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

July 28, 2011

Commission File Number 001-15244

CREDIT SUISSE GROUP AG

(Translation of registrant’s name into English)

Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland

(Address of principal executive office)

______________

Commission File Number 001-33434

CREDIT SUISSE AG

(Translation of registrant’s name into English)

Paradeplatz 8, P.O. Box, CH-8070 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.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-.

	CREDIT SUISSE GROUP AG
	Paradeplatz 8 P.O. Box CH-8070 Zurich Switzerland	Telephone   +41 844 33 88 44 Fax            +41 44 333 88 77 media.relations@credit-suisse.com

Media Release

Credit Suisse Group reports 2Q11 underlying* pre-tax income of CHF 1.2 billion and underlying net income of CHF 835 million; underlying* return on equity 10%

Including business realignment costs of CHF 142 million and net fair value gains of CHF 41 million on own debt and stand-alone derivatives relating to own funding liabilities, pre-tax income was CHF 1.1 billion and net income CHF 768 million; return on equity 9.7%

Net new assets totaled CHF 14.3 billion; continued strong capital position with a Basel II tier 1 ratio of 18.2%

6M11 underlying* net income of CHF 2.4 billion, underlying* return on equity of 15% and net new assets of CHF 33.4 billion

Walter Berchtold to assume role of Chairman of Private Banking;

Hans-Ulrich Meister appointed Chief Executive Officer of Private Banking

*Excluding business realignment costs of CHF 142 million and net fair value gains of CHF 41 million on own debt and stand-alone derivatives relating to own funding liabilities.

·2Q11 results marked by:

oLow levels of client activity and a difficult trading environment with concerns over the European debt crisis and deteriorating global economic indicators

oLow interest rate environment

oStrong Swiss franc that reduced pre-tax income by CHF 348 million vs. 2Q10 and CHF 637 million vs. 6M10

oContinued strength in net new asset generation and continued market share momentum across divisions

·Private Banking

oPre-tax income of CHF 843 million and net revenues of CHF 2,797 million; adverse foreign exchange translation impact on pre-tax income of CHF 205 million vs. 2Q10

oSolid net new assets of CHF 11.5 billion

oLower net interest income and transaction volumes lead to gross margin of 115 bps in Wealth Management Clients

oVery strong performance in Corporate & Institutional Client business with pre-tax margin of 53%

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	July 28, 2011 Page 2/9

·Investment Banking

oPre-tax income of CHF 231 million and net revenues of CHF 2,822 million; adverse foreign exchange translation impact on pre-tax income of CHF 151 million vs. 2Q10

oFixed income sales and trading results impacted by challenging trading conditions and moderately lower client flows

oSolid equity sales and trading revenues despite reduced market volumes

oSolid underwriting and advisory performance and improved market shares

oReduced risk exposure in light of volatile markets, with 98% value at risk (VaR) down 24% vs. 2Q10

·Asset Management

oPre-tax income of CHF 202 million and net revenues of CHF 629 million; adverse foreign exchange translation impact on pre-tax income of CHF 27 million vs. 2Q10

oNet new assets of CHF 4.0 billion

·Adjustment of cost base to increase the resilience of returns

oImplementation of measures to achieve CHF 1 billion in run-rate cost savings in 2012 compared to 6M11 annualized run-rate level

oTotal implementation costs in 2011 of CHF 400 million to CHF 450 million, of which CHF 142 million recognized in 2Q11

Zurich, July 28, 2011 Credit Suisse Group reported underlying pre-tax income of CHF 1.2 billion, underlying net income of CHF 835 million and an underlying return on equity of 10% for 2Q11. Including business realignment costs of CHF 142 million and net fair value gains of CHF 41 million on own debt and stand-alone derivatives relating to own funding liabilities, pre-tax income was CHF 1.1 billion, net income attributable to shareholders was CHF 768 million and core results net revenues were CHF 6.3 billion. The return on equity attributable to shareholders was 9.7% and diluted earnings per share totaled CHF 0.48. The Basel II tier 1 ratio was 18.2% at the end of 2Q11.

Brady W. Dougan, Chief Executive Officer, said: “The strength of our business model is underscored by an underlying return on equity of 15% for the first half of 2011 despite a disappointing performance in the second quarter. Asset Management showed a strong performance in the quarter, and Private Banking recorded solid results despite significant market headwinds and maintained its strength in gathering net new assets. However, our performance in Investment Banking was below our expectations.”

He continued: “In order to ensure attractive returns in the face of an uncertain and challenging economic and market environment, we continue to be proactive about seeking cost efficiencies across the bank. The ability to take concerted actions to achieve efficiencies while at the same time investing in client-focused businesses, continuing to grow our assets under management and winning market share, is confirmation of the strength of our business model.”

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	July 28, 2011 Page 3/9

He concluded: “We have adapted early to the new regulatory landscape, we are taking action to adjust the cost base of our business, and our platform will provide us with substantial upside potential when economic and market conditions improve.”

Walter Berchtold to assume role of Chairman of Private Banking; Hans-Ulrich Meister appointed Chief Executive Officer of Private Banking

Effective August 1, the Board of Directors has appointed Walter Berchtold Chairman Private Banking and Hans-Ulrich Meister Chief Executive Officer Private Banking thereby assuming responsibility for our Private Banking business in addition to his role as Chief Executive Officer Credit Suisse Switzerland. In his new position Walter Berchtold will focus on further growing our strategically important business with UHNWI clients globally, and will work closely with divisional and regional CEOs helping build our integrated model and expanding our global footprint. Walter Berchtold and Hans-Ulrich Meister are members of the Executive Board of Credit Suisse and report to Brady Dougan.

Brady W. Dougan, Chief Executive Officer, said: “Walter Berchtold and his team have built the premier Private Banking franchise globally. Since 2008 we recorded more than CHF 150 billion in net new assets with wealth management clients alone, almost three times the result of our closest competitor, and we have consistently reported the highest margins in the industry. Recognizing early on that our international clients require multishore capabilities, during Walter Berchtold’s tenure we have built a strong network of booking platforms around the world thereby growing our international business significantly. Our strong track record of providing superior advice and services globally and attracting best in class people has been recognized by our clients and also through various industry awards. Since joining Credit Suisse in 2008 Hans-Ulrich Meister has proven outstanding leadership capabilities in a period that presented us with significant challenges. We are very pleased that with his appointment we can ensure a smooth succession in this critically important business.”

Cost adjustments

To position the Group to perform well in the continued challenging market, a number of efficiency enhancements are being implemented that target CHF 1 billion in cost savings and resulting reductions in the expense run-rate during 2012. This program includes targeted headcount reductions of approximately 4% of the total headcount across the Group. The initiatives will involve implementation costs in 2011 of CHF 400 million to CHF 450 million, of which CHF 142 million were recognized in 2Q11, with further amounts to be recognized during the rest of the year. As a result of these implementation costs the program will provide for limited net savings in 2011 with the full benefits of the initiatives expected to be realized during 2012.

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	July 28, 2011 Page 4/9

Financial Highlights
in CHF million (unless otherwise stated)	2Q11	1Q11	2Q10	Change in %	Change in %
				vs. 1Q11	vs. 2Q10
Net income attributable to shareholders	768	1,139	1,593	(33)	(52)
Diluted earnings per share (CHF)	0.48	0.90	1.15	(47)	(58)
Return on equity attributable to shareholders (annualized)	9.7%	13.4%	17.8%	-	-
Tier 1 ratio (end of period)	18.2%	18.2%	16.3%	-	-
Assets under management (CHF billion)	1,233.3	1,282.4	1,242.6	(3.8)	(0.7)
Core results
Net revenues	6,326	7,813	8,420	(19)	(25)
Provision for credit losses	13	(7)	20	-	(35)
Total operating expenses	5,227	6,195	6,594	(16)	(21)
Income from continuing operations before taxes*	1,086	1,625	1,806	(33)	(40)
Underlying results**
Net revenues	6,285	8,430	7,506	(25)	(17)
Income from continuing operations before taxes*	1,187	2,242	1,555	(47)	(26)
Net income attributable to shareholders	835	1,606	1,063	(48)	(24)
Return on equity attributable to shareholders (annualized)	10.3%	18.8%	12.3%	-	-
*Includes the results of the three segments and the Corporate Center, but does not include noncontrolling interests without significant economic interest.
**2Q11 excluding business realignment costs of CHF 142 million (CHF 94 million after tax) and fair value gains of CHF 41 million (CHF 27 million after tax) on own debt and stand-alone derivatives relating to own funding liabilities.

Segment Results

Private Banking

Private Banking, which comprises the global Wealth Management Clients business and the Swiss Corporate & Institutional Clients business, reported income before taxes of CHF 843 million in 2Q11, down 4% compared to 2Q10. The weakening of foreign exchange rates, primarily that of the US dollar and the euro against the Swiss franc, had an adverse impact on the result: excluding the foreign exchange impact, income before taxes increased by CHF 174 million or 20% in 2Q11 compared to 2Q10, and net revenues increased by CHF 100 million or 3% in 2Q11 compared to 2Q10.

Net revenues were driven by a 10% decline in net interest income and a 7% decline in transaction-based revenues. The reduction in net interest income reflected the adverse foreign exchange translation impact and the continued low interest rate environment. Transaction-based revenues decreased primarily due to substantially lower brokerage and product issuing fees and lower foreign exchange income from client transactions, reflecting very low levels of client activity during the quarter, partially offset by gains from the sale of real estate. Total operating expenses decreased due to the foreign exchange translation impact and declines across most expense categories.

The Wealth Management Clients business reported income before taxes of CHF 595 million in 2Q11, down 6% compared to 2Q10, as lower net revenues were partially offset by lower total operating expenses. The decline in net revenues mainly reflected the adverse foreign exchange translation impact, very low levels of client activity - with a drop of over 20% in turnover volumes of equities and bonds - and the low interest rate environment. The gross margin of 115 basis points decreased 5 basis points

	Media Release
	July 28, 2011 Page 5/9

compared to the prior-year quarter, driven by the decline in the contribution from net interest income and transaction-based revenues.

TheCorporate & Institutional Clientsbusiness, which provides comprehensive coverage for all the financial service needs of corporate and institutional clients in Switzerland and for banks worldwide, reported income before taxes of CHF 248 million in 2Q11, up 3% from 2Q10, as a slight decrease in net revenues was more than offset by a 7% reduction in total operating expenses. The pre-tax income margin remained very strong at 53%, compared to 51% in 2Q10. This strong result was driven by all businesses, with a high level of business activity in the large Swiss corporates sector and strong business growth in the commodity trade finance business. Despite the strength of the Swiss franc and its impact on the economy, the loan portfolio remains strong.

Investment Banking

Investment Banking reported income before taxes of CHF 231 million, down 71% compared to 2Q10 and down 83% from 1Q11. Net revenues of CHF 2,822 million were down 31% from 2Q10 and down 43% from 1Q11.

Results in 2Q11 were significantly impacted by difficult trading conditions and weaker client activity triggered by European sovereign debt concerns, widening credit spreads and deteriorating economic indicators, particularly in the US.

The results also reflect the weakening of the US dollar against the Swiss franc, which adversely impacted revenues and favorably impacted expenses. Excluding the foreign exchange impact, income before taxes declined by CHF 402 million or 51% in 2Q11 compared to 2Q10, and net revenues declined by CHF 534 million or 13% in 2Q11 compared to 2Q10.

Fixed income sales and trading results were significantly lower than in 2Q10 and 1Q11, reflecting challenging market-making conditions and moderately weaker client flows. While all businesses reported positive revenues, results in the securitized products, credit and rates businesses were impacted by volatile trading conditions and reduced liquidity in the markets that resulted in losses on inventory positions related to client trading business. In addition, losses were incurred in securitized products from the sale of inventory positions and related hedges as risk levels were reduced. Stronger results were reported in emerging markets and commodities. The result also included a loss of CHF 115 million relating to a change in estimate due to the adoption of Overnight Index Swap (OIS) interest rate yield curves used to determine the fair value of certain collateralized derivative instruments.

Equity sales and trading results were solid - although they were lower compared to 2Q10 and 1Q11 - reflecting muted client trading activity and the foreign exchange translation impact. Equity sales and trading results mainly consisted of revenues from prime services, cash equities, derivatives and equity arbitrage.

Underwriting and advisory also reported a solid result, driven by improved equity underwriting and advisory performance.

Compensation and benefits of CHF 1,446 million in 2Q11 were lower than in 2Q10 and 1Q11, reflecting the foreign exchange translation impact of CHF 321 million versus 2Q10  and lower discretionary performance-related compensation accruals.

The average one-day, 98% risk management Value at Risk (VaR) was CHF 71 million in 2Q11, down 24% and 8%, respectively, from CHF 94 million in 2Q10 and CHF 77 million in 1Q11.

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	July 28, 2011 Page 6/9

Asset Management

Asset Management posted income before taxes of CHF 202 million, up CHF 180 million compared to 2Q10 and up CHF 30 million compared to 1Q11. Net revenues of CHF 629 million were up 25% from 2Q10 and 6% from 1Q11. Net revenues before investment-related gains and securities purchased from Credit Suisse money market funds totaled CHF 473 million, up 12% compared to 2Q10, reflecting improved results in alternative investments and diversified investments.

Overall fee-based revenues increased 9% compared to 2Q10 despite a 12% decrease in management fees to CHF 313 million, reflecting the foreign exchange translation impact and the spin-off and sale of non-core businesses. Placement, transaction and other fees were 30% higher, primarily due to higher private equity placement fees, partially offset by lower real estate transaction fees. Performance fees and carried interest were up CHF 57 million, benefitting from significantly higher semi-annual performance fees from Hedging-Griffo and carried interest on realized private equity gains. Equity participations income increased 57%, mainly reflecting higher income from investments in single manager hedge funds and diversified strategies. Investment-related gains were CHF 156 million, up CHF 113 million compared with 2Q10, including realized and unrealized gains in private equity investments.

Total operating expenses of CHF 427 million were down 11% compared to 2Q10, with lower compensation and benefits and lower general and administrative expenses and commission expenses.

Segment Results
in CHF million		2Q11	1Q11	2Q10	Change in %	Change in %
					vs. 1Q11	vs. 2Q10
Private	Net revenues	2,797	2,896	2,991	(3)	(6)
Banking	Provision for credit losses	(2)	12	3	-	-
	Total operating expenses	1,956	2,029	2,114	(4)	(7)
	Income before taxes	843	855	874	(1)	(4)
	Net revenues	2,822	4,929	4,099	(43)	(31)
Banking	Provision for credit losses	15	(19)	17	-	(12)
	Total operating expenses	1,130	1,197	1,284	(6)	(12)
	Income before taxes	231	1,343	784	(83)	(71)
Asset	Net revenues	629	591	502	6	25
	Provision for credit losses	0	0	0	-	-
	Total operating expenses	427	419	480	2	(11)
	Income before taxes	202	172	22	17	-

Net New Assets

Private Banking generated net new assets of CHF 11.5 billion. Wealth Management Clients recorded broad-based inflows with two-thirds from international regions. Compared to the end of 2Q10, assets under management decreased 0.7%, as strong net new assets and positive equity and bond market movements were offset by adverse foreign exchange-related movements, mainly from the weakening of the US dollar and the euro against the Swiss franc.

Asset Management recorded net new assets of CHF 4.0 billion, including net inflows of CHF 2.8 billion in traditional investments - mainly in multi-asset class solutions - and CHF 1.5 billion in alternative investments, driven by inflows in real estate, commodities and ETFs. Compared to 2Q10, assets under management were stable, with adverse foreign exchange-related movements mostly offset by net new assets and positive market performance.

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	July 28, 2011 Page 7/9

Capital Management

Credit Suisse’s capital position remains very strong. The BIS tier 1 ratio was stable at 18.2% as of the end of 2Q11, compared to the end of 1Q11, reflecting a decrease in tier 1 capital and lower risk-weighted assets (RWAs). The core tier 1 ratio increased to 13.1% as of the end of 2Q11 compared to 13.0% as of the end of 1Q11.

Corporate Center

The Corporate Center recorded a CHF 190 million loss in 2Q11, reflecting losses from the movement of spreads on own debt and business realignment costs of CHF 142 million, compared to a loss of CHF 745 million in 1Q11 and a profit of CHF 126 million in 2Q10.

Benefits of the integrated bank

Credit Suisse generated CHF 1.1 billion in collaboration revenues from the integrated bank in 2Q11, or 17.5% of net revenues for 2Q11.

Information

Media Relations Credit Suisse AG, telephone +41 844 33 88 44, media.relations@credit-suisse.com

Investor Relations Credit Suisse AG, telephone +41 44 333 71 49, investor.relations@credit-suisse.com

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,700 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Cautionary statement regarding forward-looking information and non-GAAP information

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. 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 in the US or other developed countries in 2011 and beyond;

–   the direct and indirect impacts of continuing deterioration or slow recovery in residential and commercial real estate markets;

–   adverse rating actions by credit rating agencies in respect of sovereign issuers, structured credit products or other credit-related exposures;

–   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, nationalization or confiscation of assets in countries in which we conduct our operations;

–   operational factors such as systems failure, human error, or the failure to implement procedures properly;

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	July 28, 2011 Page 8/9

–   actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our 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 acquired 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, as well as the information set forth in our Annual Report 2010 under IX – Additional information – Risk Factors.

This press release contains non-GAAP financial information. Information needed to reconcile such non-GAAP financial information to the most directly comparable measures under GAAP can be found in the Credit Suisse Financial Release 2Q11.

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	July 28, 2011 Page 9/9

Presentation of 2Q11 results

Media conference

§   Thursday, July 28, 2011 09:00 Zurich / 08:00 London Credit Suisse Forum St. Peter, Auditorium, St. Peterstrasse 19, Zurich

§   Speakers Brady W. Dougan, Chief Executive Officer of Credit Suisse David Mathers, Chief Financial Officer of Credit Suisse The presentations will be held in English. Simultaneous interpreting (English/German)

§   Internet Live broadcast at: www.credit-suisse.com/results Video playback available approximately three hours after the event

§   Telephone Live audio dial-in on +41 44 580 40 01 (Switzerland), +44 1452 565 510 (Europe) and +1 866 389 9771 (US); ask for "Credit Suisse Group quarterly results". Please dial in 10-15 minutes before the start of the presentation. Telephone replay available approximately one hour after the event on +41 41 580 00 07 (Switzerland), +44 1452 550 000 (Europe) and +1 866 247 4222 (US); conference ID English – 81769542#, conference ID German – 81770014#.

Analyst and investor conference

§   Thursday, July 28, 2011 10:30 Zurich / 09:30 London Credit Suisse Forum St. Peter, Auditorium, St. Peterstrasse 19, Zurich

§   Speakers Brady W. Dougan, Chief Executive Officer of Credit Suisse David Mathers, Chief Financial Officer of Credit Suisse The presentations will be held in English. Simultaneous interpreting (English/German)

§   Internet Live broadcast at: www.credit-suisse.com/results Video playback available approximately three hours after the event

§   Telephone Live audio dial-in on +41 44 580 40 01 (Switzerland), +44 1452 565 510 (Europe) and +1 866 389 9771 (US); ask for "Credit Suisse Group quarterly results". Please dial in 10-15 minutes before the start of the presentation. Telephone replay available approximately one hour after the event on +41 41 580 00 07 (Switzerland), +44 1452 550 000 (Europe) and +1 866 247 4222 (US); conference ID English – 81776639#, conference ID German – 81779018#.

Second Quarter Results 2011

Zurich

July 28, 2011

Second quarter results 2011

David Mathers, Chief Financial Officer

Introduction

Brady W. Dougan, Chief Executive Officer

Summary

Brady W. Dougan, Chief Executive Officer

Second Quarter Results 2011

Slide 1

Cautionary statement regarding forward-looking and non-GAAP information

This presentation contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks
and uncertainties, and we might not be able to achieve the predictions, forecasts,
projections and other outcomes we describe or imply in forward-looking statements.

A number of important factors could cause results to differ materially from the plans,
objectives, expectations, estimates and intentions we express in these forward-looking
statements, including those we identify in "Risk Factors" in our Annual Report on Form 20-F
for the fiscal year ended December 31, 2010 filed with the US Securities and Exchange
Commission, and in other public filings and press releases. We do not intend to update
these forward-looking statements except as may be required by applicable laws.

This presentation contains non-GAAP financial information. Information needed to reconcile
such non-GAAP financial information to the most directly comparable measures under
GAAP can be found in Credit Suisse Group's second quarter report 2011.

Second Quarter Results 2011

Slide 2

Cautionary statement

§Underlying after-tax return on equity of 15% for 6M11

§Solid net new asset inflows and overall client market share momentum

§Early transition to new regulatory regimes for capital, liquidity and compensation

§Clean and liquid balance sheet; low exposure to key risk areas

Solid business
model and
strategy

1

2Q11
performance
impacted by
market
headwinds

2

§Continued low interest rate environment

§Further strengthening of the Swiss Franc against all major currencies

§Reduced client activity from 1Q11, driven by risk aversion, also reflecting macro-
economic concerns

§Periods of volatile and illiquid trading markets

§Decisive actions to position the business to perform well, even if conditions remain
challenging

§Deliver CHF 1 bn expense reduction on 6M11 run-rate going into 2012

Adapting to the
current
environment

3

Substantial
upside remains

4

§Substantial upside potential from recovery in client activity, higher interest rates and
reversal of FX trends

§Efficiency enhancements expected to contribute to improved profitability and more
resilient returns (proforma ROE uplift of ~2%)

Second Quarter Results 2011

Slide 3

Introduction

Second quarter results 2011

Introduction

Summary

Financial results

Second Quarter Results 2011

Slide 4

Reported in CHF bn

Net revenues

Pre-tax income

Net income attributable to shareholders

Diluted earnings per share in CHF

Note: numbers may not add to total due to roundingA reconciliation from reported results to underlying results can be found in the appendix to this presentation

Net revenues

Pre-tax income

Net income attributable to shareholders

Diluted earnings per share in CHF

Pre-tax income margin

Return on equity

Net new assets in CHF bn

Underlying in CHF bn2Q111Q112Q106M116M10

Second Quarter Results 2011

Slide 5

6.38.47.514.716.3

1.22.21.63.44.3

0.81.6 1.12.43.0

0.531.270.741.842.81

19%27%21%23%26%

10%19%12%15%17%

14.319.114.533.440.5

6.37.88.414.117.4

1.11.61.82.74.7

0.81.11.61.93.6

0.480.901.151.422.81

Core results overview

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

1.00

1.10

1.20

1.40

1.50

1.60

CHF exchange rates

The strengthening Swiss Franc adversely impacted
Credit Suisse pre-tax income by

§CHF 348 m vs. 2Q10

§CHF 637 m vs. 6M10

Sensitivity analysis1)

§A 10% movement in the USD/CHF rate
affects full-year pre-tax income by CHF 375 m

§A 10% movement in the EUR/CHF rate
affects full-year pre-tax income by CHF 85 m

2

CHF
appreciation

Income statement impact

USD/CHF
(left axis)

EUR/CHF
(right axis)

2009

2010

2011

1) Based on 6M11 revenue and expense levels and currency mix

USD1.070.901.090.87

EUR1.431.271.401.26

Average
vs. CHF6M106M112Q102Q11

Second Quarter Results 2011

Slide 6

1.30

Continued strengthening of the Swiss Franc adversely
impacting financial performance

2

Analysis assumes constant FX rates and focuses on the impact in Private Banking and Treasury only

§Higher interest rate
environment would benefit net
interest income

§For example, a +100 bp
parallel shift in major yield
curves would increase
revenues by CHF 540 m

§Limited downside from further
flattening of yield curve

Net interest income sensitivity analysis (1-year view)

100

0

200

200

100

(100)

Change in 5-year swap (bp)

Change in
1-month
LIBOR (bp)

200

100

(100)

0

0

CHF
770 m

CHF
540 m

CHF
60 m

CHF
(50)
m

Second Quarter Results 2011

Slide 7

Adverse impact from continued low interest rateenvironment - but with potential upside

3

Headcount
reduction

§Around 4% headcount
reduction across the bank

§Expect limited revenue
impact as the majority of
reductions are in low return
areas

Realignment
costs

§Total implementation costs of
CHF 400 to 450 m expected
during 2011

§CHF 142 m realignment costs
included in 2Q11 results

Adjusting the
cost base

§Deliver CHF 1 bn net expense
reduction on 6M11 run-rate

§Limited net savings in 2011;
full benefit realized from
beginning of 2012

Maintain
investments
in future
growth

§Continued focus on investments and reallocation of resources to targeted growth
businesses, e.g. in

–UHNWI client segment

–Emerging markets businesses

–Rates and foreign exchange flow sales

Second Quarter Results 2011

Slide 8

Positioning the business to perform well in continued
challenging conditions

2010

6M11

1,788

1) Underlying core results2) Pre tax income pro-forma calculation, assumed 40% compensation accrual on increased revenues
Note: Proforma RoE calculation assumes current equity level, adjusted for income impact only

Quarterly average
pre-tax incomein CHF m

1,715

Quarterly average1)

Proforma
quarterly
pre-tax income

250

~ 1.9 bn

4

Targeted cost
savings

+2ppt

Return on equity(after-tax, annualized)

14%

15%

17%

Second Quarter Results 2011

Slide 9

Upside remains as efficiency enhancements are expected
to contribute to improved profitability

FX-neutralFX-neutral

2Q112Q10abs.in %FX impactperformancechange

FX-neutral
business
trends 2Q11

§FX-neutral pre-tax income increased both QoQ and YoY

§Significantly reduced brokerage and product issuing fees; low client activity reflected in
a drop of over 20% in client equity and bond volumes vs. 1Q11

§Improvement in recurring commissions and fees vs. 1Q11

§Continued solid net asset inflows

2Q111Q11

in CHF m

in CHF m

Net revenues

Total expenses1)

Pre-tax income

Net revenues

Total expenses1)

Pre-tax income

Change

from

1) Total operating expenses and provisions for credit losses

2,7972,991(194)(6)%(294)1003%

1,9542,117(163)(8)%(89)(74)(3)%

843874(31)(4)%(205)17420%

2,7972,896(99)(3)%(87)(12)0%

1,9542,041(87)(4)%(27)(60)(3)%

843 855(12)(1)%(60)486%

Second Quarter Results 2011

Slide 10

Private Banking results

Net revenues

Provisions for credit losses

Total operating expenses

Pre-tax income

Pre-tax income margin

Gross margin in basis points

Net new assets in CHF bn

Number of relationship managers

CHF m2Q111Q112Q106M116M10

2,330 2,4332,5164,7634,980

8 12162048

1,727 1,7981,8673,5253,622

595 6236331,2181,310

26% 26%25%26%26%

115 118120116121

11.5 15.711.927.224.8

4,210 4,2004,1304,2104,130

Second Quarter Results 2011

Slide 11

Wealth Management with continued solid inflows but lower
revenues primarily reflecting reduced client activity

2Q10

974

Trans-
action
based
revenues

Net
interest
income

Recurring
com-
missions
& fees

923

619

2,516

2Q11

§Subdued brokerage and product issuing
volumes

§Decrease also reflects lower FX income from
client transactions

§Activity levels influenced by macro-economic
concerns; may remain volatile for some time

§Stable revenues vs. 1Q11

§Further downside, as strong CHF continued
to adversely impact AuM levels towards 
quarter-end and beyond

§Decrease vs. 1Q11 reflecting ongoing impact
from low interest rate environment

§Limited further downside expected; but
significant upside remains with increase in
interest rates

Net revenues in CHF m

120118120118115Gross margin in bp

2,385

2,464

2,433

3Q10

4Q10

1Q11

880

904

649

855

899

504

2,330

929

891

565

923

909

632

1) Total transaction-based revenues of CHF 576 m include gain from the sale of real estate of CHF 72 m; gross margin excluding this gain was 111 bp

721)

Second Quarter Results 2011

Slide 12

Wealth Management with low brokerage volumes and
reduction in net interest income

Net new assets in CHF bn

Annualized net new assets growth in %

5.86.24.07.85.5

2Q10

3Q10

4Q10

1Q11

2Q11

11.5

EMEA

Americas

Asia Pacific

Switzerland

11.9

12.4

8.1

15.7

2.5

2.0

2.9

4.1

§6M11 growth rate of 6.7% above our
6% target growth rate

§Strong contribution from UHNWI and
emerging market clients

§Balanced contribution between
Switzerland and our 22 international
onshore and offshore booking centers

Second Quarter Results 2011

Slide13

Wealth Management with continued solid and broadly
distributed net new asset inflows

Net revenues

Provisions for credit losses

Total operating expenses

Pre-tax income

Pre-tax income margin

Net new assets in CHF bn

CHF m2Q111Q112Q106M116M10

§Maintained very strong pre-tax margin at 53%

§Continued low credit provisions reflecting the sound quality of our loan book

§Gross inflows consistent with prior quarters; offset by a small number of larger outflows

Second Quarter Results 2011

Slide 14

467 463475930911

(10) 0(13)(10)(26)

229 231247460481

248 232241480456

53% 50%51%52%50%

0.0 2.31.92.37.6

Corporate & Institutional Clients business continues to
deliver strong results

2Q111Q11

Net revenues1)

Total expenses2)

Pre-tax income

FX-neutral
business
trends 2Q11

§Solid performance in equities despite reduced market volumes

§Solid advisory and underwriting businesses and improved market shares

§Challenging market-making conditions and weaker client activity, primarily
affecting fixed income businesses

Net revenues1)

Total expenses2)

Pre-tax income

in CHF m

in CHF m

1)Includes OIS adjustment of CHF (115) m in 2Q112) Total operating expenses and provisions for credit losses

FX-neutralFX-neutral

2Q112Q10abs.in %FX impactperformancechange

Change

from

Second Quarter Results 2011

Slide 15

2,8224,099(1,277)(31)%(743)(534)(13)%

2,5913,315(724)(22)%(592)(132)  (4)%

231 784(553)(71)%(151)(402)      (51)%

2,8224,929(2,107)(43)%(250) (1,857) (38)%

2,5913,586(995)(28)%(183)    (812) (23)%

2311,343(1,112)(83)%(67)   (1,045) (78)%

Investment Banking results

Debt underwriting

Equity underwriting

Advisory and Other fees

Fixed income sales & trading

Equity sales & trading

Other

Net revenues

Provisions for credit losses

Compensation and benefits

Other operating expenses

Pre-tax income

Pre-tax income margin

USD m2Q11 1Q112Q106M116M10

For peer comparison
purposes in USD

Excludes impact of movements in spreads on own debt of USD (56) m, USD (56) m, USD (56) m, USD (112) m, and USD (112) m in 2Q11, 1Q11, 2Q10, 6M11, and 6M10, respectively

Includes debit valuation adjustments (DVA) related to certain structured note liabilities of USD 76 m, USD (92) m, USD 111 m, USD (16) m, and USD 77 m in 2Q11, 1Q11, 2Q10, 6M11, and 6M10, respectively

Includes OIS adjustment of USD (136) m in 2Q11

Second Quarter Results 2011

Slide 16

4675404201,007849

344217197561404

318246283564487

7352,7351,3693,4703,936

1,4921,6541,5703,1463,175

(7)(25)(46)(32)(71)

3,3495,367 3,7938,7168,780

17(21)14(4)(51)

1,6872,5961,8234,2834,017

1,3221,2931,1622,6152,264

323 1,499 7941,8222,550

10% 28%21%21%29%

Investment Banking results in USD

0.5

0.5

0.4

4.2

3.2

1.5

2.5

0.6

0.9

0.9

Fixed income sales & trading and underwriting revenues in CHF bn

6M10

6M11

2Q10

1Q11

2Q11

§Client market-making: Significantly lower revenues
from inventory positions across Securitized Products,
Credit and Rates

–Losses on inventory positions related to client
trading business

–Exacerbated by reduced liquidity, which impeded
two-way / flow business

–Impact intensified by hedge volatility and increased
basis risk

§Client flow: Somewhat lower client flow across all
businesses given reduced risk appetite

§All businesses reported positive revenues

§6M11 revenue down 6% in USD

5.1

4.1

2.0

3.0

1.0

Debt underwriting

Fixed income sales and trading

Excludes impact of movements in spreads on own debt and includes DVA of CHF 34 m, CHF (20) m,
CHF 57 m, CHF 14 m, and CHF 39 min 2Q11, 1Q11, 2Q10, 6M11, and 6M10, respectively

Includes OIS adjustment CHF (115) m, or USD (136) m in 2Q11

Includes OIS
adjustment of
CHF (115) m

in USD

4.84.51.83.31.2

Second Quarter Results 2011

Slide 17

Significantly lower fixed income result impacted by difficult
market-making conditions

3.4

2.8

1.7

1.3

0.4

0.5

0.2

0.2

0.3

1.5

Excludes impact of movements in spreads on own debt and includes DVA of CHF 29 m, CHF (65) m,
CHF 64 m, CHF (36) m, and CHF 45 m in 2Q11, 1Q11, 2Q10, 6M11, and 6M10, respectively

1) Source: Greenwich Associates surveys

2) Source: Dealogic

§Lower revenues in Cash Equities driven by reduced
trading volumes amid market uncertainty

−Maintained #1 market positions in portfolio trading
and electronic trading in the US and Europe 1)

−Materially improved primary market share 2)

§Record results in Prime Services (in USD),
reflecting continued growth in client balances and
increased market share

§Solid results in Derivatives following record 1Q11
revenues; improved global market share rank driven
by rapid growth in Asia and stable performance in
Europe

3.8

3.3

1.9

1.7

1.6

Equity underwriting

Equity sales and trading

Equity sales & trading and underwriting revenues in CHF bn

in USD

3.63.71.81.9 1.8

6M10

6M11

2Q10

1Q11

2Q11

Second Quarter Results 2011

Slide 18

Solid equity revenues despite muted client activity; sustained
market share positions

0.9

0.9

0.5

0.5

0.4

0.4

0.5

0.2

0.2

0.3

0.5

0.5

0.3

0.2

0.3

§Increased equity underwriting revenues reflecting
improved market share and increased industry-wide
issuance levels

−E.g., ranked #2 in global IPO market share in
2Q11, up from #5 in full-year 2010

§Solid advisory results consistent with industry-wide
completed M&A volumes and improved market share

−E.g., ranked #2 in global announced M&A in 2Q11,
up from #3 in full-year 2010

§Lower revenues in debt underwriting driven by lower
high yield market share

§Pipeline of new activity remains healthy across
products

1.8

1.9

1.0

0.9

1.0

Advisory

Debt underwriting

Equity underwriting

Source for market shares: Dealogic

Advisory and underwriting revenues in CHF bn

in USD

1.72.10.91.0 1.1

6M10

6M11

2Q10

1Q11

2Q11

Second Quarter Results 2011

Slide 19

Solid underwriting revenues and advisory fees

FX-neutral
business
trends 2Q11

§Pre-tax income increased both QoQ and YoY (reported and FX-neutral)

§Solid semi-annual performance fees and carried interest on investment realizations

§Successful fundraising activities continue to drive placement fee growth

§Continued strong investment-related gains

Fee-based revenues

Other revenues

Total op. expenses

Pre-tax income

2Q111Q11

in CHF m

FX-neutralFX-neutral

2Q112Q10abs.in %FX impactperformancechange

in CHF m

Fee-based revenues

Other revenues

Total op. expenses

Pre-tax income

Change

from

Second Quarter Results 2011

Slide 20

469429409%(66)10625%

1607387119%(36)123168%

427480(53)(11)%(75)225%

202 22180-(27)207-

469443266%(20)4610%

160148128%(11)2316%

42741982%(23)317%

202 1723017%(8)3822%

Asset Management results

1.3

4.5

3.6

4.0

4.5

Net new assets in CHF bn

Annualized net new assets growth in %

1.23.44.34.23.7

2Q10

3Q10

4Q10

1Q11

2Q11

MACS = multi-asset class solutions

§8th consecutive quarter of net inflows with
6M11 net new assets growth of 4.0%

§2Q11 inflows led by asset allocation
(MACS), real estate and commodities

§Outflows from low margin liquidity products
and realizations in private equity funds

Second Quarter Results 2011

Slide 21

Solid net new asset inflows in Asset Management

Second quarter results 2011

Introduction

Summary

Capital, liquidity and risk
position

Second Quarter Results 2011

Slide 22

Strong capital
position

§Basel 2 tier 1 ratio of 18.2% and core tier 1 ratio of 13.1%

§Reduced Basel 3 risk-weighted assets 1.1.2013 projection to around CHF 300 bn,
primarily due to foreign exchange impact

§Tangible progress on mitigating Basel 3 impact

–RWA mitigation of CHF 15 bn achieved since 3Q10

–Reduced deferred tax asset by CHF 1.6 bn in 6M11 and CHF 0.8 bn in 2Q11

§Basel 3 CET1 ratio of 12.7%; and 1.1.2019 definition, i.e. no allowance for phase-in,
CET1 ratio of 8.8% (ratios as of end 2012)

Strong
liquidity
position

§Maintained liquid balance sheet and strong funding position

§Net stable funding ratio (NSFR) estimated around 95%1) and Basel 3 equivalent
liquidity coverage ratio (LCR) well in excess of requirement

§Completed close to 70% of 2011 USD 13 bn long-term debt funding plan;
leaves flexibility in funding approach for 2H11

Clean
balance sheet

§CHF 0.4 bn net exposure to Italian sovereign; immaterial net exposure to
sovereigns in Greece, Ireland, Portugal and Spain

§High quality of Swiss mortgage book and international loan portfolio

1) With future funding plans projected to raise the ratio to over 100% by 2013

Second Quarter Results 2011

Slide 23

Strong capital, liquidity and risk position

Basel 2 risk-weighted assets in CHF bn and tier 1 capital ratios in %

10.0

13.3

257

324

16.3

222

2010

1Q11

Strong capital base

§Basel 2 tier 1 ratio of 18.2%

§Core tier 1 ratio of 13.1%

§Basel 2.5 core tier 1 ratio of 10.2%

§Regulatory capital reflects pro-rata
accrual towards a CHF 1.30 dividend per
share

2008

2009

2007

(37)%

(4)%

18.2

219

212

Tier 1 ratio

Core tier 1 ratio

8.7

8.6

10.8

17.2

13.0

12.2

18.2

13.1

2Q11

204

Second Quarter Results 2011

Slide 24

Maintained strong capital position

Basel 2
(2Q11)

Basel
2.5 & 3
impact

Basel 3
(end 2012
after mitigation)

CHF bn

204

+151

290 to
310

355

(45) to
(65)

Mitigation
impact

Basel 3
(before
mitigation)

Updated RWAs guidance as of 2Q11

Business growth to be accommodated by reallocation of capital across existing business lines4)

1) Primarily reflects revised stressed VaR guidance2) CHF 7 bn mitigation achieved in Exit businesses, CHF 4 bn mitigated Basel 2.5 impact (IRC) and CHF 4 bn lower Basel 2 positions

3) Includes increased mitigation assumptions of CHF 7 bn primarily from securitization position sales/roll-off4) Our current strategic business plan does not assume net risk-weighted assets growth

402

(40)

+8

290 to
310

Basel 3 risk-weighted assets guidance roll-forward

CHF bn

Previous
RWA
guidance
in 3Q10

Movement
in FX
rates

Updated
RWA
guidance
(by end 2012)

Mitigation
impact3)

Revised
Basel 3
impact1)

(15)

Mitigation
achieved2)

(45) to
(65)

Second Quarter Results 2011

Slide 25

Revised Basel 3 risk-weighted assets projections for end 2012

4.5

5.5

2010

1Q11

CHF bn

2.9

3.5

9.0

7.4

Net DTA on net operating losses

Net DTA on timing differences

§Significant DTA utilization, down CHF 1.6 bn, or
18%, year-to-date, of which CHF 0.8 bn due
to FX movements

§DTA on net operating losses down CHF 1.0 bn year-
to date, and expected to be minimal by end 2013

2Q11

5.0

3.2

8.2

(18)%

Second Quarter Results 2011

Slide 26

Significant progress in reducing net deferred tax assets (DTA)

Illustrative CET1 capital projection in CHF bn

38.2

31.2

(0.7)

Shareholders’
equity
2Q11

Regulatory
deductions1)

CET1 capital4)

by end 2012

Note: Numbers may not add due to rounding1) Fair value changes from movements in spreads on own debt and structured notes, net of tax
2) 2011 and 2012 Bloomberg consensus net income estimates, adjusted for 6M11 net income, less dividend estimates. Not endorsed or verified and is used solely for illustrative purposes
3) Represents the estimated share-based compensation expense that is assumed to be settled with shares issued from conditional capital, resulting in an equivalent increase in shareholders’ equity

4) Applying January 1, 2013 Basel 3 capital rules5) Based on mid-point risk-weighted asset range of CHF 300 bn

Proforma
CET1 ratio12.7%5)

43.0

Capital
generation 2013

Proforma
CET1 ratio14.3%5)

CET1 capital4)

by end 2013

+4.7

Retained
earnings
20132)

+2.0

Share-based
compensation impact3)

+5.7

Retained earnings
2H11 and 20122)

Capital generation
2H11 and 2012

Second Quarter Results 2011

Slide 27

Common Equity Tier 1 ratio simulation (Basel 3)

26.3

38.2

(8.5)

Goodwill

CET1 capital1)

by end 2012

1) Applying 1.1.2013 Basel 3 capital rules2) Applying 1.1.2019 Basel 3 capital rules3) Bloomberg consensus net income estimates, less dividend estimates. Not endorsed or verified and is used
solely for illustrative purposes 4) Based on mid-point risk-weighted asset range of CHF 300 bn

"Look through"
CET1 ratio8.8%4)

33.0

"Look through"
CET1 ratio11.0%4)

§Assumes full transition to
2019 capital structure
already as of 1.1.2013

§Does not represent
regulatory transition
requirements under BIS
or as per FINMA

§Not relevant for trigger
mechanism of recent
BCN transactions

(3.4)

Regulatory
deductions

"Look through"
CET1 capital2)

by end 2012

"Look through"
CET1 capital2)

by end 2013

+4.7

Retained
earnings
20133)

+2.0

Capital
generation
2013

Lower
regulatory
deductions
(primarily DTA)

Bring forward
1.1.2019
treatment

Illustrative CET1 "look through" capital projection in CHF bn

Second Quarter Results 2011

Slide 28

"Look through" Common Equity Tier 1 ratio simulation (Basel 3)

Italy

Spain

Portugal

Greece

Ireland

TotalNet

Gross

Gross

Net

Exposure in EUR bn

Sovereigns

Financial
institutions

Corporates /
Other

Other exposures to

Second Quarter Results 2011

Slide 29

2.30.40.40.8

0.00.00.60.9

0.20.00.10.1

0.10.00.00.1

0.00.00.40.3

2.60.41.52.2

4.05.7

Selected European risk exposures at end 2Q11

Second quarter results 2011

Introduction

Summary

Second Quarter Results 2011

Slide 30

Solid
business
model
and strategy

2Q11
performance
demonstrates
market
headwinds

Adapting
to the
current
environment

Substantial
upside remains

Second Quarter Results 2011

Slide 31

Summary

Slide

33

34

35

36

37 to 38

39

40

41

42

43

44

45 to 46

47

Second Quarter Results 2011

Slide 32

Appendix

Reconciliation from reported to underlying results

Revenue and expenses currency mix

Underlying results in the Corporate Center

Collaboration revenues

Investment Banking RoE and capital simulation

Regulatory capital (Basel 2) roll-forward

Liquidity and funding position

Basel 2.5 impact by division

Background on Basel 3 RWA mitigation benefit

Client market share momentum in Investment Banking

Revenue contribution from major business lines in Investment Banking

Loan portfolio characteristics

Commercial mortgage exposures detail

6,326(41)-6,285

13--(13)

5,227-1425,085

1,086(41)1421,187

271(14)48305

----

(47)--(47)

768(27)94835

9.7%10.3%

2Q11
reported

2Q11
underlying

Impact from
movements in
spreads on
own debt1)

Business
realignment
costs
(Corporate Center)

CHF m

1) Including fair valuation gains/losses on stand-alone derivatives related to certain of our funding liabilities

Second Quarter Results 2011

Slide 33

Net revenues

Prov. for credit losses / (release)

Total operating expenses

Pre-tax income

Income tax expense

Discontinued operations

Noncontrolling interests

Net income

Return on equity

Reconciliation from reported to underlying results 2Q11

Net revenues

Total expenses1)

Credit Suisse
Core Results

CHF m6M11CHFUSDEURGBPOther

Sensitivity analysis (based in 6M11 results)

§A 10% movement in the USD/CHF exchange rate affects full-year PTI by CHF 375 m

§A 10% movement in the EUR/CHF exchange rate affects full-year PTI by CHF 85 m

Contribution in %

1) Total operating expenses and provisions for credit losses

Second Quarter Results 2011

Slide 34

14,1391957 1185

11,428313861213

Currency mix

Reported pre-tax income / (loss)

Losses/(gains) from the movement of spreads on own debt1)

Impairment in a equity method investment

Litigation provisions

UK bonus levy

Business realignment costs

Adjusted pre-tax income / (loss)

CHF m

2010

1) Including fair valuation gains/losses on stand-alone derivatives

The underlying Corporate Center pre-tax loss reflects:

–consolidation and elimination adjustments

–expenses for centrally sponsored projects

–certain expenses and revenues that have not been allocated to the segments

1Q11

2Q11

6M11

Second Quarter Results 2011

Slide 35

(660)(745)(190)(935)

(592)562(93)469

-47-47

216---

404---

--142142

(632)(136)(141)(277)

Results in the Corporate Center

Collaboration revenues in CHF bn and collaboration revenues as % of Core Results net revenues

11%

14%

4Q10

1Q11

2Q10

3Q10

1Q10

Collaboration revenues
target range of 18% to
20% of net revenues

1.0

1.2

1.0

1.1

1.2

1.1

2Q11

14%

16%

17%

18%

§Resilient contribution from collaboration
revenues

§Collaboration revenues in percentage of total net
revenues increased 4 p.p. both QoQ and YoY

§CHF 4.5 bn of assets referred to Private Banking

–Net new assets of CHF 3.1 bn

–Custody assets of CHF 1.4 bn

§CHF 0.5 bn in new mandates for
Asset Management

Second Quarter Results 2011

Slide 36

Collaboration revenues

Annual rate of return on equity above 15% reflecting
increased capital requirements under Basel 3

14%

2009

2010

2013 to 2015
target

Greater
than 15%

21%

6M11

15%

16%

16%

§2010 returns were ahead of cost of equity under Basel 2

§2010 return under Basel 3 capital requirement is lower,
but does not reflect any mitigating actions (re-pricing,
portfolio realignments and run-off of CHF 0.5 bn losses
in "Exit" businesses)

§6M11 returns still ahead of cost of equity under Basel 3

2010

Based on end 2010, Basel 2
implied minimum equity

Credit Suisse Group
After-tax return on equity

Investment Banking
Pro-forma after-tax return on equity

6M11

Based on Jan 1, 2013, Basel 3
implied minimum equity

13%

11%

2010

6M11

Implied minimum equity calculation: Basel 2 assumes 12.5% target core tier 1 ratio with hybrid capital representing buffer capital; Basel 3 assumed 10% CET1 ratio per Swiss capital regime proposals

Proforma returns based on 2010 and 1Q11 effective Group tax rate

18%

pro-forma
based on Basel 2
implied minimum
equity

Underlying

Second Quarter Results 2011

Slide 37

118

End 6M11
(Basel 2)

Proforma end 2012
(Basel 3, post mitigation)

210

+78%

15

at 12.5%
core tier1 ratio

at 10%
CET1 ratio

21

+40%

Implied minimum shareholders’ equity calculation: for Basel 2, assumed 12.5% target core tier 1 ratio with hybrid capital representing buffer capital; for Basel 3, assumed 10% CET1 ratio per Swiss
capital regime proposals

in CHF bn

Investment Banking
gross risk-weighted
assets

Implied minimum
shareholders’ equity

in CHF bn

Second Quarter Results 2011

Slide 38

Investment Banking capital simulation

End 1Q11 (Basel 2)

Net income

Fair value movements

Foreign exchange impact

Increased dividend accrual

Other1)

Change in RWA

End 2Q11 (Basel 2)

Basel 2.5 impact

End 2Q11 (Basel 2.5)

Tier 1

RWA
in CHF bn

Capital
in CHF bn

Ratio
in %

End 1Q11

Net income

Dividends paid

Share-based compensation
& other share activity

Foreign exchange impact

Other

End 2Q11

Shareholders' equity

Common
in CHF bn

Per share
in CHF

Note: numbers may not add to total due to rounding

1) Reflects the issuance and redemption of tier 1 capital, the effect of share-based compensation and the change in regulatory deductions

Second Quarter Results 2011

Slide 39

38.518.2%212.2

0.8

(0.0)

(2.0)

(0.4)

0.2

(8.5)


37.118.2%203.7

(2.5)34.9

34.614.5%238.6

34.128.36

0.80.64

(1.7)(1.46)

0.30.10

(2.0)(1.63)

(0.3)0.02

31.226.03

Tier 1 capital and shareholders' equity roll-forward

Assets

Equity & liabilities

Asset and liabilities by category (end 2Q11 in CHF bn)

1)Primarily brokerage receivables/payables, positive/negative replacement values and cash collateral

2)Includes due from/to banks

3)Primarily includes excess of funding neutral liabilities (brokerage payables) over corresponding assets

4)Primarily includes unencumbered trading assets, investment securities and excess reverse repo agreements, after haircuts

Note: Basel 3 liquidity rules and calculation of NSFR and LCR ratios are not finalized; statements and ratios shown here are
based on interpretation of current proposals

Reverse163

repo

Encumbered85

trading assets

977

977

Funding-124

neutral assets 1)

Cash 2)70

Unencumbered167

liquid assets 4)

Customer215

loans

Other153

illiquid assets

Repo174

Short positions74

Funding-124

neutral liabilities 1)

Short-term debt 2)87

Other short-term liab 3) 51

Customer 263

deposits

Long-term debt164

Total equity40

122%

coverage

Match
funded

§Well prepared for Basel 3 liquidity and funding requirements

–Basel 3 "Net Stable Funding Ratio (NSFR)" (1-year)
estimated at around 95%, with future funding plans
projected to raise the ratio to over 100% by 2013

–Short-term (30 days) liquidity under Swiss regulation well in
excess of requirement; approach similar to the Basel 3
"Liquidity coverage ratio (LCR)"

§Regulatory leverage ratio stable at 4.7%

§Funding spreads remain amongst the tightest of the peer group

§Close to 70% of 2011 USD 13 bn long-term debt funding plan
completed; leaves flexibility in funding approach for 2H11

372

605

Second Quarter Results 2011

Slide 40

Strong funding and liquidity position

Risk-weighted assets in CHF m

Under Basel 2

Incremental Basel 2.5 impact

Total under Basel 2.5

Capital deductions in CHF m

Under Basel 2

Incremental Basel 2.5 impact

Total under Basel 2.5

Private
Banking

Asset
Management

Investment
Banking

Corporate
Center

Total

Second Quarter Results 2011

Slide 41

66,196114,16212,12011,263203,741

14634,742--34,888

66,342148,90412,12011,263238,629

325321420181,084

-2,485--2,485

3262,806420183,569

Basel 2.5 impact by division

Exit
businesses

§RWA-equivalent reduction of CHF 6 to 10 bn

Businesses
primarily affected

Mitigating and reduction impact (approximated amounts)

Securitized
products

§Anticipate roughly CHF 2 bn nominal reduction in low rated positions,
reflecting change in asset mix and risk reductions by 2012

§RWA-equivalent reduction of CHF 22 to 28 bn

Emerging
markets

§CHF 3 bn RWA-equivalent reduction achieved through refocusing the
business towards a more flow-based model

Derivatives

§CHF 7 to 12 bn RWA-equivalent reduction related to uncollateralized
exposures that will either mature by 2012, or that can be collateralized /
hedged

§CHF 7 to 12 bn RWA-equivalent reduction resulting from a shift of OTC
derivatives to central counterparties clearing

Second Quarter Results 2011

Slide 42

Background on Basel 3 RWA mitigation benefit

Securities

3.Represents US cash high yield secondary trading.

4.Represents leveraged loans secondary trading

5.Emerging markets fee data includes India, China, Indonesia, Brazil, Mexico, Russia, Middle East
and Africa

Underwriting and advisory

Fixed
Income

2008

Current

2009

2010

Equities

Trend

(Rank/market share)

(Rank/market share)

Source: Dealogic, Tradeweb, Euromoney magazine and Greenwich Associates

1.Market share based on Credit Suisse estimates; rank based on Greenwich Associates

2.Based on Credit Suisse estimates

Investment
grade global

High yield
global

ECM global

Emer-
ging

Mar-
kets

M&A

Global
announced

Global
completed

Total fees 5)

2009

#8/5%

#4/9%

#7/6%

#6/14%

#8/13%

#1/12%

2008

#12/4%

#3/7%

#7/5%

#8/13%

#8/16%

#1/8%

2010

#8/4%

#3/8%

#6/6%

#3/16%

#4/15%

#1/8%

Trend

2Q11

#12/2%

#6/8%

#5/8%

#2/20%

#4/21%

#1/9%

IPO global

#5/6%

#8/5%

#5/7%

#2/9%

US cash
equities 1)

#2/12%

#5/12%

#1/13%

#1/14%

US electronic
trading 1)

#1/8%

#1/8%

#1/11%

#1/12%

Prime
services 2)

Top 3/

>10%

Top 3/

>10%

#3/13%

#3/13%

RMBS

pass-throughs

#1/19%

#1/18%

#1/17%

#1/18%

US rates

#8/7%

#8/6%

#7/8%

#7/8%

High yield
secondary 3)

#2/15%

#3/13%

#3/12%

#3/12%

Leveraged
loans 4)

#2/19%

#2/16%

#3/13%

#3/13%

Foreign
exchange

#8/4%

#9/3%

#8/5%

#8/5%

Structured
Products

#3/14%

#2/14%

#3/13%

#1/14%

Second Quarter Results 2011

Slide 43

M&A

M&A

Continued client market share momentum

Revenue contribution in
1H 2011

Market environment

Credit
Suisse
market
share

Strong

Worse than historic levels

Better than historic levels

Upside
potential

Revenue contribution in
1H 2010

Revenue contribution from major business lines

Second Quarter Results 2011

Slide 44

Leveraged finance

Rates

Securitized products

Equity derivatives

Prime Services

M&A

FX

Investment grade

Emerging markets

Cash equities

Equity capital

markets

Commodities

Mixed performance driven by weaker client activity and a less favorable
market environment, partly offset by continued market share gains

Developed market lending

§Corporate loan portfolio 76% is investment grade, and is mostly
(92%) accounted for on a fair value basis

§Fair value is a forward looking view which balances accounting
risks, matching treatment of loans and hedges

§Loans are carried at an average mark of approx. 99% with
average mark of 97% in non-investment grade portfolio

§Continuing good performance of individual credits: limited
specific provisions during the quarter

Unfunded
commitments

Loans

Hedges

CHF bn

Emerging market lending

§Well-diversified by name and evenly spread between EMEA,
Americas and Asia and approx. 25% accounted for on a fair
value basis

§Emerging market loans are carried at an average mark of
approx. 95%

§No significant provisions during the quarter

Average mark data is net of fair value discounts and credit provisions

43

8

(21)

Loans

Hedges

CHF bn

12

(7)

Second Quarter Results 2011

Slide 45

Investment Banking loan book

Wealth Management Clients: CHF 134 bn

§Portfolio remains geared towards mortgages (CHF 90 bn) and securities-backed
lending (CHF 37 bn)

§Lending is based on well-proven, conservative standards

§Residential real-estate: Prices continue to rise in most regions while rents are moving
sluggishly; Prices have reached considerable levels in lake Geneva region, partially in
the Zurich-Zug area and major tourist spots; Some risk of major price falls only
conceivable in those regions

Corporate & Institutional Clients: CHF 53 bn

§Over 64% collateralized by mortgages and securities

§Counterparties mainly Swiss corporates incl. real-estate industry

§Sound credit quality with relatively low concentrations;

§Portfolio quality improved in line with continued recovery of Swiss economy

§Ship finance portfolio (CHF 6 bn) remains under special focus due to increased risk
level caused by overcapacity in the market

§Commercial real-estate: Prices moving sideways for office and retail spaces; outlook
raised from negative to stable for both office and retail space due to quick recovery of
the economy from cycle downturn; higher price potential for central and prime
locations

5% BB+ to BB

2% BB- and below

Portfolio ratings
composition, by CRM
transaction rating

Private Banking Loan Book

Total:CHF 187 bn

67%

26%

BBB

AAA to A

Loan book of CHF 187 bn focused on Switzerland; more than 85% collateralized; primarily on accrual accounting basis

Second Quarter Results 2011

Slide 46

Private Banking loan book

7

1) This price represents the average mark on loans and bonds combined

36

26

(96)%

19

15

13

9

3Q07

4Q

1Q08

2Q

3Q

4Q

1Q09

Commercial mortgages (CHF bn)

Exposure by region

§Average price of remaining positions
is stable at 56%1)

§Positions are fair valued;
no reclassifications to accrual book

Asia 2%

US 10%

Continental
Europe (ex. Germany)

88%

Office90%

Retail 2%

Hotel

21%

Exposure by loan type

2Q

7

3.6

3Q

3.1

4Q

2.7

1Q10

2.6

2Q

2.4

3Q

4Q

Hotel 8%

1.5

1.5

1Q11

1.3

2Q

Second Quarter Results 2011

Slide 47

Legacy commercial mortgage exposure reduction in Investment
Banking

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 GROUP AG and CREDIT SUISSE AG
		(Registrant)
	By:	/s/ Romeo Cerutti
		(Signature)*
		General Counsel
		Credit Suisse Group AG and Credit Suisse AG
Date: July 28, 2011
		/s/ Gavin Sullivan and Andrés Luther
		Co-Heads Corporate Communications
*Print the name and title under the signature of the signing officer.		Credit Suisse Group AG and Credit Suisse AG