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Credit Suisse publishes its 2013 Annual Report

Credit Suisse Group AG and Credit Suisse AG today published their 2013 Annual Report. The 2013 Annual Report on Form 20-F includes their audited financial statements and Compensation Report. The Corporate Responsibility Report and the Company Profile have also been published.

Credit Suisse’s preliminary results for 2013 were updated to reflect an additional after-tax charge of CHF 468 million, primarily due to an increase in the litigation provision relating to the ongoing United States Department of Justice (DOJ) investigation into the US tax-related matter.

As a result, Credit Suisse reported a net loss of CHF 476 million for 4Q13. For the full year 2013, reported core results pre-tax income was CHF 3,504 million, compared to CHF 1,888 million in 2012, and reported 2013 net income attributable to shareholders was CHF 2,326 million, compared to CHF 1,349 million in 2012. Credit Suisse’s Look-through Total Capital ratio was 15.7%, Look-through Basel III CET1 ratio was 10.0%, and Basel III CET1 ratio was 15.7% as of the end of 2013.

Credit Suisse Group AG and Credit Suisse AG (together, Credit Suisse) today published their 2013 Annual Report. The 2013 Annual Report on Form 20-F includes their audited financial statements and Compensation Report. The 2013 Corporate Responsibility Report and Company Profile have also been published. All publications are available for download from 07:00 CEST today and hard copies can be ordered free of charge at:
www.credit-suisse.com/annualreporting

The 2013 Annual Report on Form 20-F will be filed with the US Securities and Exchange Commission during the course of today, April 3, 2014, and will be available for download at:
www.credit-suisse.com/sec

As part of Credit Suisse’s ongoing efforts to reach resolution with the DOJ in connection with its investigation into the US tax-related matter, Credit Suisse increased the litigation provision held for this matter. As the decision to increase the provision took place prior to the filing of the audited 2013 financial statements, this increase together with adjustments for certain other unrelated matters, required that an aggregate charge of CHF 468 million be taken in the 4Q13 results. This charge is in addition to the after-tax charge of CHF 275 million announced on March 21, 2014, in connection with an agreement with the Federal Housing Finance Agency (FHFA) to settle litigation claims.

As a result of the CHF 468 million charge announced today as well as the CHF 275 million charge announced previously, Credit Suisse reported a net loss of CHF 476 million for 4Q13. For the full year 2013, reported core results pre-tax income was CHF 3,504 million, compared to CHF 1,888 million in 2012, and reported 2013 net income attributable to shareholders was CHF 2,326 million, compared to CHF 1,349 million in 2012. Credit Suisse’s Look-through Total Capital ratio was 15.7%, Look-through Basel III CET1 ratio was 10.0%, and Basel III CET1 ratio was 15.7% as of the end of 2013.

Credit Suisse today also published the final version of the 4Q13 report, reflecting the charges described above.

The 2013 Annual Report contains a detailed presentation of the Group’s annual financial statements, company structure, corporate governance and compensation practices, treasury and risk management framework and a review of our operating and financial results.

The 2013 Corporate Responsibility Report shows how Credit Suisse assumes its various responsibilities as a bank, as an employer, as well as towards society and the environment. The 2013 Company Profile contains a summary of Credit Suisse’s strategic direction, an overview of its organization and a brief description of its key businesses. It is enclosed in the Corporate Responsibility Report and available separately on request.

The 2013 Annual Report is available for download at:
www.credit-suisse.com/ar

The revised 4Q13 Financial Report is available for download at:
www.credit-suisse.com/results

The revised 4Q13 Results Presentation Slides are available for download at:
www.credit-suisse.com/results

Today, Credit Suisse will also announce the publication of the proposals for its Annual General Meeting on May 9, 2014 in a separate media release.