Credit Suisse (Switzerland) Ltd. was established in April 2015 as a wholly owned subsidiary of Credit Suisse AG in order to support the realization of the Group's strategic objectives, to further increase its resilience, and to meet rigorous regulatory requirements. As previously announced, Credit Suisse (Switzerland) Ltd. is expected to start its business operations as an independent Swiss bank within Credit Suisse Group AG in the fourth quarter of 2016, once the relevant regulatory approvals have been obtained.

In view of this fact, the Board of Directors of Credit Suisse (Switzerland) Ltd. will be joined by additional Swiss members from outside the bank who have extensive financial experience and are thoroughly familiar with the Swiss financial center. It is important that the Board of Directors of the new legal entity has a profound understanding of the Swiss market and its crucial significance for Credit Suisse. Alexandre Zeller will become Chairman of the Board of Directors of Credit Suisse (Switzerland) Ltd. on October 1, 2016, and will step down as Chairman of the Board of Directors of SIX Group Ltd. at the end of September 2016. In addition, he will be proposed for election as a member of the Board of Directors of the Group at the next Annual General Meeting of Credit Suisse Group AG. Dr. Peter Derendinger, founder and CEO of Alpha Associates Ltd., will be appointed a member of the Board of Directors of Credit Suisse (Switzerland) Ltd. and it is intended that he will take on the role of Chairman of its Risk Committee.

Urs Rohner, Chairman of the Board of Directors of Credit Suisse Group AG, stated: "Thanks to their broad specialist knowledge and extensive experience in the financial sector, the new members will be valuable additions to the Board of Directors of our Swiss legal entity. We are proud that Alexandre Zeller has accepted the role of Chairman of the Board of Directors of Credit Suisse (Switzerland) Ltd. He has in-depth experience of the Swiss financial industry and is also thoroughly familiar with the international environment. The intention to also appoint Alexandre Zeller to the Group's Board of Directors highlights the major importance of the Swiss business for the whole of Credit Suisse."

Alexandre Zeller, designated Chairman of the Board of Directors of Credit Suisse (Switzerland) Ltd., stated: "I am delighted to be taking on this new challenge. Credit Suisse is an institution with deep roots in Switzerland, is at the forefront in terms of expertise, and has first-class employees and promising ideas for the future. This is an amazing opportunity as I will be able to actively influence the bank's story and play a part in further raising its profile and developing the company’s plans for the future."

Urs Rohner added: "Additionally, I am delighted that in Dr. Peter Derendinger we have another experienced financial expert on the Board of Directors. He can also look back on a long and successful career in the Swiss financial industry. The newly formed Board of Directors will benefit greatly from his extensive knowledge and wealth of experience."

In order to underscore the key significance of the Swiss legal entity for Credit Suisse, Tidjane Thiam, CEO of Credit Suisse Group AG, will also join the Board of Directors of Credit Suisse (Switzerland) Ltd.

The Board of Directors of Credit Suisse (Switzerland) Ltd. will therefore comprise the following members as of October 1, 2016:

• Alexandre Zeller, designated Chairman of the Board of Directors
• Peter Derendinger
• Alexander Gut
• Andreas Koopmann
• Urs Rohner
• Severin Schwan
• Tidjane Thiam 

Short biographies of Alexandre Zeller and Dr. Peter Derendinger

Alexandre Zeller has been Chairman of the Board of Directors of SIX Group since May 2013. After completing his studies at the University of Lausanne (Business Administration) and the Harvard Business School in Boston (Advanced Management Program), he then worked in International Operational Audit at Nestlé in Vevey from 1984 to 1987. He subsequently held various functions at Credit Suisse in Zurich up to 2002, during which time he was appointed to the Executive Board of Private Banking Switzerland in 1999. After working as CEO of Banque Cantonale Vaudoise in Lausanne from 2002 to 2008, he then moved to HSBC Private Bank (Suisse) in Geneva, where he worked up until 2012 as CEO, Country Manager Switzerland, and Regional CEO Global Private Banking EMEA. Since 2012, Alexandre Zeller has held mandates as a professional board member with various companies and foundations in Switzerland.

Dr. Peter Derendinger is the founding partner and CEO of Alpha Associates AG, an independent company headquartered in Zurich that manages and advises on investments in private equity, private debt and infrastructure. Prior to the founding of Alpha Associates in 2004, Dr. Derendinger spent a year managing the operating business of Swiss Life Private Equity Partners, which was then acquired by Alpha Associates as part of a spin-out with effect from April 1, 2004. Peter Derendinger holds a doctorate in law from the University of Fribourg, Switzerland, as well as an LL.M. from the Northwestern University School of Law, Chicago. After an earlier career as an attorney, Dr. Derendinger joined Credit Suisse Group in 1989, where he then held various management positions until the end of 2001.