Key metrics
in / end of % change in / end of % change 2Q15 1Q15 2Q14 QoQ YoY 6M15 6M14 YoY
Credit Suisse (CHF million, except where indicated)
Net income/(loss) attributable to shareholders 1,051 1,054 (700) 0 – 2,105 159 –
   of which from continuing operations 1,051 1,054 (691) 0 – 2,105 153 –
Basic earnings/(loss) per share from continuing operations (CHF) 0.63 0.63 (0.45) 0 – 1.26 0.05 –
Diluted earnings/(loss) per share from continuing operations (CHF) 0.61 0.62 (0.45) (2) – 1.23 0.05 –
Return on equity attributable to shareholders (%) 10.0 9.9 (6.7) – – 9.9 0.8 –
Effective tax rate (%) 35.6 31.6 (88.7) – – 33.7 60.8 –
Core Results (CHF million, except where indicated)
Net revenues 6,941 6,673 6,433 4 8 13,614 12,902 6
Provision for credit losses 51 30 18 70 183 81 52 56
Total operating expenses 5,244 5,105 6,785 3 (23) 10,349 11,820 (12)
Income/(loss) from continuing operations before taxes 1,646 1,538 (370) 7 – 3,184 1,030 209
Cost/income ratio (%) 75.6 76.5 105.5 – – 76.0 91.6 –
Pre-tax income margin (%) 23.7 23.0 (5.8) – – 23.4 8.0 –
Strategic results (CHF million, except where indicated)
Net revenues 6,758 6,590 6,309 3 7 13,348 12,839 4
Income from continuing operations before taxes 1,812 1,822 1,775 (1) 2 3,634 3,719 (2)
Cost/income ratio (%) 72.6 72.0 71.5 – – 72.3 70.7 –
Return on equity – strategic results (%) 13.9 12.0 13.0 – – 13.0 13.5 –
Non-strategic results (CHF million)
Net revenues 183 83 124 120 48 266 63 322
Loss from continuing operations before taxes (166) (284) (2,145) (42) (92) (450) (2,689) (83)
Assets under management and net new assets (CHF billion)
Assets under management from continuing operations 1,355.7 1,374.0 1,319.6 (1.3) 2.7 1,355.7 1,319.6 2.7
Net new assets from continuing operations 14.2 17.0 10.7 (16.5) 32.7 31.2 25.4 22.8
Balance sheet statistics (CHF million)
Total assets 879,322 904,390 891,580 (3) (1) 879,322 891,580 (1)
Net loans 270,171 270,774 254,532 0 6 270,171 254,532 6
Total shareholders’ equity 42,642 43,396 40,944 (2) 4 42,642 40,944 4
Tangible shareholders’ equity 34,199 34,672 32,716 (1) 5 34,199 32,716 5
Basel III regulatory capital and leverage statistics
Risk-weighted assets (CHF million) 281,886 288,514 285,421 (2) (1) 281,886 285,421 (1)
CET1 ratio (%) 13.9 13.8 13.8 – – 13.9 13.8 –
Look-through CET1 ratio (%) 10.3 10.0 9.5 – – 10.3 9.5 –
Look-through CET1 leverage ratio (%) 2.7 2.6 – – – 2.7 – –
Look-through Tier 1 leverage ratio (%) 3.7 3.6 – – – 3.7 – –
Share information
Shares outstanding (million) 1,632.4 1,563.5 1,600.0 4 2 1,632.4 1,600.0 2
   of which common shares issued 1,638.4 1,607.2 1,607.2 2 2 1,638.4 1,607.2 2
   of which treasury shares (6.0) (43.7) (7.2) (86) (17) (6.0) (7.2) (17)
Book value per share (CHF) 26.12 27.76 25.59 (6) 2 26.12 25.59 2
Tangible book value per share (CHF) 20.95 22.18 20.45 (6) 2 20.95 20.45 2
Market capitalization (CHF million) 42,107 42,076 40,758 0 3 42,107 40,758 3
Number of employees (full-time equivalents)
Number of employees 46,600 46,400 45,100 0 3 46,600 45,100 3
See relevant tables for additional information on these metrics.

Dear shareholders
In the second quarter of 2015, we delivered improved results amidst a number of economic and political developments. The global economy showed signs of stabilization, with the US recovering slightly, oil prices stabilizing and economic data from the eurozone remaining solid, despite financial and political uncertainty relating to the Greek debt negotiations. While “Grexit” may have been averted for now, market volatility is likely to persist.
For Switzerland and many domestic companies, the Swiss National Bank’s decision in January to discontinue the minimum exchange rate of the Swiss franc against the euro and introduce negative short-term interest rates remained a major challenge during the second quarter. Specifically, the private banking sector continued to be affected by difficult market conditions, with clients maintaining a cautious investment stance. Additionally, the changed currency environment has exerted pressure on costs, as the majority of expenses in Swiss private banking are in Swiss francs while a large proportion of revenues are generated in other currencies.
The new market conditions look set to reinforce an existing trend in Swiss private banking towards greater consolidation, as smaller domestic participants look to sell or merge. Similar developments have taken place among foreign
banks with Swiss private banking subsidiaries, as such banks refocus on core markets and businesses. We are monitoring matters closely.
Internationally, debate still rages about the relative merits of universal banking, as opposed to stand-alone investment banks and retail and private banks. While the furor over the role of banks during the financial crisis has abated, our sector remains in the political and media spotlight. Rebuilding trust, improving transparency and emphasizing the importance of the financial sector for the broader economy must remain priorities.
Despite domestic and international challenges, we still achieved solid results in the second quarter. To attain consistently good long-term performance, we remain acutely focused on targeted growth initiatives, leveraging our strong position in our Swiss home market and building on our strength in emerging markets.

Improved profits in the second quarter
In the second quarter of 2015, Credit Suisse’s results improved, with reported net income attributable to
shareholders of CHF 1.1 billion, compared to a net loss in the second quarter of 2014, which included the CHF 1.6 billion litigation charge related to settlements with US authorities regarding US cross-border matters.
Our Private Banking & Wealth Management division performed well, with a strong contribution from our Wealth Management Clients and Corporate & Institutional Clients businesses, partially offset by lower Asset Management
results due to the sale and restructuring measures taken in the fourth quarter of 2014. Wealth Management Clients saw improved profitability, driven by improved net interest income and higher client activity.
Reflecting our strong market position and the continued trust our clients place in us, we saw good client momentum in Private Banking & Wealth Management, attracting strategic net new assets of CHF 15.4 billion.
Wealth Management Clients recorded strong inflows from Asia Pacific, and a solid contribution from Switzerland and Europe, Middle East and Africa (EMEA). Overall, we reported total net new assets of CHF 14.2 billion, including outflows from the Corporate & Institutional Clients business in Switzerland, which were due to the low interest rate environment and related pricing changes on cash deposits.
Investment Banking performed well in equities and in advisory. This was, however, offset by lower results in fixed income and an increase in costs primarily due to higher investments in our risk, regulatory and compliance infrastructure. The strong performance in equities was partly due to a very strong quarter in Asia Pacific; as one
of the largest equity players in Asia Pacific, we are poised to capture opportunities in this high-growth region. Our strategic businesses generated pre-tax income of CHF 910 million, as higher operating expenses, as explained
above, offset higher revenues.

Earnings Release 2Q15 4
We made further progress on winding down our non-strategic unit, bringing us closer to our goal of focusing resources on businesses where we see the greatest potential.

Further leverage reductions
In recent years, there has been a shift in regulatory focus toward an unweighted view of capital in the form of more restrictive leverage requirements. In order to comply with these stricter requirements, we laid out a plan to significantly reduce leverage exposure primarily through reductions in Investment Banking. During the second quarter,
we continued to reduce leverage exposure, both for Investment Banking and the Group, and are on track to reach our end-2015 targets.
Separately, our look-through CET1 ratio, another important metric to measure the capital position of banks, and which fully applies the requirements as of 2019, improved to 10.3% from 10.1% as of the end of 2014 and we
reported a look-through Swiss total capital ratio of 16.5%.
Progress on our growth initiatives in Private Banking & Wealth Management
We launched Credit Suisse Invest, a new advisory offering focused on improving flexibility and transparency for clients, in Switzerland and other selected markets. This supports our efforts to increase the proportion of
mandates in relation to total assets under management in our Wealth Management Clients business. With mandates, our clients can delegate the management of their assets and investment decisions to Credit Suisse so
that the assets can be managed securely and transparently for a specific purpose with a clear scope of action.
Our digital capabilities are highly valued by our clients at a time when they are becoming increasingly reliant on real-time mobile banking. We updated our mobile private banking app in the Swiss home market, where we already enjoyed a strong online and mobile banking presence. This followed the launch of the digital client platform in Asia
Pacific. The technology gives our clients access to comprehensive portfolio information and market and research insights specific to their investment goals, whenever and wherever they choose. It also facilitates a more direct
collaboration between clients and relationship managers, as well as between clients and Credit Suisse’s experts across the globe. We plan to continue to upgrade our digital offering, adding new features in both regions this and
next year, and to extend the technology to clients in the Americas and EMEA in 2016.

Key growth regions
Regions enjoying particularly strong economic growth remain a major focus for our expansion. Asia Pacific continues to be a significant driver of our performance in both Private Banking & Wealth Management and Investment Banking. In the first half of 2015, Asia Pacific accounted for 16% of our overall revenues and 27% of our pre-tax income. We foresee further significant opportunities in the years ahead.

Outlook
So far in the third quarter, we have seen continued momentum in Asia Pacific, Wealth Management Clients and equities. However, the weaker trends in the fixed income markets that we saw in June have continued into July, and the third quarter normally sees some seasonal weakness.
Towards a more effective operating infrastructure
Over the last two quarters, we have been implementing the program to amend the Group’s legal entity structure and have completed a number of crucial steps. For example, in Switzerland this quarter, we registered two new legal entities, Credit Suisse (Schweiz) AG and Credit Suisse Services AG. We envisage further progress on additional milestones throughout the remainder of this and next year. The program addresses regulations in Switzerland, the US and the UK with respect to future requirements for global recovery and resolution planning by systemically important banks. We expect the changes will result in a more effective operating structure for the
Group.