Obbligazione Credit Suisse Guernsey Funding Limited 3.6% ( XS1241134821 ) in NOK

Emittente Credit Suisse Guernsey Funding Limited
Prezzo di mercato 105.5 NOK  ⇌ 
Paese  Guernsey
Codice isin  XS1241134821 ( in NOK )
Tasso d'interesse 3.6% per anno ( pagato 1 volta l'anno)
Scadenza 27/05/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Credit Suisse Group Funding (Guernsey) Limited XS1241134821 in NOK 3.6%, scaduta


Importo minimo /
Importo totale /
Descrizione dettagliata Credit Suisse Group Funding (Guernsey) Limited è una società di finanziamento costituita a Guernsey, parte del gruppo Credit Suisse, che opera nel settore dei servizi finanziari, fornendo finanziamenti e altre attività correlate.

Il mercato finanziario ha recentemente registrato la maturazione e il successivo rimborso di un'obbligazione di rilevante interesse, l'ISIN XS1241134821, emessa da Credit Suisse Group Funding (Guernsey) Limited. L'emittente, Credit Suisse Group Funding (Guernsey) Limited, è un'entità veicolo di finanziamento strategicamente posizionata nel quadro del più ampio Credit Suisse Group. Basata a Guernesey, una giurisdizione nota per la sua stabilità e il suo ruolo nel settore finanziario internazionale, questa entità è stata storicamente utilizzata per facilitare l'accesso ai mercati dei capitali per conto del gruppo, emettendo vari strumenti di debito volti a diversificare le fonti di finanziamento e ottimizzare la struttura del capitale del Credit Suisse Group. L'obbligazione in questione, con codice ISIN XS1241134821, era denominata in Corone Norvegesi (NOK), presentava un tasso d'interesse fisso del 3.6% e prevedeva un'unica frequenza di pagamento annuale per gli interessi. Il paese di emissione, Guernesey, rifletteva la strategia di collocamento internazionale del titolo. La sua data di scadenza era fissata al 27 maggio 2025. Nel periodo precedente la sua maturità, il titolo aveva registrato sul mercato un prezzo di negoziazione che, in alcune fasi, ha toccato il 105.5% del suo valore nominale, riflettendo le dinamiche di mercato e l'appetito degli investitori per questo specifico strumento di debito. L'aspetto più rilevante di questa emissione è la sua recente conclusione operativa: l'obbligazione è infatti giunta a piena maturazione in data 27 maggio 2025 ed è stata prontamente rimborsata. Questo significa che tutti gli obbligazionisti detentori del titolo hanno ricevuto il capitale investito, oltre agli interessi maturati fino alla data di scadenza, a conferma della regolare esecuzione degli impegni contrattuali da parte dell'emittente. Il processo di rimborso a scadenza è un evento standard nel ciclo di vita di un'obbligazione e, in questo caso, si è concluso con successo, chiudendo il ciclo di vita del debito per questo specifico strumento.









BASE PROSPECTUS

Credit Suisse AG
(incorporated with limited liability in Switzerland)
and
Credit Suisse Group Funding (Guernsey) Limited
(incorporated with limited liability in Guernsey, Channel Islands)
and
Credit Suisse Group AG
(incorporated with limited liability in Switzerland)
Euro Medium Term Note Programme
Notes issued by Credit Suisse Group Funding (Guernsey) Limited will be unconditionally and irrevocably guaranteed by
Credit Suisse Group AG
(incorporated with limited liability in Switzerland)
________________________________
Under this Euro Medium Term Note Programme (the Programme), each of Credit Suisse AG, acting through its
Zurich head office or a designated branch (CS), Credit Suisse Group Funding (Guernsey) Limited (CSG Funding Guernsey)
and Credit Suisse Group AG (CSG), in its capacity as an issuer and together with CSG Funding Guernsey and CS, each an
Issuer and together the Issuers) may from time to time issue notes (the Notes) denominated in any currency agreed between
the Issuer of such Notes (the relevant Issuer) and the relevant Dealer (as defined below).
The payments of all amounts due in respect of the Notes issued by CSG Funding Guernsey (Guaranteed Notes) will
be unconditionally and irrevocably guaranteed by Credit Suisse Group AG (in such capacity, the Guarantor).
Notes may be issued in bearer, registered or uncertificated form (respectively Bearer Notes, Registered Notes and
Uncertificated Notes).
The Notes may be issued on a continuing basis to one or more of the Dealers specified under "General Description of
the Programme" and any additional Dealer appointed under the Programme from time to time by CSG or CS (each a Dealer
and together the Dealers), which appointment may be for a specific issue or on an ongoing basis. References in this Base
Prospectus to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than
one Dealer, be to all Dealers agreeing to subscribe such Notes.
An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks, see
`'Risk Factors''.
Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as
competent authority under the Luxembourg Act dated 10th July 2005 (the Luxembourg Act) on prospectuses for securities to
approve this document as a base prospectus. The CSSF assumes no responsibility for the economic and financial soundness
of the transactions contemplated by this Base Prospectus or the quality or solvency of the Issuers in accordance with Article
7(7) of the Luxembourg Act dated 10th July 2005 on prospectuses for securities. Application has also been made to the
Luxembourg Stock Exchange for Notes issued under the Programme to be admitted to trading on the Luxembourg Stock
Exchange's Regulated Market and to be listed on the Official List of the Luxembourg Stock Exchange. References in this Base
Prospectus to Notes being listed (and all related references) shall mean that such Notes have been admitted to trading on the
Luxembourg Stock Exchange's Regulated Market and have been admitted to the Official List of the Luxembourg Stock
Exchange. The Luxembourg Stock Exchange's Regulated Market is a regulated market for the purposes of Directive
2004/39/EC on Markets in Financial Instruments. In addition, application has been made to register the Programme on the SIX
Swiss Exchange AG (the SIX Swiss Exchange). The CSSF is not the competent authority to approve this document in relation
to the Swiss Global Notes and the Swiss Uncertificated Notes (as defined herein).
Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of
Notes and certain other information which is applicable to each Tranche (as defined under "Terms and Conditions of the
Notes") of Notes will be set out in the final terms (the Final Terms) which, with respect to Notes to be admitted to trading on the
Luxembourg Stock Exchange's Regulated Market and listed on the Official List of the Luxembourg Stock Exchange, will be filed
with the CSSF or, in respect of Notes to be listed on the SIX Swiss Exchange, will be filed with the SIX Swiss Exchange.
Copies of Final Terms in relation to Notes to be listed on the Luxembourg Stock Exchange will also be published on the website
of the Luxembourg Stock Exchange (www.bourse.lu)
The Programme provides that Notes may be listed or admitted to trading, as the case may be, on the Luxembourg
Stock Exchange, the SIX Swiss Exchange or on such other or further stock exchanges or markets as may be agreed between
the relevant Obligors (which expression, in relation to any Series (as defined herein) of Notes, means the relevant Issuer and,
if the relevant Issuer is CSG Funding Guernsey, the Guarantor) and the relevant Dealer. The Issuers may also issue unlisted
Notes and/ or Notes not admitted to trading on any market.
CS has, and issues of Notes by CS under the Programme having a maturity of one year or more have, been rated A
by Standard & Poor's Credit Market Services Europe Limited (S&P), A by Fitch Ratings Ltd. (Fitch) and A1 by Moody's
Investors Service, Inc. (Moody's Inc.). CSG has, and issues of Notes by CSG or CSG Funding Guernsey under the
Programme having in each case a maturity of one year or more have, been rated BBB+ by S&P, A by Fitch and A2 by Moody's
Inc. Each of S&P and Fitch is established in the European Union and registered under Regulation (EC) No. 1060/2009 (as


1






amended) (the CRA Regulation). Moody's Inc. is not established in the European Union and has not applied for registration
under the CRA Regulation. In general, and subject to certain exceptions (including the exception outlined below), European
regulated investors are restricted from using a credit rating for regulatory purposes if such a credit rating is not issued by a
credit rating agency established in the European Union and registered under the CRA Regulation unless the rating is provided
by a credit rating agency operating in the European Union before 7th June 2010 which has submitted an application for
registration in accordance with the CRA Regulation and such registration is not refused.
Subject to the fulfilment of the conditions set out in Article 4(3) of the CRA Regulation, a credit rating agency
established in the European Union and registered in accordance with the CRA Regulation (an EU CRA) may endorse (for
regulatory purposes in the European Union) credit ratings issued outside the European Union where (i) the credit rating
activities resulting in the issuing of the credit rating are undertaken in whole or in part by a credit rating agency or credit rating
agencies belonging to the same group (a non-EU CRA); and (ii) the EU CRA has verified and is able to demonstrate on an
ongoing basis to ESMA that the conduct of the credit rating activities by the non-EU CRA resulting in the issuing of the credit
rating to be endorsed fulfils requirements which are "at least as stringent as" the requirements of the CRA Regulation.
Commission Implementing Decision 2012/628/EU provides that the United States legal and supervisory framework for credit
rating agencies shall be considered as equivalent to the requirements of the CRA Regulation. Moody's Investors Service
Limited (which has been registered under the CRA Regulation and appears on the list of registered credit rating agencies on
ESMA's website - http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) currently endorses credit ratings issued
by Moody's Inc. for regulatory purposes in the European Union. There can be no assurance that Moody's Investors Service
Limited will continue to endorse credit ratings issued by Moody's Inc.
Notes issued under the Programme may be rated or unrated by any one or more of the rating agencies referred to
above. Where a Tranche of Notes is rated, such rating will be disclosed in the applicable Final Terms and will not necessarily
be the same as the rating assigned to the Programme by the relevant rating agency. A security rating is not a recommendation
to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating
agency.
Credit Suisse
The date of this Base Prospectus is 13th May 2015.


2






This Base Prospectus comprises a base prospectus in relation to each Issuer for the purposes of
Article 5.4 of the Prospectus Directive. Prospectus Directive means Directive 2003/71/EC (as amended,
including by Directive 2010/73/EU), and includes any relevant implementing measure in a relevant
Member State of the European Economic Area.
The Issuers and the Guarantor accept responsibility for the information contained in this Base
Prospectus and the Final Terms for each Tranche of Notes issued under the Programme. To the best of
the knowledge of the Issuers and the Guarantor (each having taken all reasonable care to ensure that
such is the case) the information contained in this Base Prospectus is in accordance with the facts and
does not omit anything likely to affect the import of such information.
Copies of Final Terms will be available from the registered office of the relevant Issuer and the
specified office set out below of each of the Paying Agents (as defined below).
This Base Prospectus is to be read in conjunction with all documents which are deemed to be
incorporated herein by reference (see "Documents Incorporated by Reference"). This Base Prospectus
shall be read and construed on the basis that such documents are incorporated by reference and form
part of this Base Prospectus.
Investors should consult the Issuer should they wish to obtain further information in respect of
the operation of any provision in the Terms and Conditions that references the 2006 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc., and as amended and updated as
at the Issue Date of the first Tranche of the Notes of the relevant Series).
The Dealers have not independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, express or implied, is made and no responsibility or liability is
accepted by the Dealers as to the accuracy or completeness of the information contained or incorporated
by reference in this Base Prospectus or any other information provided by the Issuers or the Guarantor
in connection with the Programme. No Dealer accepts any liability in relation to the information
contained or incorporated by reference in this Base Prospectus or any other information provided by the
Issuers or the Guarantor in connection with the Programme.
No person is or has been authorised by the Issuers or the Guarantor to give any information or to
make any representation not contained in or not consistent with this Base Prospectus or any other
information supplied in connection with the Programme or the Notes and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuers, the
Guarantor or any of the Dealers.
Neither this Base Prospectus nor any other information supplied in connection with the
Programme or any Notes (a) is intended to provide the basis of any credit or other evaluation or (b)
should be considered as a recommendation by the Issuers, the Guarantor or any of the Dealers that any
recipient of this Base Prospectus or any other information supplied in connection with the Programme or
any Notes should purchase any Notes. Each investor contemplating purchasing any Notes should make its
own independent investigation of the financial condition and affairs, and its own appraisal of the
creditworthiness, of the Issuers and/or the Guarantor. Neither this Base Prospectus nor any other
information supplied in connection with the Programme or the issue of any Notes constitutes an offer or
invitation by or on behalf of the Issuers or the Guarantor or any of the Dealers to any person to subscribe
for or to purchase any Notes.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in
any circumstances imply that the information contained herein concerning the Issuers and/or the
Guarantor is correct at any time subsequent to the date hereof or that any other information supplied in
connection with the Programme is correct as of any time subsequent to the date indicated in the
document containing the same. The Dealers expressly do not undertake to review the financial condition
or affairs of the Issuers or the Guarantor during the life of the Programme or to advise any investor in
the Notes of any information coming to their attention.
The Notes have not been and will not be registered under the United States Securities Act of
1933, as amended, (the Securities Act) and the Notes in bearer form are subject to U.S. tax law
requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United
States or to, or for the account or benefit of, U.S. persons (see "Subscription and Sale").


3






The Notes may not be offered or sold to or held by any person resident for the purposes of the
Income Tax (Guernsey) Law 1975 in the Islands of Guernsey, Alderney or Herm, Channel Islands.
The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must
determine the suitability of that investment in light of its own circumstances. In particular, each potential
investor may wish to consider, either on its own or with the help of its financial and other professional
advisers, whether it:
(i)
has sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits
and risks of investing in the Notes and the information contained or incorporated by reference in
this Base Prospectus or any applicable supplement;
(ii)
has access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
(iii)
has sufficient financial resources and liquidity to bear all of the risks of an investment in the
Notes, including Notes where the currency for principal or interest payments is different from
the currency in which such potential investor's financial activities are principally denominated;
(iv)
understands thoroughly the terms of the Notes, such as, in the case of Notes issued by CSG
Funding Guernsey, the circumstances under which the Swiss Resolution Authority will have
power to write-down and cancel or require the conversion of the Notes into equity of CSG and/or
defer payments on the Notes, the acknowledgement of such power and consent to its exercise by
Noteholders (including beneficial owners) and the effect of the condition of CSG and CS on the
Notes;
(v)
understands thoroughly that certain events do not constitute events of default under the Notes;
and
(vi)
is able to evaluate possible scenarios for economic, interest rate and other factors that may affect
its investment and its ability to bear the applicable risks.
Legal investment considerations may restrict certain investments. The investment activities of
certain investors are subject to legal investment laws and regulations, or review or regulation by certain
authorities. Each potential investor should consult its legal advisers (including, in the case of Notes issued
by CSG Funding Guernsey, to assess the circumstances under which the Swiss Resolution Authority will
have the power to write-down and cancel and/or require the conversion of the Notes into equity of CSG
and/or defer payments on the Notes, the acknowledgement of such power and consent to its exercise by
Noteholders (including beneficial owners) and the effect of the condition of CSG and CS on the Notes)
and to determine whether and to what extent (1) Notes are legal investments for it, (2) Notes can be used
as collateral for various types of borrowing and (3) other restrictions apply to its purchase or pledge of
any Notes. Financial institutions should consult their legal advisers or the appropriate regulators to
determine the appropriate treatment of Notes under any applicable risk-based capital or similar rules.
In this Base Prospectus, all references to "Renminbi" and "RMB" are to the lawful currency of
People's Republic of China (the PRC) which for the purposes of this Base Prospectus excludes the Hong
Kong Special Administrative Region of the PRC, the Macao Special Administrative Region of the PRC
and the Republic of China (Taiwan).
____________________________

STABILISATION
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the
Stabilisation Manager(s) (or persons acting on behalf of any Stabilisation Manager(s)) in the applicable Final
Terms may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a
level higher than that which might otherwise prevail. However, there is no assurance that the Stabilisation
Manager(s) (or persons acting on behalf of a Stabilisation Manager) will undertake stabilisation action. Any
stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer
of the relevant Tranche of Notes is made and, if begun, may be ended at any time, but it must end no later than


4






the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the
allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the
relevant Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in accordance
with all applicable laws and rules.


5






TABLE OF CONTENTS

Page
Page
Summary of the Programme in relation to the
Terms and Conditions of the Notes .................... 104
Notes other than Notes listed on the SIX Swiss
Use of Proceeds ................................................. 136
Exchange ............................................................... 7
The Guarantee .................................................... 137
Risk Factors ......................................................... 29
Credit Suisse Group Funding (Guernsey)
Important Information Relating to Non-Exempt
Limited ............................................................... 141
Offers of Notes .................................................... 54
Credit Suisse Group AG and Credit Suisse AG . 143
General Description of the Programme ............... 60
Taxation ............................................................. 175
Documents Incorporated by Reference ................ 65
Subscription and Sale ......................................... 185
Form of the Notes ................................................ 70
General Information ........................................... 189
Final Terms .......................................................... 75



6






SUMMARY OF THE PROGRAMME IN RELATION TO THE NOTES OTHER THAN NOTES
LISTED ON THE SIX SWISS EXCHANGE
Summaries are made up of disclosure requirements known as "Elements". These Elements are
numbered in Sections A ­ E (A.1 ­ E.7). This Summary contains all the Elements required to be included
in a summary for the Notes, the Issuers and the Guarantor. Because some Elements are not required to
be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element
may be required to be inserted in a summary because of the type of securities, issuer and guarantor, it is
possible that no relevant information can be given regarding the Element. In this case a short description
of the Element should be included in the summary explaining why it is not applicable.
Section A ­ Introduction and warnings

Element
Title

A.1
Introduction and warnings
This summary should be read as an introduction to the Base
Prospectus. Any decision to invest in the securities should be
based on a consideration of this Base Prospectus as a whole.
Where a claim relating to information contained in the Base
Prospectus is brought before a court, the plaintiff investor
might, under the national legislation of the Member States,
have to bear the costs of translating the Base Prospectus
before the legal proceedings are initiated. Civil liability
attaches only to those persons who have tabled the summary
including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with
the other parts of this Base Prospectus or it does not provide,
when read together with the other parts of this Base
Prospectus, key information in order to aid investors when
considering whether to invest in such securities.
A.2
Consent
to
use
the Certain Tranches of Notes with a denomination of less than
Prospectus for subsequent 100,000 (or its equivalent in any other currency) may be offered
resale or final placement by in circumstances where there is no exemption from the obligation
financial intermediaries
under the Prospectus Directive to publish a prospectus. Any such
offer is referred to as a Non-exempt Offer.1
Consent: Subject to the conditions set out below, [each of] the
Issuer [and the Guarantor] consent to the use of this Base
Prospectus in connection with a Non-exempt Offer of Notes by the
Managers[, [ ,] [and] [each financial intermediary whose name is
published on the website of CS and CSG (www.credit-suisse.com)
and identified as an Authorised Offeror in respect of the relevant
Non-exempt Offer] [and any financial intermediary which is
authorised to make such offers under applicable legislation
implementing the Markets in Financial Instruments Directive
(Directive 2004/39/EC) and publishes on its website the following
statement (with the information in square brackets being
completed with the relevant information):


"We, [insert legal name of financial intermediary], refer to the
offer of [insert title of relevant Notes] (the Notes) described in the
Final Terms dated [insert date] (the Final Terms) published by
[insert name of relevant Issuer] (the Issuer). In consideration of
the Issuer [and Credit Suisse Group AG (the Guarantor)] offering
to grant its consent to our use of the Base Prospectus (as defined in
the Final Terms) in connection with the offer of the Notes in [[the
United Kingdom] [and] [the Netherlands] [and] [Ireland] [and]

1 Delete this paragraph when preparing an issue specific summary.


7






Element
Title



[Luxembourg]] during the Offer Period and subject to the other
conditions to such consent, each as specified in the Base
Prospectus, we hereby accept the offer by the Issuer [and the
Guarantor] in accordance with the Authorised Offeror Terms (as
specified in the Base Prospectus) and confirm that we are using
the Base Prospectus accordingly."]


Offer period: The consent of the Issuer [and the Guarantor]
referred to above is given for Non-exempt Offers of Notes during
[offer period for the issue to be specified here] (the Offer Period).


Conditions to consent: The conditions to the consent of the Issuer
[and the Guarantor] [(in addition to the conditions referred to
above)] are that such consent (a) is only valid during the Offer
Period; and (b) only extends to the use of this Prospectus to make
Non-exempt Offers of the relevant Tranche of Notes in [the United
Kingdom] [and] [the Netherlands] [and] [Ireland] [and]
[Luxembourg]].


AN INVESTOR INTENDING TO PURCHASE OR
PURCHASING ANY NOTES IN A NON-EXEMPT OFFER
FROM AN AUTHORISED OFFEROR WILL DO SO, AND
OFFERS AND SALES OF SUCH NOTES TO AN
INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE
MADE, IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THE OFFER IN PLACE BETWEEN
SUCH AUTHORISED OFFEROR AND SUCH INVESTOR
INCLUDING ARRANGEMENTS IN RELATION TO
PRICE, ALLOCATIONS, EXPENSES AND SETTLEMENT.
THE TERMS AND CONDITIONS WILL BE PROVIDED BY
THE AUTHORISED OFFEROR AT THE TIME OF SUCH
OFFER.]

Section B ­ Issuer [and Guarantor]

Element
Title

B.1
Legal
and
commercial [Credit Suisse AG (CS), acting through its [Zurich head
name of the Issuer
office][specify designated branch]]


[Credit Suisse Group Funding (Guernsey) Limited (CSG Funding
Guernsey)]


[Credit Suisse Group AG (CSG).]
[The commercial name of [CS/CSG] is "Credit Suisse".]
B.2
Domicile/
legal
form/ [CS is incorporated under Swiss law as a corporation
legislation/
country
of (Aktiengesellschaft) in Zurich, Switzerland and operates under Swiss
incorporation
law.]


[CSG Funding Guernsey is incorporated as a company limited by
shares under Guernsey law in Guernsey and operates under Guernsey
law.]


[CSG is incorporated under Swiss law as a corporation
(Aktiengesellschaft) in Zurich, Switzerland and operates under Swiss
law.]


8






Element
Title

B.4b
Trend information
Not Applicable - There are no known trends, uncertainties, demands,
commitments or events that are reasonably likely to have a material
effect on the prospects of the Issuer for its current financial year.
B.5
Description of the Group
[CSG Funding Guernsey is a finance company, 100 per cent. owned
by Credit Suisse Group AG (CSG) (together with CSG and its
consolidated subsidiaries, the Group).]
[CSG is a global financial services company and is the parent
company of the CSG group consisting of CSG and its consolidated
subsidiaries (together, the Group).]
[CS is a Swiss bank and a wholly owned subsidiary of Credit Suisse
Group AG (CSG), a global financial services company.]
B.9
Profit forecast or estimate
Not Applicable ­ No profit forecasts or estimates have been made.
B.10
Audit report qualifications
Not Applicable ­ No qualifications are contained in any audit or
review report.
B.12
[Selected historical key financial information of CS:

The tables below set out summary information derived from the audited consolidated financial
statements of CS as of 31st December 2014 and 2013, and for each of the years in the three-year
period ended 31st December 2014, and the unaudited condensed consolidated financial statements
of CS as of 31st March 2015 and 2014 and for the three month periods then ended:

CS Statement of Operations

Year ended 31st December (CHF million)
2014
2013
2012

Net revenues ....................................................................
25,589
25,314
22,976

Provision for credit losses ...............................................
125
93
88

Total operating expenses .................................................
22,503
21,567
21,109

Income from continuing operations before taxes .........
2,961
3,654
1,779

Income tax expense ..........................................................
1,299
1,170
365

Income from continuing operations ...............................
1,662
2,484
1,414
Income/(loss) from discontinued operations, net of

tax .....................................................................................
102
145
(40)

Net income ........................................................................
1,764
2,629
1,374

Net income attributable to noncontrolling interests .....
445
669
333

Net income attributable to shareholder .........................
1,319
1,960
1,041






Quarter ended 31st March (CHF million)
2015
2014

Net revenues .....................................................................
6,539
6,744

Provision for credit losses ...............................................
20
19

Total operating expenses .................................................
5,098
5,076

Income from continuing operations before taxes .........
1,421
1,649

Income from continuing operations ...............................
972
1,128

Net income ........................................................................
972
1,143


9






Element
Title


Net income attributable to shareholders .......................
988
780





CS Balance Sheet
31st
31st
31st March
December
December


2015
2014
2013


(CHF million)

Total assets ................................................................
888,121
904,849
854,429

Total liabilities ................................................................ 843,692
860,208
810,797

Total shareholder's equity .............................................. 42,849
42,895
39,467

Noncontrolling interests ..................................................
1,580
1,746
4,165

Total equity ................................................................
44,429
44,641
43,632

Total liabilities and equity .............................................. 888,121
904,849
854,429





CS statements of no significant or material adverse change

There has been no significant change in the financial position of CS since 31st March 2015 and
there has been no material adverse change in the prospects of CS since 31st December 2014.]

Selected historical key financial information of CSG Funding Guernsey:
Not applicable: CSG Funding Guernsey is a newly incorporated company and no financial
statements have been prepared for any period since its incorporation on 4th August 2014.
CSG Funding Guernsey statements of no significant or material adverse change
There has been no significant change in the financial or trading position of CSG Funding Guernsey
since 4th August 2014, the date of its incorporation, and there has been no material adverse change
in the prospects of CSG Funding Guernsey since 4th August 2014, the date of its incorporation.

[Selected historical key financial information of CSG:

The tables below set out summary information derived from the audited financial statements of
CSG as of 31st December 2014 and 2013, and for each of the years in the three-year period ended
31st December 2014, and the unaudited condensed consolidated financial statements of CSG as of
31st March 2015 and 2014 and for the three month periods then ended:

CSG Statement of Operations

Year ended 31st December (CHF million)
2014
2013
2012

Net revenues .....................................................................
26,242
25,856
23,611

Provision for credit losses ................................................
186
167
170

Total operating expenses ..................................................
22,429
21,593
21,251

Income from continuing operations before taxes ..........
3,627
4,096
2,190

Income tax expense ...........................................................
1,405
1,276
465

Income from continuing operations ................................
2,222
2,820
1,725
Income/(loss) from discontinued operations, net of

tax ......................................................................................
102
145
(40)


10