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Press Release

Series B of the mandatory convertible notes receive subscriptions for CHF 532 million by existing shareholders (59.7% take-up) – Balance of CHF 359 million purchased by selected group of investors as per initial commitment

THESE MATERIALS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN OR TO AUSTRALIA, CANADA, HONG KONG, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

THESE MATERIALS ARE NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR TO U.S. PERSONS (“U.S. PERSONS”) AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THE SECURITIES OF CREDIT SUISSE GROUP AG OR ITS AFFILIATES DESCRIBED IN THESE MATERIALS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT.

Credit Suisse Group AG today announces that shareholders exercised preferential subscription rights for CHF 532 million of Series B of the two series of mandatory convertible notes (“MCNs”), whose placement was announced on April 22, 2021 in a separate press release (the “April 22 Release”). The take-up equals 59.7% of the CHF 891 million aggregate principal amount of the Series B MCNs. The balance of CHF 359 million was purchased by a selected group of core shareholders, institutional investors and ultra-high-net-worth individuals pursuant to the definitive agreements discussed in the April 22 Release. 

The Series A MCNs and the Series B MCNs will settle and be admitted to provisional trading on the SIX Swiss Exchange on May 12, 2021. 

Unless previously converted or re-purchased and cancelled in accordance with their terms, the Series A MCNs and the Series B MCNs will, as discussed in the April 22 Release, mandatorily convert into shares of Credit Suisse Group AG at maturity on November 12, 2021.