Credit Suisse 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 6-K

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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

October 27, 2022

Commission File Number 001-15244

CREDIT SUISSE GROUP AG

(Translation of registrant’s name into English)

Paradeplatz 8, 8001 Zurich, Switzerland

(Address of principal executive office)

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Commission File Number 001-33434

CREDIT SUISSE AG

(Translation of registrant’s name into English)

Paradeplatz 8, 8001 Zurich, Switzerland

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

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This report includes the slides for the presentation to investors in connection with 2022 Strategy Update.

 Credit Suisse 2022 Strategy Update  October 27, 2022 

 Credit Suisse 2022 Strategy Update  Agenda  4  Time (GMT)  Theme  Presenter  Duration  09:30 am  Welcome and agenda  Kinner Lakhani, Head of Group Strategy and Investor Relations  5’  09:35 am  Chairman’s Perspectives  Axel P. Lehmann, Chairman of the Board of Directors  10’  09:45 am  Strategic Perspectives  Ulrich Körner, Chief Executive Officer  30’  10:15 am  Financial Perspectives  Dixit Joshi, Chief Financial Officer  30’  10:45 am  Q&A  60’  11:45 am   Close 

 Credit Suisse 2022 Strategy Update  Strategic Perspectives  Ulrich Körner Chief Executive Officer  October 27, 2022 

 Creating a new Credit Suisse   Build on a respected franchise and a blue-chip client base  A simpler, more focused and more stable bank centered around Wealth Management and our Swiss home market supported by strong capabilities in Asset Management and Markets  Led by a new team with very relevant experience and clear accountability   A new Credit Suisse  Benefitting all stakeholders   For our clients, a bank built around their needs   For our shareholders, sustainable returns and value creation  For our employees, a global platform and a unified culture for entrepreneurial talent   For our regulators and other stakeholders, a reliable and trustworthy partner  Decisive actions  Reallocate capital to Wealth Management and Swiss Bank businesses – more stable revenues, less capital intensive   Accelerate cost reduction   ~40% lower RWA / LE in IB3   Strengthen our capital ratio through divestments, exits and capital actions, whilst creating more value from existing assets  ~2/3rd capital in WM, SB and AM2  2.5 bn lower cost  1.2 bn by 2023  >13.5% CET1 ratio   Radically restructure the Investment Bank  Highly connected Markets business with industry-leading Investor Products franchise  Carve out CS First Boston as an independent Capital Markets and Advisory bank  Capital release from exits and significant exposure reduction for Securitized Products  6  Metrics and targets, 20251   1 In CHF unless otherwise stated, please refer to later pages for detailed definition 2 Excluding Corporate Center 3 Compared to 3Q22, from wind-down of the Non-Core Unit and capital release from Securitized Products  

 Addressing our key challenges  7  Volatile and sub-par Group and Investment Bank returns  Insufficient capital discipline with underperforming/non-strategic/marginal businesses  Inflexible, high-cost operating model  Recurrence of litigation and reputational issues  Broad business portfolio, partially fragmented 

 Taking decisive action to re-focus Credit Suisse  8  Engaging with our Stakeholders  Delivering on strategic priorities  Restructure the Investment Bank  Accelerate cost transformation  Restore trust   Provide compelling proposition to clients and employees  Strong risk management   Stable earnings  Leading positions  Connected businesses  Create sustainable value   Strengthen and reallocate capital 

 New Credit Suisse is focused on connected, leading franchises   New Credit Suisse  CS First Boston   Capital Release Unit  Securitized Products  Other divestments  Non-Core Unit  Top 2 global wealth manager outside the US1  Leading universal bank in Switzerland  Differentiated and aligned capabilities in Asset Management and Markets  Independent Capital Markets and Advisory bank, headquartered in New York  9  1 Market share based on markets (client domiciles, onshore / offshore) and client segments Credit Suisse is active in; based on McKinsey Wealth Pools, 2021  Other Divestments 

 10  Our leading franchises  Attractive markets  Leading positions  Strong track record  Wealth Management  Growing above GDP  Low capital intensity  High barriers to entry   #2 Wealth Manager outside the US (UHNW, HNW)1  Top 3 in Europe, Asia, Middle East2  14% avg. RoRC†, 3   Swiss Bank  Very resilient economy  Very low leverage vs. other economies   #1 in Investment Banking for years4   Top 2 in Corporate Banking5  #1 in Institutional Clients6  #1 in Digital only retail7  12% avg. RoRC†, 3  Asset Management  Growing above GDP  Low capital intensity  #2 in Switzerland8  Multi-specialist asset manager with strengths in specialist products / capabilities  43% avg. RoRC†, 3  Note: Results excluding certain items in our reported results are non-GAAP financial measures. See the appendix of this presentation for detailed information and defined terms as well as important presentation and other information relating to non-GAAP financial measures, including reconciliations. 1 Market share based on markets (client domiciles, onshore / offshore) and client segments Credit Suisse is active in; based on McKinsey Wealth Pools, 2021 2 Euromoney Global PB and WM Survey 2021, category: Best PB Services Overall 3 Avg. of 2018-3Q22 adjusted return on regulatory capital 4 Dealogic #1 for last 14 years except 2015 where CS IB was #2, as of June 2021 5 McKinsey and BCG 2021 6 BCG 2021 7 By account balance 8 By Assets under Management  Cross-asset Investor Products and tailored Equities, FX and Rates capabilities  Markets capabilities 

 Investment Bank: ~40% reduction in IB RWA and LE  in USD bn; illustrative  28%  Markets  Connected market access & solutions  3Q22RWA  CS First Boston  Independent Capital Markets &Advisory bank  22  Securitized Products  Market-leading, but unconnected to remaining business  Non-Core Unit  Non-strategic/low return businesses and markets  100%  90  21  22  25  24%  23%  25%  Carve out  Align & streamline  Wind down  11  Reduce exposure  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change  Leverage exposure   109  75   85  116  385 

 Markets: Leading provider of market access and solutions  12  Key strategic actions   Enable platform growth, scalability and innovation  Best in class Investor Products for Wealth Management (own and third party)  Create flexible and lower cost base  Provider of leading cross-asset Investor Products, Equities, FX and Rates access for our Wealth Management, Swiss Bank clients and select institutional clients   Ability to deliver tailored services to our clients  ~50% of net revenue tied to Wealth Management/Swiss Bank clients   Service provider to CS First Boston  Materially reduce risk and re-focus   Integrate value chain for Wealth Management/Swiss Bank clients  Focused coverage of institutional clients with specific product capabilities   Cash Equities: simplify and streamline platforms and footprint, focused research  Grow service to third party wealth managers   Rationale   Net revenue level2  USD ~3 bn  RWA  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change  1 As of 3Q22 2 Expectation under normalized market conditions with USD 22 bn of RWA  Objectives and financial metrics   USD 22 bn1 

 CS First Boston: Independent Capital Markets and Advisory bank   13  Objectives and financial metrics   Premium standing with clients and talent   Sustainably creating economic value through the cycle   Creates strategic optionality for the Group   Rooted in strong positions in North America, largest and most attractive capital market   Independent proposition and partnership model to be competitive in attracting and retaining the best talent and shaping a strong culture  More global and broader than boutiques, more focused than bulge bracket players  Well-established First Boston heritage in Capital Markets and Advisory, leader in Financial Sponsors and Leveraged Finance for 20 years  Key strategic actions   Carve out business from Investment Bank, transform into partnership model, create independent platform   Attract external capital for Leveraged Finance  Firm open to third party capital from anchor investors   Capital-light and focused offering outside North America to support global clients   Preferred long-term partnership with new Credit Suisse  Rationale   Net revenue level2  USD >2.5 bn  RWA  USD >20 bn1  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change  1 As of 3Q22 2 Expectation under normalized market conditions with USD >20 bn of RWA 

 Capital Release Unit  14  3Q22, in USD bn  Rationale  Non-Core Unit (wind-down)  History of poor / volatile returns   Marginal connection to core businesses  Will unlock cost savings  Market leading franchise, but capital / funding intensive   Marginal connection to core businesses and to CS First Boston   Value opportunity through partnership  Right-sized exposure  Securitized Products (reduce exposure)  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change  LE  132 (includes assets not from IB)   Key elements/ businesses  Non-WM related lending in Emerging Markets  Reduce European IB lending and capital markets footprint  Residual Prime  Presence in selected countries  Securitized Products   85  RWA  35 (includes assets not from IB)   22 

 Allocate more capital to our higher return businesses  1 Based on current structure pre-GTS and pre-AFG pay-away 2 Including Basel III reforms 3 Includes Fixed income sales and trading, Equity sales and trading, Capital markets revenues and Advisory and other fees 4 Includes Wealth Management, Swiss Bank and Asset Management revenues on an adjusted basis 5 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ.  15  RWA Mix (excl. CC)  Revenue Mix (excl. CC and CRU)  Investment Bank  Wealth Management, Swiss Bank and Asset Management  New Credit Suisse  Capital Release Unit  2025  3Q221  13%  Markets  CS First Boston  9%  Investment Bank3  Wealth Management, Swiss Bank and Asset Management4  2018-3Q22  2025  Estimate2,5  Estimate5  14%  CS First Boston  New Credit Suisse  Markets 

 Targeting Group CET1 ratio of >13.5% pre-B3R in 2025   1  ~14.0%  Illustrative CET1 ratio developmentIn %  Minimum requirement of 10.2%3  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ 1 Including Securitized products profitability and Non-Core Unit 2 Includes dividend accrual and contingencies 3 As of 3Q22 inclusive of the lower Pillar 1 requirement due to the lower Swiss Market Share related capital surcharge (effective since June 30, 2022) and the lower leverage exposure related capital surcharge (effective from September 30, 2022), as well as Supply Chain Finance Fund related Pillar 2 capital add-on and Swiss CCyB introduced in Sep 2022  16  Target>13.5%  2 

 Reducing cost by 15%  1 Adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments  17  Selected cost levers  Non-core rundown and business descoping – less work in non-core or unprofitable business  Organizational simplification – with fewer people  Workforce management – at lower cost  Third-party cost management – buying less for less  Group cost base in CHF bn1  ~(2.5) bn   ~(1.2) bn   Excluding impact of SP transaction and other divestments 

 18  Nominal dividend 2022-2024;meaningful distribution from 2025 onwards  Cost base1  CHF ~14.5 bn   Core Return on Tangible Equity‡>8%  Group Return on Tangible Equity‡~6%  CET1 ratio>13.5% pre-B3R  2025 Financial Targets  Restructure the Investment Bank  Strengthen and reallocate capital  Accelerate cost transformation  Summary – Financial targets to unlock value   1 Adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments 

 Execution roadmap   19  2025 onwards onwards   Stabilize and re-shape portfolio, secure capital   Deliver sustainable returns and grow core business   2023-24  Stabilize and re-shape portfolio, secure capital   Transform into new Credit Suisse and CS First Boston and improve cost efficiency  Immediate  Stabilize and re-shape portfolio, secure capital   Re-shape portfolio, strengthen capital, execute cost reduction 

 What is different this time  20  Radically restructuring the Investment Bank  Clear near-term accountability for each milestone of our targets  New Executive Board with significant relevant experience, strong track record of execution   Strongly capitalized to deliver on our targets  Resolving legacy issues head-on 

 What the new Credit Suisse means for our stakeholders  21  Clients  Investors  Employees  Regulators  We are focused on…   Building a stronger bank around the needs of our clients  Restoring a reputation as a sustainable, responsible and stable bank  Simplifying business model for growth and profitability  Ensuring clarity of strategy and proposition  Creating an aligned and positive culture  Streamlining the structure to foster entrepreneurship and client service  Being a transparent, reliable and trustworthy partner  

 Appendix 

 Notes  42  General notes  Throughout this presentation rounding differences may occur  Results excluding certain items included in our reported results are non-GAAP financial measures  Our cost base target is measured using adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments  Unless otherwise noted, all CET1 capital, CET1 ratio, CET1 leverage ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in these presentations are as of the end of the respective period  Specific notes  † Regulatory capital is calculated as the average of 13.5% of RWA and 4.25% of leverage exposure and return on regulatory capital, a non-GAAP financial measure, is calculated using income/(loss) after tax and assumes a tax rate of 25% from 2020 onward. For the Investment Bank, return on regulatory capital is based on US dollar denominated numbers. Return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology. Adjusted return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology.  ‡ Return on tangible equity, a non-GAAP financial measure, is calculated as annualized net income attributable to shareholders divided by average tangible shareholders’ equity. Tangible shareholders’ equity, a non-GAAP financial measure, is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet.  Abbreviations  AFG = Asia Pacific Financing Group; APAC = Asia Pacific; avg = average; B3R = Basel III Reform; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bn = billion; bps = basis points; CCyB = Countercyclical buffer; CET1 = Common Equity Tier 1; CHF = Swiss Franc; CRU = Capital Release Unit; CS = Credit Suisse; CtB = Change the Bank; CVA = Credit Valuation Adjustment; EEA = European Economic Area; EM = Emerging Markets; EU = European Union; FINMA = Swiss Financial Market Supervisory Authority FINMA; FinSA = Swiss Federal Act on Financial Services; FRTB = Fundamental review of the trading book; FTE = Full-time equivalent; FX = Foreign Exchange; GAAP = Generally Accepted Accounting Principles; GDP = Gross Domestic Product; GTS = Global Trading Solutions; IB = Investment Bank; IRB = Internal ratings-based; k = thousand; LE = Leverage exposure; mn = million; NCU = Non-Core Unit; OpRisk = Operational Risk; PCL = Provision for credit losses; RoRC = Return on Regulatory Capital; RoTE = Return on tangible equity; RWA = Risk-weighted assets; SP = Securitized Products; vs. = versus; UK = United Kingdom; USD = United States Dollar; WM = Wealth Management 

 Dixit Joshi Chief Financial Officer  October 27, 2022  Credit Suisse 2022 Strategy Update  Financial Perspectives 

 Our strategic priorities   23  Investment Bank capital reduction1 of ~40% from wind-down of the Non-Core Unit and capital release from Securitized Products   Ambition to attract external capital in CS First Boston   Restructure the Investment Bank  CET1 ratio of >13.5% pre-B3R  CET1 ratio expected to remain at least 13.0% through transformation2  Strengthen and reallocate capital  Reduce Group cost base3 by CHF ~2.5 bn to CHF ~14.5 bn  Accelerate cost transformation  2025 Targets  1 Based on RWAs excluding Basel III reforms 2 From 2023 through 2025 3 Adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments 

 Risk reduction  24  Credit Suisse divisional structure  Illustrative 3Q22, in CHF bn (unless otherwise stated)  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change 1 Markets and CS First Boston 2 Before transaction 3 Includes Asset Resolution Unit  A simplified new Credit Suisse  From January 1, 2023  Asset   Management  Wealth Management  RWA  LE  52  168  Investment Bank1  in USD bn  Swiss Bank  [ ]  [ ]  [  RWA  LE  72  241  RWA  LE  RWA  LE  43  184  9  3  RWA  LE     Corporate   Center     42  32     Core  Simplification of organizational structure   Dissolving both Global Trading Solutions and Asia Financing Group joint-ventures  Swiss Investment Banking & Capital Markets from Investment Bank to Swiss Bank  Sale of full Allfunds stake  Non-Core Unit3  in USD bn  RWA  LE     35  132     RWA  LE     Securitized Products2  in USD bn     22  85     Capital Release Unit  Value creation  Wind-down 

 25  Markets  Cross Asset Investor Products  Equities  Focused FX  Align & streamline  Exposure reduction  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change1 Ex-China, India and Brazil 2 Ex-Wealth Management related businesses  CS First Boston  Capital Markets  Advisory  Financing  High connectivity with Wealth Management, Swiss Bank and CS First Boston  Independent Capital Markets & Advisory bank  Securitized Products  Asset Securitization  Mortgage Servicing  Non-Core Unit  Prime Residual  EM Trading1 & Financing2  Market leading but low connectivity and high capital usage  Wind down  3Q22  ~(30)%   USD ~(25) bn  Investment Bank RWA  in USD bn; illustrative  Investment Bank Leverage Exposure  in USD bn; illustrative  Investment Bank  Capital  Cost  Carve out  2020  Non-strategic, low returns and higher risk  SP  We are making clear strategic choices in our Investment Bank  Investment Bank  Capital Release Unit  65  ~(30)%   USD ~(120) bn  SP  269  ~(50)%   USD ~(45) bn  ~(50)%   USD ~(200) bn 

 26  Transform Credit Suisse into a capital-light model  Investment Bank RWA expected at <1/5th of Group by 2025 vs. 1/3rd at 3Q22  Wealth Management, Swiss Bank and   Asset Management  Investment Bank  Corporate Center2  Capital Release Unit3  Corporate Center  CS First Boston  3Q22 RWA1  2025E RWA2  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ 1 Based on current structure pre-GTS and AFG pay-away 2 Including Basel III reforms 3 Including Asset Resolution Unit and Securitized Products 4 Based on RWAs excluding Basel III reforms  Target Investment Bank capital reduction4 of ~40% from wind-down of the Non-Core Unit and capital release from Securitized Products   Ambition to attract external capital in CS First Boston  NewCredit Suisse 66%  Markets  Investment Bank  Capital  Cost 

 Drive a more stable business mix  27  Revenue mix1  Based on adjusted net revenues, in %  Sales & Trading  NewCredit Suisse  Markets  CS First Boston  Investment Banking & Capital Markets  Net interest & recurring income   Transaction & other  Investment Bank  Wealth Management, Swiss Bank and Asset Management  Net interest & recurring income   Transaction & other  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ 1 Excluding Corporate Center and Capital Release Unit   ~+13 pp.  ~(13) pp.  Investment Bank  Capital  Cost 

 Decisive actions to strengthen capital  28  12.6%  ~1.4%  ~14.0%  1  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ 1 Assuming immediate benefit 2 Aspiration based on 13.5% of RWA  Further significant capital release  Capital raises with gross proceeds of CHF ~4 bn   Divestments ~50 bps of CET1 ratio  Non-Core Unit RWA reduction of USD ~18 bn equivalent to USD ~2.5 bn2 capital release by end 2025   Investment Bank  Capital  Cost  Capital release from Securitized Products 

 Overview of proposed capital raises  29  Proposed capital raises  Indicative timeline for proposed capital raises  Structure  Non preemptive placement (“NPP”) with selected investors and firm underwritten rights issue1  Size of capital raises (gross proceeds)  CHF ~4.0 bn2  o/w non preemptive placement  CHF ~1.85 bn  o/w rights issue  CHF ~2.15 bn3  1 Subject to customary conditions, including approval by EGM 2 Subject to EGM approval 3 Up to CHF ~ 4.0 bn if the non preemptive placement is not approved by the EGM and/or implemented  2022  TuesdayNovember 1  EGMinvitation  WednesdayNovember 23  ExtraordinaryGeneral Meeting  FridayNovember 25  Settlement of NPP & first trading day of NPP shares / publication of prospectus  MondayNovember 28  Start rights trading andexercise period  TuesdayDecember 6  End of rights trading period  ThursdayDecember 8  End of rights exercise period (noon CET)  FridayDecember 9  Settlement of rights issue & first trading day of new shares  MondayOctober 31  Announcement of terms for NPP and of expected terms of rights issue  ThursdayOctober 27  3Q22 results / Strategy Update / announcement of capital raises  ThursdayNovember 24  Announcement of final terms of rights issue  Investment Bank  Capital  Cost 

 Overview of proposed Securitized Products transaction  30  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ  Transaction highlights  Credit Suisse’s Securitized Products Group (SPG) is a full-service, vertically integrated credit solutions provider  Credit Suisse entered into a framework and exclusivity agreement to transfer SPG to an investor group led by Apollo Global Management and PIMCO  Forms a key part of Credit Suisse’s strategic shift towards a more stable, less capital intensive, and advisory-focused model  Designed to release capital and achieve significant risk reduction for the Group  Under the proposed transaction, Apollo would acquire the majority of SPG’s assets and enter into an asset management agreement to manage the residual assets on Credit Suisse’s behalf  Subject to final agreement, anticipated during 4Q22; transaction expected to close in 1H23  Transfer of the Securitized Products Group  Investment Bank  Capital  Cost 

 31  Establish Non-Core Unit to release capital  Governance  Key Priorities  Structure  Non-Core Unit incorporates Asset Resolution Unit  Experienced team with a track record of winding down assets while maintaining strong controls  Accelerate reduction of assets to release capital and reduce risk  Eliminate related operating costs  Simplified risk management and governance structure  Transparency for stakeholders via dedicated segment reporting  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change1 Non-Core Unit financials including Asset Resolution Unit 2 Adjusted net revenues, total operating expenses and pre-tax income  Net revenues  USD 0.2 bn  9M22 Financials1,2  Total operating expenses  USD 1.8 bn  Pre-tax income  USD (1.7) bn  RWA  USD 35 bn  Leverage exposure  USD 132 bn  Investment Bank  Capital  Cost 

 Non-Core Unit Composition  32  Risk-weighted assets  Leverage exposure  Asset composition  Illustrative, as of 3Q22 in USD bn  6  35  Operational Risk  132  Credit, Emerging Markets, Corporate Derivatives  Fixed Income Trading   Equity swaps  Equities  Interest rate swaps, cross currency swaps, options, swaptions  Rates & FX  Minority Interest Investments  Legacy Life Finance business   Other  Loans   Corporate Bank, Emerging Markets  50% of the Investment Bank’s Emerging Markets RWA exposure transferred to the Non-Core Unit  Fair Value Level 3 assets of USD ~4 bn or ~40% of the Group  Average portfolio duration 4-5 years  Excluding Operational Risk, the portfolio is comprised of ~85% Credit Risk and ~15% Market Risk RWA  Note: Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change  NCU highlights and key metrics  Investment Bank  Capital  Cost 

 Accelerated wind down of Non-Core Unit  6  20  35  6  2023  3Q22  6   2025 Target  ~25  ~17  2025 Target  3Q22  ~61  132  Lower by ~(55)%  Lower by ~(60)% ex. Operational Risk  33  Risk-weighted asset progression1 Illustrative, in USD bn  Leverage exposure progression Illustrative, in USD bn  ~20  2024  6  ~92  ~71  2023  2024  Release   USD ~2.5 bn of capital2  Reduction in adjusted pre-tax loss from USD ~2.2 bn3 in 2022 to USD ~1.3 bn in 2025  Expected by 2025  Further management actions to reduce costs  Operational Risk  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ. Historical information presented according to the new divisional structure is a preliminary estimate based on management accounts and subject to change 1 Pre-Basel III reforms 2 Aspiration based on 13.5% of RWA 3 9M22 adjusted pre-tax income annualized  Investment Bank  Capital  Cost 

 Targeting Group CET1 ratio of >13.5% pre-B3R in 2025   1  CET1 ratio targeted to remain at least 13.0%pre-B3R through transformation3  ~14.0%  Illustrative CET1 ratio developmentIn %  Minimum requirement of 10.2%4  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ 1 Including Securitized Products profitability and Non-Core Unit 2 Includes dividend accrual and contingencies 3 From 2023 through 2025 4 As of 3Q22 inclusive of the lower Pillar 1 requirement due to the lower Swiss Market Share related capital surcharge (effective since June 30, 2022) and the lower leverage exposure related capital surcharge (effective from September 30, 2022), as well as Supply Chain Finance Fund related Pillar 2 capital add-on and Swiss CCyB introduced in Sep 2022  34  Target>13.5%  2  Investment Bank  Capital  Cost 

 Regulatory capital inflation significantly reduced by our strategic actions  35  Estimated RWA increase from Basel III reformsIn CHF bn  FRTB CVA  FRTB  R-IRB  R-IRB  Net impact ~15  Basel III reform impact  Reduced CVA impact primarily driven by exposure reduction  Reduced Operational Risk RWA impact from Group strategic actions since 2020  B3R CET1 ratio go-live impact of ~70 bps  Current guidance for FY2024  Standardized Operational Risk  Net impact  ~35 - 40   FRTB  FRTB CVA  Standardized Operational Risk  ~(60%)  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ  Investment Bank  Capital  Cost 

 Initiated CHF ~2.5 bn cost reduction program  36  Group cost base1  in CHF bn  ~(2.5) bn   Actions already mandated represent 2/3rd of 2023 savings:  2,700 FTE reduction or 5% of FTE base already underway   50% reduction on consultancy spend initiated in 2H22  30% reduction in contractor spend initiated in 2H22   On track for estimated CHF 200 mn technology and operations exit cost savings in 2022  Clear visibility on 2023 cost reduction2  ~(1.2) bn   Excluding impact of SP and other divestments  1 Adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments 2 Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of today. Actual results may differ  Investment Bank  Capital  Cost  Full Time Employees2  ~(17)% 

 Relentless focus on driving down our cost base through key transformation initiatives  37  Reshaped Investment Bank enables direct cost reduction and rationalization of related Group infrastructure  Descoping of unprofitable activities with more focused business footprint, reduced legal entities, reduced IT spend on non-core businesses  Reduction of internal services and non-revenue producing roles and lower complexity of governance and processes  Non-Core Unit rundown and business descoping  Workforce management  Organizational simplification   Efficiency savings to support strategic investments in business, technology and people  Risk management controls and standards continue to be prioritized   Improved mix of near/offshored resourcing, and optimized combination of in/outsourcing  Shift to more optimized ‘spans and layers’ with improved seniority mix  30% reduction in contractor spend initiated in 2H22  Simpler organizational structure with aim to eliminate duplication, improve productivity  Remove complex and manual processes, supported by continued digitalization program  2,700 FTE reduction or 5% of FTE base already underway. Full financial impact will be reflected in 2023  Third-party cost management  Reset spend on all third parties including consultancy, market data, legal and property  Outsourced procurement model to achieve market leading pricing   50% reduction on consultancy spend initiated in 2H22  Investment Bank  Capital  Cost 

 38  Restructuring charges and impairments  2.9  2.5  Estimated total restructuring charges, software and real estate impairments vs. cost savingsin CHF bn  Estimated upfront costs to execute our strategyin CHF bn  Impairment of Deferred Tax Assets  3.7  0.3  1.6  ~48 bps CET1 ratio impact2  1  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ 1 Adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments 2 Relates to CHF 2.0 bn write off of DTA timing differences  Restructuring charges, software and real estate impairments  1.0  Investment Bank  Capital  Cost 

 We are targeting a core RoTE of >8% and a Group RoTE of ~6% by 2025  39  Group Return on Tangible Equity  Illustrative development, based on CHF  Note: Results excluding certain items in our reported results are non-GAAP financial measures. See the appendix of this presentation for detailed information and defined terms as well as important presentation and other information relating to non-GAAP financial measures. Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of today. Actual results may differ 1 Estimate based on 2025 tax rate and 2025 average tangible shareholders equity 2 Including Securitized Products, other divestments impact and provisions for credit losses 3 Core includes Group returns, ex-NCU and Securitized Products  ‡   ‡   ‡   ‡   1  In the medium-term, our new business mix will support higher Group RoTE  2  ‡   3  Wealth Management, Swiss Bank and Asset Management to benefit from rising rates and business growth  Capital Markets and Advisory revenue normalization 

 We are focused on the disciplined execution of our strategy  40  Note: Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of October 27, 2022. Actual results may differ 1 Based on RWAs excluding Basel III reforms 2 Pre-Basel III reforms 3 From 2023 through 2025 4 Adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments  Our 2025 Financial Targets  Accelerate cost transformation  Relentless focus on driving down our cost base by CHF ~2.5 bn  Restructure the Investment Bank  Target Investment Bank capital reduction1 of ~40% from wind-down of the Non-Core Unit and capital release from Securitized Products   Ambition to attract external capital in CS First Boston   Capital raises with gross proceeds of CHF ~4.0 bn leading to a pro forma CET1 ratio of ~14.0%  Capital Release Unit and other divestments to release CHF >5 bn of capital by 2025  Strengthen and reallocate capital  Costs  2023 Group cost base4 CHF 15.8 bn  2025 Group cost base4 CHF ~14.5 bn  Returns  Core Return on Tangible Equity‡ >8%   Group Return on Tangible Equity‡ ~6%   Capital  CET1 ratio2 >13.5% in 2025  CET1 ratio2 through transformation3at least 13.0%  Nominal dividend 2022-2024;meaningful distribution from 2025 onwards 

 Appendix 

 Notes  42  General notes  Throughout this presentation rounding differences may occur  Results excluding certain items included in our reported results are non-GAAP financial measures  Our cost base target is measured using adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments  Unless otherwise noted, all CET1 capital, CET1 ratio, CET1 leverage ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in these presentations are as of the end of the respective period  Specific notes  † Regulatory capital is calculated as the average of 13.5% of RWA and 4.25% of leverage exposure and return on regulatory capital, a non-GAAP financial measure, is calculated using income/(loss) after tax and assumes a tax rate of 25% from 2020 onward. For the Investment Bank, return on regulatory capital is based on US dollar denominated numbers. Return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology. Adjusted return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology.  ‡ Return on tangible equity, a non-GAAP financial measure, is calculated as annualized net income attributable to shareholders divided by average tangible shareholders’ equity. Tangible shareholders’ equity, a non-GAAP financial measure, is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet.  Abbreviations  AFG = Asia Pacific Financing Group; APAC = Asia Pacific; avg = average; B3R = Basel III Reform; BCBS = Basel Committee on Banking Supervision; BIS = Bank for International Settlements; bn = billion; bps = basis points; CCyB = Countercyclical buffer; CET1 = Common Equity Tier 1; CHF = Swiss Franc; CRU = Capital Release Unit; CS = Credit Suisse; CtB = Change the Bank; CVA = Credit Valuation Adjustment; EEA = European Economic Area; EM = Emerging Markets; EU = European Union; FINMA = Swiss Financial Market Supervisory Authority FINMA; FinSA = Swiss Federal Act on Financial Services; FRTB = Fundamental review of the trading book; FTE = Full-time equivalent; FX = Foreign Exchange; GAAP = Generally Accepted Accounting Principles; GDP = Gross Domestic Product; GTS = Global Trading Solutions; IB = Investment Bank; IRB = Internal ratings-based; k = thousand; LE = Leverage exposure; mn = million; NCU = Non-Core Unit; OpRisk = Operational Risk; PCL = Provision for credit losses; RoRC = Return on Regulatory Capital; RoTE = Return on tangible equity; RWA = Risk-weighted assets; SP = Securitized Products; vs. = versus; UK = United Kingdom; USD = United States Dollar; WM = Wealth Management 

 Footnotes are an integral part of this presentation. See slides • in the appendix of this presentation for detailed information, including important presentation and other information relating to non-GAAP financial measures, and defined terms.   43 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

		CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
		(Registrants)
	By:	/s/ Reto Hösli
		Reto Hösli
		Director
		/s/ Annina Müller
		Annina Müller
Date: October 27, 2022		Vice President