Morgan Stanley Financial Services Conference

Morgan Stanley Financial Services Conference Managing for value in an uncertain economic and regulatory environment David Mathers, Chief Operating Officer, Investment Bank London March 23, 2010

Cautionary statement Cautionary statement regarding forward-looking and non-gaap information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2008 filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements except as may be required by applicable laws. This presentation contains non-gaap financial information. Information needed to reconcile such non-gaap financial information to the most directly comparable measures under GAAP can be found in Credit Suisse Group's fourth quarter report 2009. Slide 2

Credit Suisse was an early mover in evolving investment banking strategy Phase One: 3Q07-4Q08 Phase Two: 2009 Phase Three: 2010 Aggressive risk reduction Loss avoidance / minimization Headcount reduction and continued expense discipline Significant infrastructure investment Successful execution of client-focused, capitalefficient strategy Key client businesses Repositioned businesses Exit businesses Significant market share gains across products and regions Driving the franchise forward: Extend strong market share gains in equities Grow client flows and expand distribution coverage in fixed income Capitalize on high growth potential in targeted emerging markets IBD growth and client strategy Slide 3

Aggressive risk reduction Dislocated Asset Balances (period end in CHF bn) Investment Banking RWAs (period end in USD bn) 99 4 Subprime residential mortgages and CDO 1) Commercial mortgages Leveraged finance 212 154 (34)% 36 (95)% 139 26 137 18 140 17 123 Exit businesses 113 119 59 5 3Q07 1Q09 2Q09 3Q09 4Q09 3Q07 1Q09 2Q09 3Q09 4Q09 1) Excluding US prime, US Alt-A and European/Asian residential mortgage exposures of CHF 5.5 bn Slide 4

Credit Suisse was an early mover in evolving investment banking strategy Phase One: 3Q07-4Q08 Phase Two: 2009 Phase Three: 2010 Aggressive risk reduction Loss avoidance / minimization Headcount reduction and continued expense discipline Significant infrastructure investment Successful execution of client-focused, capitalefficient strategy Key client businesses Repositioned businesses Exit businesses Significant market share gains across products and regions Driving the franchise forward: Extend strong market share gains in equities Grow client flows and expand distribution coverage in fixed income Capitalize on high growth potential in targeted emerging markets IBD growth and client strategy Slide 5

Growth in key client businesses Equity sales & trading and underwriting revenues Key Client Businesses 1) CHF bn 7.8 2007 6.1 7.6 2008 2009 Strong 2009 results and market share gains in cash equities and prime services Improved results in flow and corporate derivatives Market share gains not fully reflected in 2009 revenues given both market levels and subdued client activity; primary issuance was also relatively subdued during 2009 Fixed income sales & trading and underwriting revenues Key Client Businesses 1) 10.2 7.7 2.8 2007 2008 2009 Strong 2009 results in global rates and FX, US RMBS and investment grade credit Significant opportunity to increase share in flow products such as FX and global rates Such market share gains should help to offset less favorable conditions in some business areas, such as rates, in 2010 1) Excludes impact from movements in spreads on own debt. Slide 6

Turnaround of repositioned businesses Equity sales & trading and underwriting revenues Repositioned Businesses CHF bn 1.1 2007 Fixed income sales & trading and underwriting revenues Repositioned Businesses CHF bn 3.5 (1.6) 1.2 2008 2009 (2.9) 4.2 2007 2008 2009 Higher revenues in convertibles and quantitative and liquid strategies Revenues reflected reduction in risk positions and refocused operating models Revenues increased by 9% from 2007, despite a 75% reduction in RWAs Improved results driven by leveraged finance, emerging markets and corporate lending Repositioned businesses developed into client-based franchises with lower capital usage Revenues increased by 20% from 2007, despite a 46% reduction in RWAs Slide 7

Credit Suisse was an early mover in evolving investment banking strategy Phase One: 3Q07-4Q08 Phase Two: 2009 Phase Three: 2010 Aggressive risk reduction Loss avoidance / minimization Headcount reduction and continued expense discipline Significant infrastructure investment Successful execution of client-focused, capitalefficient strategy Key client businesses Repositioned businesses Exit businesses Significant market share gains across products and regions Driving the the franchise forward: Extend strong market share gains in equities Grow client flows and expand distribution coverage in fixed income Capitalize on high growth potential in targeted emerging markets IBD growth and client strategy Slide 8

Positive medium-term outlook for market share and/or market environment in many key businesses Relative revenue contribution from major business lines Strong Credit Suisse market share Upside potential Prime services M&A FX Cash equities Emerging markets Equity capital markets Equity derivatives Leveraged finance Rates Investment grade s Commodities RMBS trading Relative revenue contribution in 2009 General direction of movement of business within same-colored segments Revenue growth potential from increasing market share Revenue growth potential from improving environment Risk of revenue reduction from normalizing environment Worse than historic levels 2009 market environment Better than historic levels Note: Excludes 1Q09 rebound revenues. Slide 9

... leading to constructive medium-term outlook for overall revenue base Investment Bank 2009 revenues (in CHF bn) 19.2 1) (4.1) 23.4 5.3 12.2 More sustainable revenues with good growth prospects Revenue growth potential from increasing market share Revenue growth potential from improving environment Risk of revenue reduction from normalizing environment 5.8 Greatest risk of revenue reduction Reported revenues Wind-down losses and other Adjusted revenues Potential from higher market share Potential from improved environment Potential normalization of environment 1) 2009 reported revenues from all businesses, excluding rebound revenue of CHF 1.3 bn in 1Q09 Slide 10

Strategic growth initiatives in key businesses Business Expected market environment Strategic initiatives Rates Emerging Markets Leveraged Finance Market activity expected to be lower in 2010 than 2009 Continued favorable outlook given relative strength of emerging market economies Significant high yield refinancing opportunity Focus on growing client flows and expanding distribution coverage Significant sales force expansion 40 planned flow sales hires (+34%) Market share goals: top 3 in Americas and top 5 in EMEA and Asia Capitalize on high-growth potential in targeted regions, particularly intermediating flows between emerging market economies Expand flow sales business and drive client connectivity across regions and with Private Banking 40 planned flow sales hires (+45% of total EMG sales force) Market share goal: top 5 in all regions in flow sales and maintain top position in IBD Significant sales force expansion across Credit 20 planned flow sales hires (+29%) Market share goals: top 3 in Americas and top 5 in EMEA Slide 11

Strategic growth initiatives in key businesses Business Expected market environment Strategic initiatives Prime Services M&A More stable environment with recovering confidence in hedge fund products Stability of world economies resulting in improved CEO confidence and renewed willingness to engage in strategic dialogue Consolidate our Top 3 market share Selectively increase client base; continue our differentiated approach to adding new clients Growth plans in listed derivatives, Delta One, fund administration and prime brokerage Continued investment in technology Build on strength of local and regional teams to sustain market share gains in EMEA and APAC Build on recent progress in the Americas Foreign Exchange Equity Derivatives Volatility expected to be lower in 2010 vs. 2009 Broadly stable outlook for 2010 Broaden client footprint Significant investment in technology Build out ecommerce platform and industrialize infrastructure Sales force expansion 30 new planned flow sales hires (39%) Market share goal: top 5 in all regions Expand flow and corporate footprint Build scale in APAC Re-orient product suite, in line with new demands from clients Slide 12

Re-engineered leveraged finance and emerging markets business models Repositioning Leveraged Finance Controlling our own destiny Commitment period / time-tomarket Favor lead-left status Seek provisions to break syndicate in the event of right roles Shorter time-to-market and blackout periods Ensure ability to distribute risk preclosing Repositioning Emerging Markets Client-focused business Sales and trading Network capital sources with capital needs across emerging markets Maintain broad business base Focus on flow product in line with capital-efficient model Leverage local market expertise Lower quantum of debt Avoid larger positions / mega deals Distribution Greater focus on distributing rather than retaining assets Lower single name / industry concentration Focus on more diversified commitments to reduce concentration Capital-efficient Ensure capital usage is efficient, nimble and consistent Greater internal focus on return metrics Credit quality Improved deal flex terms & covenants Lower leverage One Bank Leverage emerging market strength across Investment Bank, Private Bank and Asset Management Slide 13

Significant new client momentum New clients as a % of total Securities client base 1) 43% 43% of the current Securities client base are new clients added since 2006 Revenues from new clients have been from across the product spectrum, with the bulk coming from: Emerging markets Equity derivatives Prime services AES Global rates Clients who generated revenues in 2009, but did not generate revenues in 2006 Clients who generated revenues in 2009 and 2006 Revenue contribution from new clients expected to increase as relationships mature 1) Defined as clients who generated revenues in 2009, but did not generate revenues in 2006; excludes M&A fees and primary securities issuance Slide 14

Well positioned for an evolving industry landscape Capital Leverage Liquidity Compensation Leading tier 1 ratio Capital-generative model Grandfather" or transition hybrid securities Deductions (e.g. DTA, pension) expected to be minimal over time Reduced balance sheet by 24% from 4Q07 Already well in excess of 2013 Swiss minimum leverage ratio Basel Committee rules still to be finalized Strong and stable deposit base High-quality / liquid balance sheet Diversified and conservative funding structure increased long-term debt duration Early mover e.g. PAF in 2008 G-20 compliant a year early in 2009 Specific clawback provisions for underperformance Compensation accrued on risk adjusted basis Responsible approach to 'UK bonus tax' 16.3% tier 1 capital ratio positions Credit Suisse well for future changes Credit Suisse already well advanced in implementation Existing funding approach in line with planned direction of industry Commitment to fair, performance-oriented and competitive compensation Credit Suisse response Strategy and business model adjusted early Maintained very strong capital base CS IB well positioned for these changes Slide 15

Credit Suisse well positioned for an uncertain economic and regulatory environment Recognized early the need to change our model Significant reduction of dislocated assets and reallocation of RWA Accelerated implementation of our client-focused, capital-efficient strategy Significant market share momentum in 2009 Achieved meaningful market share gains in key businesses but significant opportunity remains Focused strategy for future growth Well-positioned for change in regulatory landscape Continued commitment to expand client-related businesses across the Investment Bank Increase market share across targeted products and geographies Continued discipline in capital allocation to support expansion of client businesses; aligned with compensation process Strategy and business model adjusted early Maintained strong capital base and liquidity position Compensation model already aligned with proposed regulation Slide 16

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Appendix: Realignment of the Investment Bank Key client businesses Repositioned businesses Exit businesses Equities Cash equities Electronic trading Prime services Equity derivatives focus on flow and corporate trades Equity Trading focus on quantitative and liquid strategies Convertibles focus on client flow Highly structured derivatives Illiquid principal trading Fixed Income Global Rates Currencies (FX) High Grade Credit / DCM US RMBS secondary trading Commodities trading (joint venture) Emerging Markets maintain leading business but with more limited risk/credit provision Leveraged Finance maintain leading business but focus on smaller/quicker to market deals Mortgage origination and CDO Non-US RMBS Highly structured derivatives Power & emission trading Advisory Strategic advisory (M&A) and capital markets origination Corporate Lending improved alignment of lending with business and ability to hedge Origination of slow to market, capital-intensive financing transactions Develop existing strong market positions Maintain competitive advantage but reduce risk and volatility Release capital and resources; reduce volatility Slide 18