UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

Form 6-K

______________

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

February 9, 2012

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 2011 net income attributable to shareholders of CHF 1,953 million, Core Results pre-tax income of CHF 2,749 million, return on equity of 6.0%, underlying* return on equity of 7.3%

4Q11 net loss attributable to shareholders of CHF 637 million, Core Results pre-tax loss of CHF 998 million, including negative impact of aggregate CHF 981 million from realignment costs, strategic exits from businesses and the accelerated Basel III risk-weighted assets reduction

Net new assets:

§2011 Private Banking net new assets of CHF 44.5 billion, 4Q11 Private Banking net new assets of CHF 7.6 billion

§2011 Credit Suisse Group net new assets of CHF 40.9 billion, including CHF 0.9 billion net asset outflows in Asset Management, 4Q11 Credit Suisse Group net new assets of CHF 0.4 billion, including outflows of CHF 9.6 billion in Asset Management

Continued strong capitalization and funding position:

§Basel 2.5 tier 1 ratio increased by 0.9 percentage points to 15.2%

§Basel 2.5 core tier 1 ratio increased by 0.7 percentage points to 10.7%

§Net stable funding ratio (NSFR) further improved to 98%

Risk-weighted assets (RWA) reduction: Well ahead of schedule on implementation of Basel III RWA reduction program; previously announced end-2012 RWA reduction target of CHF 80 billion to be achieved nine months early, by end of 1Q12; reduced Basel III RWA in Investment Banking by CHF 35 billion in 4Q11

Compensation plan: Economic value of 2011 discretionary variable incentive compensation for the Group down 41% compared to 2010; aggregate variable incentive compensation for current members of the Executive Board down 57% versus 2010; no cash variable compensation for Executive Board members, consistent with practice over past four years

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	February 9, 2012 Page 2/14

Cost reduction: On track with previously announced CHF 2.0 billion cost reduction program to be completed by year-end 2013; expect costs and results to reflect the reduction of CHF 1.2 billion in our annual cost base beginning in 1Q12, excluding the impact from the expense for the PAF2 compensation plan in 1Q12

Distribution to shareholders: Board of Directors to propose distribution of CHF 0.75 per share for 2011, free of Swiss withholding tax and with scrip alternative granting shareholders an option to receive distribution in the form of shares

Zurich, February 9, 2012 Full year 2011 results were impacted by low levels of client activity and the relative strength of the Swiss franc versus 2010, as well as several special items, mainly relating to cost reduction efforts and the evolution of the bank’s strategy.

Full-year 2011 results summary

·   Credit Suisse Group reports full-year 2011 net income attributable to shareholders of CHF 1,953 million, Core Results pre-tax income of CHF 2,749 million, Core Results net revenues of CHF 25,429 million, net new assets of CHF 40.9 billion, strength of the Swiss franc versus 2010 reduced pre-tax income by CHF 909 million, return on equity of 6.0%

·   2011 underlying* net income attributable to shareholders of CHF 2,406 million, underlying* Core Results pre-tax income of CHF 3,155 million, underlying* Core Results net revenues of CHF 24,510 million, underlying* return on equity of 7.3%

·   For 2011, Credit Suisse announced the PAF2 compensation plan, leading to material risk reductions for the Group. The awards vest in March 2012, resulting in costs of approximately CHF 500 million in 1Q12.

·   As reported previously, the US investigations of Swiss banks’ legacy cross border businesses remain ongoing. This continues to be a matter that Credit Suisse together with governmental authorities is working to resolve. Credit Suisse is strongly supportive of a resolution acceptable to both the US and Switzerland. Credit Suisse continues to cooperate with the authorities both in the US and Switzerland to resolve this matter in a responsible manner that complies with its legal obligations.

4Q11 results summary

·   Credit Suisse Group reports 4Q11 net loss attributable to shareholders of CHF 637 million, Core Results pre-tax loss of CHF 998 million, Core Results net revenues of CHF 4,473 million; diluted loss per share of CHF 0.62, net new assets of CHF 0.4 billion

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	February 9, 2012 Page 3/14

·   4Q11 pre-tax loss includes negative impacts of an aggregate CHF 981 million consisting of realignment costs of CHF 414 million from cost-efficiency measures, and CHF 567 million from businesses we are exiting and the reduction of risk-weighted assets in our Investment Banking fixed income business.

·   Private Banking results marked by an ongoing low interest rate environment, significantly lower levels of client activity and higher expenses for legal matters and credit provisions, driven by isolated cases in both Wealth Management Clients and Corporate & Institutional Clients; 4Q11 net revenues of CHF 2,574 million, pre-tax income of CHF 467 million, net new assets of CHF 7.6 billion, mainly from emerging markets and the ultra-high-net-worth individual (UHNWI) client segment as well as from Corporate & Institutional Clients in Switzerland

·   Investment Banking reported net revenues of CHF 1,251 million and a pre-tax loss of CHF 1,305 million; results were impacted by a difficult trading environment and the above mentioned losses incurred from exiting businesses as well as from the reduction of Basel III risk-weighted assets in the quarter; client franchise across businesses remained strong despite continued subdued client activity levels

·   Asset Management with net revenues of CHF 455 million, pre-tax income of CHF 87 million, fee-based revenues of CHF 464 million decreased versus 4Q10 reflecting the adverse foreign exchange translation impact and the decrease in average assets under management and net asset outflows of CHF 9.6 billion

Brady W. Dougan, Chief Executive Officer, said: “Our performance for the fourth quarter 2011 was disappointing. It reflects both the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements.”

He continued: “In mid-2011, we decided to aggressively reduce risks and costs. This decision was rooted in our belief that the market and regulatory environment is undergoing fundamental change, and that by embracing these developments and proactively adjusting our business model, we can position Credit Suisse to succeed in the new environment. The regulatory developments and the subdued market environment in the second half of 2011 have confirmed our views. The accelerated implementation of the risk reduction plan and our measures to exit businesses that are no longer expected to deliver attractive returns in the changed regulatory environment, as well as higher charges incurred due to the rapid execution of the cost reduction programs, led to negative impact of CHF 981 million in the fourth quarter of 2011. We are taking these steps in order to reduce risk and deploy our balance sheet to our client-focused growth businesses, which offer attractive returns in the new environment. This will position us well to achieve superior returns to the benefit of our clients and shareholders.“

He concluded: “While we are mindful that the market and economic environment remain uncertain, we are encouraged that our business is off to a good start with year-to-date underlying* return on equity consistent with our target level of 15%, including the benefit from our risk and cost reduction plans. We have accelerated the reduction of risk-weighted assets and expect to reach the risk-weighted assets level originally targeted for the end of 2012 by the end of the first quarter 2012. Furthermore, we are on track with our CHF 2.0 billion cost reduction program, which is to be completed by year end 2013, and expect

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	February 9, 2012 Page 4/14

our results and costs, excluding the costs from PAF2, to reflect the annualized reduction in our cost base of CHF 1.2 billion beginning in the first quarter 2012.”

Financial Highlights
in CHF million (unless otherwise stated)	2011	Change in %	4Q11	3Q11	4Q10
		vs. 2010
Net income/(loss) attributable to shareholders	1,953	(62)	(637)	683	841
Diluted earnings/(loss) per share (CHF)	1.36	(65)	(0.62)	0.53	0.59
Return on equity attributable to shareholders (annualized)	6.0%	-	(7.7%)	8.7%	9.8%
Basel 2.5 Tier 1 ratio (end of period)	15.2%	-	15.2%	14.3%*	14.2%*
Assets under management (CHF billion)	1,229.5	(1.9)	1,229.5	1,196.8	1,253.0
Core Results**
Net revenues	25,429	(17)	4,473	6,817	6,960
Provision for credit losses	187	-	97	84	(23)
Total operating expenses	22,493	(6)	5,374	5,697	5,676
Income/(loss) from continuing operations before taxes	2,749	(60)	(998)	1,036	1,307
*Previously reported under Basel II: tier 1 ratio was 17.7% and 17.2% as of the end of 3Q11 and 4Q10, respectively.
**Includes the results of the three segments and the Corporate Center, but does not include noncontrolling interests without significant economic interest.

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 467 million in 4Q11.

The Wealth Management Clients business reported income before taxes of CHF 284 million in 4Q11 compared to income before taxes of CHF 606 million in 4Q10 and a loss before taxes of CHF 34 million in 3Q11 (including litigation provisions of CHF 478 million). Net revenues were 14% below 4Q10, and were stable versus 3Q11. Total operating expenses decreased slightly  (-3%) compared to 4Q10 and were 17% lower compared to 3Q11. Provisions for credit losses increased to CHF 43 million compared to CHF 20 million in 3Q11 and CHF 14 million in 4Q10, driven by an isolated case. The gross margin of 109 basis points decreased eleven basis points compared to 4Q10, and was five basis points lower versus 3Q11, reflecting the substantially lower contribution from transaction-based revenues. In light of the changing regulatory requirements combined with a low interest rate environment and subdued client activity, Credit Suisse initiated a series of measures in the fourth quarter to improve the efficiency and productivity of its Wealth Management Clients business. This included the integration of its independent private bank Clariden Leu.

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 183 million in 4Q11, down 16% from 4Q10 and 3Q11. Net revenues and total operating expenses were stable compared to 4Q10 and provision for credit losses

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	February 9, 2012 Page 5/14

were CHF 32 million compared to a net release of CHF 10 million in 4Q10. Despite the strength of the Swiss franc and its impact on the Swiss economy, the quality of the loan portfolio remained sound. The Corporate & Institutional Clients business in Switzerland contributed strong net new assets of CHF 3.6 billion in 4Q11.

Investment Banking

Investment Banking reported a loss before taxes of CHF 1,305 million in 4Q11 compared to income before taxes of CHF 558 million in 4Q10 and a loss before taxes of CHF 190 million in 3Q11. Results reflected losses before taxes of CHF 567 million from businesses we are exiting and the reduction of risk-weighted assets in our fixed income business. Basel III risk-weighted assets were reduced by CHF 35 billion in 4Q11. Net revenues of CHF 1,251 million were down 64% from 4Q10 and down 50% from 3Q11.

Fixed Income sales and trading reported net revenues of CHF 36 million, significantly lower than revenues of CHF 888 million in 4Q10 and CHF 762 million in 3Q11, reflecting continued challenging trading conditions, subdued client activity levels and unfavorable market movements on related hedges. Fixed Income incurred losses of CHF 469 million, of which CHF 320 million relating to businesses we are exiting and CHF 149 million from reducing risk-weighted assets.

Equity sales and trading reported net revenues of CHF 758 million in the quarter, down from CHF 1,387 million in 4Q10 and CHF 1,182 million in 3Q11. Derivatives results were impacted by reduced customer flow and losses on hedges related to maintaining the conservative risk position. Despite declining client trading volumes, prime services had a solid performance and cash equities achieved resilient results.

Underwriting and advisory recorded net revenues of CHF 516 million, down from CHF 1,241 million in 4Q10 and down from CHF 606 million in 3Q11, reflecting continued low industry-wide issuance levels and completed M&A activity.

Compensation and benefits of CHF 1,364 million in 4Q11 were 25% lower than in 4Q10 and were 6% lower compared to 3Q11, mainly reflecting lower discretionary performance-related compensation expense.

Total operating expenses were CHF 2,534 million, down 14% from 4Q10 and down 3% from 3Q11.

The average one-day, 98% risk management value-at-risk (VaR) was CHF 77 million in 4Q11, compared to CHF 91 million in 4Q10 and CHF 76 million in 3Q11.

Under the accelerated plan, Basel III risk-weighted assets were reduced by CHF 35 billion in 4Q11. Credit Suisse expects to exceed the previously announced year-end 2012 Basel III risk-weighted assets target of USD 229 billion nine months early, by the end of the first quarter in 2012. As Basel III will not be implemented before January 1, 2013, our Basel III risk-weighted assets were calculated for purposes of this release in accordance with the currently proposed requirements and our current interpretation of such requirements, including relevant assumptions. Changes in the requirements upon implementation of Basel III would result in different numbers from those used in the release.

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	February 9, 2012 Page 6/14

Asset Management

Asset Management reported income before taxes of CHF 87 million in 4Q11, down 52% compared to 4Q10 and 5% compared to 3Q11. Net revenues of CHF 455 million were down 26% from 4Q10 and 3% from 3Q11.

Fee-based revenues were CHF 464 million, down 13% compared to 4Q10, and down 5% compared with 3Q11, reflecting lower asset management fees, lower performance fees and carried interest, partially offset by higher placement, transaction and other fees.

Investment-related gains were CHF 6 million compared to gains of CHF 101 million in 4Q10 and losses of CHF 17 million in 3Q11. In 4Q11, realized and unrealized gains included revenues in the industrial and transportation sectors, partially offset by unrealized losses in the energy and commodities sector.

Total operating expenses of CHF 368 million were down 16% compared to 4Q10 and 3% compared to 3Q11, reflecting lower compensation and benefits and lower general and administrative expenses.

Segment Results
in CHF million		2011	Change in %	4Q11	3Q11	4Q10
			vs. 2010
Private	Net revenues	10,877	(6)	2,574	2,610	2,914
Banking	Provision for credit losses	110	-	75	25	4
	Total operating expenses	8,419	3	2,032	2,402	2,086
	Income/(loss) before taxes	2,348	(31)	467	183	824
Investment	Net revenues	11,496	(29)	1,251	2,494	3,478
Banking	Provision for credit losses	77	-	22	59	(27)
	Total operating expenses	11,340	(11)	2,534	2,625	2,947
	Income/(loss) before taxes	79	(98)	(1,305)	(190)	558
Asset	Net revenues	2,146	(8)	455	471	617
Management	Provision for credit losses	0	-	0	0	0
	Total operating expenses	1,593	(13)	368	379	437
	Income before taxes	553	10	87	92	180

Net new assets

Credit Suisse Group reported net new assets of CHF 0.4 billion in 4Q11. Private Banking attracted net new assets of CHF 7.6 billion. Wealth Management Clients contributed net new assets of CHF 4.0 billion, driven by strong inflows from emerging markets and the UHNWI client segment. Corporate & Institutional Clients in Switzerland attracted strong inflows of CHF 3.6 billion. Compared to the end of 4Q10, Private Banking assets under management were stable, as net new assets were offset mainly by adverse market movements. Asset Management recorded net asset outflows of CHF 9.6 billion.

Capital and liquidity

Credit Suisse continued to conservatively manage its liquidity with a net stable funding ratio (NSFR) of 98%. Credit Suisse’s capital position remains very strong, with Basel 2.5 tier 1 ratio of 15.2% and Basel 2.5 Core Tier 1 ratio of 10.7% at the end of 4Q11 up 0.9 percentage points and 0.7 percentage points versus 3Q11, respectively. Our tier 1 ratio under Basel II was 18.1% as of the end of 4Q11, compared to 17.7% as of the end of 3Q11.

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Corporate Center

The Corporate Center recorded a loss before taxes of CHF 247 million in 4Q11, including CHF 414 million of severance and other compensation expenses relating to the Group-wide cost efficiency initiative, as well as net fair value gains of CHF 263 million on own debt and stand-alone derivatives. This compares to a loss before taxes of CHF 255 million in 4Q10, reflecting fair value losses on own debt of CHF 128 million.

Benefits of the integrated bank

Credit Suisse generated CHF 1.0 billion in collaboration revenues from the integrated bank in 4Q11.

Compensation 2011 and 2011 PAF2 awards

For 2011 Credit Suisse reduced total compensation, reflecting the lower absolute performance of the Group compared to 2010. The economic value of group-wide total discretionary variable incentive awards was down 41% compared to 2010 .

In addition to Credit Suisse Group share awards, the majority of which are subject to claw-back provisions, Credit Suisse introduced PAF2 awards in January 2012 as part of the deferred variable awards for senior staff for 2011. The PAF2 plan is a transfer of risk from the Group to employees, thereby contributing to risk reduction and capital efficiency. PAF2 units are linked to a diversified portfolio of derivative counterparty risks. The PAF2 awards will vest on March 31, 2012 and will result in costs of approximately CHF 500 million in 1Q12 and the change in the fair value of the PAF2 units will continue to be reflected in the results until the awards are finally settled.

The economic value of aggregate variable compensation paid to current members of the Executive Board for 2011 was down 57% versus 2010. In line with our practice over the last four years, 100% of the variable awards assigned to the members of the Executive Board were deferred.

Proposed distribution out of reserves from capital contributions**

At the Annual General Meeting on April 27, 2012, the Board of Directors will propose a distribution of CHF 0.75 per share out of reserves from capital contributions for the financial year 2011. The distribution will be free of Swiss withholding tax and will not be subject to income tax for Swiss resident individuals holding the shares as a private investment.

Subject to any legal restrictions applicable in their home jurisdiction, shareholders will be entitled to elect to either receive a cash distribution in the amount of CHF 0.75 per share or to receive new shares of Credit Suisse Group at a subscription ratio to be determined by the Board of Directors. The subscription ratio will be based on an issue price of the new shares equivalent to approximately 92% of the average opening price and closing price of the Credit Suisse Group shares on SIX Swiss Exchange during a period of five trading days following the Annual General Meeting, less the distribution of CHF 0.75 per share. The ex-dividend date has been set to May 9, 2012.

* Underlying results are non-GAAP financial measures. Underlying net income attributable to shareholders, underlying return on equity and underlying Core Results pre-tax income for 2011 exclude fair value gains on own debt and stand-alone derivatives of CHF 919 million (CHF 616 million after tax), litigation provisions of CHF 478 million for the US and the German tax matters (CHF 428 million after tax) and expenses in connection with cost efficiency initiatives of CHF 847 million (CHF 641 million after tax). Underlying Core Results net revenues in 2011 exclude fair value gains on own debt and stand-alone derivatives of CHF 919 million. Underlying year-to-date 2012 return on equity excludes fair value losses on own debt and stand-alone and expenses related to PAF2.

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	February 9, 2012 Page 8/14

** A summary document containing a more detailed description of the option to receive the distribution in new shares will be made available to all shareholders of Credit Suisse Group on or around March 20, 2012. The conditions for the exercise of the option, including possible restrictions to its availability to some of Credit Suisse Group shareholders, will be specified in such summary document.

This press release does neither constitute an offer to buy or to subscribe for securities of Credit Suisse Group nor a prospectus within the meaning of applicable Swiss law. Shareholders should make their decision to receive a cash distribution or to receive new shares of Credit Suisse Group as part of the 2011 distribution solely based on the terms and conditions of the 2011 distribution and the additional information contained in the relevant documents, which will be available upon publication of the invitation to the 2012 Annual General Meeting. This press release does not constitute a recommendation to shareholders to elect to receive new shares of Credit Suisse Group as part of the 2011 distribution. Shareholders are furthermore advised to consult their bank or financial adviser before making any decision.

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 49,700 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 of 1995. 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 2012 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 to achieve our strategic 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, 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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	February 9, 2012 Page 9/14

–   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 herein and/or in the Credit Suisse Financial Report 4Q11.

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Presentation of 4Q11 and 2011 results

Media conference

§ Thursday, February 9, 2012 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 - 44873817#, conference ID German - 44882122#.

Analyst and investor conference

§ Thursday, February 9, 2012 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 - 44900939#, conference ID German - 44904567#.

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Financial highlights
	in / end of			% change		in / end of				% change
	4Q11	3Q11	4Q10	QoQ	YoY	2011		2010		YoY
Net income (CHF million)
Net income/(loss) attributable to shareholders	(637)	683	841	–	–	1,953		5,098		(62)
of which from continuing operations	(637)	683	841	–	–	1,953		5,117		(62)
Earnings per share (CHF)
Basic earnings/(loss) per share	(0.62)	0.54	0.59	–	–	1.37		3.91		(65)
Diluted earnings/(loss) per share	(0.62)	0.53	0.59	–	–	1.36		3.89		(65)
Return on equity (%, annualized)
Return on equity attributable to shareholders	(7.7)	8.7	9.8	–	–	6.0		14.4		–
Core Results (CHF million)  1
Net revenues	4,473	6,817	6,960	(34)	(36)	25,429		30,625		(17)
Provision for credit losses	97	84	(23)	15	–	187		(79)		–
Total operating expenses	5,374	5,697	5,676	(6)	(5)	22,493		23,904		(6)
Income/(loss) from continuing operations before taxes	(998)	1,036	1,307	–	–	2,749		6,800		(60)
Core Results statement of operations metrics (%)  1
Cost/income ratio	120.1	83.6	81.6	–	–	88.5		78.1		–
Pre-tax income margin	(22.3)	15.2	18.8	–	–	10.8		22.2		–
Effective tax rate	39.8	32.0	31.0	–	–	24.4		22.8		–
Net income margin 2	(14.2)	10.0	12.1	–	–	7.7		16.6		–
Assets under management and net new assets (CHF billion)
Assets under management	1,229.5	1,196.8	1,253.0	2.7	(1.9)	1,229.5		1,253.0		(1.9)
Net new assets	0.4	7.1	13.9	(94.4)	(97.1)	40.9		69.0		(40.7)
Balance sheet statistics (CHF million)
Total assets	1,049,165	1,061,521	1,032,005	(1)	2	1,049,165		1,032,005		2
Net loans	233,413	226,447	218,842	3	7	233,413		218,842		7
Total shareholders' equity	33,674	33,519	33,282	0	1	33,674		33,282		1
Tangible shareholders' equity 3	24,795	24,889	24,385	–	2	24,795		24,385		2
Book value per share outstanding (CHF)
Total book value per share	27.59	27.86	28.35	(1)	(3)	27.59		28.35		(3)
Shares outstanding (million)
Common shares issued	1,224.3	1,203.0	1,186.1	2	3	1,224.3		1,186.1		3
Treasury shares	(4.0)	0.0	(12.2)	–	(67)	(4.0)		(12.2)		(67)
Shares outstanding	1,220.3	1,203.0	1,173.9	1	4	1,220.3		1,173.9		4
Market capitalization
Market capitalization (CHF million)	27,021	28,872	44,683	(6)	(40)	27,021		44,683		(40)
Market capitalization (USD million)	28,747	31,567	47,933	(9)	(40)	28,747		47,933		(40)
BIS statistics (Basel II.5)  4
Risk-weighted assets (CHF million)	241,753	243,758	247,702	–	–	241,753		247,702		–
Tier 1 ratio (%)	15.2	14.3	14.2	–	–	15.2		14.2		–
Core tier 1 ratio (%)	10.7	10.0	9.7	–	–	10.7		9.7		–
Dividend per share (CHF)
Dividend per share	–	–	–	–	–	0.75	5	1.30	6	–
Number of employees (full-time equivalents)
Number of employees	49,700	50,700	50,100	(2)	(1)	49,700		50,100		(1)
1    For further information on Core Results, refer to I – Credit Suisse results – Credit Suisse – Credit Suisse reporting structure and Core Results.   2    Based on amounts attributable to shareholders.   3    Tangible shareholders' equity, a non-GAAP financial measure, is calculated by deducting goodwill and other intangible assets from total shareholders' equity.   4    Under Basel II.5 since December 31, 2011. Previously reported under Basel II. For further information, refer to IV – Treasury, Risk, Balance sheet and Off-balance sheet – Treasury management.   5    Proposal of the Board of Directors to the Annual General Meeting on April 27, 2012, to be paid out of reserves from capital contributions.   6    Paid out of reserves from capital contributions.

	Media Release
	February 9, 2012 Page 12/14

Core Results
	in / end of			% change		in / end of		% change
	4Q11	3Q11	4Q10	QoQ	YoY	2011	2010	YoY
Statements of operations (CHF million)
Net interest income	1,661	1,634	1,670	2	(1)	6,405	6,474	(1)
Commissions and fees	2,765	3,071	3,836	(10)	(28)	12,984	14,131	(8)
Trading revenues	(36)	1,826	1,308	–	–	4,921	9,328	(47)
Other revenues	83	286	146	(71)	(43)	1,119	692	62
Net revenues	4,473	6,817	6,960	(34)	(36)	25,429	30,625	(17)
Provision for credit losses	97	84	(23)	15	–	187	(79)	–
Compensation and benefits	3,023	3,010	3,362	0	(10)	13,151	14,562	(10)
General and administrative expenses	1,871	2,202	1,739	(15)	8	7,350	7,194	2
Commission expenses	480	485	575	(1)	(17)	1,992	2,148	(7)
Total other operating expenses	2,351	2,687	2,314	(13)	2	9,342	9,342	0
Total operating expenses	5,374	5,697	5,676	(6)	(5)	22,493	23,904	(6)
Income/(loss) from continuing operations before taxes	(998)	1,036	1,307	–	–	2,749	6,800	(60)
Income tax expense/(benefit)	(397)	332	405	–	–	671	1,548	(57)
Income/(loss) from continuing operations	(601)	704	902	–	–	2,078	5,252	(60)
Income/(loss) from discontinued operations	0	0	0	–	–	0	(19)	100
Net income/(loss)	(601)	704	902	–	–	2,078	5,233	(60)
Net income attributable to noncontrolling interests	36	21	61	71	(41)	125	135	(7)
Net income/(loss) attributable to shareholders	(637)	683	841	–	–	1,953	5,098	(62)
of which from continuing operations	(637)	683	841	–	–	1,953	5,117	(62)
of which from discontinued operations	0	0	0	–	–	0	(19)	100
Statement of operations metrics (%)
Cost/income ratio	120.1	83.6	81.6	–	–	88.5	78.1	–
Pre-tax income margin	(22.3)	15.2	18.8	–	–	10.8	22.2	–
Effective tax rate	39.8	32.0	31.0	–	–	24.4	22.8	–
Net income margin 1	(14.2)	10.0	12.1	–	–	7.7	16.6	–
Number of employees (full-time equivalents)
Number of employees	49,700	50,700	50,100	(2)	(1)	49,700	50,100	(1)
1    Based on amounts attributable to shareholders.

	Media Release
	February 9, 2012 Page 13/14

Consolidated balance sheets (unaudited)

	end of			% change
	4Q11	3Q11	4Q10	QoQ	YoY
Assets (CHF million)
Cash and due from banks	110,573	92,376	65,467	20	69
of which reported from consolidated VIEs	1,396	1,218	1,432	15	(3)
Interest-bearing deposits with banks	2,272	2,244	1,524	1	49
of which reported at fair value	405	394	0	3	–
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	236,963	239,747	220,443	(1)	7
of which reported at fair value	158,673	158,281	136,906	0	16
Securities received as collateral, at fair value	30,191	28,812	42,147	5	(28)
of which encumbered	20,447	18,538	21,352	10	(4)
Trading assets, at fair value	279,553	300,342	324,704	(7)	(14)
of which encumbered	73,749	79,134	87,723	(7)	(16)
of which reported from consolidated VIEs	6,399	6,420	8,717	0	(27)
Investment securities	5,160	5,403	8,397	(4)	(39)
of which reported at fair value	5,158	5,144	7,945	0	(35)
of which reported from consolidated VIEs	41	64	72	(36)	(43)
Other investments	13,226	14,566	16,482	(9)	(20)
of which reported at fair value	9,751	11,496	13,448	(15)	(27)
of which reported from consolidated VIEs	2,346	2,291	2,334	2	1
Net loans	233,413	226,447	218,842	3	7
of which reported at fair value	20,694	19,681	18,552	5	12
of which encumbered	471	460	783	2	(40)
of which reported from consolidated VIEs	5,940	4,329	3,745	37	59
allowance for loan losses	(910)	(883)	(1,017)	3	(11)
Premises and equipment	7,193	6,936	6,725	4	7
of which reported from consolidated VIEs	646	106	72	–	–
Goodwill	8,591	8,361	8,585	3	0
Other intangible assets	288	269	312	7	(8)
of which reported at fair value	70	50	66	40	6
Brokerage receivables	43,446	57,020	38,769	(24)	12
Other assets	78,296	78,998	79,585	(1)	(2)
of which reported at fair value	35,765	36,975	39,470	(3)	(9)
of which encumbered	2,255	2,281	2,388	(1)	(6)
of which reported from consolidated VIEs	13,002	15,200	19,570	(14)	(34)
Assets of discontinued operations held-for-sale	0	0	23	–	(100)
Total assets	1,049,165	1,061,521	1,032,005	(1)	2

	Media Release
	February 9, 2012 Page 14/14

Consolidated balance sheets (unaudited) (continued)

	end of			% change
	4Q11	3Q11	4Q10	QoQ	YoY
Liabilities and equity (CHF million)
Due to banks	40,147	47,876	37,493	(16)	7
of which reported at fair value	2,721	3,075	3,444	(12)	(21)
Customer deposits	313,401	314,952	287,564	0	9
of which reported at fair value	4,599	4,534	3,537	1	30
of which reported from consolidated VIEs	221	517	54	(57)	309
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	176,559	169,373	168,394	4	5
of which reported at fair value	136,483	131,844	123,697	4	10
Obligation to return securities received as collateral, at fair value	30,191	28,812	42,147	5	(28)
Trading liabilities, at fair value	127,760	137,554	133,997	(7)	(5)
of which reported from consolidated VIEs	1,286	1,208	188	6	–
Short-term borrowings	26,116	23,176	21,683	13	20
of which reported at fair value	3,547	3,247	3,308	9	7
of which reported from consolidated VIEs	6,141	4,150	4,333	48	42
Long-term debt	162,655	164,177	173,752	(1)	(6)
of which reported at fair value	70,366	74,501	83,692	(6)	(16)
of which reported from consolidated VIEs	14,858	16,739	19,739	(11)	(25)
Brokerage payables	68,034	70,212	61,746	(3)	10
Other liabilities	63,217	62,911	62,214	0	2
of which reported at fair value	31,092	31,011	29,185	0	7
of which reported from consolidated VIEs	746	729	840	2	(11)
Total liabilities	1,008,080	1,019,043	988,990	(1)	2
Common shares	49	48	47	2	4
Additional paid-in capital	21,796	21,159	23,026	3	(5)
Retained earnings	27,053	27,804	25,316	(3)	7
Treasury shares, at cost	(90)	0	(552)	–	(84)
Accumulated other comprehensive income/(loss)	(15,134)	(15,492)	(14,555)	(2)	4
Total shareholders' equity	33,674	33,519	33,282	0	1
Noncontrolling interests	7,411	8,959	9,733	(17)	(24)
Total equity	41,085	42,478	43,015	(3)	(4)
Total liabilities and equity	1,049,165	1,061,521	1,032,005	(1)	2

	end of			% change
	4Q11	3Q11	4Q10	QoQ	YoY
Additional share information
Par value (CHF)	0.04	0.04	0.04	0	0
Authorized shares (million)	1,868.1	1,868.1	1,468.3	0	27
Common shares issued (million)	1,224.3	1,203.0	1,186.1	2	3
Treasury shares (million)	(4.0)	0.0	(12.2)	–	(67)
Shares outstanding (million)	1,220.3	1,203.0	1,173.9	1	4

Fourth Quarter and
Full-Year 2011 Results

Presentation to Investors and Analysts

February 9, 2012

Disclaimer

Cautionary statement regarding forward-looking statements

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 and in "Cautionary statement regarding forward-looking information" in our fourth quarter report 2011 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.

Statement regarding non-GAAP financial measures

This presentation also contains non-GAAP financial measures. Information needed to reconcile such non-
GAAP financial measures to the most directly comparable measures under GAAP can be found in this
presentation and our fourth quarter report 2011.

Statement regarding Basel 3 disclosures

As Basel 3 will not be implemented before January 1, 2013, we have calculated our Basel 3 risk-weighted
assets for purposes of this presentation in accordance with the currently proposed requirements and our
current interpretation of such requirements, including relevant assumptions. Changes in the requirements upon
implementation of Basel 3 would result in different numbers from those shown in this presentation.

February 9, 2012

2

Introduction

Brady W. Dougan, Chief Executive Officer

Key messages(1/2)

February 9, 2012

4

Significant progress
in transitioning
the business to the
new environment

4Q11 results reflect
challenging markets,
low client activity
and financial impact
of measures taken to
adapt our business

Underlying results are non-GAAP financial measures. A reconciliation to reported results can be found in the supplemental slides of this presentation.

1Excluding impact from Partner Asset Facility 2 award granted and expensed in 1Q12

§4Q11 net loss of CHF (0.6) bn, including impact from pre-tax losses
of CHF (1.0) bn from business realignment costs, strategic exits from
businesses and the accelerated risk reduction, particularly in fixed income

§2011 net income of CHF 2.0 bn; underlying net income of CHF 2.4 bn
with return on equity of 6.0%; underlying return on equity of 7.3%

§Private Banking with net new assets of CHF 7.6 bn in 4Q11

−Strong net asset inflows of CHF 44.5 bn in 2011

§Sizeable and accelerated Basel 3 risk-weighted asset reduction, exceeding
our original end 2012 goal in 1Q12, nine months early

§Completed expense reduction measures to deliver CHF 1.2 bn run-rate
savings from the start of 20121

§Encouraging early progress to enhance profitability in Private Banking

Key messages(2/2)

February 9, 2012

5

Further
strengthening
of key
financial
ratios

Basel 2.5:Tier 1 ratio of 15.2%; increased by 0.9%
and core tier 1 ratio of 10.7%; increased by 0.7%

Basel 3:

Liquidity:Basel 3 NSFR liquidity ratio further increased to 98%

Dividend
2011 proposal

§Proposed distribution of CHF 0.75 per share, free of Swiss withholding tax

§Scrip alternative, to allow shareholders the option to receive payment in form of
shares, at a discount of approximately 8%

Good start
in 2012

§While the economic and market environment remains uncertain, our year-to-date
underlying1 return on equity is consistent with our 15% target level, including the benefit
from our risk and cost reduction plans

1Underlying results are non-GAPP financial measures.Excluding impact from movements in spreads on own debt and expense related to Partner Asset Facility 2 awards granted in 1Q12

§CET1 ratio of 13% at end 2012, well in excess of 6% FINMA requirement

§"Look through" CET1 ratio at 7% at end 2012, increasing to 10% by end 2013

Adapting business to the new environment

February 9, 2012

6

§Sizeable and accelerated risk-weighted asset
reduction in 4Q11 and 1Q12

§Original end 2012 goal to be already achieved by
end 1Q12, nine months early

§Previously announced end 2012 target to be
exceeded by USD 39 bn

§Actions implemented to achieve an annualized
CHF 1.2 bn run-rate expense reduction in 1Q121

§Remain committed to the total CHF 2 bn reduction target
by end 2013

§Increased compensation cost flexibility, with
substantially lower costs from deferred compensation to be
expensed in 2012 and beyond

§Cost reductions and increased flexibility will primarily
improve performance in Investment Banking

§Encouraging early progress towards
enhanced profitability

§Clariden Leu integration announced and
well advanced

§Onshore expansion in Japan

§Continued growth momentum in ultra-
high-net-worth client segment

Goal

Accelerated risk-weighted asset
reduction in Investment Banking

Enhance Private Banking
profitability

Basel 3, in USD bn

Significantly reduced expense
base and improved cost flexibility

1Excluding impact from Partner Asset Facility 2 award granted and expensed in 1Q12

229

As announced
at 3Q11 results

Financial results

David Mathers, Chief Financial Officer

4.56.87.025.430.6

(1.0)1.01.32.76.8

(0.6)0.70.82.05.1

(0.62)0.530.591.363.89

(8)%9%10%6%14%

4Q113Q114Q1020112010

4.35.57.124.530.3

        Pre-tax income          (0.8)0.51.53.27.2

(0.5)0.41.02.45.0

(0.49)0.340.711.713.79

-9%21%13%24%

(6)%6%12%7%14%

0.47.113.940.969.0

Core results overview

February 9, 2012

8

Underlying in CHF bn

Net revenues

Net income attributable to shareholders

Diluted earnings per share in CHF

Pre-tax income margin

Return on equity

Net new assets in CHF bn

Reported in CHF bn

Net revenues

Pre-tax income

Net income attributable to shareholders

Diluted earnings per share in CHF

Return on equity

Underlying results are non-GAAP financial measures. A reconciliation to reported results can be found in the supplemental slides of this presentation.

4Q112011

(1.0)2.7

(0.2)(0.9)

0.40.8

-0.5

(0.8)3.2

(0.6)(1.0)

(0.2)4.2

in CHF bn

Reported pre-tax income/(loss)

Gains from movements in spreads on own debt1

Realignment charges

Litigation provisions

Underlying pre-tax income/(loss)

Of which pre-tax losses in Investment Banking,
particularly in fixed income, relate to businesses
we are exiting and the accelerated risk reduction:

Overview on significant items

February 9, 2012

9

Note: numbers may not add due to rounding

Underlying results are non-GAAP financial measures.

1 Including fair valuation gains/losses on cross currency swaps relating to our long-term debt

Realignment charges

§Associated with CHF 2.0 bn expense
reduction program

§Part of the CHF 1.2 bn previously
announced charges; remaining charges
of CHF 350 mn to CHF 400 mn
expected over the course of2012

Litigation provisions

§Recorded in 3Q11 in connection with
German and US tax matters

§Compensation expense to decline, driven by
reduction primarily in senior staff as we rationalize
and reallocate resources

§Improved efficiency by rationalizing country,
industry and product coverage; reallocated
resources to growth markets

§Downscaled/exited less capital efficient businesses

On target to deliver CHF 2 bn expense reduction by end 2013

February 9, 2012

10

1 Excluding impact from Partner Asset Facility 2 award granted and expensed in 1Q12

Total savings of

by end 2013

in CHF bn

Achieved CHF 1.2 bn expense reduction
going into 1Q12

Reduce expenses further by CHF 0.8 bn
by end 2013

§Benefit from cost savings in Private Banking, including
integration of Clariden Leu

§Streamlining operations and support infrastructure

−create single processing platform

−combine support functions

§Implement vendor management initiative

§Other operating expense savings to be offset by costs
related to regulatory requirements

Private
Banking

Investment
Banking

Asset
Management

in CHF bn

Private
Banking

Investment
Banking

Asset
Management

Goal
1Q121

Goal
end
2013

Material reduction in variable incentive compensation
awards and deferred compensation going into 2012

February 9, 2012

11

6.9

5.0

3.0

Unrestricted cash

Deferred compensation

Value of granted variable incentive
compensation awards by yearin CHF bn

Total deferred compensation - awarded
but not yet expensed at each year-end in CHF bn

1 Partner Asset Facility 2 (PAF2) award granted and expensed in 1Q12

1

3.7

1

2.5

(37)%

(41)%

§Variable incentive compensation
awards granted for 2011 are down
41%

§Increased compensation cost
flexibility going into 2012given

−lower headcount

−reduction by CHF 2.2 bn, or 37%, in
compensation expenses deferred
from prior years

§Aggregate variable compensation
for current Executive Board down
57% vs. 2010; no cash variable
compensation awards, consistent
with past four years

Deferred compensation award Partner Asset Facility 2 (PAF2)

February 9, 2012

12

Awarded to over 6,000 senior staff throughout Credit Suisse
as part of 2011 incentive compensation

Effective mechanism to transfer risk from the firm to employees

Aligns the risk reward for our employees with those of our shareholders

While being a multi-year instrument, it will be expensed immediately to ensure
instant risk transfer and result in a charge of approx. CHF 0.5 bn in 1Q12

4Q113Q114Q1020112010

2,5742,6102,914 10,87711,631

7525411018

1,1271,1151,2014,6014,737

9058098853,3403,406

-478-47844

2,0322,4022,0868,4198,187

4671838242,3483,426

18%25%28%26%30%

7.67.49.644.554.6

Private Banking full-year results with strong inflows in a continued
weak environment; targeting performance improvement

February 9, 2012

13

§Strong net inflows of CHF 44.5 bn in 2011;
strong contribution from all regions

§Adjusted for litigation provision, pre-tax
income was CHF 2.8 bn, down 18%
from 2010

§2011 credit provisions increased due to
lower provision releases; new provisions
remained stable (despite increase in 4Q11)
reflecting the sound quality of our loan book

§Regulatory requirements and non-credit-
related provisions resulted in higher other
operating expenses in 4Q11

1Excluding litigation provisions

2 Against the US dollar and Euro

in CHF mn

Net revenues

Provision for credit losses

Compensation and benefits

Other operating expenses1

Litigation provisions

Total operating expenses

Pre-tax income

Pre-tax income margin1

Net new assets in CHF bn

Adverse impact from the strengthening2 of Swiss Franc

§Revenues CHF (844) mn

§Pre-tax income CHF (550) mn

Full-year pre-tax income1 down only 3% at constant FX rates

Wealth Management full-year results with subdued client activity,
low interest income and reduction in assets under management

February 9, 2012

14

QoQ/FY:Down reflecting lower client
activity

Drivers:Investor confidence and risk
appetite

2,464

2,148

2,119

120

31

44

45

114

28

43

43

109

22

43

44

778

752

824

Gross margin in basis points

9,829

9,030

120

29

45

46

114

28

43

43

792

821

Net revenuesin CHF mn

(4)%

FY = Full yearAuM = Assets under management

QoQ:Stable with higher investment
account fees offset by lower
banking services fees

FY:Down reflecting lower avg. AuM

Drivers:Asset levels, net inflows, FX,
growth in UHNWI segment

QoQ:Up due to slightly higher loan &
deposit volumes

FY:Down reflecting continued low
interest rates

Drivers:Interest levels and volumes

FY:down 4%, as strong inflows were
more than offset by lower equity
markets and FX movements

Average
AuM
in CHF bn

Transaction
based
revenues

Recurring
commissions
& fees

Net interest
income

Wealth Management with well diversified inflows across all
regions for the year

February 9, 2012

15

§Cumulative inflows of CHF 162 bn since
end 2007, with annual growth around 5%,
despite adverse market and macro
environment

§Net new asset growth rate of 4.7% in
2011

§4Q11 and 2011 with continued strong
inflows from emerging markets and ultra-
high-net-worth clients

§13% growth rate in Asia Pacific in 2011

37.8

Europe, Middle
East, Africa
(EMEA)

Americas

Switzerland

Asia Pacific
(APAC)

2011

Net new assets in CHF bn

4Q113Q114Q1020112010

4554624501,8471,802

325(10)27(52)

240240242940956

183217218880898

40%47%48%48%50%

3.60.81.56.79.3

Corporate & Institutional Clients business continues to deliver
strong results

February 9, 2012

16

§Continued strong pre-tax margin in 4Q11 and 2011

§Strong net new asset contribution

§Credit provisions increased in 4Q11 but remain low in 2011

§The loan portfolio quality remained very strong

−Over 65% collateralized by mortgages and securities

−Counterparties mainly Swiss corporates, including real estate industry

−Sound credit quality with low concentrations

in CHF mn

Net revenues

Provision for credit losses

Total operating expenses

Pre-tax income

Pre-tax income margin

Net new assets in CHF bn

Encouraging early progress in Private Banking to enhance
profitability

February 9, 2012

17

Actions and
achievements
so far

Continue to rebalance the business towards growth areas

§ Added 100 senior RMs, of which 1/3rd focusing on ultra-
 high-net-worth clients, while reducing total headcount 
 by 400 during 2011

§ Acquisition of onshore franchise in Japan

§ Announced and well on track to deliver the financial and
 operational benefits from the integration of Clariden Leu

1External effects (e.g. continued low interest rates, higher credit provisions) are a potential risk to partially offset the benefit from the initiative-driven increase

Programsinitiated

Ultra-
high-net-
worth

Onshore

Cross-
border

§Investment in UHNW franchise servicing the fastest-
growing and most profitable client segment

§Efficiency and growth programs

§In response to structural changes, evolve to a more cost
efficient infrastructure for Western European markets

§Focused on economically attractive markets and
segments, including dedicated service model for
international affluent clients

Pre-tax income impact1in CHF mn

4Q113Q114Q1020112010

5166061,2413,0174,006

367628883,8866,446

7581,1821,3874,7385,884

(59)(56)(38)(145)(122)

1,2512,4943,478 11,49616,214

2259(27)77(97)

1,3641,4491,8236,6678,033

1,1701,1761,1244,6734,747

2,5342,6252,94711,34012,780

(1,305)(190)558793,531

--16%1%22%

248295330248330

Investment Banking results

February 9, 2012

18

in CHF mn

Advisory and underwriting

Fixed income sales & trading

Equity sales & trading

Other

Net revenues1

Provision for credit losses

Compensation and benefits

Other operating expenses2

Total operating expenses

Pre-tax income

Pre-tax income margin

Basel 3 RWA in USD bn

§2011 results impacted by difficult
trading environment, exacerbated by
losses from businesses we are
exiting and from significant Basel 3
RWA reduction

§Significantly lower fixed income results;
challenging trading conditions in
Securitized Products and Credit

§Resilient equities revenues
notwithstanding lower client trading
flows

§Solid underwriting and advisory
revenues, consistent with lower
industry-wide transaction volumes

1 Includes fair value losses on Credit Suisse vanilla debt of (50) mn, (47) mn, (54) mn, (197) mn, (232) mn, and DVA related to structured note liabilities of 182 mn, 538 mn, 15 mn, 698 mn and (73) mn in
4Q11, 3Q11, 4Q10, 2011 and 2010, respectively. Includes OIS adjustment of 52 mn, (83) mn and (146) mn in 4Q11, 3Q11 and 2011, respectively.

2 Includes UK bank levy accrual of 25 mn, 90 mn and 115 mn in 4Q11, 3Q11 and 2011, respectively

Investment Banking revenues impacted by volatile trading environment,
exacerbated by losses from exit business and RWA reduction

February 9, 2012

19

§Losses from businesses we are exiting
and from significant risk-weighted
asset reduction impact:

-Revenues by CHF (469) mn

-Pre-tax income by CHF (567) mn

§Substantial Basel 3 risk-weighted
asset reduction (RWA) of USD 47 bn
in 4Q11

§Adjusted revenue of CHF 1,720 mn,
down 31% from 3Q11

Net revenuesin CHF mn

Adjusted
revenues 4Q11

Losses from

businesses we

are exiting

Losses due to

RWA reduction

Reported

revenues 4Q11

Accelerated RWA reduction with USD 83 bn achieved in 2H11;
expect to exceed original end 2012 goal nine months early

February 9, 2012

20

Investment Banking Basel 3 risk-weighted assets in USD bn

Goal

As announced
at 3Q11 results

End:

(43)%

(16)%

(27)%

USD 83 bn
already
achieved

Additional
USD 33 bn
expected by
end 1Q12

229

Significantly lower Fixed Income revenues reflect challenging
market conditions, losses from exit businesses and RWA
reduction

February 9, 2012

21

§4Q11 results impacted by volatile trading
conditions, subdued market activity and
low liquidity

§Underperformance exacerbated by losses
fromexit businesses of CHF (320) mn

§Securitized Products with revenues of
CHF (201) mn including losses on inventory
sales of CHF (149) mn as we reduced
RWAs, and losses on hedges

§Credit with mark-to-market losses on client
inventory positions, particularly in
investment grade trading

§Emerging Markets and Commodities
somewhat weaker due to lower market
activity

§Rates and FX remained resilient

Fixed income sales & trading revenuesin CHF mn

Note: Includes fair value losses on Credit Suisse vanilla debt of CHF (49) mn, CHF (42) mn, CHF (45) mn, CHF (209) mn and CHF (178) mn, and DVA related to certain structured note liabilities of CHF 5 mn,
CHF 266 mn, CHF 180 mn, CHF (10) mn and CHF 460 mn, in 4Q10, 3Q11, 4Q11, 2010 and 2011, respectively. Includes OIS adjustment CHF (146) mn, CHF (83) mn, and CHF 52 mn in 2011, 3Q11 and 4Q11,
respectively.

654

1098

Macro
(Rates & FX)

Fixed Income
businesses

Securitized
Products

Credit

Emerging
Markets

Commodities

Total Fixed
Income

Other

Wind-down

1 3Q11 figures adjusted to reflect the allocation from other Fixed Income businesses to wind-down for comparative purposes

Fixed Income Basel 3 risk-weighted assets reduced by 22%
in 4Q11; target further 31% reduction by end 2012

22

February 9, 2012

Basel 3 risk-weighted assets in USD bn

3Q1114Q11Target end 2012

(22)%

(31)%

(28)%

(34)%

(4)%

(11)%

(14)%

(23)%

(9)%

(6)%

4Q11 risk-weighted assets reduction update

4Q11 Fixed Income wind-down update

§Completed exit of CMBS origination

§Reduction of long-dated trades in Rates

§Risk reduced by 60% in correlation book in Credit

§Reduced net exposures in hard currency trading in
Emerging Markets by 40%

§Continued reduction of legacy wind-down portfolio
through asset sales

§Significant reduction of low-rated positions in
Securitized Products

§Reduction of derivatives exposure

§Reduction of market risk and credit risk

(14)%

(71)%

Resilient Equity sales & trading results in view of subdued client
trading flows

February 9, 2012

23

Equity Sales & Trading revenuesin CHF mn

Note: Includes DVA related to certain structured note liabilities of CHF 10 mn, CHF 272 mn, CHF 2 mn, CHF (63) mn and CHF 238 mn, and fair value losses on Credit Suisse vanilla debt of CHF (5) mn,
CHF (5) mn, CHF (5) mn CHF (23) mn and CHF (20) mn, and in 4Q10, 3Q11, 4Q11, 2010 and 2011, respectively.

§Solid Prime Services performance
with increased client balances

§Resilient Cash Equities revenues
despite declining client trading volumes
in the quarter; maintained market-
leading position in 2011

§Derivatives performance impacted by
reduced customer flows and hedging
losses related to conservative risk
positioning

Underwriting & advisory revenues solid; in line with lower
industry-wide transaction volumes

February 9, 2012

24

4,006

3,017

Underwriting & Advisory revenuesin CHF mn

Equity underwriting

Advisory

Debt underwriting

1,241

606

516

§Solid underwriting and advisory
results in light of low industry-wide
levels of debt and equity issuance and
M&A activity

§Increased market share and ranking
in global equity capital markets in 2011

§#1 share of investment banking fees in
Asia Pacific (ex-Japan) in 2011;
increased share of wallet in EMEA

4Q113Q114Q1020112010

4644895321,8651,833

6(17)101305432

(15)(1)(16)(24)67

455471617 2,1462,332

2042192509321,082

164160187661747

3683794371,593 1,829

8792180553503

4548504443

19%19%29%26%22%

(9.6)0.24.5(0.9) 20.6

408410426408426

Asset Management with stable fee margins and lower costs

February 9, 2012

25

in CHF mn

Fee-based revenues

Investment-related gains/(losses)

Other revenues1

Net revenues

Compensation and benefits

Other operating expenses

Total operating expenses

Pre-tax income

Fee-based margin

Pre-tax income margin

Net new assets in CHF bn

Assets u. management in CHF bn

§Full-year results with growth in fee-
based revenues

§Stability of results improving with less
dependency on investment-related
gains

§Full-year with significantly reduced
expenses

§2H11 investment-related gains and
annual performance fees negatively
impacted by market conditions

1Equity participations gains/losses and other revenues

Strategic realignment in Asset Management delivering tangible
improvement in results; pre-tax income margin in 2011 increased to 26%

February 9, 2012

26

1Excluding CHF 143 mn gains on securities purchased from our money market funds

Higher fee-based revenues

§Higher placement fees and equity
participations revenues

§Higher carried interest from private
equity realizations more than offset
lower performance fees

Lower operating expenses

§Business realignment and back-
office restructuring

Strengthening of Swiss Franc with
adverse impact (2011 vs. 2010)

§Revenues CHF (239) mn

§Pre-tax income CHF (69) mn

Pre-tax income progression 2011 vs. 2010 in CHF mn

FX
impact

2011

Business is less
dependent on
investment-related gains

FX neutral

Pre-tax income
margin

26%

16%

2010

1

1

Higher

fee-based
revenues

Lower
investment-
related revenues

Higher other
revenues

Lower
operational

expenses

Asset Management with strong inflows in targeted higher margin busi-
nesses offset by fund closures and outflows from low margin products

February 9, 2012

27

Net new assets 2011 in CHF bn

§Strong underlying inflows of CHF 12.1
bn, primarily in higher margin
alternative investments

§Outflows of CHF (5.9) bn due to
proactive decision to close-down
certain product lines and from private
equity investment sales

§Outflows of CHF (7.1) bn from low
marginpension advisory services
business

Inflows excl. disc.
businesses,
investment sales and
pension advisory
services

Pension
advisory
services

Total
2011

Discontinued
businesses &
investment sales

(7.1)

Low
gross margin

Alternative
investments

Traditional
investments1

1 Multi-Asset-Class-Solutions, Fixed Income & Equity

12.1

27.126.626.625.924.424.1+1.8

38.037.137.736.835.035.2+1.6

210.4210.1218.7241.8243.8247.7(5.9)

12.9%12.6%12.2%10.7%10.0%9.7%+1.0%

18.1%17.7%17.2%15.2%14.3%14.3%+0.9%

Basel 2Basel 2.5

in CHF bn4Q113Q114Q104Q113Q114Q10YoY change

Core tier 1 capital

Tier 1 capital

Risk-weighted assets

Core tier 1 ratio1

Tier 1 ratio

Improved already strong capital base

February 9, 2012

28

§Credit Suisse transitioned to Basel 2.5 from 1.1.2011

§Further improvement in capital ratios

§In addition to Basel 2.5 capital, Credit Suisse has additional loss-absorbing conditional capital of CHF 7.7 bn2

1Excludes hybrids instruments

2Buffer Capital Notes (BCN) of CHF 1.9 bn issued and CHF 5.8 bn committed to be exchanged in October 2013 as per February 2011 agreement.

Substantial reduction in Basel 3 risk-weighted assets; end
state to be achieved by end 2012

February 9, 2012

29

Basel 3 risk-weighted assets in CHF bn

1Adjusting for end 4Q11 USD/CHF exchange rate of 0.94 added CHF 30 bn to previous goal of CHF 290 bn with the corresponding benefit to capital

As announced
at 3Q11
results1

End:

§Significantly accelerated reduction in Basel
3 risk-weighted assets

§Original end 2012 target to be achieved by
end 1Q12, nine months early

§Original end 2012 target expected to be
exceeded by CHF 37 bn

§Achieving our 2013 goals allows for growth
thereafter,primarily in Private Banking

(16)%

(8)%

(24)%

Goal

Solid Basel 3 end 2012 Common Equity Tier 1 ratio of 12.9%

February 9, 2012

30

1 Cumulative fair value changes from movements in spreads on our vanilla debt and structured notes, net of tax

2Bloomberg consensus net income estimates for 2012, less actual 2011 dividend of CHF 0.75 per share and less 2012
dividend assumed to be the same as the dividend accrual in 2011. Assumes 50% of dividends will be distributed as
cash and 50% as shares. Not endorsed or verified and used solely for illustrative purposes. Actual net income and
dividends may differ significantly.

17.0%

15.6%

Common
equity tier 1
capital
(CET1)

Additional
issued and to
be exchanged
loss-
absorbing
capital4

§Solid end 2012 capital
ratios with CET1 ratio
of 12.9%, as per
proposed FINMA capital
ordinances

§Additional 2.7% layer
from loss-absorbing
contingent capital

Basel 3 CET1 capital simulation in CHF
bn

Regulatory
deductions1

Retained
earnings
20122

Other
impacts3

End:

Basel 3 ratios in %

CET1 ratio

12.9%

2.6%

2.7%

14.4%

12.9%

3 Benefit from the expected settlement of share-based compensation included in consensus net income with
shares issued from conditional capital and other expected movements and deductions in regulatory capital

4Buffer Capital Notes (BCN) of CHF 1.9 bn issued and CHF 5.8 bn committed to be exchanged in October 2013
as per February 2011 agreement.

Shareholders'

equity

end 2011

CET1

capital

end 2012

Strong funding and liquidity

February 9, 2012

31

Assets

Equity & liabilities

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.1 Primarily brokerage receivables/payables, positive/negative
replacement values and cash collateral2 Includes due from/to banks3 Primarily includes excess of funding neutral liabilities (brokerage payables) over corresponding assets4 Primarily includes unencumbered trading assets,
investment securities and excess reverse repo agreements, after haircutsLTRO = Longer-term refinancing operation by the European central bank

Reverse201

repo

Encumbered74

trading assets

1,049

1,049

Funding-139

neutral assets1

Cash2113

Unencumbered150

liquid assets4

Customer228

loans

Other144

longer-maturity assets

Repo207

Short positions68

Funding-139

neutral liabilities1

Short-term debt2100

Other short-term liab.353

Customer 278

deposits

Long-term debt163

Total equity41

122%

coverage

Match
funded

414

635

§Well prepared for Basel 3 liquidity requirements

-Basel 3 "Net Stable Funding Ratio (NSFR)"
(1-year) estimated at around 98%

-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 at 4.6% (Basel 2.5)

§Funding spreads remain amongst the tightest amongst
peers

§Utilized only 12% of Swiss mortgage book for secured
funding (Pfandbrief and other covered bond issuances)

§No intention to participate in current or new LTRO facility
given our very strong funding and liquidity position and low
inventory of EUR collateral

Assets and liabilities by category (end 4Q11 in CHF bn)

Summary

Brady W. Dougan, Chief Executive Officer

Summary

February 9, 2012

33

Significant
progress in
transitioning
the business
to the new
environment

§Sizeable and accelerated Basel 3 risk-weighted asset reduction, exceeding our
original end 2012 goal in 1Q12, nine months early

§Completed expense reduction measures to deliver CHF 1.2 bn run-rate savings from
the start of 20121

§Encouraging early progress to enhance profitability in Private Banking

Further
strengthening
of key
financial
ratios

§Increased Basel 2.5 tier 1 ratio to 15%

§Basel 3 CET1 ratio of 13% at end 2012, well in excess of 6% FINMArequirement

§NSFR liquidity ratio further increased to 98%

1Excluding impact from Partner Asset Facility 2 award granted and expensed in 1Q12

2 Underlying results are non-GAAP financial measures. Excluding impact from movements in spreads on own debt and expense related to Partner Asset Facility 2 awards granted in 1Q12

Good start
in 2012

§While the economic and market environment remains uncertain, our year-to-date
underlying2 return on equity is consistent with our 15% target level, including the
benefit from our risk and cost reduction plans

Supplementary information

Slide

36 to 37

38

39

40

41

42

43

44

45

46

47 to 48

Table of contents

February 9, 2012

35

Reconciliation from reported to underlying results

Revenue and expenses currency mix

Results in Corporate Center

Collaboration revenues

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

Glide-path towards end 2018 requirements

Selected European credit risk exposure

Compensation expenses trend

Investment Banking results in USD

Continued client market share momentum in Investment Banking

Loan portfolio characteristics

3Q114Q1120113Q114Q1120113Q114Q1120113Q1120113Q114Q112011

6,8174,47325,429(1,286)(209)(919) - - - - - 5,5314,26424,510

8497187 - - - - - -                - - 8497187

5,6975,37422,493 - - - (291)(414)(847)(478)(478)4,9284,96021,168

1,036(998)2,749(1,286)(209)(919)291414847478478519(793)3,155

332(397)671(407)(32)(303)8276206505057(353)624

213612           - - - - - - - -               2136 125

683(637)1,953 (879)(177)(616)209338641428428441(476)2,406

8.7%(7.7)%6.0%5.6%(5.7)%7.3%

Reconciliation from reported to underlying results 2011

February 9, 2012

36

Net revenues

Prov. for credit losses / (release)

Total operating expenses

Pre-tax income

Income tax expense

Noncontrolling interests

Net income

Return on equity

Reported

Underlying

Impact from movements
inspreads on own debt1

Business realignment
costs

Non-
credit-related
provision

Note: numbers may not add to total due to rounding

1 Including fair valuation gains/losses on cross currency swaps relating to our long-term debt

CHF mn

4Q1020104Q1020102010201020104Q102010

6,96030,625186(343) - - - 7,14630,282

(23)(79) - - - - - (23)(79)

5,67623,904 - - (404)(289) - 5,67623,211

1,3076,800186(343)404289-1,4937,150

4051,54840(124) - 1164884452,028

-(19) - - - - -(19)

61135 - - - - -61 135

8415,098146(219)404173(488)9874,968

9.8%14.4%11.5%14.1%

Reconciliation from reported to underlying results 2010

February 9, 2012

37

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

Reported

Underlying

Impact from movements
inspreads on own debt1

UK
bonus levy

Normalization
to tax rate
of 28%

Note: numbers may not add to total due to rounding

1 Including fair valuation gains/losses on cross currency swaps relating to our long-term debt

CHF mn

Litigation
provisions

Currency mix

February 9, 2012

38

Net revenues

Total expenses1

CHF mn

Contribution

1 Total operating expenses and provisions for credit losses

2 Based on 12M11 revenue and expense levels, currency mix and average exchange rates

Sensitivity analysis2

§A 10% movement in the
USD/CHF exchange rate
affects FY 2011 PTI by CHF
464 mn

§A 10% movement in the
EUR/CHF exchange rate
affects FY 2011 PTI by CHF
258 mn

Credit Suisse Core Results

FY 2011CHFUSDEURGBPOther

25,42921%50%16% 4% 9%

22,68035%35%6%11%13%

20101Q112Q113Q114Q112011

(660)(745)(190)951(247)(231)

(592)562(93)(1,336)(263)(1,130)

-47 - - -47

216-----

404- - ---

- -142291414847

(632)(136)(141)(94)(96)(467)

Results in the Corporate Center

February 9, 2012

39

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)

Note: Adjusted results are non-GAAP financial measures

1 Including fair valuation gains/losses on cross currency swaps relating to our long-term debt

CHF mn

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

Collaboration revenues

February 9, 2012

40

Collaboration revenues in CHF bn and as % of net revenues (core results)

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

14%

17%

14%

18%

15%

22%

Note: numbers may not add due to rounding

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

February 9, 2012

41

1Bloomberg consensus net income estimates and assumes 2012 dividend to be the same as the dividend
accrual in 2011. Assumes 50% of dividends will be distributed as cash and 50% as shares. Not endorsed or
verified and used solely for illustrative purposes. Actual net income and dividends may differ significantly.

12.5%

9.8%

Common equity
tier 1 capital
(CET1)

Additional
issued and to
be exchanged
loss-absorbing
capital3

Comments on "look
through" view:

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

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

§ Not relevant for trigger
 mechanism of recent BCN
 transactions

Illustrative Basel 3 CET1 "look
through" capital simulation in CHF bn

Regulatory
deductions

Retained
earnings
20131

End:

"Look through"
Basel 3 ratios

Goodwill

"Look

through" CET1

ratio 7.1%

"Look

through" CET1

ratio 9.9%

2.6%

2.7%

9.9%

7.1%

2 Lower regulatory deductions of CHF 3.2 bn (primarily deferred tax assets) and assumes CHF 1.4 bnbenefit
from the expected settlement share-based compensation with shares issued from conditional capital and from
other movements and deductions in capital.

3Buffer Capital Notes (BCN) of CHF 1.9 bn issued and CHF 5.8 bn committed to be exchanged in October
2013 as per February 2011 agreement.

CET1 capital
end 2012

"Look through"

CET1 capital

end 2012

"Look through"

CET1 capital

end 2013

Well in excess of end 2012 requirements, with sufficient buffer to
accommodate proposed glide-path into end 2018 target levels

February 9, 2012

42

11.3%

8.5%

13.4%

15.3%

16.8%

18.0%

19.0%

12.9%

15.6%

2.7%

End:

End 2012

CET1 capital

Buffer
capital
notes3

Starting from end 2013, phase-in of regulatory capital deductions at 20% p.a.

Glide-path towards end 2018 requirements as per draft Swiss capital adequacy ordinance

Basel 3 capital simulation

High-trigger contingent capital

Progressive capital1

Common equity tier 1 capital (CET1)2

Note: Chart is a simplified presentation of draft ordinances on capital requirements

1 Based on Credit Suisse market share and balance sheet size as of 2009; until end 2017, excess CET1 capital and high-trigger contingent capital allowed to fulfill progressive capital requirements

2 Including conservation buffer

3 CHF 1.9 bn issued and CHF 5.8 bn committed to be exchanged in October 2013 as per February 2011 agreement.

Selected European credit risk exposure at end 4Q11

February 9, 2012

Gross3.83.50.00.10.20.0

Net0.60.50.00.00.10.0

TotalItalySpainPortugalGreeceIreland

Sovereigns

Exposure in EUR bn

Gross6.92.72.10.20.11.8

Net2.31.00.90.00.00.4

Financial
institutions

Gross6.02.51.90.20.50.9

Net2.51.00.90.10.10.4

Corporates
& other

43

Compensation expenses trend

February 9, 2012

44

15.0

14.6

Compensation and benefits expense in CHF bn

13.2

(9)%

Note: Numbers may not add due to rounding

1Includes unrestricted cash, sign-on payments and commissions

Variable compensation awards1

Salaries and other compensation expenses

Deferred compensation from prior years

Severance payments

Related to
current year

4Q113Q114Q1020112010

2513686051,6251,958

120140308821881

1942153619731,058

289069084,3046,194

8391,4271,4215,4015,656

(65)(74)(42)(171)(118)

1,3672,9833,562 12,95515,629

2567(32)88(104)

1,4911,7291,8667,5037,728

1,2911,4141,1595,3204,587

2,7823,1433,02512,82212,315

(1,440)(227)568443,418

--16%0%22%

Investment Banking results in USD

in USD mn

Debt underwriting

Equity underwriting

Advisory and other fees

Fixed income sales & trading

Equity sales & trading

Other

Net revenues1

Provision for credit losses

Compensation and benefits

Other operating expenses2

Total operating expenses

Pre-tax income

Pre-tax income margin

1Includes fair value losses on Credit Suisse vanilla debt of (56) mn in 4Q11, 3Q11, 4Q10, and (224) mn in 2011 and 2010 and DVA related to structured note liabilities of 196 mn, 649 mn, 15 mn, 829 mn and
(77) mn in 4Q11, 3Q11, 4Q10, 2011 and 2010, respectively. Includes OIS adjustment of 56 mn, (105) mn and (185) mn in 4Q11, 3Q11 and 2011, respectively.

2Includes UK bank levy accrual of 28 mn, 111 mn and 139 mn in 4Q11, 3Q11 and 2011, respectively.

February 9, 2012

45

2008

2011

2009

2010

Trend

Global DCM

Global high yield

Global ECM

Global announced

Global completed

#10/4%

#4/9%

#7/6%

#6/14%

#8/13%

#1/12%

#10/4%

#3/7%

#7/5%

#8/13%

#8/16%

#1/8%

#6/5%

#3/8%

#6/6%

#4/17%

#4/15%

#1/8%

#10/4%

#4/9%

#5/7%

#4/14%

#6/14%

#1/9%

Global IPO

#5/6%

#8/5%

#5/7%

#4/7%

Prime services2

Top 3/

>10%

Top 3/

>10%

#3/13%

#3/13%

US investment
grade3

#6/8%

#7/6%

#8/6%

#5/9%

US rates

#8/7%

#9/6%

#6/9%

#7/8%

US high yield3

#2/15%

#3/13%

#3/12%

#3/14%

US leveraged loans

#2/18%

#2/16%

#3/13%

#3/14%

Global foreign
exchange

#9/3%

#14/2%

#8/4%

#8/5%

US securitized
products

#3/13%

#2/13%

#3/13%

#1/14%

US cash equities1

#2/12%

#5/12%

#1/13%

#1/13%

US electronic
trading1

#1/8%

#1/8%

#1/11%

#1/11%

Source: Greenwich Associates, Euromoney magazine and Dealogic

1 Rank based on Greenwich Associates, market share based on Credit Suisse estimates

2 Rank and market share based on Credit Suisse estimates

3 Represents secondary cash rank and market share

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

Continued client market share momentum in
Investment Banking

Securities (Rank/market share)

Equities

Fixed Income

Underwriting and advisory (Rank/market share)

2008

2011

2009

2010

Trend

M&A

Debt Capital Markets

Equity Capital Markets

Total fees4

Emerging Markets

February 9, 2012

46

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

Investment Banking loan book

§Corporate loan portfolio is 75%
investment grade, and is mostly
(87%) 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. 98% with
average mark of 97% in non-
investment grade portfolio

§Continuing good performance of
individual credits: no specific
provisions during the quarter

Funded loans

Unfunded commitments

Hedges

§Well-diversified by name and
evenly spread between EMEA,
Americas and Asia and approx.
35% accounted for on a fair
value basis

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

§No significant provisions during
4Q11

February 9, 2012

47

Private Banking loan book

Private Banking total loan
book of CHF 197 bn

§focused on Switzerland

§more than 85%
collateralized

BB+ to BB

BBB

BB- and below

AAA to A

Wealth Management Clients (CHF
140 bn)

§ Portfolio remains geared towards
 mortgages (CHF 94 bn) and
 securities-backed lending
 (CHF 39 bn)

§ Lending is based on well-proven,
 conservative standards

§ Lombard lending with excellent
 credit quality despite increased
 market volatility

§ Real estate prices continued to rise;
 risk of major price falls still limited
 to some "hot spot" regions

Corporate & Institutional Clients
(CHF 57 bn)

§ The portfolio quality remained on
 a high level

§ Over 65% collateralized by
 mortgages and securities

§ Counterparties mainly Swiss
 corporates incl. real estate industry

§ Sound credit quality with low
 concentrations

February 9, 2012

48

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/ Brady W. Dougan Brady W. Dougan Chief Executive Officer Credit Suisse Group AG and Credit Suisse AG
		/s/ David R. Mathers David R. Mathers Chief Financial Officer
Date: February 9, 2012		Credit Suisse Group AG and Credit Suisse AG