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 19, 2012

Commission File Number 001-15244

CREDIT SUISSE GROUP AG

(Translation of registrant’s name into English)

Paradeplatz 8, 8001 Zurich, Switzerland

(Address of principal executive office)

______________

Commission File Number 001-33434

CREDIT SUISSE AG

(Translation of registrant’s name into English)

Paradeplatz 8, 8001 Zurich, Switzerland

(Address of principal executive office)

______________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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

Not for release, publication or distribution in Australia, Canada or Japan.

Media Release

Credit Suisse Group AG today placed CHF 3.8 billion 4% Subordinated Mandatory and Contingent Convertible Securities (“MACCS”)

Zurich, July 18, 2012 Credit Suisse Group AG today placed CHF 3.8 billion 4% Subordinated Mandatory and Contingent Convertible Securities ("MACCS"), which are mandatorily convertible into 233.5 million shares at a conversion price of CHF 16.29 per share on March 29, 2013 (subject to early conversion upon certain events)*.

CHF 1.9 billion of MACCS will be purchased directly by strategic and institutional investors, and CHF 1.9 billion MACCS are being offered to shareholders of Credit Suisse Group AG by way of an offering of preferential subscription rights. Strategic and institutional investors have entered into definitive agreements to purchase any MACCS not taken up by shareholders, thereby ensuring placement of the entire CHF 3.8 billion of MACCS.

The MACCS are being issued by Credit Suisse Group (Guernsey) V Limited, and subject to a guarantee whereby Credit Suisse Group AG will agree to unconditionally and irrevocably guarantee all payments and, on a subordinated basis, the delivery of the shares in respect of the MACCS. Through a public offering in Switzerland and private placements in certain countries whose laws so permit, an aggregate principal amount of CHF 1.9 billion of the MACCS will initially be offered to shareholders of Credit Suisse Group AG by way of an offering of preferential subscription rights ("Rights").

Credit Suisse Group AG shareholders will be granted one Right for each registered share held after close of trading on July 19, 2012. 678 Rights confer the right to subscribe to one (1) MACCS of CHF 1,000 principal amount.

The Rights are exercisable from July 20, 2012 until July 27, 2012 at 12.00 noon (CET) and are expected to be traded on the SIX Swiss Exchange AG from July 20, 2012 until July 26, 2012. MACCS for which Rights have not been exercised during the preferential subscription period will be sold to strategic and institutional investors who have entered into definitive agreements to purchase such MACCS, thereby ensuring placement of the entire CHF 3.8 billion of MACCS.

The MACCS’s conversion ratio is equivalent to the CHF 1,000 principal amount per MACCS divided by the conversion price. The MACCS will be mandatorily converted into Credit Suisse Group AG shares on March 29, 2013*. The Issuer will pay a fixed interest amount of CHF 26.56, which is payable upon conversion and equivalent to a rate of 4% per annum.

	Media Release
	July18, 2012 Page 2/2

Payment for MACCS is due on July 31, 2012. Application for the listing and trading of the MACCS on the SIX Swiss Exchange will be made. Credit Suisse Group AG shares are listed and traded on the SIX Swiss Exchange.

Credit Suisse AG is acting as sole book runner and placement agent for the MACCS issue.

*Accelerated conversion may occur prior to March 2013 upon the occurrence of certain contingency and viability events specified in the terms of the MACCS. These terms also contain the conditions of a possible increase in the interest rate.

Information

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

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

This communication is not an offer for sale of securities in the United States.  Securities may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act").  Neither the issuer nor Credit Suisse Group (or any of their respective affiliates or subsidiaries) intends to register any part of the offering in the United States or to conduct a public offering of securities in the United States.  This communication shall not constitute an offer to sell nor the solicitation of an offer to buy the securities referred to herein. Any sales in the United States will be made only to qualified institutional buyers, as defined in Rule 144A under the Securities Act, in transactions exempt from registration under the Securities Act, and sales outside the United States will be made to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons collectively, “relevant persons”).  The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons.  Any person who is not a relevant person should not act or rely on this  communication or any of its contents.

In any EEA Member State that has implemented Directive 2003/71/EC (such Directive and amendments thereto, including Directive 2010/73/EU, to the extent implemented in each relevant Member State, together with any applicable implementing measures in the relevant home Member State, the “Prospectus Directive”), this communication is only addressed to and directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

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 48,200 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.

2Q12 Results Highlights & Capital Actions

Presentation to Investors and Media

July 18, 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, 2011 and in "Cautionary statement regarding
forward-looking information" in our first quarter report 2012 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 in our
first quarter report 2012.

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 and
capital 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.

July 18, 2012

2

Introduction

Brady W. Dougan, Chief Executive Officer

July 18, 2012

Adding 15.3 billion Swiss francs of capital;
"Look through" Swiss core capital1 ratio of 9.4% by end 2012

Targeting an additional CHF 1 bn cost savings,
having already achieved the CHF 2 bn end 2013 target 18 months early

Solid 2Q12 results with pre-tax income of CHF 1.1 bn,
evidencing strength of resilient business model

Additional cost reductions offset higher equity base, sustaining an unchanged
pro forma 6M12 RoE of 12% - supporting over the cycle >15% target

Commit to distribute substantial cash to shareholders from capital generation
once "look through" Swiss core capital ratio exceeds 10%

4

1See slide 29 for a definition/comparison of Basel and Swiss capital ratios and refer to the 'Statement regarding Basel 3 disclosures' in the disclaimer on slide 2 of this presentation

Solid result in challenging markets validates the strength of
our business model

July 18, 2012

2Q12 pre-tax income of CHF 1.1 bn, net income of CHF 0.8 bn and after-tax return on equity of 9%,
reflecting resilient revenues and continued expense reduction

6M12 normalized after-tax return on equity of 12%

Higher recurring fees & interest income despite a continued risk-averse client-base

Pre-tax margin improved to 29%

CHF 5.5 bn inflows in Wealth Management, net of Clariden Leu outflows of CHF (3.4) bn

Efficiency enhancement and growth initiatives on track

Increased balance and consistency in fixed income business model, delivering a resilient performance
despite more difficult market conditions

Continued strong client market shares in equities and advisory with good momentum in prime services;
focus on disciplined resource allocation

Lower expense base and improved capital efficiency - normalized1 expense run-rate reduced by CHF
1.6 bn from 6M11 and 38% reduction in Basel 3 RWA since end 2Q11

Return on Basel 3 allocated capital: 5% in 2Q12; 12% in 6M12 vs. 8% 6M11

Improving
Private Banking
results with pre-tax
income of
CHF 0.8 bn in 2Q12

Resilient
Investment Banking
results with pre-tax
income of
CHF 0.4 bn in 2Q12

Asset Management
pre-tax income of
CHF 0.1 bn in 2Q12

Higher performance fees more than offset by lower contribution from investment-related gains reflecting
the challenging market conditions; continued reduction in operating expenses

Successful exit of minority investment in Aberdeen Asset Management

Normalized results are non-GAAP financial measures. A reconciliation to reported results is included in the supplemental slides of this presentation.

1 Assumes that share-plan-based awards (with 3-year vesting) of CHF 131 mn had been awarded in lieu of PAF2 awards (with accelerated vesting) of CHF 418 mn in 6M12

5

Achieved CHF 2 bn expense reduction target 18 months early; further
CHF 1 bn savings identified and end 2013 target raised to CHF 3 bn

July 18, 2012

2013 expense reduction target
increased by CHF 1 bn to CHF 3 bn

At end 1Q12, we reported an annualized expense
reduction of CHF 1.5 bn, clearly exceeding the
original 2012 goal of CHF 1.2 bn

At end 6M12, annualized expense savings
increased a further CHF 0.5 bn to CHF 2 bn,
reaching our end 2013 target 18 months early

Identified further CHF 1.0 bn savings, largest
proportion from shared service functions

Expense savings
achieved in:

1Q12

6M12

Total expense
reduction target
by end 2013

Expense reductions
in CHF bn

Note:All expense reductions exclude variable incentive compensation, PAF2, realignment costs and FX impact

Additional
expense
savings
identified

6

"Look through" Swiss core capital ratio of 9.4% by end 2012

July 18, 2012

7.0%

9.4%

+2.4%

+0.8%

(0.8)%

+2.4%

End 2012 "look through" capital ratio, as per end 1Q12 simulation

End 2012 "look through" capital ratio simulation

280

3001

Basel 3 RWA
in CHF bn

10%

Note:Strategic divestments may be announced but potentially not closed by year-end 2012; Simulation assumes constant FX rates

1 End 2012 goal of CHF 300 bn reflects current FX rates and estimates for Basel 3 treatment; includes RWA in Investment Banking at or below
   current levels (in USD)

2 Excludes 33.5 million shares in respect of the purchase of the residual minority stake in Hedging-Griffo as already included in 7% as per
   end 1Q12

Target

Immediate
capital actions during
July 2012

Additional
capital actions
by end 2012

Other movements &
changes in RWA

7

2

Impact on total loss-absorbing capital ratio as per
SNB Financial Stability Report

July 18, 2012

5.9%

=10.8%

End 1Q12 Swiss total loss-absorbing capital ratio,as per SNB Financial Stability Report 2012

End 2012 total loss-absorbing capital ratio simulation

+2.3%

+2.6%

=8.5%

As of today1

1End 2Q12 actual adjusted for immediate capital measures and related benefit from lower threshold deductions. Using actual end 1Q12regulatory deductions, instead of end 2012, the ratio would be 8.5%
(see page 26).

Note: Strategic divestments may be announced but potentially not closed by year-end 2012; Simulation assumes constant FX rates

Capital ratio impact after exchange in October 2013 of residual
CHF 4.1 bn hybrid tier 1 instruments into BCNs

+1.4%

=12.2%

Immediate
capital actions
during
July 2012

Additional
capital actions
by end 2012

Other movements
&
changes in RWA

8

Raising CHF 3.8 bn through issuance of mandatory convertible
securities

Mandatory convertible securities of CHF 3.8 bn issued at a fixed conversion price
of CHF 16.29 per share (total of 233.5 million shares)

Tranche A: CHF 1.9 bn will be bought by a group of high quality existing and new strategic investors
(117.0 million shares without subscription rights)

-The group of strategic and other investors includes:

Existing investors: - The Olayan Group, Qatar Holding LLC
                                                   BlackRock Investment Management1,
                                                   Capital Research Global Investors
Norges Bank Investment Management

New investors: - Temasek, Southeast Asian strategic investors

Tranche B: CHF 1.9 bn, subject to take-up by existing shareholders, are fully underwritten by
strategic investors (116.5 million shares with subscription rights)

-No bank underwriting syndicate required, as any shares not taken up by existing shareholders
during the 5½-day subscription period, will be acquired by strategic investors

July 18, 2012

9

1Funds and accounts under management by BlackRock Investment Management, LLC

Additional cost reductions offset higher equity base, sustaining
an unchanged pro forma 6M12 return on equity of 12%

July 18, 2012

Normalized

6M12

Pro-forma

6M12

Pro forma after-tax return on equity, 6M12

Share issuances1

Incremental cost
savings to be
achieved

Strategic
divestments,
real estate &
Aberdeen sale

6M12 normalized RoE remains comparable, if adjusted for:

−Issuance of shares & convertible securities (higher equity)

−Benefit from residual cost savings
(higher earnings & higher equity)

−Strategic divestments (lower earnings & higher equity)

−Sale of stake in Aberdeen and real estate gains (higher equity)

Overall, close to 80% of improvement in capital ratio to 9.4%
(previously 7%) does not dilute shareholders' percentage
ownership (assumes holders take up their subscriptions rights)

Additional cost reductions ensure limited earnings per share
dilution

18% increase in share count from share issuance from mandatory
convertibles

−Ownership dilution of 8% for investors participating in rights
offering

Supports Group over the cycle
return on equity target of above 15%

1 Related to mandatory convertible issuance and deferred cash compensation awards (APPA) exchange

10

Commit to distribute substantial cash to shareholders from capital
generation once "look through" Swiss core capital ratio exceeds 10%

July 18, 2012

Reducing capital allocation to Investment
Banking, especially Fixed Income, as we
transition to Basel 3

Expect to achieve targeted "look through"
10% Swiss core capital ratio during 2013

Private Banking &
Asset Management

Equities,
Advisory,
Underwriting

Fixed
Income

Contribution to Basel 3 RWA

Investment
Banking

Consistent earnings capacity of
business model will generate
substantial levels of excess capital

<20%

>40%

<40%

Goal

11

2Q12 Results Highlights & Capital Actions

David Mathers, Chief Financial Officer

Reported in CHF mn

Net revenues

Pre-tax income

Net income attributable to shareholders

Diluted earnings per share in CHF

Return on equity

6,2415,8786,32612,119      14,139

1,111 401,0861,1512,711

788447688321,907

0.460.030.480.50          1.42

9%1%10% 5%12%

2Q121Q122Q116M126M11

6,1027,2546,22213,35614,738

1,1481,4841,1242,6323,452

8151,0557871,8702,463

0.480.790.491.271.86

19%20%18%20%23%

9%12% 10%11%15%

9%16%10%12%15%

Underlyingin CHF mn

Net revenues

Pre-tax income

Net income attributable to shareholders

Diluted earnings per share in CHF

Pre-tax income margin

Return on equity

Normalized return on equity1

  Net new assets in CHF bn4.4         (5.7)14.2(1.3)34.1

Solid 2Q12 result

July 18, 2012

1 Excluding PAF 2 related expense and including assumed share plan-based award expense

Underlying results and normalized results are non-GAAP financial measures. A reconciliation to reported results is included in the supplemental slides of this presentation.

13

in CHF mn

Net revenues

Provision for credit losses

Compensation and benefits

of which PAF2

Other operating expenses

Total operating expenses

Pre-tax income

of which WMC

of which CIC

Pre-tax income margin

Net new assets in CHF bn

AuM in CHF bn

2Q121Q122Q116M12 6M11

2,7041 2,6042,75425,30815,5922

3940(2)7910

1,1071,1941,1112,3012,310

-67-67-

7837648101,5471,604

1,8901,9581,9213,8483,914

7756068351,3811,668

5513865779371,174

224220258444494

29%23%30%26%30%

3.47.911.911.327.9

988984943

Improving Private Banking results in a subdued environment

July 18, 2012

Revenues higher compared to 1Q12
driven both by higher interest income
and recurring revenues

Improved operating efficiency with
annualized expense run-rate reduced by
CHF 214 mn from 6M11

Pre-tax income up from 1Q12

Pre-tax margin improved to 29%

1 Includes CHF 41 mn gain related to the sale of a non-core business

2 Includes CHF 72 mn gain related to the sale of real estate

3 Assumes that share-plan-based awards (with 3-year vesting) of CHF 26 mn had been awarded in lieu of PAF2 awards (with accelerated vesting) of CHF 67 mn in 6M12

AuM = Assets under ManagementWMC = Wealth Management ClientsCIC = Corporate & Institutional Clients

14

3

CHF 5.5 bn inflows in Wealth Management, net of Clariden Leu
outflows of CHF (3.4) bn

July 18, 2012

2Q12 net new assets in CHF bn

Wealth
Management
Clients

Americas

Asia Pacific

Europe, Middle
East and Africa
(EMEA)

Switzerland

Corporate &
Institutional
Clients

Private
Banking

Clariden
Leu (CL)

Wealth Management Clients

   Strong inflows in Americas, Asia Pacific and in
     Switzerland

   EMEA with moderate outflows in Western
     Europe, offset by inflows in Eastern Europe and
     Middle East markets

   2Q12 (excl. CL) net new assets growth of 4.6%

   Outflows at CL have declined consistently
      during 2Q12, with June at CHF (0.2) bn, the
      lowest level since the integration announcement

Corporate & Institutional Clients

   Outflows driven by a small number of Swiss
      institutional clients

8.9

Wealth
Management Clients
excluding
Clariden Leu
(CL)

Switzerland

Outside
Switzerland

15

July 18, 2012

1 Gain from the sale of real estate2 Gain related to the sale of a non-core business

2,267

2,087

2,127

2,217

2,126

721

412

Net interest income increased as the impact from
low interest rate environment more than offset by
higher volumes

Recurring commissions & fees slightly higher
driven by semi-annual performance fees

Transaction-based revenues remain at
subdued levels

Gross margin increased to 115 basis points;
gain from sale of a non-core business positively
impacting gross margin by 2 basis points

Compared to 1Q12

Gross margin in basis points

113

119

119

115

111

Average assets under managementin CHF bn

Wealth Management with increased revenues and
higher gross margin

16

in CHF mn

Net revenues

Provision for credit losses

Compensation and benefits

of which PAF2

Other operating expenses

Total operating expenses

Pre-tax income

Pre-tax income margin

Basel 3 RWA in USD bn

Return on Basel 3 capital1

2Q121Q122Q116M126M11

2,9094,1592,817 7,0687,904

(14)(6)15(20)(4)

1,4572,0761,4633,5333,888

-418-418-

1,0831,0911,1312,1742,329

2,5403,1672,5945,7076,217

3839982081,3811,691

13%24%7%20%21%

206210331206331

5%19%2%12% 8%

Investment Banking results demonstrate increased resilience
despite challenging market conditions; 6M12 return at 12%

July 18, 2012

1A reconciliation of normalized after-tax return on Basel 3 allocated capital is included in the supplemental slides of this presentation

2Assumes that share-plan-based awards (with 3-year vesting) of CHF 131 mn had been awarded in lieu of PAF2 awards (with accelerated vesting) of CHF 418 mn in 6M12

Significant progress in executing strategy
resulting in more consistent
performance and continued market
share momentum

Improved operating efficiency with
annualized2 expense run-rate reduced by
CHF 1.6 bn from 6M11

Risk-weighted assets (RWA) reduced
by USD 4 bn in 2Q12, reflecting a
USD 10 bn reduction in wind-down
businesses offset by increases in rates
and smaller movements across other
businesses

17

Resilient and more consistent Fixed Income performance
amid difficult market environment

July 18, 2012

Fixed Income revenues significantly higher than 2Q11
driven by a more balanced business mix and
significantly lower inventory levels; 2Q11 impacted by
losses on inventory positions

Strong results in Securitized Products with well-
balanced contribution from non-agency RMBS,
government guarantee and asset finance; significant
improvement over 2Q11, although slightly down from
1Q12

Robust performance in Emerging Markets, improved
from 2Q11 and 1Q12, driven by continued growth in local
markets lending activity and solid trading results

Credit results reflect increased market share and
optimized inventory levels; significant improvement over
2Q11

Challenging trading conditions in Rates and FX, with
reduced client flow following a very strong 1Q12

CHF 139 mn of revenue loss from businesses we are
exiting vs. CHF 261 mn in 1Q12 and CHF 126 mn in
2Q11

698

2,238

1,265

3,463

3,503

Fixed income sales & trading revenuesin CHF mn

Basel 3
RWA
USD 268 bn

Basel 3
RWA
USD 139 bn

(49)%

2Q11

2Q12

1Q11

1Q12

18

Equity sales & trading revenues reflect lower client activity;
maintained market leading positions

July 18, 2012

1 Source: Greenwich Associates

Continued strong Prime Services performance
      driven by solid market share gains, particularly in
      Europe, despite lower industry activity and lower
      client balances due to reduced market values

Derivatives performance down from 1Q12 due to
      sustained macro concerns and conservative risk 
      positioning; reduced client flow in Asia offset by
      stronger activity in the US

Lower Cash Equities revenues reflect reduced
client trading activity and increased market volatility

–Maintained #1 market ranking in equity trading,
          electronic trading, and program trading in the US

1,465

1,550

1,219

3,203

2,769

2Q11

1Q11

2Q12

1Q12

19

1

Underwriting & advisory reflects lower industry-wide
transaction volumes

July 18, 2012

Lower revenues in debt underwriting consistent
with reduced industry-wide high yield and
investment grade issuance volumes

-Global High Yield rank increased to #4 in
6M12 from #5 in 2011

Equity underwriting revenues reflect
significantly reduced global issuance activity

Higher advisory results from 1Q12 driven by
improved market share and higher industry-
wide completed M&A volumes

-Global Completed M&A rank increased to #2
in 6M12 from #6 in 2011

Equity underwriting

Advisory

Debt underwriting

1,129

839

682

2,132

1,521

Underwriting & Advisory revenues in USD mn

20

Continued improvement in normalized return driven by
increased capital and operating efficiency

July 18, 2012

1 A reconciliation of normalized after-tax return (based on USD figures) on Basel 3 allocated capital is included in the supplemental slides of this presentation. The calculation assumes that share-plan-based
awards (with 3-year vesting) had been awarded in lieu of PAF2 awards (with accelerated vesting). For 6M12, PAF2 expense of USD 462 mn is replaced by share-plan-based awards expense of USD 142mn

2 Based on annualized 6M revenue to average Basel 3 RWA balances

Impact on normalized return

Investment Banking normalized after-tax return on Basel 3 allocated capital1

Improvement in normalized after-tax return
    on Basel 3 allocated capital to 12%

Significant improvement in capital
efficiency with 28% increase in revenue
per Basel 3 RWA usage compared to
6M11

Basel 3
331206RWA in USD bn

21

2

2Q121Q122Q116M12 6M11

478427492905965

27101156128316

452153261972(7)

550 6816541,2301,274

256270256526524

-46-46-

161157188318357

417427444844881

133254210386393

5347515050

24%37%32%31%31%

0.4(11.4)3.8(11.0)10.4

361361379

in CHF mn

Fee-based revenues

Inv.-related gains/(losses)

Other revenues1

Net revenues

Compensation and benefits

of which PAF2

Other operating expenses

Total operating expenses

Pre-tax income

Fee-based margin

Pre-tax income margin

Net new assets in CHF bn

AuM in CHF bn

Asset Management results driven by semi-annual performance fees
and partial sale of Aberdeen offset by lower investment-related gains

July 18, 2012

Higher fee-based revenues reflecting
semi-annual performance fees and
placement fees

Lower investment-related gains due to
timing of realizations in challenging
market conditions

1Equity participations and other gains/losses and other revenues

2 Including gain on partial sale of participation in Aberdeen AM of CHF 66 mn, CHF 178 mn, CHF 244 mn, in 2Q12, 1Q12 and 6M12 respectively

3 Assumes that share-plan-based awards (with 3-year vesting) of CHF 17 mn had been awarded in lieu of PAF2 awards (with accelerated vesting) of CHF 46 mn in 6M12

AuM = Assets under Management

Compared to 1Q12

Compared to 6M11

Improved operating efficiency with
annualizedexpense run-rate reduced
by CHF 134 mn from 6M11

22

3

All data for Core Results; The net PAF2 adjustment assumes that share-plan-based awards (with 3-year vesting) had been awarded in lieu of PAF2 awards (with accelerated vesting)

Achieved 2013 goal of CHF 2 bn cost savings in 2Q12 -
now increased target by CHF 1 bn to CHF 3 bn

July 18, 2012

6M11
reported

Achieved originalCHF 2.0 bn cost
reduction target

 Annualized cost savings in 6M12 reached
   our 2013 expense target 18 months early

Increased year-end 2013 target by
CHF 1 bn to CHF 3 bn

 CHF 0.45 bn is targeted in Private
    Banking and CHF 0.55 bn in Investment
    Banking (of which shared-services
    is CHF 0.5 bn)

Further total CHF 525 mn realignment
expenses expected

 CHF 225 mn in 2H12

 CHF 300 mn in 2013

Operating expense reduction in CHF bn

Adjustments:

Variable compensation(1,012)

Realignment costs(142)

Total  (1,154)

6M11
adjusted

Adjustments:

Variable compensation(882)

Realignment costs(244)

Net PAF2 expense  (394)

FX impact  (99)

Total  (1,619)

6M12
reported

6M12
adjusted

Annualized savings
CHF 2.0 bn

achieved

23

Additional CHF 1.0 bn expense reduction measures

July 18, 2012

Shared

Services

Sharper prioritization of the IT development portfolio to major business priorities and key regulatory deliverables;
elimination of duplicate / overlapping projects

Realize substantial gains from greater integration of Operations & related IT systems

Drive further efficiencies through leveraging global deployment opportunities

Rationalize service levels across support functions with greater alignment to key business and regulatory
priorities

Reduced procurement costs through reduced travel, occupancy and consulting spend as well as more
centralized and coordinated purchasing

Private
Banking

Investment
Banking

Streamline middle office support functions

Further rationalize global product delivery

Additional measures to enhance efficiency of front line support functions

Rationalize advisory & underwriting footprint across regions in line with market environment; streamline coverage
between country/product/industry segment teams; consolidate execution resources into hubs (UK, HK)

Optimize onshore footprint in Asia Pacific to focus on largest markets with distinct competitive advantage;
integrate trading/execution capabilities of select products in regional hubs

Integrate structuring capabilities across advisory & underwriting, Equities & Fixed Income for efficient product
delivery

Continue to leverage leading equity technology platform to further drive efficiencies

24

Significant reduction in Basel 3 RWA since 3Q11

July 18, 2012

Basel 3 risk-weighted assets (RWA) in CHF bn

In 2Q12, Basel 3 risk-weighted
assets increased primarily due to
    FX movements, which also
benefit capital

End 2012 goal of CHF 300 bn
reflects current FX rates and
estimates for Basel 3 treatment;
includes RWA in Investment
Banking at or below current
levels (in USD)

Goal as announced at
1Q11 results

339

294

305

300

280

Goal

370

(19)%

(18)%

(4)

+5

Investment
Banking
(FX neutral)

PB, Other
(FX neutral)

+10

FX impact

25

July 18, 2012

End
2Q12

Year-end
2012

"Look through" Swiss core and total capital and ratios in CHF bn

"Look through" Swiss core capital ratio of 9.4% by end 2012

10.8%

High Trigger Buffer Capital Notes

17.1

+1.7

14.5

25.8

4.3

28.1

+6.6

+7.0

32.4

4.3

21.5

Immediate
actions

Additional
actions &
Earnings
related

9.4%

"Look through" Swiss core capital

2.6

8.5%

7.0%

Total

Core

(10.1)

Regulatory
deductions

(8.9)

Goodwill &
Intangibles

(1.3)

Own debt
gains

Shareholders' equity
end 2Q12

34.8

8.7

As of today1

"Look through"
deductions

1End 2Q12 actual adjusted for immediate capital measures

2 End 2012 goal of CHF 300 bn reflects current FX rates and estimates for Basel 3 treatment; includes RWA in Investment Banking at or below current levels (in USD)

Note: Strategic divestments may be announced but potentially not closed by year-end 2012; Simulation assumes constant FX rates

10.0%

Target

26

Basel 3 RWA in CHF bn3053002

July 18, 2012

CHF 3.8 bn
Mandatory
convertible

Converting into 233.5 million shares in March 2013

Fully underwritten by strategic investors, with allocation partially subject to
take-up of shareholders' subscription rights

Includes 33.5 million shares in respect of the purchase of the residual
minority stake in Hedging-Griffo (as per 1Q12 announcement)

Accelerated exchange of some existing Tier 1 capital notes (hybrids) into
high trigger Buffer Capital Notes (BCNs), with the conversion floor to be
aligned to mandatory conversion price

The sale of the residual 7% stake in Aberdeen Asset Management was
completed on July 2, 2012

By end July 2012, actions to increase capital by CHF 8.7 bn

CHF 0.7 bn
Lower deductions

Threshold deductions will be reduced as the capital actions significantly
increase available CET1 capital

CHF
1.7 bn

1

2

3

4

27

See also slide 33

See also slide 34

See also slide 35

See also slide 36

See also slide 40

By end 2012, additional actions and earnings related impacts
to increase capital by a further CHF 6.6 bn

Divestments in line with accelerated implementation of strategy in
Asset Management alternative investments towards more liquid
strategies

Completion of existing 2012 real estate disposal program

CHF 1.95 bn
Changes
in equity

CHF 0.75 bn
APPA exchange

Employee equity investment through exchange offer for deferred
cash compensation awards (APPA)

Subscription period is planned from July 18 to 27, 2012 with
conversion thereafter, resulting in immediate benefit to capital

Assumes that 2H12 net income equals consensus estimates2

Includes additional realignment expenses and capital plan transaction
fees

Adjusted for capital benefit from obligation to deliver shares for share-based
compensation awards

Reflects related reduction in deferred tax assets on net operating losses

July 18, 2012

CHF 2.3 bn
Lower deductions

Lower threshold deductions and additional reductions in deferred tax
assets on net operating losses

1May be announced but potentially not closed by year-end 2012 2 As per Bloomberg

1

2

3

4

28

See also slide 37

See also slide 38

See also slide 36

See also slide 39 to 41

See also slide 39 to 41

Credit Suisse has strengthened its capital position and
accelerated its transition to the end 2018 requirements

July 18, 2012

Basel 2.5 capital ratios (actual and simulation)

29

2Q12

As of today1

End-year 2012

"Look through" Basel 3 simulated capital ratios

As of today1

End-year 2012

Swiss core capital2

Swiss total capital2

16.5%

12.5%

Core tier 1
ratio

Tier 1
capital ratio

18.2%

14.2%

20.4%

16.2%

Common equity
tier 1 ratio

7.0%

8.5%

6.3%

9.4%

10.8%

8.6%

1End 2Q12 actual adjusted for immediate capital measures

2Includes existing USD 3 bn securities (with a haircut of 20%) as FINMA has ruled that under the Swiss TBTF
regime these will qualify as part of the Swiss capital requirement in excess of the Basel 3 G-SIB Common Equity
Tier 1 (CET1) ratio

Summary

Brady W. Dougan, Chief Executive Officer

July 18, 2012

"Look through" Swiss core capital ratio of 9.4% by end 2012

Targeting additional CHF 1 bn cost savings

Solid 2Q12 pre-tax income of CHF 1.1 bn

Reconfirming over the cycle return on equity target of over 15%

Commit to distribute substantial cash to shareholders

31

Capital:
Detail on Actions and Related Benefits

Exchange of hybrid tier 1 instruments into Buffer Capital Notes

July 18, 2012

In October 2008, Credit Suisse announced the issuance of CHF 5.8 bn hybrid tier 1
instruments to Qatar Investment Authority and The Olayan Group

A definite agreementwas reached in February 2011 to exchange the holdings in hybrid
tier 1 instruments into BCNs no earlier than October 23, 2013

Credit Suisse and The Olayan Group now agreed to bring forward to July 31 the
exchange date for CHF 1.7 bn of the holdings in hybrid tier 1 instruments to be
exchanged into Tier 1 BCNs

−the exchange date for the residual CHF 4.1 bn hybrid tier 1 instruments held by
Qatar Investment Authority remains unchanged

The conversion floor of the 'to be exchanged Tier 1 high trigger Buffer Capital Notes
(BCNs)' is aligned to the mandatory convertible conversion price

Adds CHF 1.7 bn to the total capital

33

Mandatory Convertible

July 18, 2012

Convertible into 233.5 million ordinary shares are issued in two parts:

−Tranche A: into 117.0 million shares without preferential subscription rights for existing shareholders
(sourced from conditional capital)

−Tranche B: into 116.5 million shares with preferential subscription rights for existing shareholders
(sourced from authorized and conversion capital)

Provision to accelerate conversion on condition that Basel 2.5 core capital ratio or Basel 3 CET1 capital ratio
falls below 7%

Key strategic investors have received a firm allocation for the 117.0 million shares and have sub-underwriting
the 116.5 million shares offered to existing shareholders; any shares not taken up by existing shareholders will
be acquired by the strategic investors

Accretive to CET1 capital by CHF 3.8 bn, or 1.3%

DateEvent

July 20 to July 26, 2012Trading of rights on SIX Swiss Exchange

July 20 to July 27, 2012 noon (CEST)Exercise period for rights

July 24, 2012Publication of Second Quarter 2012 Results

July 31, 2012Payment date

March 29, 2013Mandatory conversion into shares

Key dates

34

Tier 1 participation securities

Issued by Credit Suisse AG, a 100% subsidiary of Credit Suisse Group AG

−USD 1.5 bn perpetual 8.25 %

−USD 1.5 bn perpetual 7.875 %

FINMA has ruled that under the Swiss TBTF regime, the existing USD 3 bn securities
(with a haircut of 20%) will qualify as part of the Swiss capital requirement in excess of
the Basel 3 G-SIB Common Equity Tier 1 (CET1) ratio

−Effectively, this contributes 0.8% to the Swiss core capital ratio on a non-reducing
basis

−Treatment allowed until 2018

The Basel 3 Common Equity Tier 1 ratio does not include these tier 1 participation
securities

July 18, 2012

Accretive to FINMA capital by CHF 2.3 bn, or 0.8%

35

Real Estate & Sale of Aberdeen Stake

Real Estate Sales

  In advanced negotiations for outright sales covering two major sites and a number of
    smaller buildings

  Sale-and-lease-back transactions of own-occupied office building

  Further disposals of real estate scheduled for 2013 & 2014

Aberdeen Asset Management

  Have completed (on July 2, 2012) the sale of the residual 7% stake in Aberdeen for a
    regulatory capital benefit of CHF 0.2 bn

July 18, 2012

Measures combined are accretive to CET1 capitalby CHF 0.7 bn, or 0.2%

36

Voluntary exchange offer to employees

Voluntary exchange offer, under which employees would irrevocably elect to convert future cash
payments from the Adjustable Performance Plan Awards (APPA) into shares at the same price as the
mandatory convertible

APPA is a cash-based deferred compensation plan awarded during 2010 and 2011, where the award
value is linked to financial performance of the employees' business areas and the firm's return on equity

All other terms of APPA, e.g. clawback features, remain unchanged

Subscription period is planned for July 18 to 27, 2012 with conversion immediately thereafter, resulting
in instant benefit to capital, while delivery would be consistent with the original APPA schedule, i.e. from
2013 to 2015

Assuming a year-end 2012 APPA obligation of CHF 1.3 bn, the initial exchange offer benefit to capital is
targeted to be approximately CHF 0.75 bn (implying a 58% acceptance level)

Actual size of capital benefit will be dependent on acceptance level of exchange offer and 2H12 return
on equity

July 18, 2012

Accretive to CET1 capital by CHF 0.75 bn, or 0.3%

37

Strategic divestments

Divestments in line with accelerated implementation of strategy in Asset Management alternative
investments towards more liquid strategies

Intention to sell certain illiquid private equity businesses

−Compatible with capital efficient strategy

−Addresses residual uncertainties around "Volcker rules"

−Limited synergies with other group businesses

Intention to grow liquid alternative strategies

−Capital efficient

−In line with regulatory intentions

−Significant synergies with other Group businesses

Accelerated reduction of risk-weighted assets in the division

July 18, 2012

Accretive to CET1 capital by CHF 1.1 bn, or 0.4%

Note: Strategic divestments may be announced but potentially not closed by year-end 2012

38

Detail on additional benefits to capital1/2

Retained
earnings

Assumption that net income equals consensus estimates1 for 2H12

These earnings expectations are not endorsed or verified and used solely for
illustrative purposes; actual net income may differ significantly

This estimate includes adjustments for additional estimated restructuring
expenses, transaction fees and the benefit on capital from the planned tender
offer to repurchase certain debt instruments

Share-based
compensation

Accretive to
CET1 capital
by
CHF 1.95 bn

Expenses related to share-based compensation awards are offset in
shareholders' equity by an obligation to deliver shares

The expense related to share-based compensation for 2H12 is expected to
amount to CHF 0.6 bn

Assuming that future obligations to deliver shares are being met with the
delivery of new shares from conditional capital, such benefit can be deemed to
be permanently accretive to capital

July 18, 2012

1As per Bloomberg

39

Detail on additional benefits to capital2/2

Lower deferred
tax asset (DTA)
deductions

100% scrip
dividend

DTAs that rely on future profitability, e.g. DTA on net operating losses (NOL),
must be deducted from CET1 capital

Consensus 2H12 pre-tax income and certain additional measures are expected to
notably reduce the current level of DTA on NOL

Accretive to
CET1 capital
by
CHF 3.0 bn

Lower threshold
deductions

Any amounts from each (i) DTA on timing differences, (ii) significant investments in
unconsolidated financial institutions, or (iii) mortgage servicing rights that exceeds 10% of
CET1 capital, must be deducted from CET1 capital

In addition, any aggregate amount of items (i) to (iii) that exceed 15% of CET1 capital
must be deduced from CET 1 capital

As the capital actions significantly increase projected CET1 capital, current threshold
deductions will be notably reduced

For the financial year 2011, Credit Suisse announced a distribution of CHF 0.75 per
registered share in the form of either new shares (at a 8% discount) or in cash

Shareholders elected for 48% of the payment to receive new shares, allowing Credit
Suisse to retain regulatory capital

For the 2012 dividend, an unchanged distribution amount of CHF 0.75 per share with a
100% payment in new shares is being accrued for (previously 50% cash/ 50% shares)

Accretive to
CET1 capital
by
CHF 0.5 bn

July 18, 2012

40

Tender offer to repurchase debt instruments

A tender offer to repurchase certain outstanding capital and senior debt instruments is
being launched

−11 capital instruments denominated in USD, Euro and GBP

−5 additional senior bonds denominated in USD

This follows the very successful CHF 4.7 bn repurchase executed in March, 2012

The primary goal of the tender would be

−Pro-actively align the capital structure with the Swiss and Basel 3 regulations

−Achieve CET1 accretion while ensuring positive replacement cost benefit for the senior
bonds

July 18, 2012

Accretive to CET1 capital

41

Supplemental slides

Slide

44 to 45

46

47

48 to 50

51

52

53

54

55

56

57

58

59

60 to 61

Supplemental slides

July 18, 2012

Reconciliation from reported to underlying results

Reconciliation to normalized return on Basel 3 allocated capital in Investment Banking

Reconciliation of reported to pro forma after-tax return on equity

Restated financial results

Overview of supplemental financial data

Results in Wealth Management Clients

Results in Corporate & Institutional Clients

Investment Banking results in USD

Results in the Corporate Center

Clariden Leu: pre-tax income improvement

Basel 2.5 capital ratios overview

Liquidity and funding

Transitional Swiss core capital ratio

Libor and US tax matters

43

July 18, 2012

Reconciliation from reported to underlying results 1Q12 and 2Q12

Note: numbers may not add to total due to rounding

Reported

Underlying

Impact from
movements in
credit spreads
on own liabilities

Gain on
non-core
business
sale

CHF mn

Business realignment
costs

Sale of
Aberdeen AM stake

44

1Q122Q121Q122Q121Q122Q121Q122Q122Q121Q122Q12

5,8786,2411,554(39)- 7(178) (66)(41)7,2546,102

3425                 -            -- - - - - 3425

5,8045,105                 - - (68)(176) - - - 5,7364,929

401,1111,554(39)68183(178)(66)(41)1,4841,148

(16)311444(21)21 43 (32)(8) (4) 417321

1212                  -           - - -- - - 12 12

447881,110(18)47140(146)(58) (37)1,055815

0.5%9.2%   12.4%9.3%

1Q112Q113Q114Q111Q112Q113Q114Q112Q113Q114Q113Q111Q112Q113Q114Q11

7,8136,3266,8174,473703   (104)(1,824)(391) - - - - 8,5166,2224,9934,082

(7)138497          - -          - -  - - --(7)138497

6,1955,2275,6975,374-   -         -           - (142)(291)(414)(478)6,1955,0854,9284,960

1,6251,0861,036(998)703(104)(1,824)(391)1422914144782,3281,124(19)(975)

465271332(397)166(29)(543)(59)48827650631290(79)(380)

21        4721       36 -         - - - - - - -214721 36

1,139768683(637)537(75)(1,281)(332)942093384281,67678739(631)

13.4%9.7%8.7%(7.7)% 19.6%9.7%0.5%(7.7)%

July 18, 2012

Reconciliation from reported to underlying quarterly results 2011

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

Business realignment
costs

Non-credit-
related
provision

Note: numbers may not add to total due to rounding

CHF mn

Impact from movements in credit
spreads on own liabilities

45

in USD mn

Reported pre-tax income

PAF2 related expense

Assumed share plan-based award expense

Normalized pre-tax income for PAF2 impact1

Income tax expense (assumes 25% tax rate)

Normalized net income

6M116M12

32.422.2

in USD mn

Reported pre-tax income

Income tax expense (assumes 25% tax rate)

Implied net income

Reconciliation of reported to normalized after-tax return on
Basel 3 allocated capital in Investment Banking

July 18, 2012

in USD bn

Assumed allocated capital (10% of average Basel 3 RWAs)

1 This calculation assumes that share-based plan awards (with 3-year vesting) had been awarded in lieu of PAF2 awards (with accelerated vesting)

46

1,8341,496

(459)(374)

1,3751,122

8%10%

1,496

462

(140)

1,818

(455)

1,363

12%

2Q12

34.8

1.3

36.1

34.7

3.8

0.75

0.4

1.1

0.7

41.5

in CHF mn

Reported net income attributable to shareholders

Impact from movements in credit spreads on own liabilities

Business realignment costs

Sale of Aberdeen AM stake

Gain on non-core business sale

Underlying net income attributable to shareholders

PAF2 related expense

Assumed share plan-based award expense

Normalized net income attributable to shareholders

Cost savings

Net interest savings

Disinvestments

Pro forma net income attributable to shareholders

6M12

832

1,092

187

(204)

(37)

1,870

369

(122)

2,117

375

51

(65)

2,478

Reconciliation of reported to pro forma after-tax return on
equity

July 18, 2012

1 This calculation assumes that share-based plan awards (with 3-year vesting) had been awarded in lieu of PAF2 awards (with accelerated vesting)

47

12%

Pro forma after-tax
return on equity, 6M12

in CHF bn

Reported shareholder’s equity

Normalized/reported net income difference

Normalized shareholders’ equity

Average normalized shareholders’ equity

Share issuance

APPA exchange

Cost savings

Divestments

Aberdeen & real estate sale

Pro forma shareholder’s equity

Restated financial results

July 18, 2012

Legal merger of Clariden Leu into Credit Suisse effective April 2, 2012, and consequent change in
management structure:

  Majority of business integrated into Wealth Management Clients

  Some businesses transferred from Wealth Management Clients to both Investment Banking and

    Asset management (including selected AuMs)

Change in management structure of Swiss advisory business

  As a result, business transferred from Asset Management to Corporate & Institutional Clients
    (including AuMs)

Review of Assets under management; following adoption of new definition

  Group AuMs CHF 46 bn lower at the end of 1Q12

AuMs = Assets under management

48

200920101Q112Q113Q114Q111Q12

(500)(700)(700)(800)(800)(700)(700)

400500500600600500500

100200200200200200200

200920101Q112Q113Q114Q1120111Q12

 (107)(128)(36)(35)(34)(35)(140)(28)

n.a n.a (46)(45) n.a n.a n.a (37)

n.a n.a 1010 n.a n.a n.a 9

4461181817207314

6367181717156714

--------

200920101Q112Q113Q114Q1120111Q12

(58)(50)(23)(9)23167(19)

n.a n.a (27)(19) n.a n.a n.a (20)

n.a n.a 410 n.a n.a n.a 1

(1)(25)3(8)(39)(32)(76)5

34288525204

2547121214114910

200920101Q112Q113Q114Q1120111Q12

(165)(178)(59)(44)(11)(19)(133)(47)

n.a n.a (74)(64) n.a n.a n.a (58)

n.a n.a 1520 n.a n.a n.a 11

43362110(22)(12)(3)19

9795262219208718

2547121214114910

Restatement impact from integration of Clariden Leu
integration and Operations transfer

July 18, 2012

Private Banking

WMC

CIC

Investment Banking

Asset Management

Corporate Center

Impact on net revenues

CHF mn

Impact on total operating expenses

CHF mn

Impact on pre-tax income

CHF mn

Impact on number of employees

in FTE

49

Private Banking

WMC

CIC

Investment Banking

Asset Management

Corporate Center

Private Banking

WMC

CIC

Investment Banking

Asset Management

Corporate Center

200920101Q112Q113Q114Q111Q12

(1.8) (6.1) (2.0)0.4 (0.1) (0.1)(0.5)

(2.7) (4.8) (1.5) 0.1 0.1 0.9 (0.3)

0.9 (1.3) (0.5) 0.3 (0.2) (1.0)(0.2)

(2.0) (0.4) 2.1 (0.2) 1.3 2.9 2.3

1.3 (0.2) 0.7 (0.3) (0.3) 1.3 (0.4)

(2.5) (6.7) 0.8 (0.1) 0.9 4.1 1.4

200920101Q112Q113Q114Q111Q12

27.426.2 22.7 23.9 25.6 25.3 25.8

(43.1) (44.9) (50.3) (43.4) (40.3) (41.3)(42.3)

70.5 71.1 73.0 67.3 65.9 66.6 68.1

(42.7) (43.8) (42.3) (42.5) (44.5) (42.8)(42.6)

(28.9) (30.0) (29.8) (28.4) (26.5) (26.8)(28.0)

(44.2) (47.6) (49.4) (47.0) (45.4) (44.3)(44.8)

Restatement impact from Clariden Leu
integration and review of AuM and NNA policy

July 18, 2012

Figures reflect impact from Clariden Leu integration and review of AuM and NNA policy

Private Banking

WMC

CIC

Asset Management

Assets managed by
AM for PB clients

Credit Suisse

Impact on Assets under management

CHF bn

Private Banking

WMC

CIC

Asset Management

Assets managed by
AM for PB clients

Credit Suisse

Impact on Net new assets

CHF bn

50

Total shareholder’s equity in CHF bn

Issued Buffer Capital Notes in CHF bn

To be exchanged Buffer Capital Notes in CHF bn

Shares outstanding in million

Book value per share in CHF

Tangible book value per share in CHF

Risk-weighted assets in CHF bn

Diluted earnings per share in CHF

FINMA leverage ratio

2Q111Q122Q12As of today1

31.233.634.838.7

1.72.62.64.3

5.45.65.84.1

1,199.11,224.51,283.11,516.6

26.0327.4327.1025.55

19.2120.4120.1319.65

238.6234.4233.7233.3

0.480.030.460.39

4.4%4.7%4.7%5.2%

Overview of supplemental financial data

July 18, 2012

51

1End 2Q12 actual adjusted for immediate capital measures

2Q121Q122Q116M12 6M11

2,217 2,1272,2674,3444,627

282184920

1,6381,7201,6823,3583,434

5513865779371,173

25%18%26%22%25%

115111119113120

5.55.511.611.025.8

Wealth Management Clients business

July 18, 2012

-

in CHF mn

Net revenues

Provision for credit losses

Total operating expenses

Pre-tax income

Pre-tax income margin

Gross margin in basis points

Net new assets in CHF bn

52

2Q121Q122Q116M12 6M11

487 477487964965

1119(10)30(10)

252238239490481

224220258444494

46%46%53%46%51%

(2.1)2.40.30.32.1

Corporate & Institutional Clients business

July 18, 2012

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

53

2Q121Q122Q116M126M11

3304724678021,007

103132 344235561

249235318484564

1,2652,2386983,5033,463

1,2191,5501,4652,7693,203

(79)(51) (7)(130)(32)

3,0874,5763,2847,6638,766

(15)(7)17(22)(4)

1,5502,2881,7103,8384,324

-462-462-

1,1501,2011,3182,3512,612

2,7003,4893,0286,1896,936

4021,0942391,4961,834

13%24%7%20%21%

Investment Banking results in USD

1 Includes PAF2 expense of USD 462 mn in 1Q12

July 18, 2012

in USD mn

Debt underwriting

Equity underwriting

Advisory and other fees

Fixed income sales & trading

Equity sales & trading

Other

Net revenues

Provision for credit losses

Compensation and benefits1

of which PAF2

Other operating expenses

Total operating expenses

Pre-tax income

Pre-tax income margin

54

1Q112Q113Q114Q1120111Q122Q12

(874)(167)1,452(102)309(1,818)(180)

703(104)(1,824)(391)(1,616)1,554(39)

- 14229141484768183

(171)(129)(81)(79)(460)(196)(36)

Results in the Corporate Center

July 18, 2012

Reported pre-tax-income / (loss)

Losses / (gains) from movements
in credit spreads on own liabilities

Business realignment costs

Underlying pre-tax income / (loss)

Note: Underlying results are non-GAAP financial measures

CHF mn

The underlying Corporate Center pre-tax results reflect:

consolidation and elimination adjustments

expenses for centrally sponsored projects

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

55

Clariden Leu: Expected steady state annual pre-tax income
improvement of CHF 125 mn exceeding initial plan

July 18, 2012

Legal merger completed on April 2, 2012

Business activities integrated into Private Banking, Asset Management and Investment Banking

Timely completion of technical integration into Credit Suisse platform on July 8, 2012

Asset outflows in line with expectations, consistently declining during 2Q12, with June at CHF (0.2) bn,
the lowest level since the integration announcement

Transition of some senior relationship managers to EAM model while retaining assets within Credit Suisse

Integration
status

Expected steady state annual pre-tax income improvement of CHF 125 mn for full-year 2013
exceeding initial plan

Achievement of around CHF 200 mnannual cost savings

Reduction of 600 FTE

Impact
(Group level)

Proactive step to enhance profitability amongst adverse secular trends, including subdued economic growth
expectations, low interest rates, strong Swiss franc and increased regulatory scrutiny

Rationale

56

Basel 2.5change

in CHF bn

Core tier 1 capital

Tier 1 capital

Risk-weighted assets

Core tier 1 ratio1

Tier 1 ratio

2Q121Q12QoQ

29.127.6+1.5

38.536.7+1.8

233.7234.4(0.7)

12.5%11.8%+0.7%

16.5%15.6%+0.9%

Improved Basel 2.5 core tier 1 ratio by 70 basis points to 12.5%

July 18, 2012

1Excludes hybrids instruments

2 As of March 2012. Represents ratio of notional amount of covered bonds (incl. Swiss Pfandbrief) issued in relation to notional amount of mortgages outstanding for Credit Suisse AG

Well prepared for Basel 3 liquidity requirements

−Basel 3 Net Stable Funding Ratio (1-year) at over 100%

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

Funding and CDS spreads remain amongst the lowest in peer group

Significant amount of balance sheet remains unencumbered; utilized only 15%2 of Swiss mortgage book for
secured long-term funding

57

Strong funding and liquidity

July 18, 2012

58

Assets

Equity & Liabilities

1 Primarily brokerage receivables/payables, positive/negative replacement values and cash collateral2 Primarily includes excess of funding neutral liabilities (brokerage payables) over corresponding assets
3 Primarily includes unencumbered trading assets, investment securities and excess reverse repo agreements, after haircuts

Reverse213

repo

Encumbered74

trading assets

1,043

1,043

Funding-138

neutral assets1

Cash & due from banks
101

Unencumbered145

liquid assets3

Loans234

Other138

longer-maturity assets

Repo222

Short positions67

Funding-138

neutral liabilities1

Short-term borrowings 19

Other short-term liab.248

Deposits 285

Long-term debt155

Total equity42

122%

coverage

Match
funded

425

618

Due to banks69

Assets and liabilities by category, end 2Q12 in CHF bn

July 18, 2012

Transitional Swiss core and total capital simulation in CHF bn

Own debt
gains

Shareholders'

equity 2Q12

Regulatory capital
end 2012

Transitional Swiss core capital ratio of 14.7% at end 2012,
substantially in excess of requirement

48.4

44.1

36.1

34.8

High Trigger Buffer Capital Notes

Immediate
actions

Additional
actions &
earnings
related

Swiss core capital

Regulatory capital
end 2Q12

As of today1

Swiss core
capital

Total capital

59

Basel 3 RWA in CHF bn3053002

1End 2Q12 actual adjusted for immediate capital measures

2 End 2012 goal of CHF 300 bn reflects current FX rates and estimates for Basel 3 treatment; includes RWA in Investment Banking at or below current levels (in USD)

Note: Strategic divestments may be announced but potentially not closed by year-end 2012; Simulation assumes constant FX rates

16.1%

14.7%

Total

Core

6.0%

FINMA requirement

by end 2012

8.5%

8.0

Libor matter

July 18, 2012

Regulatory authorities in a number of jurisdictions have for an extended period of time been
investigating the setting of LIBOR and other reference rates

Credit Suisse, which is a member of only three rate-setting panels (US Dollar LIBOR, Swiss
Franc LIBOR and Euro LIBOR), is cooperating fully with these investigations

Credit Suisse has done a significant amount of work over the last two years to respond to
regulatory inquiries on these issues

Based on our work to date, we do not currently believe that Credit Suisse is likely to have
material issues in this matter and we have shared these findings with the relevant regulators;
of course, our review in response to ongoing regulatory inquiries is continuing

In addition Credit Suisse has been named in various civil lawsuits filed in the United States;
with respect to Credit Suisse, these lawsuits are factually and legally meritless and we will
vigorously defend ourselves against them

60

US tax matter

July 18, 2012

The matter is a complex situation that Credit Suisse takes very seriously, and we are
cooperating with the US and Swiss authorities

At this point we cannot give you any information on timing as the matter is complex and
obviously directly dependent on the discussions between the US and the Swiss governments

The cross-border business with US clients was comparatively small in relation to our overall
wealth management business as we significantly exited the US offshore business beginning
back in 2008

We continue to build our US onshore franchise and we have made significant process over
the last years as the US remains a significant wealth management market that we want to be
present in

We do not see a direct impact from this matter on our ability to generate asset inflows;
however, we will incur legal and other expenses related to resolving this matter

We reserved USD 325 mn for this matter in 3Q11

61

62

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

		CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
		(Registrants)
	By:	/s/ Christian Schmid
		Christian Schmid
		Managing Director
		/s/ Claude Jehle
		Claude Jehle
Date: July 19, 2012		Director