not stand for re-election. All other members of the Board of Directors will stand for re-election for a further term of office of one year.
Regarding the nominations of Michael Klein and Ana Paula Pessoa, Urs Rohner, Chairman of the Board of Directors of Credit Suisse Group, stated: "Michael Klein, former Chairman and Co-CEO Markets & Banking at Citigroup, is a recognized international banking professional and expert with over thirty years of experience in banking and financial services. Ana Paula Pessoa has wide-ranging experience in finance and strategy spanning more than two decades. She currently serves as an independent Board member of News Corporation, New York, and Vinci Group, Paris. Michael Klein and Ana Paula Pessoa both bring enormous expertise and long experience in their respective areas to complement the strengths of the Board of Directors."
Regarding the end of Richard Thornburgh’s tenure as a member of the Board of Directors, Urs Rohner commented: "Richard E. Thornburgh will not stand for re-election to the Board of Directors upon reaching the relevant tenure limit. Credit Suisse is very grateful to him for his exceptional leadership and longstanding contribution to the bank over four decades. This includes his time as a Credit Suisse executive and as a Board of Directors member for the last 12 years, serving as Chairman of the Risk Committee since 2009 and as Vice-Chair of the Board of Directors since 2014. He currently also holds the position of non-executive Chairman of our major US subsidiaries. It has been a privilege to work with him on the Board of Directors during a crucial period for Credit Suisse. I wish him the very best in his future endeavors.”
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Dividend
As previously announced, Credit Suisse has revised its dividend policy. For the financial year 2017, it is discontinuing the proposal of a scrip alternative at the option of shareholders and instead proposing to pay an all-cash dividend per share at a level similar to the cash component (as opposed to the stock component) per share of the total dividend that shareholders elected in recent years. This is subject to the approval of our shareholders. The Board of Directors will therefore propose to shareholders at the Annual General Meeting on April 27, 2018, that a distribution of CHF 0.25 per share be paid out of capital contribution reserves for the financial year 2017. The distribution will be free of Swiss withholding tax and will not be subject to income tax for Swiss resident individuals holding the shares as a private investment. The distribution will be payable in cash.
Divisional summaries
Swiss Universal Bank (SUB) performed strongly in 2017, producing its eighth consecutive quarter of year-on-year adjusted* pre-tax income growth in 4Q17. At CHF 1.9 billion, adjusted* pre-tax income for FY17 was up 8% from the prior year and up 17% (excluding Swisscard20) from when we started our new plan at the end of 2015. SUB ended 2017 with CHF 563 billion of assets under management, an increase of 6% year on year. Adjusted* return on regulatory capital was 15%. In Private Clients, a 10% increase in FY17 adjusted* pre-tax income to CHF 860 million was mainly driven by strong cost discipline. Net new assets totaled CHF 4.7 billion, representing a record annual performance, with strong contributions from our UHNWI clients and entrepreneurs. In Corporate & Institutional Clients, FY17 adjusted* pre-tax income rose 6% to CHF 1.0 billion, mainly driven by continued strong cost discipline. Our Swiss investment banking business maintained its leading position21 in the country in M&A, DCM and ECM and we expect positive momentum to continue in 2018. SUB will focus on continuing to produce positive operating leverage in 2018, with higher revenues and lower costs. The division had a positive and encouraging start to 2018.
International Wealth Management (IWM) had a strong FY17 with adjusted* pre-tax income up 35% to CHF 1.5 billion, a unique performance for a business of this scale. Strong adjusted* revenue growth across all major revenue categories and cost discipline were the main drivers of this increase. Adjusted* return on regulatory capital reached 29% for FY17. Asset gathering gained momentum, with net new assets rising 69% to CHF 35.9 billion for the year. In Private Banking, FY17 adjusted* pre-tax income was up 36% to CHF 1.1 billion year on year with higher net interest income and recurring commissions and fees as well as improved levels of client activity and stable adjusted* operating expenses. FY17 adjusted* net margin was strong at 32 basis points, up 5 basis points year on year. Underscoring our successful house view performance, net mandate sales reached CHF 15.3 billion and mandates penetration rose 3 percentage points to 31%. FY17 net new assets matched last year’s record level of CHF 15.6 billion, resulting in an annualized growth rate of 5%, with solid inflows from emerging markets and Europe. In Asset Management, FY17 adjusted* pre-tax income grew by 33% to CHF 381 million year on year, driven by a double-digit increase in management fees and performance and placement revenues at resilient margins, partly offset by an 11% increase in adjusted* operating expenses. Net new assets for the year almost quadrupled to CHF 20.3 billion at an annualized growth rate of 6%.
Asia Pacific (APAC) generated adjusted* pre-tax income of CHF 792 million in FY17 and delivered a solid adjusted* return on regulatory capital of 15% while carrying out the significant repositioning of Markets. In APAC Wealth Management & Connected (WM&C), the adjusted* return on regulatory capital was 30% for FY17. Strong overall cost discipline in APAC resulted in a further decrease in FY17 adjusted* operating expenses year on year, including a 14% reduction in Markets (measured in USD). APAC WM&C delivered its best quarterly results to date with adjusted* pre-tax income of CHF 239 million, driven by net revenues of CHF 626 million. It also ended the year with record assets under management of CHF 196.8 billion and net new assets of CHF 16.9 billion, corresponding to an annualized growth rate of 10%. For FY17, WM&C grew its adjusted* pre-tax income by 63% to CHF 820 million. FY17 advisory, underwriting and financing net revenues grew 35%, driven primarily by
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an increase in debt and equity capital markets mandates, and stronger performance in financing. FY17 Private Banking net revenues rose 17%, reflecting record transaction-based revenues and recurring commissions and fees. In APAC Markets, we are on track to meet our end-2018 adjusted* operating expenses ambition of USD 1.2 billion. APAC Markets has had a good start in the first six weeks of 1Q18 with net revenues8 up more than 15% compared to the same period of last year, reflecting higher volumes in equities, and stronger performance in fixed income sales and trading supported by primary activity and performance in FX. Demonstrating the strength of our client-focused strategy, APAC received exceptional industry recognition in 2017, including Best Private Bank17 in Asia and Best Corporate & Institutional Bank18, as well as Loan House of the Year22. We also ranked #1 in the All-Asia Sales and Trading Team polls23 and our advisory and underwriting business ranked top 2 in FY17 in terms of share of wallet24.
Investment Banking & Capital Markets (IBCM) delivered year-on-year growth in net revenues and profitability9 and gained further market share in both Americas and EMEA25 in FY17. We achieved top five rankings26 in IPOs, follow-ons and leveraged finance in 4Q17. Adjusted* pre-tax income rose 41% year on year to USD 419 million in FY17, including 4Q17 adjusted* pre-tax income of USD 122 million. Our adjusted* return on regulatory capital for FY17 was 15%, meeting our end-2018 target adjusted* return on regulatory capital of 15-20%. Net revenues in FY17 rose 9% year on year, driven by improved performance in debt and equity underwriting. In 4Q17, equity underwriting revenues increased 14% year on year, with IPO revenues reaching their highest level in the last 12 quarters. Debt underwriting revenues were up 12% year on year, and our teams were involved in 7 of the top 10 leveraged finance deals in 4Q17. FY17 adjusted* operating expenses increased 3% year on year, as we made targeted investments in business growth and in compliance. We grew our global advisory and underwriting revenues by 10% in 2017, outperforming27 industry-wide Street fees.
Global Markets (GM) delivered significantly improved profitability and positive operating leverage in 2017. Adjusted* pre-tax income increased 118% to USD 620 million in FY17, reflecting the consistent execution of our strategy. Our adjusted* return on regulatory capital increased to 4% for FY17. During the year, we delivered a substantial reduction in adjusted* operating expenses, while maintaining leading market positions across our core franchises. Adjusted net revenues5 of USD 5.6 billion in FY17 increased 5% year on year, reflecting substantially higher securitized products and increased debt and equity underwriting revenues, partially offset by persistently low trading volumes and a low volatility environment, which negatively impacted ITS, particularly in our macro products and equity derivatives businesses. Adjusted* operating expenses decreased 5% in 2017, demonstrating our strong cost discipline. We believe we are on track to achieve our 2018 ambition of adjusted* operating expenses below USD 4.8 billion. We continue to take a disciplined approach to investing in our franchise and to increasing cross-divisional collaboration. As a result, we believe we are well positioned to achieve our 2018 net revenue ambition of over USD 6 billion. In 4Q17, we saw a resilient performance in a challenging quarter with adjusted net revenues5 of USD 1.2 billion, a decrease of 5% year on year, as higher debt and equity underwriting activity and continued momentum in securitized products were offset by challenging trading conditions in ITS due to persistently low volumes and volatility. We saw a strong start to 1Q18, with net revenues9 up more than 10% compared to the same period of last year, reflecting strength in equity derivatives due to higher volatility and increased collaboration through the ITS partnership, as well as continued momentum in securitized products.
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Biographies of the proposed new non-executive Board members
Michael Klein is a recognized international banking professional with over thirty years of experience in banking and financial services. He began his banking career in 1985 at Salomon Brothers, a predecessor firm of Citigroup, where he held a variety of roles until mid-2008. His primary roles included Head Global Financial Entrepreneurs & Private Equity Coverage, Head of Investment Banking, EMEA, Co-Head of Global Investment Banking, CEO of Markets & Banking, EMEA, CEO of Global Banking, Co-President, Markets & Banking and Chairman and Co-CEO of Markets & Banking. Michael Klein also served as Vice Chairman of Citigroup and Chairman, Institutional Clients Group. Since leaving Citigroup, he advised the British government during the financial crisis, amongst other roles. Michael Klein is currently the owner and Managing Partner of M. Klein & Company, a private strategic and financial advisory firm primarily based out of New York. He holds a Bachelor of Science in Economics with distinction from the Wharton School of the University of Pennsylvania. Michael Klein is a US citizen.
Ana Paula Pessoa has been an independent Board member and member of the Audit Committee of News Corporation, New York, since 2013, and an independent Board member and member of the Strategy and Investment Committee of Vinci Group, Paris, since 2015. Ana Paula Pessoa is a member of the Advisory Board of The Nature Conservancy and of the Audit Committee for Fundação Roberto Marinho, Brazil, and Instituto Atlantico de Gobierno, Spain. She holds a Bachelor’s degree in Economics and International Relations, as well as a Master’s degree in Development Economics, both from Stanford University, California. Ana Paula Pessoa worked for the United Nations Development Programme in New York and in Benin from 1988 to 1990. From 1992 to 1993, she was engaged as a teaching and research assistant for Stanford University in Italy. In 1993, she returned to Brazil to join Globo Organizations where she worked for 18 years, occupying various senior management positions in telecommunications, cable and satellite TV, print media, radio and newspapers. From 2001 to 2011, she was CFO and Innovation Director of Infoglobo, the largest newspaper group in South America. In 2011, Ana Paula Pessoa founded BlackKey Venture Creation SA and from 2011 to 2015, she was an investor and Chair of the Board of Neemu Internet, a leader in search and recommendation technology for e-commerce, which was later sold to Brazil’s largest retail software house, Linx SA. In 2012, she opened the Brazil office of Brunswick Group, a global strategic communications company, where she was managing partner for over three years. In 2015, Ana Paula Pessoa was appointed CFO of the Organizing Committee of the Rio 2016 Olympic and Paralympic Games, a position she held until March 2017. She is presently a partner, investor and Board Chair of Kunumi AI, a leading artificial intelligence start-up in Brazil. Ana Paula Pessoa is a Brazilian citizen.
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Information for investors and media
Adam Gishen, Investor Relations, Credit Suisse
Tel: +41 44 333 71 49
email: investor.relations@credit-suisse.com
Amy Rajendran, Media Relations, Credit Suisse
Tel: +41 844 33 88 44
email: media.relations@credit-suisse.com
The complete 4Q17 earnings release and results presentation slides are available for download from 07:00 CET today at: https://www.credit-suisse.com/results.
 
Presentation of 4Q17 results – Wednesday, February 14, 2018
Event  Analyst Call Media Conference
Time    08:15 Zurich
07:15 London
02:15 New York
10:00 Zurich
09:00 London
04:00 New York
Speakers  Tidjane Thiam, Chief Executive Officer
David Mathers, Chief Financial Officer
Tidjane Thiam, Chief Executive Officer
David Mathers, Chief Financial Officer
Language  The presentation will be held in English.
The presentation will be held in English.
Simultaneous interpreting in German will be available.
Access via
Telephone       
+41 44 580 40 01 (Switzerland)
+44 1452 565 510 (Europe)
+1 866 389 9771 (US)
Reference: Credit Suisse Analysts and
Investors call or meeting ID: 4496267

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

Please dial in 10 minutes before the start
of the presentation.
Q&A Session  Opportunity to ask questions via the
telephone conference.
Following the presentation, you will have the
opportunity to ask the speakers questions.
Playback        Replay available approximately one hour
after the event:
+41 44 580 34 56 (Switzerland)
+44 1452 550 000 (Europe)
+1 866 247 4222 (US)
Conference ID: 4496267#
Replay available approximately one hour
after the event:
+41 44 580 34 56 (Switzerland)
+44 1452 550 000 (Europe)
+1 866 247 4222 (US)
Conference ID English: 5669697#
Conference ID German: 7482058#
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The results of Credit Suisse Group comprise the results of our six reporting segments, including the Strategic Resolution Unit, and the Corporate Center. Core results exclude revenues and expenses from our Strategic Resolution Unit.
As we move ahead with the implementation of our strategy, it is important to measure the progress achieved by our underlying business performance in a consistent manner. To achieve this, we will focus our analyses on adjusted results.
Adjusted results referred to in this Media Release are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for the purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. We will report quarterly on the same adjusted* basis for the Group, Core and divisional results until end-2018 to allow investors to monitor our progress in implementing our strategy, given the material restructuring charges we are likely to incur and other items which are not reflective of our underlying performance but are to be borne in the interim period. Tables in the Appendix of this Media Release provide the detailed reconciliation between reported and adjusted results for the Group, Core businesses and the individual divisions.
Footnotes
* Adjusted results are non-GAAP financial measures. For a reconciliation of the adjusted results to the most directly comparable US GAAP measures, see the Appendix of this Media Release.
1 Based on currently available information and beliefs, expectations and opinions of management as of the date hereof. Actual impact for the full year 2019 may differ.
2 Measured using adjusted* operating cost base without adjusting for FX (the impact of which was CHF 326 million for 2017 and CHF 49 million for 4Q17).
3 Referring to combined net new assets and assets under management for SUB PC, IWM PB and APAC PB within WM&C.
4 Measured in US dollars.
5 Excludes SMG net revenues of USD 12 million in 4Q16, USD 2 million in 3Q17, USD (6) million in 4Q17, USD 172 million in 2016 and USD (16) million in 2017, as applicable.
6 Excluding operational risk of CHF 20 billion in 2016 and CHF 20 billion in 2017.
7 Increases to operational risk RWA of CHF 5.2 billion and CHF 3.8 billion in 3Q17 and 4Q17, respectively, reflecting an updated loss history and a revised methodology for the measurement of our risk-weighted assets relating to operational risk primarily in respect of our RMBS settlements.
8 As of February 8, 2018, compared to February 8, 2017.
9 Referring to adjusted* pre-tax income.
10 Referring to adjusted* return on regulatory capital.
11 Referring to combined 2017 adjusted* pre-tax income or 2018 adjusted* pre-tax income targets for SUB, IWM and APAC WM&C as the context may require.
12 Referring to adjusted* net margins.
13 Referring to adjusted* net revenues.
14 Referring to adjusted* operating expenses.
15 Referring to our previous adjusted* pre-tax income target of CHF 700 million for the year 2018; this was subsequently revised to CHF 850 million at our recent Investor Day in November 2017.
16 Includes awards which reflect 2017 performance, including announced in 2018 YTD; excludes awards announced in 2017 which reflect 2016 performance. Excludes all survey and poll results.
17 Source: Best Private Bank Asia, Asian Private Banker, announced January 2018.
18 Source: Best Corporate and Institutional Bank, The Asset Triple A Regional Awards 2017 as of February 2018.
19 Referring to Global Markets and the Markets business in APAC.
20 Adjusted to exclude Swisscard net revenues of CHF 148 million and operating expenses of CHF 123 million for 2015 in SUB Private Clients.
21 Source: Thomson Securities for M&A, International Financing Review (IFR) for DCM, Dealogic for ECM; all for the period ending December 31, 2017.
22 Source: Asia Pacific Loan House of the Year, IFR Asia, announced December 2017.
23 Source: All-Asia Sales and Trading Teams, Institutional Investor, announced June 2017.
24 Source: Dealogic as of December 31, 2017, for Asia Pacific ex-Japan and ex-China onshore.
25 Source: Dealogic as of December 31, 2017; includes Americas and EMEA only.
26 Source: Dealogic as of December 31, 2017.
27 Source: Dealogic for the period ending December 31, 2017 (Global).
Abbreviations
APAC – Asia Pacific; APAC PB within WM&C – Asia Pacific Private Banking within Wealth Management & Connected; AuM – Assets under Management; BEAT – Base Erosion Anti-Abuse Tax; CET1 – Common Equity Tier 1; DCM – Debt Capital Markets; ECM – Equity Capital Markets; EMEA – Europe, the Middle East and Africa; FINMA – Swiss Financial Market Supervisory Authority FINMA; FX – Foreign Exchange; GM – Global Markets; FY – full-year; IBCM – Investment Banking & Capital Markets; IFR – International Financing Review; IPO – Initial Public Offering; ITS – International Trading Solutions; IWM – International Wealth Management; IWM PB – International Wealth Management Private Banking; M&A – Mergers and Acquisitions; NNA – Net New Assets; RMBS – Residential Mortgage Backed Securities; ROTE – Return on Tangible Equity; RWA – Risk Weighted Assets; SRU – Strategic Resolution Unit; SUB – Swiss Universal Bank; SUB PC – Swiss Universal Bank Private Clients; UHNWI – Ultra-High-Net-Worth Individuals; WM&C – Wealth Management & Connected
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Important information
This Media Release contains select information from the full 4Q17 Earnings Release and 4Q17 Results Presentation Slides that Credit Suisse believes is of particular interest to media professionals. The complete 4Q17 Earnings Release and 4Q17 Results Presentation Slides, which have been distributed simultaneously, contain more comprehensive information about our results and operations for the reporting quarter, as well as important information about our reporting methodology and some of the terms used in these documents. The complete 4Q17 Earnings Release and Results Presentation Slides are not incorporated by reference into this Media Release.
Credit Suisse has not finalized its 2017 Annual Report and the Credit Suisse’s independent registered public accounting firm has not completed its audit of the consolidated financial statements for the period. Accordingly, the financial information contained in this Media Release is subject to completion of year-end procedures, which may result in changes to that information.
Information referenced in this Media Release, whether via website links or otherwise, is not incorporated into this Media Release.
Our cost savings program is measured using adjusted operating cost base at constant FX rates. “Adjusted operating cost base at constant FX rates” includes adjustments as made in all our disclosures for restructuring expenses, major litigation expenses and a goodwill impairment taken in 4Q15 as well as adjustments for certain accounting changes (which had not been in place at the launch of the cost savings program), debit valuation adjustments (DVA) related volatility and for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2Q15: USD/CHF 0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 4Q15: USD/CHF 1.0010, EUR/CHF 1.0851, GBP/CHF 1.5123, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2Q16: USD/CHF 0.9756, EUR/CHF 1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764, 4Q16: USD/CHF 1.0101, EUR/CHF 1.0798, GBP/CHF 1.2451, 1Q17: USD/CHF 0.9963, EUR/CHF 1.0670, GBP/CHF 1.2464, 2Q17: USD/CHF 0.9736, EUR/CHF 1.0881, GBP/CHF 1.2603, 3Q17: USD/CHF 0.9645, EUR/CHF 1.1413, GBP/CHF 1.2695, 4Q17: USD/CHF 0.9853, EUR/CHF 1.1667, GBP/CHF 1.3230. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation consistently for the periods under review.
Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using (adjusted) 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 attributable to shareholders, a non-GAAP financial measure, is based on tangible shareholders’ equity attributable to shareholders, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity attributable to shareholders as presented in our balance sheet. Management believes that the return on tangible shareholders’ equity attributable to shareholders is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired.
We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives.
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.
In preparing this media release, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this media release 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.
This document contains certain unaudited interim financial information for 2018. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the first quarter of 2018 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the first quarter of 2018. 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 first quarter of 2018 will be included in our 1Q18 Financial Report. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of 1Q18 or the full first quarter of 2018.
As of January 1, 2013, Basel III was implemented in Switzerland along with the Swiss “Too Big to Fail” legislation and regulations thereunder (in each case, subject to certain phase-in periods). As of January 1, 2015, the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS), was implemented in Switzerland by FINMA. Our related disclosures are in accordance with our interpretation of such requirements, including relevant assumptions. Changes in the interpretation of these requirements in Switzerland or in any of our assumptions or estimates could result in different numbers from those shown in this media release.
Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and pre- scribed 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.
Mandates penetration means advisory and discretionary mandates in private banking businesses as a percentage of the related AuM, excluding those from the external asset manager business.
9

Margin calculations for APAC are aligned with the performance metrics of the Private Banking business and its related assets under management within the Wealth Management & Connected business in APAC. Assets under management and net new assets for APAC relate to the Private Banking business within the Wealth Management & Connected business.
Net margin is calculated by dividing income before taxes by average assets under management. Adjusted net margins is calculated using adjusted results, applying the same methodology to calculate net margin.
When we refer to operating divisions throughout this Media Release, we mean SUB, IWM, APAC, IBCM and GM.
Investors and others should note that we announce material information (including quarterly earnings releases and financial reports) to the investing public using press releases, SEC and Swiss ad hoc filings, our website and public conference calls and webcasts. We intend to also use our Twitter account @creditsuisse (https://twitter.com/creditsuisse) to excerpt key messages from our public disclosures, including earnings releases. We may retweet such messages through certain of our regional Twitter accounts, including @csschweiz (https://twitter.com/csschweiz) and @csapac (https://twitter.com/csapac). Investors and others should take care to consider such abbreviated messages in the context of the disclosures from which they are excerpted. The information we post on these Twitter accounts is not a part of this Media Release.
In various tables, use of “–” indicates not meaningful or not applicable.
10

Appendix
Key metrics
   in / end of % change in / end of % change
4Q17 3Q17 4Q16 QoQ YoY 2017 2016 YoY
Credit Suisse Group results (CHF million)   
Net revenues 5,189 4,972 5,181 4 0 20,900 20,323 3
Provision for credit losses 43 32 75 34 (43) 210 252 (17)
Total operating expenses 5,005 4,540 7,309 10 (32) 18,897 22,337 (15)
Income/(loss) before taxes  141 400 (2,203) (65) 1,793 (2,266)
Net income/(loss) attributable to shareholders  (2,126) 244 (2,619) (19) (983) (2,710) (64)
Assets under management and net new assets (CHF million)   
Assets under management 1,376.1 1,344.8 1,251.1 2.3 10.0 1,376.1 1,251.1 10.0
Net new assets 3.1 (1.8) (6.7) 37.8 26.8 41.0
Basel III regulatory capital and leverage statistics   
CET1 ratio (%) 13.5 14.0 13.5 13.5 13.5
Look-through CET1 ratio (%) 12.8 13.2 11.5 12.8 11.5
Look-through CET1 leverage ratio (%) 3.8 3.8 3.2 3.8 3.2
Look-through tier 1 leverage ratio (%) 5.2 5.2 4.4 5.2 4.4
A-1

Credit Suisse and Core Results 
   Core Results Strategic Resolution Unit Credit Suisse
in / end of 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16
Statements of operations (CHF million)   
Net revenues  5,340 5,227 5,383 (151) (255) (202) 5,189 4,972 5,181
Provision for credit losses  40 40 47 3 (8) 28 43 32 75
Compensation and benefits 2,461 2,366 2,576 65 85 106 2,526 2,451 2,682
General and administrative expenses 1,768 1,414 1,630 209 216 2,554 1,977 1,630 4,184
Commission expenses 356 338 390 9 9 4 365 347 394
Restructuring expenses 119 91 48 18 21 1 137 112 49
Total other operating expenses 2,243 1,843 2,068 236 246 2,559 2,479 2,089 4,627
Total operating expenses  4,704 4,209 4,644 301 331 2,665 5,005 4,540 7,309
Income/(loss) before taxes  596 978 692 (455) (578) (2,895) 141 400 (2,203)
Statement of operations metrics (%)   
Return on regulatory capital 5.6 9.3 6.6 1.2 3.5 (18.6)
Balance sheet statistics (CHF million)   
Total assets 750,660 739,281 739,564 45,629 49,409 80,297 796,289 788,690 819,861
Risk-weighted assets 1 238,067 229,170 222,604 33,613 35,842 45,441 271,680 265,012 268,045
Leverage exposure 1 856,591 843,582 844,995 59,934 65,385 105,768 916,525 908,967 950,763
   Core Results Strategic Resolution Unit Credit Suisse
in / end of 2017 2016 2017 2016 2017 2016
Statements of operations (CHF million)   
Net revenues  21,786 21,594 (886) (1,271) 20,900 20,323
Provision for credit losses  178 141 32 111 210 252
Compensation and benefits 9,845 9,960 332 612 10,177 10,572
General and administrative expenses 6,039 6,180 796 3,590 6,835 9,770
Commission expenses 1,398 1,401 32 54 1,430 1,455
Restructuring expenses 398 419 57 121 455 540
Total other operating expenses 7,835 8,000 885 3,765 8,720 11,765
Total operating expenses  17,680 17,960 1,217 4,377 18,897 22,337
Income/(loss) before taxes  3,928 3,493 (2,135) (5,759) 1,793 (2,266)
Statement of operations metrics (%)   
Return on regulatory capital 9.3 8.5 . 3.9 (4.7)
1
Disclosed on a look-through basis.
A-2

Adjusted results are non-GAAP financial measures that exclude goodwill impairment and certain other revenues and expenses included in our reported results. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance over time, on a basis that excludes items that management does not consider representative of our underlying performance. Refer to ”Reconciliation of adjusted results” for a reconciliation to the most directly comparable US GAAP measures.
Reconciliation of adjusted results 
   Core Results Strategic Resolution Unit Credit Suisse
in 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16
Reconciliation of adjusted results (CHF million)   
Net revenues  5,340 5,227 5,383 (151) (255) (202) 5,189 4,972 5,181
   Real estate gains  0 0 (74) 0 0 (4) 0 0 (78)
   (Gains)/losses on business sales  28 0 0 0 0 2 28 0 2
Adjusted net revenues  5,368 5,227 5,309 (151) (255) (204) 5,217 4,972 5,105
Provision for credit losses  40 40 47 3 (8) 28 43 32 75
Total operating expenses  4,704 4,209 4,644 301 331 2,665 5,005 4,540 7,309
   Restructuring expenses  (119) (91) (48) (18) (21) (1) (137) (112) (49)
   Major litigation provisions  (165) (20) (26) (90) (88) (2,375) (255) (108) (2,401)
   Expenses related to business sales  (8) 0 0 0 0 0 (8) 0 0
Adjusted total operating expenses  4,412 4,098 4,570 193 222 289 4,605 4,320 4,859
Income/(loss) before taxes  596 978 692 (455) (578) (2,895) 141 400 (2,203)
   Total adjustments  320 111 0 108 109 2,374 428 220 2,374
Adjusted income/(loss) before taxes  916 1,089 692 (347) (469) (521) 569 620 171
Adjusted return on regulatory capital (%) 8.6 10.4 6.6 5.0 5.5 1.4
   Core Results Strategic Resolution Unit Credit Suisse
in 2017 2016 2017 2016 2017 2016
Reconciliation of adjusted results (CHF million)   
Net revenues  21,786 21,594 (886) (1,271) 20,900 20,323
   Real estate gains  0 (420) 0 (4) 0 (424)
   (Gains)/losses on business sales  51 52 (38) 6 13 58
Adjusted net revenues  21,837 21,226 (924) (1,269) 20,913 19,957
Provision for credit losses  178 141 32 111 210 252
Total operating expenses  17,680 17,960 1,217 4,377 18,897 22,337
   Restructuring expenses  (398) (419) (57) (121) (455) (540)
   Major litigation provisions  (224) (14) (269) (2,693) (493) (2,707)
   Expenses related to business sales  (8) 0 0 0 (8) 0
Adjusted total operating expenses  17,050 17,527 891 1,563 17,941 19,090
Income/(loss) before taxes  3,928 3,493 (2,135) (5,759) 1,793 (2,266)
   Total adjustments  681 65 288 2,816 969 2,881
Adjusted income/(loss) before taxes  4,609 3,558 (1,847) (2,943) 2,762 615
Adjusted return on regulatory capital (%) 10.9 8.6 6.0 1.3
Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology used to calculate return on regulatory capital.
A-3

Reconciliation of adjustment items
   Group
in 4Q17 4Q16 2017 2016 2015
Adjusted results (CHF million)   
Total operating expenses  5,005 7,309 18,897 22,337 25,895
   Goodwill impairment  0 0 0 0 (3,797)
   Restructuring expenses  (137) (49) (455) (540) (355)
   Major litigation provisions  (255) (2,401) (493) (2,707) (820)
   Expenses related to business sales  (8) 0 (8) 0 0
   Debit valuation adjustments (DVA)  (20) 0 (83) 0 0
   Certain accounting changes  (45) 0 (170) 0 0
Adjusted operating cost base  4,540 4,859 17,688 19,090 20,923
   FX adjustment  49 70 326 293 319
Adjusted FX-neutral operating cost base  4,589 4,929 18,014 19,383 21,242
Reconciliation of adjusted results
   SUB, IWM, and APAC WM&C
in 4Q17 4Q16 2017 2016 2015 1
Adjusted results (CHF million)   
Net revenues  3,308 3,258 12,829 12,361 11,631
   Real estate gains  0 (74) 0 (420) (95)
   (Gains)/losses on business sales  28 0 28 0 (34)
Adjusted net revenues  3,336 3,184 12,857 11,941 11,502
Provision for credit losses  36 51 117 128 174
Total operating expenses  2,270 2,332 8,797 8,598 9,252
   Goodwill impairment  0 0 0 0 (446)
   Restructuring expenses  (19) (18) (150) (128) (79)
   Major litigation provisions  (38) (26) (97) (7) (299)
Adjusted total operating expenses  2,213 2,288 8,550 8,463 8,428
Income before taxes  1,002 875 3,915 3,635 2,205
   Total adjustments  85 (30) 275 (285) 695
Adjusted income before taxes  1,087 845 4,190 3,350 2,900
1
Excludes net revenues and total operating expenses for Swisscard of CHF 148 million and CHF 123 million, respectively.
A-4

Swiss Universal Bank
   in / end of % change in / end of % change
4Q17 3Q17 4Q16 QoQ YoY 2017 2016 YoY
Results (CHF million)   
Net revenues  1,318 1,319 1,399 0 (6) 5,396 5,759 (6)
   of which Private Clients  726 727 749 0 (3) 2,897 3,258 (11)
   of which Corporate & Institutional Clients  592 592 650 0 (9) 2,499 2,501 0
Provision for credit losses  15 14 34 7 (56) 75 79 (5)
Total operating expenses  870 879 983 (1) (11) 3,556 3,655 (3)
Income before taxes  433 426 382 2 13 1,765 2,025 (13)
   of which Private Clients  212 206 173 3 23 801 1,095 (27)
   of which Corporate & Institutional Clients  221 220 209 0 6 964 930 4
Metrics (%)   
Return on regulatory capital 13.5 13.2 12.2 13.7 16.5
Cost/income ratio 66.0 66.6 70.3 65.9 63.5
Private Clients   
Assets under management (CHF billion) 208.3 206.1 192.2 1.1 8.4 208.3 192.2 8.4
Net new assets (CHF billion) 0.0 1.0 (1.8) 4.7 0.1
Gross margin (annualized) (bp) 140 142 156 143 171
Net margin (annualized) (bp) 41 40 36 40 58
Corporate & Institutional Clients   
Assets under management (CHF billion) 354.7 346.7 339.3 2.3 4.5 354.7 339.3 4.5
Net new assets (CHF billion) (0.2) (13.7) 0.8 (13.9) 2.5
A-5

Reconciliation of adjusted results
   Private Clients Corporate & Institutional Clients Swiss Universal Bank
in 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16
Adjusted results (CHF million)   
Net revenues  726 727 749 592 592 650 1,318 1,319 1,399
   Real estate gains  0 0 (20) 0 0 0 0 0 (20)
Adjusted net revenues  726 727 729 592 592 650 1,318 1,319 1,379
Provision for credit losses  10 9 10 5 5 24 15 14 34
Total operating expenses  504 512 566 366 367 417 870 879 983
   Restructuring expenses  1 (9) 3 1 (4) 0 2 (13) 3
   Major litigation provisions  (2) (2) 0 (5) (7) (19) (7) (9) (19)
Adjusted total operating expenses  503 501 569 362 356 398 865 857 967
Income before taxes  212 206 173 221 220 209 433 426 382
   Total adjustments  1 11 (23) 4 11 19 5 22 (4)
Adjusted income before taxes  213 217 150 225 231 228 438 448 378
Adjusted return on regulatory capital (%) 13.7 13.9 12.1
   
Private Clients
Corporate &
Institutional Clients
Swiss
Universal Bank
in 2017 2016 2017 2016 2017 2016
Adjusted results (CHF million)   
Net revenues  2,897 3,258 2,499 2,501 5,396 5,759
   Real estate gains  0 (366) 0 0 0 (366)
Adjusted net revenues  2,897 2,892 2,499 2,501 5,396 5,393
Provision for credit losses  42 39 33 40 75 79
Total operating expenses  2,054 2,124 1,502 1,531 3,556 3,655
   Restructuring expenses  (53) (51) (6) (9) (59) (60)
   Major litigation provisions  (6) 0 (43) (19) (49) (19)
Adjusted total operating expenses  1,995 2,073 1,453 1,503 3,448 3,576
Income before taxes  801 1,095 964 930 1,765 2,025
   Total adjustments  59 (315) 49 28 108 (287)
Adjusted income before taxes  860 780 1,013 958 1,873 1,738
Adjusted return on regulatory capital (%) 14.6 14.2
A-6

International Wealth Management
   in / end of % change in / end of % change
4Q17 3Q17 4Q16 QoQ YoY 2017 2016 YoY
Results (CHF million)   
Net revenues  1,364 1,262 1,299 8 5 5,111 4,698 9
   of which Private Banking  923 870 918 6 1 3,603 3,371 7
   of which Asset Management  441 392 381 13 16 1,508 1,327 14
Provision for credit losses  14 3 6 367 133 27 20 35
Total operating expenses  1,010 904 962 12 5 3,733 3,557 5
Income before taxes  340 355 331 (4) 3 1,351 1,121 21
   of which Private Banking  236 252 228 (6) 4 1,024 841 22
   of which Asset Management  104 103 103 1 1 327 280 17
Metrics (%)   
Return on regulatory capital 25.2 26.9 27.0 25.8 23.3
Cost/income ratio 74.0 71.6 74.1 73.0 75.7
Private Banking   
Assets under management (CHF billion) 366.9 355.3 323.2 3.3 13.5 366.9 323.2 13.5
Net new assets (CHF billion) 2.7 3.6 0.4 15.6 15.6
Gross margin (annualized) (bp) 101 101 116 105 112
Net margin (annualized) (bp) 26 29 29 30 28
Asset Management   
Assets under management (CHF billion) 385.6 376.3 321.6 2.5 19.9 385.6 321.6 19.9
Net new assets (CHF billion) 1.4 1.1 (4.4) 20.3 5.6
A-7

Reconciliation of adjusted results
   Private Banking Asset Management International Wealth Management
in 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16
Adjusted results (CHF million)   
Net revenues  923 870 918 441 392 381 1,364 1,262 1,299
   Real estate gains  0 0 (54) 0 0 0 0 0 (54)
   (Gains)/losses on business sales  0 0 0 28 0 0 28 0 0
Adjusted net revenues  923 870 864 469 392 381 1,392 1,262 1,245
Provision for credit losses  14 3 6 0 0 0 14 3 6
Total operating expenses  673 615 684 337 289 278 1,010 904 962
   Restructuring expenses  (8) (9) (11) (3) (7) (5) (11) (16) (16)
   Major litigation provisions  (31) (11) (7) 0 0 0 (31) (11) (7)
Adjusted total operating expenses  634 595 666 334 282 273 968 877 939
Income before taxes  236 252 228 104 103 103 340 355 331
   Total adjustments  39 20 (36) 31 7 5 70 27 (31)
Adjusted income before taxes  275 272 192 135 110 108 410 382 300
Adjusted return on regulatory capital (%) 30.5 28.9 24.4
    Private
Banking
Asset
Management
International
Wealth Management
in 2017 2016 2017 2016 2017 2016
Adjusted results (CHF million)   
Net revenues  3,603 3,371 1,508 1,327 5,111 4,698
   Real estate gains  0 (54) 0 0 0 (54)
   (Gains)/losses on business sales  0 0 28 0 28 0
Adjusted net revenues  3,603 3,317 1,536 1,327 5,139 4,644
Provision for credit losses  27 20 0 0 27 20
Total operating expenses  2,552 2,510 1,181 1,047 3,733 3,557
   Restructuring expenses  (44) (47) (26) (7) (70) (54)
   Major litigation provisions  (48) 12 0 0 (48) 12
Adjusted total operating expenses  2,460 2,475 1,155 1,040 3,615 3,515
Income before taxes  1,024 841 327 280 1,351 1,121
   Total adjustments  92 (19) 54 7 146 (12)
Adjusted income before taxes  1,116 822 381 287 1,497 1,109
Adjusted return on regulatory capital (%) 28.6 23.1
A-8

Asia Pacific
   in / end of % change in / end of % change
4Q17 3Q17 4Q16 QoQ YoY 2017 2016 YoY
Results (CHF million)   
Net revenues  885 890 862 (1) 3 3,504 3,597 (3)
   of which Wealth Management & Connected  626 548 560 14 12 2,322 1,904 22
   of which Markets  259 342 302 (24) (14) 1,182 1,693 (30)
Provision for credit losses  7 5 11 40 (36) 15 26 (42)
Total operating expenses  702 667 748 5 (6) 2,760 2,846 (3)
Income before taxes  176 218 103 (19) 71 729 725 1
   of which Wealth Management & Connected  229 173 162 32 41 799 489 63
   of which Markets  (53) 45 (59) (10) (70) 236
Metrics (%)   
Return on regulatory capital 13.3 16.8 7.6 13.8 13.7
Cost/income ratio 79.3 74.9 86.8 78.8 79.1
Wealth Management & Connected – Private Banking   
Assets under management (CHF billion) 196.8 190.0 166.9 3.6 17.9 196.8 166.9 17.9
Net new assets (CHF billion) 1.3 5.8 0.7 16.9 13.6
Gross margin (annualized) (bp) 80 87 87 88 86
Net margin (annualized) (bp) 23 30 22 30 23
A-9

Reconciliation of adjusted results
   Wealth Management & Connected Markets Asia Pacific
in 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16 4Q17 3Q17 4Q16
Adjusted results (CHF million)   
Net revenues  626 548 560 259 342 302 885 890 862
Provision for credit losses  7 5 11 0 0 0 7 5 11
Total operating expenses  390 370 387 312 297 361 702 667 748
   Restructuring expenses  (10) (5) (5) (13) (5) (14) (23) (10) (19)
Adjusted total operating expenses  380 365 382 299 292 347 679 657 729
Income/(loss) before taxes  229 173 162 (53) 45 (59) 176 218 103
   Total adjustments  10 5 5 13 5 14 23 10 19
Adjusted income/(loss) before taxes  239 178 167 (40) 50 (45) 199 228 122
Adjusted return on regulatory capital (%) 15.0 17.6 9.0
    Wealth Management
& Connected

Markets

Asia Pacific
in 2017 2016 2017 2016 2017 2016
Adjusted results (CHF million)   
Net revenues  2,322 1,904 1,182 1,693 3,504 3,597
Provision for credit losses  15 29 0 (3) 15 26
Total operating expenses  1,508 1,386 1,252 1,460 2,760 2,846
   Restructuring expenses  (21) (14) (42) (39) (63) (53)
Adjusted total operating expenses  1,487 1,372 1,210 1,421 2,697 2,793
Income/(loss) before taxes  799 489 (70) 236 729 725
   Total adjustments  21 14 42 39 63 53
Adjusted income/(loss) before taxes  820 503 (28) 275 792 778
Adjusted return on regulatory capital (%) 15.0 14.8
   APAC Markets
in 4Q17 3Q17
Adjusted results (USD million)   
Net revenues  264 354
Total operating expenses  317 308
   Restructuring expenses  (13) (6)
Adjusted total operating expenses  304 302
Income before taxes  (53) 46
   Total adjustments  13 6
Adjusted income before taxes  (40) 52
A-10

Global Markets
   in / end of % change in / end of % change
4Q17 3Q17 4Q16 QoQ YoY 2017 2016 YoY
Results (CHF million)   
Net revenues  1,163 1,262 1,265 (8) (8) 5,551 5,497 1
Provision for credit losses  8 6 (4) 33 31 (3)
Total operating expenses  1,350 1,185 1,264 14 7 5,070 5,452 (7)
Income/(loss) before taxes  (195) 71 5 450 48
Metrics (%)   
Return on regulatory capital (5.5) 2.0 0.3 3.2 0.4
Cost/income ratio 116.1 93.9 99.9 91.3 99.2
Reconciliation of adjusted results
   Global Markets
in 4Q17 3Q17 4Q16 2017 2016
Adjusted results (CHF million)   
Net revenues  1,163 1,262 1,265 5,551 5,497
Provision for credit losses  8 6 (4) 31 (3)
Total operating expenses  1,350 1,185 1,264 5,070 5,452
   Restructuring expenses  (71) (27) (15) (150) (217)
   Major litigation provisions  0 0 0 0 (7)
   Expenses related to business sales  (8) 0 0 (8) 0
Adjusted total operating expenses  1,271 1,158 1,249 4,912 5,228
Income before taxes  (195) 71 5 450 48
   Total adjustments  79 27 15 158 224
Adjusted income/(loss) before taxes  (116) 98 20 608 272
Adjusted return on regulatory capital (%) (3.3) 2.8 0.7 4.3 2.0
   Global Markets
in 4Q17 4Q16 2017 2016
Adjusted results (USD million)   
Net revenues  1,179 1,256 5,662 5,575
Provision for credit losses  8 (3) 32 (4)
Total operating expenses  1,371 1,250 5,172 5,522
   Restructuring expenses  (73) (14) (154) (220)
   Major litigation provisions  0 0 0 (7)
   Expenses related to business sales  (8) 0 (8) 0
Adjusted total operating expenses  1,290 1,236 5,010 5,295
Income before taxes  (200) 9 458 57
   Total adjustments  81 14 162 227
Adjusted income before taxes  (119) 23 620 284
A-11

Investment Banking & Capital Markets
   in / end of % change in / end of % change
4Q17 3Q17 4Q16 QoQ YoY 2017 2016 YoY
Results (CHF million)   
Net revenues 565 457 574 24 (2) 2,139 1,972 8
Provision for credit losses (1) 12 0 30 20 50
Total operating expenses 459 410 425 12 8 1,740 1,691 3
Income before taxes  107 35 149 206 (28) 369 261 41
Metrics (%)   
Return on regulatory capital 15.0 5.2 22.9 13.7 10.7
Cost/income ratio 81.2 89.7 74.0 81.3 85.8
Reconciliation of adjusted results
   Investment Banking & Capital Markets
in 4Q17 3Q17 4Q16 2017 2016
Adjusted results (CHF million)   
Net revenues  565 457 574 2,139 1,972
Provision for credit losses  (1) 12 0 30 20
Total operating expenses  459 410 425 1,740 1,691
   Restructuring expenses  (14) (16) 6