Obligation Swiss Credit 2.31% ( XS2242012495 ) en USD

Swiss Credit

100 % ▼

Suisse

XS2242012495 ( en USD )

2.31% par an ( paiement semestriel )

06/11/2023 - Obligation échue

Prospectus brochure de l'obligation Credit Suisse XS2242012495 en USD 2.31%, échue

1 000 USD

1 500 000 USD

Credit Suisse était une grande banque suisse, active dans la gestion de fortune, l'investissement bancaire et les services financiers, avant sa prise de contrôle par UBS en mars 2023 suite à une crise de confiance.

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN XS2242012495, paye un coupon de 2.31% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 06/11/2023

CREDIT SUISSE AG
(Incorporated in Switzerland)
__________________

Registration Document

This Registration Document comprises:

· Table of Contents (page 3);
· Risk Factors (pages 4 to 19);

· Certain information incorporated herein by reference, which has been filed with the
Commission de Surveillance du Secteur Financier (the "CSSF"), as specified below
under the heading "Information Incorporated by Reference" (pages 20 to 23); and

· General Information (pages 24 to 45).

For purposes of this Registration Document, unless the context otherwise requires, the
terms "Credit Suisse" and "the Group" mean Credit Suisse Group AG and its
consolidated subsidiaries. The business of Credit Suisse AG, the Swiss bank subsidiary
of the Group, is substantially similar to the Group, and these terms are used to refer to
both when the subject is the same or substantially similar. The term "the Bank" is used
to refer to Credit Suisse AG, the direct bank subsidiary of the Group, and its consolidated
subsidiaries. This Registration Document is the Registration Document of the Bank,
which is the issuer.

This Registration Document has been prepared pursuant to Article 6(3) of Regulation (EU)
2017/1129 (the "Prospectus Regulation") and Article 7 of the Commission Delegated
Regulation (EU) 2019/980 of 14 March 2019.

This Registration Document has been approved by the CSSF, as competent authority under
Regulation (EU) 2017/1129. The CSSF only approves this Registration Document as meeting
the standards of completeness, comprehensibility and consistency imposed by the Prospectus
Regulation. Such approval should not be considered as an endorsement of the issuer that is
the subject of this registration document.

This Registration Document will be valid for 12 months following the date of approval. The
obligation to supplement this Registration Document in the event of significant new factors,
material mistakes or material inaccuracies does not apply once this Registration Document is
no longer valid.

This Registration Document and the documents incorporated by reference will be available on
the website of the Luxembourg Stock Exchange, at www.bourse.lu, and on the Issuer's website
at
https://www.credit-suisse.com/about-us/en/investor-relations/financial-regulatory-
disclosures/regulatory-disclosures/company-registration-documents.html. Except for the
copies of the documents incorporated by reference in the Registration Document available on
the Luxembourg Stock Exchange website (www.bourse.lu), no information contained on the
websites to which links have been provided is incorporated by reference in the Registration
Document.

1

Prospective investors should read the entire document and, in particular, the Risk
Factors set out on pages 4 to 19 of this Registration Document when considering an
investment in Credit Suisse securities.

__________________

Registration Document dated 7 April 2020

2

Table of Contents

4 - 19 Risk Factors
20 - 23 Information Incorporated by Reference
24 - 45 General Information
24
Credit Suisse
24 - 25 Ratings
25
Statutory Auditors
25
Additional information; Documents on Display
25 - 26 Change
26 - 45 Names and Addresses of Directors and Executives
45
Market Activity
45
Conflicts
45
Responsibility Statement
45
Legal and Arbitration Proceedings

3

Risk Factors

Credit Suisse AG is exposed to a variety of risks that could adversely affect its results of
operations and financial condition, including, among others, those described below.

1. Liquidity risk

Liquidity, or ready access to funds, is essential to Credit Suisse AG's business, particularly its
investment banking businesses. Credit Suisse AG seeks to maintain available liquidity to meet
its obligations in a stressed liquidity environment.
For further information on liquidity management, refer to "Liquidity and funding management" in "III Treasury, Risk, Balance sheet
and Off-balance sheet" in the Annual Report 2019.

1.1 Credit Suisse AG's liquidity could be impaired if it were unable to access the capital
markets, sell its assets or if its liquidity costs increase

Credit Suisse AG's ability to borrow on a secured or unsecured basis and the cost of doing so
can be affected by increases in interest rates or credit spreads, the availability of credit,
regulatory requirements relating to liquidity or the market perceptions of risk relating to Credit
Suisse AG, certain of its counterparties or the banking sector as a whole, including its
perceived or actual creditworthiness. An inability to obtain financing in the unsecured long-
term or short-term debt capital markets, or to access the secured lending markets, could have
a substantial adverse effect on Credit Suisse AG's liquidity. In challenging credit markets Credit
Suisse AG's funding costs may increase or it may be unable to raise funds to support or expand
its businesses, adversely affecting its results of operations. Following the financial crisis in
2008 and 2009, Credit Suisse AG's costs of liquidity have been significant and it expects to
incur ongoing costs as a result of regulatory requirements for increased liquidity.

If Credit Suisse AG is unable to raise needed funds in the capital markets (including through
offerings of equity, regulatory capital securities and other debt), it may need to liquidate
unencumbered assets to meet its liabilities. In a time of reduced liquidity, Credit Suisse AG
may be unable to sell some of its assets, or it may need to sell assets at depressed prices,
which in either case could adversely affect its results of operations and financial condition.

1.2 Credit Suisse AG's businesses rely significantly on its deposit base for funding

Credit Suisse AG's businesses benefit from short-term funding sources, including primarily
demand deposits, inter-bank loans, time deposits and cash bonds. Although deposits have
been, over time, a stable source of funding, this may not continue. In that case, Credit Suisse
AG's liquidity position could be adversely affected and it might be unable to meet deposit
withdrawals on demand or at their contractual maturity, to repay borrowings as they mature or
to fund new loans, investments and businesses.

1.3 Changes in Credit Suisse AG's or Credit Suisse Group AG's ratings may adversely
affect its business

Ratings are assigned by rating agencies. Rating agencies may lower, indicate their intention
to lower or withdraw their ratings at any time. The major rating agencies remain focused on
the financial services industry, particularly regarding potential declines in profitability, asset
price volatility, the impact from any potential easing or enhancement of regulatory
requirements and challenges from increased costs related to compliance and litigation. Any
downgrades in Credit Suisse AG's or Credit Suisse Group AG's ratings could increase Credit
Suisse AG's and/or Credit Suisse Group AG's borrowing costs, limit their access to capital
markets, increase their cost of capital and adversely affect the ability of their businesses to sell
or market their products, engage in business transactions particularly financing and
derivatives transactions and retain their clients.

2. Market and credit risks

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2.1 The outbreak of COVID-19 may negatively affect Credit Suisse AG's business,
operations and financial performance

On March 3, 2020, COVID-19 was characterized as a pandemic by the World Health
Organization. Since December 2019, COVID-19 has spread rapidly, with at least 150 countries
and territories worldwide with confirmed cases of COVID-19, and a high concentration of cases
in certain countries in which Credit Suisse AG conducts business.

The spread of COVID-19 and resulting tight government controls and travel bans implemented
around the world have caused disruption to global supply chains and economic activity, and
the market has entered a period of increased volatility. The spread of COVID-19 is expected
to have a significant impact on the global economy, at least in the first half of 2020, and is likely
to affect Credit Suisse AG's financial performance, including credit loss estimates, trading
revenues, net interest income and potential goodwill assessments. The extent of the adverse
impact of the pandemic on the global economy and markets will depend, in part, on the length
and severity of the measures taken to limit the spread of the virus and, in part, on the size and
effectiveness of the compensating measures taken by governments. Credit Suisse AG is
closely monitoring the potential effects and impact on its operations, businesses and financial
performance, including liquidity and capital usage, though the extent is difficult to fully predict
at this time due to the rapid evolution of this uncertain situation.

2.2 Credit Suisse AG may incur significant losses on its trading and investment
activities due to market fluctuations and volatility

Although Credit Suisse AG continues to strive to reduce its balance sheet and has made
significant progress in implementing its strategy over the past few years, it also continues to
maintain large trading and investment positions and hedges in the debt, currency and equity
markets, and in private equity, hedge funds, real estate and other assets. These positions
could be adversely affected by volatility in financial and other markets, that is, the degree to
which prices fluctuate over a particular period in a particular market, regardless of market
levels. To the extent that Credit Suisse AG owns assets, or has net long positions, in any of
those markets, a downturn in those markets could result in losses from a decline in the value
of its net long positions. Conversely, to the extent that Credit Suisse AG has sold assets that
it does not own, or has net short positions, in any of those markets, an upturn in those markets
could expose Credit Suisse AG to potentially significant losses as it attempts to cover its net
short positions by acquiring assets in a rising market. Market fluctuations, downturns and
volatility can adversely affect the fair value of Credit Suisse AG's positions and its results of
operations. Adverse market or economic conditions or trends have caused, and in the future
may cause, a significant decline in Credit Suisse AG's net revenues and profitability.

2.3 Credit Suisse AG's businesses and organisation are subject to the risk of loss from
adverse market conditions and unfavourable economic, monetary, political, legal,
regulatory and other developments in the countries in which it operates

As a global financial services company, Credit Suisse AG's businesses are materially affected
by conditions in the financial markets, economic conditions generally, geopolitical events and
other developments in Europe, the US, Asia and elsewhere around the world (even in countries
in which Credit Suisse AG does not currently conduct business). The recovery from the
economic crisis of 2008 and 2009 continues to be slow in several key developed markets. The
European sovereign debt crisis as well as US debt levels and the federal budget process have
not been permanently resolved. In addition, commodity price volatility and concerns about
emerging markets have affected financial markets. Volatility increased in the beginning of 2020
and equity market indices declined amid concerns surrounding the spread of COVID-19. Credit
Suisse AG's financial condition and results of operations could be materially adversely affected
if these conditions do not improve, or if they stagnate or worsen. Further, various countries
have experienced severe economic disruptions particular to that country or region, including
extreme currency fluctuations, high inflation, or low or negative growth, among other negative
conditions, which could have an adverse effect on Credit Suisse AG's operations and
investments.

5

Continued concern about weaknesses in the economic and fiscal condition of certain European
economies, including the impact related to the refugee crisis and political uncertainty as well
as in relation to the UK's withdrawal from the European Union ("EU"), could cause disruptions
in market conditions in Europe and around the world and could further have an adverse impact
on financial institutions (including Credit Suisse AG) which lent funds to or did business with
or in those countries. Credit Suisse AG cannot accurately predict the impact of the UK leaving
the EU on Credit Suisse AG or the Group or the outcome of the transitional period which is
expected to end on December 31, 2020, and such impact may negatively affect Credit Suisse
AG's future results of operations and financial condition. Credit Suisse AG's legal entities that
are organised or operate in the UK face limitations on providing services or otherwise
conducting business in the EU following the end of the transitional period, which has required
Credit Suisse AG to implement significant changes to its legal entity structure and locations in
which it conducts certain operations, which could result in higher operational, regulatory and
compliance costs.
For further information, refer to "UK-EU relationship" in "I Information on the company Regulation and supervision Recent
regulatory developments and proposals EU", "Withdrawal of the UK from the EU" in "II Operating and financial review Credit Suisse 
Other Information" and "Key risk developments" in "III Treasury, Risk Balance sheet and Off-balance sheet Risk management" in the
Annual Report 2019.

While the execution of the program evolving the Group's legal entity structure to meet
developing and future regulatory requirements has substantially concluded, there remain a
number of uncertainties that may affect the feasibility, scope and timing of the intended results
relating to the evolution of its legal entity structure. Significant legal and regulatory changes
affecting the Group and its operations may require it to make further changes in its legal
structure. The implementation of these changes has required, and may further require,
significant time and resources and has increased, and may potentially further increase,
operational, capital, funding and tax costs as well as the Group's counterparties' credit risk.

The environment of political uncertainty in continental Europe may also affect Credit Suisse
AG's and the Group's business. The popularity of nationalistic sentiments may result in
significant shifts in national policy and a decelerated path to further European integration.
Similar uncertainties exist regarding the impact of recent and proposed changes in US policies
on trade, immigration and foreign relations. Growing global trade tensions, including between
key trading partners such as China, the US and the EU, political uncertainty in areas such as
Hong Kong and the spread of COVID-19 may be disruptive to global economic growth and
may also negatively affect the Group's business. Other developments such as climate change
and related risks and concerns may cause a decrease in client activity, negatively impact the
general operating environment, damage Credit Suisse AG's reputation as a result of its or its
clients' involvement in certain business activities associated with climate change or otherwise
have an adverse effect on the Group's business.

In the past, the low interest rate environment has adversely affected Credit Suisse AG's net
interest income and the value of its trading and non-trading fixed income portfolios, and
resulted in a loss of customer deposits as well as an increase in the liabilities relating to its
existing pension plans. Furthermore, interest rates are expected to remain low for a longer
period of time. Future changes in interest rates, including increasing interest rates or changes
in the current negative short-term interest rates in Credit Suisse AG's home market, could
adversely affect its businesses and results. Recent interest rate cuts by national governments
and central banks in response to the COVID-19 outbreak, including in the US, could also
adversely impact Credit Suisse AG's net interest income, including in its International Wealth
Management and Asia Pacific divisions due to their larger share of US dollar-denominated
deposits. In addition, movements in equity markets have affected the value of Credit Suisse
AG's trading and non-trading equity portfolios, while the historical strength of the Swiss franc
has adversely affected its revenues and net income and exposed Credit Suisse AG to currency
exchange rate risk. Further, diverging monetary policies among the major economies in which
Credit Suisse AG operates, in particular among the Federal Reserve System (the "Fed"),
European Central Bank and Swiss National Bank (the "SNB"), may adversely affect its results.

Such adverse market or economic conditions may negatively impact Credit Suisse AG's
investment banking and wealth management businesses and adversely affect net revenues it
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receives from commissions and spreads. These conditions may result in lower investment
banking client activity, adversely impacting Credit Suisse AG's financial advisory and
underwriting fees. Such conditions may also adversely affect the types and volumes of
securities trades that Credit Suisse AG executes for customers. Cautious investor behavior in
response to adverse conditions could result in generally decreased client demand for Credit
Suisse AG's products, which could negatively impact its results of operations and opportunities
for growth. Unfavourable market and economic conditions have affected Credit Suisse AG's
businesses in the past, including the low interest rate environment, continued cautious investor
behaviour and changes in market structure. These negative factors could be reflected, for
example, in lower commissions and fees from Credit Suisse AG's client-flow sales and trading
and asset management activities, including commissions and fees that are based on the value
of its clients' portfolios.

Credit Suisse AG's response to adverse market or economic conditions may differ from that of
its competitors and an investment performance that is below that of competitors or asset
management benchmarks could also result in a decline in assets under management and
related fees making it harder to attract new clients. There could be a shift in client demand
away from more complex products, which may result in significant client deleveraging, and
Credit Suisse AG's results of operations related to private banking and asset management
activities could be adversely affected. Adverse market or economic conditions could
exacerbate such effects.

In addition, several of Credit Suisse AG's businesses engage in transactions with, or trade in
obligations of, governmental entities, including supranational, national, state, provincial,
municipal and local authorities. These activities can expose Credit Suisse AG to enhanced
sovereign, credit-related, operational and reputational risks, which may also increase as a
result of adverse market or economic conditions. Risks related to these transactions include
the risks that a governmental entity may default on or restructure its obligations or may claim
that actions taken by government officials were beyond the legal authority of those officials,
which could adversely affect Credit Suisse AG's financial condition and results of operations.

Adverse market or economic conditions could also negatively affect Credit Suisse AG's private
equity investments since, if a private equity investment substantially declines in value, Credit
Suisse AG may not receive any increased share of the income and gains from such investment
(to which it is entitled in certain cases when the return on such investment exceeds certain
threshold returns), may be obligated to return to investors previously received excess carried
interest payments and may lose its pro rata share of the capital invested. In addition, it could
become more difficult to dispose of the investment as even investments that are performing
well may prove difficult to exit.

In addition to the macroeconomic factors discussed above, other events beyond Credit Suisse
AG's control, including terrorist attacks, cyber attacks, military conflicts, economic or political
sanctions, disease pandemics, political unrest or natural disasters, could have a material
adverse effect on economic and market conditions, market volatility and financial activity, with
a potential related effect on its businesses and results.
For further information, refer to "Non-financial risk" in "III Treasury, Risk, Balance sheet and Off balance sheet Risk
management Risk coverage and management" in the Annual Report 2019.

2.4 Uncertainties regarding the possible discontinuation of benchmark rates may
adversely affect Credit Suisse AG's business, financial condition and results of
operations and may require adjustments to its agreements with clients and other market
participants, as well as to its systems and processes

In July 2017, the FCA, which regulates the London interbank offered rate (LIBOR), announced
that the FCA will no longer persuade or compel banks to submit rates for the calculation of the
LIBOR benchmark after 2021. As such, it appears highly likely that LIBOR will be discontinued
after 2021. The Group has identified a significant number of its liabilities and assets linked to
LIBOR and other benchmark rates across businesses that require transition to alternative
reference rates. The discontinuation or future changes in the administration of benchmarks
7

could result in adverse consequences to the return on, value of and market for securities and
other instruments whose returns or contractual mechanics are linked to any such benchmark,
including those issued and traded by the Group. For example, alternative reference rate-linked
products may not provide a term structure, may calculate interest payments differently than
benchmark-linked products, which could lead to greater uncertainty with respect to
corresponding payment obligations, and would likely require a change in contractual terms of
products currently indexed on terms other than overnight. The replacement of LIBOR or any
other benchmark with an alternative reference rate could negatively impact the value of and
return on existing securities and other contracts and result in mispricing and additional legal,
financial, tax, operational, market, compliance, reputational, competitive or other risks to Credit
Suisse AG, its clients and other market participants. For example, Credit Suisse AG may face
a risk of litigation, disputes or other actions from clients, counterparties, customers, investors
or others regarding the interpretation or enforcement of related provisions or if it fails to
appropriately communicate the effect that the transition to alternative reference rates will have
on existing and future products. In addition, any transition to alternative reference rates will
require changes to Credit Suisse AG's documentation, methodologies, processes, controls,
systems and operations, which will also result in increased effort and cost. There may also be
related risks that arise in connection with the transition. For example, Credit Suisse AG's
hedging strategy may be negatively impacted or market risk may increase in the event of
different alternative reference rates applying to its assets compared to its liabilities.
For further information, refer to "Replacement of interbank offered rates" in "II Operating and financial review Credit Suisse
 Other information" in the Annual Report 2019.

2.5 Credit Suisse AG may incur significant losses in the real estate sector

Credit Suisse AG finances and acquires principal positions in a number of real estate and real
estate-related products, primarily for clients, and originate loans secured by commercial and
residential properties. As of 31 December 2019, the Group's real estate loans as reported to
the SNB totaled approximately CHF 148 billion. Credit Suisse AG also securitizes and trades
in commercial and residential real estate and real estate-related whole loans, mortgages and
other real estate and commercial assets and products, including commercial mortgage-backed
securities and residential mortgage-backed securities. Credit Suisse AG's real estate-related
businesses and risk exposures could be adversely affected by any downturn in real estate
markets, other sectors and the economy as a whole. In particular, the risk of potential price
corrections in the real estate market in certain areas of Switzerland could have a material
adverse effect on Credit Suisse AG's real estate-related businesses.

2.6 Holding large and concentrated positions may expose Credit Suisse AG to large
losses

Concentrations of risk could increase losses, given that Credit Suisse AG has sizeable loans
to, and securities holdings in, certain customers, industries or countries. Decreasing economic
growth in any sector in which Credit Suisse AG makes significant commitments, for example,
through underwriting, lending or advisory services, could also negatively affect its net
revenues.

Credit Suisse AG has significant risk concentration in the financial services industry as a result
of the large volume of transactions it routinely conducts with broker-dealers, banks, funds and
other financial institutions, and in the ordinary conduct of its business it may be subject to risk
concentration with a particular counter-party. In addition, Credit Suisse AG, and other financial
institutions, may pose systemic risk in a financial or credit crisis, and may be vulnerable to
market sentiment and confidence, particularly during periods of severe economic stress. Credit
Suisse AG, like other financial institutions, continues to adapt its practices and operations in
consultation with its regulators to better address an evolving understanding of its exposure to,
and management of, systemic risk and risk concentration to financial institutions. Regulators
continue to focus on these risks, and there are numerous new regulations and government
proposals, and significant ongoing regulatory uncertainty, about how best to address them.
There can be no assurance that the changes in Credit Suisse AG's industry, operations,
practices and regulation will be effective in managing these risks.
8

For further information, refer to "I Information on the company Regulation and supervision" in the Annual Report 2019.
Risk concentration may cause Credit Suisse AG to suffer losses even when economic and
market conditions are generally favourable for others in its industry.

2.7 Credit Suisse AG's hedging strategies may not prevent losses

If any of the variety of instruments and strategies Credit Suisse AG uses to hedge its exposure
to various types of risk in its businesses is not effective, Credit Suisse AG may incur losses.
Credit Suisse AG may be unable to purchase hedges or be only partially hedged, or its hedging
strategies may not be fully effective in mitigating its risk exposure in all market environments
or against all types of risk.

2.8 Market risk may increase the other risks that Credit Suisse AG faces

In addition to the potentially adverse effects on Credit Suisse AG's businesses described
above, market risk could exacerbate the other risks that it faces. For example, if Credit Suisse
AG were to incur substantial trading losses, its need for liquidity could rise sharply while its
access to liquidity could be impaired. In conjunction with another market downturn, Credit
Suisse AG's customers and counterparties could also incur substantial losses of their own,
thereby weakening their financial condition and increasing its credit and counterparty risk
exposure to them.

2.9 Credit Suisse AG may suffer significant losses from its credit exposures

Credit Suisse AG's businesses are subject to the fundamental risk that borrowers and other
counterparties will be unable to perform their obligations. Credit Suisse AG's credit exposures
exist across a wide range of transactions that it engages in with a large number of clients and
counterparties, including lending relationships, commitments and letters of credit, as well as
derivative, currency exchange and other transactions. Credit Suisse AG's exposure to credit
risk can be exacerbated by adverse economic or market trends, as well as increased volatility
in relevant markets or instruments. For example, adverse economic effects arising from the
COVID-19 outbreak, such as disruptions to economic activity and global supply chains, will
likely negatively impact the creditworthiness of certain counterparties and result in increased
credit losses for Credit Suisse AG's businesses. In addition, disruptions in the liquidity or
transparency of the financial markets may result in Credit Suisse AG's inability to sell,
syndicate or realise the value of its positions, thereby leading to increased concentrations. Any
inability to reduce these positions may not only increase the market and credit risks associated
with such positions, but also increase the level of risk-weighted assets on Credit Suisse AG's
balance sheet, thereby increasing its capital requirements, all of which could adversely affect
its businesses.
For further information on management of credit risk, refer to "Credit risk" in "III Treasury, Risk, Balance sheet and Off-balance sheet
 Risk management Risk coverage and management" in the Annual Report 2019

Credit Suisse AG's regular review of the creditworthiness of clients and counterparties for
credit losses does not depend on the accounting treatment of the asset or commitment.
Changes in creditworthiness of loans and loan commitments that are fair valued are reflected
in trading revenues.

Management's determination of the provision for loan losses is subject to significant
judgement. Credit Suisse AG's banking businesses may need to increase their provisions for
loan losses or may record losses in excess of the previously determined provisions if their
original estimates of loss prove inadequate, which could have a material adverse effect on
Credit Suisse AG's results of operations. The Group adopted the "Measurement of Credit
Losses on Financial Instruments" (ASU 2016-13) accounting standard and its subsequent
amendments on January 1, 2020 and will incorporate forward-looking information and
macroeconomic factors into its credit loss estimates applying the modified retrospective
approach. Furthermore, the effects surrounding the outbreak of COVID-19 or other negative
economic developments will likely have an adverse effect on the Group's credit loss estimates
9

and goodwill assessments in the future, which could have a significant impact on its results of
operations.
For further information on provisions for loan losses and related risk mitigation, refer to "Accounting developments" in "II Operating and
financial review Credit Suisse Other information", "Credit risk" in "III Treasury, Risk, Balance sheet and Off-balance sheet Risk
management Risk coverage and management" and "Note 1 Summary of significant accounting policies", "Note 9 Provision for credit
losses" and "Note 19 Loans, allowance for loan losses and credit quality" in "VI Consolidated financial statements Credit Suisse
Group" in the Annual Report 2019.

Under certain circumstances, Credit Suisse AG may assume long-term credit risk, extend
credit against illiquid collateral and price derivative instruments aggressively based on the
credit risks that it takes. As a result of these risks, Credit Suisse AG's capital and liquidity
requirements may continue to increase.

2.10 Defaults by one or more large financial institutions could adversely affect financial
markets generally and Credit Suisse AG specifically

Concerns, rumors about or an actual default by one institution could lead to significant liquidity
problems, losses or defaults by other institutions because the commercial soundness of many
financial institutions may be closely related as a result of credit, trading, clearing or other
relationships between institutions. This risk is sometimes referred to as systemic risk.
Concerns about defaults by and failures of many financial institutions, including those in or with
significant exposure to the eurozone, could lead to losses or defaults by financial institutions
and financial intermediaries with which Credit Suisse AG interacts on a daily basis, such as
clearing agencies, clearing houses, banks, securities firms and exchanges. Credit Suisse AG's
credit risk exposure will also increase if the collateral it holds cannot be realised or can only be
liquidated at prices insufficient to cover the full amount of the exposure.

2.11 The information that Credit Suisse AG's uses to manage its credit risk may be
inaccurate or incomplete

Although Credit Suisse AG regularly reviews its credit exposure to specific clients and
counterparties and to specific industries, countries and regions that it believes may present
credit concerns, default risk may arise from events or circumstances that are difficult to foresee
or detect, such as fraud. Credit Suisse AG may also lack correct and complete information with
respect to the credit or trading risks of a counterparty or risk associated with specific industries,
countries and regions or misinterpret such information that is received or otherwise incorrectly
assess a given risk situation. Additionally, there can be no assurance that measures instituted
to manage such risk will be effective in all instances.

3. Strategy risk

3.1 Credit Suisse Group AG and its subsidiaries, including Credit Suisse AG, may not
achieve all of the expected benefits of the Group's strategic initiatives

At the end of 2018, Credit Suisse completed its three-year restructuring program, which was
designed to implement a new strategic direction, structure and organisation of the Group,
including Credit Suisse AG. Following the completion of the Group's restructuring program, it
has continued its efforts to achieve its strategic objectives, which are based on a number of
key assumptions regarding the future economic environment, the economic growth of certain
geographic regions, the regulatory landscape, its ability to meet certain financial goals,
anticipated interest rates and central bank action, among other things. If any of these
assumptions (including, but not limited to, Credit Suisse's ability to meet certain financial goals)
prove inaccurate in whole or in part, its ability to achieve some or all of the expected benefits
of this strategy could be limited, including Credit Suisse's ability to retain key employees,
distribute net income to its shareholders as planned through a sustainable ordinary dividend
and share buyback program or achieve its other goals, such as those in relation to return on
tangible equity or cost savings. In addition, the Group depends on dividends, distributions and
other payments from its subsidiaries to fund external dividends payments and share buybacks.
Factors beyond Credit Suisse's control, including, but not limited to, market and economic
conditions, changes in laws, rules or regulations, including the application of regulations to be
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