“We are now operating with a lower risk profile, a stronger capital base and a structurally lower cost base. Our model is resilient; this allows us to protect our bottom line during periods when markets are challenging and provides upside when conditions improve. The first quarter was one of three very distinct months: a challenging January, a limited recovery in February followed by a strong March, which was our second-highest revenue month in the last 39 months.

“Our Wealth Management franchise has proven resilient during a difficult quarter. We ended the first quarter with broadly flat total Wealth Management profits year on year and record AuM of CHF 786.1 billion, including record AuM in Asia Pacific Private Banking at CHF 219 billion. Our AuM growth was driven both by our continued annualised growth in NNA of 5% as well as more favourable market conditions.

“Our ITS franchise continued to make considerable progress in the quarter, executing a number of landmark transactions and delivering institutional quality solutions to meet the complex needs of our UHNW clients. This allowed us to grow our transaction revenues year on year.

“With a strong capital base and our tenth consecutive quarter of year on year PTI increases, we are seeing the benefits of our restructuring emerging. Our share buyback programme, which is now well underway, combined with our return to a sustainable cash dividend, are further evidence of the solid foundation from which we aim to continue to grow.

“We believe our strategy of delivering profitable, compliant and quality growth should create value for our shareholders over time.”

Key metrics

In CHF millions

Outlook

The positive momentum we observed towards the end of the first quarter has broadly continued into April. However, it is still too early in the quarter to draw definitive conclusions about our performance for the rest of 2019. While geopolitical and macroeconomic concerns remain, we believe that their impact has begun to recede, with client confidence returning progressively.

Our pipeline of transactions across both wealth management and investment banking is strong, and end markets have become more constructive as the year has progressed.

Our strategy of focusing on growing our leading wealth management franchise, combined with strong investment banking capabilities, is working. We remain focused on increasing our returns and creating growing value for our shareholders over the course of 2019 and beyond. We are cautiously optimistic about our prospects for the second quarter of 2019.

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Media Release Zurich, April 24, 2019

 

 

 

 

 

 

 Tidjane Thiam, Chief Executive OfficerDavid Mathers, Chief Financial OfficerApril 24, 2019  Credit SuisseFirst Quarter 2019 Results   

 Disclaimer  2  April 24, 2019  Credit Suisse has not finalized its 1Q19 Financial Report and Credit Suisse’s independent registered public accounting firm has not completed its review of the condensed consolidated financial statements (unaudited) for the period. Accordingly, the financial information contained in this presentation is subject to completion of quarter-end procedures, which may result in changes to that information.This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that 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, 2018 and in the “Cautionary statement regarding forward-looking information" in our 1Q19 Earnings Release, published on April 24, 2019 and 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. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, illustrations, ambitions, objectives, outlooks and goals are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take account of variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information.Statement regarding non-GAAP financial measuresThis presentation also contains non-GAAP financial measures, including adjusted results. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in this presentation in the Appendix, which is available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation charges, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on Tangible Equity is based on tangible shareholders' equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Such estimates, ambitions, objectives and targets are calculated in a manner that is consistent with the accounting policies applied by us in preparing our financial statements.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks, which include capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. Credit Suisse has adopted the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS) and implemented in Switzerland by FINMA.Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. The look-through tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 

 Earnings Review  3  April 24, 2019 

   Key messages  4  April 24, 2019  Solid performance in a challenging market environmentGrown net income to CHF 749 mn - highest quarterly result in last three yearsDelivered 10th consecutive quarter of YoY positive operating leverageResilient performance in Wealth ManagementAchieved record Assets under Management of CHF 786 bn1Making progress in delivering institutional quality solutions to UHNW with ITSExecuting with discipline in Global MarketsImproved return on regulatory capital† to 9%Focused on delivering shareholder valueGrowing Tangible Book Value per ShareLaunched share buyback program  1  2  3  4  † See Appendix1 Relating to SUB PC, IWM PB and APAC PB within WM&C 

 We delivered Group pre-tax income of CHF 1,062 mn in 1Q19 – the highest quarterly level since 2Q15…  5  April 24, 2019  Group pre-tax incomein CHF mn    1Q  ‘16  ‘17  ‘18  3Q  ‘16  ‘17  2Q  ‘16  ‘17  ‘18  ‘18      ‘19    -484    4Q  ‘16  ‘17  ‘18  -2,203     

   …and have continued to grow our net income in 1Q19  6  April 24, 2019  Group net incomeattributable to shareholdersin CHF mn  Return on tangible equity‡based on CHF  8%  8%  7%  -3%  ‡ RoTE is a non-GAAP financial measure, see Appendix 

   We operated in a challenging market environment  7  April 24, 2019  ECM street fees1in USD bn  -47%  603        -40%    -25%  -24%  EMEA Equities street trading volumes3average daily turnover, in USD bn  1 Source: Dealogic as of March 31, 2019. Includes Americas and EMEA 2 Includes High Yield bonds and Leveraged Loans 3 Source: Credit Suisse estimates based on European exchanges data 4 Source: Bloomberg as of March 31, 2019. Relating to APAC excluding China  LevFin street issuance volumes1,2 in USD bn  APAC Equities street trading volumes4 average daily turnover, in USD bn  361 

 8  April 24, 2019  We delivered our 10th consecutive quarter of YoY positive operating leverage  Group net revenuesin CHF mn  Group operating expensesin CHF mn  -4%  -6% 

   9  April 24, 2019  We have maintained a stable capital position whilst investing in our business and launching our share buyback program  CET1 ratio      1  2  Launched share buyback program    CHF 261 mnof shares repurchased  1 SUB, IWM, APAC WM&C, IBCM 2 Global Markets, APAC Markets and Corporate Center 

 10  April 24, 2019  We are growing TBVPS      Tangible book value per share‡in CHF  +4%  Increase intangible book value‡    CHF +1.1 bn  Note: Tangible book value and tangible book value per share are non-GAAP financial measures ‡ See Appendix 

   11  April 24, 2019  During the period of market dislocation, our Wealth Management revenues have remained resilient…  SUB, IWM and APAC PB1net revenues2in CHF mn  Net interest income and recurring commissions & fees  Transaction- & performance-based  3,289  +3%  -3%  3,194  -3%  1 APAC PB within WM&C 2 Totals include other revenues of CHF 56 mn in 1Q18 and CHF 11 mn in 1Q19 

     …our AuM rebounded to record levels…  12  April 24, 2019          Wealth Management1 AuMin CHF bn  2        Relevant AuM base for 1Q19 revenues  2  2  2,3  2  -3%  +6%    Record AuM  3  1 Relating to SUB PC, IWM PB and APAC PB within WM&C 2 Due to AuM policy update in 1Q19, respective totals for September to November 2018 exclude ~CHF 21 bn and totals for December 2018 and January 2019 exclude ~CHF 19 bn of AuM reclassified to AuC 3 This information has been derived from management accounts, is preliminary in nature, and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the first quarter of 2019. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results 

 13  April 24, 2019  …we have continued to attract net new assets during the quarter…  Wealth Management1 NNAin CHF bn  2  NNA growth rateannualized  5%  1 Relating to SUB PC, IWM PB and APAC PB within WM&C 2 APAC PB within WM&C 

   14  April 24, 2019  …the growth in our transaction revenues was powered by a number of landmark transactions in ITS…  Selected ITS landmark transactions in 1Q19    1Q19 YoY performancein USD terms  Net revenues +23%(1Q18 YoY: +11%)     Northern Europe  Financing extensionUSD 2.2 bn notional     Brazil  Exclusive structured notein partnership with leading asset managerUSD ~650 mn notional     Switzerland  SMI Maximizer – flow EqD product distributed in PBUSD ~175 mn  

 …a continuing and growing flow of ITS transactions with a strong pipeline, increasingly becoming a differentiator…  15  April 24, 2019  4Q17  4Q18  1Q18  1Q19  Revenues associated withkey ITS transactions forPrivate Banking clients1in CHF terms, indexed to 100%  Note: This information has been derived from management accounts, is preliminary in nature, has not been reviewed by our independent registered public accounting firm and is subject to change1 Relating to SUB and IWM 

   16  April 24, 2019  …and our Wealth Management profits have proven stable overall  Wealth Management-related1 pre-tax incomein CHF mn  -1%  1,252  1,243  SUB  IWM  APAC WM&C  1 Relating to SUB, IWM and APAC WM&C 

   17  April 24, 2019  At our 2018 Investor Day, we presented a path to improving our returns in Global Markets…  As per 2018 Investor Day 

   18  April 24, 2019  …we are executing on this strategy…  -10%  Global Markets net revenuesin USD mn  1,6421  1,4781  Fixed Income2  Equities2  -13%  -3%      9%  1Q19 RoRC†      Global Markets leverage exposurein USD bn  296  260  -12%  † See Appendix1 Totals include Other revenues of USD -97 mn in 1Q18 and USD -99 mn in 1Q19, respectively 2 Includes sales and trading and underwriting 

   19  April 24, 2019  …and our performance across Investment Banking has been resilient in a challenging market environment  Investment Banking revenues 1Q19 YoYin USD terms    Global Markets  IBCM  APAC  Total Investment Banking  +4%  EquitySales & Trading  -  -23%  -5%  Fixed IncomeSales & Trading  -2%  -  +2%  -2%  Advisory & Underwriting  -54%  -36%2  -24%3  -39%  1 Includes Other revenues of USD -97 mn in 1Q18 and USD -99 mn in 1Q19, respectively 2 Includes Other revenues of USD -3 mn in 1Q18 and USD -27 mn in 1Q19, respectively 3 Relating to Advisory, Underwriting and Financing. Converted to USD at quarter end average rates  Total  -10%1 1,478 mn  -36%2 357 mn  -19%459 mn  -17%2,294 mn 

   Current trading and outlook  20  April 24, 2019 

   21  April 24, 2019  We have a strong pipeline of announced transactions  Selected completed and announced global transactions year-to-dateDeal value and Credit Suisse role  USD 7 bn  Sale toNvidia  Financial Advisor to Mellanox  USD 43 bn  Merger withFIS  Exclusive Financial Advisor to Worldpay  ECM  M&A  USD 11 bn  Cross-border acquisition financing  Lead Left & Joint Bookrunner  Power Solutions  Seniorsecured bonds  USD 5 bn  Joint Active Bookrunner  Lev Fin  DCM  Seniorunsecured notes  USD 5 bn  Joint Active Bookrunner  USD 50 bn  Acquisition of Anadarko Petroleum  Financial Advisor to Chevron  USD 3 bn  IPO  Active Bookrunner  USD 2 bn  IPO  Joint Global Coordinator  USD 1.4 bn  IPO  Lead Left & Joint Global Coordinator 

   22  April 24, 2019  After a difficult start to the year, we have been enjoying improving revenue momentum with March 2019 being the 2nd highest revenue month in the past 39 months  Group revenuesin CHF terms, indexed to 1001    1 Indexed to January 2018 revenues 

 23  Summary  April 24, 2019  Solid performance in a challenging market environmentResilient performance in Wealth ManagementExecuting with discipline in Global MarketsGrowing TBVPS and executing on our share buyback of at least CHF 1 bn in 2019Cautiously optimistic on 2Q19  1  1 Subject to market and economic conditions 

 Detailed Financials  24  April 24, 2019 

 Results Overview  Note: Adjusted results and RoTE are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix ‡ See Appendix1 Includes SUB, IWM and APAC WM&C 2 Includes Global Markets and APAC Markets  25  April 24, 2019  Credit Suisse Group in CHF mn unless otherwise specified  1Q19  4Q18  1Q18  Δ 4Q18  Δ 1Q18  Net revenues  5,387  4,801  5,636  12%  -4%  o/w Wealth Management-related1  3,361  3,281  3,497  2%  -4%  o/w IBCM in USD mn  357  476  559  -25%  -36%  o/w Markets activities2 in USD mn  1,769  1,139  1,990  55%  -11%  Provision for credit losses  81  59  48      Total operating expenses  4,244  4,147  4,534  2%  -6%  Pre-tax income  1,062  595  1,054  78%  1%  Income tax expense  313  340  362      Effective tax rate  29%  57%  34%      Net income attributable to shareholders  749  259  694  189%  8%  Return on tangible equity‡  7.8%  2.7%  7.6%      Diluted earnings per share in CHF  0.29  0.10  0.26  190%  12%              Adjusted results            Net revenues  5,357  4,786  5,562  12%  -4%  Total operating expenses  4,203  3,881  4,305  8%  -2%  Pre-tax income  1,073  846  1,209  27%  -11% 

 CET1 ratio at 12.6% and Tier 1 leverage ratio at 5.2%  26  April 24, 2019  1 Includes internal model & parameter updates 2 Includes methodology & policy changes and external model & parameter updates3 RWA increase from the change in US GAAP lease accounting, net of relating CET1 capital benefit of CHF 178 mn, is CHF 1.8 bn 4 Includes SUB, IWM and APAC  Basel III RWA in CHF bn  285  2  -1  5  290  Leverage exposure in CHF bn  881  6  902  1  2  12.6%  12.6%  CET1 ratio  4.1%  4.1%  CET1 leverage ratio  5.2%  5.2%  Tier 1 leverage ratio      Key messagesCET1 ratio of 12.6%, maintaining level of end-2018CET1 leverage ratio of 4.1% and Tier 1 leverage ratio of 5.2%, stable compared to year-end 2018Repurchased CHF 261 mn of shares at an average price of CHF 12.27Dividend accrued in line with policyRisk-weighted assetsRegulatory driven RWA increase reflects CHF 3.2 bn3 from the change in US GAAP lease accounting (with the impact to our CET1 ratio partially offset by a related increase in CET1 capital) as well as CHF 2.1 bn FINMA mandated model and parameter updatesLeverage exposureTier 1 leverage ratio remained stable at 5.2% despite a business-driven increase of CHF 11 bn in 1Q19, including growth in Wealth Management-focused divisions4      11  3     

 27  April 24, 2019  Further reduction in underlying cost base;significant benefits from end of restructuring  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix1 Adjustments include major litigation provisions, restructuring expenses and expenses related to business and real estate sales  Total operating expenses in CHF bn          5.0  4.8  4.5  4.2  Adjusted totaloperating expenses  Adjustments1 

 28  Delivery on structural measures drives improvementin RoTE, offsetting adverse first quarter revenues  April 24, 2019  Return on tangible equity‡ development based on CHF  1  2  4  3  5  5, 6  o/w +0.5%tax benefit  -3.1%  ‡ RoTE is a non-GAAP financial measure, see Appendix 1 Excludes restructuring and litigation expenses and lower funding costs 2 Includes impact from funding cost savings in the ARU 3 Includes expenses related to real estate disposals 4 Includes provision for credit losses, fair value gains / losses from debit valuation adjustments (DVA) on deferred compensation and impact from higher average tangible shareholders’ equity5 Based on constant average 2018 FX rates 6 Excludes impact from ARU run-off on revenues before funding costs 

   Swiss Universal Bank Record NNA in both businesses and continued strong return on capital  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. All percentage changes and comparative descriptions refer to year on year measurements unless otherwise indicated † See under ‘Notes’ in the Appendix  PC  Key financials           in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Net revenues  1,379  1,373  1,431  -4%  Adjusted net revenues  1,349  1,367  1,394  -3%  Provision for credit losses  29  26  34    Total operating expenses  800  849  834  -4%  Adjusted total operating expenses  790  793  806  -2%  Pre-tax income  550  498  563  -2%  Adjusted pre-tax income  530  548  554  -4%  Cost/income ratio  58%  62%  58%    Return on regulatory capital†  17%  16%  18%    29  April 24, 2019  Key metrics          in CHF bn  1Q19  4Q18  1Q18  Δ 1Q18  Net margin in bps  53  54  51  2  Net new assets  3.3  -1.1  2.7    Mandate penetration  33%  31%  32%    Net loans  170  168  167  2%  Risk-weighted assets  77  76  71  9%  Leverage exposure  259  255  247  5%  Key messagesPTI of CHF 550 mn, down slightly with the focus on cost discipline mitigating revenue declinesNet revenue decline driven by weaker recurring revenues due to a lower asset base at the end of last quarter; net interest income was adversely affected by yield curve movements; transaction-based revenue decline from lower client activity, compared to a very strong 1Q18, partially offset by higher ITS revenues Operating expenses down 4% leading to a cost/income ratio of 58%Record AuM of CHF 607 bn with strong NNA and a rebound in marketsPrivate ClientsNet revenues down 3% mainly driven by the impact of yield curve movements on our net interest income and low client activityStrong NNA of CHF 3.3 bn, representing highest quarterly result to date with contributions from all businessesCorporate & Institutional ClientsNet revenues down 5% mainly driven by lower recurring revenues, partially offset by increase in net interest income from continued deposit repricing measures and higher ITS revenuesStrong NNA of CHF 27.6 bn with continuous positive momentum in pension funds, including one large inflow of ~CHF 23 bnSeveral landmark transactions announced in Swiss investment banking business 

 Key metrics          in CHF bn  1Q19  4Q18  1Q18  Δ 1Q18  Net margin in bps  45  33  44  1  Net new assets  1.3  0.5  5.5    Number of RM  1,150  1,110  1,130  2%  Net loans  53  52  51  3%  Net new assets AM  -0.5  0.7  9.0    Risk-weighted assets  43  40  38  13%  Leverage exposure  101  99  94  7%    International Wealth ManagementRecord PTI of CHF 523 mn with return on capital of 35%  PB  Key financials           in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Net revenues   1,417  1,402  1,403  1%  Adjusted net revenues  1,417  1,376  1,367  4%  Provision for credit losses  10  16  -1    Total operating expenses  884  976  920  -4%  Adjusted total operating expenses  901  896  894  1%  Pre-tax income  523  410  484  8%  Adjusted pre-tax income  506  464  474  7%  Cost/income ratio  62%  70%  66%    Return on regulatory capital†  35%  29%  36%    30  April 24, 2019  Key messagesStrong start to the year with record quarterly net revenues and PTI since 2015Private Banking transaction-based revenues also reflect further development of our collaboration with ITSFurther operating leverage leading to a cost/income ratio of 62%Private BankingPTI of CHF 402 mn stable vs. 1Q18 and up 35% vs. 4Q18 with net margin up 1 bp to 45 bpsBroadly stable net revenues with higher transaction- and performance-based revenues from targeted client engagementOperating expenses down 6% with a cost/income ratio of 60%NNA totaled CHF 1.3 bn with solid growth in HNW segment and a recovery of flows in Europe and muted flows in UHNW in emerging marketsAsset ManagementPTI of CHF 121 mn up 46% vs. 1Q18 and up 8% vs. 4Q1811% higher net revenues and stable total operating expensesRevenue growth driven by 40% higher investment and partnership income while management fees grew 2% at a stable recurring fee marginNNA of CHF -0.5 bn with inflows of CHF 2.0 bn into traditional investments, primarily offset by outflows from emerging market JVs  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. All percentage changes and comparative descriptions refer to year on year measurements unless otherwise indicated † See under ‘Notes’ in the Appendix 

 Asia PacificResilient performance in difficult markets; record AuM  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. All percentage changes and comparative descriptions refer to year on year measurements unless otherwise indicated † See under ‘Notes’ in the Appendix 1 APAC PB within WM&C 2 All references under key messages for Markets are based on USD   PB1  Key financials           in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Net revenues  854  677  991  -14%  Provision for credit losses  17  8  10    Total operating expenses  654  632  747  -12%  Adjusted total operating expenses  654  605  693  -6%  Pre-tax income  183  37  234  -22%  Adjusted pre-tax income  183  64  288  -36%  Cost/income ratio  77%  93%  75%    Return on regulatory capital†  13%  3%  17%    31  April 24, 2019  Key messages1Q19 PTI of CHF 183 mn down 22% vs. 1Q18, but substantially improved from 4Q18Created Asia Pacific Trading Solutions (ATS) in April to capitalize on the significant opportunity we see across the APAC region and further build on the success of ITSContinued expense discipline across the divisionNNA of CHF 5.0 bn, with AuM increasing to a record CHF 219 bnWealth Management & Connected (WM&C)Private Banking revenues declined by 13% compared to 1Q18, primarily due to a 22% decline in transaction-based revenues; net interest income also adversely affected by cumulative de-leveraging in 2018Strong performance in Financing offset by weaker M&A and equity underwriting performanceMarkets2Equity revenues adversely affected by weakness in trading volumes across Asian markets; sales and trading revenues reduced by 23%Fixed income revenues broadly stable compared to 1Q18 with stronger credit performance offsetting weakness in emerging market rates  Key metrics          in CHF bn  1Q19  4Q18  1Q18  Δ 1Q18  Net margin in bps  25  19  34  -9  Net new assets  5.0  1.2  6.2    Number of RM  600  580  600  -  Assets under management   219  202  199  10%  Net loans  45  44  45  -  Risk-weighted assets  38  37  34  12%  Leverage exposure  111  106  116  -4% 

 Investment Banking & Capital Markets Low client activity amid adverse market conditions  Key metrics          in USD bn  1Q19  4Q18  1Q18  Δ 1Q18  Risk-weighted assets  25  25  22  14%  Leverage exposure  42  41  41  4%  Key financials           in USD mn  1Q19  4Q18  1Q18  Δ 1Q18  Net revenues  357  476  559  -36%  Provision for credit losses  8  5  1    Total operating expenses  443  365  496  -11%  Adjusted total operating expenses  436  357  464  -6%  Pre-tax income/loss (-)  -94  106  62  n/m  Adjusted pre-tax income/loss (-)  -87  114  94  n/m  Cost/income ratio  124%  77%  89%    Return on regulatory capital†  n/m  12%  8%    Global advisory and underwriting revenues1          in USD mn  1Q19  4Q18  1Q18  Δ 1Q18  Global advisory and underwriting revenues  769  761  1,106  -30%  32  April 24, 2019  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. All percentage changes and comparative descriptions refer to year on year measurements unless otherwise indicated † See under ‘Notes’ in the Appendix 1 Gross global revenues from advisory, debt and equity underwriting generated across all divisions 2 Source: Dealogic for the period ending March 31, 2019 (Americas and EMEA only) 3 Source: Dealogic for the period ending March 31, 2019 (Global)  Key messagesPerformance driven by lower market activity, with Street fees2 in debt and equity underwriting down 9% and 43%, respectively, impacted by the US government shutdown, investor concerns over slowing GDP and the geopolitical environment in all of our major marketsNet revenues of USD 357 mn down 36%, driven by lower equity and debt underwriting activity (leveraged finance Street fees2 down 20%YoY) and fewer M&A completions, as well as MTM changes in our corporate lending portfolio reflecting tightening of credit spreads during 1Q19Operating expenses down 11% as a result of the completion of our restructuring and lower fixed and variable compensationRWA up 14% primarily driven by an increase in the corporate lending portfolio and methodology changesGlobal advisory and underwriting revenues down 30% driven by the lower Street3 activity across all regions  

 Global MarketsResilient results supported by further growth in ITS  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix. All percentage changes and comparative descriptions refer to year on year measurements unless otherwise indicated † See under ‘Notes’ in the Appendix 1 Includes sales and trading and underwriting 2 Other revenues include treasury funding costs and the impact of collaboration with other divisions, in particular with respect to the ITS franchise  Key metrics          in USD bn  1Q19  4Q18  1Q18  Δ 1Q18  Risk-weighted assets  58  60  61  -4%  Leverage exposure  260  249  296  -12%  Key financials           in USD mn  1Q19  4Q18  1Q18  Δ 1Q18  Equities1  571  386  588  -3%  Fixed Income1  1,006  687  1,151  -13%  Other2  -99  -107  -97    Net revenues  1,478  966  1,642  -10%  Provision for credit losses  11  4  4    Total operating expenses  1,184  1,158  1,325  -11%  Adjusted total operating expenses  1,176  1,079  1,281  -8%  Pre-tax income/loss (-)  283  -196  313  -10%  Adjusted pre-tax income/loss (-)  291  -117  357  -18%  Cost/income ratio  80%  120%  81%    Return on regulatory capital†  9%  n/m  9%    33  April 24, 2019  Key messagesResilient 1Q19 PTI of USD 283 mn with a stable return on regulatory capital† at 9% driven by continued successful execution of our strategic initiatives – growth in ITS, reduced funding costs, benefits of efficiency initiatives and disciplined resource allocation – amid difficult market conditionsStrong ITS revenues, up 23%, highlighting further development of our collaboration with wealth management across fixed income and equities Flat sales and trading revenues in a depressed environment driven by strength in equity derivatives, solid prime services revenues and stable results in fixed incomePrimary revenues declined due to the market-wide weakness in both equity underwriting and credit issuance, particularly at the start of the quarter 

 Summary  34  April 24, 2019 

 35  Summary  April 24, 2019  Solid performance in a challenging market environmentResilient performance in Wealth ManagementExecuting with discipline in Global MarketsGrowing TBVPS and executing on our share buyback of at least CHF 1 bn in 2019Cautiously optimistic on 2Q19  1  1 Subject to market and economic conditions 

 Appendix  36  April 24, 2019 

 Overview of Credit Suisse 1Q19 results  37  April 24, 2019  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this Appendix. 1Q19 avg. USD/CHF = 1.00; 4Q18 avg. USD/CHF = 1.00; 1Q18 avg. USD/CHF = 0.941 SRU program completed. Residual portfolio is now managed in the ARU (within the Corporate Center) as of January 1, 2019  Pre-tax income    Reported           Adjusted        in CHF mn unless otherwise specified    1Q19  4Q18  1Q18  Δ 1Q18    1Q19  4Q18  1Q18  Δ 1Q18  SUB     550  498  563  -2%    530  548  554  -4%  IWM    523  410  484  8%    506  464  474  7%  APAC    183  37  234  -22%    183  64  288  -36%  IBCM in USD mn    -94  106  62  n/m    -87  114  94  n/m  Global Markets in USD mn    283  -196  313  -10%    291  -117  357  -18%  Corporate Center    -383  35  -172  n/m    -350  53  -171  n/m  SRU1 in USD mn    -  -297  -434  -    -  -282  -382  -  Group    1,062  595  1,054  1%    1,073  846  1,209  -11%  RWA in CHF bn    290  285  271                  CET1 ratio    12.6%  12.6%  12.9%              Leverage exposure in CHF bn    902  881  932              Tier 1 leverage ratio    5.2%  5.2%  5.1%             

 Swiss Universal BankPrivate Clients and Corporate & Institutional Clients  Corporate & Institutional Clients Key financials          in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Net interest income  307  320  303  1%  Recurring commissions & fees  160  160  174  -8%  Transaction-based  187  163  190  -2%  Other revenues  -17  -10  2    Net revenues  637  633  669  -5%  Adjusted net revenues  637  633  651  -2%  Provision for credit losses  18  30  24    Total operating expenses  342  383  347  -1%  Adjusted total operating expenses  339  337  341  -1%  Pre-tax income  277  220  298  -7%  Adjusted pre-tax income  280  266  286  -2%  Cost/income ratio  54%  61%  52%    Key metrics          in CHF bn  1Q19  4Q18  1Q18  Δ 1Q18  Net margin in bps  53  54  51  2  Net new assets  3.3  -1.1  2.7    Mandate penetration  33%  31%  32%    Assets under management   211  198  207  2%  Number of RM  1,280  1,260  1,310  -2%  Key metrics          in CHF bn  1Q19  4Q18  1Q18  Δ 1Q18  Net new assets  27.6  2.1  3.8    Assets under management   396  349  352  12%  Number of RM  520  520  540  -4%  Private Clients Key financials          in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Net interest income  412  440  428  -4%  Recurring commissions & fees  199  209  206  -3%  Transaction-based  101  85  109  -7%  Other revenues  30  6  19    Net revenues  742  740  762  -3%  Adjusted net revenues  712  734  743  -4%  Provision for credit losses  11  -4  10    Total operating expenses  458  466  487  -6%  Adjusted total operating expenses  451  456  465  -3%  Pre-tax income  273  278  265  3%  Adjusted pre-tax income  250  282  268  -7%  Cost/income ratio  62%  63%  64%    38  April 24, 2019  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this Appendix 

 International Wealth ManagementPrivate Banking and Asset Management  Private Banking Key financials          in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Net interest income  370  404  388  -5%  Recurring commissions & fees  295  305  307  -4%  Transaction- and perf.-based  354  229  311  14%  Other revenues  0  4  37    Net revenues  1,019  942  1,043  -2%  Adjusted net revenues  1,019  940  1,006  1%  Provision for credit losses  10  16  -1    Total operating expenses  607  628  643  -6%  Adjusted total operating expenses  626  603  625  -  Pre-tax income  402  298  401  -  Adjusted pre-tax income  383  321  382  -  Cost/income ratio  60%  67%  62%    Key metrics          in CHF bn  1Q19  4Q18  1Q18  Δ 1Q18  Net margin in bps  45  33  44  1  Net new assets  1.3  0.5  5.5    Assets under management   356  358  370  -4%  Mandate penetration  34%  32%  31%    Net loans  53  52  51  3%  Number of RM  1,150  1,110  1,130  2%  Asset Management Key financials          in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Management fees  266  275  260  2%  Performance & placement rev.  30  38  27  11%  Investment & partnership inc.  102  147  73  40%  Net revenues  398  460  360  11%  Adjusted net revenues  398  436  361  10%  Total operating expenses  277  348  277  -  Adjusted total operating expenses  275  293  269  2%  Pre-tax income  121  112  83  46%  Adjusted pre-tax income  123  143  92  34%  Cost/income ratio  70%  76%  77%    Key metrics          in CHF bn  1Q19  4Q18  1Q18  Δ 1Q18  Net new assets  -0.5  0.7  9.0    Assets under management  405  389  391  3%  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this Appendix  39  April 24, 2019 

 Asia PacificWealth Management & Connected and Markets  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this Appendix † See under ‘Notes’ at the end of this Appendix 1 APAC PB within WM&C  Wealth Management & Connected Key financials          in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Private Banking  398  358  455  -13%  Adv., Underwr. and Financing  167  148  208  -20%  Net revenues  565  506  663  -15%  Provision for credit losses  17  9  9    Total operating expenses  378  359  449  -16%  Adjusted total operating expenses  378  348  398  -5%  Pre-tax income  170  138  205  -17%  Adjusted pre-tax income  170  149  256  -34%  Cost/income ratio  67%  71%  68%    Return on regulatory capital†  18%  16%  29%    Risk-weighted assets in CHF bn  28  26  21  34%  Leverage exposure in CHF bn  63  61  60  6%  Markets Key financials          in USD mn  1Q19  4Q18  1Q18  Δ 1Q18  Equity sales & trading  199  170  258  -23%  Fixed income sales & trading  92  3  90  2%  Net revenues  291  173  348  -16%  Provision for credit losses  -  -1  2    Total operating expenses  278  275  315  -12%  Adjusted total operating expenses  278  259  312  -11%  Pre-tax income/loss (-)  13  -101  31  -58%  Adjusted pre-tax income/loss (-)  13  -85  34  -62%  Cost/income ratio  96%  159%  91%    Return on regulatory capital†  2%  n/m  4%    Risk-weighted assets in USD bn  10  11  13  -26%  Leverage exposure in USD bn  48  46  59  -19%  Private Banking1 revenue details          in CHF mn  1Q19  4Q18  1Q18  Δ 1Q18  Net interest income  146  156  159  -8%  Recurring commissions & fees  107  93  111  -4%  Transaction-based revenues  145  108  185  -22%  Other revenues  -  1  -    Net revenues  398  358  455  -13%  40  April 24, 2019 

 Wealth Management businessesNNA generation  IWM PB NNA in CHF bn  NNA growth (annualized)  6%  1%  6%  1%  3%  SUB PC NNA in CHF bn  NNA growth (annualized)  5%  7%  1%  -2%  2%  1 APAC PB within WM&C  1Q18  1Q19  2Q18  3Q18  4Q18  1Q18  1Q19  2Q18  3Q18  4Q18  NNA growth (annualized)  1Q18  13%  10%  7%  2%  APAC PB1 NNA in CHF bn  1Q19  2Q18  3Q18  4Q18  12%  41  April 24, 2019 

 Wealth Management businessesNet and gross margins  Note: For details on calculations see under ‘Notes’ at the end of this Appendix 1 APAC PB within WM&C  IWM PB Net margin in bps  Gross margin in bps  SUB PC Net margin in bps  Gross margin in bps  366  360  366  372  369  208  207  205  208  210  401  402  298  347  287  265  273  278  268  249  1,043  1,019  942  992  913  762  742  740  757  730  1Q18  1Q19  3Q18  2Q18  4Q18  1Q18  1Q19  3Q18  2Q18  4Q18  1Q18  1Q19  3Q18  2Q18  4Q18  1Q18  1Q19  3Q18  2Q18  4Q18  APAC PB1 Net margin in bps  1Q18  1Q19  3Q18  Gross margin in bps  2Q18  4Q18  198  212  206  Average AuM in CHF bn  205  204  170  131  97  Pre-tax income in CHF mn  148  133  455  398  358  Net revenues in CHF mn  412  387  1Q18  1Q19  3Q18  2Q18  4Q18  42  April 24, 2019 

 Corporate Center  43  April 24, 2019  Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in this Appendix. ‘Other revenues’ primarily include required elimination adjustments associated with trading in own shares, treasury commissions charged to divisions, the cost of certain hedging transactions executed in connection with the Group's RWAs and valuation hedging impacts from long-dated legacy deferred compensation and retirement programs mainly relating to former employees  ARU within Corp. Ctr. Key financials         in CHF mn unless otherwise specified  1Q19      Net revenues  -35      Provision for credit losses  6      Total operating expenses  62      Pre-tax loss  -103      Adjusted pre-tax loss  -103      Adjusted pre-tax loss in USD mn  -104      Risk-weighted assets in USD bn  12      RWA excl. operational risk in USD bn  7      Leverage exposure in USD bn  29      Corporate Center Key metrics        in CHF bn  1Q19  4Q18  1Q18  Total assets  120  104  110  Risk-weighted assets  50  30  28  Leverage exposure  130  105  111  Corporate Center Key financials         in CHF mn  1Q19  4Q18  1Q18  Treasury results  -118  132  -109  Asset Resolution Unit  -35  -  -  Other  62  -48  49  Net revenues  -91  84  -60  Adjusted net revenues  -91  101  -60  Provision for credit losses  6  -  -  Compensation and benefits  130  -64  55  G&A expenses  140  107  37  Commission expenses  16  5  19  Restructuring expenses  -  1  1  Total other operating expenses  156  113  57  Total operating expenses  286  49  112  Adjusted total operating expenses  253  48  111  Pre-tax income/loss (-)  -383  35  -172  Adjusted pre-tax income/loss (-)  -350  53  -171  Strategic Resolution Unit Key financials         in CHF mn unless otherwise specified    4Q18  1Q18  Net revenues    -175  -203  Provision for credit losses    -1  -  Total operating expenses    123  206  Pre-tax loss    -297  -409  Adjusted pre-tax loss    -282  -362  Adjusted pre-tax loss in USD mn    -282  -382  Risk-weighted assets in USD bn    18  23  RWA excl. operational risk in USD bn    7  12  Leverage exposure in USD bn    30  45 

 44  Tangible book value per share at CHF 15.47despite adverse impact from tightening credit spreads  April 24, 2019  Tangible book value per share (TBVPS)‡in CHF  Key messagesIncrease in tangible book value per share during 1Q19 reflects growth from net income generated for the quarter, positive impact from share buyback below TBVPS, beneficial FX movements and various smaller other items, partially offset by the adverse impact from tightening credit spreads  Note: Tangible book value per share (TBVPS) is a non-GAAP financial measure ‡ See Appendix1 Includes net impact related to share-based compensation awards as well as the impact from an increase in retained earnings following the change related to the accounting of leases2 Reflects impact on tangible shareholders’ equity from own credit movements via other comprehensive income and tax expenses related to own credit movements          2  1 

 Currency mix & Group capital metrics  45  April 24, 2019  1 Total expenses include provisions for credit losses 2 Sensitivity analysis based on weighted average exchange rates of USD/CHF of 0.99 and EUR/CHF of 1.14 for the 1Q19 LTM results 3 Data based on March 2019 month-end currency mix and on a “look-through” basis 4 Reflects actual capital positions in consolidated Group legal entities (net assets) including net asset hedges less applicable Basel III regulatory adjustments (e.g. goodwill)  Credit Suisse Group results  1Q19 LTMin CHF mn  Applying a +/- 10% movement on the average FX rates for 1Q19 LTM, the sensitivities are:USD/CHF impact on LTM pre-tax income by CHF +339 / - 339 mnEUR/CHF impact on LTM pre-tax income by CHF +159 / -159 mn  Sensitivity analysis on Group results2  Contribution  Swiss Universal Bank      International Wealth Management    Asia Pacific      Global Markets      Investment Banking & Capital Markets      Group results        CHF  USD  EUR  GBP  Other  Net revenues 20,671 25% 47% 11% 3% 14%Total expenses1 17,291 31% 37% 4% 10% 18%  Net revenues 5,512 74% 17% 6% 1% 2%Total expenses1 3,400 82% 13% 2% 1% 2%  Net revenues 5,428 16% 57% 19% 2% 6%Total expenses1 3,684 43% 28% 9% 8% 12%  Net revenues 3,256 3% 38% 3% 2% 54%Total expenses1 2,643 6% 13% -% 2% 79%  Net revenues 4,906 4% 64% 14% 8% 10%Total expenses1 4,765 5% 60% 4% 22% 9%  Net revenues 2,005 -% 86% 9% 3% 2%Total expenses1 1,813 4% 74% 5% 13% 4%  Currency mix capital metric3  A 10% strengthening / weakening of the USD (vs. CHF) would have a -0.3 bps / +0.3 bps impact on theBIS CET1 ratio      Basel III Risk-weighted assets  Swiss leverage exposure      CHF  EUR  Other                USD      USD  CET1 capital 4    CHF   

 46  April 24, 2019    Reconciliation of adjustment items (1/3)  Adjusted results are non-GAAP financial measures that exclude certain items included in our reported results. During the implementation of our strategy, it was important to measure the progress achieved by our underlying business performance. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures.    Group in CHF mn        1Q19  4Q18  1Q18  Net revenues reported  5,387  4,801  5,636  Real estate gains  -30  -12  -1  Gains (-)/losses on business sales  -  -3  -73  Net revenues adjusted  5,357  4,786  5,562  Provision for credit losses  81  59  48  Total operating expenses reported  4,244  4,147  4,534  Restructuring expenses  -  -136  -144  Major litigation provisions  -6  -82  -85  Expenses related to real estate disposals  -35  -  -  Expenses related to business sales  -  -48  -  Total operating expenses adjusted  4,203  3,881  4,305  Pre-tax income/loss (-) reported  1,062  595  1,054  Total adjustments  11  251  155  Pre-tax income/loss (-) adjusted  1,073  846  1,209    Group in CHF mn                  1Q19  1Q18  1Q17  1Q16  2018  2017  2016  2015  Total operating expenses reported  4,244  4,534  4,811  4,972  17,303  18,897  22,337  25,895  Goodwill impairment  -  -  -  -  -  -  -  -3,797  Restructuring expenses  -  -144  -137  -255  -626  -455  -540  -355  Major litigation provisions  -6  -85  -97  -  -244  -493  -2,707  -820  Expenses related to real estate disposals  -35  -  -  -  -  -  -  -  Expenses related to business sales  -  -  -  -  -51  -8  -  -  Debit valuation adjustments (DVA)  -20  3  -25  -  45  -82  -  -  Total operating cost base adjusted  4,183  4,308  4,552  4,717  16,427  17,859  19,090  20,923  FX adjustment  -35  -  -17  -60  -  -24  -98  -135  Total operating cost base adjusted at constant FX*  4,148  4,308  4,535  4,657  16,427  17,835  18,992  20,788  SUB PC in CHF mn        SUB C&IC in CHF mn      1Q19  4Q18  1Q18    1Q19  4Q18  1Q18  742  740  762    637  633  669  -30  -6  -    -  -  -  -  -  -19    -  -  -18  712  734  743    637  633  651  11  -4  10    18  30  24  458  466  487    342  383  347  -  -10  -22    -  -11  -6  -  -  -    -  -35  -  -7  -  -    -3  -  -  451  456  465    339  337  341  273  278  265    277  220  298  -23  4  3    3  46  -12  250  282  268    280  266  286    SUB in CHF mn        1Q19  4Q18  1Q18  Net revenues reported  1,379  1,373  1,431  Real estate gains  -30  -6  -  Gains (-)/losses on business sales  -  -  -37  Net revenues adjusted  1,349  1,367  1,394  Provision for credit losses  29  26  34  Total operating expenses reported  800  849  834  Restructuring expenses  -  -21  -28  Major litigation provisions  -  -35  -  Expenses related to real estate disposals  -10  -  -  Total operating expenses adjusted  790  793  806  Pre-tax income/loss (-) reported  550  498  563  Total adjustments  -20  50  -9  Pre-tax income/loss (-) adjusted  530  548  554  * Adjusted operating cost base at constant 2018 FX rates; see Appendix 

 47  April 24, 2019  Reconciliation of adjustment items (2/3)    IWM in CHF mn        1Q19  4Q18  1Q18  Net revenues reported  1,417  1,402  1,403  Real estate gains  -  -2  -  Gains (-)/losses on business sales  -  -24  -36  Net revenues adjusted  1,417  1,376  1,367  Provision for credit losses  10  16  -1  Total operating expenses reported  884  976  920  Restructuring expenses  -  -33  -26  Major litigation provisions  27  -  -  Expenses related to real estate disposals  -10  -  -  Expenses related to business sales  -  -47  -  Total operating expenses adjusted  901  896  894  Pre-tax income/loss (-) reported  523  410  484  Total adjustments  -17  54  -10  Pre-tax income/loss (-) adjusted  506  464  474  IWM PB in CHF mn        IWM AM in CHF mn      1Q19  4Q18  1Q18    1Q19  4Q18  1Q18  1,019  942  1,043    398  460  360  -  -2  -    -  -  -  -  -  -37    -  -24  1  1,019  940  1,006    398  436  361  10  16  -1    -  -  -  607  628  643    277  348  277  -  -25  -18    -  -8  -8  27  -  -    -  -  -  -8  -  -    -2  -  -  -  -  -    -  -47  -  626  603  625    275  293  269  402  298  401    121  112  83  -19  23  -19    2  31  9  383  321  382    123  143  92    APAC Mkts in USD mn        1Q19  4Q18  1Q18  Net revenues reported  291  173  348  Net revenues adjusted  291  173  348  Provision for credit losses  -  -1  2  Total operating expenses reported  278  275  315  Restructuring expenses  -  -16  -3  Total operating expenses adjusted  278  259  312  Pre-tax income/loss (-) reported  13  -101  31  Total adjustments  -  16  3  Pre-tax income/loss (-) adjusted  13  -85  34    APAC in CHF mn        1Q19  4Q18  1Q18  Net revenues reported  854  677  991  Net revenues adjusted  854  677  991  Provision for credit losses  17  8  10  Total operating expenses reported  654  632  747  Restructuring expenses  -  -26  -6  Major litigation provisions  -  -1  -48  Total operating expenses adjusted  654  605  693  Pre-tax income/loss (-) reported  183  37  234  Total adjustments  -  27  54  Pre-tax income/loss (-) adjusted  183  64  288  APAC WM&C in CHF mn      1Q19  4Q18  1Q18  565  506  663  565  506  663  17  9  9  378  359  449  -  -10  -3  -  -1  -48  378  348  398  170  138  205  -  11  51  170  149  256  APAC PB in CHF mn      1Q19  4Q18  1Q18  398  358  455  398  358  455  -  -1  4  267  262  281  -  -11  -1  267  251  280  131  97  170  -  11  1  131  108  171  Adjusted results are non-GAAP financial measures that exclude certain items included in our reported results. During the implementation of our strategy, it was important to measure the progress achieved by our underlying business performance. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures. 

 48  April 24, 2019    Reconciliation of adjustment items (3/3)    IBCM in USD mn        1Q19  4Q18  1Q18  Net revenues reported  357  476  559  Net revenues adjusted  357  476  559  Provision for credit losses  8  5  1  Total operating expenses reported  443  365  496  Restructuring expenses  -  -6  -32  Major litigation provisions  -  -2  -  Expenses related to real estate disposals  -7  -  -  Total operating expenses adjusted  436  357  464  Pre-tax income/loss (-) reported  -94  106  62  Total adjustments  7  8  32  Pre-tax income/loss (-) adjusted  -87  114  94    GM in USD mn        1Q19  4Q18  1Q18  Net revenues reported  1,478  966  1,642  Net revenues adjusted  1,478  966  1,642  Provision for credit losses  11  4  4  Total operating expenses reported  1,184  1,158  1,325  Restructuring expenses  -  -79  -44  Major litigation provisions  -  -  -  Expenses related to business sales  -8  -  -  Expenses related to real estate disposals  -  -  -  Total operating expenses adjusted  1,176  1,079  1,281  Pre-tax income/loss (-) reported  283  -196  313  Total adjustments  8  79  44  Pre-tax income/loss (-) adjusted  291  -117  357    Corp. Ctr. in CHF mn        1Q19  4Q18  1Q18  Net revenues reported  -91  84  -60  Real estate gains  -  -4  -  Gains (-)/losses on business sales  -  21  -  Net revenues adjusted  -91  101  -60  Provision for credit losses  6  -  -  Total operating expenses reported  286  49  112  Restructuring expenses  -  -1  -1  Major litigation provisions  -33  -  -  Total operating expenses adjusted  253  48  111  Pre-tax income/loss (-) reported  -383  35  -172  Total adjustments  33  18  1  Pre-tax income/loss (-) adjusted  -350  53  -171    SRU in USD mn      SRU in CHF mn      4Q18  1Q18    4Q18  1Q18  Net revenues reported  -174  -215    -175  -203  Real estate gains  -  -1    -  -1  Net revenues adjusted  -174  -216    -175  -204  Provision for credit losses  -1  -    -1  -  Total operating expenses reported  124  219    123  206  Restructuring expenses  31  -12    31  -11  Major litigation provisions  -45  -41    -45  -37  Expenses related to business sales  -1  -    -1  -  Total operating expenses adjusted  109  166    108  158  Pre-tax income/loss (-) reported  -297  -434    -297  -409  Total adjustments  15  52    15  47  Pre-tax income/loss (-) adjusted  -282  -382    -282  -362  Adjusted results are non-GAAP financial measures that exclude certain items included in our reported results. During the implementation of our strategy, it was important to measure the progress achieved by our underlying business performance. Management believes that adjusted results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to the most directly comparable US GAAP measures. 

 Notes  49  April 24, 2019  General notesThroughout the presentation rounding differences may occurUnless otherwise noted, all CET1 ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in this presentation are as of the end of the respective period and on a “look-through” basisGross and net margins are shown in basis pointsGross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuMMandate penetration reflects advisory and discretionary mandate volumes as a percentage of AuM, excluding those from the external asset manager businessSpecific notes* Following the successful completion of our restructuring program in 2018, we updated our calculation approach for adjusted operating cost base at constant FX rates. Beginning in 1Q19, adjusted operating cost base at constant FX rates includes adjustments for major litigation provisions, expenses related to real estate disposals and business sales as well as for debit valuation adjustments (DVA) related volatility and FX, but not for restructuring expenses and certain accounting changes. Adjustments for FX apply unweighted 2018 currency exchange rates, i.e., a straight line average of monthly rates, consistently for the periods under review. Under the current presentation, adjusted operating cost base at constant FX rates for periods prior to 1Q19 still include adjustments for restructuring expenses and a goodwill impairment taken in 4Q15, but no longer include an adjustment for certain accounting changes.† Regulatory capital is calculated as the worst of 10% of RWA and 3.5% of leverage exposure. Return on regulatory capital is calculated using income / (loss) after tax and assumes a tax rate of 30% and capital allocated based on the worst of 10% of average RWA and 3.5% of average leverage exposure. For the Markets business within the APAC division and for the Global Markets and Investment Banking & Capital Markets divisions, return on regulatory capital is based on US dollar denominated numbers. ‡ Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders’ equity. Tangible book value per share is a non-GAAP financial measure, which is calculated by dividing tangible shareholders' equity by total number of shares outstanding. Management believes that tangible shareholders’ equity/tangible book value, return on tangible equity and tangible book value per share are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-1Q16, tangible equity excluded goodwill of CHF 4,688 mn and other intangible assets of CHF 186 mn from total shareholders’ equity of CHF 44,997 mn as presented in our balance sheet. For end-1Q17, tangible equity excluded goodwill of CHF 4,831 mn and other intangible assets of CHF 202 mn from total shareholders’ equity of CHF 41,702 mn as presented in our balance sheet. For end-1Q18, tangible equity excluded goodwill of CHF 4,667 mn and other intangible assets of CHF 212 mn from total shareholders’ equity of CHF 42,540 mn as presented in our balance sheet. For end-4Q18, tangible equity excluded goodwill of CHF 4,766 mn and other intangible assets of CHF 219 mn from total shareholders’ equity of CHF 43,922 mn as presented in our balance sheet. For end-1Q19, tangible equity excluded goodwill of CHF 4,807 mn and other intangible assets of CHF 224 mn from total shareholders’ equity of CHF 43,825 mn as presented in our balance sheet. Shares outstanding were 2,539.6 mn at end-1Q18, 2,550.6 mn at end-4Q18 and 2,507.8 mn at end-1Q19.AbbreviationsAdv. = Advisory; AM = Asset Management; APAC = Asia Pacific; ARU = Asset Resolution Unit; ATS = Asia Pacific Trading Solutions; attr. = attributable; AuC = Assets under Custody; AuM = Assets under Management; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bps = basis points; C&IC = Corporate & Institutional Clients; CET1 = Common Equity Tier 1; Corp. = Corporate(s); Corp. Ctr. = Corporate Center; DCM = Debt Capital Markets; DVA = Debit Valuation Adjustments; ECM = Equity Capital Markets; e.g. = for example; EMEA = Europe, Middle East & Africa; EqD = Equity Derivatives; FINMA = Swiss Financial Market Supervisory Authority; FX = Foreign Exchange; G&A = General & Administrative; GAAP = Generally Accepted Accounting Principles; GDP = Gross Domestic Product; GM = Global Markets; IBCM = Investment Banking & Capital Markets; inc. = income; ITS = International Trading Solutions; IPO = Initial Public Offering; IWM = International Wealth Management; JV = Joint Venture; LevFin = Leveraged Finance; LTM = Last Twelve Months; M&A = Mergers & Acquisitions; Mgmt. = Management; Mkts = Markets; MTM = Mark-To-Market; n/m = not meaningful; NNA = Net New Assets; o/w = of which; PB = Private Banking; PC = Private Clients; perf. = performance; PTI = Pre-tax income; rev. = revenues; RM = Relationship Manager; RoRC = Return on Regulatory Capital; RoTE = Return on Tangible Equity; RWA = Risk-weighted assets; SMI = Swiss Market Index; SRU = Strategic Resolution Unit; SUB = Swiss Universal Bank; TBVPS = Tangible Book Value Per Share; (U)HNW = (Ultra) High Net Worth; Underwr. = Underwriting; WM&C = Wealth Management & Connected; YoY = Year on year