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Form 6-K CREDIT SUISSE AG For: Sep 30

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October 23, 2014 6:08 AM EDT

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
October 23, 2014
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.









Introduction
This report filed on Form 6-K contains certain information about Credit Suisse AG (Bank) relating to its results as of and for the three and nine months ended September 30, 2014. On October 23, 2014, Credit Suisse Group AG (Group) announced its results for such three and nine month period. A copy of the related Earnings Release is attached as an exhibit to this Form 6-K.
This Form 6-K (including the exhibit hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-180300) and (ii) shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended except, in the case of both (i) and (ii), the information on page 3 of the Earnings Release.
The 3Q14 Credit Suisse Financial Report as of and for the three and nine months ended September 30, 2014 will be published on or about October 31, 2014.
Credit Suisse AG is a Swiss bank and joint stock corporation established under Swiss law, and is a wholly-owned subsidiary of the Group. The Bank’s registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.
References herein to “CHF” are to Swiss francs.

2





Key information

Selected financial data


Selected operations statement information
in 3Q14 3Q13 % change 9M14 9M13 % change
Statements of operations (CHF million)��
Net revenues� 6,367 5,519 15 19,398 19,306 0
Provision for credit losses� 43 21 105 66 58 14
Compensation and benefits 2,774 2,558 8 8,771 8,401 4
General and administrative expenses 2,058 1,783 15 7,220 5,427 33
Commission expenses 388 419 (7) 1,128 1,340 (16)
Total other operating expenses 2,446 2,202 11 8,348 6,767 23
Total operating expenses� 5,220 4,760 10 17,119 15,168 13
Income from continuing operations before taxes� 1,104 738 50 2,213 4,080 (46)
Income tax expense 332 337 (1) 1,134 1,262 (10)
Income from continuing operations� 772 401 93 1,079 2,818 (62)
Income from discontinued operations, net of tax 106 150 (29) 112 147 (24)
Net income� 878 551 59 1,191 2,965 (60)
Net income attributable to noncontrolling interests 160 307 (48) 344 842 (59)
Net income attributable to shareholders� 718 244 194 847 2,123 (60)
   of which from continuing operations� 612 94 – 735 1,976 (63)
   of which from discontinued operations� 106 150 (29) 112 147 (24)


Selected balance sheet information
end of 3Q14 4Q13 % change
Balance sheet statistics (CHF million)��
Total assets 935,636 854,412 10
Share capital 4,400 4,400 0

BIS statistics (Basel III)
end of 3Q14 4Q13 % change
Eligible capital (CHF million)��
Common equity tier 1 (CET1) capital 39,450 38,028 4
Total tier 1 capital 45,587 41,105 11
Total eligible capital 55,656 52,066 7
Capital ratios (%)��
CET1 ratio 13.9 14.4 –
Tier 1 ratio 16.0 15.6 –
Total capital ratio 19.6 19.7 –

3


Operating and financial review and prospects
Except where noted, the business of the Bank is substantially the same as the business of the Group, and substantially all of the Bank’s operations are conducted through the Private Banking & Wealth Management and Investment Banking segments. These segment results are included in Core Results. Certain other assets, liabilities and results of operations are managed as part of the activities of the two segments. However, since they are legally owned by the Group, they are not included in the Bank’s consolidated financial statements. These relate principally to the activities of Neue Aargauer Bank and BANK-now, which are managed as part of Private Banking & Wealth Management. Core Results also includes certain Corporate Center activities of the Group that are not applicable to the Bank.
These operations and activities vary from period to period and give rise to differences between the Bank’s consolidated assets, liabilities, revenues and expenses, including pensions and taxes, and those of the Group.


Differences between the Group and the Bank businesses
Entity Principal business activity
Neue Aargauer Bank Banking (in the Swiss canton of Aargau)
BANK-now Private credit and car leasing (in Switzerland)
Financing vehicles of the Group Special purpose vehicles for various funding activities of the Group, including for purposes of raising consolidated capital


Comparison of selected operations statement information
� Bank Group
in 3Q14 3Q13 3Q14 3Q13
Statements of operations (CHF million)��
Net revenues 6,367 5,519 6,578 5,676
Total operating expenses 5,220 4,760 5,181 4,725
Income from continuing operations before taxes 1,104 738 1,338 910
Income from continuing operations 772 401 972 542
Net income attributable to shareholders 718 244 1,025 454
   of which from continuing operations� 612 94 919 304


Comparison of selected operations statement information
� Bank Group
in 9M14 9M13 9M14 9M13
Statements of operations (CHF million)��
Net revenues 19,398 19,306 19,870 19,717
Total operating expenses 17,119 15,168 17,024 15,174
Income from continuing operations before taxes 2,213 4,080 2,735 4,429
Income from continuing operations 1,079 2,818 1,519 3,090
Net income attributable to shareholders 847 2,123 1,184 2,802
   of which from continuing operations� 735 1,976 1,072 2,655

4


Comparison of selected balance sheet information
� Bank Group
end of 3Q14 4Q13 3Q14 4Q13
Balance sheet statistics (CHF million)��
Total assets 935,636 854,412 954,362 872,806
Total liabilities 892,623 810,849 909,411 825,640

5



Exhibits
No. Description



6





Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



�

�

CREDIT SUISSE AG

�(Registrant)

�

�

Date: October 23, 2014





By:

/s/�Brady W. Dougan

Brady W. Dougan

Chief Executive Officer





By:

/s/�David R. Mathers

David R. Mathers

Chief Financial Officer

7




logo
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
[email protected]


Earnings Release

Credit Suisse 3Q14 results: Core pre-tax income of CHF�1,622 million for strategic businesses and return on equity of 11%; reported Core pre-tax income of CHF�1,301 million and return on equity of 10%
Credit Suisse 9M14 results: Core pre-tax income of CHF�5,341 million for strategic businesses and return on equity of 13%; reported Core pre-tax income of CHF�2,331 million and return on equity of 4%
Look-through CET1 ratio of 9.8% as of the end of 3Q14; on track to exceed 10% by year-end 2014
3Q14 Private Banking & Wealth Management results for strategic businesses reflect continued cost discipline and stable revenues; strategic net new assets of CHF�8.8 billion and total net new assets of CHF�7.4 billion
3Q14 Investment Banking results reflect stronger profitability and returns, as well as increased client activity; continued progress in winding down non-strategic unit
Private Banking & Wealth Management strategic businesses with continued progress on costs:
– Strategic businesses with pre-tax income of CHF�872 million, up 8% compared to 3Q13; return on regulatory capital of 27%
– 3Q14 total reported pre-tax income of CHF�943 million, reflecting solid strategic business performance and a gain recorded in the non-strategic unit on the sale of the domestic private banking business booked in Germany
– Continued cost efficiency gains in strategic businesses with cost/income ratio of 69% for 9M14 and 3Q14
– Wealth Management Clients net margin of 27 basis points for 9M14 and 25 basis points for 3Q14; excluding certain litigation provisions of CHF�41 million, net margin of 27 basis points for 3Q14
– Strong net new assets from strategic businesses of CHF�8.8 billion in 3Q14, with particularly strong growth in Asia Pacific, notwithstanding continued outflows of CHF�0.7 billion from Western European cross-border business due to ongoing regularization of asset base; total net new assets of CHF�7.4 billion, including total Western European cross-border outflows of CHF�1.5 billion
– Sustained growth from ultra-high-net-worth individual lending initiatives with good momentum across both emerging and mature markets; CHF�3.9 billion in net new lending for 9M14 compared to CHF�1.0 billion in 9M13

1


Investment Banking 3Q14 strategic results reflect substantially increased profitability, improved returns and robust client activity:
– Strategic businesses with pre-tax income of CHF�995 million, up 43% against 3Q13, and return on regulatory capital of 17%; driven by higher client activity across many businesses
– Strong fixed income performance, particularly in securitized products and emerging markets
– Stable equities results as robust derivatives revenues were offset by muted trading volumes in cash equities
– Underwriting and advisory results reflect strong origination activity and sustained market shares
– Total reported pre-tax income of CHF�516 million with broad-based increase in client activity across many strategic businesses, partly offset by increased expenses
– 9M14 return on regulatory capital of 19% from strategic businesses and 11% from total reported results
– Continued progress in wind-down of non-strategic unit with risk-weighted assets reduced by USD�2 billion and leverage exposure reduced by USD�11 billion

Resilient capital base and leverage ratio as of the end of 3Q14; progress toward exceeding 10% Look-through CET1 ratio by year-end:
– Look-through BIS CET1 ratio of 9.8%; progress in executing capital measures announced after settlement of the US cross-border matter and on track to exceed 10% by year-end, including continued accrual of cash dividend for 2014; Look-through Swiss total capital ratio at 15.8%
– Look-through Swiss leverage ratio of 3.8%, within reach of the 2019 requirement of 4.1%, effective in 2015; targeting approximately 4.5% by end-2015

On track to reach cost reduction targets:
– Delivered CHF�3.6 billion of adjusted annualized savings compared to the annualized expense run rate for 6M11; on track towards target of over CHF�4.5 billion by end-2015





















For further information on the differences between return on equity and return on regulatory capital, which are primarily due to the treatment of goodwill and capital components ineligible for look-through regulatory capital under Basel III, refer to the Appendix.

2


October 23, 2014 Credit Suisse Group reports 3Q14 and 9M14 results

Brady W. Dougan, Chief Executive Officer, said: “We delivered a good performance, with our strategic businesses generating returns on equity of 11% for the quarter and 13% for the first nine months of this year. During the quarter, our momentum with clients across both divisions remained strong. With a Look-through CET1 ratio of 9.8% at quarter end, we are executing our capital measures and are on track to exceed 10% by the end of the year.”

Commenting on Private Banking & Wealth Management, he said: “Our profitability benefitted from ongoing cost discipline, although margins remain subdued and revenues continue to be impacted by the low interest-rate environment. We generated net new assets of CHF�8.8 billion in our strategic businesses, driven by strong growth in emerging markets, particularly in Asia Pacific. This was partly offset by continued outflows from the Western European cross-border business due to the importance that we have placed on the regularization of our asset base. We saw sustained growth in our ultra-high-net-worth individual lending initiative and increased collaboration revenues across both divisions, which we view as a competitive advantage, particularly with this client segment.”

Commenting on Investment Banking, he said: “Investment Banking’s strategic results reflect substantially increased profitability, improved returns and robust client activity across many of our businesses. Our strong results in fixed income trading, especially in emerging markets and securitized products, and in equity underwriting were driven by significant client transactions. We continued to work towards increasing the capital and cost efficiency of our strategic businesses, reporting a return on regulatory capital of 19% and a cost/income ratio of 69% for the first nine months of this year. We also made further progress in winding down the capital positions in our non-strategic unit.”

On the outlook for the fourth quarter, he said: “We have seen a mixed start to October, with recent market volatility benefitting certain businesses across both divisions, while negatively impacting others. We have a strong advisory and underwriting pipeline but the pace of execution in the fourth quarter will depend on market conditions.”

3


Core Results summary
For additional information on financial information presented in this Earnings Release, including references to return on equity and return on regulatory capital, refer to the tabular disclosures in the Appendix and other explanatory disclosures regarding capital and leverage metrics in the section titled “Important information” on page 19.

Core Results highlights
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Reported results (CHF million)��
Net revenues� 6,537 6,433 5,449 2 20 19,439 19,297 1
Provision for credit losses� 59 18 41 228 44 111 114 (3)
Total operating expenses� 5,177 6,785 4,720 (24) 10 16,997 15,150 12
Income/(loss) from continuing operations before taxes� 1,301 (370) 688 – 89 2,331 4,033 (42)
Net income/(loss) attributable to shareholders� 1,025 (700) 454 – 126 1,184 2,802 (58)
Metrics (%)��
Return on regulatory capital 12.8 – 6.8 – – 7.8 13.4 –
Cost/income ratio 79.2 105.5 86.6 – – 87.4 78.5 –
Strategic results (CHF million)��
Net revenues� 6,287 6,309 5,693 0 10 19,126 19,451 (2)
Provision for credit losses� 53 25 20 112 165 96 59 63
Total operating expenses� 4,612 4,509 4,257 2 8 13,689 13,680 0
Income from continuing operations before taxes� 1,622 1,775 1,416 (9) 15 5,341 5,712 (6)
Net income attributable to shareholders� 1,115 1,288 987 (13) 13 3,807 4,013 (5)
Metrics (%)��
Return on regulatory capital 17.1 19.4 15.5 – – 19.4 21.0 –
Cost/income ratio 73.4 71.5 74.8 – – 71.6 70.3 –
Non-strategic results (CHF million)��
Net revenues� 250 124 (244) 102 – 313 (154) –
Provision for credit losses� 6 (7) 21 – (71) 15 55 (73)
Total operating expenses� 565 2,276 463 (75) 22 3,308 1,470 125
Loss from continuing operations before taxes� (321) (2,145) (728) (85) (56) (3,010) (1,679) 79
Net loss attributable to shareholders� (90) (1,988) (533) (95) (83) (2,623) (1,211) 117
Core Results do not include noncontrolling interests without significant economic interests.


Net income attributable to shareholders was CHF�1,025 million in 3Q14.

Income before taxes of CHF�1,301 million increased 89% compared to 3Q13, reflecting a 20% increase in net revenues, partially offset by a 10% increase in total operating expenses. In strategic businesses, income before taxes of CHF�1,622 million increased 15% compared to 3Q13. In the non-strategic businesses, the loss before taxes was CHF�321 million in 3Q14 compared to a loss before taxes of CHF�728 million in 3Q13.

Net revenues of CHF�6,537 million increased 20% compared to 3Q13. In the strategic businesses, net revenues increased 10% to CHF�6,287 million compared to 3Q13, primarily reflecting higher net revenues in Investment Banking and stable net revenues in Private Banking & Wealth Management. In the non-strategic businesses, net revenues were CHF�250 million in 3Q14 compared to negative net revenues of CHF�244 million in 3Q13.

Provision for credit losses was CHF�59 million in 3Q14, with net provisions of CHF�36 million in Investment Banking and CHF�25 million in Private Banking & Wealth Management.

4


Total operating expenses of CHF�5,177 million were up 10% compared to 3Q13, primarily reflecting 15% higher general and administrative expenses and 9% higher compensation and benefits. In strategic businesses, total operating expenses of CHF�4,612 million increased 8% compared to 3Q13, mainly reflecting a 12% increase in compensation and benefits and a 8% increase in general and administrative expenses. In non-strategic businesses, total operating expenses of CHF�565 million increased 22% compared to 3Q13, primarily reflecting a 55% increase in general and administrative expenses, partially offset by a 34% decrease in compensation and benefits. Business realignment costs in 3Q14 were CHF�93 million.

Income tax expense of CHF�366 million recorded in 3Q14 mainly reflected the impact of the geographical mix of results. Overall, net deferred tax assets increased CHF�258 million to CHF�5,392 million mainly driven by foreign exchange movements as of the end of 3Q14 compared to 2Q14. Deferred tax assets on net operating losses increased CHF�232 million to CHF�990 million during 3Q14. The Core Results effective tax rate was 28.1% in 3Q14, compared to (83.0)% in 2Q14. The 2Q14 effective tax rate reflected that the majority of the litigation settlement charge was non-deductible.

Range of reasonably possible losses related to certain legal proceedings. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for certain proceedings for which the Group believes an estimate is possible was zero to CHF�1.2 billion at the end 3Q14.

Diluted earnings per share from continuing operations were CHF�0.55 for 3Q14 compared to CHF�0.17 in 3Q13 and a diluted loss per share of CHF�(0.45) in 2Q14.

Capital and leverage. As of the end of 3Q14, Credit Suisse reported a BIS Look-through common equity tier 1 (CET1) ratio of 9.8%, compared to 9.5% as of the end of 2Q14. As of the end of 3Q14, the Look-through Swiss total capital ratio was 15.8%, compared to 15.3% as of the end of 2Q14.

The CET1 ratio as of the end of 3Q14 was 14.3%, compared to 13.8% as of the end of 2Q14, reflecting an increase in CET1 capital, partially offset by an increase in Basel III risk-weighted assets for the Group, which increased to CHF�292.9 billion as of the end of 3Q14. The increase in risk-weighted assets reflected a significant increase resulting from the foreign exchange impact. Excluding the foreign exchange impact, credit risk and market risk decreased.

As of the end of 3Q14, Credit Suisse’s Swiss leverage exposure amounted to CHF�1,240 billion. The Look-through Swiss leverage ratio was 3.8%.

Benefits of the integrated bank. In 3Q14, Credit Suisse generated CHF�1.2 billion of collaboration revenues from the integrated bank. This corresponds to 17.6% of Core net revenues in 3Q14.

5


Private Banking & Wealth Management
In 3Q14, Private Banking & Wealth Management reported income before taxes of CHF�943 million and net revenues of CHF�3,125 million. In its strategic businesses, Private Banking & Wealth Management reported income before taxes of CHF�872 million and net revenues of CHF�2,939 million. Compared to 3Q13, income before taxes increased 8%, mainly driven by lower operating expenses reflecting continued cost efficiency gains. Net revenues were stable compared to 3Q13 as higher transaction- and performance-based revenues and improved other revenues were offset by lower net interest income. Compared to 2Q14, income before taxes was stable reflecting stable net revenues and stable operating expenses. In its non-strategic businesses, Private Banking & Wealth Management reported income before taxes of CHF�71 million which included a CHF�109 million gain on the sale of the domestic private banking business booked in Germany. In 3Q14, assets under management for the division were CHF�1,366.1 billion and the division attracted net new assets of CHF�7.4 billion.

Private Banking & Wealth Management
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Reported results (CHF million)��
Net revenues� 3,125 3,046 3,316 3 (6) 9,411 10,013 (6)
Provision for credit losses� 25 23 34 9 (26) 81 108 (25)
Compensation and benefits 1,194 1,235 1,285 (3) (7) 3,719 4,017 (7)
Total other operating expenses 963 2,537 979 (62) (2) 4,405 3,072 43
Total operating expenses� 2,157 3,772 2,264 (43) (5) 8,124 7,089 15
Income/(loss) before taxes� 943 (749) 1,018 – (7) 1,206 2,816 (57)
Metrics (%)��
Return on regulatory capital 27.3 – 31.8 – – 12.0 29.7 –
Cost/income ratio 69.0 123.8 68.3 – – 86.3 70.8 –

6


Strategic results
Private Banking & Wealth Management’s strategic results comprise businesses from Wealth Management Clients, Corporate & Institutional Clients and Asset Management.

Private Banking & Wealth Management – strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Strategic results (CHF million)��
Net interest income 968 954 1,044 1 (7) 2,885 3,117 (7)
Recurring commissions and fees 1,149 1,136 1,149 1 0 3,424 3,405 1
Transaction- and performance-based revenues 827 865 774 (4) 7 2,611 2,681 (3)
Other revenues (5) (23) (33) (78) (85) (18) (29) (38)
Net revenues� 2,939 2,932 2,934 0 0 8,902 9,174 (3)
Provision for credit losses� 26 30 13 (13) 100 73 55 33
Total operating expenses� 2,041 2,020 2,113 1 (3) 6,110 6,540 (7)
Income before taxes� 872 882 808 (1) 8 2,719 2,579 5
Metrics (%)��
Return on regulatory capital 26.7 28.0 27.2 – – 28.7 29.3 –
Cost/income ratio 69.4 68.9 72.0 – – 68.6 71.3 –


In 3Q14, the strategic businesses for Private Banking & Wealth Management reported income before taxes of CHF�872 million and net revenues of CHF�2,939 million.

Compared to 3Q13, net revenues were stable with higher transaction- and performance-based revenues and improved other revenues offset by lower net interest income. Transaction- and performance-based revenues were higher reflecting higher brokerage and product issuing fees, significantly higher corporate advisory fees and a gain related to a more capital-efficient positioning of the liquidity portfolio, partially offset by lower foreign exchange client business and significantly lower performance fees and carried interest. Other revenues improved due to an equity participations impairment in 3Q13 and higher investment-related gains in 3Q14. In a low interest rate environment, net interest income decreased due to significantly lower deposit margins on slightly higher average deposit volumes partially offset by stable loan margins on higher average loan volumes. Recurring commissions and fees were stable with higher discretionary mandate management fees, slightly higher investment account and services fees and slightly higher asset management fees offset by lower banking services fees and lower investment product management fees.

Net revenues, mainly in Wealth Management Clients, benefitted from the appreciation of the US dollar and were stable compared to 2Q14 with improved other revenues offset by lower transaction- and performance-based revenues. Improved other revenues mainly reflected a higher fair value loss on the Clock Finance transaction in 2Q14. The decrease in transaction- and performance-based revenues reflected significantly lower performance fees and carried interest, seasonally lower brokerage and product issuing fees and lower sales and trading income, partially offset by higher corporate advisory fees. Recurring commissions and fees were stable with higher investment product management fees offset by slightly lower asset management and banking services fees. Net interest income was stable with slightly higher loan margins on slightly higher average loan volumes offset by lower deposit margins on stable average deposit volumes.

Provision for credit losses was CHF�26 million, compared to CHF�13 million in 3Q13 and CHF�30 million in 2Q14.

7


Total operating expenses were 3% lower compared to 3Q13 and stable compared to 2Q14. Compared to 3Q13, compensation and benefits decreased 5%, mainly reflecting lower salary expenses, driven by lower headcount, and general and administrative expenses were stable with higher litigation provisions offset by lower infrastructure and occupancy expenses. Compared to 2Q14, compensation and benefits decreased 3% reflecting lower social security costs and lower discretionary compensation expenses. General and administrative expenses increased 9%, primarily reflecting higher litigation provisions, partially offset by lower professional services fees and lower travel and entertainment expenses.

The cost/income ratio for strategic results was 69% in 3Q14, down three percentage points compared to 3Q13 and up one percentage point compared to 2Q14.

Wealth Management Clients
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Strategic results (CHF million)��
Net interest income 695 688 766 1 (9) 2,089 2,290 (9)
Recurring commissions and fees 744 728 747 2 0 2,202 2,214 (1)
Transaction- and performance-based revenues 603 601 549 0 10 1,842 1,884 (2)
Net revenues� 2,042 2,017 2,062 1 (1) 6,133 6,388 (4)
Provision for credit losses� 17 17 21 0 (19) 50 60 (17)
Total operating expenses� 1,489 1,431 1,532 4 (3) 4,400 4,744 (7)
Income before taxes� 536 569 509 (6) 5 1,683 1,584 6
Metrics (%)��
Cost/income ratio 72.9 70.9 74.3 – – 71.7 74.3 –


The Wealth Management Clients business in 3Q14 reported income before taxes of CHF�536 million and net revenues of CHF�2,042 million. Net revenues were stable compared to 3Q13, with lower net interest income offset by higher transaction- and performance-based revenues. Lower net interest income reflected the low interest rate environment, significantly lower deposit margins on stable average deposit volumes, slightly lower loan margins on higher average loan volumes and lower levels of deposits eligible as stable funding. Higher transaction- and performance-based revenues reflected higher brokerage and product issuing fees, significantly higher corporate advisory fees arising from integrated solutions revenues and a gain related to a more capital-efficient positioning of the liquidity portfolio, partially offset by lower foreign exchange client business. Recurring commissions and fees were stable with higher discretionary mandate management fees and slightly higher investment account and services fees offset by lower banking services fees and lower investment product management fees.

Compared to 2Q14, net revenues were stable, driven by slightly higher recurring commissions and fees. Recurring commissions and fees were slightly higher with higher investment product management fees, higher discretionary mandate management fees and slightly higher investment account and services fees partially offset by slightly lower banking services fees. Stable net interest income reflected slightly higher loan margins on slightly higher average loan volumes, offset by lower deposit margins on stable average deposit volumes. Transaction- and performance-based revenues were stable reflecting significantly higher corporate advisory fees and the gain related to a more capital-efficient positioning of the liquidity portfolio offset by seasonally lower brokerage and product issuing fees and lower sales and trading income.

In 3Q14, the gross margin was 97 basis points, eight basis points lower compared to 3Q13, mainly reflecting the continued adverse interest rate environment and an 8.1% increase in average assets under management. Compared to 2Q14, the gross margin was down two basis points due to a 3.3% increase in average assets under management driven by the appreciation of the US dollar.

8


Wealth Management Clients net margin was 25 basis points in 3Q14, one basis point lower compared to 3Q13, with lower net interest income partially offset by higher transaction- and performance-based revenues and slightly lower operating expenses. Compared to 2Q14, the net margin was three basis points lower, driven by higher litigation provisions.

Corporate & Institutional Clients
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Strategic results (CHF million)��
Net interest income 273 266 278 3 (2) 796 827 (4)
Recurring commissions and fees 113 113 117 0 (3) 348 343 1
Transaction- and performance-based revenues 107 118 105 (9) 2 342 353 (3)
Other revenues (5) (22) (1) (77) 400 (31) (12) 158
Net revenues� 488 475 499 3 (2) 1,455 1,511 (4)
Provision for credit losses� 9 13 (8) (31) – 23 (5) –
Total operating expenses� 239 251 256 (5) (7) 735 764 (4)
Income before taxes� 240 211 251 14 (4) 697 752 (7)
Metrics (%)��
Cost/income ratio 49.0 52.8 51.3 – – 50.5 50.6 –


The Corporate & Institutional Clients business reported income before taxes of CHF�240 million in 3Q14 and net revenues of CHF�488 million. Net revenues decreased 2% compared to 3Q13, mainly driven by slightly lower net interest income, slightly lower recurring commissions and fees and decreased other revenues. The slight decrease in net interest income reflected the low interest rate environment, lower levels of deposits eligible as stable funding and significantly lower deposit margins on higher average deposit volumes, partially offset by higher loan margins on higher average loan volumes. Recurring commissions and fees decreased slightly with no significant movements across major categories. Lower other revenues reflected a higher fair value loss on the Clock Finance transaction. Slightly higher transaction- and performance-based revenues reflected significantly higher corporate advisory fees.

Compared to 2Q14, net revenues increased 3%, with improved other revenues and slightly higher net interest income partially offset by lower transaction- and performance-based revenues. Improved other revenues reflected a higher fair value loss on the Clock Finance transaction in 2Q14. Slightly higher net interest income reflected higher loan margins on slightly higher average loan volumes, partially offset by lower deposit margins on stable average deposit volumes. Lower transaction- and performance-based revenues mainly reflected lower sales and trading income. Stable recurring commissions and fees reflected higher investment product management fees and higher banking services fees, offset by lower discretionary mandate management fees.

9


Asset Management
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Strategic results (CHF million)��
Recurring commissions and fees 292 295 285 (1) 2 874 848 3
Transaction- and performance-based revenues 117 146 120 (20) (3) 427 444 (4)
Other revenues 0 (1) (32) 100 100 13 (17) –
Net revenues� 409 440 373 (7) 10 1,314 1,275 3
   of which fee-based revenues� 398 428 394 (7) 1 1,264 1,248 1
Provision for credit losses� 0 0 0 – – 0 0 –
Total operating expenses� 313 338 325 (7) (4) 975 1,032 (6)
Income before taxes� 96 102 48 (6) 100 339 243 40
Metrics (%)��
Cost/income ratio 76.5 76.8 87.1 – – 74.2 80.9 –


The Asset Management business income before taxes of CHF�96 million in 3Q14, with net revenues of CHF�409 million. Net revenues increased 10% compared to 3Q13, with improved equity participations and other gains, reflecting an impairment of CHF�18 million related to Asset Management Finance LLC recognized in 3Q13, and higher investment-related gains, reflecting gains in hedge fund investments in 3Q14. Fee-based revenues were stable with higher equity participations income and slightly higher asset management fees due to higher average assets under management offset by lower performance fees, in particular from credit products. Net revenues declined 7% compared to 2Q14, primarily due to lower fee-based revenues mainly driven by significantly lower performance fees and significantly lower carried interest on realized private equity gains, partially offset by higher equity participations income and higher transaction fees. Lower performance fees mainly reflected lower fees from credit products and lower fees from single manager hedge funds.

The fee-based margin was 42 basis points in 3Q14, compared to 45 basis points in 3Q13 and 46 basis points in 2Q14. The movements reflected both the lower fee-based revenues and the higher average assets under management, which increased 10.4% and 3.6% compared to 3Q13 and 2Q14, respectively.

Non-strategic results
The non-strategic results for Private Banking & Wealth Management include positions relating to the restructuring of the former Asset Management division, run-off operations relating to the small markets exit initiative and certain legacy cross-border related run-off operations, litigation costs, primarily related to US cross-border matters, the impact of restructuring of the German onshore operations, other smaller non-strategic positions formerly in the Corporate & Institutional Clients business and the run-off and active reduction of selected products.

Private Banking & Wealth Management – non-strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Non-strategic results (CHF million)��
Net revenues� 186 114 382 63 (51) 509 839 (39)
Provision for credit losses� (1) (7) 21 (86) – 8 53 (85)
Total operating expenses� 116 1,752 151 (93) (23) 2,014 549 267
Income/(loss) before taxes� 71 (1,631) 210 – (66) (1,513) 237 –

10


In 3Q14, the non-strategic businesses reported income before taxes of CHF�71 million including the CHF�109 million gain on the sale of the domestic private banking business booked in Germany. In 2Q14, Private Banking & Wealth Management’s non-strategic businesses reported a loss before taxes of CHF�1,631 million, driven by the litigation settlement charge of CHF�1,618 million relating to the final settlement of all outstanding US cross-border matters.

Assets under management – Private Banking & Wealth Management
Assets under management of CHF�1,366.1 billion increased CHF�36.4 billion compared to the end of 2Q14, driven mainly by favorable foreign exchange-related movements resulting from the appreciation of the US dollar, positive market movements and net new assets.

Net new assets: Private Banking & Wealth Management recorded net new assets of CHF�7.4 billion in 3Q14. In the strategic portfolio, Wealth Management Clients contributed net new assets of CHF�5.1 billion in 3Q14 with continued strong inflows from emerging markets, particularly in Asia Pacific, partially offset by Western European cross-border outflows. Corporate & Institutional Clients in Switzerland reported net new assets of CHF�0.9 billion in 3Q14. Asset Management reported net new assets of CHF�3.3 billion in 3Q14, driven mainly by inflows in traditional products, including inflows from a joint venture in emerging markets, credit products and private equity investments. In the non-strategic portfolio, net asset outflows of CHF�1.4 billion reflected the exit of certain businesses.

Assets under management – Private Banking & Wealth Management
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Assets under management by business (CHF billion)��
Wealth Management Clients 864.3 829.7 782.9 4.2 10.4 864.3 782.9 10.4
Corporate & Institutional Clients 266.6 261.4 241.1 2.0 10.6 266.6 241.1 10.6
Asset Management 391.1 377.1 349.0 3.7 12.1 391.1 349.0 12.1
Non-strategic 13.4 25.9 48.7 (48.3) (72.5) 13.4 48.7 (72.5)
Assets managed across businesses (169.3) (164.4) (153.5) 3.0 10.3 (169.3) (153.5) 10.3
Assets under management� 1,366.1 1,329.7 1,268.2 2.7 7.7 1,366.1 1,268.2 7.7
Average assets under management (CHF billion)��
Average assets under management 1,346.7 1,311.6 1,275.8 2.7 5.6 1,313.4 1,293.4 1.5
Net new assets by business (CHF billion)��
Wealth Management Clients 5.1 7.4 3.8 (31.1) 34.2 23.1 17.2 34.3
Corporate & Institutional Clients 0.9 0.6 0.5 50.0 80.0 1.9 4.8 (60.4)
Asset Management 3.3 4.1 4.4 (19.5) (25.0) 14.3 15.5 (7.7)
Non-strategic (1.4) (1.7) (1.2) (17.6) 16.7 (5.4) (4.9) 10.2
Assets managed across businesses (0.5) (0.3) 0.6 66.7 – (2.7) (4.9) (44.9)
Net new assets� 7.4 10.1 8.1 (26.7) (8.6) 31.2 27.7 12.6
Net new asset growth rate (annualized) (%)��
Net new asset growth rate – Wealth Management Clients 2.5 3.7 1.9 – – 3.9 3.0 –
Net new asset growth rate – Asset Management 3.5 4.5 5.1 – – 5.4 6.4 –

11


Investment Banking
In 3Q14, Investment Banking reported income before taxes of CHF�516 million and net revenues of CHF�3,303 million. Investment Banking delivered solid results and profitability reflecting strong client activity and sustained market shares across most businesses. Net revenues in the strategic businesses increased 24% compared to subdued 3Q13 levels, driven by significant client deals across products and regions, particularly in the fixed income business. Compared to 2Q14, net revenues were stable, reflecting resilient operating conditions across many of the businesses. In 3Q14, Investment Banking made continued progress in winding down the non-strategic unit, reducing Swiss leverage exposure by USD�11 billion to USD�66 billion and Basel III risk-weighted assets by USD�2 billion to USD�12 billion, each compared to 2Q14.

Investment Banking
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Reported results (CHF million)��
Net revenues� 3,303 3,342 2,552 (1) 29 10,061 9,897 2
Provision for credit losses� 36 (5) 7 – 414 31 5 –
Compensation and benefits 1,450 1,499 1,129 (3) 28 4,470 4,080 10
Total other operating expenses 1,301 1,096 1,187 19 10 3,465 3,529 (2)
Total operating expenses� 2,751 2,595 2,316 6 19 7,935 7,609 4
Income before taxes� 516 752 229 (31) 125 2,095 2,283 (8)
Metrics (%)��
Return on regulatory capital 8.3 12.3 3.6 – – 11.4 11.8 –
Cost/income ratio 83.3 77.6 90.8 – – 78.9 76.9 –


Strategic results
In 3Q14, the strategic businesses reported income before taxes of CHF�995 million and net revenues of CHF�3,419 million. Fixed income sales and trading revenues were substantially higher compared to 3Q13, driven by higher client activity resulting in significant gains across most products. Revenues were also higher compared to 2Q14, reflecting continued favorable operating conditions across many of the businesses. Equities sales and trading results were slightly lower compared to both 3Q13 and 2Q14, as weaker performance in systematic market making and cash equities offset strength in derivatives and prime services. Underwriting and advisory results were strong compared to 3Q13, driven by robust debt and equity underwriting performance and higher advisory revenues. Revenues were flat compared to 2Q14, consistent with a slowdown in industry-wide activity. Total operating expenses increased 17% compared to 3Q13, primarily driven by higher discretionary compensation expenses. Compared to 2Q14, total operating expenses increased slightly. During the quarter, the strategic businesses reported Basel III risk-weighted assets of USD�159 billion, a reduction of USD�7 billion compared to 2Q14. This decrease was primarily driven by reductions in the prime services and global macro products franchises. At the end of 3Q14, Swiss leverage exposure was USD�791 billion, an increase of USD�14 billion from 2Q14.

Fixed income sales and trading Fixed income revenues improved substantially from subdued 3Q13 levels, driven by increased client activity across many products. 3Q13 performance was adversely impacted by a significant decline in client trading activity due to rising rates and widening credit spreads as a result of the US Federal Reserve’s announcement to reduce its bond buying program. Revenues in the diversified securitized products franchise were robust, reflecting higher results in non-agency and agency securities and continued momentum in asset finance. A significant improvement in emerging markets results was driven by higher trading revenues across local markets and solid client financing activity. Revenues in global macro products improved,

12


reflecting higher market volatility and increased client activity, particularly in the foreign exchange business. Global credit products revenues were solid, albeit lower, reflecting weaker leverage finance trading performance, as increased market volatility had an adverse impact on revenues. Compared to 2Q14, revenues were higher, driven by continued favorable operating conditions across many of the businesses. Emerging markets revenues were significantly higher, driven by robust origination and trading activity. Higher global macro products revenues were driven by improved foreign exchange results. Securitized products revenues were robust, primarily driven by strong asset finance results and higher agency revenues. Global credit products revenues declined, primarily driven by lower leveraged finance results, reflecting less favorable trading conditions.

Equity sales and trading Stable results in equity sales and trading reflected muted trading activity. Systematic market making results were substantially lower compared to a strong 3Q13 performance, which included the positive impact of quantitative easing in Japan. Cash equities revenues also declined due to reduced commission revenues as a result of lower US market volumes and subdued activity in Brazil. Derivatives revenues increased significantly, driven by strong growth in fee-based products, distributed by Private Banking and Wealth Management, particularly in Asia Pacific. Revenues in prime services were higher, reflecting growth in client balances and portfolio optimization initiatives. Compared to 2Q14, revenues declined, primarily driven by lower revenues in systematic market making and cash equities due to less favorable trading conditions. These declines were partially offset by strong derivatives revenues. Prime services revenues also increased following a strong 2Q14 performance, which included the positive impact of the seasonally strong dividend season.

Underwriting and advisory Debt underwriting had significantly higher revenues, reflecting strong leveraged finance performance. The increase was partially offset by lower investment grade revenues, as a decline in the overall investment grade fee pool offset an increase in share of wallet, which refers to Credit Suisse’s share of the overall fee pool for the respective products. Compared to 3Q13, equity underwriting results reflected significantly higher revenues from IPOs, including the landmark Alibaba transaction. Convertibles results were also significantly higher, reflecting an increase in both share of wallet and the overall convertibles fee pool. Results also reflected higher revenues from follow-on offerings. Compared to 3Q13 advisory revenues were higher, driven by an increase in the overall M&A fee pool and strong corporate activity. Compared to 2Q14, debt underwriting results reflected higher revenues from structured lending in emerging markets. The increase was partially offset by lower leveraged finance revenues as a decline in the overall leveraged finance fee pool more than offset an increase in share of wallet. Investment grade revenues were also lower reflecting a decline in industry activity. Equity underwriting had lower revenues in IPOs and follow-on offerings, consistent with a decline in overall industry volumes following strong 2Q14 activity. The increase in advisory revenues compared to 2Q14 reflected an increase in share of wallet.

13


Investment Banking – strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Strategic results (CHF million)��
Debt underwriting 519 483 424 7 22 1,470 1,419 4
Equity underwriting 214 268 129 (20) 66 665 492 35
Total underwriting 733 751 553 (2) 33 2,135 1,911 12
Advisory and other fees 170 161 152 6 12 511 464 10
Total underwriting and advisory� 903 912 705 (1) 28 2,646 2,375 11
Fixed income sales and trading 1,551 1,470 1,031 6 50 4,607 4,438 4
Equity sales and trading 1,069 1,119 1,095 (4) (2) 3,394 3,779 (10)
Total sales and trading� 2,620 2,589 2,126 1 23 8,001 8,217 (3)
Other (104) (121) (82) (14) 27 (308) (277) 11
Net revenues� 3,419 3,380 2,749 1 24 10,339 10,315 0
Provision for credit losses� 29 (5) 7 – 314 24 3 –
Total operating expenses� 2,395 2,343 2,045 2 17 7,150 6,899 4
Income before taxes� 995 1,042 697 (5) 43 3,165 3,413 (7)
Metrics (%)��
Return on regulatory capital 17.1 18.7 12.4 – – 18.9 19.9 –
Cost/income ratio 70.0 69.3 74.4 – – 69.2 66.9 –


Total operating expenses Total operating expenses increased 17% compared to 3Q13, primarily driven by higher discretionary compensation expenses reflecting the higher results. The deferred compensation expenses from prior-year awards and salaries expenses also increased. The increase in general and administrative expenses was driven by higher litigation expenses, which offset cost reductions in infrastructure initiatives. Compared to 2Q14, total operating expenses increased 2%, primarily driven by higher litigation expenses and higher UK bank levy expenses, partially offset by lower discretionary compensation expenses.

Capital metrics Investment Banking strategic businesses reported Basel III risk-weighted assets of USD�159 billion, a reduction of USD�7 billion compared to 2Q14. This decrease was primarily driven by reductions in the prime services and global macro products franchises. At the end of 3Q14, Swiss leverage exposure was USD�791 billion, an increase of USD�14 billion compared to 2Q14.

Non-strategic results
Non-strategic results for Investment Banking include the fixed income wind-down portfolio, legacy rates business, primarily non-exchange-cleared instruments and capital-intensive structured positions, commodities trading business, legacy funding costs associated with non-Basel III compliant debt instruments, as well as certain legacy litigation costs and other small non-strategic positions.

Investment Banking – non-strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Non-strategic results (CHF million)��
Net revenues� (116) (38) (197) 205 (41) (278) (418) (33)
Provision for credit losses� 7 0 0 – – 7 2 250
Total operating expenses� 356 252 271 41 31 785 710 11
Loss before taxes� (479) (290) (468) 65 2 (1,070) (1,130) (5)

14


In 3Q14, Investment Banking made continued progress in winding down the non-strategic unit, including the reduction of Basel III risk-weighted assets and Swiss leverage exposure, and completed the transfer of the commodities trading business into the non-strategic unit. Non-strategic businesses reported a loss before taxes of CHF�479 million and negative net revenues of CHF�116 million in 3Q14. Compared to 3Q13, negative net revenues were smaller, reflecting portfolio net valuation gains and improved funding costs from proactive management of both the legacy debt instruments and trading assets. Negative net revenues were higher compared to 2Q14, which included positive net valuation gains in the portfolio. 3Q14 results also reflected higher costs to exit positions in the legacy rates portfolio. Total operating expenses increased compared to both 3Q13 and 2Q14, driven by higher litigation provisions. As of the end of 3Q14, Investment Banking non-strategic businesses reported Basel III risk-weighted assets of USD�12 billion, down USD�9 billion from 3Q13 and down USD�2 billion from 2Q14. This compares to a risk-weighted assets target of USD�6 billion by year-end 2015. Swiss leverage exposure in non-strategic businesses of USD�66 billion reflected a reduction of USD�28 billion from 3Q13 and a reduction of USD�11 billion from 2Q14. This compares to a target of USD�24 billion in Swiss leverage exposure by year-end 2015.

Corporate Center

Corporate Center includes parent company operations such as Group financing, expenses for projects sponsored by the Group and certain expenses and revenues that have not been allocated to the segments. It also includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses.

Corporate Center
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Reported results (CHF million)��
Net revenues� 109 45 (419) 142 – (33) (613) (95)
Provision for credit losses� (2) 0 0 – – (1) 1 –
Compensation and benefits 102 235 115 (57) (11) 503 336 50
Total other operating expenses 167 183 25 (9) – 435 116 275
Total operating expenses� 269 418 140 (36) 92 938 452 108
Loss before taxes� (158) (373) (559) (58) (72) (970) (1,066) (9)
Non-strategic results (CHF million)��
Net revenues� 180 48 (429) 275 – 82 (575) –
Provision for credit losses� 0 0 0 – – 0 0 –
Total operating expenses� 93 272 41 (66) 127 509 211 141
Income/(loss) before taxes� 87 (224) (470) – – (427) (786) (46)


The Corporate Center recorded a loss before taxes of CHF�158 million in 3Q14 compared to a loss before taxes of CHF�559 million in 3Q13 and a loss before taxes of CHF�373 million in 2Q14. The Corporate Center recorded a loss before taxes of CHF�245 million in its strategic results. Non-strategic results reported income before taxes of CHF�87 million, primarily including fair value gains on own credit spreads of CHF�351 million, partially offset by reclassifications to discontinued operations of CHF�106 million related to the sale of the domestic private banking business booked in Germany, IT architecture simplification expenses of CHF�69 million and business realignment costs of CHF�69 million, primarily consisting of severance and other compensation expenses relating to the Group-wide cost efficiency initiatives.

15


Balance sheet, shareholders’ equity and regulatory capital

Balance sheet
As of the end of 3Q14, total assets of CHF�954.4 billion increased 7% compared to 2Q14, reflecting the foreign exchange translation impact and an increase from operating activities. Excluding the foreign exchange translation impact, total assets increased CHF�18.1 billion.

Total shareholders’ equity
Credit Suisse’s total shareholders’ equity increased to CHF�43.9 billion as of the end of 3Q14 compared to CHF�40.9 billion as of the end of 2Q14. Total shareholders’ equity was positively impacted by foreign exchange-related movements on cumulative translation adjustments, net income and an increase in the share-based compensation obligation. These movements were partially offset by transactions relating to the hedging of future share-based compensation awards. As of the end of 3Q14, Credit Suisse had 1,607.2 million shares issued.

BIS regulatory capital and ratios – Basel III
The CET1 ratio was 14.3% as of the end of 3Q14, compared to 13.8% as of the end of 2Q14, reflecting an increase in CET1 capital, partially offset by an increase in risk-weighted assets. Credit Suisse’s tier 1 ratio was 16.4% as of the end of 3Q14, compared to 16.0% as of the end of 2Q14. The total capital ratio increased to 20.1% as of the end of 3Q14 compared to 19.5% as of the end of 2Q14.

CET1 capital was CHF�41.8 billion as of the end of 3Q14 compared to CHF�39.5 billion as of the end of 2Q14, mainly reflecting a positive foreign exchange impact, net income and the net effect of share-based compensation. CET1 capital was also impacted by a quarterly dividend accrual.

Additional tier 1 capital increased to CHF�6.3 billion and tier 2 capital increased to CHF�10.6 billion as of the end of 3Q14, mainly due to the positive foreign exchange impact.

Total eligible capital was CHF�58.8 billion as of the end of 3Q14 compared to CHF�55.6 billion as of the end of 2Q14, reflecting the increases in CET1 capital, additional tier 1 capital and tier 2 capital.

As of the end of 3Q14, the Look-through CET1 ratio was 9.8% compared to a year-end target of over 10.0% and a long-term target of 11.0%.

Capital ratios – Basel III
� Phase-in Look-through
end of 3Q14 2Q14 4Q13 3Q14 2Q14 4Q13
BIS capital ratios (%)��
CET1 ratio 14.3 13.8 15.7 9.8 9.5 10.0
Tier 1 ratio 16.4 16.0 16.8 13.6 13.1 12.8
Total capital ratio 20.1 19.5 20.6 15.9 15.4 15.1


Swiss regulatory capital and ratios
As of the end of 3Q14, Swiss CET1 capital and Swiss total capital ratios were 14.2% and 20.0%, respectively, compared to the Swiss capital ratio phase-in requirements of 6.75% and 10.18%, respectively.

On a look-through basis, Swiss CET1 capital was CHF�27.8 billion and the Swiss CET1 ratio was 9.7% as of the end of 3Q14. Swiss total eligible capital was CHF�45.4 billion and the Swiss total capital ratio was 15.8% as of the end of 3Q14, each on a look-through basis.

16


Swiss leverage ratio
As of the end of 3Q14, the Swiss leverage ratio was 4.9% and total average exposure was CHF�1,204.7 billion. As of the end of 3Q14, Swiss total exposure was CHF�1,240 billion compared to Credit Suisse’s target of approximately CHF�1,050 billion by end-2015, on a foreign exchange adjusted basis. The Look-through Swiss leverage ratio was 3.8% as of the end of 3Q14, compared to the current 4.0% requirement for 2019. For 2015, the Swiss leverage ratio requirement for 2019 will be 4.1%.

Swiss leverage ratio
� Phase-in Look-through
end of 3Q14 2Q14 4Q13 3Q14 2Q14 4Q13
Leverage ratios (%)
Swiss leverage ratio 4.9 4.8 5.1 3.8 3.7 3.7

17


Quarterly results documentation
The Results Presentation Slides and the Results Summary are available for download from
06:45 CEST today at: https://www.credit-suisse.com/results

The 3Q14 Financial Report will be available for download on or about October 31, 2014 at:
https://www.credit-suisse.com/results

Hard copies of the 3Q14 Financial Report may be ordered free of charge at:
https://publications.credit-suisse.com/index.cfm/publikationen-shop/quarterly-reports/

Presentation of 3Q14 – Thursday, October 23, 2014
Event� Analyst, investor and media presentation
Time� � 09:00 Zurich
08:00 London
03:00 New York
Speakers� Brady W. Dougan, Chief Executive Officer
David Mathers, Chief Financial Officer
Language� The presentation will be held in English.
Access via
Internet�		 Audio webcast: www.credit-suisse.com/results
Audio playback available
Access via
Telephone� � �		 +41 44 580 40 01 (Switzerland)
+44 1452 565 510 (Europe)
+1 866 389 9771 (US)
Reference: Credit Suisse Group quarterly results
Please dial in 10-15 minutes before the start
of the presentation.
Q&A Session� Opportunity to ask questions via the
telephone conference.
Playback� � � Replay available approximately two hours
after the event:
+41 44 580 34 56 (Switzerland)
+44 1452 550 000 (Europe)
+1 866 247 4222 (US)
Conference ID: 15703605#


Contacts
Media Relations Credit Suisse, telephone +41 844 33 88 44, [email protected]
Investor Relations Credit Suisse, telephone +41 44 333 71 49, [email protected]

18


Important information
The Group has not finalized its 3Q14 Financial Report and the Group’s independent registered public accounting firm has not completed its review of the condensed consolidated financial statements (unaudited) for the period. Accordingly, the financial information contained in this Earnings Release is subject to completion of quarter-end procedures, which may result in changes to that information. Certain reclassifications have been made to prior periods to conform to the current presentation.

For purposes of this Earnings Release, unless the context otherwise requires, the terms “Credit Suisse” and “the Group” mean Credit Suisse Group AG and its consolidated subsidiaries. The business of Credit Suisse AG, the Swiss bank subsidiary of the Group, is substantially similar to the Group, and these terms are used to refer to both when the subject is the same or substantially similar. The term “the Bank” is used when referring to Credit Suisse AG, the Swiss bank subsidiary of the Group, and its consolidated subsidiaries.

Information referenced in this Earnings Release, whether via website links or otherwise, is not incorporated into this Earnings Release.

As of January 1, 2013, Basel III was implemented in Switzerland along with the Swiss “Too Big to Fail” legislation and regulations thereunder. The related disclosures are in accordance with Credit Suisse’s current interpretation of such requirements, including relevant assumptions. Changes in the interpretation of these requirements in Switzerland or in any of Credit Suisse’s assumptions or estimates could result in different numbers from those shown herein.

References to phase-in and look-through included herein refer to Basel III requirements. Phase-in reflects that for the years 2014 – 2018, there will be a five-year (20% per annum) phase in of goodwill and other intangible assets and other capital deductions (e.g., certain deferred tax assets and participations in financial institutions) and for the years 2013 – 2022, there will be 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 full phase out of certain capital instruments.

Unless otherwise noted, leverage ratio, leverage exposure and total capital amounts included herein are based on the current FINMA framework. The Swiss leverage ratio is calculated as Swiss total eligible capital, divided by a three-month average leverage exposure, which consists of balance sheet assets, off-balance sheet exposures, which consist of guarantees and commitments, and regulatory adjustments, which include cash collateral netting reversals and derivative add-ons.

Return on equity for strategic results is calculated by dividing annualized strategic net income by average strategic shareholders’ equity (derived by deducting 10% of non-strategic risk-weighted assets from reported shareholders’ equity). Return on regulatory capital is calculated using income after tax and capital allocated based on the average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.

Adjusted cost run-rates are non-GAAP financial measures. All expense reduction metrics against 6M11 annualized total expenses are measured at constant foreign exchange rates and exclude realignment and other significant expense items and variable compensation expenses. For further information regarding these measures, see the 3Q14 Results Presentation Slides.

The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions which is discussed above relates only to those proceedings for which the Group believes an estimate is possible and which are discussed in Note 38 to the Consolidated Financial Statements in the Group’s Annual Report on Form 20-F and updated in its quarterly reports (including the 3Q14 Financial Report that is scheduled to be released on October 31). It is inherently difficult to determine whether a loss is probable or even reasonably possible or to estimate the amount of any loss or loss range for many of the Group’s legal proceedings. The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. For additional details, see Note 38 to the Consolidated Financial Statements in the Group’s Annual Report on Form 20-F and the litigation note in each of its quarterly Financial Reports.

Strategic net new assets are determined based on the assumption that assets managed across businesses relate to strategic businesses only.

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 investor relations website and public conference calls and webcasts. We intend to also use our investor relations 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 Earnings Release.

In various tables, use of “–” indicates not meaningful or not applicable.

19


Appendix
Key metrics
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Credit Suisse (CHF million, except where indicated)��
Net income/(loss) attributable to shareholders 1,025 (700) 454 – 126 1,184 2,802 (58)
   of which from continuing operations� 919 (691) 304 – 202 1,072 2,655 (60)
Basic earnings/(loss) per share from continuing operations (CHF) 0.55 (0.45) 0.17 – 224 0.61 1.48 (59)
Diluted earnings/(loss) per share from continuing operations (CHF) 0.55 (0.45) 0.17 – 224 0.61 1.47 (59)
Return on equity attributable to shareholders (%) 9.7 (6.7) 4.3 – – 3.7 9.3 –
Effective tax rate (%) 27.4 (88.7) 40.4 – – 44.5 30.2 –
Core Results (CHF million, except where indicated)��
Net revenues 6,537 6,433 5,449 2 20 19,439 19,297 1
Provision for credit losses 59 18 41 228 44 111 114 (3)
Total operating expenses 5,177 6,785 4,720 (24) 10 16,997 15,150 12
Income/(loss) from continuing operations before taxes 1,301 (370) 688 – 89 2,331 4,033 (42)
Cost/income ratio (%) 79.2 105.5 86.6 – – 87.4 78.5 –
Pre-tax income margin (%) 19.9 (5.8) 12.6 – – 12.0 20.9 –
Strategic results (CHF million, except where indicated)��
Net revenues 6,287 6,309 5,693 0 10 19,126 19,451 (2)
Income from continuing operations before taxes 1,622 1,775 1,416 (9) 15 5,341 5,712 (6)
Cost/income ratio (%) 73.4 71.5 74.8 – – 71.6 70.3 –
Return on equity – strategic results (%) 11.0 13.0 10.0 – – 12.7 14.4 –
Non-strategic results (CHF million)��
Net revenues 250 124 (244) 102 – 313 (154) –
Loss from continuing operations before taxes (321) (2,145) (728) (85) (56) (3,010) (1,679) 79
Assets under management and net new assets (CHF billion)��
Assets under management from continuing operations 1,366.1 1,319.6 1,239.3 3.5 10.2 1,366.1 1,239.3 10.2
Net new assets from continuing operations 7.8 10.7 8.8 (27.1) (11.4) 33.2 31.9 4.1
Balance sheet statistics (CHF million)��
Total assets 954,362 891,580 895,169 7 7 954,362 895,169 7
Net loans 265,243 254,532 245,232 4 8 265,243 245,232 8
Total shareholders' equity 43,864 40,944 42,162 7 4 43,864 42,162 4
Tangible shareholders' equity 35,178 32,716 33,838 8 4 35,178 33,838 4
Basel III regulatory capital and leverage statistics��
Risk-weighted assets (CHF million) 292,879 285,421 269,263 3 9 292,879 269,263 9
CET1 ratio (%) 14.3 13.8 16.3 – – 14.3 16.3 –
Look-through CET1 ratio (%) 9.8 9.5 10.2 – – 9.8 10.2 –
Swiss leverage ratio (%) 4.9 4.8 4.5 – – 4.9 4.5 –
Look-through Swiss leverage ratio (%) 3.8 3.7 – – – 3.8 – –
Share information��
Shares outstanding (million) 1,600.8 1,600.0 1,592.4 0 1 1,600.8 1,592.4 1
   of which common shares issued� 1,607.2 1,607.2 1,595.4 0 1 1,607.2 1,595.4 1
   of which treasury shares� (6.4) (7.2) (3.0) (11) 113 (6.4) (3.0) 113
Book value per share (CHF) 27.40 25.59 26.48 7 3 27.40 26.48 3
Tangible book value per share (CHF) 21.98 20.45 21.25 7 3 21.98 21.25 3
Market capitalization (CHF million) 42,542 40,758 44,066 4 (3) 42,542 44,066 (3)
Number of employees (full-time equivalents)��
Number of employees 45,500 45,100 46,400 1 (2) 45,500 46,400 (2)
See relevant tables for additional information on these metrics.

A-1


Credit Suisse
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 6,578 6,463 5,676 2 16 19,870 19,717 1
Provision for credit losses� 59 18 41 228 44 111 114 (3)
Compensation and benefits 2,747 2,973 2,532 (8) 8 8,713 8,449 3
General and administrative expenses 2,041 3,441 1,771 (41) 15 7,172 5,376 33
Commission expenses 393 377 422 4 (7) 1,139 1,349 (16)
Total other operating expenses 2,434 3,818 2,193 (36) 11 8,311 6,725 24
Total operating expenses� 5,181 6,791 4,725 (24) 10 17,024 15,174 12
Income/(loss) from continuing operations before taxes� 1,338 (346) 910 – 47 2,735 4,429 (38)
Income tax expense 366 307 368 19 (1) 1,216 1,339 (9)
Income/(loss) from continuing operations� 972 (653) 542 – 79 1,519 3,090 (51)
Income/(loss) from discontinued operations 106 (9) 150 – (29) 112 147 (24)
Net income/(loss)� 1,078 (662) 692 – 56 1,631 3,237 (50)
Net income attributable to noncontrolling interests 53 38 238 39 (78) 447 435 3
Net income/(loss) attributable to shareholders� 1,025 (700) 454 – 126 1,184 2,802 (58)
   of which from continuing operations� 919 (691) 304 – 202 1,072 2,655 (60)
   of which from discontinued operations� 106 (9) 150 – (29) 112 147 (24)
Earnings per share (CHF)��
Basic earnings/(loss) per share from continuing operations 0.55 (0.45) 0.17 – 224 0.61 1.48 (59)
Basic earnings/(loss) per share 0.61 (0.46) 0.26 – 135 0.68 1.57 (57)
Diluted earnings/(loss) per share from continuing operations 0.55 (0.45) 0.17 – 224 0.61 1.47 (59)
Diluted earnings/(loss) per share 0.61 (0.46) 0.26 – 135 0.68 1.55 (56)
Return on equity (%, annualized)��
Return on equity attributable to shareholders 9.7 (6.7) 4.3 – – 3.7 9.3 –
Return on tangible equity attributable to shareholders�1 12.2 (8.3) 5.4 – – 4.6 11.9 –
Number of employees (full-time equivalents)��
Number of employees 45,500 45,100 46,400 1 (2) 45,500 46,400 (2)
1
Based on tangible shareholders' equity attributable to shareholders, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity attributable to shareholders. 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.

A-2


Credit Suisse and Core Results�
� Core Results Noncontrolling interests without SEI Credit Suisse
in 3Q14 2Q14 3Q13 3Q14 2Q14 3Q13 3Q14 2Q14 3Q13
Statements of operations (CHF million)��
Net revenues� 6,537 6,433 5,449 41 30 227 6,578 6,463 5,676
Provision for credit losses� 59 18 41 0 0 0 59 18 41
Compensation and benefits 2,746 2,969 2,529 1 4 3 2,747 2,973 2,532
General and administrative expenses 2,038 3,439 1,769 3 2 2 2,041 3,441 1,771
Commission expenses 393 377 422 0 0 0 393 377 422
Total other operating expenses 2,431 3,816 2,191 3 2 2 2,434 3,818 2,193
Total operating expenses� 5,177 6,785 4,720 4 6 5 5,181 6,791 4,725
Income/(loss) from continuing operations before taxes� 1,301 (370) 688 37 24 222 1,338 (346) 910
Income tax expense 366 307 368 0 0 0 366 307 368
Income/(loss) from continuing operations� 935 (677) 320 37 24 222 972 (653) 542
Income/(loss) from discontinued operations 106 (9) 150 0 0 0 106 (9) 150
Net income/(loss)� 1,041 (686) 470 37 24 222 1,078 (662) 692
Net income attributable to noncontrolling interests 16 14 16 37 24 222 53 38 238
Net income/(loss) attributable to shareholders� 1,025 (700) 454 – – – 1,025 (700) 454
   of which from continuing operations� 919 (691) 304 – – – 919 (691) 304
   of which from discontinued operations� 106 (9) 150 – – – 106 (9) 150
Statement of operations metrics (%)��
Cost/income ratio 79.2 105.5 86.6 – – – 78.8 105.1 83.2
Pre-tax income margin 19.9 (5.8) 12.6 – – – 20.3 (5.4) 16.0
Effective tax rate 28.1 (83.0) 53.5 – – – 27.4 (88.7) 40.4
Net income margin�1 15.7 (10.9) 8.3 – – – 15.6 (10.8) 8.0
1
Based on amounts attributable to shareholders.


Credit Suisse results include revenues and expenses from the consolidation of certain private equity funds and other entities in which we have noncontrolling interests without significant economic interest (SEI) in such revenues and expenses. Core Results include the results of our two segments and the Corporate Center and discontinued operations, but do not include noncontrolling interests without SEI.

A-3


Core Results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net interest income 2,149 2,590 1,919 (17) 12 6,922 6,358 9
Commissions and fees 3,256 3,311 3,021 (2) 8 9,843 9,819 0
Trading revenues 894 186 273 381 227 1,710 2,463 (31)
Other revenues 238 346 236 (31) 1 964 657 47
Net revenues� 6,537 6,433 5,449 2 20 19,439 19,297 1
   of which strategic results� 6,287 6,309 5,693 0 10 19,126 19,451 (2)
   of which non-strategic results� 250 124 (244) 102 – 313 (154) –
Provision for credit losses� 59 18 41 228 44 111 114 (3)
Compensation and benefits 2,746 2,969 2,529 (8) 9 8,692 8,433 3
General and administrative expenses 2,038 3,439 1,769 (41) 15 7,166 5,368 33
Commission expenses 393 377 422 4 (7) 1,139 1,349 (16)
Total other operating expenses 2,431 3,816 2,191 (36) 11 8,305 6,717 24
Total operating expenses� 5,177 6,785 4,720 (24) 10 16,997 15,150 12
   of which strategic results� 4,612 4,509 4,257 2 8 13,689 13,680 0
   of which non-strategic results� 565 2,276 463 (75) 22 3,308 1,470 125
Income/(loss) from continuing operations before taxes� 1,301 (370) 688 – 89 2,331 4,033 (42)
   of which strategic results� 1,622 1,775 1,416 (9) 15 5,341 5,712 (6)
   of which non-strategic results� (321) (2,145) (728) (85) (56) (3,010) (1,679) 79
Income tax expense 366 307 368 19 (1) 1,216 1,339 (9)
Income/(loss) from continuing operations� 935 (677) 320 – 192 1,115 2,694 (59)
Income/(loss) from discontinued operations 106 (9) 150 – (29) 112 147 (24)
Net income/(loss)� 1,041 (686) 470 – 121 1,227 2,841 (57)
Net income attributable to noncontrolling interests 16 14 16 14 0 43 39 10
Net income/(loss) attributable to shareholders� 1,025 (700) 454 – 126 1,184 2,802 (58)
   of which strategic results� 1,115 1,288 987 (13) 13 3,807 4,013 (5)
   of which non-strategic results� (90) (1,988) (533) (95) (83) (2,623) (1,211) 117
Statement of operations metrics (%)��
Return on regulatory capital�1 12.8 – 6.8 – – 7.8 13.4 –
Cost/income ratio 79.2 105.5 86.6 – – 87.4 78.5 –
Pre-tax income margin 19.9 (5.8) 12.6 – – 12.0 20.9 –
Effective tax rate 28.1 (83.0) 53.5 – – 52.2 33.2 –
Net income margin�2 15.7 (10.9) 8.3 – – 6.1 14.5 –
Return on equity (%, annualized)��
Return on equity – strategic results 11.0 13.0 10.0 – – 12.7 14.4 –
Number of employees (full-time equivalents)��
Number of employees 45,500 45,100 46,400 1 (2) 45,500 46,400 (2)
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 3Q14, 2Q14, 3Q13, 9M14 and 28% in 9M13 and capital allocated based on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.
2
Based on amounts attributable to shareholders.

A-4


Core Results – strategic and non-strategic results
� Strategic results Non-strategic results Core Results
in / end of 3Q14 2Q14 3Q13 3Q14 2Q14 3Q13 3Q14 2Q14 3Q13
Statements of operations (CHF million)��
Net revenues� 6,287 6,309 5,693 250 124 (244) 6,537 6,433 5,449
Provision for credit losses� 53 25 20 6 (7) 21 59 18 41
Compensation and benefits 2,635 2,719 2,362 111 250 167 2,746 2,969 2,529
Total other operating expenses 1,977 1,790 1,895 454 2,026 296 2,431 3,816 2,191
Total operating expenses� 4,612 4,509 4,257 565 2,276 463 5,177 6,785 4,720
Income/(loss) from continuing operations before taxes� 1,622 1,775 1,416 (321) (2,145) (728) 1,301 (370) 688
Income tax expense/(benefit) 491 473 413 (125) (166) (45) 366 307 368
Income/(loss) from continuing operations� 1,131 1,302 1,003 (196) (1,979) (683) 935 (677) 320
Income/(loss) from discontinued operations 0 0 0 106 (9) 150 106 (9) 150
Net income/(loss)� 1,131 1,302 1,003 (90) (1,988) (533) 1,041 (686) 470
Net income attributable to noncontrolling interests 16 14 16 0 0 0 16 14 16
Net income/(loss) attributable to shareholders� 1,115 1,288 987 (90) (1,988) (533) 1,025 (700) 454
Balance sheet statistics (CHF million)��
Risk-weighted assets – Basel III�1 268,668 259,612 236,044 17,652 19,557 25,012 286,320 279,169 261,056
Total assets 916,536 849,471 838,441 36,539 40,808 52,628 953,075 890,279 891,069
Swiss leverage exposure 1,162,670 1,071,309 1,076,023 76,834 84,725 107,525 1,239,504 1,156,034 1,183,548
1
Represents risk-weighted assets on a fully phased-in "look-through" basis.


Private Banking & Wealth Management
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 3,125 3,046 3,316 3 (6) 9,411 10,013 (6)
   of which strategic results� 2,939 2,932 2,934 0 0 8,902 9,174 (3)
   of which non-strategic results� 186 114 382 63 (51) 509 839 (39)
Provision for credit losses� 25 23 34 9 (26) 81 108 (25)
Compensation and benefits 1,194 1,235 1,285 (3) (7) 3,719 4,017 (7)
General and administrative expenses 795 2,367 787 (66) 1 3,898 2,471 58
Commission expenses 168 170 192 (1) (13) 507 601 (16)
Total other operating expenses 963 2,537 979 (62) (2) 4,405 3,072 43
Total operating expenses� 2,157 3,772 2,264 (43) (5) 8,124 7,089 15
   of which strategic results� 2,041 2,020 2,113 1 (3) 6,110 6,540 (7)
   of which non-strategic results� 116 1,752 151 (93) (23) 2,014 549 267
Income/(loss) before taxes� 943 (749) 1,018 – (7) 1,206 2,816 (57)
   of which strategic results� 872 882 808 (1) 8 2,719 2,579 5
   of which non-strategic results� 71 (1,631) 210 – (66) (1,513) 237 –
Statement of operations metrics (%)��
Return on regulatory capital�1 27.3 – 31.8 – – 12.0 29.7 –
Cost/income ratio 69.0 123.8 68.3 – – 86.3 70.8 –
Pre-tax income margin 30.2 (24.6) 30.7 – – 12.8 28.1 –
Assets under management (CHF billion)��
Assets under management 1,366.1 1,329.7 1,268.2 2.7 7.7 1,366.1 1,268.2 7.7
Net new assets 7.4 10.1 8.1 (26.7) (8.6) 31.2 27.7 12.6
Number of employees and relationship managers��
Number of employees (full-time equivalents) 26,000 25,800 26,100 1 0 26,000 26,100 –
Number of relationship managers 4,270 4,340 4,340 (2) (2) 4,270 4,340 (2)
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 3Q14, 2Q14, 3Q13, 9M14 and 28% in 9M13 and capital allocated on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.

A-5


Private Banking & Wealth Management (continued)
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Net revenue detail (CHF million)��
Net interest income 980 970 1,070 1 (8) 2,929 3,194 (8)
Recurring commissions and fees 1,191 1,184 1,235 1 (4) 3,564 3,724 (4)
Transaction- and performance-based revenues 846 885 798 (4) 6 2,668 2,781 (4)
Other revenues�1 108 7 213 – (49) 250 314 (20)
Net revenues� 3,125 3,046 3,316 3 (6) 9,411 10,013 (6)
Provision for credit losses (CHF million)��
New provisions 43 59 65 (27) (34) 155 205 (24)
Releases of provisions (18) (36) (31) (50) (42) (74) (97) (24)
Provision for credit losses� 25 23 34 9 (26) 81 108 (25)
1
Includes investment-related gains/(losses), equity participations and other gains/(losses) and fair value gains/(losses) on the Clock Finance transaction.


Private Banking & Wealth Management – strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net interest income 968 954 1,044 1 (7) 2,885 3,117 (7)
Recurring commissions and fees 1,149 1,136 1,149 1 0 3,424 3,405 1
Transaction- and performance-based revenues 827 865 774 (4) 7 2,611 2,681 (3)
Other revenues (5) (23) (33) (78) (85) (18) (29) (38)
Net revenues� 2,939 2,932 2,934 0 0 8,902 9,174 (3)
New provisions 43 49 44 (12) (2) 128 152 (16)
Releases of provisions (17) (19) (31) (11) (45) (55) (97) (43)
Provision for credit losses� 26 30 13 (13) 100 73 55 33
Compensation and benefits 1,150 1,184 1,205 (3) (5) 3,559 3,785 (6)
General and administrative expenses 731 672 726 9 1 2,063 2,188 (6)
Commission expenses 160 164 182 (2) (12) 488 567 (14)
Total other operating expenses 891 836 908 7 (2) 2,551 2,755 (7)
Total operating expenses� 2,041 2,020 2,113 1 (3) 6,110 6,540 (7)
Income before taxes� 872 882 808 (1) 8 2,719 2,579 5
   of which Wealth Management Clients� 536 569 509 (6) 5 1,683 1,584 6
   of which Corporate & Institutional Clients� 240 211 251 14 (4) 697 752 (7)
   of which Asset Management� 96 102 48 (6) 100 339 243 40
Statement of operations metrics (%)��
Return on regulatory capital�1 26.7 28.0 27.2 – – 28.7 29.3 –
Cost/income ratio 69.4 68.9 72.0 – – 68.6 71.3 –
Pre-tax income margin 29.7 30.1 27.5 – – 30.5 28.1 –
Balance sheet statistics (CHF million)��
Risk-weighted assets – Basel III 100,114 96,805 87,229 3 15 100,114 87,229 15
Total assets 328,636 306,919 291,262 7 13 328,636 291,262 13
Swiss leverage exposure 362,285 340,047 322,793 7 12 362,285 322,793 12
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 3Q14, 2Q14, 3Q13, 9M14 and 29% in 9M13 and capital allocated on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.

A-6


Wealth Management Clients
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 2,042 2,017 2,062 1 (1) 6,133 6,388 (4)
Provision for credit losses� 17 17 21 0 (19) 50 60 (17)
Total operating expenses� 1,489 1,431 1,532 4 (3) 4,400 4,744 (7)
Income before taxes� 536 569 509 (6) 5 1,683 1,584 6
Statement of operations metrics (%)��
Cost/income ratio 72.9 70.9 74.3 – – 71.7 74.3 –
Pre-tax income margin 26.2 28.2 24.7 – – 27.4 24.8 –
Net revenue detail (CHF million)��
Net interest income 695 688 766 1 (9) 2,089 2,290 (9)
Recurring commissions and fees 744 728 747 2 0 2,202 2,214 (1)
Transaction- and performance-based revenues 603 601 549 0 10 1,842 1,884 (2)
Net revenues� 2,042 2,017 2,062 1 (1) 6,133 6,388 (4)
Gross and net margin (annualized) (bp)��
Net interest income 33 34 39 – – 34 39 –
Recurring commissions and fees 35 36 38 – – 36 37 –
Transaction- and performance-based revenues 29 29 28 – – 30 32 –
Gross margin�1 97 99 105 – – 100 108 –
Net margin�2 25 28 26 – – 27 27 –
Number of relationship managers��
Switzerland 1,670 1,680 1,580 (1) 6 1,670 1,580 6
EMEA 1,050 1,110 1,180 (5) (11) 1,050 1,180 (11)
Americas 550 540 590 2 (7) 550 590 (7)
Asia Pacific 480 470 430 2 12 480 430 12
Number of relationship managers� 3,750 3,800 3,780 (1) (1) 3,750 3,780 (1)
Beginning in 2Q13, fees collected in an agent role in connection with certain customized fund services we provide to clients where those fees are passed on directly to a third-party investment manager are now presented on a net basis per the applicable accounting standards. These fees were previously recorded on a gross basis as fee income and commission expense. Prior periods have been restated to conform to the current presentation.
1
Net revenues divided by average assets under management.
2
Income before taxes divided by average assets under management.

A-7


Corporate & Institutional Clients
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 488 475 499 3 (2) 1,455 1,511 (4)
Provision for credit losses� 9 13 (8) (31) – 23 (5) –
Total operating expenses� 239 251 256 (5) (7) 735 764 (4)
Income before taxes� 240 211 251 14 (4) 697 752 (7)
Statement of operations metrics (%)��
Cost/income ratio 49.0 52.8 51.3 – – 50.5 50.6 –
Pre-tax income margin 49.2 44.4 50.3 – – 47.9 49.8 –
Net revenue detail (CHF million)��
Net interest income 273 266 278 3 (2) 796 827 (4)
Recurring commissions and fees 113 113 117 0 (3) 348 343 1
Transaction- and performance-based revenues 107 118 105 (9) 2 342 353 (3)
Other revenues�1 (5) (22) (1) (77) 400 (31) (12) 158
Net revenues� 488 475 499 3 (2) 1,455 1,511 (4)
Number of relationship managers��
Number of relationship managers (Switzerland) 520 540 560 (4) (7) 520 560 (7)
1
Reflects fair value gains/(losses) on the Clock Finance transaction.


Asset Management
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 409 440 373 (7) 10 1,314 1,275 3
Provision for credit losses� 0 0 0 – – 0 0 –
Total operating expenses� 313 338 325 (7) (4) 975 1,032 (6)
Income before taxes� 96 102 48 (6) 100 339 243 40
Statement of operations metrics (%)��
Cost/income ratio 76.5 76.8 87.1 – – 74.2 80.9 –
Pre-tax income margin 23.5 23.2 12.9 – – 25.8 19.1 –
Net revenue detail (CHF million)��
Recurring commissions and fees 292 295 285 (1) 2 874 848 3
Transaction- and performance-based revenues 117 146 120 (20) (3) 427 444 (4)
Other revenues 0 (1) (32) 100 100 13 (17) –
Net revenues� 409 440 373 (7) 10 1,314 1,275 3
Net revenue detail by type (CHF million)��
Asset management fees 292 295 285 (1) 2 874 848 3
Placement, transaction and other fees 63 59 61 7 3 178 168 6
Performance fees and carried interest 22 59 36 (63) (39) 161 200 (20)
Equity participations income 21 15 12 40 75 51 32 59
Fee-based revenues 398 428 394 (7) 1 1,264 1,248 1
Investment-related gains/(losses) 11 6 (2) 83 – 36 33 9
Equity participations and other gains/(losses) 0 3 (18) (100) 100 3 (18) –
Other revenues�1 0 3 (1) (100) 100 11 12 (8)
Net revenues� 409 440 373 (7) 10 1,314 1,275 3
Fee-based margin on assets under management (annualized) (bp)��
Fee-based margin�2 42 46 45 – – 46 48 –
1
Includes allocated funding costs.
2
Fee-based revenues divided by average assets under management.

A-8


Private Banking & Wealth Management – non-strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 186 114 382 63 (51) 509 839 (39)
Provision for credit losses� (1) (7) 21 (86) – 8 53 (85)
Compensation and benefits 44 51 80 (14) (45) 160 232 (31)
Total other operating expenses 72 1,701 71 (96) 1 1,854 317 485
Total operating expenses� 116 1,752 151 (93) (23) 2,014 549 267
Income/(loss) before taxes� 71 (1,631) 210 – (66) (1,513) 237 –
Revenue details (CHF million)��
Restructuring of select onshore businesses 122 22 25 455 388 166 136 22
Legacy cross-border business and small markets 38 41 49 (7) (22) 123 151 (19)
Restructuring of former Asset Management division 12 38 288 (68) (96) 184 480 (62)
Other 14 13 20 8 (30) 36 72 (50)
Net revenues� 186 114 382 63 (51) 509 839 (39)
Balance sheet statistics (CHF million)��
Risk-weighted assets – Basel III 6,612 6,732 6,469 (2) 2 6,612 6,469 2
Total assets 13,396 15,750 22,197 (15) (40) 13,396 22,197 (40)
Swiss leverage exposure 14,230 16,691 23,096 (15) (38) 14,230 23,096 (38)


Investment Banking
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 3,303 3,342 2,552 (1) 29 10,061 9,897 2
   of which strategic results� 3,419 3,380 2,749 1 24 10,339 10,315 0
   of which non-strategic results� (116) (38) (197) 205 (41) (278) (418) (33)
Provision for credit losses� 36 (5) 7 – 414 31 5 –
Compensation and benefits 1,450 1,499 1,129 (3) 28 4,470 4,080 10
General and administrative expenses 1,076 889 961 21 12 2,821 2,810 0
Commission expenses 225 207 226 9 0 644 719 (10)
Total other operating expenses 1,301 1,096 1,187 19 10 3,465 3,529 (2)
Total operating expenses� 2,751 2,595 2,316 6 19 7,935 7,609 4
   of which strategic results� 2,395 2,343 2,045 2 17 7,150 6,899 4
   of which non-strategic results� 356 252 271 41 31 785 710 11
Income before taxes� 516 752 229 (31) 125 2,095 2,283 (8)
   of which strategic results� 995 1,042 697 (5) 43 3,165 3,413 (7)
   of which non-strategic results� (479) (290) (468) 65 2 (1,070) (1,130) (5)
Statement of operations metrics (%)��
Return on regulatory capital�1 8.3 12.3 3.6 – – 11.4 11.8 –
Cost/income ratio 83.3 77.6 90.8 – – 78.9 76.9 –
Pre-tax income margin 15.6 22.5 9.0 – – 20.8 23.1 –
Number of employees (full-time equivalents)��
Number of employees 19,200 19,000 20,000 1 (4) 19,200 20,000 (4)
1
Calculated using income after tax denominated in USD; assumes tax rate of 30% in 3Q14, 2Q14, 3Q13, 9M14 and 27% in 9M13 and capital allocated based on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.

A-9


Investment Banking (continued)
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Net revenue detail (CHF million)��
Debt underwriting 519 483 424 7 22 1,470 1,420 4
Equity underwriting 214 268 129 (20) 66 665 493 35
Total underwriting 733 751 553 (2) 33 2,135 1,913 12
Advisory and other fees 170 161 152 6 12 511 464 10
Total underwriting and advisory� 903 912 705 (1) 28 2,646 2,377 11
Fixed income sales and trading 1,440 1,428 833 1 73 4,357 4,077 7
Equity sales and trading 1,071 1,134 1,065 (6) 1 3,406 3,700 (8)
Total sales and trading� 2,511 2,562 1,898 (2) 32 7,763 7,777 0
Other (111) (132) (51) (16) 118 (348) (257) 35
Net revenues� 3,303 3,342 2,552 (1) 29 10,061 9,897 (100)


Investment Banking – strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Debt underwriting 519 483 424 7 22 1,470 1,419 4
Equity underwriting 214 268 129 (20) 66 665 492 35
Total underwriting 733 751 553 (2) 33 2,135 1,911 12
Advisory and other fees 170 161 152 6 12 511 464 10
Total underwriting and advisory� 903 912 705 (1) 28 2,646 2,375 11
Fixed income sales and trading 1,551 1,470 1,031 6 50 4,607 4,438 4
Equity sales and trading 1,069 1,119 1,095 (4) (2) 3,394 3,779 (10)
Total sales and trading� 2,620 2,589 2,126 1 23 8,001 8,217 (3)
Other (104) (121) (82) (14) 27 (308) (277) 11
Net revenues� 3,419 3,380 2,749 1 24 10,339 10,315 0
Provision for credit losses� 29 (5) 7 – 314 24 3 –
Compensation and benefits 1,412 1,465 1,080 (4) 31 4,357 3,945 10
General and administrative expenses 766 680 746 13 3 2,172 2,264 (4)
Commission expenses 217 198 219 10 (1) 621 690 (10)
Total other operating expenses 983 878 965 12 2 2,793 2,954 (5)
Total operating expenses� 2,395 2,343 2,045 2 17 7,150 6,899 4
Income before taxes� 995 1,042 697 (5) 43 3,165 3,413 (7)
Statement of operations metrics (%)��
Return on regulatory capital�1 17.1 18.7 12.4 – – 18.9 19.9 –
Cost/income ratio 70.0 69.3 74.4 – – 69.2 66.9 –
Pre-tax income margin 29.1 30.8 25.4 – – 30.6 33.1 –
Balance sheet statistics (CHF million, except where indicated)��
Risk-weighted assets – Basel III 152,316 147,374 132,831 3 15 152,316 132,831 15
Risk-weighted assets – Basel III (USD) 159,410 166,186 146,897 (4) 9 159,410 146,897 9
Total assets 541,941 500,043 515,555 8 5 541,941 515,555 5
Swiss leverage exposure 755,332 688,587 716,744 10 5 755,332 716,744 5
Swiss leverage exposure (USD) 790,509 776,485 792,639 2 – 790,509 792,639 –
1
Calculated using income after tax denominated in USD; assumes tax rate of 30% in 3Q14, 2Q14, 3Q13, 9M14 and 28% in 9M13 and capital allocated based on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.

A-10


Investment Banking – non-strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� (116) (38) (197) 205 (41) (278) (418) (33)
Provision for credit losses� 7 0 0 – – 7 2 250
Compensation and benefits 38 34 49 12 (22) 113 135 (16)
Total other operating expenses 318 218 222 46 43 672 575 17
   of which litigation� 227 157 153 45 48 449 381 18
Total operating expenses� 356 252 271 41 31 785 710 11
Loss before taxes� (479) (290) (468) 65 2 (1,070) (1,130) (5)
Revenue details (CHF million)��
Fixed income wind-down (16) (44) (66) (64) (76) (115) (92) 25
Legacy rates business (52) 5 (8) – – (73) 13 –
Legacy funding costs (35) (34) (95) 3 (63) (115) (287) (60)
Other (13) 35 (28) – (54) 25 (52) –
Net revenues� (116) (38) (197) 205 (41) (278) (418) (33)
Balance sheet statistics (CHF million, except where indicated)��
Risk-weighted assets – Basel III 11,040 12,825 18,543 (14) (40) 11,040 18,543 (40)
Risk-weighted assets – Basel III (USD) 11,554 14,462 20,506 (20) (44) 11,554 20,506 (44)
Total assets 23,143 25,058 30,431 (8) (24) 23,143 30,431 (24)
Swiss leverage exposure 62,604 68,034 84,429 (8) (26) 62,604 84,429 (26)
Swiss leverage exposure (USD) 65,520 76,719 93,369 (15) (30) 65,520 93,369 (30)


Corporate Center results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 109 45 (419) 142 – (33) (613) (95)
Provision for credit losses� (2) 0 0 – – (1) 1 –
Compensation and benefits 102 235 115 (57) (11) 503 336 50
General and administrative expenses 167 183 21 (9) – 447 87 414
Commission expenses 0 0 4 – (100) (12) 29 –
Total other operating expenses 167 183 25 (9) – 435 116 275
Total operating expenses� 269 418 140 (36) 92 938 452 108
Loss before taxes� (158) (373) (559) (58) (72) (970) (1,066) (9)
Balance sheet statistics (CHF million)��
Risk-weighted assets – Basel III�1 16,238 15,433 15,984 5 2 16,238 15,984 2
Total assets 45,959 42,509 31,624 8 45 45,959 31,624 45
Swiss leverage exposure 45,053 42,675 36,486 6 23 45,053 36,486 23
1
Represents risk-weighted assets on a fully phased-in "look-through" basis.

A-11


Corporate Center – non-strategic results
� in / end of % change in / end of % change
3Q14 2Q14 3Q13 QoQ YoY 9M14 9M13 YoY
Statements of operations (CHF million)��
Net revenues� 180 48 (429) 275 – 82 (575) –
Provision for credit losses� 0 0 0 – – 0 0 –
Total operating expenses� 93 272 41 (66) 127 509 211 141
Income/(loss) before taxes� 87 (224) (470) – – (427) (786) (46)
   of which fair value impact from movements in own credit spreads� 351 (10) (163) – – 221 (113) –
   of which realignment costs�1 (69) (136) (38) (49) 82 (267) (263) 2
   of which IT architecture simplification expenses� (69) (81) (40) (15) 73 (211) (59) 258
   of which real estate sales� – 5 – (100) – 39 – –
   of which legacy funding costs�2 (21) (22) (20) (5) 5 (49) (63) (22)
   of which reclassifications to discontinued operations�3 (106) 10 (213) – (50) (152) (225) (32)
   of which other non-strategic items� 1 10 4 (90) (75) (8) (63) (87)
1
Business realignment costs relating to divisional realignment costs are prospectively presented in the relevant divisional non-strategic results beginning in 4Q13.
2
Represents legacy funding costs associated with non-Basel III compliant debt instruments.
3
Includes reclassifications to discontinued operations of revenues and expenses arising from the sale of ETF, secondary private equity and Customized Fund Investment Group businesses and the domestic private banking business booked in Germany.


Impact from movements in own credit spreads
Core Results revenues are impacted by changes in credit spreads on fair-valued Credit Suisse long-term vanilla debt and debit valuation adjustments (DVA) relating to certain structured notes liabilities carried at fair value. Core Results are also impacted by fair value gains/(losses) on stand-alone derivatives relating to certain of our funding liabilities and reflect the volatility of cross-currency swaps and yield curve volatility and, over the life of the derivatives, will result in no net gains/(losses). These fair value gains/(losses) are recorded in the Corporate Center.

in 3Q14 2Q14 3Q13 9M14 9M13
Impact from movements in own credit spreads (CHF million)��
Fair value gains/(losses) from movements in own credit spreads� 351 (10) (163) 221 (113)
   of which fair value gains/(losses) on own long-term vanilla debt� 252 (29) (68) 131 (88)
   of which fair value gains/(losses) from DVA on structured notes� 97 4 (99) 97 (61)
   of which fair value gains/(losses) on stand-alone derivatives� 2 15 4 (7) 36

A-12


Assets under management – Group
� end of % change
3Q14 2Q14 4Q13 3Q13 QoQ Ytd YoY
Assets under management (CHF billion)��
Wealth Management Clients 864.3 829.7 790.7 782.9 4.2 9.3 10.4
Corporate & Institutional Clients 266.6 261.4 250.0 241.1 2.0 6.6 10.6
Asset Management 391.1 377.1 352.3 349.0 3.7 11.0 12.1
Non-strategic 13.4 25.9 44.4 48.7 (48.3) (69.8) (72.5)
Assets managed across businesses�1 (169.3) (164.4) (155.0) (153.5) 3.0 9.2 10.3
Assets under management� 1,366.1 1,329.7 1,282.4 1,268.2 2.7 6.5 7.7
   of which continuing operations� 1,366.1 1,319.6 1,253.4 1,239.3 3.5 9.0 10.2
   of which discontinued operations� 0.0 10.1 29.0 28.9 (100.0) (100.0) (100.0)
Assets under management from continuing operations� 1,366.1 1,319.6 1,253.4 1,239.3 3.5 9.0 10.2
   of which discretionary assets� 434.5 421.0 397.6 393.3 3.2 9.3 10.5
   of which advisory assets� 931.6 898.6 855.8 846.0 3.7 8.9 10.1
1
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.


Net new assets – Group
in 3Q14 2Q14 3Q13
Net new assets (CHF billion)��
Wealth Management Clients 5.1 7.4 3.8
Corporate & Institutional Clients 0.9 0.6 0.5
Asset Management 3.3 4.1 4.4
Non-strategic (1.4) (1.7) (1.2)
Assets managed across businesses�1 (0.5) (0.3) 0.6
Net new assets� 7.4 10.1 8.1
   of which continuing operations� 7.8 10.7 8.8
   of which discontinued operations� (0.4) (0.6) (0.7)
1
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.

A-13


BIS statistics – Basel III – Group
� Phase-in Look-through
% change % change
end of 3Q14 2Q14 4Q13 QoQ 3Q14 2Q14 4Q13 QoQ
Eligible capital (CHF million)
Total shareholders' equity 43,864 40,944 42,164 7 43,864 40,944 42,164 7
Regulatory adjustments�1 (669) (362) (1,069) 85 (669) (362) (1,069) 85
Adjustments subject to phase-in (1,359) 2 (1,129) 1,894 3 20 (15,274) (14,163) (14,615) 8
CET1 capital� 41,836 39,453 42,989 6 27,921 26,419 26,480 6
Additional tier 1 instruments 10,884 4 10,282 7,484 6 10,884 10,282 7,484 6
Additional tier 1 instruments subject to phase-out�5 2,345 2,138 3,652 10 – – – –
Deductions from additional tier 1 capital (6,889) 6 (6,336) (8,064) 9 – – – –
Additional tier 1 capital� 6,340 6,084 3,072 4 10,884 10,282 7,484 6
Total tier 1 capital� 48,176 45,537 46,061 6 38,805 36,701 33,964 6
Tier 2 instruments 6,735 7 6,409 6,263 5 6,735 6,409 6,263 5
Tier 2 instruments subject to phase-out 4,150 3,944 4,321 5 – – – –
Deductions from tier 2 capital (248) (253) (357) (2) – (1) (18) 100
Tier 2 capital� 10,637 10,100 10,227 5 6,735 6,408 6,245 5
Total eligible capital� 58,813 55,637 56,288 6 45,540 43,109 40,209 6
Risk-weighted assets (CHF million)
Credit risk 194,293 187,967 175,631 3 187,734 181,715 167,888 3
Market risk 33,655 32,704 39,133 3 33,655 32,704 39,133 3
Operational risk 59,050 59,050 53,075 0 59,050 59,050 53,075 0
Non-counterparty risk 5,881 5,700 6,007 3 5,881 5,700 6,007 3
Risk-weighted assets� 292,879 285,421 273,846 3 286,320 279,169 266,103 3
Capital ratios (%)
CET1 ratio 14.3 13.8 15.7 – 9.8 9.5 10.0 –
Tier 1 ratio 16.4 16.0 16.8 – 13.6 13.1 12.8 –
Total capital ratio 20.1 19.5 20.6 – 15.9 15.4 15.1 –
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend accrual.
2
Reflects 20% phase-in deductions including goodwill, other intangible assets, certain deferred tax assets and 80% of an adjustment for the accounting treatment of pension plans pursuant to phase-in requirements.
3
Includes an adjustment for the accounting treatment of pension plans pursuant to phase-in requirements and other regulatory adjustments.
4
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF�6.0 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF�4.9 billion consists of capital instruments with a capital ratio write-down trigger of 5.125%.
5
Includes hybrid capital instruments that are subject to phase-out.
6
Includes 80% of goodwill and other intangible assets (CHF�6.9 billion) and other capital deductions, including gains/(losses) due to changes in own credit risks on fair valued financial liabilities, that will be deducted from CET1 once Basel III is fully implemented.
7
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF�2.6 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF�4.1 billion consists of capital instruments with a capital ratio write-down trigger of 5%.


CET1 capital movement – Basel III
3Q14 2Q14
CET1 capital (CHF million)��
Balance at beginning of period� 39,453 40,903
Net income/(loss) 1,025 (700)
Foreign exchange impact 1,499 44
Other�1 (141) (794)
Balance at end of period� 41,836 39,453
1
Reflects the net effect of share-based compensation, a dividend accrual and a change in other regulatory adjustments.

A-14


Risk-weighted assets by division – Basel III
� end of % change
3Q14 2Q14 4Q13 QoQ
Risk-weighted assets by division (CHF million)
Private Banking & Wealth Management 106,726 103,537 95,507 3
Investment Banking 163,356 160,199 155,290 2
Corporate Center 22,797 21,685 23,049 5
Risk-weighted assets� 292,879 285,421 273,846 3


Risk-weighted asset movement by risk type – Basel III

Credit risk
(excluding CVA)
Credit risk
(CVA)

Market risk
Operational
risk		 Non-
counterparty
risk		 Total risk-
weighted
assets
3Q14 (CHF million)
Balance at beginning of period� 174,057 13,910 32,704 59,050 5,700 285,421
Foreign exchange impact 8,547 484 1,424 0 0 10,455
Acquisitions and disposals (143) 0 0 0 0 (143)
Movements in risk levels (704) 521 (557) 0 181 (559)
Model and parameter updates�1 297 (461) (465) 0 0 (629)
Methodology and policy – internal�2 (1,145) (1,070) 549 0 0 (1,666)
Balance at end of period� 180,909 13,384 33,655 59,050 5,881 292,879
1
Represents movements arising from updates to models and recalibrations of parameters.
2
Represents internal changes impacting how exposures are treated.


Swiss statistics – Basel III – Group
� Phase-in Look-through
% change % change
end of 3Q14 2Q14 4Q13 QoQ 3Q14 2Q14 4Q13 QoQ
Capital development (CHF million)��
CET1 capital 41,836 39,453 42,989 6 27,921 26,419 26,480 6
Swiss regulatory adjustments�1 (126) (161) 1,658 (22) (135) (175) 1,824 (23)
Swiss CET1 capital�2 41,710 39,292 44,647 6 27,786 26,244 28,304 6
High-trigger capital instruments 8,654 3 8,259 7,743 5 8,654 8,259 7,743 5
Low-trigger capital instruments 8,965 4 8,432 6,005 6 8,965 8,432 6,005 6
Additional tier 1 and tier 2 instruments subject to phase-out�5 6,495 6,082 – 7 – – – –
Deductions from additional tier 1 and tier 2 capital�5 (7,137) (6,589) – 8 – (1) – 100
Swiss total eligible capital�2 58,687 55,476 58,395 6 45,405 42,934 42,052 6
Risk-weighted assets (CHF million)��
Risk-weighted assets – Basel III 292,879 285,421 273,846 3 286,320 279,169 266,103 3
Swiss regulatory adjustments�6 950 787 1,015 21 949 786 1,031 21
Swiss risk-weighted assets� 293,829 286,208 274,861 3 287,269 279,955 267,134 3
Swiss capital ratios (%)��
Swiss CET1 ratio 14.2 13.7 16.2 – 9.7 9.4 10.6 –
Swiss total capital ratio 20.0 19.4 21.2 – 15.8 15.3 15.7 –
1
Includes adjustments for certain unrealized gains outside the trading book and, in 4Q13, also included tier 1 participation securities, which were redeemed in 1Q14.
2
Previously referred to as Swiss Core Capital and Swiss Total Capital, respectively.
3
Consists of CHF�6.0 billion additional tier 1 instruments and CHF�2.6 billion tier 2 instruments.
4
Consists of CHF�4.9 billion additional tier 1 instruments and CHF�4.1 billion tier 2 instruments.
5
Reflects the FINMA Decree, which was effective in 1Q14.
6
Primarily includes differences in the credit risk multiplier.

A-15


Swiss leverage ratio – Group
� Phase-in Look-through
% change % change
end of 3Q14 2Q14 4Q13 QoQ 3Q14 2Q14 4Q13 QoQ
Swiss total eligible capital (CHF million)
Swiss total eligible capital� 58,687 55,476 58,395 6 45,405 42,934 42,052 6
Exposure (CHF million)��1
Balance sheet assets 923,155 888,069 890,242 4 923,155 888,069 890,242 4
Off-balance sheet exposures 152,617 144,668 133,426 5 152,617 144,668 133,426 5
Regulatory adjustments 128,977 126,479 130,150 2 114,868 112,592 113,596 2
Total average exposure� 1,204,749 1,159,216 1,153,818 4 1,190,640 1,145,329 1,137,264 4
Swiss leverage ratio (%)��
Swiss leverage ratio 4.9 4.8 5.1 – 3.8 3.7 3.7 –
1
Calculated as the average of the month-end amounts for the previous three calendar months.


One-day, 98% risk management VaR and one-day, 99% regulatory VaR (CHF)
� Risk management
VaR (98%)		 Regulatory
VaR (99%)

in / end of
Interest
rate
Credit
spread
Foreign
exchange

Commodity

Equity		 Diversi-
fication
benefit

Total

Total
3Q14 (CHF million)��
Average 12 32 10 1 18 (30) 43 31
Minimum 10 29 6 1 14 – 1 38 24
Maximum 15 35 15 2 23 – 1 56 37
End of period 11 35 11 1 18 (34) 42 31
2Q14 (CHF million)��
Average 13 30 8 2 16 (29) 40 30
Minimum 11 28 5 1 13 – 1 35 25
Maximum 16 33 12 3 22 – 1 46 36
End of period 12 32 7 2 20 (27) 46 31
3Q13 (CHF million)��
Average 14 34 9 2 14 (32) 41 36
Minimum 11 31 3 1 11 – 1 33 27
Maximum 19 39 17 4 20 – 1 48 52
End of period 11 34 6 2 14 (32) 35 28
Excludes risks associated with counterparty and own credit exposures.
1
As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.

A-16


Consolidated statements of operations
in 3Q14 2Q14 3Q13 9M14 9M13
Consolidated statements of operations (CHF million)��
Interest and dividend income 4,520 5,690 4,441 14,655 15,483
Interest expense (2,376) (3,104) (2,519) (7,747) (9,115)
Net interest income 2,144 2,586 1,922 6,908 6,368
Commissions and fees 3,254 3,309 3,015 9,838 9,801
Trading revenues 904 197 272 1,739 2,444
Other revenues 276 371 467 1,385 1,104
Net revenues� 6,578 6,463 5,676 19,870 19,717
Provision for credit losses� 59 18 41 111 114
Compensation and benefits 2,747 2,973 2,532 8,713 8,449
General and administrative expenses 2,041 3,441 1,771 7,172 5,376
Commission expenses 393 377 422 1,139 1,349
Total other operating expenses 2,434 3,818 2,193 8,311 6,725
Total operating expenses� 5,181 6,791 4,725 17,024 15,174
Income/(loss) from continuing operations before taxes� 1,338 (346) 910 2,735 4,429
Income tax expense 366 307 368 1,216 1,339
Income/(loss) from continuing operations� 972 (653) 542 1,519 3,090
Income/(loss) from discontinued operations, net of tax 106 (9) 150 112 147
Net income/(loss)� 1,078 (662) 692 1,631 3,237
Net income attributable to noncontrolling interests 53 38 238 447 435
Net income/(loss) attributable to shareholders� 1,025 (700) 454 1,184 2,802
   of which from continuing operations� 919 (691) 304 1,072 2,655
   of which from discontinued operations� 106 (9) 150 112 147
Basic earnings per share (CHF)��
Basic earnings/(loss) per share from continuing operations 0.55 (0.45) 0.17 0.61 1.48
Basic earnings/(loss) per share from discontinued operations 0.06 (0.01) 0.09 0.07 0.09
Basic earnings/(loss) per share� 0.61 (0.46) 0.26 0.68 1.57
Diluted earnings per share (CHF)��
Diluted earnings/(loss) per share from continuing operations 0.55 (0.45) 0.17 0.61 1.47
Diluted earnings/(loss) per share from discontinued operations 0.06 (0.01) 0.09 0.07 0.08
Diluted earnings/(loss) per share� 0.61 (0.46) 0.26 0.68 1.55

A-17


Consolidated balance sheets
end of 3Q14 2Q14 4Q13 3Q13
Assets (CHF million)��
Cash and due from banks 78,119 66,469 68,692 69,600
Interest-bearing deposits with banks 1,211 1,749 1,515 1,664
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 187,261 165,744 160,022 161,876
Securities received as collateral, at fair value 22,246 21,611 22,800 24,640
Trading assets, at fair value 245,829 235,427 229,413 244,422
Investment securities 2,484 3,323 2,987 2,768
Other investments 8,275 7,709 10,329 11,082
Net loans 265,243 254,532 247,054 245,232
Premises and equipment 4,875 4,811 5,091 5,287
Goodwill 8,435 7,983 7,999 8,114
Other intangible assets 251 245 210 210
Brokerage receivables 61,519 56,309 52,045 56,699
Other assets 68,614 64,689 63,065 63,529
Assets of discontinued operations held-for-sale 0 979 1,584 46
Total assets� 954,362 891,580 872,806 895,169
Liabilities and equity (CHF million)��
Due to banks 30,548 26,701 23,108 27,481
Customer deposits 363,220 346,296 333,089 328,244
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 89,905 88,066 94,032 94,193
Obligation to return securities received as collateral, at fair value 22,246 21,611 22,800 24,640
Trading liabilities, at fair value 77,902 75,129 76,635 92,350
Short-term borrowings 32,310 29,426 20,193 20,094
Long-term debt 163,676 143,827 130,042 128,821
Brokerage payables 76,708 68,842 73,154 78,445
Other liabilities 52,896 48,913 51,447 51,884
Liabilities of discontinued operations held-for-sale 0 742 1,140 6
Total liabilities� 909,411 849,553 825,640 846,158
Common shares 64 64 64 64
Additional paid-in capital 26,851 26,655 27,853 27,503
Retained earnings 31,417 30,392 30,261 30,859
Treasury shares, at cost (163) (190) (139) (85)
Accumulated other comprehensive income/(loss) (14,305) (15,977) (15,875) (16,179)
Total shareholders' equity� 43,864 40,944 42,164 42,162
Noncontrolling interests 1,087 1,083 5,002 6,849
Total equity� 44,951 42,027 47,166 49,011
Total liabilities and equity� 954,362 891,580 872,806 895,169

A-18


Consolidated statements of changes in equity
� Attributable to shareholders



Common
shares

Additional
paid-in
capital


Retained
earnings

Treasury
shares,
at cost		 Accumu-
lated other
compre-
hensive
income
Total
share-
holders'
equity

Non-
controlling
interests


Total
equity
3Q14 (CHF million)��
Balance at beginning of period� 64 26,655 30,392 (190) (15,977) 40,944 1,083 42,027
Purchase of subsidiary shares from non- controlling interests, not changing ownership�1, 2 – – – – – – (129) (129)
Net income/(loss) – – 1,025 – – 1,025 53 1,078
Total other comprehensive income/(loss), net of tax – – – – 1,672 1,672 78 1,750
Sale of treasury shares – (5) – 3,121 – 3,116 – 3,116
Repurchase of treasury shares – – – (3,114) – (3,114) – (3,114)
Share-based compensation, net of tax – 303 3 – 20 – 323 – 323
Financial instruments indexed to own shares�4 – (102) – – – (102) – (102)
Changes in scope of consolidation, net – – – – – – 2 2
Balance at end of period� 64 26,851 31,417 (163) (14,305) 43,864 1,087 44,951
9M14 (CHF million)��
Balance at beginning of period� 64 27,853 30,261 (139) (15,875) 42,164 5,002 47,166
Purchase of subsidiary shares from non- controlling interests, not changing ownership�1, 2 – 238 – – – 238 (2,067) (1,829)
Sale of subsidiary shares to noncontrolling interests, not changing ownership�2 – – – – – – 35 35
Net income/(loss) – – 1,184 – – 1,184 447 1,631
Total other comprehensive income/(loss), net of tax – – – – 1,570 1,570 56 1,626
Issuance of common shares – 297 – – – 297 – 297
Sale of treasury shares – (8) – 7,157 – 7,149 – 7,149
Repurchase of treasury shares – – – (7,906) – (7,906) – (7,906)
Share-based compensation, net of tax – (444) 5 – 725 – 281 – 281
Financial instruments indexed to own shares�4 – 91 – – – 91 – 91
Dividends paid – (1,177) 6 (28) – – (1,205) (22) (1,227)
Changes in redeemable noncontrolling interests – 2 – – – 2 – 2
Changes in scope of consolidation, net – – – – – – (2,364) (2,364)
Other – (1) – – – (1) – (1)
Balance at end of period� 64 26,851 31,417 (163) (14,305) 43,864 1,087 44,951
1
Distributions to owners in funds include the return of original capital invested and any related dividends.
2
Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
3
Includes a net tax charge of CHF (36) million from the excess recognized compensation expense over fair value of shares delivered.
4
The Group had purchased certain call options on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
5
Includes a net tax charge of CHF (75) million from the excess recognized compensation expense over fair value of shares delivered.
6
Paid out of reserves from capital contributions.

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Earnings per share
in 3Q14 2Q14 3Q13 9M14 9M13
Basic net income/(loss) attributable to shareholders (CHF million)��
Income/(loss) from continuing operations� 919 (691) 304 1,072 2,655
Income/(loss) from discontinued operations, net of tax 106 (9) 150 112 147
Net income/(loss) attributable to shareholders� 1,025 (700) 454 1,184 2,802
Preferred securities dividends – – – (28) (114)
Net income/(loss) attributable to shareholders for basic earnings per share� 1,025 (700) 454 1,156 2,688
Available for common shares 985 (752) 421 1,104 2,368
Available for unvested share-based payment awards 40 52 33 52 197
Available for mandatory convertible securities�1 – – – – 123
Diluted net income/(loss) attributable to shareholders (CHF million)��
Net income/(loss) attributable to shareholders for basic earnings per share� 1,025 (700) 454 1,156 2,688
Income impact of assumed conversion on contracts that may be settled in shares or cash�2 – – – – 17
Net income/(loss) attributable to shareholders for diluted earnings per share� 1,025 (700) 454 1,156 2,705
Available for common shares 986 (752) 421 1,104 2,388
Available for unvested share-based payment awards 39 52 33 52 195
Available for mandatory convertible securities�1 – – – – 122
Weighted-average shares outstanding (million)��
Weighted-average shares outstanding for basic earnings per share available for common shares� 1,608.7 1,625.0 1,600.0 1,618.3 1,509.8
Dilutive contracts that may be settled in shares or cash�3 – – 0.0 – 23.3
Dilutive share options and warrants 0.9 0.0 1.7 0.8 1.9
Dilutive share awards 18.2 0.0 1.3 7.8 1.5
Weighted-average shares outstanding for diluted earnings per share available for common shares�4 1,627.8 1,625.0 5 1,603.0 1,626.9 1,536.5
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards� 64.9 68.3 125.6 76.2 126.1
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities�1 – – – – 84.0
Basic earnings/(loss) per share available for common shares (CHF)��
Basic earnings/(loss) per share from continuing operations 0.55 (0.45) 0.17 0.61 1.48
Basic earnings/(loss) per share from discontinued operations 0.06 (0.01) 0.09 0.07 0.09
Basic earnings/(loss) per share available for common shares� 0.61 (0.46) 0.26 0.68 1.57
Diluted earnings/(loss) per share available for common shares (CHF)��
Diluted earnings/(loss) per share from continuing operations 0.55 (0.45) 0.17 0.61 1.47
Diluted earnings/(loss) per share from discontinued operations 0.06 (0.01) 0.09 0.07 0.08
Diluted earnings/(loss) per share available for common shares� 0.61 (0.46) 0.26 0.68 1.55
1
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013.
2
Reflects changes in the fair value of the PAF2 units which were reflected in the net results of the Group until the awards were finally settled. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares.
3
Reflects weighted-average shares outstanding on PAF2 units. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares.
4
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 8.7 million, 8.8 million, 33.7 million, 8.8 million and 12.3 million for 3Q14, 2Q14, 3Q13, 9M14 and 9M13, respectively.
5
Due to the net loss in 2Q14, 1.3 million weighted-average share options and warrants outstanding and 12.2 million weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive.

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Relationship between total shareholders’ equity, tangible shareholders’ equity and regulatory capital
Credit Suisse measures firm-wide returns against total shareholders’ equity and tangible shareholders’ equity. In addition, it also measures the efficiency of the firm and its divisions with regards to the usage of capital as determined by the minimum requirements set by regulators. This regulatory capital is calculated as the average of 10% of risk-weighted assets and 2.4% of the leverage exposure utilized by each division and the firm as a whole. These percentages are used in the calculation in order to reflect the 2019 fully phased in Swiss regulatory minimum requirements for Basel III CET1 capital and leverage ratio.
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Cautionary statement regarding forward-looking information

This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:

– our plans, objectives or goals;
– our future economic performance or prospects;
– the potential effect on our future performance of certain contingencies; and
– assumptions underlying any such statements.



Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:

– the ability to maintain sufficient liquidity and access capital markets;
– market and interest rate fluctuations and interest rate levels;
– the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the US or other developed countries in 2014 and beyond;
– the direct and indirect impacts of continuing deterioration or slow recovery in residential and commercial real estate markets;
– adverse rating actions by agencies in respect of sovereign issuers, structured credit products or other credit-related exposures;
– the ability to achieve our objectives, including improved performance, reduced risks, lower costs, and more efficient use of capital;
– the ability of counterparties to meet their obligations to us;
– the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations;
– political and social developments, including war, civil unrest or terrorist activity;
– the possibility of foreign exchange controls, expropriation, nationalizations or confiscations in countries where we conduct operations;
– operational factors such as systems failure, human error, or the failure to implement procedures properly;
– actions taken by regulators with respect to our business and practices in one or more of the countries where we conduct operations;
– the effects of changes in laws, regulations or accounting policies or practices;
– competition in geographic and business areas in which we conduct our operations;
– the ability to retain and recruit qualified personnel;
– the ability to maintain our reputation and promote our brand;
– the ability to increase market share and control expenses;
– technological changes;
– the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
– acquisitions, including the ability to integrate businesses successfully, and divestitures, including the ability to sell non-core assets;
– the adverse resolution of litigation and other contingencies;
– the ability to achieve our cost efficiency goals and cost targets; and
– our success at managing the risks involved in the foregoing.


We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk Factors” in I – Information on the company in our Annual Report 2013.

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