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Intended redemption of Credit Suisse Group Additional Tier 1 instrument Call Notice Publication for US$ 1.5bn AT1 (ISIN CH0352765157)

Credit Suisse Group announces today its intention to call its $1.5 billion 7.125% high-trigger Tier 1 capital instrument for redemption on the first optional redemption date of the instrument, July 29, 2022. This security is our last remaining AT1 instrument with equity conversion, while all the other outstanding AT1s are in write-off format and this will therefore mark a significant simplification of our AT1 capital portfolio.

This call is subject to the successful completion and pricing of the new AT1 issue announced earlier today for a minimum size of $1.5bn, and the approval by our regulator, the Swiss Financial Market Supervisory Authority FINMA. If these criteria are both met, we intend to publish tomorrow the SIX notice confirming our decision to redeem the $1.5 billion 7.125% high-trigger Tier 1 capital instruments.

This redemption and replacement is part of our capital and funding plan for 2022, which also includes the plan to issue approximately CHF 0-2 billion in high-trigger Tier 1 capital instruments this year.