Credit Suisse AG (incorporated with limited liability in Switzerland)

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1 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT Credit Suisse AG (incorporated with limited liability in Switzerland) and Credit Suisse Group Finance (Guernsey) Limited (incorporated with limited liability in Guernsey, Channel Islands) and Credit Suisse Finance (U.S.) Inc. (a Delaware corporation) (each an Issuer and together, the Issuers ) announce Consent Solicitations in respect of certain series of outstanding Bonds 22 August The relevant Issuer announced today invitations to holders of each series (a Series ) of its bonds which are described below and which are outstanding to consent to the modification of the terms and conditions (the Conditions ) of the relevant Series and to approve, inter alia, the terms of a Global Note Addendum and a Supplemental Agency Agreement to be entered into in order to give effect to the modifications as proposed by the relevant Issuer for approval by an extraordinary resolution of the holders of such Series (an Extraordinary Resolution ), all as further described under Proposed Amendments below (each such invitation a Consent Solicitation ). This announcement does not contain the full terms and conditions of the Consent Solicitations, which are contained in the consent solicitation memorandum relating to the Bonds dated 22 August 2016 (the Consent Solicitation Memorandum ) prepared by the Issuers. Bondholders may obtain a copy of the Consent Solicitation Memorandum from the Tabulation Agent, the contact details for which are set out below. Bondholders are advised to read carefully the Consent Solicitation Memorandum. Capitalised terms used in this announcement but not defined have the meanings given to them in the Consent Solicitation Memorandum. Details of the Bonds Relevant Issuer: Series: ISIN / Common Code: Outstanding principal amount: Credit Suisse AG, London Branch 1,500,000,000 Floating Rate Notes due 2016 XS / ,500,000,000 Credit Suisse AG, London Branch 2,250,000, per cent. Notes due 2017* XS / ,250,000,000 Credit Suisse AG, London Branch 2,000,000, per cent. Notes due 2017* XS / ,000,000,000 Credit Suisse AG, London Branch SEK 2,750,000,000 Floating Rate Notes due 2017 XS / SEK 2,750,000,000 Credit Suisse AG, London Branch SEK 750,000, per cent. Notes due 2017 XS / SEK 750,000,000 Credit Suisse AG, London Branch 1,500,000,000 Floating Rate Notes due 2017 XS / ,500,000,000 Credit Suisse AG, London Branch 1,500,000, per cent. Notes due 2018 XS / ,500,000,000 Credit Suisse AG, London Branch 2,550,000, per cent. Notes due 2019* XS / ,550,000,000 1

2 Credit Suisse AG, London Branch 1,000,000,000 Floating Rate Notes due 2019 XS / ,000,000,000 Credit Suisse AG, London Branch 2,250,000, per cent. Notes due 2019 XS / ,250,000,000 Credit Suisse AG, London Branch 1,750,000, per cent. Notes due 2022 XS / ,750,000,000 Credit Suisse AG, London Branch 400,000,000 Fixed to Floating Callable Lower Tier 2 Notes due 2023* XS / ,892,000 (together, the EMTN Bonds ) Relevant Issuer: Series: ISIN / Common Code: Outstanding principal amount: Credit Suisse Group Finance (Guernsey) Ltd. Credit Suisse Group Finance (U.S.) Inc. 400,000,000 Guaranteed Floating Rate Notes due 2019 (the 2019 Bonds ) 250,000, per cent. Subordinated Guaranteed Bonds due 2020 (the 2020 Bonds ) XS / ,000,000 XS / ,786,000 (together with the EMTN Bonds, the Bonds ) Series marked * above shall, together, be referred to as the Category A Bonds and series marked with a above shall, together, be referred to as the Category B Bonds. Rationale for the Consent Solicitations In response to constantly evolving international regulatory requirements, and to comply with Swiss Too Big To Fail obligations which require systemically important Swiss financial institutions, such as Credit Suisse AG, to modify their structures in order to facilitate resolution measures in the event of a banking failure, Credit Suisse AG has, in consultation with the Swiss Financial Market Supervisory Authority FINMA ( FINMA ), undertaken to implement changes to its legal entity structure (the Reorganisation ). As part of this Reorganisation, Credit Suisse AG has established a wholly owned subsidiary, Credit Suisse (Switzerland) Ltd (the Subsidiary ), which is intended to serve as a new Swiss banking entity. It is proposed that the business of the Swiss Universal Bank division of Credit Suisse AG (the Parent ), including the assets, liabilities, employees and contracts relating thereto, will be transferred to the Subsidiary in the second half of 2016 pursuant to an asset transfer agreement between Credit Suisse AG and the Subsidiary. This transfer, and potential other later transfers in connection with the Reorganisation to a direct or indirect Swiss subsidiary of the Parent, will be effected by way of a bulk transfer (Vermögensübertragung) pursuant to article 69 et seq. of the Swiss Merger Act or by way of contribution by Credit Suisse AG (the Asset Transfers ). Following such Asset Transfers, the Subsidiary, rather than Credit Suisse AG, will directly carry out the relevant business of the Swiss Universal Bank division. In line with Swiss Too Big To Fail legislation and requirements of FINMA, the Subsidiary will be a member of the Credit Suisse group and be part of the Credit Suisse divisional management structure, but will have a measure of operational and managerial independence. Following completion of the Reorganisation, Credit Suisse AG plans to undertake a partial (approximately 20-30%) IPO of the Subsidiary, subject to, among other things, market conditions and all necessary approvals (the IPO ). The IPO underscores the Subsidiary s identity and value within Switzerland and within the group and is intended to generate/raise additional capital for Credit Suisse AG and/or the Subsidiary. The relevant Issuer is seeking approval by the Bondholders of the Proposed Amendments described below to substantially conform the terms and conditions of each Series to the terms and conditions of the current senior unsecured debt programme of Credit Suisse AG and to facilitate the plans described above. Proposed Amendments The purpose of each Consent Solicitation is to modify the Conditions of the relevant Series (as set out in the applicable Agency Agreement or, in the case of the 2020 Bonds, the offering circular dated 3 October

3 and, in the case of the EMTN Bonds only, completed by the applicable Final Terms for such Series) (the Proposed Amendments ). In respect of each Series, the Proposed Amendments relating to such Series have been proposed by the relevant Issuer for approval by an extraordinary resolution of the holders of such Series (an Extraordinary Resolution ) at a meeting of such holders (each such meeting a Meeting ). The implementation of the Proposed Amendments in respect of a Series of Bonds is conditional upon the passing of the relevant Extraordinary Resolution, but is not conditional upon the implementation of any other similar consent solicitation in respect of any other obligations of the Issuers. Meetings At each Meeting, Bondholders will be invited to consider and, if thought fit, pass the Extraordinary Resolution relating to the relevant Series to approve the implementation of the Proposed Amendments, as more fully described in the notice convening the Meetings published by the Issuer on the date of this announcement. Participation Fee Subject to the conditions set out in the Consent Solicitation Memorandum, the approval of the Extraordinary Resolution and implementation of the relevant Proposed Amendments in respect of the relevant Series, each Bondholder from whom a valid Consent Instruction in favour of the relevant Extraordinary Resolution is received by the Tabulation Agent by 10:00 a.m. (London) on 12 September 2016 (the Expiration Deadline ) will be eligible to receive payment of an amount equal to 0.10 per cent. of the principal amount of the Bonds that are the subject of such Consent Instruction (the Participation Fee ). The relevant Issuer will pay the Participation Fee to relevant Bondholders immediately after the relevant Proposed Amendments are implemented (the Payment Date ). Indicative Timetable for the Consent Solicitations Announcement of Consent Solicitations 22 August 2016 Expiration Deadline a.m. (London time) on 12 September 2016 (or, in respect of any adjourned Meeting 24 hours in respect of Category A Bonds and 48 hours, in respect of Category B Bonds prior to the time of such meeting) Meetings to be held at the offices of Linklaters LLP, One Silk Street, London EC2Y 8HQ, United Kingdom Announcement of the results of the Meetings Payment of any Participation Fee In respect of Category A Bonds: From a.m. (London time) on 13 September 2016 In respect of Category B Bonds: From a.m. (London time) on 14 September 2016 As soon as reasonably practicable after the Meetings Immediately after the relevant Proposed Amendments are implemented 3

4 The above times and dates are subject to the right of the relevant Issuer (subject to applicable law and as provided in the Consent Solicitation Memorandum) to extend, waive any condition of, amend and/or terminate any Consent Solicitation (other than the terms of the relevant Extraordinary Resolution) as described in the Consent Solicitation Memorandum, and are based on the passing of each Extraordinary Resolution at the first Meeting for the relevant Series. Bondholders are advised to check with any bank, securities broker or other intermediary through which they hold their Bonds when such intermediary would need to receive instructions from a Bondholder in order for such Bondholder to participate in, or (in the limited circumstances in which revocation is permitted) validly to revoke their instruction to participate in, the relevant Consent Solicitation(s) and/or the relevant Meeting(s) by the deadlines specified above. The deadlines set by any such intermediary and each Clearing System for the submission and (where permitted) revocation of Consent Instructions will be earlier than the relevant deadlines above. Unless stated otherwise, all announcements in connection with the Consent Solicitations will be made by the relevant Issuer by publication on the website of the Luxembourg Stock Exchange and by delivery of a notice to the Clearing Systems for communication to Direct Participants. Such announcements may also be (i) found on the relevant Reuters Insider screen page and/or (ii) made by the issue of a press release to a Notifying News Service. Copies of all announcements, notices and press releases can also be obtained from the Tabulation Agent, the contact details for each of which appear on the last page of this Consent Solicitation Memorandum. Significant delays may be experienced where notices are delivered to the Clearing Systems and Bondholders are urged to contact the Tabulation Agent for the relevant announcements during the course of the Consent Solicitations. In addition, Bondholders may contact the Solicitation Agent for information using the contact details below. Bondholders are advised to read carefully the Consent Solicitation Memorandum for full details of, and information on the procedures for participating in, any Consent Solicitation. Credit Suisse Securities (Europe) Limited is acting as Solicitation Agent and Lucid Issuer Services Limited is acting as Tabulation Agent. Questions and requests for assistance in connection with the Consent Solicitations may be directed to the Solicitation Agent: Solicitation Agent Credit Suisse Securities (Europe) Limited One Cabot Square Canary Wharf London E14 4QJ United Kingdom Telephone: Attention: Liability Management Group liability.management@credit-suisse.com Questions and requests for assistance in connection with the delivery of Consent Instructions may be directed to the Tabulation Agent. 4

5 Lucid Issuer Services Limited Tankerton Works 12 Argyle Walk London WC1H 8HA United Kingdom Telephone: Attention: Sunjeeve Patel/Paul Kamminga DISCLAIMER This announcement must be read in conjunction with the Consent Solicitation Memorandum. The Consent Solicitation Memorandum contains important information which should be read carefully before any decision is made with respect to any Consent Solicitation. If any Bondholder is in any doubt as to the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose Bonds are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in the relevant Consent Solicitation or otherwise participate at the relevant Meeting (including any adjourned such Meeting). None of the Issuers, the Solicitation Agent and the Tabulation Agent expresses any opinion about the terms of any Consent Solicitation or Extraordinary Resolution or makes any recommendation whether Bondholders should participate in the relevant Consent Solicitation(s) or otherwise participate at the Meeting(s) applicable to them. General The distribution of this announcement and the Consent Solicitation Memorandum in certain jurisdictions may be restricted by law, and persons into whose possession this announcement and/or the Consent Solicitation Memorandum comes are required to inform themselves about, and to observe, any such restrictions. Nothing in this announcement or the Consent Solicitation Memorandum constitutes or contemplates an offer of, an offer to purchase or the solicitation of an offer to sell any security in any jurisdiction and participation in any Consent Solicitation by a Bondholder in any circumstances in which such participation is unlawful will not be accepted. 5