Consensus Summary Published as of October 16, 2017

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Transcription:

Consensus Summary Published as of October 16, 2017 The consensus summary reflects simple averages based on estimates received from 18 analysts from October 3 to October 9, 2017. It includes analysts estimates of certain items as noted on page 8 of this report. The opinions, estimates and forecasts of analysts, and the consensus information presented derived from it, regarding Credit Suisse Group s performance are the analysts alone and do not represent opinions, estimates or forecasts of Credit Suisse Group or its management. Credit Suisse Group has not verified any of the information it has received and makes no representation as to the accuracy or completeness of the consensus information. Nor does Credit Suisse Group endorse or concur with, or assume responsibility for, such analyst information or recommendations or assume any responsibility to update or supplement such information. This material is being provided for informational purposes only and is not intended to, nor does it, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. Copyright 2017 Credit Suisse Group. All rights reserved. Investor Relations

2 Credit Suisse Investor Relations Consensus Report Consensus Summary Consensus Summary Credit Suisse Credit Suisse Net revenues 4,965 4,971 20,915 20,892 21,974 22,026 23,132 23,218 of which Real Estate Gains and Gains on Business Sales 0 0 8 0 3 0 3 0 Provisions for credit losses 66 65 271 270 261 263 263 248 Total operating expenses 4,599 4,584 18,744 18,788 17,808 17,824 17,491 17,337 of which restructuring expenses 148 125 509 455 307 250 70 0 of which litigation provisions 93 50 306 221 228 100 126 0 Income/(loss) from continuing operations before taxes 300 340 1,900 1,807 3,905 3,913 5,378 5,380 Income/(loss) from continuing operations before taxes, excl. 541 566 2,707 2,708 4,437 4,527 5,571 5,590 Income tax expense 112 117 604 596 1,082 1,080 1,466 1,468 Income/(loss) from continuing operations 188 211 1,296 1,233 2,823 2,824 3,912 3,958 Income/(loss) from discontinued operations 0 0 0 0 0 0 0 0 Net income/(loss) attributable to noncontrolling interests 4 1 6 3 22 5 12 5 Net income/(loss) attributable to shareholders 184 211 1,290 1,230 2,801 2,822 3,900 3,922 Statement of operations metrics (%) Effective tax rate 37.3 37.0 31.8 32.0 27.7 28.0 27.3 28.0 Core Results 1 Net revenues 5,187 5,188 21,826 21,812 22,617 22,705 23,352 23,403 of which Real Estate Gains and Gains on Business Sales 0 0 0 0 0 0 0 0 Provisions for credit losses 52 53 204 202 223 219 241 234 Total operating expenses 4,178 4,173 17,313 17,324 16,791 16,761 16,933 16,924 of which restructuring expenses 44 0 243 185 103 0 33 0 of which litigation provisions 7 0 37 0 13 0 10 0 Income/(loss) from continuing operations before taxes 957 961 4,309 4,292 5,603 5,616 6,178 6,166 Income/(loss) from continuing operations before taxes, excl. 1,008 1,029 4,589 4,615 5,719 5,756 6,220 6,166 BIS capital metrics Group in /end of 3Q17E in /end of 2017E in /end of 2018E in /end of 2019E Total shareholders equity (CHF bn) 43.8 43.7 44.1 44.0 46.1 45.9 48.8 48.8 CET1 capital (CHF bn, "look-through") 34.7 34.6 34.9 34.6 36.7 36.4 39.0 38.7 Risk-weighted assets (CHF bn, "look-through") 264 263 266 265 276 277 289 290 CET1 ratio (%, "look-through") 13.2 13.1 13.1 13.1 13.3 13.2 13.5 13.5 BIS leverage metrics Group CET1 capital (CHF bn, "look-through") 34.7 34.6 34.9 34.6 36.7 36.4 39.0 38.7 Leverage exposure (CHF bn, "look-through") 909 908 911 910 909 911 916 920 CET1 leverage ratio (%, "look-through") 3.8 3.8 3.8 3.8 4.0 4.0 4.3 4.2 Dividend per share (CHF) in 2017E in 2018E in 2019E Mean Median Mean Median Mean Median Dividend per share (CHF) 0.30 0.28 0.46 0.50 0.59 0.62 1 Core Results reflect results of five reporting segments (Swiss Universal Bank, International Wealth Management, Asia Pacific, Global Markets, Investment Banking & Capital Markets) and Corporate Center.

Consensus Summary Credit Suisse Investor Relations Consensus Report 3 Consensus by division Swiss Universal Bank (SUB) Net revenues 1,350 1,349 5,493 5,488 5,662 5,665 5,796 5,838 of which Real Estate Gains and Gains on Business Sales 0 0 0 0 0 0 0 0 Provisions for credit losses 28 30 103 105 113 103 119 117 Total operating expenses 862 856 3,584 3,582 3,484 3,448 3,509 3,488 of which restructuring expenses 5 0 59 48 34 0 9 0 of which litigation provisions 0 0 16 0 1 0 0 0 Income/(loss) before taxes 460 451 1,806 1,790 2,064 2,076 2,168 2,165 Income/(loss) from continuing operations before taxes, excl. 465 462 1,881 1,868 2,099 2,090 2,178 2,174 Swiss Universal Bank - Private Clients Net revenues 712 712 2,891 2,889 3,019 3,004 3,103 3,104 Provisions for credit losses 13 11 49 49 52 50 54 49 Total operating expenses 496 492 2,059 2,057 2,010 2,008 2,029 2,027 Income/(loss) before taxes 204 204 783 787 957 936 1,020 999 Swiss Universal Bank - Corporate & Institutional Clients Net revenues 638 640 2,602 2,597 2,643 2,658 2,693 2,700 Provisions for credit losses 16 15 54 55 61 55 64 58 Total operating expenses 366 367 1,525 1,527 1,474 1,475 1,480 1,484 Income/(loss) before taxes 256 256 1,023 1,019 1,107 1,133 1,148 1,178 Margins on assets under management - Swiss Universal Bank Private Clients (annualized) (bp) Gross margin 141 141 146 146 145 145 144 144 Net margin 40 40 39 39 46 45 47 46 Assets under management and net new assets Assets under management (CHF billion) Swiss Universal Bank - Private Clients 204 203 205 204 212 211 219 218 Swiss Universal Bank - Corporate & Institutional Clients 334 354 353 356 364 366 375 377 Net new assets (CHF billion) Swiss Universal Bank - Private Clients 0.6 0.6 4.1 4.4 4.2 4.2 4.3 4.3 Swiss Universal Bank - Corporate & Institutional Clients 0.7 0.5 1.9 2.0 4.3 4.0 4.5 4.0

4 Credit Suisse Investor Relations Consensus Report Consensus Summary International Wealth Management (IWM) Net revenues 1,228 1,233 5,017 5,022 5,270 5,267 5,520 5,549 of which Real Estate Gains and Gains on Business Sales 0 0 0 0 0 0 0 0 Provisions for credit losses 7 6 24 22 28 20 35 20 Total operating expenses 892 887 3,650 3,646 3,668 3,650 3,741 3,692 of which restructuring expenses 5 0 40 43 8 0 2 0 of which litigation provisions 4 0 11 3 6 0 5 0 Income/(loss) before taxes 329 338 1,343 1,355 1,574 1,585 1,744 1,720 Income/(loss) from continuing operations before taxes, excl. 337 348 1,394 1,413 1,588 1,590 1,751 1,730 International Wealth Management - Private Banking Net revenues 890 894 3,615 3,611 3,786 3,793 3,981 3,988 Provisions for credit losses 7 6 24 22 28 20 35 20 Total operating expenses 624 618 2,546 2,544 2,560 2,552 2,619 2,612 Income/(loss) before taxes 259 270 1,045 1,038 1,198 1,181 1,327 1,314 International Wealth Management - Asset Management Net revenues 338 340 1,402 1,405 1,484 1,481 1,539 1,534 Provisions for credit losses 0 0 0 0 0 0 0 0 Total operating expenses 268 268 1,104 1,100 1,108 1,096 1,122 1,103 Income/(loss) before taxes 70 66 298 300 376 382 417 415 Margins on assets under management - International Wealth Management Private Banking (annualized) (bp) Gross margin 105 105 108 108 107 106 106 105 Net margin 31 31 31 31 34 34 35 35 Assets under management and net new assets Assets under management (CHF billion) International Wealth Management - Private Banking 342 342 345 346 365 367 387 386 International Wealth Management - Asset Management 372 370 358 374 375 393 392 408 Net new assets (CHF billion) International Wealth Management - Private Banking 2.8 3.2 12.8 14.3 13.3 14.3 14.0 15.1 International Wealth Management - Asset Management 2.5 2.7 20.0 21.3 11.4 11.1 10.9 11.5

Consensus Summary Credit Suisse Investor Relations Consensus Report 5 Asia Pacific (APAC) Net revenues 823 827 3,410 3,394 3,648 3,643 3,898 3,932 Provisions for credit losses 9 8 24 20 41 40 45 45 Total operating expenses 652 650 2,729 2,729 2,699 2,684 2,780 2,787 of which restructuring expenses 4 0 30 30 7 0 3 0 of which litigation provisions 0 0 1 0 1 0 1 0 Income/(loss) before taxes 161 161 657 652 908 885 1,073 1,061 Income/(loss) from continuing operations before taxes, excl. 165 164 687 678 916 892 1,076 1,061 Asia Pacific - Wealth Management & Connected Net revenues 537 541 2,245 2,249 2,403 2,432 2,591 2,632 Provisions for credit losses 8 8 20 19 34 27 38 37 Total operating expenses 361 360 1,488 1,481 1,527 1,513 1,605 1,610 Income/(loss) before taxes 168 170 737 737 842 824 948 936 Asia Pacific - Markets Net revenues 286 289 1,165 1,173 1,245 1,243 1,307 1,280 Provisions for credit losses 2 0 4 0 8 0 8 0 Total operating expenses 291 291 1,241 1,228 1,172 1,160 1,175 1,170 Income/(loss) before taxes (7) (6) (80) (79) 66 100 125 134 Assets under management and net new assets Assets under management (CHF billion) Asia Pacific - Private Banking 183 183 188 188 206 208 226 226 Net new assets (CHF billion) Asia Pacific - Private Banking 3.9 4.0 16.4 16.7 15.6 15.1 16.1 15.9

6 Credit Suisse Investor Relations Consensus Report Consensus Summary Global Markets (GM) Net revenues 1,301 1,301 5,765 5,716 5,849 5,832 5,883 5,940 Provisions for credit losses 4 5 25 27 22 23 24 23 Total operating expenses 1,198 1,193 4,971 4,963 4,796 4,796 4,768 4,754 of which restructuring expenses 24 23 91 99 46 0 16 0 of which litigation provisions 4 0 8 0 6 0 4 0 Income/(loss) before taxes 99 95 769 740 1,031 1,064 1,092 1,139 Income/(loss) from continuing operations before taxes, excl. 127 131 868 847 1,082 1,119 1,112 1,203 Investment Banking & Capital Markets (IBCM) Net revenues 487 482 2,146 2,184 2,187 2,176 2,251 2,230 Provisions for credit losses 4 5 27 29 18 20 18 20 Total operating expenses 411 415 1,715 1,713 1,699 1,693 1,714 1,714 of which restructuring expenses 5 3 21 24 7 0 3 0 of which litigation provisions 0 0 2 0 0 0 0 0 Income/(loss) before taxes 72 66 404 404 470 472 519 500 Income/(loss) from continuing operations before taxes, excl. 77 68 427 432 477 472 522 500

Consensus Summary Credit Suisse Investor Relations Consensus Report 7 Corporate Center (CC) Corporate Center results Net revenues (2) 0 (5) 2 1 0 4 0 of which Real Estate Gains and Gains on Business Sales 0 0 0 0 0 0 0 0 Provisions for credit losses 0 0 2 3 1 0 1 0 Total operating expenses 163 168 664 679 445 400 421 380 of which restructuring expenses 1 0 2 0 1 0 0 0 Income/(loss) before taxes (166) (165) (672) (659) (445) (396) (418) (384) Income/(loss) from continuing operations before taxes, excl. (165) (165) (670) (656) (444) (396) (418) (384) Strategic Resolution Unit (SRU) in 3Q17E in 2017E in 2018E in 2019E Net revenues (222) (236) (911) (942) (643) (695) (220) (244) of which Real Estate Gains and Gains on Business Sales 0 0 8 0 3 0 3 0 Provisions for credit losses 15 13 66 62 38 40 23 19 Total operating expenses 421 445 1,431 1,480 1,017 1,045 558 489 of which restructuring expenses 104 128 266 296 204 256 38 0 of which litigation provisions 86 100 269 286 214 200 116 90 Income/(loss) before taxes (658) (655) (2,409) (2,426) (1,699) (1,711) (800) (800) Income/(loss) from continuing operations before taxes, excl. (469) (474) (1,883) (1,869) (1,285) (1,307) (649) (703)

8 Credit Suisse Investor Relations Consensus Report Consensus Summary Additional information Consensus includes average analysts' estimates of the following items: Statement of operations (CHF million) Division Net revenues 0 8 3 3 Real Estate and Business Sales gains SUB 0 0 0 0 0 0 0 0 Real Estate and Business Sales gains IWM 0 0 0 0 0 0 0 0 Real Estate and Business Sales gains CC 0 0 0 0 0 0 0 0 Real Estate and Business Sales gains SRU 0 0 8 0 3 0 3 0 Total operating expenses 241 815 535 196 Restructuring expenses SUB 5 0 59 48 34 0 9 0 Restructuring expenses IWM 5 0 40 43 8 0 2 0 Restructuring expenses APAC 4 0 30 30 7 0 3 0 Restructuring expenses GM 24 23 91 99 46 0 16 0 Restructuring expenses IBCM 5 3 21 24 7 0 3 0 Restructuring expenses CC 1 0 2 0 1 0 0 0 Restructuring expenses SRU 104 128 266 296 204 256 38 0 Total Restructuring expenses 148 509 307 70 Litigation provisions SUB 0 0 16 0 1 0 0 0 Litigation provisions IWM 4 0 11 3 6 0 5 0 Litigation provisions APAC 0 0 1 0 1 0 1 0 Litigation provisions GM 4 0 8 0 6 0 4 0 Litigation provisions IBCM 0 0 2 0 0 0 0 0 Litigation provisions SRU 86 100 269 286 214 200 116 90 Total Litigation provisions 93 306 228 126 Income/(loss) before taxes (241) (807) (532) (193)