Cara Lubit
Robert Klein
Division of Corporation Finance
Office of Finance
United States Securities and Exchange Commission

Credit Suisse Group AG (the “Group” or “Credit Suisse”) is writing in response to the letter from the staff (the “Staff”) of the United States Securities and Exchange Commission (the “Commission”) dated October 20, 2022, containing the Staff’s comments with respect to the Group’s annual report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Commission on March 10, 2022 (the “2021 Form 20-F”). As discussed between Ms. Lubit of the Staff and Sebastian Sperber of Cleary Gottlieb Steen & Hamilton LLP, our counsel, on October 24, 2022, the Group very much appreciates the Staff’s accommodation to file its response via EDGAR on or before November 18, 2022, as opposed to submitting it by the originally requested deadline.

For ease of reference, the Group has repeated the Staff’s comments in italicized text prior to its responses. Defined terms in our responses that are not defined below are defined in the 2021 Form 20-F. Please note that in the version of this letter filed via EDGAR confidential information has been omitted and delivered separately to the Staff and the redactions are denoted in the EDGAR-filed version by bracketed asterisks (“[***]”).

Notes to the consolidated financial statements
Note 1 - Summary of significant accounting policies
Revisions of prior period financial statements, page 292

We acknowledge the Staff’s comment in relation to our response to prior comment 3 in the letter dated August 22, 2022, relating to the reclassification and other changes to the consolidated statements of cash flows and related SAB 99 materiality analysis. Our responses below refer to and supplement the response provided to prior comment 3.

Management continuously reviews its control environment and enhances its processes to self-identify improvements to the accounting control environment. A primary example is the accounting Quality Assurance Review (“QAR”), which is a business-as-usual activity and focuses on a specific accounting topic and documenting and reviewing the way such a topic is addressed across relevant entities and systems within the Group to ensure appropriate treatment in our consolidated financial statements and footnote disclosures. In addition, we also consider identified control deficiencies and whether those are reflective of potential areas for process and control improvements. This included our review work on the consolidated statement of cash flows, which followed from an earlier matter relating to the intra-table classification within the Loans footnote disclosure.

In the second quarter of 2020, we identified a mapping error in our Loans footnote disclosure. As a result of this matter, a significant deficiency (“Loans footnote deficiency”) was identified and reported to the Board of Directors (“BoD”) Audit Committee.

As part of the continuous reviews that we perform over our control environment and informed by the remediation of the Loans footnote deficiency, management carried out a review of disclosure table extracts that were dependent on manual processes and/or on the receipt of non-balance sheet or income statement data elements. Using a risk-based approach, management reviewed the data inputs into selected footnote disclosures and confirmed the accounting treatment. The risk-based approach considered various factors including the complexity of the relevant accounting standards, extent of automation in the underlying production processes, criticality of the data inputs, and history of errors and/or control deficiencies relating to the disclosure. While the consolidated statement of cash flows is a primary financial statement, it requires recategorization of certain income statement line items, and is not fully automated, and was therefore included in the review.

The review was completed in the second quarter of 2022, following the analysis of forty-seven disclosure tables and thirty-seven critical data inputs impacting disclosure tables. Critical data inputs refer to trade or position attributes such as maturity date or product name.

We acknowledge the Staff’s comment 2 relating to our response to prior comment 3 in the letter dated August 22, 2022, that a control deficiency was identified where inappropriate mapping rules were used and that the automated rules relating to the share-based compensation and cash flow hedges were remediated prior to the filing of the 2021 Form 20-F (“Mapping rules deficiency”). We also acknowledge the Staff’s comment relating to the distinct control deficiency relating to non-functional currency gains and losses (“Nonfunctional currency gains and losses deficiency”) and/or whether there were additional control deficiencies related to this error. Both topics were reported to the BoD Audit Committee in the context of the corrections to the consolidated statements of cash flows, the results of the reviews that we perform on our control environment, and the reporting of select control deficiencies that do not rise to the level of a significant deficiency. At the request of the BoD Audit Committee, and for transparency on the control environment, management reports on a recurring basis to those charged with governance at the Group (i.e., the BoD Audit Committee) on various internal control topics, which include the reporting of required matters (e.g., material weaknesses (if applicable), significant deficiencies, etc.) and other items that relate to the annual and/or quarterly financial reporting or are topical in nature (e.g., prior period financial reporting corrections, select control deficiencies that do not rise to the level of a significant deficiency, process and control recommendations, etc.).

In 2021, as a part of the review that we performed over the consolidated statement of cash flows (as referred to in our response to comment 1), we self-identified the Mapping rules deficiency, which relates to certain cash flow positions that had not been categorized in accordance with Generally Accepted Accounting Principles in the United States of America (“US GAAP”) due to inappropriate mapping rules. This deficiency was remediated and closed in 2021 prior to the filing of our 2021 Form 20-F. Notwithstanding the quantitative percentages of the corrections (as outlined in Exhibit A), the control deficiency was not material or significant, individually or in combination with other control deficiencies, for the reasons outlined below.

In 2021, as a part of the review that we performed over our consolidated statement of cash flows (as referred to in our response to comment 1), we self-identified the Nonfunctional currency gains and losses deficiency, which relates to the computation and reporting of the cash flow effects of gains and losses on remeasurements within the consolidated statement of cash flows. Prior to the filing of the 2021 Form 20-F, we corrected our financial reporting (as outlined in Exhibit A), as deemed necessary, and identified a distinct control deficiency, which was not material or significant, individually or in combination with other control deficiencies. Notwithstanding the quantitative percentages of the corrections, the impact of these corrections (as outlined in Exhibit A) and the severity of the associated control deficiency was not material to a reader of our financial reporting for the reasons outlined below.

Prior to our filing of the 2021 Form 20-F, management considered the severity of the Mapping rules deficiency and the Nonfunctional currency gains and losses deficiency, individually and in combination with other control deficiencies, as applicable. Based on quantitative and qualitative considerations, neither deficiency was deemed to be material or significant, individually or in combination with other control deficiencies. However, management did report these matters to the BoD Audit Committee to provide transparency on the control environment as previously outlined.

We acknowledge the Staff’s comment 3 on the appropriateness of recording gains and losses on only a subsection of re-measured assets as a reconciling item between net income and net cash provided by / (used in) operating activities.

US GAAP (as discussed in ASC 830) requires reporting entities to remeasure their foreign currency denominated monetary assets and liabilities into the reporting entity’s functional currency. Such remeasurement of foreign currency denominated assets and liabilities results in gains / losses that are included in the net income of the reporting entity.

ASC 230-10-45-28 allows the cash flows related to operating activities to be presented in one of two ways, the direct method, or the indirect method. Management has elected to present its cash flows from operating activities using the indirect method. Further, as discussed in ASC 230-10-45-25 and ASC 230-10-45-28, when the indirect method is used, a reporting entity provides a reconciliation of net income to cash flows from net operating activities. Such a reconciliation removes the effects of all non-cash transactions recorded in the net income of the reporting entity, which includes the gains / losses on remeasurement of foreign currency denominated assets and liabilities, to arrive at the pure cash flows from net operating activities.

We additionally acknowledge the Staff’s comment 3 on our conclusion to include a selection of instruments, and the appropriateness of the presentation thereof.

In 2021, as noted in our response to comment 1 above, management performed a review of the consolidated statement of cash flows, and this included an assessment of the reporting of the cash flow effects of gains and losses resulting from the remeasurement of foreign currency-denominated monetary assets and liabilities. Management considered the materiality of foreign currency exposures for the relevant monetary assets and liabilities within the legal entities that could significantly impact the total net cash provided by/(used in) operating activities, investing activities, and/or financing activities. Prior to the filing of our 2021 Form 20-F, we extended the coverage of instruments from long-term debt to also include net loans and customer deposits. We considered the potential impact of the relevant instruments not included, and that the exclusion of these instruments is appropriate and would not materially impact a reader of our financial reporting, as noted below.

The instruments within ‘Operating activities’ that this new practice does not apply to include: ‘Trading assets and liabilities’, ‘Other assets’, and ‘Other liabilities.’ The impact of not including these instruments is not material to a reader of our financial reporting as it would not impact the total net cash provided by/(used in) operating activities, as the cash flow effects of gains and losses on remeasurements are reported in the ‘Trading assets and liabilities, net’ disclosure line item.

The instruments within ‘Investing activities’ that this new practice does not apply to include: ‘Securities purchased under resale agreements and securities borrowing transactions’, ‘Investment securities’ and ‘Other investments.’ The instruments within ‘Financing activities’ that this new practice does not apply to include: ‘Short-term borrowings’ and ‘Securities sold under repurchased agreements and securities lending transactions.’ Further, this new practice does not apply to ‘Cash and due from banks.’ The impact of not including these instruments is not material to a reader of our financial reporting as the cash flow effects of gains and losses on remeasurements for these instruments is not material for the comparative periods (2021, 2020, and 2019) that we reported in our 2021 Form 20-F.

For the instruments noted above that are not included within this new practice, the cash flow effects of gains and losses resulting from the remeasurement of monetary assets and liabilities continue to form part of the related cash flow line for that asset or liability.

We acknowledge the Staff’s comment 4 on management’s consideration of qualitative factors in concluding that the errors were not material. As stated in our prior response, we considered a list of qualitative factors that are the most likely to be impactful for a reader of our financial reporting, based on our understanding of the industry and our experience of questions from shareholders, analysts, regulators, and auditors.

Other relevant considerations include the impact to footnote disclosures and segment reporting, earnings per share, compliance with loan covenants, management compensation, market price, and/or investor reactions, and these considerations do not lead us to a different conclusion.

We additionally acknowledge the Staff’s comment 4 on periods impacted by the errors and whether impacts for all such periods were quantified, and whether management evaluated the impact of errors on the quarterly consolidated statements of cash flows filed on Forms 6-K.

Management considers that the presentation errors have impacted periods since the implementation of the consolidated statement of cash flows in its current form, i.e., for a number of years. The impacts of the identified errors were quantified for the prior periods that would be relevant for publication as comparative periods in the consolidated statements of cash flows. We did not quantify the impact for periods prior to 2019 as the reported balances on the consolidated statement of cash flows are not cumulative, and the balances prior to 2019 were not reported in our 2021 Form 20-F, or our quarterly reports on Form 6-K that were filed in 2021. The periods that we quantified the impact for are listed below. These were the relevant periods for a reader of our financial reporting in 2021:

We additionally acknowledge the Staff’s comment 4 seeking analysis that quantifies the individual impact for all the cash flow adjustments described in our response to prior comment 3, for all applicable periods. Please refer to Exhibit A, for the quantification of each error, by each comparative period impacted by these errors.

The Group acknowledges that it is responsible for the adequacy and accuracy of the disclosure in its filings with the Commission, that Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filings, and that it may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

The Group hopes that its responses adequately address each of the Staff’s comments. If the Staff has any questions concerning this letter or requires further information, please do not hesitate to contact Robert Arbuthnott, Head of Group Finance and Chief Accounting Officer, in Zurich at 011-41-44-332-6261, Todd Runyan, Group Accountant, in Zurich at 011-41-44-334-8063, Christopher Harris, Head of External Reporting, in Zurich at 011-41-44-333-8395, or me in Zurich at 011-41-44-333-1780.

Overview of Cash Flow Statement corrections applicable to reporting periods occurring for filings in periods subsequent to identification of the correctionsCash Flow Statement correctionsPeriod in which the corrections were identified12 months ending - December 31, 20199 months ending - September 30, 2020 1 212 months ending - December 31, 20203 months ending - March 31, 2021 26 months ending - June 30, 2021 29 months ending - September 30, 2021 3FX - Loans & Deposits4Q21YNAYYYYShare based compensation3Q21YYYYYNA Cash flow hedge3Q21YNYNNNAOthers43Q21YNYNNNAIn various tables, use of "-" indicates not meaningful or not applicable.4 Includes individually insignificant corrections.Exhibit A Credit Suisse Group AGPeriods impacted by corrections1 Finding related to 'FX - Loans & Deposits' was identified prior to 4Q21 Form 20-F filing. The impact of this error was not quantified for the period 9 months ending 30 September 2020 as this period will not be relevant for publication as comparative period in the consolidated statements of cash flows.2 Findings related to 'cash flow hedge' and 'others' were assessed not significant for revising prior periods.3 Findings related to 'share based compensation', 'cash flow hedge' and 'others' were identified prior to 3Q21 6-K filing and were reported correctly for the period 9 months ending 30 September 2021, prior to the 3Q21 6-K filing; hence no revision required.

CS Group AGConsolidated statements of cash flows 12 months ending December 31, 201 9 Operating activitiesa) Fx - Loans & Depositsb) Cash flow hedgec) Share based compensationd) Othersa) Fx - Loans & Depositsb) Cash flow hedgec) Share based compensationd) OthersNet income / (loss)3,4253,425Adjustments to reconcile net income/ (loss) to net cash provided by/(used in) operating activitiesImpairment, depreciation and amortization1,2751,275Provisions for credit losses324324Deferred tax provision589589Share-based compensation01,0661,066-Share of net income from equity method(79)(79)Valuation adjustment on long term debt10,22110,221Trading assets and liabilities(27,892)(263)(28,155)1%(Increase) / decrease in accrued interest, fees receivable and other assets2,80879162,9033%1% Increase/(decrease) in accrued expenses and other liabilities(6,615)(41)(6,656)1% Other, net(2,480)24205(2,251)-1%-8%Total adjustments(21,849)(263)1031,066180(20,763)1%0%-5%-1%Net cash provided by/(used in) operating activities(18,424)(263)1031,066180(17,338)1%-1%-6%-1%Investing activities(Increase)/decrease in interest-bearing deposits with banks411411(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions8,3868,386Purchase of investment securities(557)(557)Proceeds from sale of investment securities66Maturities of investment securities1,0071,007Investments in subsidiaries and other investments(285)(285)Proceeds from sale of other investments1,1581,158(Increase)/decrease in loans(15,344)(1,033)(16,377)7%Proceeds from sales of loans4,6124,612Capital expenditures on premises and equipment and intangible assets(1,293)(1,293)Proceeds from sale of premises and equipment and intangible assets3030Other, net543543Net cash provided by/(used in) investing activities(1,326)(1,033)(2,359)78%Financing activitiesIncrease/(decrease) in due to banks and customer deposits24,8531,29626,1495% Increase/(decrease) in short-term borrowings6,9196,919Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions3,3813,381Issuance of long-term debt34,96334,963Repayments of long-term debt(46,290)(46,290)Sale of treasury shares9,6249,624Repurchase of treasury shares(11,536)(11,536)Dividends paid(696)(696)Other, net971(103)(1,066)(180)(378)-11%--19%Net cash provided by/(used in) financing activitie s 22,1891,296(103)(1,066)(180)22,1366%0%-5%-1%Effect of exchange rate changes on cash and due from bank s (607)(607)Net increase/(decrease) in cash and due from banks1,8321,832Cash and due from banks at beginning of period100,047100,047Cash and due from banks at end of the period101,879101,879Correction in CHF mPublishedRevisedCorrection in %

CS Group AGConsolidated statements of cash flows 9 months ending September 30, 202 0 Correction in CHF mCorrection in %Operating activitiesShare based compensationShare based compensationNet income / (loss)3,0163,016Adjustments to reconcile net income/ (loss) to net cash provided by/(used in) operating activitiesImpairment, depreciation and amortization1,0001,000 Provisions for credit losse s 958958Deferred tax provision255255Share-based compensation0876876-Share of net income from equity method(74)(74) Valuation adjustment on long term debt3737Trading assets and liabilitie s (1,104)(1,104)(Increase) / decrease in accrued interest, fees receivable and other asset s (8,946)(8,946)Increase/(decrease) in accrued expenses and other liabilitie s 5,3165,316Other, net(452)(452)Total adjustments(3,010)876(2,134)-29%Net cash provided by/(used in) operating activities6876882-Investing activities(Increase)/decrease in interest-bearing deposits with bank s (454)(454)(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions3,966 3,966 Purchase of investment securitie s (259)(259)Proceeds from sale of investment securitie s 628628Maturities of investment securitie s 177177Investments in subsidiaries and other investment s (151)(151)Proceeds from sale of other investment s 503503(Increase)/decrease in loan s (1,891)(1,891)Proceeds from sales of loan s 2,8902,890Capital expenditures on premises and equipment and intangible asset s (849)(849)Proceeds from sale of premises and equipment and intangible asset s 4545Other, net8989Net cash provided by/(used in) investing activities4,6944,694Financing activitiesIncrease/(decrease) in due to banks and customer deposit s 14,63114,631Increase/(decrease) in short-term borrowing s (4,272)(4,272)Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transaction s 4,556 4,556 Issuance of long-term deb t 49,41749,417Repayments of long-term debt(31,805)(31,805)Sale of treasury share s 6,2126,212Repurchase of treasury share s (6,924)(6,924)Dividends paid(358)(358)Other, net1,368(876)492-64%Net cash provided by/(used in) financing activities32,825(876)31,949-3% Effect of exchange rate changes on cash and due from banks(1,583)(1,583)Net increase/(decrease) in cash and due from banks35,94235,942 Cash and due from banks at beginning of period101,879101,879 Cash and due from banks at end of the period137,821137,821PublishedRevised

CS Group AGConsolidated statements of cash flows 12 months ending December 31, 202 0 Operating activitiesa) Fx - Loans & Depositsb) Cash flow hedgec) Share based compensationd) Othersa) Fx - Loans & Depositsb) Cash flow hedgec) Share based compensationd) OthersNet income / (loss)2,6662,666Adjustments to reconcile net income/ (loss) to net cash provided by/(used in) operating activitiesImpairment, depreciation and amortization1,3561,356Provisions for credit losses1,0961,096Deferred tax provision434434Share-based compensation01,1521,152-Share of net income from equity method(121)(121)Valuation adjustment on long term debt2,3642,364Trading assets and liabilities(7,130)(960)(8,090)13%(Increase) / decrease in accrued interest, fees receivable and other assets(7,923)102(8)(7,829)-1%0% Increase/(decrease) in accrued expenses and other liabilities902(83)819-9% Other, net(158)101179122-64%-113%Total adjustments(9,180)(960)2031,15288(8,697)10%-2%-13%-1%Net cash provided by/(used in) operating activities(6,514)(960)2031,15288(6,031)15%-3%-18%-1%Investing activities(Increase)/decrease in interest-bearing deposits with banks(519)(519)(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions19,219 70 19,289 0%Purchase of investment securities(402)(402)Proceeds from sale of investment securities629629Maturities of investment securities184184Investments in subsidiaries and other investments(210)(210)Proceeds from sale of other investments678678(Increase)/decrease in loans(5,735)(2,294)(8,029)40%Proceeds from sales of loans3,8603,860Capital expenditures on premises and equipment and intangible assets(1,188)(1,188)Proceeds from sale of premises and equipment and intangible assets4545Other, net113113Net cash provided by/(used in) investing activities16,674(2,294)7014,450-14%0%Financing activitiesIncrease/(decrease) in due to banks and customer deposits21,3643,25424,61815% Increase/(decrease) in short-term borrowings(5,246)(5,246)Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions(1,464)(70)(1,534)5%Issuance of long-term debt58,00958,009Repayments of long-term debt(42,768)(42,768)Sale of treasury shares12,36412,364Repurchase of treasury shares(13,253)(13,253)Dividends paid(716)(716)Other, net1,450(203)(1,152)(88)7-14%-79%-6%Net cash provided by/(used in) financing activitie s 29,7403,254(203)(1,152)(158)31,48111%-1%-4%-1%Effect of exchange rate changes on cash and due from bank s (2,667)(2,667)Net increase/(decrease) in cash and due from banks37,23337,233Cash and due from banks at beginning of period101,879101,879Cash and due from banks at end of the period139,112139,112Correction in CHF mRevisedPublishedCorrection in %

CS Group AGConsolidated statements of cash flows 3 months ending March 31, 2021Operating activitiesa) Fx - Loans & Depositsb) Share based compensationa) Fx - Loans & Depositsb) Share based compensationNet income / (loss)(231)(231)Adjustments to reconcile net income/ (loss) to net cash provided by/(used in) operating activitiesImpairment, depreciation and amortization364364 Provisions for credit losse s 4,3944,394Deferred tax provision(69)(69)Share-based compensation0290290-Share of net income from equity method(23)(23) Valuation adjustment on long term debt331331 Trading assets and liabilitie s 10,3091,37011,67913%(Increase) / decrease in accrued interest, fees receivable and other asset s (20,707)(20,707)Increase/(decrease) in accrued expenses and other liabilitie s 2,7042,704Other, net(476)(476)Total adjustments(3,173)1,370290(1,513)-43%-9%Net cash provided by/(used in) operating activities(3,404)1,370290(1,744)-40%-9%Investing activities(Increase)/decrease in interest-bearing deposits with bank s (132)(132)(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions(7,207)(7,207)Purchase of investment securitie s (18)(18)Proceeds from sale of investment securitie s 00Maturities of investment securitie s 1313Investments in subsidiaries and other investment s (58)(58)Proceeds from sale of other investment s 220220(Increase)/decrease in loan s (8,711)2,421(6,290)-28%Proceeds from sales of loan s 686686Capital expenditures on premises and equipment and intangible asset s (283)(283)Proceeds from sale of premises and equipment and intangible asset s 00Other, net1515Net cash provided by/(used in) investing activities(15,475)2,421(13,054)-16%Financing activitiesIncrease/(decrease) in due to banks and customer deposit s 7,881(3,791)4,090-48%Increase/(decrease) in short-term borrowing s 2,7162,716Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transaction s (2,248)(2,248)Issuance of long-term deb t 15,57615,576Repayments of long-term debt(13,482)(13,482)Sale of treasury share s 6,7666,766Repurchase of treasury share s (7,335)(7,335)Dividends paid00Other, net361(290)71-80%Net cash provided by/(used in) financing activities10,235(3,791)(290)6,154-37%-3% Effect of exchange rate changes on cash and due from banks2,8172,817Net increase/(decrease) in cash and due from banks(5,827)(5,827) Cash and due from banks at beginning of period139,112139,112 Cash and due from banks at end of the period133,285133,285PublishedRevisedCorrection in CHF mCorrection in %

CS Group AGConsolidated statements of cash flows 6 months ending June 30, 2021Operating activitiesa) Fx - Loans & Depositsb) Share based compensationa) Fx - Loans & Depositsb) Share based compensationNet income / (loss)1616Adjustments to reconcile net income/ (loss) to net cash provided by/(used in) operating activitiesImpairment, depreciation and amortization706706 Provisions for credit losse s 4,3694,369Deferred tax provision(302)(302)Share-based compensation0577577-Share of net income from equity method(73)(73) Valuation adjustment on long term debt1,9091,909 Trading assets and liabilitie s 20,5191,01021,5295%(Increase) / decrease in accrued interest, fees receivable and other asset s (839)(839)Increase/(decrease) in accrued expenses and other liabilitie s (5,389)(5,389)Other, net(241)(241)Total adjustments20,6591,01057722,2465%3%Net cash provided by/(used in) operating activities20,6751,01057722,2625%3%Investing activities(Increase)/decrease in interest-bearing deposits with bank s 99(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions(11,851)(11,851)Purchase of investment securitie s (213)(213)Proceeds from sale of investment securitie s 00Maturities of investment securitie s 2525Investments in subsidiaries and other investment s (288)(288)Proceeds from sale of other investment s 940940(Increase)/decrease in loan s (6,785)1,712(5,073)-25%Proceeds from sales of loan s 2,2162,216Capital expenditures on premises and equipment and intangible asset s (622)(622)Proceeds from sale of premises and equipment and intangible asset s 22Other, net4949Net cash provided by/(used in) investing activities(16,518)1,712(14,806)-10%Financing activitiesIncrease/(decrease) in due to banks and customer deposit s 3,512(2,722)790-78%Increase/(decrease) in short-term borrowing s 170170Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transaction s (3,931)(3,931)Issuance of long-term deb t 29,40529,405Repayments of long-term debt(27,321)(27,321)Sale of treasury share s 11,66411,664Repurchase of treasury share s (12,279)(12,279)Dividends paid(257)(257)Other, net269(577)(308)-Net cash provided by/(used in) financing activities1,232(2,722)(577)(2,067)-221%-47% Effect of exchange rate changes on cash and due from banks1,8571,857Net increase/(decrease) in cash and due from banks7,2467,246 Cash and due from banks at beginning of period139,112139,112 Cash and due from banks at end of the period146,358146,358PublishedCorrection in CHF mRevisedCorrection in %

CS Group AGConsolidated statements of cash flows 9 months ending September 30, 2021Correction in CHF mCorrection in %Operating activitiesFx - Loans & DepositsFx - Loans & DepositsNet income / (loss)454454Adjustments to reconcile net income/ (loss) to net cash provided by/(used in) operating activitiesImpairment, depreciation and amortization1,0211,021 Provisions for credit losse s 4,2254,225Deferred tax provision157157Share-based compensation777777Share of net income from equity method(148)(148) Valuation adjustment on long term debt880880 Trading assets and liabilitie s 22,02155022,5712%(Increase) / decrease in accrued interest, fees receivable and other asset s 4,4274,427Increase/(decrease) in accrued expenses and other liabilitie s (4,480)(4,480)Other, net(320)(320)Total adjustments28,56055029,1102%Net cash provided by/(used in) operating activities29,01455029,5642%Investing activities(Increase)/decrease in interest-bearing deposits with bank s (4)(4)(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions(23,932)(23,932)Purchase of investment securitie s (373)(373)Proceeds from sale of investment securitie s 00Maturities of investment securitie s 9595Investments in subsidiaries and other investment s (1,939)(1,939)Proceeds from sale of other investment s 1,0851,085(Increase)/decrease in loan s (5,191)1,482(3,709)-29%Proceeds from sales of loan s 3,8373,837Capital expenditures on premises and equipment and intangible asset s (962)(962)Proceeds from sale of premises and equipment and intangible asset s 22Other, net8282Net cash provided by/(used in) investing activities(27,300)1,482(25,818)-5%Financing activitiesIncrease/(decrease) in due to banks and customer deposit s 6,016(2,032)3,984-34%Increase/(decrease) in short-term borrowing s (1,952)(1,952)Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transaction s (1,721)(1,721)Issuance of long-term deb t 47,48747,487Repayments of long-term debt(39,668)(39,668)Sale of treasury share s 16,38816,388Repurchase of treasury share s (17,204)(17,204)Dividends paid(257)(257)Other, net(243)(243)Net cash provided by/(used in) financing activities8,846(2,032)6,814-23% Effect of exchange rate changes on cash and due from banks2,0792,079Net increase/(decrease) in cash and due from banks12,63912,639 Cash and due from banks at beginning of period139,112139,112 Cash and due from banks at end of the period151,751151,751PublishedRevised

cc:	Mirko Bianchi
		Chairman of the Audit Committee Credit Suisse Group AG

	Sebastian R. Sperber, Esq.
		Cleary Gottlieb Steen & Hamilton LLP