Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class of securities		Name of each exchange on which registered
Credit Suisse Group AG
American Depositary Shares each representing one Share		New York Stock Exchange
Shares par value CHF 0.04*		New York Stock Exchange*
Credit Suisse AG
Fixed to Floating Rate Tier 1 Capital Notes		New York Stock Exchange
Floating Rate Tier 1 Capital Notes		New York Stock Exchange
Exchange Traded Notes due February 19, 2020    Linked to the Credit Suisse Long/Short Liquid Index (Net)		NYSE Arca
Credit Suisse Equal Weight MLP Index Exchange Traded Notes due April 20, 2020    Linked to the Cushing® 30 MLP Index		NYSE Arca
Exchange Traded Notes due October 6, 2020    Linked to the Credit Suisse Merger Arbitrage Liquid Index (Net)		NYSE Arca
Exchange Traded Notes due March 13, 2031    Linked on a Leveraged Basis to the Credit Suisse Merger    Arbitrage Liquid Index (Net)		NYSE Arca
Market Neutral Equity ETN    Linked to the HS Market Neutral Index Powered by HOLT™ due September 22, 2031		NYSE Arca
VelocityShares Daily Inverse VIX Short Term ETN    Linked to the S&P 500 VIX Short-Term Futures™ Index due December 4, 2030		The Nasdaq Stock Market
VelocityShares Daily Inverse VIX Medium Term ETN    Linked to the S&P 500 VIX Mid-Term Futures™ Index due December 4, 2030		The Nasdaq Stock Market
VelocityShares VIX Short Term ETN    Linked to the S&P 500 VIX Short-Term Futures™ Index due December 4, 2030		The Nasdaq Stock Market
VelocityShares VIX Medium Term ETN    Linked to the S&P 500 VIX Mid-Term Futures™ Index due December 4, 2030		The Nasdaq Stock Market
VelocityShares Daily 2x VIX Short Term ETN    Linked to the S&P 500 VIX Short-Term Futures™ Index due December 4, 2030		The Nasdaq Stock Market
VelocityShares Daily 2x VIX Medium Term ETN    Linked to the S&P 500 VIX Mid-Term Futures™ Index due December 4, 2030		The Nasdaq Stock Market
VelocitySharesTM 3x Long Gold ETN    Linked to the S&P GSCI® Gold Index ER due October 14, 2031		The Nasdaq Stock Market
VelocitySharesTM 3x Long Silver ETN    Linked to the S&P GSCI® Silver Index ER due October 14, 2031		The Nasdaq Stock Market
VelocitySharesTM 3x Inverse Gold ETN    Linked to the S&P GSCI® Gold Index ER due October 14, 2031		The Nasdaq Stock Market
VelocitySharesTM 3x Inverse Silver ETN    Linked to the S&P GSCI® Silver Index ER due October 14, 2031		The Nasdaq Stock Market
VelocitySharesTM 3x Long Crude Oil ETN    Linked to the S&P GSCI® Crude Oil Index ER due February 9, 2032		NYSE Arca
VelocitySharesTM 3x Long Natural Gas ETN    Linked to the S&P GSCI® Natural Gas Index ER due February 9, 2032		NYSE Arca
VelocitySharesTM 3x Inverse Crude Oil ETN    Linked to the S&P GSCI® Crude Oil Index ER due February 9, 2032		NYSE Arca
VelocitySharesTM 3x Inverse Natural Gas ETN    Linked to the S&P GSCI® Natural Gas Index ER due February 9, 2032		NYSE Arca
Credit Suisse Gold Shares Covered Call Exchange Traded Notes (ETNs) due February 2, 2033    Linked to the Credit Suisse NASDAQ Gold FLOWS™ 103 Index		The Nasdaq Stock Market
Credit Suisse Silver Shares Covered Call Exchange Traded Notes (ETNs) due April 21, 2033    Linked to the Credit Suisse NASDAQ Silver FLOWS™ 106 Index		The Nasdaq Stock Market
Credit Suisse Commodity Benchmark Exchange Traded Notes (ETNs) due June 15, 2033    Linked to the Credit Suisse Commodity Benchmark Total Return Index		NYSE Arca
Credit Suisse Commodity Rotation Exchange Traded Notes (ETNs) due June 15, 2033    Linked to the Credit Suisse Commodity Backwardation Total Return Index		NYSE Arca
Credit Suisse FI Enhanced Europe 50 Exchange Traded Notes (ETNs) due September 10, 2018    Linked to the STOXX Europe 50® USD (Gross Return) Index		NYSE Arca
Credit Suisse FI Enhanced Big Cap Growth Exchange Traded Notes (ETNs) due October 22, 2018    Linked to the Russell 1000® Growth Index Total Return		NYSE Arca
* Not for trading, but only in connection with the registration of the American Depositary Shares

Definitions
Sources
Cautionary statement regarding forward-looking information
Part I
Item 1. Identity of directors, senior management and advisers.
Item 2. Offer statistics and expected timetable.
Item 3. Key information.
Item 4. Information on the company.
Item 4A. Unresolved staff comments.
Item 5. Operating and financial review and prospects.
Item 6. Directors, senior management and employees.
Item 7. Major shareholders and related party transactions.
Item 8. Financial information.
Item 9. The offer and listing.
Item 10. Additional information.
Item 11. Quantitative and qualitative disclosures about market risk.
Item 12. Description of securities other than equity securities.
Part II
Item 13. Defaults, dividend arrearages and delinquencies.
Item 14. Material modifications to the rights of security holders and use of proceeds.
Item 15. Controls and procedures.
Item 16A. Audit committee financial expert.
Item 16B. Code of ethics.
Item 16C. Principal accountant fees and services.
Item 16D. Exemptions from the listing standards for audit committee.
Item 16E. Purchases of equity securities by the issuer and affiliated purchasers.
Item 16F. Change in registrants’ certifying accountant.
Item 16G. Corporate governance.
Item 16H. Mine Safety Disclosure.
Part III
Item 17. Financial statements.
Item 18. Financial statements.
Item 19. Exhibits.
SIGNATURES

Financial highlights
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Net income (CHF million)
Net income attributable to shareholders		2,326		1,349		1,953		72		(31)
of which from continuing operations		2,181		1,389		1,978		57		(30)
Earnings per share (CHF)
Basic earnings per share from continuing operations		1.14		0.82		1.34		39		(39)
Basic earnings per share		1.22		0.79		1.32		54		(40)
Diluted earnings per share from continuing operations		1.14		0.82		1.34		39		(39)
Diluted earnings per share		1.22		0.79		1.32		54		(40)
Return on equity (%)
Return on equity attributable to shareholders		5.7		3.9		6.0		–		–
Core Results (CHF million)  1
Net revenues		25,217		23,251		25,095		8		(7)
Provision for credit losses		167		170		187		(2)		(9)
Total operating expenses		21,546		21,193		22,149		2		(4)
Income from continuing operations before taxes		3,504		1,888		2,759		86		(32)
Core Results statement of operations metrics (%)  1
Cost/income ratio		85.4		91.1		88.3		–		–
Pre-tax income margin		13.9		8.1		11.0		–		–
Effective tax rate		36.4		24.6		23.8		–		–
Net income margin 2		9.2		5.8		7.8		–		–
Assets under management and net new assets (CHF billion)
Assets under management from continuing operations		1,253.4		1,197.8		1,133.5		4.6		5.7
Net new assets from continuing operations		36.1		11.4		43.7		216.7		(73.9)
Balance sheet statistics (CHF million)
Total assets		872,806		924,280		1,049,165		(6)		(12)
Net loans		247,054		242,223		233,413		2		4
Total shareholders' equity		42,164		35,498		33,674		19		5
Tangible shareholders' equity 3		33,955		26,866		24,795		26		8
Book value per share outstanding (CHF)
Total book value per share		26.50		27.44		27.59		(3)		(1)
Tangible book value per share 3		21.34		20.77		20.32		3		2
Shares outstanding (million)
Common shares issued		1,596.1		1,320.8		1,224.3		21		8
Treasury shares		(5.2)		(27.0)		(4.0)		(81)		–
Shares outstanding		1,590.9		1,293.8		1,220.3		23		6
Market capitalization
Market capitalization (CHF million)		43,526		29,402		27,021		48		9
Market capitalization (USD million)		49,224		32,440		28,747		52		13
BIS statistics (Basel III)  4
Risk-weighted assets (CHF million)		273,846		292,481		–		(6)		–
CET 1 ratio (%)		15.7		14.2		–		–		–
Tier 1 ratio (%)		16.8		15.2		–		–		–
Dividend per share (CHF)
Dividend per share		0.70	5	0.75	6	0.75	6	–		–
Number of employees (full-time equivalents)
Number of employees		46,000		47,400		49,700		(3)		(5)
1 Refer to "Results overview" in II – Operating and financial review – Core Results for further information on Core Results.
2 Based on amounts attributable to shareholders.
3 A non-GAAP financial measure. Tangible shareholders' equity is calculated by deducting goodwill and other intangible assets as shown on our balance sheet from total shareholders' equity.
4 Basel III became effective as of January 1, 2013.
5 Proposal of the Board of Directors to the Annual General Meeting on May 9, 2014; to be paid out of reserves from capital contributions.
6 Paid out of reserves from capital contributions.

Information on the company
Credit Suisse at a glance
Strategy
Our businesses
Organizational and regional structure
Regulation and supervision
Risk factors

Key data – Private Banking & Wealth Management
		in / end of
		2013		2012		2011
Key data
Net revenues (CHF million)		13,442		13,474		13,397
Income before taxes (CHF million)		3,240		3,775		2,961
Assets under management (CHF billion)		1,282.4		1,250.8		1,185.2
Number of employees		26,000		27,300		28,100

Key data – Investment Banking
		in / end of
		2013		2012		2011
Key data
Net revenues (CHF million)		12,565		12,558		10,460
Income/(loss) before taxes (CHF million)		1,719		2,002		(593)
Number of employees		19,700		19,800		20,700

Operating and financial review
Operating environment
Credit Suisse
Core Results
Private Banking & Wealth Management
Investment Banking
Corporate Center
Assets under management
Critical accounting estimates

Market volumes (growth in % year on year)
2013		Global		Europe
Equity trading volume 1		(3)		–
Announced mergers and acquisitions 2		8		3
Completed mergers and acquisitions 2		2		23
Equity underwriting 2		32		41
Debt underwriting 2		1		10
Syndicated lending - investment-grade 2		14		–
1 London Stock Exchange, Borsa Italiana, Deutsche Börse, BME and Euronext. Global also includes New York Stock Exchange and NASDAQ.
2 Dealogic.

Results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net interest income		8,115		7,143		6,426		14		11
Commissions and fees		13,226		12,724		12,638		4		1
Trading revenues		2,739		1,196		5,021		129		(76)
Other revenues		1,776		2,548		1,806		(30)		41
Net revenues		25,856		23,611		25,891		10		(9)
Provision for credit losses		167		170		187		(2)		(9)
Compensation and benefits		11,256		12,303		13,001		(9)		(5)
General and administrative expenses		8,599		7,246		7,293		19		(1)
Commission expenses		1,738		1,702		1,939		2		(12)
Total other operating expenses		10,337		8,948		9,232		16		(3)
Total operating expenses		21,593		21,251		22,233		2		(4)
Income from continuing operations before taxes		4,096		2,190		3,471		87		(37)
Income tax expense		1,276		465		656		174		(29)
Income from continuing operations		2,820		1,725		2,815		63		(39)
Income/(loss) from discontinued operations		145		(40)		(25)		–		60
Net income		2,965		1,685		2,790		76		(40)
Net income attributable to noncontrolling interests		639		336		837		90		(60)
Net income/(loss) attributable to shareholders		2,326		1,349		1,953		72		(31)
of which from continuing operations		2,181		1,389		1,978		57		(30)
of which from discontinued operations		145		(40)		(25)		–		60
Earnings per share (CHF)
Basic earnings per share from continuing operations		1.14		0.82		1.34		39		(39)
Basic earnings per share		1.22		0.79		1.32		54		(40)
Diluted earnings per share from continuing operations		1.14		0.82		1.34		39		(39)
Diluted earnings per share		1.22		0.79		1.32		54		(40)
Return on equity (%)
Return on equity attributable to shareholders		5.7		3.9		6.0		–		–
Return on tangible equity attributable to shareholders 1		7.2		5.2		8.1		–		–
Number of employees (full-time equivalents)
Number of employees		46,000		47,400		49,700		(3)		(5)
1 Based on tangible shareholders' equity attributable to shareholders, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity attributable to shareholders. Management believes that the return on tangible shareholders' equity attributable to shareholders is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired.

Credit Suisse and Core Results
		Core Results						Noncontrolling interests without SEI						Credit Suisse
in		2013		2012		2011		2013		2012		2011		2013		2012		2011
Statements of operations (CHF million)
Net revenues		25,217		23,251		25,095		639		360		796		25,856		23,611		25,891
Provision for credit losses		167		170		187		0		0		0		167		170		187
Compensation and benefits		11,221		12,267		12,939		35		36		62		11,256		12,303		13,001
General and administrative expenses		8,587		7,224		7,271		12		22		22		8,599		7,246		7,293
Commission expenses		1,738		1,702		1,939		0		0		0		1,738		1,702		1,939
Total other operating expenses		10,325		8,926		9,210		12		22		22		10,337		8,948		9,232
Total operating expenses		21,546		21,193		22,149		47		58		84		21,593		21,251		22,233
Income from continuing operations before taxes		3,504		1,888		2,759		592		302		712		4,096		2,190		3,471
Income tax expense		1,276		465		656		0		0		0		1,276		465		656
Income from continuing operations		2,228		1,423		2,103		592		302		712		2,820		1,725		2,815
Income/(loss) from discontinued operations		145		(40)		(25)		0		0		0		145		(40)		(25)
Net income		2,373		1,383		2,078		592		302		712		2,965		1,685		2,790
Net income attributable to noncontrolling interests		47		34		125		592		302		712		639		336		837
Net income attributable to shareholders		2,326		1,349		1,953		0		0		0		2,326		1,349		1,953
Statement of operations metrics (%)
Cost/income ratio		85.4		91.1		88.3		–		–		–		83.5		90.0		85.9
Pre-tax income margin		13.9		8.1		11.0		–		–		–		15.8		9.3		13.4
Effective tax rate		36.4		24.6		23.8		–		–		–		31.2		21.2		18.9
Net income margin 1		9.2		5.8		7.8		–		–		–		9.0		5.7		7.5
1 Based on amounts attributable to shareholders.

Differences between Group and Bank businesses
Entity		Principal business activity
Neue Aargauer Bank		Banking (in the Swiss canton of Aargau)
BANK-now		Private credit and car leasing (in Switzerland)
Financing vehicles of the Group		Special purpose vehicles for various funding activities of the Group, including for purposes of raising capital

Comparison of consolidated statements of operations
		Group						Bank
in		2013		2012		2011		2013		2012		2011
Statements of operations (CHF million)
Net revenues		25,856		23,611		25,891		25,330		23,178		24,853
Total operating expenses		21,593		21,251		22,233		21,567		21,108		22,219
Income from continuing operations before taxes		4,096		2,190		3,471		3,670		1,982		2,511
Income tax expense		1,276		465		656		1,177		447		444
Income from continuing operations		2,820		1,725		2,815		2,493		1,535		2,067
Income/(loss) from discontinued operations		145		(40)		(25)		145		(40)		(25)
Net income		2,965		1,685		2,790		2,638		1,495		2,042
Net income/(loss) attributable to noncontrolling interests		639		336		837		860		(600)		901
Net income attributable to shareholders		2,326		1,349		1,953		1,778		2,095		1,141

Comparison of consolidated balance sheets
		Group				Bank
end of		2013		2012		2013		2012
Balance sheet statistics (CHF million)
Total assets		872,806		924,280		854,412		908,160
Total liabilities		825,640		881,996		810,849		865,999

Capitalization and indebtedness
		Group				Bank
end of		2013		2012		2013		2012
Capitalization and indebtedness (CHF million)
Due to banks		23,108		31,014		23,147		30,574
Customer deposits		333,089		308,312		321,851		297,690
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		94,032		132,721		94,032		132,721
Long-term debt		130,042		148,134		126,641		146,997
Other liabilities		245,369		261,815		245,178		258,017
Total liabilities		825,640		881,996		810,849		865,999
Total equity		47,166		42,284		43,563		42,161
Total capitalization and indebtedness		872,806		924,280		854,412		908,160

Capital adequacy – Basel III
		Group				Bank
end of		2013		2012		2013		2012
Eligible capital (CHF million)
Common equity tier 1 (CET1) capital		42,989		41,500		38,028		36,717
Total tier 1 capital		46,061		44,357		41,105		40,477
Total eligible capital		56,288		51,519		52,066		49,306
Capital ratios (%)
CET1 ratio		15.7		14.2		14.4		13.0
Tier 1 ratio		16.8		15.2		15.6		14.3
Total capital ratio		20.6		17.6		19.7		17.5

Dividends of the Bank to the Group
end of		2013		2012
Per share issued (CHF)
Dividend 1, 2		0.00	3	0.23
The Bank’s total share capital is fully paid and consisted of 4,399,665,200 and 43,996,652 registered shares as of December 31, 2013 and 2012, respectively. The increase in number of shares reflects the split of the par value per share from CHF 100 to CHF 1 effective November 19, 2013.
1 Dividends are determined in accordance with Swiss law and the Bank's articles of incorporation.
2 In 2011, 2010 and 2009, dividends per share issued were CHF 0.23, CHF 0.23 and CHF 68.19, respectively.
3 Proposal of the Board of Directors to the annual general meeting of the Bank for a dividend of CHF 10 million.

Results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net interest income		8,100		7,126		6,398		14		11
Commissions and fees		13,249		12,751		12,670		4		1
Trading revenues		2,750		1,162		4,922		137		(76)
Other revenues		1,118		2,212		1,105		(49)		100
Net revenues		25,217		23,251		25,095		8		(7)
of which strategic results		25,543		25,493		23,454		–		9
of which non-strategic results		(326)		(2,242)		1,641		(85)		–
Provision for credit losses		167		170		187		(2)		(9)
Compensation and benefits		11,221		12,267		12,939		(9)		(5)
General and administrative expenses		8,587		7,224		7,271		19		(1)
Commission expenses		1,738		1,702		1,939		2		(12)
Total other operating expenses		10,325		8,926		9,210		16		(3)
Total operating expenses		21,546		21,193		22,149		2		(4)
of which strategic results		18,316		19,099		19,961		(4)		(4)
of which non-strategic results		3,230		2,094		2,188		54		(4)
Income/(loss) from continuing operations before taxes		3,504		1,888		2,759		86		(32)
of which strategic results		7,132		6,267		3,388		14		85
of which non-strategic results		(3,628)		(4,379)		(629)		(17)		–
Income tax expense		1,276		465		656		174		(29)
Income from continuing operations		2,228		1,423		2,103		57		(32)
Income/(loss) from discontinued operations		145		(40)		(25)		–		60
Net income		2,373		1,383		2,078		72		(33)
Net income attributable to noncontrolling interests		47		34		125		38		(73)
Net income/(loss) attributable to shareholders		2,326		1,349		1,953		72		(31)
of which strategic results		5,065		4,796		2,676		6		79
of which non-strategic results		(2,739)		(3,447)		(723)		(21)		377
Statement of operations metrics (%)
Return on Basel III capital 1		9.2		4.6		–		–		–
Cost/income ratio		85.4		91.1		88.3		–		–
Pre-tax income margin		13.9		8.1		11.0		–		–
Effective tax rate		36.4		24.6		23.8		–		–
Net income margin 2		9.2		5.8		7.8		–		–
Number of employees (full-time equivalents)
Number of employees		46,000		47,400		49,700		(3)		(5)
1 Calculated using income after tax denominated in CHF; assumes tax rate of 27% in 2013, 25% in 2012 and capital allocated at 10% of average risk-weighted assets.
2 Based on amounts attributable to shareholders.

Strategic and non-strategic results
		Strategic results						Non-strategic results						Core Results
in / end of		2013		2012		2011		2013		2012		2011		2013		2012		2011
Statements of operations (CHF million)
Net revenues		25,543		25,493		23,454		(326)		(2,242)		1,641		25,217		23,251		25,095
Provision for credit losses		95		127		105		72		43		82		167		170		187
Compensation and benefits		10,506		11,215		11,744		715		1,052		1,195		11,221		12,267		12,939
Total other operating expenses		7,810		7,884		8,217		2,515		1,042		993		10,325		8,926		9,210
Total operating expenses		18,316		19,099		19,961		3,230		2,094		2,188		21,546		21,193		22,149
Income/(loss) from continuing operations before taxes		7,132		6,267		3,388		(3,628)		(4,379)		(629)		3,504		1,888		2,759
Income tax expense/(benefit)		2,020		1,437		587		(744)		(972)		69		1,276		465		656
Income/(loss) from continuing operations		5,112		4,830		2,801		(2,884)		(3,407)		(698)		2,228		1,423		2,103
Income/(loss) from discontinued operations		0		0		0		145		(40)		(25)		145		(40)		(25)
Net income/(loss)		5,112		4,830		2,801		(2,739)		(3,447)		(723)		2,373		1,383		2,078
Net income attributable to noncontrolling interests		47		34		125		0		0		0		47		34		125
Net income/(loss) attributable to shareholders		5,065		4,796		2,676		(2,739)		(3,447)		(723)		2,326		1,349		1,953
Balance sheet statistics (CHF billion)
Risk-weighted assets – Basel III 1		242,475		255,130		–		23,628		28,980		–		266,103		284,110		–
Total assets		821,207		862,101		978,142		47,975		58,073		66,274		869,182		920,174		1,044,416
Swiss leverage exposure		1,031,316		–		–		99,289		–		–		1,130,605		–		–
1 Represents risk-weighted assets on a fully phased-in "look-through" basis.

Core Results reporting by region
		in						% change
		2013		2012		2011		13 / 12		12 / 11
Net revenues (CHF million)
Switzerland		7,224		7,400		7,539		(2)		(2)
EMEA		6,180		6,737		6,520		(8)		3
Americas		9,567		9,507		7,272		1		31
Asia Pacific		3,036		2,388		2,526		27		(5)
Corporate Center		(790)		(2,781)		1,238		(72)		–
Net revenues		25,217		23,251		25,095		8		(7)
Income/(loss) from continuing operations before taxes (CHF million)
Switzerland		2,463		2,544		2,407		(3)		6
EMEA		641		872		44		(26)		–
Americas		1,085		2,512		6		(57)		–
Asia Pacific		770		(151)		(89)		–		70
Corporate Center		(1,455)		(3,889)		391		(63)		–
Income from continuing operations before taxes		3,504		1,888		2,759		86		(32)
A significant portion of our business requires inter-regional coordination in order to facilitate the needs of our clients. The methodology for allocating our results by region is dependent on management judgment. For Wealth Management Clients and Corporate & Institutional Clients, results are allocated based on the management reporting structure of our relationship managers and the region where the transaction is recorded. For Asset Management, results are allocated based on the location of the investment advisors and sales teams. For Investment Banking, trading results are allocated based on where the risk is primarily managed and fee-based results are allocated where the client is domiciled.

Overview of Core Results
		Private Banking & Wealth Management						Investment Banking						Corporate Center						Core Results					1	of which strategic results						of which non-strategic results
in / end of		2013		2012		2011		2013		2012		2011		2013		2012		2011		2013		2012		2011		2013		2012		2011		2013		2012		2011
Statements of operations (CHF million)
Net revenues		13,442		13,474		13,397		12,565		12,558		10,460		(790)		(2,781)		1,238		25,217		23,251		25,095		25,543		25,493		23,454		(326)		(2,242)		1,641
Provision for credit losses		152		182		111		13		(12)		76		2		0		0		167		170		187		95		127		105		72		43		82
Compensation and benefits		5,331		5,561		5,729		5,435		6,070		6,471		455		636		739		11,221		12,267		12,939		10,506		11,215		11,744		715		1,052		1,195
General and administrative expenses		3,914		3,209		3,806		4,477		3,551		3,388		196		464		77		8,587		7,224		7,271		6,128		6,239		6,296		2,459		985		975
Commission expenses		805		747		790		921		947		1,118		12		8		31		1,738		1,702		1,939		1,682		1,645		1,921		56		57		18
Total other operating expenses		4,719		3,956		4,596		5,398		4,498		4,506		208		472		108		10,325		8,926		9,210		7,810		7,884		8,217		2,515		1,042		993
Total operating expenses		10,050		9,517		10,325		10,833		10,568		10,977		663		1,108		847		21,546		21,193		22,149		18,316		19,099		19,961		3,230		2,094		2,188
Income/(loss) from continuing operations before taxes		3,240		3,775		2,961		1,719		2,002		(593)		(1,455)		(3,889)		391		3,504		1,888		2,759		7,132		6,267		3,388		(3,628)		(4,379)		(629)
Income tax expense		–		–		–		–		–		–		–		–		–		1,276		465		656		2,020		1,437		587		(744)		(972)		69
Income from continuing operations		–		–		–		–		–		–		–		–		–		2,228		1,423		2,103		5,112		4,830		2,801		(2,884)		(3,407)		(698)
Income/(loss) from discontinued operations		–		–		–		–		–		–		–		–		–		145		(40)		(25)		0		0		0		145		(40)		(25)
Net income		–		–		–		–		–		–		–		–		–		2,373		1,383		2,078		5,112		4,830		2,801		(2,739)		(3,447)		(723)
Net income attributable to noncontrolling interests		–		–		–		–		–		–		–		–		–		47		34		125		47		34		125		0		0		0
Net income attributable to shareholders		–		–		–		–		–		–		–		–		–		2,326		1,349		1,953		5,065		4,796		2,676		(2,739)		(3,447)		(723)
Statement of operations metrics (%)
Return on Basel III capital		24.2		29.0		–		7.5		7.8		–								9.2	2	4.6	2	–		20.4	2	17.4	2	–		–		–		–
Cost/income ratio		74.8		70.6		77.1		86.2		84.2		104.9		–		–		–		85.4		91.1		88.3		71.7		74.9		85.1		–		–		–
Pre-tax income margin		24.1		28.0		22.1		13.7		15.9		(5.7)		–		–		–		13.9		8.1		11.0		27.9		24.6		14.4		–		–		–
Effective tax rate		–		–		–		–		–		–		–		–		–		36.4		24.6		23.8		28.3		22.9		17.3		–		–		–
Net income margin		–		–		–		–		–		–		–		–		–		9.2		5.8		7.8		19.8		18.8		11.4		–		–		–
Balance sheet statistics (CHF million)
Basel III risk-weighted assets 3		94,395		96,009		–		156,402		171,511		–		15,306		16,590		–		266,103		284,110		–		242,475		255,130		–		23,628		28,980		–
Total assets		279,139		275,683		283,582		502,799		563,758		641,266		87,244		80,733		119,568		869,182		920,174		1,044,416		821,207		862,101		978,142		47,975		58,073		66,274
Swiss leverage exposure		324,483		–		–		722,500		–		–		83,622		–		–		1,130,605		–		–		1,031,316		–		–		99,289		–		–
Net loans		215,713		207,702		196,268		31,319		34,501		37,134		22		20		11		247,054		242,223		233,413		–		–		–		–		–		–
Goodwill		2,164		2,409		2,471		5,835		5,980		6,120		–		–		–		7,999		8,389		8,591		–		–		–		–		–		–
1 Core Results include the results of our integrated banking business, excluding revenues and expenses in respect of noncontrolling interests without SEI.
2 Calculated using income after tax denominated in CHF; assumes tax rate of 27% (28% for strategic results) in 2013, 25% in 2012 and capital allocated at 10% of average risk-weighted assets.
3 Represents risk-weighted assets on a fully phased-in "look-through" basis.

Divisional results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		13,442		13,474		13,397		0		1
of which strategic results		12,434		12,343		12,431		1		(1)
of which non-strategic results		1,008		1,131		966		(11)		17
Provision for credit losses		152		182		111		(16)		64
Compensation and benefits		5,331		5,561		5,729		(4)		(3)
General and administrative expenses		3,914		3,209		3,806		22		(16)
Commission expenses		805		747		790		8		(5)
Total other operating expenses		4,719		3,956		4,596		19		(14)
Total operating expenses		10,050		9,517		10,325		6		(8)
of which strategic results		8,725		8,830		9,366		(1)		(6)
of which non-strategic results		1,325		687		959		93		(28)
Income/(loss) before taxes		3,240		3,775		2,961		(14)		27
of which strategic results		3,627		3,374		2,992		7		13
of which non-strategic results		(387)		401		(31)		–		–
Statement of operations metrics (%)
Return on Basel III capital 1		24.2		29.0		–		–		–
Cost/income ratio		74.8		70.6		77.1		–		–
Pre-tax income margin		24.1		28.0		22.1		–		–
Utilized economic capital and return
Average utilized economic capital (CHF million)		9,554		9,965		10,054		(4)		(1)
Pre-tax return on average utilized economic capital (%) 2		34.5		38.5		30.1		–		–
Assets under management (CHF billion)
Assets under management		1,282.4		1,250.8		1,185.2		2.5		5.5
Net new assets		32.1		10.8		46.6		197.2		(76.8)
Number of employees and relationship managers
Number of employees (full-time equivalents)		26,000		27,300		28,100		(5)		(3)
Number of relationship managers		4,330		4,550		4,560		(5)		0
1 Calculated using income after tax denominated in CHF; assumes tax rate of 29% in 2013, 25% in 2012 and capital allocated at 10% of average risk-weighted assets.
2 Calculated using a return excluding interest costs for allocated goodwill.

Divisional results (continued)
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Net revenue detail (CHF million)
Net interest income		4,252		4,551		4,512		(7)		1
Recurring commissions and fees		4,956		4,797		5,018		3		(4)
Transaction- and performance-based revenues		3,967		3,678		3,607		8		2
Other revenues 1		267		448		260		(40)		72
Net revenues		13,442		13,474		13,397		0		1
Provision for credit losses (CHF million)
New provisions		281		316		277		(11)		14
Releases of provisions		(129)		(134)		(166)		(4)		(19)
Provision for credit losses		152		182		111		(16)		64
Balance sheet statistics (CHF million)
Net loans		215,713		207,702		196,268		4		6
of which Wealth Management Clients		149,728		144,856		137,389		3		5
of which Corporate & Institutional Clients		62,446		58,877		54,807		6		7
Deposits		288,770		276,571		262,985		4		5
of which Wealth Management Clients		208,210		203,376		195,542		2		4
of which Corporate & Institutional Clients		74,459		65,849		59,604		13		10
1 Includes investment-related gains/(losses), equity participations and other gains/(losses) and fair value gains/(losses) on the Clock Finance transaction.

Strategic and non-strategic results
		Strategic results						Non-strategic results						Private Banking & Wealth Management
in / end of		2013		2012		2011		2013		2012		2011		2013		2012		2011
Statements of operations (CHF million)
Net revenues		12,434		12,343		12,431		1,008		1,131		966		13,442		13,474		13,397
Provision for credit losses		82		139		73		70		43		38		152		182		111
Compensation and benefits		5,027		5,186		5,350		304		375		379		5,331		5,561		5,729
Total other operating expenses		3,698		3,644		4,016		1,021		312		580		4,719		3,956		4,596
Total operating expenses		8,725		8,830		9,366		1,325		687		959		10,050		9,517		10,325
Income/(loss) before taxes		3,627		3,374		2,992		(387)		401		(31)		3,240		3,775		2,961
Balance sheet statistics (CHF billion)
Risk-weighted assets – Basel III		88,316		88,281		–		6,079		7,728		–		94,395		96,009		–
Total assets		258,447		251,716		257,894		20,692		23,967		25,688		279,139		275,683		283,582
Swiss leverage exposure		302,894		–		–		21,589		–		–		324,483		–		–

Strategic results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net interest income		4,155		4,438		4,397		(6)		1
Recurring commissions and fees		4,554		4,329		4,558		5		(5)
Transaction- and performance-based revenues		3,818		3,482		3,400		10		2
Other revenues		(93)		94		76		–		24
Net revenues		12,434		12,343		12,431		1		(1)
New provisions		210		274		239		(23)		15
Releases of provisions		(128)		(135)		(166)		(5)		(19)
Provision for credit losses		82		139		73		(41)		90
Compensation and benefits		5,027		5,186		5,350		(3)		(3)
General and administrative expenses		2,938		2,963		3,261		(1)		(9)
Commission expenses		760		681		755		12		(10)
Total other operating expenses		3,698		3,644		4,016		1		(9)
Total operating expenses		8,725		8,830		9,366		(1)		(6)
Income before taxes		3,627		3,374		2,992		7		13
of which Wealth Management Clients		2,050		1,971		1,676		4		18
of which Corporate & Institutional Clients		965		941		923		3		2
of which Asset Management		612		462		393		32		18
Statement of operations metrics (%)
Return on Basel III capital 1		29.1		28.2		–		–		–
Cost/income ratio		70.2		71.5		75.3		–		–
Pre-tax income margin		29.2		27.3		24.1		–		–
Balance sheet statistics (CHF million)
Risk-weighted assets – Basel III		88,316	2	88,281		–		0		–
Total assets		258,447		251,716		257,894		3		(2)
Swiss leverage exposure		302,894		–		–		–		–
1 Calculated using income after tax denominated in CHF; assumes tax rate of 29% in 2013, 25% in 2012 and capital allocated at 10% of average risk-weighted assets.
2 Includes the impact of an operational risk add-on of CHF 1.6 billion in 2013.

Results – Wealth Management Clients
		in						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		8,444		8,475		8,641		0		(2)
Provision for credit losses		78		110		76		(29)		45
Total operating expenses		6,316		6,394		6,889		(1)		(7)
Income before taxes		2,050		1,971		1,676		4		18
Statement of operations metrics (%)
Cost/income ratio		74.8		75.4		79.7		–		–
Pre-tax income margin		24.3		23.3		19.4		–		–
Net revenue detail (CHF million)
Net interest income		3,050		3,268		3,245		(7)		1
Recurring commissions and fees		2,956		2,811		3,030		5		(7)
Transaction- and performance-based revenues		2,438		2,355		2,366		4		0
Other revenues		0		41	1	0		(100)		–
Net revenues		8,444		8,475		8,641		0		(2)
Gross margin on assets under management (bp)  2
Net interest income		38		44		46		–		–
Recurring commissions and fees		38		38		43		–		–
Transaction- and performance-based revenues		31		32		33		–		–
Other revenues		0		0		0		–		–
Gross margin		107		114		122		–		–
1 Reflects gains related to the sale of a business from the integration of Clariden Leu in 2012.
2 Net revenues divided by average assets under management.

Relationship managers by region
end of		2013		2012		2011
Number of relationship managers
Switzerland		1,590		1,630		1,730
EMEA		1,180		1,300		1,320
Americas		560		620		590
Asia Pacific		440		440		400
Number of relationship managers		3,770		3,990		4,040

Assets under management – Wealth Management Clients
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Assets under management by region (CHF billion)
Switzerland		270.9		243.5		248.7		11.3		(2.1)
EMEA		231.3		243.2		230.2		(4.9)		5.6
Americas		172.9		164.5		142.9		5.1		15.1
Asia Pacific		115.6		106.8		87.8		8.2		21.6
Assets under management		790.7		758.0		709.6		4.3		6.8
Average assets under management (CHF billion)
Average assets under management		788.2		741.2		706.4		6.3		4.9
Assets under management by currency (CHF billion)
USD		306.1		286.4		259.3		6.9		10.5
EUR		152.6		149.0		157.5		2.4		(5.4)
CHF		187.1		184.6		173.5		1.4		6.4
Other		144.9		138.0		119.3		5.0		15.7
Assets under management		790.7		758.0		709.6		4.3		6.8
Net new assets by region (CHF billion)
Switzerland		0.9		2.3		4.7		(60.9)		(51.1)
EMEA		1.8		(2.0)		11.6		–		–
Americas		4.7		10.2		8.4		(53.9)		21.4
Asia Pacific		11.5		10.1		10.4		13.9		(2.9)
Net new assets		18.9		20.6		35.1		(8.3)		(41.3)
Growth in assets under management (CHF billion)
Net new assets		18.9		20.6		35.1		–		–
Other effects		13.8		27.9		(48.8)		–		–
of which market movements		40.2		47.4		(34.7)		–		–
of which currency		(17.6)		(12.4)		(7.3)		–		–
of which other		(8.8)		(7.1)		(6.8)		–		–
Growth in assets under management		32.7		48.5		(13.7)		–		–
Growth in assets under management (%)
Net new assets		2.5		2.9		4.9		–		–
Other effects		1.8		3.9		(6.8)		–		–
Growth in assets under management		4.3		6.8		(1.9)		–		–

Results – Corporate & Institutional Clients
		in						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		1,996		2,064		2,017		(3)		2
Provision for credit losses		4		29		(3)		(86)		–
Total operating expenses		1,027		1,094		1,097		(6)		0
Income before taxes		965		941		923		3		2
Statement of operations metrics (%)
Cost/income ratio		51.5		53.0		54.4		–		–
Pre-tax income margin		48.3		45.6		45.8		–		–
Net revenue detail (CHF million)
Net interest income		1,105		1,170		1,152		(6)		2
Recurring commissions and fees		451		448		422		1		6
Transaction- and performance-based revenues		455		457		460		0		(1)
Other revenues 1		(15)		(11)		(17)		36		(35)
Net revenues		1,996		2,064		2,017		(3)		2
Number of relationship managers
Number of relationship managers (Switzerland)		560		560		520		0		8
1 Includes fair value losses of CHF 35 million on the Clock Finance transaction and gains of CHF 25 million related to a recovery case in 2012. Prior periods relate to fair value losses on the Clock Finance transaction.

Results – Asset Management
		in						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		1,994		1,804		1,773		11		2
Provision for credit losses		0		0		0		–		–
Total operating expenses		1,382		1,342		1,380		3		(3)
Income before taxes		612		462		393		32		18
Statement of operations metrics (%)
Cost/income ratio		69.3		74.4		77.8		–		–
Pre-tax income margin		30.7		25.6		22.2		–		–
Net revenue detail (CHF million)
Recurring commissions and fees		1,147		1,070		1,106		7		(3)
Transaction- and performance-based revenues		925		670		574		38		17
Other revenues		(78)		64		93		–		(31)
Net revenues		1,994		1,804		1,773		11		2
Net revenue detail by type (CHF million)
Asset management fees		1,147		1,070		1,106		7		(3)
Placement, transaction and other fees		284		223		265		27		(16)
Performance fees and carried interest		542		346		196		57		77
Equity participations income		44		36		51		22		(29)
Fee-based revenues		2,017		1,675		1,618		20		4
Investment-related gains/(losses)		52		139		87		(63)		60
Equity participations and other gains/(losses)		(86)		(7)		(4)		–		–
Other revenues 1		11		(3)		72		–		–
Net revenues		1,994		1,804		1,773		11		2
Fee-based margin on assets under management (bp)
Fee-based margin 2		58		52		49		–		–
1 Includes allocated funding costs.
2 Fee-based revenues divided by average assets under management.

Assets under management – Asset Management
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Assets under management (CHF billion)
Hedge funds		29.8		24.8		24.0		20.2		3.3
Private equity		0.6		0.4		0.2		50.0		100.0
Real estate & commodities		50.5		48.6		47.1		3.9		3.2
Credit		30.0		23.8		19.0		26.1		25.3
Index strategies		75.1		64.0		51.5		17.3		24.3
Multi-asset class solutions		104.0		103.1		113.5		0.9		(9.2)
Fixed income & equities		54.4		55.2		57.4		(1.4)		(3.8)
Other		7.9		5.4		6.3		46.3		(14.3)
Assets under management 1		352.3		325.3		319.0		8.3		2.0
Average assets under management (CHF billion)
Average assets under management		346.3		320.1		329.5		8.2		(2.9)
Assets under management by currency (CHF billion)
USD		74.9		63.0		59.8		18.9		5.4
EUR		50.5		42.2		54.1		19.7		(22.0)
CHF		196.4		192.9		184.3		1.8		4.7
Other		30.5		27.2		20.8		12.1		30.8
Assets under management		352.3		325.3		319.0		8.3		2.0
Growth in assets under management (CHF billion)
Net new assets 2		15.0		(8.3)		3.8		–		–
Other effects		12.0		14.6		(18.2)		–		–
of which market movements		17.7		24.2		(11.0)		–		–
of which currency		(5.5)		(4.6)		(3.1)		–		–
of which other		(0.2)		(5.0)		(4.1)		–		–
Growth in assets under management		27.0		6.3		(14.4)		–		–
Growth in assets under management (%)
Net new assets		4.6		(2.6)		1.1		–		–
Other effects		3.7		4.6		(5.4)		–		–
Growth in assets under management		8.3		2.0		(4.3)		–		–
Principal investments (CHF billion)
Principal investments		0.9		1.1		1.3		(18.2)		(15.4)
1 Excludes our portion of assets under management from our equity participation in Aberdeen.
2 Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.

Non-strategic results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		1,008		1,131		966		(11)		17
Provision for credit losses		70		43		38		63		13
Compensation and benefits		304		375		379		(19)		(1)
Total other operating expenses		1,021		312		580		227		(46)
Total operating expenses		1,325		687		959		93		(28)
Income/(loss) before taxes		(387)		401		(31)		–		–
Revenue details (CHF million)
Restructuring of select onshore businesses		164		148		160		11		(8)
Legacy cross-border business and small markets		203		209		205		(3)		2
Restructuring of former Asset Management division		534		659		523		(19)		26
Other		107		115		78		(7)		47
Net revenues		1,008		1,131		966		(11)		17
Balance sheet statistics (CHF million)
Risk-weighted assets – Basel III		6,079		7,728		–		(21)		–
Total assets		20,692		23,967		25,688		(14)		(7)
Swiss leverage exposure		21,589		–		–		–		–

Assets under management – Private Banking & Wealth Management
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Assets under management by business (CHF billion)
Wealth Management Clients		790.7		758.0		709.6		4.3		6.8
Corporate & Institutional Clients		250.0		223.8		203.0		11.7		10.2
Asset Management		352.3		325.3		319.0		8.3		2.0
Non-strategic		44.4		84.7		84.6		(47.6)		0.0
Assets managed across businesses 1		(155.0)		(141.0)		(131.0)		9.9		7.6
Assets under management		1,282.4		1,250.8		1,185.2		2.5		5.5
Average assets under management (CHF billion)
Average assets under management		1,291.2		1,224.7		1,187.1		5.4		3.2
Net new assets by business (CHF billion)
Wealth Management Clients		18.9		20.6		35.1		(8.3)		(41.3)
Corporate & Institutional Clients		8.8		1.5		5.3		486.7		(71.7)
Asset Management		15.0		(8.3)		3.8		–		–
Non-strategic		(5.9)		(2.1)		3.5		181.0		–
Assets managed across businesses 1		(4.7)		(0.9)		(1.1)		422.2		(18.2)
Net new assets		32.1		10.8		46.6		197.2		(76.8)
1 Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and non-strategic businesses.

Divisional results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		12,565		12,558		10,460		–		20
of which strategic results		13,164		13,385		11,129		(2)		20
of which non-strategic results		(599)		(827)		(669)		(28)		24
Provision for credit losses		13		(12)		76		–		–
Compensation and benefits		5,435		6,070		6,471		(10)		(6)
General and administrative expenses		4,477		3,551		3,388		26		5
Commission expenses		921		947		1,118		(3)		(15)
Total other operating expenses		5,398		4,498		4,506		20		–
Total operating expenses		10,833		10,568		10,977		3		(4)
of which strategic results		9,300		9,970		10,308		(7)		(3)
of which non-strategic results		1,533		598		669		156		(11)
Income/(loss) before taxes		1,719		2,002		(593)		(14)		–
of which strategic results		3,853		3,427		789		12		334
of which non-strategic results		(2,134)		(1,425)		(1,382)		50		3
Statement of operations metrics (%)
Return on Basel III capital 1		7.5		7.8		–
Cost/income ratio		86.2		84.2		104.9		–		–
Pre-tax income margin		13.7		15.9		(5.7)		–		–
Utilized economic capital and return
Average utilized economic capital (CHF million)		19,910		20,241		20,525		(2)		(1)
Pre-tax return on average utilized economic capital (%) 2		9.1		10.6		(2.4)		–		–
Number of employees (full-time equivalents)
Number of employees		19,700		19,800		20,700		(1)		(4)
1 Calculated using income after tax denominated in USD; assumes tax rate of 26% in 2013, 25% in 2012, 25% in 2011 and capital allocated at 10% of average risk-weighted assets.
2 Calculated using a return excluding interest costs for allocated goodwill.

Divisional results (continued)
		in						% change
		2013		2012		2011		13 / 12		12 / 11
Net revenue detail (CHF million)
Debt underwriting		1,902		1,617		1,404		18		15
Equity underwriting		766		552		713		39		(23)
Total underwriting		2,668		2,169		2,117		23		2
Advisory and other fees		658		1,042		856		(37)		22
Total underwriting and advisory		3,326		3,211		2,973		4		8
Fixed income sales and trading		4,823		5,349		3,341		(10)		60
Equity sales and trading		4,750		4,330		4,279		10		1
Total sales and trading		9,573		9,679		7,620		(1)		27
Other		(334)		(332)		(133)		1		150
Net revenues		12,565		12,558		10,460		–		20
Average one-day, 98% risk management Value-at-Risk (CHF million)
Interest rate		18		27		31		(33)		(13)
Credit spread		35		46		62		(24)		(26)
Foreign exchange		9		15		13		(40)		15
Commodity		2		3		9		(33)		(67)
Equity		16		23		23		(30)		0
Diversification benefit		(39)		(59)		(58)		(34)		2
Average one-day, 98% risk management Value-at-Risk		41		55		80		(25)		(31)

Strategic and non-strategic results
		Strategic results						Non-strategic results						Investment Banking
in / end of		2013		2012		2011		2013		2012		2011		2013		2012		2011
Statements of operations (CHF million)
Net revenues		13,164		13,385		11,129		(599)		(827)		(669)		12,565		12,558		10,460
Provision for credit losses		11		(12)		32		2		–		44		13		(12)		76
Compensation and benefits		5,326		5,881		6,166		109		189		305		5,435		6,070		6,471
Total other operating expenses		3,974		4,089		4,142		1,424		409		364		5,398		4,498		4,506
Total operating expenses		9,300		9,970		10,308		1,533		598		669		10,833		10,568		10,977
Income/(loss) before taxes		3,853		3,427		789		(2,134)		(1,425)		(1,382)		1,719		2,002		(593)
Balance sheet statistics (CHF million, except where indicated)
Risk-weighted assets – Basel III		138,853		150,259		–		17,549		21,252		–		156,402		171,511		–
Risk-weighted assets – Basel III (USD)		156,041		164,199		–		19,721		23,224		–		175,762		187,423		–
Total assets		475,516		529,652		600,680		27,283		34,106		40,586		502,799		563,758		641,266
Swiss leverage exposure		644,800		–		–		77,700		–		–		722,500		–		–

Strategic results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Debt underwriting		1,902		1,617		1,404		18		15
Equity underwriting		766		552		713		39		(23)
Total underwriting		2,668		2,169		2,117		23		2
Advisory and other fees		658		1,042		856		(37)		22
Total underwriting and advisory		3,326		3,211		2,973		4		8
Fixed income sales and trading		5,300		6,221		4,057		(15)		53
Equity sales and trading		4,849		4,285		4,290		13		0
Total sales and trading		10,149		10,506		8,347		(3)		26
Other		(311)		(332)		(191)		(6)		74
Net revenues		13,164		13,385		11,129		(2)		20
Provision for credit losses		11		(12)		32		–		–
Compensation and benefits		5,326		5,881		6,166		(9)		(5)
General and administrative expenses		3,078		3,149		3,022		(2)		4
Commission expenses		896		940		1,120		(5)		(16)
Total other operating expenses		3,974		4,089		4,142		(3)		(1)
Total operating expenses		9,300		9,970		10,308		(7)		(3)
Income before taxes		3,853		3,427		789		12		334
Statement of operations metrics (%)
Return on Basel III capital 1		19.0		15.6		–		–		–
Cost/income ratio		70.6		74.5		92.6		–		–
Pre-tax income margin		29.3		25.6		7.1		–		–
Balance sheet statistics (CHF million, except where indicated)
Risk-weighted assets – Basel III		138,853		150,259		–		(8)		–
Risk-weighted assets – Basel III (USD)		156,041		164,199		–		(5)		–
Total assets		475,516		529,652		600,680		(10)		(12)
Swiss leverage exposure		644,800		–		–		–		–
1 Calculated using income after tax denominated in USD; assumes tax rate of 28% in 2013, 25% in 2012, 25% in 2011 and capital allocated at 10% of average risk-weighted assets.

Non-strategic results
		in / end of						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		(599)		(827)		(669)		(28)		24
Provision for credit losses		2		0		44		–		(100)
Compensation and benefits		109		189		305		(42)		(38)
Total other operating expenses		1,424		409		364		248		12
of which litigation		1,220		192		102		–		88
Total operating expenses		1,533		598		669		156		(11)
Income/(loss) before taxes		(2,134)		(1,425)		(1,382)		50		3
Revenue details (CHF million)
Fixed income wind-down		(32)		(597)		(388)		(95)		54
Legacy rates business		12		40		30		(70)		33
Legacy funding costs		(382)		(417)		(394)		(8)		6
Other		(197)		147		83		–		77
Net revenues		(599)		(827)		(669)		(28)		24
Balance sheet statistics (CHF million, except where indicated)
Risk-weighted assets – Basel III		17,549		21,252		–		(17)		–
Risk-weighted assets – Basel III (USD)		19,721		23,224		–		(15)		–
Total assets		27,283		34,106		40,586		(20)		(16)
Swiss leverage exposure		77,700		–		–		–		–

Corporate Center results
		in						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		(790)		(2,781)		1,238		(72)		–
Provision for credit losses		2		0		0		–		–
Compensation and benefits		455		636		739		(28)		(14)
General and administrative expenses		196		464		77		(58)		–
Commission expenses		12		8		31		50		(74)
Total other operating expenses		208		472		108		(56)		337
Total operating expenses		663		1,108		847		(40)		31
Income/(loss) before taxes		(1,455)		(3,889)		391		(63)		–
Balance sheet statistics (CHF million)
Risk-weighted assets – Basel III 1		15,306		16,590		–		(8)		–
Total assets		87,244		80,733		119,568		8		(32)
Swiss leverage exposure		83,622		–		–		–		–
1 Represents risk-weighted assets on a fully phased-in "look-through" basis.

Strategic and non-strategic results
		Strategic results						Non-strategic results						Corporate Center
in		2013		2012		2011		2013		2012		2011		2013		2012		2011
Statements of operations (CHF million)
Net revenues		(55)		(235)		(106)		(735)		(2,546)		1,344		(790)		(2,781)		1,238
Provision for credit losses		2		0		0		0		0		0		2		0		0
Compensation and benefits		153		148		228		302		488		511		455		636		739
Total other operating expenses		138		151		59		70		321		49		208		472		108
Total operating expenses		291		299		287		372		809		560		663		1,108		847
Income/(loss) before taxes		(348)		(534)		(393)		(1,107)		(3,355)		784		(1,455)		(3,889)		391

Non-strategic results
		in						% change
		2013		2012		2011		13 / 12		12 / 11
Statements of operations (CHF million)
Net revenues		(735)		(2,546)		1,344		(71)		–
Provision for credit losses		0		0		0		–		–
Total operating expenses		372		809		560		(54)		44
Income/(loss) before taxes		(1,107)		(3,355)		784		(67)		–
of which fair value impact from movements in own credit spreads		(315)		(2,939)		1,616		(89)		–
of which realignment costs 1		(394)		(680)		(847)		(42)		(20)
of which IT architecture simplification expenses		(128)		0		0		–		–
of which real estate sales		68		533		72		(87)		–
of which litigation provisions		0		(227)	2	0		100		–
of which legacy funding costs 3		(57)		(85)		(80)		(33)		6
of which reclassifications to discontinued operations 4		(220)		9		11		–		(18)
of which other non-strategic items		(61)		34		12		–		183
1 Business realignment costs relating to divisional realignment costs are prospectively presented in the relevant divisional non-strategic results beginning in the fourth quarter of 2013.
2 Represents litigation provisions related to NCFE.
3 Represents legacy funding costs associated with non-Basel III compliant debt instruments.
4 Includes reclassifications to discontinued operations of revenues and expenses arising from the sale of our ETF business, Strategic Partners and CFIG and the announced sale of our domestic private banking business booked in Germany.

Assets under management and client assets
		end of						% change
		2013		2012		2011		13 / 12		12 / 11
Assets under management (CHF billion)
Wealth Management Clients		790.7		758.0		709.6		4.3		6.8
Corporate & Institutional Clients		250.0		223.8		203.0		11.7		10.2
Asset Management 1		352.3		325.3		319.0		8.3		2.0
Non-strategic		44.4		84.7		84.6		(47.6)		0.1
Assets managed across businesses 2		(155.0)		(141.0)		(131.0)		9.9		7.6
Assets under management		1,282.4		1,250.8		1,185.2		2.5		5.5
of which continuing operations		1,253.4		1,197.8		1,133.5		4.6		5.7
of which discontinued operations		29.0		53.0		51.7		(45.3)		2.5
Assets under management from continuing operations		1,253.4		1,197.8		1,133.5		4.6		5.7
of which discretionary assets		397.6		365.5		338.5		8.8		8.0
of which advisory assets		855.8		832.3		795.0		2.8		4.7
Client assets (CHF billion)
Wealth Management Clients		904.5		870.1		810.8		4.0		7.3
Corporate & Institutional Clients		353.3		323.0		305.2		9.4		5.8
Asset Management 1		352.3		325.3		319.0		8.3		2.0
Non-strategic		51.8		88.0		87.4		(41.1)		0.7
Assets managed across businesses 2		(155.0)		(141.0)		(131.0)		9.9		7.6
Client assets		1,506.9		1,465.4		1,391.4		2.8		5.3
of which continuing operations		1,477.5		1,411.8		1,339.2		4.7		5.4
of which discontinued operations		29.4		53.6		52.2		(45.1)		2.7
1 Excludes our portion of assets under management from our former investment in Aberdeen.
2 Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and non-strategic businesses.

Growth in assets under management
in		2013		2012		2011
Growth in assets under management (CHF billion)
Net new assets from continuing operations		36.1		11.4		43.7
Net new assets from discontinued operations		(4.0)		(0.6)		2.9
Net new assets		32.1		10.8		46.6
of which Wealth Management Clients		18.9		20.6		35.1
of which Corporate & Institutional Clients		8.8		1.5		5.3
of which Asset Management 1		15.0		(8.3)		3.8
of which non-strategic		(5.9)		(2.1)		3.5
of which assets managed across businesses 2		(4.7)		(0.9)		(1.1)
Other effects from continuing operations		19.5		52.9		(63.5)
Other effects from discontinued operations		(20.0)		1.9		(3.1)
Other effects		(0.5)		54.8		(66.6)
of which Wealth Management Clients		13.8		27.8		(48.8)
of which Corporate & Institutional Clients		17.4		19.3		1.8
of which Asset Management		12.0		14.6		(18.2)
of which non-strategic		(34.4)		2.2		(5.2)
of which assets managed across businesses 2		(9.3)		(9.1)		3.8
Growth in assets under management from continuing operations		55.6		64.3		(19.8)
Growth in assets under management from discontinued operations		(24.0)		1.3		(0.2)
Growth in assets under management		31.6		65.6		(20.0)
of which Wealth Management Clients		32.7		48.4		(13.7)
of which Corporate & Institutional Clients		26.2		20.8		7.1
of which Asset Management 1		27.0		6.3		(14.4)
of which non-strategic		(40.3)		0.1		(1.7)
of which assets managed across businesses 2		(14.0)		(10.0)		2.7
Growth in assets under management (%)
Net new assets from continuing operations		3.0		1.0		3.8
Net new assets from discontinued operations		(7.5)		(1.2)		5.6
Net new assets		2.5		0.9		3.9
of which Wealth Management Clients		2.5		2.9		4.9
of which Corporate & Institutional Clients		3.9		0.7		2.7
of which Asset Management 1		4.6		(2.6)		1.1
of which non-strategic		(7.0)		(2.5)		4.1
of which assets managed across businesses 2		3.3		0.7		0.8
Other effects from continuing operations		1.6		4.7		(5.5)
Other effects from discontinued operations		(37.8)		3.6		(6.0)
Other effects		0.0		4.6		(5.6)
of which Wealth Management Clients		1.8		3.9		(6.8)
of which Corporate & Institutional Clients		7.8		9.5		0.9
of which Asset Management		3.7		4.6		(5.4)
of which non-strategic		(40.6)		2.6		(6.1)
of which assets managed across businesses 2		6.6		6.9		(2.8)
Growth in assets under management from continuing operations		4.6		5.7		(1.7)
Growth in assets under management from discontinued operations		(45.3)		2.4		(0.4)
Growth in assets under management		2.5		5.5		(1.7)
of which Wealth Management Clients		4.3		6.8		(1.9)
of which Corporate & Institutional Clients		11.7		10.2		3.6
of which Asset Management 1		8.3		2.0		(4.3)
of which non-strategic		(47.6)		0.1		(2.0)
of which assets managed across businesses 2		9.9		7.6		(2.0)
1 Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
2 Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and non-strategic businesses.

Net new assets
in		2013		2012		2011
Net new assets (CHF billion)
Wealth Management Clients		18.9		20.6		35.1
Corporate & Institutional Clients		8.8		1.5		5.3
Asset Management		15.0		(8.3)		3.8
Non-strategic		(5.9)		(2.1)		3.5
Assets managed across businesses 1		(4.7)		(0.9)		(1.1)
Net new assets		32.1		10.8		46.6
of which continuing operations		36.1		11.4		43.7
of which discontinued operations		(4.0)		(0.6)		2.9
1 Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.

Treasury, Risk, Balance sheet and Off-balance sheet
Liquidity and funding management
Capital management
Risk management
Balance sheet, off-balance sheet and other contractual obligations

Liquidity pool
December 31, 2013		Swiss franc		US dollar		Euro		Other currencies		Total
Liquidity pool by currencies (CHF billion)
Cash held at central banks		23.8		27.5		2.5		0.7		54.5
Government bonds		3.1		23.5		10.3		15.1		52.0	1
Fixed income securities		0.6		12.6		0.0		1.9		15.1
Liquid equity securities		0.0		11.4		0.1		7.0		18.5
Total liquidy pool (based on internal model)		27.5		75.0		12.9		24.7		140.1
1 Includes reverse repurchases of government bonds of CHF 19.1 billion.

Contractual maturity of assets and liabilities
end of 2013		On demand		Less than 1 month		Between 1 to 3 months		Between 3 to 12 months		Between 1 to 5 years		Greater than 5 years		Total
Assets (CHF million)
Cash and due from banks		62,251		2,523		965		523		0		2,430		68,692
Interest-bearing deposits with banks		0		463		314		482		202		54		1,515
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		65,784		67,662		18,426		7,497		461		192		160,022
Securities received as collateral, at fair value		20,944		1,856		0		0		0		0		22,800
Trading assets, at fair value		229,413		0		0		0		0		0		229,413
Investment securities		4		103		53		480		1,768		579		2,987
Other investments		839		38		0		0		47		9,405		10,329
Net loans		6,990		49,039		25,371		44,550		84,454		36,650		247,054
Premises and equipment		0		0		0		0		0		5,091		5,091
Goodwill		0		0		0		0		0		7,999		7,999
Other intangible assets		0		0		0		0		0		210		210
Brokerage receivables		52,045		0		0		0		0		0		52,045
Other assets		28,363		11,938		498		1,863		9,342		11,061		63,065
Assets of discontinued operations held-for-sale		299		185		13		1,087		0		0		1,584
Total assets		466,932		133,807		45,640		56,482		96,274		73,671		872,806
Liabilities (CHF million)
Due to banks		12,433		5,103		2,123		2,776		332		341		23,108
Customer deposits		248,744		20,338		29,529		29,318		4,560		600		333,089
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		20,365		53,683		12,460		6,664		809		51		94,032
Obligation to return securities received as collateral, at fair value		20,944		1,856		0		0		0		0		22,800
Trading liabilities, at fair value		76,635		0		0		0		0		0		76,635
Short-term borrowings		0		5,901		4,867		9,425		0		0		20,193
Long-term debt		0		6,825		3,402		10,887		68,919		40,009		130,042
Brokerage payables		73,154		0		0		0		0		0		73,154
Other liabilities		27,358		18,780		335		400		2,871		1,703		51,447
Liabilities of discontinued operations held-for-sale		1,093		8		13		26		0		0		1,140
Total liabilities		480,726		112,494		52,729		59,496		77,491		42,704		825,640

Debt issuances and redemptions
in 2013		Senior		Sub- ordinated		Long-term debt
Long-term debt (CHF billion, notional value)
Issuances		2.3		6.1		8.4
of which unsecured		2.3		6.1		8.4
Maturities / Redemptions		(16.7)		(3.8)		(20.5)
of which unsecured		(15.8)		(3.8)		(19.6)
of which secured 1		(0.9)		0.0		(0.9)
Excludes structured notes.
1 Includes covered bonds.

Basel III phase-in requirements for Credit Suisse
Effective January 1, for the applicable year		2013		2014		2015		2016		2017		2018		2019
Capital ratios
CET1		3.5%	1	4.0%	1	4.5%		4.5%		4.5%		4.5%		4.5%
Capital conservation buffer								0.625%	1	1.250%	1	1.875%	1	2.5%
Progressive buffer for G-SIB								0.375%	1	0.750%	1	1.125%	1	1.5%
Total CET1		3.5%		4.0%		4.5%		5.5%		6.5%		7.5%		8.5%
Additional tier 1		1.0%	1	1.5%		1.5%		1.5%		1.5%		1.5%		1.5%
Total tier 1		4.5%		5.5%		6.0%		7.0%		8.0%		9.0%		10.0%
Tier 2		3.5%	1	2.5%	1	2.0%		2.0%		2.0%		2.0%		2.0%
Total capital		8.0%		8.0%		8.0%		9.0%		10.0%		11.0%		12.0%
Phase-in deductions from CET1 2				20.0%	1	40.0%	1	60.0%	1	80.0%	1	100.0%		100.0%
Capital instruments subject to phase out		Phased out over 10-year horizon beginning 2013 through 2022
1 Indicates transition period.
2 Includes goodwill and other intangible assets, certain deferred tax assets and participations in financial institutions.

BIS statistics – Basel III
		Group						Bank
end of		2013		2012		% change		2013		2012		% change
Eligible capital (CHF million)
Total shareholders' equity		42,164		35,498		19		39,992		34,767		15
Mandatory and contingent convertible securities		–	1	3,598	1	(100)		–		–		–
Regulatory adjustments		(1,069)	2	(303)	2	253		(3,504)	3	(3,879)	3	(10)
Adjustments subject to phase in 4		1,894		2,707		(30)		1,540		5,829		(74)
CET1 capital		42,989		41,500		4		38,028		36,717		4
Additional tier 1 instruments		7,484	5	1,516		394		6,644		1,545		330
Additional tier 1 instruments subject to phase out 6		3,652		10,416		(65)		3,652		10,416		(65)
Deductions from additional tier 1 capital 7		(8,064)		(9,075)		(11)		(7,219)		(8,201)		(12)
Additional tier 1 capital		3,072		2,857		8		3,077		3,760		(18)
Total tier 1 capital		46,061		44,357		4		41,105		40,477		2
Tier 2 instruments		6,263	5	2,568		144		6,263		2,572		144
Tier 2 instruments subject to phase out		4,321		5,016		(14)		5,016		6,634		(24)
Deductions from tier 2 capital		(357)		(422)		(15)		(318)		(377)		(16)
Tier 2 capital		10,227		7,162		43		10,961		8,829		24
Total eligible capital		56,288		51,519		9		52,066		49,306		6
Risk-weighted assets (CHF million)
Credit risk		175,631		201,764		(13)		166,324		191,649		(13)
Market risk		39,133		39,466		(1)		39,111		39,438		(1)
Operational risk		53,075		45,125		18		53,075		45,125		18
Non-counterparty risk		6,007		6,126		(2)		5,758		5,873		(2)
Risk-weighted assets		273,846		292,481		(6)		264,268		282,085		(6)
Capital ratios (%)
CET1 ratio		15.7		14.2		–		14.4		13.0		–
Tier 1 ratio		16.8		15.2		–		15.6		14.3		–
Total capital ratio		20.6		17.6		–		19.7		17.5		–
1 Converted and settled into 233.5 million shares on April 8, 2013 and reflected in total shareholders' equity as of that date.
2 Includes regulatory adjustments not subject to phase in, including a cumulative dividend accrual.
3 Includes regulatory adjustments not subject to phase in, including the cumulative dividend accrual, and an adjustment for tier 1 participation securities.
4 Includes an adjustment for the accounting treatment of pension plans pursuant to phase-in requirements and other regulatory adjustments. For the years 2014 - 2018, there will be a five-year (20% per annum) phase-in of goodwill and other intangible assets and other capital deductions (e.g., certain deferred tax assets and participations in financial institutions).
5 Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 7.7 billion consists of capital instruments with a capital ratio write-down trigger of 7%, CHF 2.3 billion consists of capital instruments with a capital ratio write-down trigger of 5.125% and CHF 3.7 billion consists of capital instruments with a capital ratio write-down trigger of 5%.
6 Includes tier 1 participation securities and hybrid capital instruments that are subject to phase out.
7 Includes goodwill and other intangible assets of CHF 8.2 billion and other capital deductions, including gains/(losses) due to changes in own credit risks on fair valued financial liabilities, that will be deducted from CET1 once Basel III is fully implemented.

CET1 capital movement – Basel III
		2013
CET1 capital (CHF million)
Balance at beginning of period		41,500
Net income		2,326
Foreign exchange impact		(907)
Other		70	1
Balance at end of period		42,989
1 Reflects the effect of share-based compensation, a dividend accrual and a change in other regulatory deductions.

Risk-weighted assets by division – Basel III
end of		2013		2012		% change
Risk-weighted assets by division (CHF million)
Private Banking & Wealth Management		94,395		96,009		(2)
Investment Banking		156,402		171,511		(9)
Corporate Center		23,049		24,961		(8)
Risk-weighted assets		273,846		292,481		(6)

Risk-weighted asset movement by risk type – Basel III
2013		Credit risk (excluding CVA)		Credit risk (CVA)		Market risk		Operational risk		Non- counterparty risk		Total risk- weighted assets
Risk-weighted asset movement by risk type (CHF million)
Balance at beginning of period		177,488		24,276		39,466		45,125		6,126		292,481
Foreign exchange impact		(3,580)		(110)		(756)		0		0		(4,446)
Acquisitions and disposals		(323)		0		0		0		0		(323)
Movements in risk levels		(11,472)		(12,749)		(6,231)		(337)		(119)		(30,908)
of which credit risk – book size 1		(10,586)		(10,562)		–		–		–		–
of which credit risk – book quality 2		(886)		(2,187)		–		–		–		–
Model and parameter updates 3		(1,754)		(2,103)		709		1,412		0		(1,736)
Methodology and policy 4		4,565		1,393		5,945		6,875		0		18,778
Balance at end of period		164,924		10,707		39,133		53,075		6,007		273,846
1 Represents changes in portfolio size.
2 Represents changes in average risk weighting across credit risk classes.
3 Represents movements arising from updates to models and recalibrations of parameters.
4 Represents both internal changes impacting how exposures are treated and externally prescribed regulatory changes.

Swiss Core and Total Capital ratios
		Group						Bank
end of		2013		2012		% change		2013		2012		% change
Capital development (CHF million)
CET1 capital		42,989		41,500		4		38,028		36,717		4
Swiss regulatory adjustments 1		1,658		2,481		(33)		1,711		2,864		(40)
Swiss Core Capital		44,647		43,981		2		39,739		39,581		0
High-trigger capital instruments 2		7,743		4,084		90		7,743		4,084		90
Low-trigger capital instruments 3		6,005		–		–		5,164		–		–
Swiss Total Capital		58,395		48,065		21		52,646		43,665		21
Risk-weighted assets (CHF million)
Risk-weighted assets – Basel III		273,846		292,481		(6)		264,268		282,085		(6)
Swiss regulatory adjustments 4		1,015		1,259		(19)		1,020		1,220		(16)
Swiss risk-weighted assets		274,861		293,740		(6)		265,288		283,305		(6)
Capital ratios (%)
Swiss Core Capital ratio		16.2		15.0		–		15.0		14.0		–
Swiss Total Capital ratio		21.2		16.4		–		19.8		15.4		–
1 Consists of tier 1 participation securities of CHF 1.3 billion, additional tier 1 deductions for which there is not enough tier 1 capital available and is therefore deducted from Swiss Core Capital and other Swiss regulatory adjustments.
2 Consists of CHF 5.2 billion additional tier 1 instruments and CHF 2.5 billion tier 2 instruments.
3 Consists of CHF 2.3 billion additional tier 1 instruments and CHF 3.7 billion tier 2 instruments.
4 Includes increased regulatory thresholds resulting from additional Swiss Core Capital.

Swiss capital requirements and coverage
		Group										Bank
		Capital requirements										Capital requirements
end of		Minimum component		Buffer component		Progressive component		Excess		2013		Minimum component		Buffer component		Progressive component		Excess		2013
Risk-weighted assets (CHF billion)
Swiss risk-weighted assets		–		–		–		–		274.9		–		–		–		–		265.3
2013 Swiss capital requirements  1
Minimum Swiss Total Capital ratio		3.5%		3.5%		1.1%		–		8.1%		3.5%		3.5%		1.1%		–		8.1%
Minimum Swiss Total Capital (CHF billion)		9.6		9.6		3.0		–		22.3		9.3		9.3		2.9		–		21.5
Swiss capital coverage (CHF billion)
Swiss Core Capital		9.6		1.9		–		33.2		44.6		9.3		1.5		–		28.9		39.7
High-trigger capital instruments		–		7.7		–		–		7.7		–		7.7		–		–		7.7
Low-trigger capital instruments		–		–		3.0		3.0		6.0		–		–		2.9		2.2		5.2
Swiss Total Capital		9.6		9.6		3.0		36.1		58.4		9.3		9.3		2.9		31.1		52.6
Capital ratios (%)
Swiss Total Capital ratio		3.5%		3.5%		1.1%		13.1%		21.2%		3.5%		3.5%		1.1%		11.7%		19.8%
Rounding differences may occur. Excludes countercyclical buffer that was required as of September 30, 2013.
1 The Swiss capital requirements are based on a percentage of RWA.

Swiss leverage ratio
		Group		Bank
end of		2013		2013
Swiss Total Capital (CHF million)
Swiss Total Capital		58,395		52,646
Exposure (CHF million)  1
Balance sheet assets		890,242		872,097
Off-balance sheet exposures		133,426		132,567
Regulatory adjustments		130,150		127,795
Total average exposure		1,153,818		1,132,459
Swiss leverage ratio (%)
Swiss leverage ratio		5.1		4.6
1 Calculated as the average of the month-end amounts for the previous three calendar months.

Swiss leverage requirements and coverage
		Group										Bank
		Capital requirements										Capital requirements
end of		Minimum component		Buffer component		Progressive component		Excess		2013		Minimum component		Buffer component		Progressive component		Excess		2013
Exposure (CHF billion)
Total average exposure		–		–		–		–		1,153.8		–		–		–		–		1,132.5
2013 Swiss leverage requirements  1
Minimum Swiss leverage ratio		0.84%		0.84%		0.26%		–		1.94%		0.84%		0.84%		0.26%		–		1.94%
Minimum Swiss leverage (CHF billion)		9.7		9.7		3.1		–		22.4		9.5		9.5		3.0		–		22.0
Swiss capital coverage (CHF billion)
Swiss Core Capital		9.7		1.9		–		33.0		44.6		9.5		1.8		–		28.5		39.7
High-trigger capital instruments		–		7.7		–		–		7.7		–		7.7		–		–		7.7
Low-trigger capital instruments		–		–		3.1		3.0		6.0		–		–		3.0		2.2		5.2
Swiss Total Capital		9.7		9.7		3.1		36.0		58.4		9.5		9.5		3.0		30.6		52.6
Swiss leverage ratio (%)
Swiss leverage ratio		0.84%		0.84%		0.26%		3.1%		5.1%		0.84%		0.84%		0.26%		2.7%		4.6%
Rounding differences may occur.
1 The leverage requirements are based on a percentage of total average exposure.

Capital
		Group						Bank
end of		2013		2012		% change		2013		2012		% change
Shareholders' equity (CHF million)
Common shares		64		53		21		4,400		4,400		0
Additional paid-in capital		27,853		23,636		18		34,617		28,686		21
Retained earnings		30,261		28,171		7		15,169		13,637		11
Treasury shares, at cost		(139)		(459)		(70)		0		0		–
Accumulated other comprehensive income/(loss)		(15,875)		(15,903)		0		(14,194)		(11,956)		19
Total shareholders' equity		42,164		35,498		19		39,992		34,767		15
Goodwill		(7,999)		(8,389)		(5)		(7,121)		(7,510)		(5)
Other intangible assets		(210)		(243)		(14)		(210)		(243)		(14)
Tangible shareholders' equity 1		33,955		26,866		26		32,661		27,014		21
Shares outstanding (million)
Common shares issued		1,596.1		1,320.8		21		4,399.7		44.0		–
Treasury shares		(5.2)		(27.0)		(81)		–		–		–
Shares outstanding		1,590.9		1,293.8		23		4,399.7		44.0		–
Par value (CHF)
Par value		0.04		0.04		0		1.00	2	100.00		(99)
Book value per share (CHF)
Total book value per share		26.50		27.44		(3)		9.09		790.16		(99)
Goodwill per share		(5.03)		(6.48)		(22)		(1.62)		(170.68)		(99)
Other intangible assets per share		(0.13)		(0.19)		(32)		(0.05)		(5.53)		(99)
Tangible book value per share 1		21.34		20.77		3		7.42		613.95		(99)
1 Management believes that tangible shareholders' equity and tangible book value per share, both non-GAAP financial measures, are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy.
2 Reflects the split of the par value per share from CHF 100 to CHF 1 effective November 19, 2013.

Purchases and sales of treasury shares
In million, except where indicated		Number of shares		Average price per share in CHF
2013
January		31.0		25.15
February		27.1		25.93
March		32.4		25.34
April		64.2		25.09
May		28.9		28.00
June		28.5		26.49
July		29.4		26.92
August		17.1		28.05
September		19.6		28.03
October		26.6		28.67
November		49.3		26.58
December		31.3		26.56
Total purchase of treasury shares		385.4		–
Total sale of treasury shares		401.1		–

Dividend per ordinary share
		USD	1	CHF
Dividend per ordinary share for the financial year
2012 2		0.83		0.75
2011		0.78		0.75
2010		1.48		1.30
2009		1.78		2.00
2008		0.10		0.10
1 Represents the distribution on each American Depositary Share. For further information, refer to www.credit-suisse.com/dividend.
2 Distribution consisted of CHF 0.10 (USD 0.11) per share in cash and a stock dividend with a theoretical value of approximately CHF 0.65 (USD 0.69) per subscription right as approved at the AGM on April 27, 2013 for the financial year 2012.

Group position risk
		end of						% change
		2013		2012		2011		13 / 12		12 / 11
Position risk (CHF million)
Fixed income trading 1		3,318		2,489		2,881		33		(14)
Equity trading & investments		1,715		1,893		2,188		(9)		(13)
Private banking corporate & retail lending		2,350		2,382		2,182		(1)		9
International lending & counterparty exposures		4,957		4,260		4,009		16		6
Emerging markets country event risk		1,412		1,041		860		36		21
Real estate & structured assets 2		1,862		1,985		2,157		(6)		(8)
Simple sum across risk categories		15,614		14,050		14,277		11		(2)
Diversification benefit 3		(3,571)		(2,820)		(2,660)		27		6
Position risk (99% confidence level for risk management purposes)		12,043		11,230		11,617		7		(3)
Prior-period balances have been restated for methodology changes in order to show meaningful trends.
1 This category comprises fixed income trading, foreign exchange and commodity exposures.
2 This category comprises commercial and residential real estate (including RMBS and CMBS), ABS exposure, real estate acquired at auction and real estate fund investments.
3 Reflects the net difference between the sum of the position risk categories and the position risk on the total portfolio.

Economic capital
		Group						Bank					1
end of		2013		2012		% change		2013		2012		% change
Economic capital resources (CHF million)
Look-through CET1 capital (Basel III)		26,480		22,690		17		23,623		14,653		61
Economic adjustments 2		11,464		9,391		22		12,566		10,744		17
Economic capital resources		37,944		32,081		18		36,189		25,397		42
Utilized economic capital (CHF million)
Position risk (99.97% confidence level)		21,262		19,798		7		21,114		19,642		7
Operational risk		4,195		4,093		2		4,195		4,093		2
Other risks 3		6,821		7,210		(5)		4,743		5,143		(8)
Utilized economic capital		32,278		31,101		4		30,052		28,878		4
Prior-period balances have been restated for methodology changes in order to show meaningful trends.
1 The major difference between economic capital of the Group and the Bank relates to the risks within Neue Aargauer Bank AG, BANK-now AG and Corporate Center. These risks include position and other risks.
2 Includes primarily high-trigger capital instruments, adjustments to unrealized gains on owned real estate, reduced recognition of deferred tax assets, adjustments to treatment of pensions and anticipated capital-relevant dividends. Economic adjustments are made to Look-through CET1 capital to enable comparison between economic capital utilization and economic capital resources under the Basel III framework.
3 Includes owned real estate risk, expense risk, pension risk, foreign exchange risk between economic capital resources and utilized economic capital, interest rate risk on treasury positions, diversification benefits, the impact from deferred share-based compensation awards and an estimate for the impacts of certain methodology changes planned for 2014.

Economic capital by segment
in / end of		2013		2012		% change
Utilized economic capital by segment (CHF million)
Private Banking & Wealth Management		9,200		9,646		(5)
Investment Banking		20,852		19,232		8
Corporate Center 1		2,244		2,242		0
Utilized economic capital – Group 2		32,278		31,101		4
Utilized economic capital – Bank 3		30,052		28,878		4
Average utilized economic capital by segment (CHF million)
Private Banking & Wealth Management		9,554		9,965		(4)
Investment Banking		19,910		20,241		(2)
Corporate Center 1		2,250		2,438		(8)
Average utilized economic capital – Group 4		31,695		32,626		(3)
Average utilized economic capital – Bank 3		29,464		30,206		(2)
Prior-period balances have been restated for methodology changes in order to show meaningful trends.
1 Includes primarily expense risk, diversification benefits from the divisions and foreign exchange risk between economic capital resources and utilized economic capital.
2 Includes a diversification benefit of CHF 18 million and CHF 19 million as of December 31, 2013 and 2012, respectively.
3 The major difference between economic capital of the Group and the Bank relates to the risks within Neue Aargauer Bank AG, BANK-now AG and Corporate Center. These risks include position and other risks.
4 Includes a diversification benefit of CHF 19 million and CHF 18 million as of December 31, 2013 and 2012, respectively.

One-day, 98% risk management VaR and one-day, 99% regulatory VaR (CHF)
		Risk management VaR (98%)														Regulatory VaR (99%)
in / end of		Interest rate		Credit spread		Foreign exchange		Commodity		Equity		Diversi- fication benefit		Total		Total
2013 (CHF million)
Average		18		35		9		2		16		(40)		40		39
Minimum		8		30		3		1		11		–	1	33		22
Maximum		45		41		24		4		36		–	1	55		77
End of period		10		32		6		3		24		(30)		45		31
2012 (CHF million)
Average		29		47		13		3		22		(47)		67		57
Minimum		15		36		3		1		14		–	1	34		34
Maximum		43		67		34		7		35		–	1	104		89
End of period		27		36		12		2		17		(54)		40		52
2011 (CHF million)
Average		30		66		13		10		23		(67)		75		94
Minimum		21		46		5		2		14		–	1	54		49
Maximum		43		92		25		26		47		–	1	107		161
End of period		32		62		12		4		25		(61)		74		79
Excludes risks associated with counterparty and own credit exposures.
1 As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.

One-day, 98% risk management VaR and one-day, 99% regulatory VaR (USD)
		Risk management VaR (98%)														Regulatory VaR (99%)
in / end of		Interest rate		Credit spread		Foreign exchange		Commodity		Equity		Diversi- fication benefit		Total		Total
2013 (USD million)
Average		19		38		10		2		17		(43)		43		42
Minimum		9		32		3		1		12		–	1	34		24
Maximum		49		44		25		4		38		–	1	58		83
End of period		11		36		7		3		27		(33)		51		35
2012 (USD million)
Average		31		51		14		3		23		(63)		59		61
Minimum		16		39		3		1		15		–	1	36		37
Maximum		47		73		38		8		37		–	1	88		97
End of period		29		39		13		2		18		(57)		44		57
2011 (USD million)
Average		34		74		14		11		26		(74)		85		105
Minimum		23		60		6		2		15		–	1	65		55
Maximum		49		99		29		27		51		–	1	117		177
End of period		34		66		13		4		27		(65)		79		84
Excludes risks associated with counterparty and own credit exposures.
1 As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.

One basis point parallel increase in yield curves by currency – non-trading positions
end of		CHF		USD		EUR		GBP		Other		Total
2013 (CHF million)
Fair value impact of a one basis point parallel increase in yield curves		(1.1)		7.0		2.2		0.0		0.4		8.5
2012 (CHF million)
Fair value impact of a one basis point parallel increase in yield curves		(1.9)		9.0		1.8		0.0		0.5		9.4

Interest rate sensitivity – non-trading positions
end of		CHF		USD		EUR		GBP		Other		Total
2013 (CHF million)
Increase(+)/decrease(–) in interest rates
+200 basis points		(169)		1,350		428		(100)		80		1,589
+100 basis points		(100)		687		215		(24)		40		818
–100 basis points		225		(690)		(155)		(22)		(32)		(674)
–200 basis points		289		(1,150)		(160)		(88)		(63)		(1,172)
2012 (CHF million)
Increase(+)/decrease(–) in interest rates
+200 basis points		(308)		1,718		591		(119)		78		1,960
+100 basis points		(172)		884		238		(29)		38		959
–100 basis points		285		(854)		(78)		(24)		(33)		(704)
–200 basis points		347		(1,013)		1		(111)		(61)		(837)

Credit risk
end of		2013		2012		% change
Credit risk (CHF million)
Balance sheet
Gross loans		248,014		243,204		2
of which reported at fair value		19,457		20,000		(3)
Loans held-for-sale		18,914		19,894		(5)
Traded loans		6,397		4,282		49
Derivative instruments 1		33,665		37,138		(9)
Total balance sheet		306,990		304,518		1
Off-balance sheet
Irrevocable loan commitments 2		96,990		100,219		(3)
Credit guarantees and similar instruments		4,916		12,587		(61)
Irrevocable commitments under documentary credits		5,512		6,258		(12)
Total off-balance sheet		107,418		119,064		(10)
Total credit risk		414,408		423,582		(2)
Before risk mitigation, for example, collateral and credit hedges.
1 Positive replacement value after netting agreements.
2 Irrevocable loan commitments do not include unused credit limits which are revocable at our sole discretion upon notice to the client. Prior periods have been adjusted to the current presentation.

Loans and irrevocable loan commitments
end of		2013		2012		% change
Loans and irrevocable loan commitments (CHF million)
Gross loans		248,014		243,204		2
of which Private Banking & Wealth Management		216,499		208,526		4
of which Investment Banking		31,490		34,658		(9)
Irrevocable loan commitments		96,990		100,219		(3)
Total loans and irrevocable loan commitments		345,004		343,423		0
of which Private Banking & Wealth Management		226,615		217,704		4
of which Investment Banking		118,365		125,701		(6)

Loans and irrevocable loan commitments – Private Banking & Wealth Management
end of		2013						2012
Internal ratings		Gross exposure		Cash and securities	1	Net exposure		Gross exposure		Cash and securities	1	Net exposure
Risk mitigation (CHF million)
AAA		2,364		(54)		2,310		1,183		(8)		1,175
AA		6,307		(495)		5,812		2,497		(89)		2,408
A		29,176		(4,143)		25,033		18,922		(898)		18,024
BBB		127,864		(38,292)		89,572		131,648		(41,266)		90,382
BB		54,375		(4,273)		50,102		57,193		(5,327)		51,866
B		5,068		(500)		4,568		4,623		(473)		4,150
CCC		167		(2)		165		231		(6)		225
CC		14		0		14		48		(1)		47
C		126		0		126		0		0		0
D		1,154		(137)		1,017		1,359		(121)		1,238
Total loans and irrevocable loan commitments		226,615		(47,896)		178,719	2	217,704		(48,189)		169,515	3
Includes undrawn irrevocable credit facilities. Does not include unused credit limits which are revocable at our sole discretion upon notice to the client. Prior periods have been adjusted to the current presentation.
1 Cash collateral and marketable securities.
2 In addition, we had a synthetic collateralized loan portfolio, the Clock Finance 2013 transaction, which effectively transferred the mezzanine tranche credit risk in excess of 1% up to a maximum of 6% on a portfolio of originated loans of CHF 5.0 billion at closing within Corporate & Institutional Clients to capital market investors.
3 In addition, we had a synthetic collateralized loan portfolio, the Clock Finance transaction, which effectively transferred the first loss credit risk on a portfolio of originated loans of CHF 4.8 billion at closing within Corporate & Institutional Clients to capital market investors.

Loans and irrevocable loan commitments – Investment Banking
end of		2013						2012
Internal ratings		Gross exposure		Risk mitigation	1	Net exposure		Gross exposure		Risk mitigation	1	Net exposure
Risk mitigation (CHF million)
AAA		2,759		(4)		2,755		6,529		(72)		6,457
AA		17,385		(2,288)		15,097		16,774		(1,672)		15,102
A		29,727		(7,816)		21,911		29,348		(5,109)		24,239
BBB		31,890		(4,840)		27,050		31,092		(10,682)		20,410
BB		16,843		(3,772)		13,071		18,044		(2,316)		15,728
B		17,877		(2,423)		15,454		21,682		(3,121)		18,561
CCC		838		(312)		526		1,100		(249)		851
CC		433		(9)		424		18		(18)		0
C		2		0		2		188		(19)		169
D		611		(79)		532		926		(390)		536
Total loans and irrevocable loan commitments		118,365		(21,543)		96,822		125,701		(23,648)		102,053
Includes undrawn irrevocable credit facilities.
1 Credit hedges, cash collateral and marketable securities.

Loans – Private Banking & Wealth Management
end of 2013						Loss given default buckets
Internal ratings		Funded gross exposure		Funded net exposure		0–10%		11–20%		21–40%		41–60%		61–80%		81–100%
Loss given default (CHF million)
AAA		2,362		2,308		266		300		1,136		606		0		0
AA		5,729		5,298		449		2,044		2,288		514		2		1
A		28,558		24,417		3,791		13,696		4,929		1,924		73		4
BBB		122,554		84,770		11,996		45,206		21,893		4,788		259		628
BB		51,084		46,914		8,319		15,203		18,057		4,512		477		346
B		4,757		4,261		1,296		742		1,732		480		10		1
CCC		165		164		35		37		55		11		0		26
CC		14		14		0		0		0		14		0		0
C		125		125		0		0		0		125		0		0
D		1,151		1,014		78		231		322		343		12		28
Total loans		216,499		169,285		26,230		77,459		50,412		13,317		833		1,034

Loans – Investment Banking
end of 2013						Loss given default buckets
Internal ratings		Funded gross exposure		Funded net exposure		0–10%		11–20%		21–40%		41–60%		61–80%		81–100%
Loss given default (CHF million)
AAA		1,031		1,031		0		0		0		1,031		0		0
AA		1,228		1,062		0		0		341		721		0		0
A		4,400		3,068		2		0		157		2,907		2		0
BBB		7,022		4,926		352		8		1,314		2,713		539		0
BB		8,416		5,373		140		81		2,499		2,634		19		0
B		7,883		5,902		384		502		2,118		2,793		105		0
CCC		522		233		31		26		96		80		0		0
CC		379		374		22		0		222		130		0		0
D		609		530		64		0		125		336		5		0
Total loans		31,490		22,499		995		617		6,872		13,345		670		0

Loans
		Private Banking & Wealth Management				Investment Banking				Credit Suisse			1
end of		2013		2012		2013		2012		2013		2012
Loans (CHF million)
Mortgages		94,978		91,872		0		0		94,978		91,872
Loans collateralized by securities		31,565		27,363		0		0		31,565		27,363
Consumer finance		5,672		6,290		266		611		5,938		6,901
Consumer		132,215		125,525		266		611		132,481		126,136
Real estate		26,557		25,253		755		548	2	27,312		25,801	2
Commercial and industrial loans		48,953		48,860		14,356		14,148	2	63,334		63,028	2
Financial institutions		7,538		7,616		14,302		18,286	2	21,840		25,902	2
Governments and public institutions		1,236		1,272		1,811		1,065	2	3,047		2,337	2
Corporate & institutional		84,284	3	83,001	3	31,224		34,047		115,533		117,068
Gross loans		216,499		208,526		31,490		34,658		248,014		243,204
of which reported at fair value		226		257		19,231		19,743		19,457		20,000
Net (unearned income) / deferred expenses		(71)		(39)		(20)		(20)		(91)		(59)
Allowance for loan losses 4		(715)		(785)		(151)		(137)		(869)		(922)
Net loans		215,713		207,702		31,319		34,501		247,054		242,223
Impaired loans (CHF million)
Non-performing loans		608		604		251		255		862		859
Non-interest-earning loans		280		309		1		4		281		313
Total non-performing and non-interest-earning loans		888		913		252		259		1,143		1,172
Restructured loans		6		0		0		30		6		30
Potential problem loans		340		513		0		14		340		527
Total other impaired loans		346		513		0		44		346		557
Gross impaired loans 4		1,234		1,426		252		303		1,489		1,729
of which loans with a specific allowance		1,165		1,307		244		204		1,412		1,511
of which loans without a specific allowance		69		119		8		99		77		218
Allowance for loan losses (CHF million)
Balance at beginning of period 4		785		743		137		167		922		910
Changes in scope of consolidation		(1)		0		0		(18)		(1)		(18)
Net movements recognized in statements of operations		152		171		11		(12)		166		159
Gross write-offs		(278)		(180)		(8)		(21)		(286)		(201)
Recoveries		47		34		7		10		54		44
Net write-offs		(231)		(146)		(1)		(11)		(232)		(157)
Provisions for interest		13		13		13		16		26		29
Foreign currency translation impact and other adjustments, net		(3)		4		(9)		(5)		(12)		(1)
Balance at end of period 4		715		785		151		137		869		922
of which individually evaluated for impairment		537		598		114		98		654		696
of which collectively evaluated for impairment		178		187		37		39		215		226
Loan metrics (%)
Total non-performing and non-interest-earning loans / Gross loans 5		0.4		0.4		2.1		1.7		0.5		0.5
Gross impaired loans / Gross loans 5		0.6		0.7		2.1		2.0		0.7		0.8
Allowance for loan losses / Total non-performing and non-interest-earning loans 4		80.5		86.0		59.9		52.9		76.0		78.7
Allowance for loan losses / Gross impaired loans 4		57.9		55.0		59.9		45.2		58.4		53.3
1 Includes Corporate Center, in addition to Private Banking & Wealth Management and Investment Banking.
2 Prior period has been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions, and from governments and public institutions to commercial and industrial loans, respectively.
3 Includes loans secured by financial collateral and mortgages. The value of financial collateral and mortgages, considered up to the amount of the related loans, was CHF 67,522 million and CHF 64,536 million as of December 31, 2013 and 2012, respectively.
4 Impaired loans and allowance for loan losses are only based on loans which are not carried at fair value.
5 Excludes loans carried at fair value.

Derivative instruments by maturity
		2013								2012
end of / due within		Less than 1 year		1 to 5 years		More than 5 years		Positive replace- ment value		Less than 1 year		1 to 5 years		More than 5 years		Positive replace- ment value
Derivative instruments (CHF billion)
Interest rate products		28.2		162.2		258.8		449.2		41.4		226.5		436.6		704.5
Foreign exchange products		32.2		18.9		10.4		61.5		32.1		17.8		13.8		63.7
Equity/index-related products		8.1		8.0		2.2		18.3		5.8		7.4		3.4		16.6
Credit derivatives		1.6		21.1		4.1		26.8		2.5		20.0		8.1		30.6
Other products 1		1.9		1.8		1.0		4.7		2.5		2.4		1.4		6.3
OTC derivative instruments		72.0		212.0		276.5		560.5		84.3		274.1		463.3		821.7
Exchange-traded derivative instruments								18.1								15.6
Netting agreements 2								(544.9)								(800.2)
Total derivative instruments								33.7								37.1
of which recorded in trading assets								31.6								33.2
of which recorded in other assets								2.1								3.9
1 Primarily precious metals, commodity, energy and emission products.
2 Taking into account legally enforceable netting agreements.

Derivative instruments by counterparty credit rating
end of		2013		2012
Derivative instruments (CHF billion)
AAA		1.1		1.9
AA		8.5		9.6
A		6.6		10.9
BBB		9.9		8.1
BB or lower		4.6		5.3
OTC derivative instruments		30.7		35.8
Exchange-traded derivative instruments 1		3.0		1.3
Total derivative instruments 1		33.7		37.1
1 Taking into account legally enforceable netting agreements.

Selected European credit risk exposures
		Gross credit risk exposure		Risk mitigation				Net credit risk exposure		Inventory	2			Total credit risk exposure
December 31, 2013				CDS		Other	1					Net synthetic inventory	3	Gross		Net
Croatia (EUR billion)
Sovereigns		0.6		0.0		0.5		0.1		0.0		(0.2)		0.6		0.1
Total		0.6		0.0		0.5		0.1		0.0		(0.2)		0.6		0.1
Cyprus (EUR billion)
Corporates & other		0.6		0.0		0.6		0.0		0.0		0.0		0.6		0.0
Total		0.6		0.0		0.6		0.0		0.0		0.0		0.6		0.0
Greece (EUR billion)
Sovereigns		0.2		0.0		0.0		0.2		0.0		0.0		0.2		0.2
Financial institutions		0.1		0.0		0.1		0.0		0.0		0.0		0.1		0.0
Corporates & other		0.4		0.0		0.4		0.0		0.0		0.0		0.4		0.0
Total		0.7		0.0		0.5		0.2		0.0		0.0		0.7		0.2
Ireland (EUR billion)
Financial institutions		1.1		0.0		0.4		0.7		0.1		(0.1)		1.2		0.8
Corporates & other		0.7		0.0		0.6		0.1		0.0		0.0		0.7		0.1
Total		1.8		0.0		1.0		0.8		0.1		(0.1)		1.9		0.9
Italy (EUR billion)
Sovereigns		3.2		2.6		0.3		0.3		0.1		(0.5)		3.3		0.4
Financial institutions		1.5		0.0		1.0		0.5		0.2		0.0		1.7		0.7
Corporates & other		2.5		0.2		1.6		0.7		0.1		(0.2)		2.6		0.8
Total		7.2		2.8		2.9		1.5		0.4		(0.7)		7.6		1.9
Portugal (EUR billion)
Sovereigns		0.1		0.0		0.1		0.0		0.0		(0.1)		0.1		0.0
Financial institutions		0.1		0.0		0.1		0.0		0.0		(0.1)		0.1		0.0
Corporates & other		0.1		0.0		0.1		0.0		0.1		0.0		0.2		0.1
Total		0.3		0.0		0.3		0.0		0.1		(0.2)		0.4		0.1
Spain (EUR billion)
Sovereigns		0.0		0.0		0.0		0.0		0.1		0.1		0.1		0.1
Financial institutions		0.6		0.0		0.3		0.3		0.5		0.2		1.1		0.8
Corporates & other		1.9		0.1		1.0		0.8		0.1		0.0		2.0		0.9
Total		2.5		0.1		1.3		1.1		0.7		0.3		3.2		1.8
Total (EUR billion)
Sovereigns		4.1		2.6		0.9		0.6		0.2		(0.7)		4.3		0.8
Financial institutions		3.4		0.0		1.9		1.5		0.8		0.0		4.2		2.3
Corporates & other		6.2		0.3		4.3		1.6		0.3		(0.2)		6.5		1.9
Total		13.7		2.9		7.1		3.7		1.3		(0.9)		15.0		5.0
1 Includes other hedges (derivative instruments), guarantees, insurance and collateral.
2 Represents long inventory positions netted at issuer level.
3 Substantially all of which results from CDS; represents long positions net of short positions.

Balance sheet summary
		end of						% change
		2013		2012		2011		13 / 12		12 / 11
Assets (CHF million)
Cash and due from banks		68,692		61,763		110,573		11		(44)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		160,022		183,455		236,963		(13)		(23)
Trading assets		229,413		256,399		279,553		(11)		(8)
Net loans		247,054		242,223		233,413		2		4
Brokerage receivables		52,045		45,768		43,446		14		5
All other assets		115,580		134,672		145,217		(14)		(7)
Total assets		872,806		924,280		1,049,165		(6)		(12)
Liabilities and equity (CHF million)
Due to banks		23,108		31,014		40,147		(25)		(23)
Customer deposits		333,089		308,312		313,401		8		(2)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		94,032		132,721		176,559		(29)		(25)
Trading liabilities		76,635		90,816		127,760		(16)		(29)
Long-term debt		130,042		148,134		162,655		(12)		(9)
Brokerage payables		73,154		64,676		68,034		13		(5)
All other liabilities		95,580		106,323		119,524		(10)		(11)
Total liabilities		825,640		881,996		1,008,080		(6)		(13)
Total shareholders' equity		42,164		35,498		33,674		19		5
Noncontrolling interests		5,002		6,786		7,411		(26)		(8)
Total equity		47,166		42,284		41,085		12		3
Total liabilities and equity		872,806		924,280		1,049,165		(6)		(12)

Contractual obligations and other commercial commitments
		2013										2012
Payments due within		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years		Total		Total
On- and off-balance sheet obligations (CHF million)
Due to banks		22,435		156		176		341		23,108		31,014
Customer deposits		327,929		4,268		292		600		333,089		308,312
Short-term borrowings		20,193		0		0		0		20,193		18,641
Long-term debt 1		21,114		37,263		31,656		40,009		130,042	2	148,134	2
Contractual interest payments 3		1,161		1,908		1,517		1,029		5,615	4	7,596
Trading liabilities		76,635		0		0		0		76,635		90,816
Brokerage payables		73,154		0		0		0		73,154		64,676
Capital lease obligations		0		1		0		0		1		0
Operating lease obligations		580		1,001		777		3,063		5,421		6,163
Purchase obligations		369		137		74		5		585		690
Total obligations 5		543,570		44,734		34,492		45,047		667,843		676,042
1 Refer to "Debt issuances and redemptions" in Liquidity and funding management and "Note 24 – Long-term debt" in V – Consolidated financial statements – Credit Suisse Group for further information on long-term debt.
2 Includes non-recourse liabilities from consolidated VIEs of CHF 12,992 million and CHF 14,532 million as of December 31, 2013 and 2012, respectively.
3 Includes interest payments on fixed rate long-term debt, fixed rate interest-bearing deposits (excluding demand deposits) and fixed rate short-term borrowings, which have not been effectively converted to variable rate on an individual instrument level through the use of swaps.
4 Due to the non-determinable nature of interest payments, the following notional amounts have been excluded from the table: variable rate long-term debt of CHF 63,378 million, variable rate short-term borrowings of CHF 13,899 million, variable rate interest-bearing deposits and demand deposits of CHF 243,312 million, fixed rate long-term debt and fixed rate interest-bearing deposits converted to variable rate on an individual instrument level through the use of swaps of CHF 52,536 million and CHF 1,937 million, respectively.
5 Excludes total accrued benefit liability for pension and other post-retirement benefit plans of CHF 524 million and CHF 756 million as of December 31, 2013 and 2012, respectively, recorded in other liabilities in the consolidated balance sheets, as the accrued liability does not represent expected liquidity needs. Refer to "Note 30 – Pension and other post-retirement benefits" in V – Consolidated financial statements – Credit Suisse Group for further information on pension and other post-retirement benefits.

Corporate Governance and Compensation
Corporate Governance
Compensation

end of		2013		2012		% change
Number of employees (full-time equivalents)
Private Banking & Wealth Management		26,000		27,300		(5)
Investment Banking		19,700		19,800		(1)
Corporate Center		300		300		0
Number of employees		46,000		47,400		(3)
of which Switzerland		17,900		19,400		(8)
of which EMEA		9,600		9,300		3
of which Americas		11,100		11,300		(2)
of which Asia Pacific		7,400		7,400		0

		2013								2012
end of		Number of shareholders		%		Number of shares		%		Number of shareholders		%		Number of shares		%
Distribution of Group shares
Swiss		115,185		88		110,678,408		7		122,564		89		112,106,298		9
Foreign		11,165		9		14,322,072		1		11,427		8		13,464,237		1
Private investors		126,350		97		125,000,480		8		133,991		97		125,570,535		10
Swiss		3,755		3		168,732,633		11		4,030		3		123,232,578		9
Foreign		631		0		774,995,489		49		628		0		620,098,199		47
Institutional investors		4,386		3		943,728,122		59		4,658		3		743,330,777		56
Shares registered in share register		130,736		100		1,068,728,602		67		138,649		100		868,901,312		66
of which Switzerland		118,941		91		279,411,046		18		126,594		91		235,338,876		18
of which Europe		10,590		8		534,716,557		34		10,791		8		420,808,155		32
of which US		184		0		222,433,937		14		191		0		189,766,059		14
of which Other		1,021		1		32,167,062		2		1,073		1		22,988,222		2
Shares not registered in share register		–		–		527,390,747		33		–		–		451,928,610		34
Total shares issued		–		–		1,596,119,349		100		–		–		1,320,829,922		100

		2013								2012
end of		Number of shareholders		%		Number of shares		%		Number of shareholders		%		Number of shares		%
Institutional investors by industry
Banks		36		0		2,672,727		0		36		0		2,042,785		0
Insurance companies		103		0		9,336,874		1		94		0		4,352,379		0
Pension funds		723		1		43,645,198		3		805		1		40,068,367		3
Investment trusts		392		0		118,122,666		7		342		0		60,480,195		5
Other trusts		746		1		5,473,606		0		762		1		7,631,919		1
Governmental institutions		33		0		7,934,377		0		32		0		6,474,774		0
Other 1		2,164		2		104,905,938		7		2,409		2		96,910,802		7
Direct entries		4,197		3		292,091,386		18		4,480		3		217,961,221		17
Fiduciary holdings		189		0		651,636,736		41		178		0		525,369,556		40
Total institutional investors		4,386		3		943,728,122		59		4,658		3		743,330,777		56
Rounding differences may occur.
1 Includes various other institutional investors for which a breakdown by industry type was not available.

		Group publication of notification		Number of shares (million)		Approximate shareholding %		Purchase rights %
December 31, 2013 or the most recent notification date
The Olayan Group (registered entity – Crescent Holding GmbH)		April 6, 2013		88.5		6.7		7.9	1
Qatar Investment Authority (registered entity – Qatar Holding LLC)		October 31, 2013		82.0		5.2		16.5	2
Harris Associates L.P.		November 9, 2013		81.5		5.2		–
Dodge & Cox		December 19, 2012		63.5		5.0		–
Franklin Resources, Inc.		March 12, 2014		57.6		3.6		–
Norges Bank		April 5, 2013		39.8		3.0		1.6	3
Capital Group Companies, Inc.		January 22, 2013		39.4		3.1		1.0	4
BlackRock Inc.		January 25, 2013		38.6		3.0		–
December 31, 2012 or the most recent notification date
The Olayan Group (registered entity – Crescent Holding GmbH)		July 24, 2012		78.4		6.1		10.9
Qatar Investment Authority (registered entity – Qatar Holding LLC)		April 30, 2011		76.1		6.2		–
Dodge & Cox		December 19, 2012		63.5		5.0		–
Franklin Resources, Inc.		September 14, 2012		57.3		4.5		–
Capital Group Companies, Inc.		January 22, 2013		39.4		3.1		1.0
BlackRock Inc.		January 25, 2013		38.6		3.0		–
Harris Associates L.P.		May 17, 2012		36.9		3.0		–
Norges Bank		August 3, 2012		28.0		2.2		1.7
December 31, 2011
The Olayan Group (registered entity – Crescent Holding GmbH)		February 2, 2010		77.8		6.6		–
Qatar Investment Authority (registered entity – Qatar Holding LLC)		April 30, 2011		73.2		6.2		–
Dodge & Cox		December 15, 2011		35.9		3.0		–
Franklin Resources, Inc.		December 15, 2011		35.7		3.0		–
1 Consists of 7.9% purchase rights relating to The Olayan Group's holdings of USD 1.725 billion 9.5% tier 1 capital instruments (perpetual security with mandatory contingent conversion into shares), which will be converted into shares only in situations where the Group no longer meets specific regulatory capital requirements.
2 Consists of 16.3% purchase rights relating to Qatar Holding LLC's holdings of USD 1.72 billion 9.5% tier 1 capital instruments and CHF 2.5 billion 9.0% tier 1 capital instruments (perpetual security with mandatory contingent conversion into shares), which will be converted into shares only in situations where the Group no longer meets specific regulatory capital requirements, and 0.2% purchase rights relating to options.
3 Relates to Norges Bank's holdings of CHF 353 million MACCS, which converted to 21.6 million shares on March 29, 2013 at the conversion price of CHF 16.29. The settlement and delivery of the shares occurred on April 8, 2013.
4 Relates to the Capital Group Companies, Inc.'s holdings of CHF 201 million MACCS, that converted to 12.3 million shares on March 29, 2013 at the conversion price of CHF 16.29. The settlement and delivery of the shares occurred on April 8, 2013.

Board member since

Current term end

Independence

Chairman's and Governance Committee

Audit Committee

Compensation Committee

Risk Committee

December 31, 2013

Urs Rohner, Chairman

2009

2014

Independent

Chairman

–

–

–

Peter Brabeck-Letmathe, Vice-Chairman

1997

2014

Independent

Member

–

–

–

Jassim Bin Hamad J.J. Al Thani

2010

2014

Not independent

–

–

–

–

Iris Bohnet

2012

2014

Independent

–

–

Member

–

Noreen Doyle

2004

2014

Independent

–

–

–

Member

Jean-Daniel Gerber

2012

2014

Independent

–

Member

–

–

Walter B. Kielholz

1999

2014

Independent

Member

–

Member

–

Andreas N. Koopmann

2009

2014

Independent

–

–

Member

Member

Jean Lanier

2005

2014

Independent

Member

Member

Chairman

–

Kai S. Nargolwala

2013

2014

Independent

1

–

–

–

Member

Anton van Rossum

2005

2014

Independent

–

–

–

Member

Richard E. Thornburgh

2006

2014

Independent

Member

Member

–

Chairman

John Tiner

2009

2014

Independent

Member

Chairman

–

Member

1 Kai S. Nargolwala was not independent at the time of his election to the Board due to his former role in the Executive Board, but was considered independent as of the end of October 2013, after a three-year cooling off period.

		Board of Directors	1	Chairman's and Governance Committee		Audit Committee		Compensation Committee		Risk Committee
in 2013
Total number of meetings held		10		10		11		12		6
Number of members who missed no meetings		10		5		5		3		3
Number of members who missed one meeting		2		1		0		2		2
Number of members who missed two or more meetings		4		1		0		1		1
Meeting attendance, in %		90		88		100		94		88
1 The Board consisted of 15 members at the beginning of the year and 13 members at the end of the year, with 1 member joining the Board and 3 members leaving the Board as of the 2013 AGM.

		Appointed in		Role
December 31, 2013
Brady W. Dougan, CEO		2003		Group CEO
Gaël de Boissard, Joint Head of Investment Banking and Regional CEO of EMEA		2012		Divisional & Regional Head
Romeo Cerutti, General Counsel		2009		Shared Services Head
Tobias Guldimann, CRO 1		2004		Shared Services Head
David R. Mathers, CFO and Head of IT and Operations		2010		Shared Services Head
Hans-Ulrich Meister, Joint Head of Private Banking & Wealth Management and Regional CEO of Switzerland		2008		Divisional & Regional Head
Joachim Oechslin, CRO 2		2013		Shared Services Head
Robert S. Shafir, Joint Head of Private Banking & Wealth Management and Regional CEO of Americas		2007		Divisional & Regional Head
Pamela A. Thomas-Graham, Chief Marketing and Talent Officer and Head of Private Banking & Wealth Management New Markets		2010		Shared Services Head
Eric M. Varvel, Joint Head of Investment Banking and Regional CEO of APAC		2008		Divisional & Regional Head
1 Left the Executive Board effective December 31, 2013.
2 Appointed on June 20, 2013 as a new Executive Board member effective January 1, 2014, succeeding Tobias Guldimann.

		2013		2012		% change
Fees paid to external auditors (CHF million)
Audit services 1		36.7		39.7		(8)
Audit-related services 2		6.4		6.5		(2)
Tax services 3		4.9		5.6		(13)
1 Audit fees include the integrated audit of the Group's consolidated and statutory financial statements, interim reviews and comfort and consent letters. Additionally they include all assurance and attestation services related to the regulatory filings of the Group and its subsidiaries.
2 Audit-related services are primarily in respect of: (i) reports related to the Group's compliance with provisions of agreements or calculations required by agreements; (ii) accounting advice; (iii) audits of private equity funds and employee benefit plans; and (iv) regulatory advisory services.
3 Tax services are in respect of tax compliance and consultation services, including: (i) preparation and/or review of tax returns of the Group and its subsidiaries; (ii) assistance with tax audits and appeals; and (iii) confirmations relating to the Qualified Intermediary status of Group entities.

Fees
USD 5 (or less) per 100 ADS (or portion thereof)		For the issuance of ADS, including issuances resulting from a distribution of shares, share dividends, share splits and other property; for ADS issued upon the exercise of rights; and for the surrender of ADS for cancellation and withdrawal of shares.
USD 2 per 100 ADS		For any distribution of cash to ADS registered holders, including upon the sale of rights or other entitlements.
Registration or transfer fees		For the transfer and registration of shares on our share register to or from the name of the Depositary or its agent when the holder deposits or withdraws shares.
Charges
Expenses of the Depositary		For cable, telex and facsimile transmissions (when expressly provided in the deposit agreement); and for converting foreign currency to US dollars.
Taxes and other governmental charges		Paid, as necessary, to the Depositary or the custodian who pays certain charges on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or applicable interest or penalty thereon.
Other charges		Paid, as necessary, to the Depositary or its agents for servicing the deposited shares.

Credit Suisse Group
Peer group		Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Nomura, Société Générale and UBS
Performance criteria
Profitability and efficiency		Return on equity, pre-tax income margin and compensation/revenue ratio
Growth		Earnings per share growth, net revenue growth, net new assets growth and total assets under management growth
Capital and risk		Tier 1 ratio, Look-through CET1 ratio, leverage ratio, Value-at-Risk and risk-weighted assets development
Shareholder satisfaction		Total shareholder return over one year, total shareholder return over two years and book value per share growth
Private Banking & Wealth Management
Peer group		Allianz, Barclays, BlackRock, Deutsche Bank, Goldman Sachs, HSBC, Julius Bär Group, JPMorgan Chase, Morgan Stanley and UBS
Performance criteria
Profitability and efficiency		Pre-tax income margin, pre-tax income on assets under management and gross margin
Growth		Net revenue growth, pre-tax income growth and net new assets growth
Investment Banking
Peer group		Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS
Performance criteria
Profitability and efficiency		Pre-tax return on economic risk capital, pre-tax income margin and compensation/revenue ratio
Growth		Net revenue growth and pre-tax income growth
Capital and risk		Net revenue/Value-at-Risk
1 The peer groups and performance criteria were reviewed and reaffirmed by the Compensation Committee in April 2013.

Downward adjustment if division incurs a loss
Division pre-tax loss (in CHF billion)		Adjustment on award balance (in %)
(1.00)		(15%)
(2.00)		(30%)
(3.00)		(45%)
(4.00)		(60%)
(5.00)		(75%)
(6.00)		(90%)
(6.67)		(100%)

For		2013						2012					1
		Unrestricted		Deferred		Total		Unrestricted		Deferred		Total
Fixed compensation (CHF million)
Salaries		5,525		–		5,525		6,063		–		6,063
Social security		778		–		778		769		–		769
Other		800	2	–		800		837	2	–		837
Total fixed compensation		7,103		–		7,103		7,669		–		7,669
Variable incentive compensation (CHF million)
Unrestricted cash		1,570		–		1,570		1,202		–		1,202
Share awards		18		827		845		6		950	3	956
Performance share awards		–		663		663		–		660		660
Contingent Capital Awards		–		391		391		–		–		–
Plus Bond awards		–		–		–		–		187		187
Restricted Cash Awards		–		–		–		–		299		299
Other cash awards		–		142		142		–		119		119
Total variable incentive compensation		1,588		2,023		3,611		1,208		2,215		3,423
Other variable compensation (CHF million)
Cash severance awards		113		–		113		251		–		251
Sign-on awards		18		62		80		10		79		89
Cash-based commissions		198		–		198		157		–		157
Total other variable compensation		329		62		391		418		79		497
Total compensation awarded (CHF million)
Total compensation awarded		9,020		2,085		11,105		9,295		2,294		11,589
of which guaranteed bonuses		–		–		55	4	–		–		69	4
1 Represents awards made in 2012, not adjusted for discontinued operations.
2 Includes pension and other post-retirement expense of CHF 490 million and CHF 532 million in 2013 and 2012, respectively.
3 Includes the notional value of CHF 38 million of share awards that was reallocated to Plus Bond awards as a part of the voluntary employee reallocation offer that took place subsequent to the grant date.
4 Guaranteed bonuses may be awarded as variable incentive compensation or sign-on awards.

		MRTC	1	Other employees		2013 Total		MRTC	1	Other employees		2012 Total
Number of employees awarded variable compensation
Variable compensation		503		41,220		41,723		523		41,959		42,482
of which unrestricted cash		503		41,220		41,723		235		39,935		40,170
of which share awards		486		7,077		7,563		508		7,084		7,592
of which performance share awards		461		1,230		1,691		481		1,234		1,715
of which Contingent Capital Awards		470		5,209		5,679		–		–		–
of which Plus Bond awards		–		–		–		298		1,976		2,274
of which Restricted Cash Awards		–		–		–		285		1,976		2,261
or which other cash awards		62		283		345		41		48		89
Number of employees awarded other variable compensation
Cash severance awards		3		2,138		2,141	2	9		3,056		3,065	2
Sign-on awards		6		166		172		6		190		196
Cash-based commissions		0		369		369		0		370		370
Guaranteed bonuses		9		132		141		5		200		205
1 Excludes individuals who may have been classified as MRTC according to regulatory requirements of jurisdictions outside of Switzerland, particularly US-based revenue producers in Investment Banking and branch managers of the US Wealth Management Clients business within the Private Banking & Wealth Management division, who were classified as covered employees by the US Federal Reserve, and UK Code Staff.
2 Includes employees who received cash severance awards for termination of employment as of December 31, 2013 and 2012.

For		Unrestricted		Deferred		2013 Total		Unrestricted		Deferred		2012 Total
Fixed compensation (CHF million)
Total fixed compensation		247		–		247		275		–		275
Variable incentive compensation (CHF million)
Unrestricted cash		138		–		138		77		–		77
Share awards		–		255		255		–		313		313
Performance share awards		–		407		407		–		404		404
Contingent Capital Awards		–		177		177		–		–		–
Plus Bond awards		–		–		–		–		107		107
Restricted Cash Awards		–		–		–		–		57		57
Other cash awards		–		125		125		2		33		35
Total variable incentive compensation		138		964		1,102		79		914		993
Other variable compensation (CHF million)
Cash severance awards		1		–		1		5		–		5
Sign-on awards		0		5		5		0		9		9
Cash-based commissions		0		–		0		0		–		0
Total other variable compensation		1		5		6		5		9		14
Total compensation (CHF million)
Total compensation		386		969		1,355		359		923		1,282
of which guaranteed bonuses 1		3		11		14		1		4		5
1 Guaranteed bonuses may be awarded as variable incentive compensation or sign-on awards.

in		2013						2012
December 31		Current compen- sation		Deferred compen- sation		Total		Current compen- sation		Deferred compen- sation		Total
Fixed compensation expense (CHF million)
Salaries		5,525		–		5,525		5,923		–		5,923
Social security 1		778		–		778		769		–		769
Other		800	2	–		800		817	2	–		817
Total fixed compensation expense		7,103		–		7,103		7,509		–		7,509
Variable incentive compensation expense (CHF million)
Unrestricted cash		1,570		–		1,570		1,202		–		1,202
Share awards		18		814	3	832		6		786	3	792
Performance share awards		–		590		590		–		366		366
Plus Bond awards 4				37		37		187		–		187
2011 Partner Asset Facility awards 5		–		77		77		–		677		677
Adjustable Performance Plan share awards		–		31		31		–		74		74
Adjustable Performance Plan cash awards		–		4		4		–		286		286
Restricted Cash Awards		–		145		145		–		165		165
Scaled Incentive Share Units		–		41		41		–		97		97
Incentive Share Units 6		–		(3)		(3)		–		62		62
2008 Partner Asset Facility awards 5		–		93		93		–		173		173
Other cash awards		–		434		434		–		362		362
Discontinued operations		(6)		(21)		(27)		(44)		(23)		(67)
Total variable incentive compensation expense		1,582		2,242		3,824		1,351		3,025		4,376
Other variable compensation expense (CHF million)
Severance payments		113		–		113		251		–		251
Sign-on payments		18		–		18		10		–		10
Commissions		198		–		198		157		–		157
Total other variable compensation expense		329		–		329		418		–		418
Total compensation expense (CHF million)
Total compensation expense		9,014		2,242		11,256	7	9,278		3,025		12,303	7
1 Represents the Group's portion of employees' mandatory social security.
2 Includes pension and other post-retirement expense of CHF 490 million and CHF 532 million in 2013 and 2012, respectively.
3 Includes CHF 23 million and CHF 32 million of compensation expense associated with other share awards granted in 2013 and 2012, respectively.
4 The Plus Bond awards granted to Investment Banking employees were fully vested and expensed on December 31, 2012. The Plus Bond awards provided to certain employees outside the Investment Banking division through a voluntary reallocation offer will vest on the third anniversary of the grant date in 2016 and will be expensed over the vesting period. Changes in the underlying fair value of the instruments may have an impact on deferred compensation expense in future periods.
5 Includes the change in the underlying fair value of the indexed assets during the period.
6 Includes forfeitures.
7 Includes severance and other compensation expense relating to headcount reductions of CHF 218 million and CHF 456 million in 2013 and 2012, respectively.

in		Deferred compensation				2013		Deferred compensation				2012
		For 2013		For prior-year awards		Total		For 2012		For prior-year awards		Total
Estimated unrecognized compensation expense (CHF million)
Share awards		823		804	1	1,627		935		706	1	1,641
Performance share awards		660		221		881		677		161		838
Contingent Capital Awards		433		–		433		–		–		–
Plus Bond awards 2		–		18		18		37		–		37
Adjustable Performance Plan share awards		–		11		11		–		42		42
Adjustable Performance Plan cash awards		–		13		13		–		54		54
Restricted Cash Awards		–		136		136		299		–		299
Scaled Incentive Share Units		–		–		–		–		73		73
Other cash awards		136		111		247		118		72		190
Estimated unrecognized compensation expense		2,052		1,314		3,366		2,066		1,108		3,174
1 Includes CHF 39 million and CHF 47 million of estimated unrecognized compensation expense associated with other share awards granted to new employees in 2013 and 2012, respectively, not related to prior years.
2 Represents share awards reallocated to Plus Bond awards through the employee voluntary reallocation offer, with vesting in 2016, after consideration of estimated future forfeitures.

				Change in value
in / end		2012		Implicit		Explicit		2013
Share-based awards (CHF per unit)
Scaled Incentive Share Units granted for 2009		22.3		5.0		0.0		27.3
Share awards granted for 2010 1		22.3		5.0		0.0		27.3
Share awards granted for 2011 2		22.3		5.0		0.0		27.3
Share awards granted for 2012 3		24.6		2.7		0.0		27.3
Performance share awards granted for 2011 2		22.3		5.0		0.0		27.3
Performance share awards granted for 2012 3		24.6		2.7		0.0		27.3
Adjustable Performance Plan share awards		23.3		5.0		1.9		30.2
Cash-based awards (CHF per unit)
2008 Partner Asset Facility awards (PAF)		1.80		0.21		0.00		2.01
Adjustable Performance Plan cash awards granted for 2010		1.06		(0.09)		0.08		1.05
2011 Partner Asset Facility awards (PAF2)		0.90		(0.05)		0.00		0.85
Plus Bond awards granted for 2012		1.00		0.02		0.00		1.02
1 Represents awards granted in January 2011 for 2010.
2 Represents awards granted in January 2012 for 2011.
3 Represents awards granted in January 2013 for 2012.

		Net revenues				Total operating expenses				Core pre-tax income				Net income attributable to shareholders
in		2013		2012		2013		2012		2013		2012		2013		2012
Overview of significant items (CHF million)
Reported results		25,217		23,251		21,546		21,193		3,504		1,888		2,326	1	1,349	1
Cost/income ratio (%)		–		–		–		–		85.4		91.1		–		–
Reported return on equity attributable to shareholders (%)		–		–		–		–		–		–		5.7		3.9
Reconciling items
Fair value losses/(gains) from movement in own credit spreads		296		2,912		(19)		(27)		315		2,939		261		2,261
Realignment costs		0		15		(394)		(665)		394		680		290		477
IT architecture simplification		0		0		(128)		0		128		0		103		0
Certain litigation provisions		0		0		(1,365)		(363)		1,365	2	363	3	1,038	2	230	3
Business disposals		13		(388)		4		0		9	4	(388)	5	(96)	4	(336)	5
Impairment and other losses		86		68		(12)		0		98	6	68	7	63	6	41	7
Gain on sale of real estate		(68)		(533)		0		0		(68)		(533)		(61)		(445)
UK deferred tax asset reduction 8		0		0		0		0		0		0		173		160
Underlying results		25,544		25,325		19,632		20,138		5,745		5,017		4,097		3,737
Underlying cost/income ratio (%)		–		–		–		–		76.9		79.5		–		–
Underlying return on equity attributable to shareholders (%)		–		–		–		–		–		–		10.0		10.4
1 The reclassification of the revenues and expenses from the segment results to discontinued operations for reporting at the Group level is effected through the Corporate Center. Refer to "Discontinued operations" in II – Operating and financial review – Credit Suisse for further information.
2 Includes i) litigation provisions in Investment Banking related to the March 2014 agreement with the Federal Housing Finance Agency (FHFA) to settle certain litigation relating to residential mortgage-backed securities (RMBS) of CHF 467 million (CHF 275 million after tax); ii) litigation provisions in Investment Banking in connection with certain mortgage-related matters of CHF 298 million (after tax CHF 176 million); and iii) litigation provisions in Private Banking & Wealth Management in connection with the US tax matter of CHF 600 million (CHF 587 million after tax), including CHF 175 million (CHF 162 million after tax) in connection with the settlement with the SEC in February 2014.
3 Includes i) litigation provisions related to National Century Financial Enterprises, Inc. of CHF 227 million (CHF 134 million after tax); and ii) significant Investment Banking litigation provisions of CHF 136 million (CHF 96 million after tax).
4 Includes i) net gain on the sale of Strategic Partners of CHF 79 million, net of expenses of CHF 12 million (CHF 35 million after tax); ii) expenses in connection with the sale of Customized Fund Investment Group (CFIG) of CHF 56 million (CHF 32 million after tax); iii) net gain on the sale of the Group's ETF business of CHF 135 million, net of expenses of CHF 11 million (CHF 114 million after tax); iv) net gains on private equity disposals of CHF 34 million, net of expenses of CHF 6 million (CHF 20 million after tax); v) loss on the sale of JO Hambro of CHF 53 million (CHF 38 million after tax); and vi) reclassifications to discontinued operations through the Corporate Center of CHF 144 million, net of expenses of CHF 93 million (CHF 108 million after tax) primarily related to the sale of the ETF business, Strategic Partners and CFIG.
5 Includes i) gain on the sale of the Group's ownership interest in Aberdeen Asset Management (Aberdeen) of CHF 384 million (CHF 326 million after tax); ii) gain on the sale of Wincasa of CHF 45 million (CHF 45 million after tax); iii) gain on the sale of a non-core business from the integration of Clariden Leu of CHF 41 million (CHF 37 million after tax); and iv) losses on private equity disposals of CHF 82 million (CHF 72 million after tax).
6 Includes i) impairment related to Asset Management Finance LLC (AMF) and other losses of CHF 86 million (CHF 51 million after tax); and ii) goodwill impairment relating to the set-up of Private Banking & Wealth Management's non-strategic unit of CHF 12 million (CHF 12 million after tax).
7 Reflects the impairment related to AMF and other losses.
8 Reflects the corporate income tax reduction enacted in the UK.

		Net revenues				Total operating expenses				Pre-tax income			1	Cost/income ratio (%)
in		2013		2012		2013		2012		2013		2012		2013		2012
Overview of significant items (CHF million)
Reported results		13,442		13,474		10,050		9,517		3,240		3,775		74.8		70.6
Reconciling items
Certain litigation provisions		0		0		(600)		0		600	2	0		–		–
Business disposals		(305)		(388)		(89)		0		(216)	3	(388)	4	–		–
Impairment and other losses		86		68		(12)		0		98	5	68	6	–		–
Underlying results		13,223		13,154		9,349		9,517		3,722		3,455		70.7		72.4
1 The gains and expenses related to the business disposals are included in the segment's non-strategic results. Refer to "Discontinued operations" in II – Operating and financial review – Credit Suisse for further information.
2 Reflects litigation provisions in connection with the US tax matter, including CHF 175 million in connection with the settlement with the SEC.
3 Includes i) net gain on the sale of Strategic Partners of CHF 79 million, net of expenses of CHF 12 million; ii) expenses in connection with the sale of CFIG of CHF 56 million; iii) net gain on the sale of the Group's ETF business of CHF 135 million, net of expenses of CHF 11 million; iv) gain on private equity disposals of CHF 34 million, net of expenses of CHF 6 million; and v) net gain on the sale of JO Hambro of CHF 28 million.
4 Includes i) gain on the sale of the Group's ownership interest in Aberdeen of CHF 384 million; ii) gain on the sale of Wincasa of CHF 45 million; iii) gain on the sale of a non-core business from the integration of Clariden Leu of CHF 41 million; and iv) losses on private equity disposals of CHF 82 million.
5 Includes i) impairment related to AMF and other losses of CHF 86 million; and ii) goodwill impairment relating to the set-up of Private Banking & Wealth Management's non-strategic unit of CHF 12 million.
6 Reflects the impairment of AMF and other losses.

		Net revenues				Total operating expenses				Pre-tax income				Return on allocated capital (%)
in		2013		2012		2013		2012		2013		2012		2013		2012
Overview of significant items (CHF million)
Reported results		12,565		12,558		10,833		10,568		1,719		2,002		6.8		7.2
Reconciling items
Certain litigation provisions		0		0		(765)		(136)		765	1	136	2	–		–
Underlying results		12,565		12,558		10,068		10,432		2,484		2,138		9.8	3	7.7	3
1 Includes i) litigation provisions related to the March 2014 FHFA settlement of CHF 467 million (CHF 275 million after tax); and ii) litigation provisions in connection with certain mortgage-related matters of CHF 298 million (after tax CHF 176 million).
2 Reflects the significant Investment Banking litigation provisions.
3 Calculated using underlying income after tax denominated in US dollars and assumes tax rates of 27% in 2013 and 25% in 2012 and that capital is allocated at 10% of average Basel III risk-weighted assets and 2.4% of average Swiss leverage exposure.

		Target levels				Cap levels
		Range for Executive Board members		CEO		Range for Executive Board members		CEO
Multiples of base salaries
Short-term awards
Unrestricted cash		0.2 – 0.4		0.3		0.3 – 0.7		0.4
Short-term incentive award		0.6 – 1.7		1.1		1.2 – 2.9		1.6
Long-term incentive award		0.8 – 2.1		1.3		1.5 – 3.5		2.0

in		Base salary		Unrestricted cash		Value of STI awards		Value of LTI awards		Pension and similar benefits and other benefits	1	Dividend equivalents	2	Payments and awards due to contractual agreements	3	Total compensation	4
2013 (CHF million, except where indicated)
9 members		14.08		3.93		21.86	5	21.58		0.58		2.74		–		64.77
% of total compensation		22%		6%		34%		33%
of which CEO: Brady W. Dougan		2.50		0.69		2.77		3.46		0.01		0.36		–		9.79
% of total compensation		26%		7%		28%		35%
1 Other benefits consist of housing allowances, lump sum expenses and child allowances.
2 Share awards granted prior to January 1, 2014 carry the right to an annual payment equal to the dividend payable on each Group share. The dividend equivalents were paid in respect of awards granted in prior years and were delivered in a combination of cash and shares, consistent with dividends paid on actual shares.
3 During 2013, there were no payments made to Executive Board members for contractual agreements.
4 Does not include CHF 4.8 million of charitable contributions made by the Group for which the CEO and three other Executive Board members are able to make recommendations.
5 Short-term incentive awards for 2013 comprise CHF 20.56 million performance shares as well as CHF 1.3 million granted as blocked shares and performance shares to the Executive Board members who were categorized as UK Code Staff under the regulations of the PRA and the Executive Board member that stepped down. The applicable Group share price for all share awards was CHF 28.78.

in		Base salary		Unrestricted cash		Value of STI awards		Value of LTI awards		Pension and similar benefits and other benefits	1	Dividend equivalents	2	Payments and awards due to contractual agreements	3	Total compensation	4
2012 (CHF million, except where indicated)
13 members 5		17.75		13.56	6	20.95	7	15.40		4.28		2.18		–		74.12
% of total compensation		24%		18%		28%		21%
of which highest paid: Robert Shafir		1.40		0.70		3.50		2.80		1.91	8	0.28		–		10.59
% of total compensation		13%		7%		33%		26%
of which CEO: Brady W. Dougan		2.50		0.50		2.50		2.00		0.04		0.23		–		7.77
% of total compensation		32%		6%		32%		26%
1 Other benefits consist of housing allowances, lump sum expenses, child allowances and carried interest.
2 Share awards carry the right to an annual payment equal to the dividend payable on each Group share. The dividend equivalents were paid in respect of awards granted in prior years.
3 During 2012, there were no payments made to Executive Board members for contractual agreements.
4 Does not include CHF 3.9 million of charitable contributions made by the Group for which the CEO and a former Executive Board member are able to make recommendations.
5 Of the 13 members, 5 left the Executive Board during 2012: Karl Landert and Antonio Quintella stepped down from the Executive Board effective April 30, 2012 and May 31, 2012, respectively, and Osama Abbasi, Walter Berchtold and Fawzi Kyriakos-Saad left the Executive Board effective November 30, 2012. The base salary and incentive compensation for these individuals has been pro rated accordingly. These individuals were paid incentive compensation in the form of unrestricted cash and STI awards for their performance in their respective roles on the Executive Board in 2012.
6 Includes pro rated unrestricted cash of CHF 10.2 million paid to the five individuals who left the Executive Board during 2012.
7 All short-term incentive awards for 2012 were granted as performance shares. The applicable Group share price for the performance share awards was CHF 24.62.
8 CHF 1.87 million of this amount was granted as carried interest in 2012. In addition, in connection with his role at the time as CEO of the Asset Management division, in 2008 Mr. Shafir received a carried interest award in certain alternative investment funds. The value realized over time depends on the investment performance of the funds over their lifetime up to fifteen years. The initial value of the award is determined by making assumptions about the return that will be realized on the funds. The aggregate theoretical value of these awards was approximately USD 10 million assuming an estimated 9 percent return on all fund investments over their projected lifetime, and reducing this estimated return by 25 percent to reflect potential underperformance in some of the funds.

end of		Number of owned shares	1	Number of unvested share awards		Number of owned shares and unvested share awards		Number of unvested SISUs		Number of options		Value of unvested awards at grant (CHF)		Current value of unvested awards (CHF)
December 31, 2013
Brady W. Dougan		1,221,334		416,540		1,637,874		38,051		–		12,176,651		12,396,697
Gaël de Boissard		107,329		536,014		643,343		31,283		–		16,187,272		15,470,189
Romeo Cerutti		136,344		231,491		367,835		11,636		–		6,128,891		6,630,073
Tobias Guldimann		–		258,127		258,127		14,545		–		6,907,523		7,435,765
David R. Mathers		17,469		387,642		405,111		7,565		–		9,422,493		10,777,295
Hans-Ulrich Meister		189,478		417,112		606,590		23,273		–		11,248,886		12,009,299
Robert S. Shafir		617,053		532,112		1,149,165		31,160		–		14,344,561		15,360,428
Pamela A. Thomas-Graham		–		216,875		216,875		7,191		–		5,461,314		6,110,280
Eric M. Varvel		–		286,098		286,098		27,735		–		9,597,358		8,558,226
Total		2,289,007		3,282,011		5,571,018		192,439		–		91,474,949		94,748,252
December 31, 2012
Brady W. Dougan		906,929		666,068		1,572,997		76,102		–		18,945,613		19,815,939
Romeo Cerutti		80,279		320,261		400,540		23,272		–		8,446,679		9,172,331
Tobias Guldimann		57,763		375,725		433,488		29,090		–		9,964,935		10,808,561
David R. Mathers		0		461,439		461,439		15,130		1,095	2	11,174,895		12,724,392
Hans-Ulrich Meister		178,198		550,776		728,974		46,546		–		14,848,594		15,948,497
Robert S. Shafir		387,544		736,377		1,123,921		62,320		–		19,807,159		21,325,210
Pamela A. Thomas-Graham		4,583		239,137		243,720		14,382		–		6,342,875		6,768,957
Eric M. Varvel		62,169		454,785		516,954		55,470		–		13,996,715		13,623,809
Total		1,677,465	3	3,804,568		5,482,033		322,312		1,095		103,527,465		110,187,696
1 Includes shares that were initially granted as deferred compensation and have vested.
2 Consists of options with an expiration date of January 22, 2013 and an exercise price of CHF 30.60.
3 In addition to the number of owned shares shown, the following Executive Board members held an aggregate number of 2,320 mandatory and contingent convertible securities (MACCS): Brady Dougan (1,336), Romeo Cerutti (60), Hans-Ulrich Meister (262), Robert Shafir (571), Eric Varvel (91); these securities were converted into an aggregate number of 143,033 shares on March 29, 2013 at a conversion price of CHF 16.29 and were settled and delivered in April 2013.

		Target levels				Cap levels
		Range for Executive Board members		CEO		Range for Executive Board members		CEO
Multiples of base salaries
Short-term awards
Unrestricted cash		0.3 – 0.8		0.5		0.6 – 1.4		0.8
Short-term incentive award		0.5 – 1.3		0.8		0.9 – 2.1		1.2
Long-term incentive award		0.8 – 2.1		1.4		1.5 – 3.5		2.0

CEO

Divisional head

Shared Services head

Performance objectives to meet target

PB&WM

IB

CFO

Other

Financial performance criteria (60% weighting)

Group ROE (after tax) – strategic results   1

30%

30%

30%

25%

25%

12.5% Group ROE based on strategic results

Group cost/income ratio – strategic results   1

20%

–

–

15%

20%

71.0% Group cost/income based on strategic results

Wind-down of non-strategic units 2

10%

10%

10%

10%

–

35.0% year-on-year reduction of risk-weighted assets and leverage exposure (2.5% weighting for each metric) and achievement of budgeted non-strategic pre-tax income (5% weighting)

3,4

Divisional return on allocated capital 5, 6

–

–

20%

–

–

11.5% return on allocated capital

Divisional cost/income ratio 5

–

20%

–

–

–

69.0% divisional cost/income

Divisional total operating expenses 5

–

–

–

10%

15%

2014 budget expenses on a foreign exchange neutral basis

Non-financial criteria (40% weighting)

Business and infrastructure development

15%

15%

15%

15%

15%

Compensation Committee assessment of strategy execution, business development, performance of subdivisions and regions and delivery of major projects

Other performance

25%

25%

25%

25%

25%

Compensation Committee assessment of capital strength, human capital management, control/operational/reputational risk management, involvement in client activities, partnership and firm focused behavior

PB&WM – Private Banking & Wealth Management; IB – Investment Banking

1 Refer to "Core Results" in II – Operating and financial review for further information on strategic results.

2 Performance measured at the Group level for the CEO and the CFO and at the respective divisional non-strategic unit level for the divisional heads.

3 Risk-weighted assets are adjusted to exclude methodology changes.

4 Budgeted non-strategic pre-tax income is based on reported results, excluding the impact of changes in the fair value of own debt and certain substantial litigation provisions as determined by the Compensation Committee.

5 Based on reported results, excluding certain substantial litigation provisions as determined by the Compensation Committee.

6 Calculated using income after tax denominated in US dollars, assuming that allocated capital is measured as the average of 10% of average Basel III risk-weighted assets and 2.4% of average leverage exposure.

in		Base board fee		Committee fee		Additional fees	1	Other compen- sation categories	2	Total compen- sation		Awarded in cash		% of total compen- sation		Awarded in Group shares		% of total compen- sation		Number of Group shares	3
2013/2014 (CHF)
Urs Rohner, Chairman   4		2,500,000		–		2,250,000		153,260		4,903,260		3,778,260		77%		1,125,000		23%		39,090
Peter Brabeck-Letmathe, Vice-Chairman   5		400,000		–		–		–		400,000		200,000		50%		200,000		50%		7,455
Jassim Bin Hamad J.J. Al Thani 5		250,000		–		–		–		250,000		125,000		50%		125,000		50%		4,659
Iris Bohnet 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		6,523
Noreen Doyle 5		250,000		100,000		294,000		–		644,000		469,000		73%		175,000		27%		6,523
Jean-Daniel Gerber 5		250,000		150,000		–		–		400,000		200,000		50%		200,000		50%		7,455
Walter B. Kielholz 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		6,523
Andreas N. Koopmann 5		250,000		200,000		–		–		450,000		225,000		50%		225,000		50%		8,387
Jean Lanier, Chairman of the Compensation Committee   4		400,000		–		400,000		–		800,000		600,000		75%		200,000		25%		6,950
Kai S. Nargolwala 5		250,000		100,000		–				350,000		175,000		50%		175,000		50%		6,523
Anton van Rossum 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		6,523
Richard E. Thornburgh, Chairman of the Risk Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		17,374
John Tiner, Chairman of the Audit Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		17,374
Total		6,100,000		850,000		4,944,000		153,260		12,047,260		8,097,260		67%		3,950,000		33%		141,359
1 Includes the additional fees for the full-time Chairman and the three committee chairmen as well as the additional fees of CHF 294,000 (GBP 200,000) paid to Noreen Doyle in 2013 as a non-executive director and chair of the boards of two of the Group's UK subsidiaries, Credit Suisse International and Credit Suisse Securities Europe Limited. The additional fees of CHF 400,000 were awarded to Jean Lanier as Chairman of the Compensation Committee in 2013, a role to which he was appointed as of the 2013 AGM on April 26, 2013.
2 Other compensation for the Chairman included pension benefits, lump sum expenses and child and health care allowances.
3 The value of the Group shares is included in total compensation. Group shares are subject to a four-year blocking period.
4 The Chairman and the three committee chairmen received an annual base board fee paid in cash. They also received additional fees paid in cash and/or shares as determined by the Board in the course of the regular compensation process. The additional fees paid to the three committee chairmen covered their regular memberships in other committees that they do not chair. The additional fees awarded to these four individuals for 2013 were paid in Group shares (50%) and cash (50%). The applicable Group share price was CHF 28.78.
5 Except for the Chairman and the three committee chairmen, members of the Board were paid an annual base board fee and a committee fee for their respective committee membership in advance for the period from one AGM to the other, i.e., from April 26, 2013 to May 9, 2014. The annual committee fees are CHF 150,000 for the Audit Committee and CHF 100,000 for each of the Risk and Compensation Committees. For 2013, these total combined fees were paid in Group shares (50%) and cash (50%). The applicable Group share price as of the 2013 AGM was CHF 26.83.

in		Base board fee		Committee fee		Additional fees	1	Other compen- sation categories	2	Total compen- sation		Awarded in cash		% of total compen- sation		Awarded in Group shares		% of total compen- sation		Number of Group shares	3
2012/2013 (CHF)
Urs Rohner, Chairman   4		2,500,000		–		2,500,000		234,881		5,234,881		3,984,881		76%		1,250,000		24%		50,772
Peter Brabeck-Letmathe, Vice-Chairman   5		400,000		–		–		–		400,000		200,000		50%		200,000		50%		9,026
Jassim Bin Hamad J.J. Al Thani 5		250,000		–		–		–		250,000		125,000		50%		125,000		50%		5,641
Robert H. Benmosche 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Iris Bohnet 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Noreen Doyle 5		250,000		100,000		182,600		–		532,600		357,600		67%		175,000		33%		7,898
Jean-Daniel Gerber 5		250,000		150,000		–		–		400,000		200,000		50%		200,000		50%		9,026
Walter B. Kielholz 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Andreas N. Koopmann 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Jean Lanier 5		250,000		250,000		–		–		500,000		250,000		50%		250,000		50%		11,282
Anton van Rossum 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Aziz R.D. Syriani, Chairman of the Compensation Committee   4		350,000		–		400,000		–		750,000		522,500		70%		227,500		30%		9,241
David W. Syz 5		250,000		150,000		–		–		400,000		200,000		50%		200,000		50%		9,026
Richard E. Thornburgh, Chairman of the Risk Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		20,309
John Tiner, Chairman of the Audit Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		20,309
Total		6,550,000		1,150,000		5,082,600		234,881		13,017,481		8,514,981		65%		4,502,500		35%		192,020
1 Includes the additional fees for the full-time Chairman and the three committee chairmen as well as the additional fees paid to Noreen Doyle in 2012 as a non-executive director of two of the Group's UK subsidiaries, Credit Suisse International and Credit Suisse Securities Europe Limited. The additional fees of CHF 182,600 for Noreen Doyle corresponded to the annual fees of GBP 125,000 which Noreen Doyle received in 2012 as a non-executive director (annual fee of GBP 100,000) and audit committee chair (additional fee of GBP 25,000) of Credit Suisse International and Credit Suisse Securities Europe Limited.
2 Other compensation for the Chairman included lump sum expenses, child and health care allowances and pension benefits.
3 The value of the Group shares is included in total compensation. Group shares are subject to a four-year blocking period.
4 The Chairman and the three committee chairmen received an annual base board fee paid in cash. They also received additional fees paid in cash and/or share awards as determined by the Board in the course of the regular compensation process. The additional fees awarded to these four individuals for 2012 were paid in Group shares (50%) and cash (50%). The applicable Group share price was CHF 24.62.
5 Except for the Chairman and the three committee chairmen, members of the Board were paid an annual base board fee and a committee fee for their respective committee membership in advance for the period from one AGM to the other, i.e., from April 26, 2012 to April 27, 2013. The annual committee fees are CHF 150,000 for the Audit Committee and CHF 100,000 for each of the Risk and Compensation Committees. For 2012, these total combined fees were paid in Group shares (50%) and cash (50%). The applicable Group share price as of the 2012 annual general meeting was CHF 22.16.

in		2013		2012
December 31 (shares)  1
Urs Rohner		230,402		244,422
Peter Brabeck-Letmathe		144,186		120,999
Jassim Bin Hamad J.J. Al Thani		17,918		11,790
Iris Bohnet		15,464		7,898
Noreen Doyle		49,014		41,324
Jean-Daniel Gerber		17,701		9,826
Walter B. Kielholz		316,675		292,424
Andreas N. Koopmann		42,569		30,469
Jean Lanier		44,951		43,881
Kai S. Nargolwala		114,666		–
Anton van Rossum		56,464		48,598
Richard E. Thornburgh		212,530		218,456
John Tiner		48,471		24,799
Total		1,311,011		1,094,886	2,3
1 Includes Group shares that are subject to a blocking period of up to four years.
2 In addition to the shareholdings shown, the following Board members held an aggregate number of 1,519 mandatory and contingent convertible securities (MACCS): Urs Rohner (395), Peter Brabeck-Letmathe (175), Jassim Bin Hamad J.J. Al Thani (17), Iris Bohnet (11), Walter Kielholz (431), Andreas Koopmann (44), Aziz R.D. Syriani (113), Richard Thornburgh (297) and John Tiner (36); these securities were converted into an aggregate number of 93,247 shares on March 29, 2013 at a conversion price of CHF 16.29 and were settled and delivered in April 2013.
3 Excludes 30,872, 76,774 and 92,745 shares held by Robert H. Benmosche, Aziz R.D. Syriani and David W. Syz, respectively, as of December 31, 2012, who stepped down from the Board as of April 26, 2013.

in		2013		2012
December 31 (CHF)
Urs Rohner		4,968,270		5,034,157
Peter Brabeck-Letmathe		40,631,650		27,520,527
Walter B. Kielholz		4,000,000		4,200,000
Andreas N. Koopmann		4,933,650		2,775,000
Richard E. Thornburgh		222,756		–
Total 1		54,756,326		39,529,684	2
1 Includes loans to immediate family members.
2 Excludes a loan of CHF 1,500,000 held by David W. Syz as of December 31, 2012, who stepped down from the Board as of April 26, 2013.

Consolidated financial statements – Credit Suisse Group
Report of the Independent Registered Public Accounting Firm
Consolidated financial statements
Notes to the consolidated financial statements
Controls and procedures
Report of the Independent Registered Public Accounting Firm



Consolidated statements of operations
Consolidated statements of comprehensive income
Consolidated balance sheets
Consolidated balance sheets (continued)
Consolidated statements of changes in equity
Consolidated statements of changes in equity (continued)
Consolidated statements of cash flows
Consolidated statements of cash flows (continued)
Supplemental cash flow information
1 Summary of significant accounting policies
2 Recently issued accounting standards
3 Business developments, significant shareholders and subsequent events
4 Discontinued operations
5 Segment information
6 Net interest income
7 Commissions and fees
8 Trading revenues
9 Other revenues
10 Provision for credit losses
11 Compensation and benefits
12 General and administrative expenses
13 Earnings per share
14 Securities borrowed, lent and subject to repurchase agreements
15 Trading assets and liabilities
16 Investment securities
17 Other investments
18 Loans, allowance for loan losses and credit quality
19 Premises and equipment
20 Goodwill
21 Other intangible assets
22 Other assets and other liabilities
23 Deposits
24 Long-term debt
25 Accumulated other comprehensive income and additional share information
26 Offsetting of financial assets and financial liabilities
27 Tax
28 Employee deferred compensation
29 Related parties
30 Pension and other post-retirement benefits
31 Derivatives and hedging activities
32 Guarantees and commitments
33 Transfers of financial assets and variable interest entities
34 Financial instruments
35 Assets pledged and collateral
36 Capital adequacy
37 Assets under management
38 Litigation
39 Significant subsidiaries and equity method investments
40 Subsidiary guarantee information
41 Credit Suisse Group parent company
42 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view)
43 Risk assessment

		Reference to notes		in
				2013		2012		2011
Consolidated statements of operations (CHF million)
Interest and dividend income		6		19,556		22,090		22,976
Interest expense		6		(11,441)		(14,947)		(16,550)
Net interest income		6		8,115		7,143		6,426
Commissions and fees		7		13,226		12,724		12,638
Trading revenues		8		2,739		1,196		5,021
Other revenues		9		1,776		2,548		1,806
Net revenues				25,856		23,611		25,891
Provision for credit losses		10		167		170		187
Compensation and benefits		11		11,256		12,303		13,001
General and administrative expenses		12		8,599		7,246		7,293
Commission expenses				1,738		1,702		1,939
Total other operating expenses				10,337		8,948		9,232
Total operating expenses				21,593		21,251		22,233
Income from continuing operations before taxes				4,096		2,190		3,471
Income tax expense		27		1,276		465		656
Income from continuing operations				2,820		1,725		2,815
Income/(loss) from discontinued operations, net of tax		4		145		(40)		(25)
Net income				2,965		1,685		2,790
Net income attributable to noncontrolling interests				639		336		837
Net income/(loss) attributable to shareholders				2,326		1,349		1,953
of which from continuing operations				2,181		1,389		1,978
of which from discontinued operations				145		(40)		(25)
Basic earnings per share (CHF)
Basic earnings per share from continuing operations		13		1.14		0.82		1.34
Basic earnings/(loss) per share from discontinued operations		13		0.08		(0.03)		(0.02)
Basic earnings per share		13		1.22		0.79		1.32
Diluted earnings per share (CHF)
Diluted earnings per share from continuing operations		13		1.14		0.82		1.34
Diluted earnings/(loss) per share from discontinued operations		13		0.08		(0.03)		(0.02)
Diluted earnings per share		13		1.22		0.79		1.32

in		2013		2012		2011
Comprehensive income (CHF million)
Net income		2,965		1,685		2,790
Gains/(losses) on cash flow hedges		18		37		(33)
Foreign currency translation		(1,021)		(1,114)		(263)
Unrealized gains/(losses) on securities		(32)		(15)		(18)
Actuarial gains/(losses)		1,044		(50)		(615)
Net prior service credit/(cost)		(95)		248		395
Other comprehensive income/(loss), net of tax		(86)		(894)		(534)
Comprehensive income		2,879		791		2,256
Comprehensive income attributable to noncontrolling interests		525		211		882
Comprehensive income attributable to shareholders		2,354		580		1,374

		Reference to notes		end of
				2013		2012
Assets (CHF million)
Cash and due from banks				68,692		61,763
of which reported at fair value				527		569
of which reported from consolidated VIEs				952		1,750
Interest-bearing deposits with banks				1,515		1,945
of which reported at fair value				311		627
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		14		160,022		183,455
of which reported at fair value				96,587		113,664
of which reported from consolidated VIEs				1,959		117
Securities received as collateral, at fair value				22,800		30,045
of which encumbered				17,964		17,767
Trading assets, at fair value		15		229,413		256,399
of which encumbered				72,976		70,948
of which reported from consolidated VIEs				3,610		4,697
Investment securities		16		2,987		3,498
of which reported at fair value				2,987		3,498
of which reported from consolidated VIEs				100		23
Other investments		17		10,329		12,022
of which reported at fair value				7,596		8,994
of which reported from consolidated VIEs				1,983		2,289
Net loans		18		247,054		242,223
of which reported at fair value				19,457		20,000
of which encumbered				638		535
of which reported from consolidated VIEs				4,207		6,053
allowance for loan losses				(869)		(922)
Premises and equipment		19		5,091		5,618
of which reported from consolidated VIEs				513		581
Goodwill		20		7,999		8,389
Other intangible assets		21		210		243
of which reported at fair value				42		43
Brokerage receivables				52,045		45,768
Other assets		22		63,065		72,912
of which reported at fair value				31,518		37,275
of which encumbered				722		1,495
of which reported from consolidated VIEs				14,330		14,536
Assets of discontinued operations held-for-sale				1,584		–
Total assets				872,806		924,280

		Reference to notes		end of
				2013		2012
Liabilities and equity (CHF million)
Due to banks		23		23,108		31,014
of which reported at fair value				1,450		3,413
Customer deposits		23		333,089		308,312
of which reported at fair value				3,252		4,643
of which reported from consolidated VIEs				265		247
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		14		94,032		132,721
of which reported at fair value				76,104		108,784
Obligation to return securities received as collateral, at fair value				22,800		30,045
Trading liabilities, at fair value		15		76,635		90,816
of which reported from consolidated VIEs				93		125
Short-term borrowings				20,193		18,641
of which reported at fair value				6,053		4,513
of which reported from consolidated VIEs				4,286		9,582
Long-term debt		24		130,042		148,134
of which reported at fair value				63,369		65,384
of which reported from consolidated VIEs				12,992		14,532
Brokerage payables				73,154		64,676
Other liabilities		22		51,447		57,637
of which reported at fair value				21,973		26,871
of which reported from consolidated VIEs				710		1,228
Liabilities of discontinued operations held-for-sale				1,140		–
Total liabilities				825,640		881,996
Common shares				64		53
Additional paid-in capital				27,853		23,636
Retained earnings				30,261		28,171
Treasury shares, at cost				(139)		(459)
Accumulated other comprehensive income/(loss)		25		(15,875)		(15,903)
Total shareholders' equity				42,164		35,498
Noncontrolling interests				5,002		6,786
Total equity				47,166		42,284
Total liabilities and equity				872,806		924,280

		Reference to notes		end of
				2013		2012
Additional share information
Par value (CHF)				0.04		0.04
Authorized shares 1				2,269,616,660		2,118,134,039
Common shares issued		25		1,596,119,349		1,320,829,922
Treasury shares		25		(5,183,154)		(27,036,831)
Shares outstanding		25		1,590,936,195		1,293,793,091
1 Includes issued shares and unissued shares (conditional, conversion and authorized capital).

		Attributable to shareholders
		Common shares		Additional paid-in capital		Retained earnings		Treasury shares, at cost		Accumu- lated other compre- hensive income		Total share- holders' equity		Non- controlling interests		Total equity
2013 (CHF million)
Balance at beginning of period		53		23,636		28,171		(459)		(15,903)		35,498		6,786		42,284
Purchase of subsidiary shares from non- controlling interests, changing ownership		–		216		–		–		–		216		(22)		194
Purchase of subsidiary shares from non- controlling interests, not changing ownership   1, 2		–		–		–		–		–		–		(2,467)		(2,467)
Sale of subsidiary shares to noncontrolling interests, not changing ownership   2		–		–		–		–		–		–		438		438
Net income/(loss)		–		–		2,326		–		–		2,326		651	3	2,977
Total other comprehensive income/(loss), net of tax		–		–		–		–		28		28		(114)		(86)
Issuance of common shares		11		4,222		–		–		–		4,233		–		4,233
Sale of treasury shares		–		(50)		–		10,360		–		10,310		–		10,310
Repurchase of treasury shares		–		–		–		(10,202)		–		(10,202)		–		(10,202)
Share-based compensation, net of tax		–		213	4	–		162		–		375		–		375
Financial instruments indexed to own shares 5		–		(93)		–		–		–		(93)		–		(93)
Dividends paid		–		(269)	6	(236)		–		–		(505)		(59)		(564)
Changes in redeemable noncontrolling interests		–		(13)		–		–		–		(13)		–		(13)
Changes in scope of consolidation, net		–		–		–		–		–		–		(211)		(211)
Other		–		(9)		–		–		–		(9)		–		(9)
Balance at end of period		64		27,853		30,261		(139)		(15,875)		42,164		5,002		47,166
2012 (CHF million)
Balance at beginning of period		49		21,796		27,053		(90)		(15,134)		33,674		7,411		41,085
Purchase of subsidiary shares from non- controlling interests, changing ownership		–		44		–		–		–		44		(4)		40
Purchase of subsidiary shares from non- controlling interests, not changing ownership		–		–		–		–		–		–		(809)		(809)
Sale of subsidiary shares to noncontrolling interests, not changing ownership		–		–		–		–		–		–		116		116
Net income/(loss)		–		–		1,349		–		–		1,349		347		1,696
Total other comprehensive income/(loss), net of tax		–		–		–		–		(769)		(769)		(125)		(894)
Issuance of common shares		4		1,926		–		–		–		1,930		–		1,930
Sale of treasury shares		–		(3)		–		8,358		–		8,355		–		8,355
Repurchase of treasury shares		–		–		–		(8,859)		–		(8,859)		–		(8,859)
Share-based compensation, net of tax		–		932		–		132		–		1,064		–		1,064
Financial instruments indexed to own shares		–		(9)		–		–		–		(9)		–		(9)
Dividends paid		–		(1,011)		(231)		–		–		(1,242)		(54)		(1,296)
Changes in redeemable noncontrolling interests		–		(7)		–		–		–		(7)		–		(7)
Changes in scope of consolidation, net		–		–		–		–		–		–		(96)		(96)
Other		–		(32)		–		–		–		(32)		–		(32)
Balance at end of period		53		23,636		28,171		(459)		(15,903)		35,498		6,786		42,284
1 Distributions to owners in funds include the return of original capital invested and any related dividends.
2 Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
3 Net income attributable to noncontrolling interests excludes CHF (12) million due to redeemable noncontrolling interests.
4 Includes a net tax charge of CHF 24 million from the excess recognized compensation expense over fair value of shares delivered.
5 The Group had purchased certain call options on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
6 Paid out of reserves from capital contributions.

		Attributable to shareholders
		Common shares		Additional paid-in capital		Retained earnings		Treasury shares, at cost		Accumu- lated other compre- hensive income		Total share- holders' equity		Non- controlling interests		Total equity
2011 (CHF million)
Balance at beginning of period		47		23,026		25,316		(552)		(14,555)		33,282		9,733		43,015
Purchase of subsidiary shares from non- controlling interests, changing ownership		–		6		–		–		–		6		(106)		(100)
Purchase of subsidiary shares from non- controlling interests, not changing ownership		–		–		–		–		–		–		(3,042)		(3,042)
Sale of subsidiary shares to noncontrolling interests, changing ownership		–		(7)		–		–		–		(7)		7		–
Sale of subsidiary shares to noncontrolling interests, not changing ownership		–		–		–		–		–		–		522		522
Net income/(loss)		–		–		1,953		–		–		1,953		788		2,741
Total other comprehensive income/(loss), net of tax		–		–		–		–		(579)		(579)		45		(534)
Issuance of common shares		2		1,125		–		–		–		1,127		–		1,127
Sale of treasury shares		–		(102)		–		11,955		–		11,853		–		11,853
Repurchase of treasury shares		–		–		–		(11,790)		–		(11,790)		–		(11,790)
Share-based compensation, net of tax		–		(145)		–		297		–		152		–		152
Financial instruments indexed to own shares		–		164		–		–		–		164		–		164
Dividends paid		–		(1,646)		(216)		–		–		(1,862)		(86)		(1,948)
Changes in redeemable noncontrolling interests		–		(625)		–		–		–		(625)		(140)		(765)
Changes in scope of consolidation		–		–		–		–		–		–		(310)		(310)
Balance at end of period		49		21,796		27,053		(90)		(15,134)		33,674		7,411		41,085

in		2013		2012		2011
Operating activities of continuing operations (CHF million)
Net income		2,965		1,685		2,790
(Income)/loss from discontinued operations, net of tax		(145)		40		25
Income from continuing operations		2,820		1,725		2,815
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million)
Impairment, depreciation and amortization		1,345		1,294		1,196
Provision for credit losses		167		170		187
Deferred tax provision/(benefit)		695		(255)		170
Share of net income/(loss) from equity method investments		34		80		(45)
Trading assets and liabilities, net		13,961		(14,348)		39,134
(Increase)/decrease in other assets		(6,902)		(1,146)		(7,755)
Increase/(decrease) in other liabilities		9,992		(4,772)		5,859
Other, net		(38)		4,584		(2,939)
Total adjustments		19,254		(14,393)		35,807
Net cash provided by/(used in) operating activities of continuing operations		22,074		(12,668)		38,622
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks		538		184		(732)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		17,120		46,952		(15,221)
Purchase of investment securities		(677)		(480)		(1,542)
Proceeds from sale of investment securities		176		936		2,118
Maturities of investment securities		832		1,626		2,462
Investments in subsidiaries and other investments		(1,792)		(2,039)		(1,782)
Proceeds from sale of other investments		3,737		3,104		6,784
(Increase)/decrease in loans		(9,126)		(11,022)		(17,237)
Proceeds from sales of loans		1,483		1,090		689
Capital expenditures for premises and equipment and other intangible assets		(903)		(1,242)		(1,739)
Proceeds from sale of premises and equipment and other intangible assets		9		26		11
Other, net		122		3,683		222
Net cash provided by/(used in) investing activities of continuing operations		11,519		42,818		(25,967)

in		2013		2012		2011
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits		22,463		(12,567)		27,740
Increase/(decrease) in short-term borrowings		6,002		(7,840)		4,098
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(36,347)		(39,958)		7,182
Issuances of long-term debt		39,090		38,405		34,234
Repayments of long-term debt		(55,135)		(55,936)		(37,127)
Issuances of common shares		976		1,930		1,127
Sale of treasury shares		9,764		8,355		11,853
Repurchase of treasury shares		(10,202)		(8,859)		(11,790)
Dividends paid		(564)		(1,296)		(1,948)
Other, net		(468)		394		(2,508)
Net cash provided by/(used in) financing activities of continuing operations		(24,421)		(77,372)		32,861
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks		(1,216)		(1,242)		(632)
Net cash provided by/(used in) discontinued operations (CHF million)
Net cash provided by/(used in) discontinued operations		(1,027)		(346)		222
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks		6,929		(48,810)		45,106
Cash and due from banks at beginning of period		61,763		110,573		65,467
Cash and due from banks at end of period		68,692		61,763		110,573

in		2013		2012		2011
Cash paid for income taxes and interest (CHF million)
Cash paid for income taxes		833		1,073		1,099
Cash paid for interest		11,876		15,004		17,238
Assets acquired and liabilities assumed in business acquisitions (CHF million)
Fair value of assets acquired		4		2,418		0
Fair value of liabilities assumed		0		2,418		0
Assets and liabilities sold in business divestitures (CHF million)
Assets sold		374		0		0
Liabilities sold		170		0		0

end of		2013
German private banking business (CHF million)
Cash		960
Loans		575
Other assets		18
Total assets held-for-sale		1,553
CFIG (CHF million)
Fees receivable		8
Goodwill		23
Total assets held-for-sale		31
Group (CHF million)
Total assets held-for-sale		1,584

end of		2013
German private banking business (CHF million)
Deposits		1,118
Other liabilities		22
Total liabilities held-for-sale		1,140
Group (CHF million)
Total liabilities held-for-sale		1,140

in		2013		2012		2011
Operations-related (CHF million)
Net revenues		233		288		284
of which German private banking business		52		54		61
of which ETF business		29		53		36
of which Strategic Partners		33		60		42
of which CFIG		114		116		127
Operating expenses		158		296		294
of which German private banking business		71		108		98
of which ETF business		23		49		50
of which Strategic Partners		8		38		30
of which CFIG		51		88		98
Income tax expense/(benefit)		38		32		15
of which German private banking business		(6)		2		(11)
of which ETF business		5		2		(2)
of which Strategic Partners		10		15		7
of which CFIG		29		16		21
Income/(loss), net of tax		37		(40)		(25)
of which German private banking business		(13)		(56)		(26)
of which ETF business		1		2		(12)
of which Strategic Partners		15		7		5
of which CFIG		34		12		8
Transaction-related (CHF million)
Gain on disposal		237		–		–
of which ETF business		146		–		–
of which Strategic Partners		91		–		–
Transaction-related expenses		93		–		–
of which ETF business		11		–		–
of which Strategic Partners		22		–		–
of which CFIG		56		–		–
Income tax expense/(benefit)		36		–		–
of which ETF business		21		–		–
of which Strategic Partners		40		–		–
of which CFIG		(24)		–		–
Income/(loss), net of tax		108		–		–
of which ETF business		114		–		–
of which Strategic Partners		29		–		–
of which CFIG		(32)		–		–
Discontinued operations – total (CHF million)
Income/(loss) from discontinued operations, net of tax		145		(40)		(25)
of which German private banking business		(13)		(56)		(26)
of which ETF business		115		2		(12)
of which Strategic Partners		44		7		5
of which CFIG		2		12		8

in		2013		2012		2011
Net revenues (CHF million)
Private Banking & Wealth Management		13,442		13,474		13,397
Investment Banking		12,565		12,558		10,460
Corporate Center		(790)		(2,781)		1,238
Noncontrolling interests without SEI		639		360		796
Net revenues		25,856		23,611		25,891
Income/(loss) from continuing operations before taxes (CHF million)
Private Banking & Wealth Management		3,240		3,775		2,961
Investment Banking		1,719		2,002		(593)
Corporate Center		(1,455)		(3,889)		391
Noncontrolling interests without SEI		592		302		712
Income from continuing operations before taxes		4,096		2,190		3,471

end of		2013		2012
Total assets (CHF million)
Private Banking & Wealth Management		279,139		275,683
Investment Banking		502,799		563,758
Corporate Center		87,244		80,733
Noncontrolling interests without SEI		3,624		4,106
Total assets		872,806		924,280
Beginning in the first quarter of 2013, segment assets exclude intra-group balances between the segments. Prior period has been reclassified to conform to the current presentation.

in		2013		2012		2011
Net revenues (CHF million)
Switzerland		8,035		8,769		8,546
EMEA		4,744		3,243		6,429
Americas		10,810		9,763		9,182
Asia Pacific		2,267		1,836		1,734
Net revenues		25,856		23,611		25,891
Income/(loss) from continuing operations before taxes (CHF million)
Switzerland		642		1,680		455
EMEA		157		(1,581)		1,350
Americas		3,365		2,915		2,586
Asia Pacific		(68)		(824)		(920)
Income from continuing operations before taxes		4,096		2,190		3,471
The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed.

end of		2013		2012
Total assets (CHF million)
Switzerland		200,044		199,595
EMEA		194,675		222,483
Americas		398,198		421,418
Asia Pacific		79,889		80,784
Total assets		872,806		924,280
The designation of total assets by region is based upon customer domicile.

in		2013		2012		2011
Net interest income (CHF million)
Loans		4,843		4,861		4,863
Investment securities		45		64		97
Trading assets		10,057		11,945		11,695
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		2,517		2,940		3,265
Other		2,094		2,280		3,056
Interest and dividend income		19,556		22,090		22,976
Deposits		(978)		(1,345)		(1,675)
Short-term borrowings		(132)		(184)		(69)
Trading liabilities		(5,083)		(6,833)		(7,125)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(1,156)		(1,677)		(1,621)
Long-term debt		(3,846)		(4,632)		(5,659)
Other		(246)		(276)		(401)
Interest expense		(11,441)		(14,947)		(16,550)
Net interest income		8,115		7,143		6,426

in		2013		2012		2011
Commissions and fees (CHF million)
Lending business		1,814		1,513		1,296
Investment and portfolio management		3,944		3,715		3,768
Other securities business		106		110		120
Fiduciary business		4,050		3,825		3,888
Underwriting		1,647		1,561		1,479
Brokerage		3,933		3,686		4,055
Underwriting and brokerage		5,580		5,247		5,534
Other services		1,782		2,139		1,920
Commissions and fees		13,226		12,724		12,638

in		2013		2012		2011
Trading revenues (CHF million)
Interest rate products		1,025		2,707		6,794
Foreign exchange products		1,203		559		(4,433)
Equity/index-related products		956		140		1,645
Credit products		(879)		(3,306)		522
Commodity, emission and energy products		340		198		361
Other products		94		898		132
Trading revenues		2,739		1,196		5,021
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types.

in		2013		2012		2011
Other revenues (CHF million)
Noncontrolling interests without SEI		658		336		701
Loans held-for-sale		(5)		(37)		(4)
Long-lived assets held-for-sale		30		458		(40)
Equity method investments		251		150		141
Other investments		315		749		457
Other		527		892		551
Other revenues		1,776		2,548		1,806

in		2013		2012		2011
Provision for credit losses (CHF million)
Provision for loan losses		166		159		141
Provision for lending-related and other exposures		1		11		46
Provision for credit losses		167		170		187

in		2013		2012		2011
Compensation and benefits (CHF million)
Salaries and variable compensation		9,678		10,717		11,286
Social security		778		769		865
Other 1		800		817		850
Compensation and benefits 2		11,256		12,303		13,001
1 Includes pension and other post-retirement expense of CHF 490 million, CHF 532 million and CHF 610 million in 2013, 2012 and 2011, respectively.
2 Includes severance and other compensation expense relating to headcount reductions of CHF 218 million, CHF 456 million and CHF 715 million in 2013, 2012 and 2011, respectively.

in		2013		2012		2011
General and administrative expenses (CHF million)
Occupancy expenses		1,186		1,220		1,122
IT, machinery, etc.		1,517		1,469		1,448
Provisions and losses		2,136		694		704
Travel and entertainment		355		394		441
Professional services		1,952		1,919		2,060
Goodwill impairment		12		0		0
Amortization and impairment of other intangible assets		25		36		30
Other		1,416		1,514		1,488
General and administrative expenses		8,599		7,246		7,293

in		2013		2012		2011
Basic net income attributable to shareholders (CHF million)
Income from continuing operations		2,181		1,389		1,978
Income/(loss) from discontinued operations, net of tax		145		(40)		(25)
Net income attributable to shareholders		2,326		1,349		1,953
Preferred securities dividends		(236)		(231)		(216)
Net income attributable to shareholders for basic earnings per share		2,090		1,118		1,737
Available for common shares		1,868		1,044		1,641
Available for unvested share-based payment awards		152		66		96
Available for mandatory convertible securities 1		70		8		–
Diluted net income attributable to shareholders (CHF million)
Net income attributable to shareholders for basic earnings per share		2,090		1,118		1,737
Income impact of assumed conversion on contracts that may be settled in shares or cash   2		–		–		–
Net income attributable to shareholders for diluted earnings per share		2,090		1,118		1,737
Available for common shares		1,868		1,044		1,641
Available for unvested share-based payment awards		152		66		96
Available for mandatory convertible securities 1		70		8		–
Weighted-average shares outstanding (million)
Weighted-average shares outstanding for basic earnings per share available for common shares		1,532.9		1,320.4		1,239.3
Dilutive contracts that may be settled in shares or cash 3		–		–		–
Dilutive share options and warrants		1.4		4.9		2.9
Dilutive share awards		1.2		1.8		5.3
Weighted-average shares outstanding for diluted earnings per share available for common shares   4		1,535.5		1,327.1		1,247.5
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards		125.0		97.3		72.6
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities   1		63.0		97.1		–
Basic earnings per share available for common shares (CHF)
Basic earnings per share from continuing operations		1.14		0.82		1.34
Basic earnings/(loss) per share from discontinued operations		0.08		(0.03)		(0.02)
Basic earnings per share available for common shares		1.22		0.79		1.32
Diluted earnings per share available for common shares (CHF)
Diluted earnings per share from continuing operations		1.14		0.82		1.34
Diluted earnings/(loss) per share from discontinued operations		0.08		(0.03)		(0.02)
Diluted earnings per share available for common shares		1.22		0.79		1.32
Prior periods have been adjusted to reflect the increase in the number of shares outstanding that arose from the 2013 stock dividend, as required under US GAAP.
1 Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013.
2 Reflects changes in the fair value of the PAF2 units which are reflected in the net profit of the Group until the awards are finally settled. Fair value of the PAF2 units which are reflected in the net profit of the Group are not adjusted for 2013 and 2012, respectively, as the effect would be antidilutive.
3 Reflects weighted-average shares outstanding on PAF2 units. Weighted-average shares on PAF2 units for 2013 and 2012, respectively, were excluded from the diluted earnings per share calculation, as the effect would be antidilutive.
4 Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 35.9 million, 50.3 million and 37.3 million for 2013, 2012 and 2011, respectively.

end of		2013		2012
Securities borrowed or purchased under agreements to resell (CHF million)
Central bank funds sold and securities purchased under resale agreements		100,244		121,242
Deposits paid for securities borrowed		59,778		62,213
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		160,022		183,455
Securities lent or sold under agreements to repurchase (CHF million)
Central bank funds purchased and securities sold under repurchase agreements		86,828		120,164
Deposits received for securities lent		7,204		12,557
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		94,032		132,721

end of		2013		2012
Trading assets (CHF million)
Debt securities		110,116		135,871
Equity securities 1		76,695		74,895
Derivative instruments 2		31,603		33,208
Other		10,999		12,425
Trading assets		229,413		256,399
Trading liabilities (CHF million)
Short positions		40,161		51,303
Derivative instruments 2		36,474		39,513
Trading liabilities		76,635		90,816
1 Including convertible bonds.
2 Amounts shown net of cash collateral receivables and payables.

end of		2013		2012
Cash collateral – netted (CHF million)  1
Cash collateral paid		23,870		36,662
Cash collateral received		20,500		33,373
Cash collateral – not netted (CHF million)  2
Cash collateral paid		8,359		10,904
Cash collateral received		11,663		12,224
1 Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities.
2 Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities.

end of		2013		2012
Investment securities (CHF million)
Securities available-for-sale		2,987		3,498
Total investment securities		2,987		3,498

		2013								2012
end of		Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Investment securities by type (CHF million)
Debt securities issued by Swiss federal, cantonal or local governmental entities		389		15		2		402		452		31		0		483
Debt securities issued by foreign governments		1,350		39		1		1,388		1,523		82		0		1,605
Corporate debt securities		590		16		0		606		823		22		0		845
Collateralized debt obligations		480		11		1		490		448		22		0		470
Debt securities available-for-sale		2,809		81		4		2,886		3,246		157		0		3,403
Banks, trust and insurance companies		74		18		0		92		73		14		0		87
Industry and all other		9		0		0		9		8		0		0		8
Equity securities available-for-sale		83		18		0		101		81		14		0		95
Securities available-for-sale		2,892		99		4		2,987		3,327		171		0		3,498

		Less than 12 months				12 months or more				Total
end of		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
2013 (CHF million)
Debt securities issued by Swiss federal, cantonal or local governmental entities		168		2		0		0		168		2
Debt securities issued by foreign governments		109		1		0		0		109		1
Collateralized debt obligations		10		1		0		0		10		1
Debt securities available-for-sale		287		4		0		0		287		4

		2013				2012				2011
in		Debt securities		Equity securities		Debt securities		Equity securities		Debt securities		Equity securities
Additional information (CHF million)
Proceeds from sales		163		13		294		642		2,117		1
Realized gains		7		1		14		294		40		0
Realized losses		0		0		(2)		0		(22)		0

		Debt securities available-for-sale
end of		Amortized cost		Fair value		Average yield (in %)
2013 (CHF million)
Due within 1 year		543		547		1.43
Due from 1 to 5 years		1,702		1,760		2.11
Due from 5 to 10 years		475		491		2.13
Due after 10 years		89		88		1.46
Total debt securities		2,809		2,886		1.96

end of		2013		2012
Other investments (CHF million)
Equity method investments		2,043		2,167
Non-marketable equity securities 1		6,032		7,296
Real estate held for investment		600		687
Life finance instruments 2		1,654		1,872
Total other investments		10,329		12,022
1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee.
2 Includes life settlement contracts at investment method and SPIA contracts.

end of		2013		2012
Loans (CHF million)
Mortgages		94,978		91,872
Loans collateralized by securities		31,565		27,363
Consumer finance		5,938		6,901
Consumer		132,481		126,136
Real estate 1		27,312		25,801
Commercial and industrial loans 1		63,334		63,028
Financial institutions 1		21,840		25,902
Governments and public institutions 1		3,047		2,337
Corporate & institutional		115,533		117,068
Gross loans		248,014		243,204
of which held at amortized cost		228,557		223,204
of which held at fair value		19,457		20,000
Net (unearned income)/deferred expenses		(91)		(59)
Allowance for loan losses		(869)		(922)
Net loans		247,054		242,223
Gross loans by location (CHF million)
Switzerland		151,992		151,226
Foreign		96,022		91,978
Gross loans		248,014		243,204
Impaired loan portfolio (CHF million)
Non-performing loans		862		859
Non-interest-earning loans		281		313
Total non-performing and non-interest-earning loans		1,143		1,172
Restructured loans		6		30
Potential problem loans		340		527
Total other impaired loans		346		557
Gross impaired loans		1,489		1,729
1 Prior period has been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions, and from governments and public institutions to commercial and industrial loans, respectively.

		2013						2012						2011
		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total
Allowance for loan losses (CHF million)
Balance at beginning of period		288		634		922		289		621		910		279		738		1,017
Changes in scope of consolidation		0		(1)		(1)		(18)		0		(18)		0		0		0
Net movements recognized in statements of operations		76		90		166		95		64		159		87		54		141
Gross write-offs		(123)		(163)		(286)		(105)		(96)		(201)		(124)		(175)		(299)
Recoveries		24		30		54		22		22		44		39		2		41
Net write-offs		(99)		(133)		(232)		(83)		(74)		(157)		(85)		(173)		(258)
Provisions for interest		5		21		26		8		21		29		2		12		14
Foreign currency translation impact and other adjustments, net		(3)		(9)		(12)		(3)		2		(1)		6		(10)		(4)
Balance at end of period		267		602		869		288		634		922		289		621		910
of which individually evaluated for impairment		217		437		654		239		457		696		222		428		650
of which collectively evaluated for impairment		50		165		215		49		177		226		67		193		260
Gross loans held at amortized cost (CHF million)
Balance at end of period		132,470		96,087		228,557		126,124		97,080		223,204		121,401		92,262		213,663
of which individually evaluated for impairment 1		569		920		1,489		661		1,068		1,729		665		1,053		1,718
of which collectively evaluated for impairment		131,901		95,167		227,068		125,463		96,012		221,475		120,736		91,209		211,945
1 Represents gross impaired loans both with and without a specific allowance.

		2013						2012						2011
in		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total
Loans held at amortized cost (CHF million)
Purchases 1		0		4,611		4,611		348		4,605		4,953		0		4,121		4,121
Reclassifications from loans held-for-sale 2		0		275		275		0		216		216		0		0		0
Reclassifications to loans held-for-sale 3		0		996		996		0		1,323		1,323		0		1,363		1,363
Sales 3		0		698		698		0		1,058		1,058		0		1,117		1,117
1 Includes drawdowns under purchased loan commitments.
2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity.
3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale.

end of		AAA		AA		A		BBB		BB		B		CCC		CC		C		D		Total
2013 (CHF million)
Mortgages		302		2,257		17,398		57,033		16,857		883		39		0		0		209		94,978
Loans collateralized by securities		182		349		4,214		24,497		2,131		90		2		6		0		94		31,565
Consumer finance		0		14		226		2,501		1,952		824		43		0		119		248		5,927
Consumer		484		2,620		21,838		84,031		20,940		1,797		84		6		119		551		132,470
Real estate		1,344		1,050		3,511		13,669		6,897		322		0		1		0		72		26,866
Commercial and industrial loans		183		740		1,901		21,232		23,131		3,621		232		6		6		671		51,723
Financial institutions		1,319		1,706		4,041		5,625		2,440		776		14		1		0		112		16,034
Governments and public institutions		78		324		178		440		148		73		223		0		0		0		1,464
Corporate & institutional		2,924		3,820		9,631		40,966		32,616		4,792		469		8		6		855		96,087
Gross loans held at amortized cost		3,408		6,440		31,469		124,997		53,556		6,589		553		14		125		1,406		228,557
Value of collateral 1		2,553		5,046		28,186		116,971		45,376		3,372		102		1		10		616		202,233
2012 (CHF million)
Mortgages		387		730		12,176		58,491		19,255		599		13		9		0		212		91,872
Loans collateralized by securities		79		57		948		23,357		2,728		92		6		1		0		95		27,363
Consumer finance		0		6		100		3,324		2,065		901		39		0		129		325		6,889
Consumer		466		793		13,224		85,172		24,048		1,592		58		10		129		632		126,124
Real estate 2		333		374		2,199		14,537		7,762		195		0		0		0		55		25,455
Commercial and industrial loans 2		166		325		1,580		22,040		23,070		3,467		209		1		47		763		51,668
Financial institutions 2		2,288		2,087		4,661		5,260		3,566		382		0		33		14		147		18,438
Governments and public institutions		131		50		360		521		127		101		229		0		0		0		1,519
Corporate & institutional		2,918		2,836		8,800		42,358		34,525		4,145		438		34		61		965		97,080
Gross loans held at amortized cost		3,384		3,629		22,024		127,530		58,573		5,737		496		44		190		1,597		223,204
Value of collateral 1		2,918		2,616		19,526		116,583		48,342		3,210		189		44		15		791		194,234
1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan.
2 Prior period has been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions.

		Current		Past due
end of				Up to 30 days		31–60 days		61–90 days		More than 90 days		Total		Total
2013 (CHF million)
Mortgages		94,657		103		26		25		167		321		94,978
Loans collateralized by securities		31,365		95		2		12		91		200		31,565
Consumer finance		5,218		377		93		55		184		709		5,927
Consumer		131,240		575		121		92		442		1,230		132,470
Real estate		26,774		19		2		2		69		92		26,866
Commercial and industrial loans		50,879		343		77		74		350		844		51,723
Financial institutions		15,841		87		2		1		103		193		16,034
Governments and public institutions		1,459		5		0		0		0		5		1,464
Corporate & institutional		94,953		454		81		77		522		1,134		96,087
Gross loans held at amortized cost		226,193		1,029		202		169		964		2,364		228,557
2012 (CHF million)
Mortgages		91,527		156		17		11		161		345		91,872
Loans collateralized by securities		27,034		220		3		3		103		329		27,363
Consumer finance		6,116		420		90		52		211		773		6,889
Consumer		124,677		796		110		66		475		1,447		126,124
Real estate 1		25,296		107		2		2		48		159		25,455
Commercial and industrial loans 1		50,407		720		27		138		376		1,261		51,668
Financial institutions 1		18,205		53		2		34		144		233		18,438
Governments and public institutions		1,484		35		0		0		0		35		1,519
Corporate & institutional		95,392		915		31		174		568		1,688		97,080
Gross loans held at amortized cost		220,069		1,711		141		240		1,043		3,135		223,204
1 Prior period has been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions.

		Non-performing and non-interest-earning loans						Other impaired loans
end of		Non- performing loans		Non- interest- earning loans		Total		Restruc- tured loans		Potential problem loans		Total		Total
2013 (CHF million)
Mortgages		167		13		180		0		45		45		225
Loans collateralized by securities		20		71		91		0		4		4		95
Consumer finance		244		5		249		0		0		0		249
Consumer		431		89		520		0		49		49		569
Real estate		53		15		68		0		5		5		73
Commercial and industrial loans		307		144		451		6		258		264		715
Financial institutions		71		33		104		0		28		28		132
Corporate & institutional		431		192		623		6		291		297		920
Gross impaired loans		862		281		1,143		6		340		346		1,489
2012 (CHF million)
Mortgages		154		16		170		0		69		69		239
Loans collateralized by securities		18		74		92		0		3		3		95
Consumer finance		315		10		325		0		2		2		327
Consumer		487		100		587		0		74		74		661
Real estate		46		5		51		0		15		15		66
Commercial and industrial loans		268		170		438		30		373		403		841
Financial institutions		58		38		96		0		65		65		161
Corporate & institutional		372		213		585		30		453		483		1,068
Gross impaired loans		859		313		1,172		30		527		557		1,729

		2013						2012
end of		Recorded investment		Unpaid principal balance		Associated specific allowance		Recorded investment		Unpaid principal balance		Associated specific allowance
Gross impaired loan detail (CHF million)
Mortgages		207		197		28		206		197		32
Loans collateralized by securities		67		63		55		68		66		53
Consumer finance		231		211		134		302		280		154
Consumer		505		471		217		576		543		239
Real estate		71		65		15		63		55		22
Commercial and industrial loans		705		656		340		715		677		342
Financial institutions		131		127		82		157		155		93
Corporate & institutional		907		848		437		935		887		457
Gross impaired loans with a specific allowance		1,412		1,319		654		1,511		1,430		696
Mortgages		18		18		–		33		33		–
Loans collateralized by securities		28		28		–		27		28		–
Consumer finance		18		18		–		25		25		–
Consumer		64		64		–		85		86		–
Real estate		2		2		–		3		3		–
Commercial and industrial loans		10		10		–		126		128		–
Financial institutions		1		1		–		4		4		–
Corporate & institutional		13		13		–		133		135		–
Gross impaired loans without specific allowance		77		77		–		218		221		–
Gross impaired loans		1,489		1,396		654		1,729		1,651		696
of which consumer		569		535		217		661		629		239
of which corporate & institutional		920		861		437		1,068		1,022		457

		2013						2012						2011
in		Average recorded investment		Interest income recognized		Interest income recognized on a cash basis		Average recorded investment		Interest income recognized		Interest income recognized on a cash basis		Average recorded investment		Interest income recognized		Interest income recognized on a cash basis
Gross impaired loan detail (CHF million)
Mortgages		204		1		1		217		1		1		222		1		0
Loans collateralized by securities		70		2		2		68		1		0		82		1		0
Consumer finance		256		0		0		277		3		3		276		2		1
Consumer		530		3		3		562		5		4		580		4		1
Real estate		72		1		1		58		0		0		47		1		1
Commercial and industrial loans		748		5		5		620		3		2		871		7		6
Financial institutions		136		0		0		201		2		2		160		0		0
Governments and public institutions		0		0		0		6		0		0		6		0		0
Corporate & institutional		956		6		6		885		5		4		1,084		8		7
Gross impaired loans with a specific allowance		1,486		9		9		1,447		10		8		1,664		12		8
Mortgages		26		0		0		40		0		0		94		0		0
Loans collateralized by securities		27		0		0		8		0		0		4		0		0
Consumer finance		22		0		0		41		0		0		19		0		0
Consumer		75		0		0		89		0		0		117		0		0
Real estate		11		0		0		13		0		0		74		5		5
Commercial and industrial loans		59		0		0		215		3		3		149		1		0
Financial institutions		2		0		0		8		0		0		19		0		0
Corporate & institutional		72		0		0		236		3		3		242		6		5
Gross impaired loans without specific allowance		147		0		0		325		3		3		359		6		5
Gross impaired loans		1,633		9		9		1,772		13		11		2,023		18		13
of which consumer		605		3		3		651		5		4		697		4		1
of which corporate & institutional		1,028		6		6		1,121		8		7		1,326		14		12

end of		2013		2012
Premises and equipment (CHF million)
Buildings and improvements		2,415		2,429
Land		491		501
Leasehold improvements		2,043		2,174
Software		5,740		5,324
Equipment		2,370		3,160
Premises and equipment		13,059		13,588
Accumulated depreciation		(7,968)		(7,970)
Total premises and equipment, net		5,091		5,618

in		2013		2012		2011
CHF million
Depreciation		1,236		1,229		1,078
Impairment		65		17		87

		2013						2012
		Private Banking & Wealth Management		Investment Banking		Credit Suisse Group		Private Banking & Wealth Management		Investment Banking		Credit Suisse Group
Gross amount of goodwill (CHF million)
Balance at beginning of period		2,409		6,062		8,471		2,471		6,202		8,673
Goodwill acquired during the year		3		0		3		28		0		28
Discontinued operations		(127)		0		(127)		0		0		0
Foreign currency translation impact		(73)		(141)		(214)		(54)		(138)		(192)
Other		(36)		(4)		(40)		(36)		(2)		(38)	1
Balance at end of period		2,176		5,917		8,093		2,409		6,062		8,471
Accumulated impairment (CHF million)
Balance at beginning of period		0		82		82		0		82		82
Impairment losses		12		0		12		0		0		0
Balance at end of period		12		82		94		0		82		82
Net book value (CHF million)
Net book value		2,164		5,835		7,999		2,409		5,980		8,389
1 Includes tax benefit adjustments arising from the amortization of tax goodwill in connection with the purchase of the residual minority stake in Hedging-Griffo in 2012.

		2013						2012
end of		Gross carrying amount		Accumu- lated amorti- zation		Net carrying amount		Gross carrying amount		Accumu- lated amorti- zation		Net carrying amount
Other intangible assets (CHF million)
Trade names/trademarks		25		(21)		4		25		(21)		4
Client relationships		222		(106)		116		314		(146)		168
Other		7		(1)		6		8		(2)		6
Total amortizing other intangible assets		254		(128)		126		347		(169)		178
Non-amortizing other intangible assets		84		–		84		65		–		65
of which mortgage servicing rights, at fair value		42		–		42		43		–		43
Total other intangible assets		338		(128)		210		412		(169)		243

in		2013		2012		2011
Aggregate amortization and impairment (CHF million)
Aggregate amortization		24		28		30
Impairment		8		7		0
of which related to discontinued operations		7		0		0

Estimated amortization (CHF million)
2014		18
2015		18
2016		17
2017		17
2018		16

end of		2013		2012
Other assets (CHF million)
Cash collateral on derivative instruments		8,359		10,904
Cash collateral on non-derivative transactions		1,412		1,995
Derivative instruments used for hedging		2,062		3,930
Assets held-for-sale		19,306		20,343
of which loans 1		18,914		19,894
of which real estate		392		442
Assets held for separate accounts		11,236		13,414
Interest and fees receivable		4,859		5,861
Deferred tax assets		6,185		7,102
Prepaid expenses		552		538
Failed purchases		2,365		2,699
Other		6,729		6,126
Other assets		63,065		72,912
Other liabilities (CHF million)
Cash collateral on derivative instruments		11,663		12,224
Cash collateral on non-derivative transactions		955		1,246
Derivative instruments used for hedging		384		1,182
Provisions 2		2,641		1,362
of which off-balance sheet risk		60		60
Liabilities held for separate accounts		11,236		13,414
Interest and fees payable		5,641		6,752
Current tax liabilities		864		863
Deferred tax liabilities		394		130
Failed sales		2,396		4,336
Other		15,273		16,128
Other liabilities		51,447		57,637
1 Included as of December 31, 2013 and 2012 were CHF  1,778 million and CHF 3,730 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF  769 million and CHF 922 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP.
2 Includes provisions for bridge commitments.

		2013						2012
end of		Switzer- land		Foreign		Total		Switzer- land		Foreign		Total
Deposits (CHF million)
Non-interest-bearing demand deposits		4,738		4,335		9,073		8,282		4,521		12,803
Interest-bearing demand deposits		141,078		26,294		167,372		132,393		24,976		157,369
Savings deposits		63,583		26		63,609		60,103		44		60,147
Time deposits		15,358		100,785		116,143	1	10,786		98,221		109,007	1
Total deposits		224,757		131,440		356,197	2	211,564		127,762		339,326	2
of which due to banks		–		–		23,108		–		–		31,014
of which customer deposits		–		–		333,089		–		–		308,312
The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded.
1 Included CHF 116,106 million and CHF 108,887 million as of December 31, 2013 and 2012, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices.
2 Not included as of December 31, 2013 and 2012 were CHF 18 million and CHF 67 million, respectively, of overdrawn deposits reclassified as loans.

end of		2013		2012
Long-term debt (CHF million)
Senior		96,048		115,861
Subordinated		21,002		17,741
Non-recourse liabilities from consolidated VIEs		12,992		14,532
Long-term debt		130,042		148,134
of which reported at fair value		63,369		65,384
of which structured notes		34,815		36,637

end of		2013		2012
Structured notes (CHF million)
Equity		23,313		23,761
Fixed income		5,573		6,559
Emerging markets 1		1,766		3,304
Credit		3,453		1,893
Other		710		1,120
Total structured notes		34,815		36,637
1 Transactions where the return is based on a referenced underlying or counterparty specific to emerging markets.

end of				2014				2015				2016				2017				2018				Thereafter				Total
Group parent company (CHF million)
Senior debt
Fixed rate				0				0				0				0				0				366				366
Interest rate (in %) 1				–				–				–				–				–				7.3				–
Subordinated debt
Fixed rate				0				29				0				0				290				2,099				2,418
Interest rates (in %) 1				–				8.5				–				–				6.0				7.5				–
Subtotal – Group parent company				0				29				0				0				290				2,465				2,784
Subsidiaries (CHF million)
Senior debt
Fixed rate				9,979				13,935				3,622				9,006				2,462				12,910				51,914
Variable rate				10,559				9,544				6,221				4,718				4,981				7,745				43,768
Interest rates (range in %) 1		0.0	–	13.1		0.0	–	12.6		0.3	–	10.7		0.1	–	5.1		0.4	–	3.8		0.0	–	8.2				–
Subordinated debt
Fixed rate				154				431				1,780				907				9,218				5,824				18,314
Variable rate				52				19				0				45				0				154				270
Interest rates (range in %) 1		0.5	–	9.3		2.5	–	10.3				8.2		0.9	–	7.3		0.1	–	13.3		0.1	–	8.5				–
Non-recourse liabilities from consolidated VIEs
Fixed rate				0				745				304				14				0				111				1,174
Variable rate				370				164				469				15				0				10,800				11,818
Interest rates (range in %) 1		0.2	–	13.2		0.0	–	3.6		0.0	–	12.8		1.9	–	4.0				–		0.0	–	10.8				–
Subtotal – Subsidiaries				21,114				24,838				12,396				14,705				16,661				37,544				127,258
Total long-term debt				21,114				24,867				12,396				14,705				16,951				40,009				130,042
of which structured notes				8,220				6,843				5,585				2,820				4,760				6,587				34,815
1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid.

		Gains/ (losses) on cash flow hedges		Cumulative translation adjustments		Unrealized gains/ (losses) on securities		Actuarial gains/ (losses)		Net prior service credit/ (cost)		Accumu- lated other compre- hensive income
2013 (CHF million)
Balance at beginning of period		(29)		(12,767)		84		(3,801)		610		(15,903)
Increase/(decrease)		6		(991)		(27)		750		0		(262)
Increase/(decrease) due to equity method investments		13		0		0		0		0		13
Reclassification adjustments, included in net income		(1)		84		(5)		294		(95)		277
Total increase/(decrease)		18		(907)		(32)		1,044		(95)		28
Balance at end of period		(11)		(13,674)		52		(2,757)		515		(15,875)
2012 (CHF million)
Balance at beginning of period		(66)		(11,778)		99		(3,751)		362		(15,134)
Increase/(decrease)		7		(1,040)		227		(291)		319		(778)
Increase/(decrease) due to equity method investments		30		0		0		0		0		30
Reclassification adjustments, included in net income		0		51		(242)		241		(71)		(21)
Total increase/(decrease)		37		(989)		(15)		(50)		248		(769)
Balance at end of period		(29)		(12,767)		84		(3,801)		610		(15,903)
2011 (CHF million)
Balance at beginning of period		(33)		(11,470)		117		(3,136)		(33)		(14,555)
Increase/(decrease)		(5)		(324)		6		(720)		383		(660)
Increase/(decrease) due to equity method investments		(1)		0		0		0		0		(1)
Reclassification adjustments, included in net income		(27)		16		(24)		105		12		82
Total increase/(decrease)		(33)		(308)		(18)		(615)		395		(579)
Balance at end of period		(66)		(11,778)		99		(3,751)		362		(15,134)
Refer to "Note 27 - Tax" and "Note 30 - Pension and other post-retirement benefit" for income tax expense/(benefit) on the movements of accumulated other comprehensive income.

in		2013
Reclassification adjustments, included in net income (CHF million)
Cumulative translation adjustments
Sale of subsidiaries 1		84
Actuarial gains/(losses)
Amortization of recognized actuarial losses 2		390
Tax expense/(benefit)		(96)
Net of tax		294
Net prior service credit/(cost)
Amortization of recognized prior service credit/(cost) 2		(120)
Tax expense/(benefit)		25
Net of tax		(95)
1 Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction.
2 These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information.

		2013		2012		2011
Common shares issued
Balance at beginning of period		1,320,829,922		1,224,333,062		1,186,174,442
Issuance of common shares		275,289,427		96,496,860		38,158,620
of which MACCS settlement		199,964,015		0		0
of which share-based compensation		37,773,125		38,812,660		21,664,747
Balance at end of period		1,596,119,349		1,320,829,922		1,224,333,062
Treasury shares
Balance at beginning of period		(27,036,831)		(4,010,074)		(12,228,377)
Sale of treasury shares		401,126,114		394,686,376		367,978,216
of which MACCS settlement		33,488,655		0		0
Repurchase of treasury shares		(385,369,391)		(423,704,092)		(366,790,491)
Share-based compensation		6,096,954		5,990,959		7,030,578
Balance at end of period		(5,183,154)		(27,036,831)		(4,010,074)
Common shares outstanding
Balance at end of period		1,590,936,195	1	1,293,793,091	2	1,220,322,988
1 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments.
2 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 771,499,654 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for capital instruments (including MACCS).

		2013				2012
end of		Derivative assets		Derivative liabilities		Derivative assets		Derivative liabilities
Gross derivatives subject to enforceable master netting agreements (CHF billion)
OTC-cleared		265.4		262.1		365.3		365.5
OTC		183.0		178.1		337.6		327.9
Exchange-traded		0.3		0.0		0.3		0.2
Interest rate products		448.7		440.2		703.2		693.6
OTC		58.5		68.2		60.5		73.2
Exchange-traded		0.1		0.2		0.0		0.0
Foreign exchange products		58.6		68.4		60.5		73.2
OTC		15.5		18.6		12.7		15.2
Exchange-traded		14.8		15.1		13.7		14.1
Equity/index-related products		30.3		33.7		26.4		29.3
OTC-cleared		5.2		5.1		3.0		2.7
OTC		20.8		21.2		27.1		26.8
Credit derivatives		26.0		26.3		30.1		29.5
OTC		4.4		4.0		5.8		5.6
Exchange-traded		0.5		0.8		1.5		1.7
Other products		4.9		4.8		7.3		7.3
OTC-cleared		270.6		267.2		368.3		368.2
OTC		282.2		290.1		443.7		448.7
Exchange-traded		15.7		16.1		15.5		16.0
Total gross derivatives subject to enforceable master netting agreements		568.5		573.4		827.5		832.9
Offsetting (CHF billion)
OTC-cleared		(269.1)		(267.0)		(367.2)		(367.5)
OTC		(260.7)		(265.7)		(418.7)		(421.8)
Exchange-traded		(15.1)		(15.1)		(14.3)		(14.2)
Offsetting		(544.9)		(547.8)		(800.2)		(803.5)
of which counterparty netting		(523.9)		(523.9)		(766.8)		(766.8)
of which cash collateral netting		(21.0)		(23.9)		(33.4)		(36.7)
Net derivatives presented in the consolidated balance sheets (CHF billion)
OTC-cleared		1.5		0.2		1.1		0.7
OTC		21.5		24.4		25.0		26.9
Exchange-traded		0.6		1.0		1.2		1.8
Total net derivatives subject to enforceable master netting agreements		23.6		25.6		27.3		29.4
Total derivatives not subject to enforceable master netting agreements 1		10.1		11.3		9.8		11.3
Total net derivatives presented in the consolidated balance sheets		33.7		36.9		37.1		40.7
of which recorded in trading assets and trading liabilities		31.6		36.5		33.2		39.5
of which recorded in other assets and other liabilities		2.1		0.4		3.9		1.2
1 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.

		2013						2012
end of		Gross		Offsetting		Net		Gross		Offsetting		Net
Securities purchased under resale agreements and securities borrowing transactions (CHF billion)
Securities purchased under resale agreements		112.0		(25.1)		86.9		141.4		(41.1)		100.3
Securities borrowing transactions		22.7		(1.7)		21.0		20.9		(2.0)		18.9
Total subject to enforceable master netting agreements		134.7		(26.8)		107.9		162.3		(43.1)		119.2
Total not subject to enforceable master netting agreements 1		52.1		–		52.1		64.3		–		64.3
Total		186.8		(26.8)		160.0	2	226.6		(43.1)		183.5	2
1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
2 CHF 96,587 million and CHF 113,664 million of the total net amount as of December 31, 2013 and 2012, respectively, are reported at fair value.

		2013						2012
end of		Gross		Offsetting		Net		Gross		Offsetting		Net
Securities sold under repurchase agreements and securities lending transactions (CHF billion)
Securities sold under repurchase agreements		86.5		(26.8)		59.7		99.7		(43.1)		56.6
Securities lending transactions		6.6		0.0		6.6		10.8		0.0		10.8
Obligation to return securities received as collateral, at fair value		18.5		0.0		18.5		25.9		0.0		25.9
Total subject to enforceable master netting agreements		111.6		(26.8)		84.8		136.4		(43.1)		93.3
Total not subject to enforceable master netting agreements 1		32.0		–		32.0		69.5		–		69.5
Total		143.6		(26.8)		116.8		205.9		(43.1)		162.8
of which securities sold under repurchase agreements and securities    lending transactions		120.8		(26.8)		94.0	2	175.8		(43.1)		132.7	2
of which obligation to return securities received as collateral, at fair value		22.8		0.0		22.8		30.1		0.0		30.1
1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
2 CHF 76,104 million and CHF 108,784 million of the total net amount as of December 31, 2013 and 2012, respectively, are reported at fair value.

		2013								2012
end of		Net		Financial instruments	1	Cash collateral received/ pledged	1	Net exposure		Net		Financial instruments	1	Cash collateral received/ pledged	1	Net exposure
Financial assets subject to enforceable master netting agreements (CHF billion)
Derivatives		23.6		4.9		0.1		18.6		27.3		5.8		0.0		21.5
Securities purchased under resale agreements		86.9		86.9		0.0		0.0		100.3		100.3		0.0		0.0
Securities borrowing transactions		21.0		20.2		0.0		0.8		18.9		17.4		0.0		1.5
Total financial assets subject to enforceable master netting agreements		131.5		112.0		0.1		19.4		146.5		123.5		0.0		23.0
Financial liabilities subject to enforceable master netting agreements (CHF billion)
Derivatives		25.6		9.9		0.0		15.7		29.4		10.8		0.0		18.6
Securities sold under repurchase agreements		59.7		59.7		0.0		0.0		56.6		56.4		0.2		0.0
Securities lending transactions		6.6		6.2		0.0		0.4		10.8		10.2		0.0		0.6
Obligation to return securities received as collateral, at fair value		18.5		17.5		0.0		1.0		25.9		24.2		0.0		1.7
Total financial liabilities subject to enforceable master netting agreements		110.4		93.3		0.0		17.1		122.7		101.6		0.2		20.9
1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included.

in		2013		2012		2011
Current and deferred taxes (CHF million)
Switzerland		12		140		38
Foreign		569		580		448
Current income tax expense		581		720		486
Switzerland		22		(123)		(176)
Foreign		673		(132)		346
Deferred income tax expense/(benefit)		695		(255)		170
Income tax expense		1,276		465		656
Income tax expense/(benefit) on discontinued operations		75		31		15
Income tax expense/(benefit) reported in shareholders' equity related to:
Gains/(losses) on cash flow hedges		1		0		(4)
Cumulative translation adjustment		44		(12)		16
Unrealized gains/(losses) on securities		(12)		6		12
Actuarial gains/(losses)		388		1		(172)
Net prior service credit/(cost)		(25)		63		105
Share-based compensation and treasury shares		0		(50)		256

in		2013		2012		2011
Income from continuing operations before taxes (CHF million)
Switzerland		642		1,680		455
Foreign		3,454		510		3,016
Income from continuing operations before taxes		4,096		2,190		3,471
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)
Income tax expense computed at the statutory tax rate of 22%		901		482		764
Increase/(decrease) in income taxes resulting from
Foreign tax rate differential		189		242		(58)
Non-deductible amortization of other intangible assets and goodwill impairment		25		2		0
Other non-deductible expenses		492		393		447
Additional taxable income		2		11		8
Lower taxed income		(381)		(422)		(424)
Income taxable to noncontrolling interests		(252)		(117)		(289)
Changes in tax law and rates		184		182		172
Changes in deferred tax valuation allowance		385		13		471
Tax deductible impairments of Swiss subsidiary investments		(268)		(161)		(55)
Other		(1)		(160)		(380)
Income tax expense		1,276		465		656

end of		2013		2012
Tax effect of temporary differences (CHF million)
Compensation and benefits		2,113		2,295
Loans		363		441
Investment securities		1,651		1,805
Provisions		1,874		1,760
Derivatives		143		355
Real estate		240		243
Net operating loss carry-forwards		4,433		5,181
Other		189		207
Gross deferred tax assets before valuation allowance		11,006		12,287
Less valuation allowance		(2,705)		(2,554)
Gross deferred tax assets net of valuation allowance		8,301		9,733
Compensation and benefits		(422)		(174)
Loans		(109)		(162)
Investment securities		(1,099)		(1,373)
Provisions		(397)		(402)
Business combinations		0		(20)
Derivatives		(193)		(295)
Leasing		(53)		(40)
Real estate		(76)		(78)
Other		(161)		(217)
Gross deferred tax liabilities		(2,510)		(2,761)
Net deferred tax assets		5,791		6,972

end of 2013		Total
Net operating loss carry-forwards (CHF million)
Due to expire within 1 year		46
Due to expire within 2 to 5 years		10,197
Due to expire within 6 to 10 years		1,158
Due to expire within 11 to 20 years		1,375
Amount due to expire		12,776
Amount not due to expire		13,008
Total net operating loss carry-forwards		25,784

in		2013		2012		2011
Movements in the valuation allowance (CHF million)
Balance at beginning of period		2,554		2,690		2,264
Net changes		151		(136)		426
Balance at end of period		2,705		2,554		2,690

in		2013		2012		2011
Tax benefits associated with share-based compensation (CHF million)
Tax benefits recorded in the consolidated statements of operations		483		597		466
Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital		(24)		41		(280)
Tax benefits in respect of tax on dividend equivalent payments		22		12		2

		2013		2012		2011
Movements in gross unrecognized tax benefits (CHF million)
Balance at beginning of period		420		373		578
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period		4		33		54
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period		(8)		(58)		(177)
Increases in unrecognized tax benefits as a result of tax positions taken during the current period		46		39		30
Decreases in unrecognized tax benefits relating to settlements with tax authorities		0		(4)		(65)
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(5)		(43)		(19)
Other (including foreign currency translation)		(34)		80		(28)
Balance at end of period		423		420		373
of which, if recognized, would affect the effective tax rate		417		414		366

in		2013		2012		2011
Interest and penalties (CHF million)
Interest and penalties recognized in the consolidated statements of operations		7		(13)		(19)
Interest and penalties recognized in the consolidated balance sheets		69		69		86

in		2013		2012		2011
Deferred compensation expense (CHF million)
Share awards		814		786		767
Performance share awards		590		366		0
Plus Bond awards 1		37		–		–
2011 Partner Asset Facility awards 2		77		677		0
Adjustable Performance Plan share awards		31		74		0
Adjustable Performance Plan cash awards		4		286		1,106
Restricted Cash Awards		145		165		253
Scaled Incentive Share Units		41		97		415
Incentive Share Units 3		(3)		62		174
2008 Partner Asset Facility awards 2		93		173		3
Other cash awards		434		362		334
Discontinued operations		(21)		(23)		(21)
Total deferred compensation expense		2,242		3,025		3,031
Total shares delivered (million)
Total shares delivered		33.7		31.6		24.2
1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period.
2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period.
3 Includes forfeitures.

end of		2013
Estimated unrecognized compensation expense (CHF million)
Share awards		804
Performance share awards		221
Plus Bond awards		18
Adjustable Performance Plan share awards		11
Adjustable Performance Plan cash awards		13
Restricted Cash Awards		136
Other cash awards		111
Total		1,314
Aggregate remaining weighted-average requisite service period (years)
Aggregate remaining weighted-average requisite service period		1.3
Does not include the estimated unrecognized compensation expense relating to grants made in 2014 for 2013.

		2013				2012				2011
		Number of share awards in million		Weighted- average grant-date fair value in CHF		Number of share awards in million		Weighted- average grant-date fair value in CHF		Number of share awards in million		Weighted- average grant-date fair value in CHF
Share awards
Balance at beginning of period		55.8		34.28		48.1		41.91		17.3		43.86
Granted		40.4		26.43		25.1		23.44		40.5		41.08
Settled		(20.0)		34.09		(14.9)		40.20		(7.6)		43.32
Forfeited		(3.3)		31.80		(2.5)		37.36		(2.1)		43.39
Balance at end of period		72.9		30.09		55.8		34.28		48.1		41.91
of which vested		5.8		–		3.9		–		1.8		–
of which unvested		67.1		–		51.9		–		46.3		–

		2013				2012
		Number of performance share awards in million		Weighted- average grant-date fair value in CHF		Number of performance share awards in million		Weighted- average grant-date fair value in CHF
Performance share awards
Balance at beginning of period		23.3		23.90		–		–
Granted		26.6		26.44		23.7		23.90
Settled		(7.6)		23.90		0.0		0.00
Forfeited		(0.9)		24.92		(0.4)		23.90
Balance at end of period		41.4		25.51		23.3		23.90
of which vested		2.7		–		0.9		–
of which unvested		38.7		–		22.4		–

		2013		2012
		Number of APP share awards in million		Number of APP share awards in million
Adjustable Performance Plan share awards
Balance at beginning of period		30.8		–
Granted		1.2	1	31.0
Settled		(17.2)		0.0
Forfeited		(0.3)		(0.2)
Balance at end of period		14.5		30.8
of which vested		1.2		0.3
of which unvested		13.3		30.5
1 Represents additional units earned in the first quarter of 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards.

		2013		2012		2011
SISU awards (million)
Balance at beginning of period		9.6		14.7		20.4
Settled		(4.8)		(4.9)		(5.1)
Forfeited		(0.1)		(0.2)		(0.6)
Balance at end of period		4.7		9.6		14.7
of which vested		1.2		1.7		1.0
of which unvested		3.5		7.9		13.7

		2013		2012		2011
ISU awards (million)
Balance at beginning of period		3.6		13.3		37.7
Settled		(1.8)		(8.8)		(23.3)
Forfeited		(0.6)		(0.9)		(1.1)
Balance at end of period		1.2		3.6		13.3
of which vested		0.1		0.4		1.4
of which unvested		1.1		3.2		11.9

		2013				2012				2011
		Number of share options in million		Weighted- average exercise price in CHF		Number of share options in million		Weighted- average exercise price in CHF		Number of share options in million		Weighted- average exercise price in CHF
Share options
Balance at beginning of period		5.3		32.59		16.9		51.00		29.8		64.58
Exercised		0.0		0.00		0.0		0.00		(0.1)		31.78
Forfeited		(0.1)		70.90		0.0		0.00		0.0		0.00
Expired		(4.8)		30.59		(11.6)		59.36		(12.8)		82.61
Balance at end of period		0.4		50.77		5.3		32.59		16.9		51.00
of which exercisable at end of period		0.4		50.77		5.3		32.59		16.9		51.00

in		2013		2012		2011
Loans to members of the Executive Board (CHF million)
Balance at beginning of period		8	1	22		18
Additions		4		3		5
Reductions		(2)		(17)		(1)
Balance at end of period		10	1	8		22
Loans to members of the Board of Directors (CHF million)
Balance at beginning of period		41	2	34		35
Additions		16		12		2
Reductions		(2)		(5)		(3)
Balance at end of period		55	2	41		34
1 The number of individuals with outstanding loans at the beginning and end of the year was three and four , respectively.
2 The number of individuals with outstanding loans at the beginning and end of the year was five .

in		2013		2012		2011
Loans outstanding made by the Group or any subsidiaries to equity method investees (CHF million)
Balance at beginning of period		12		13		45
Net borrowings/(repayments)		(2)		(1)		(32)
Balance at end of period		10		12		13

		Defined benefit pension plans												Other post-retirement defined benefit plans
		Switzerland						International						International
in		2013		2012		2011		2013		2012		2011		2013		2012		2011
Total benefit costs (CHF million)
Service costs on benefit obligation		347		347		319		24		30		33		0		1		0
Interest costs on benefit obligation		304		378		416		122		127		123		8		8		7
Expected return on plan assets		(575)		(617)		(668)		(161)		(164)		(160)		0		0		0
Amortization of recognized prior service cost/(credit)		(92)		(52)		17		0		(1)		0		0		(2)		(2)
Amortization of recognized actuarial losses/(gains)		258		144		84		79		74		51		13		13		9
Net periodic benefit costs		242		200		168		64		66		47		21		20		14
Settlement losses/(gains)		40		90		0		0		0		0		0		0		0
Curtailment losses/(gains)		(28)		(35)		1		0		0		0		0		0		0
Special termination benefits		19		19		10		0		0		0		0		0		0
Total benefit costs		273		274		179		64		66		47		21		20		14

		Defined benefit pension plans								Other post-retirement defined benefit plans
		Switzerland				International				International
in / end of		2013		2012		2013		2012		2013		2012
PBO (CHF million)  1
Beginning of the measurement period		14,296		13,944		2,773		2,675		180		174
Plan participant contributions		209		231		0		0		0		0
Service cost		347		347		24		30		0		1
Interest cost		304		378		122		127		8		8
Plan amendments		0		(402)		0		0		0		0
Settlements		(208)		(335)		(4)		0		0		0
Curtailments		(5)		(64)		(2)		(12)		0		0
Special termination benefits		19		19		1		1		0		0
Actuarial losses/(gains)		(736)		855		69		70		(8)		10
Plans removed		0		0		0		(6)		0		0
Benefit payments		(753)		(677)		(97)		(103)		(8)		(8)
Exchange rate losses/(gains)		0		0		(43)		(9)		(4)		(5)
End of the measurement period		13,473		14,296		2,843		2,773		168		180
Fair value of plan assets (CHF million)
Beginning of the measurement period		14,340		13,604		2,893		2,586		0		0
Actual return on plan assets		913		1,035		183		234		0		0
Employer contributions		411		482		67		158		8		8
Plan participant contributions		209		231		0		0		0		0
Settlements		(208)		(335)		(4)		0		0		0
Benefit payments		(753)		(677)		(97)		(103)		(8)		(8)
Exchange rate gains/(losses)		0		0		(35)		18		0		0
End of the measurement period		14,912		14,340		3,007		2,893		0		0
Funded status recognized (CHF million)
Funded status of the plan – overfunded/(underfunded)		1,439		44		164		120		(168)		(180)
Funded status recognized in the consolidated balance sheet as of December 31		1,439		44		164		120		(168)		(180)
Total amount recognized (CHF million)
Noncurrent assets		1,439		45		520		695		0		0
Current liabilities		0		0		(8)		(7)		(8)		(8)
Noncurrent liabilities		0		(1)		(348)		(568)		(160)		(172)
Total amount recognized in the consolidated balance sheet as of December 31		1,439		44		164		120		(168)		(180)
ABO (CHF million)  2
End of the measurement period		13,043		13,821		2,785		2,714		–		–
1 Including estimated future salary increases.
2 Excluding estimated future salary increases.

		PBO exceeds fair value of plan assets							1	ABO exceeds fair value of plan assets							1
		Switzerland				International				Switzerland				International
December 31		2013		2012		2013		2012		2013		2012		2013		2012
CHF million
PBO		0		6		1,334		1,400		0		6		1,319		1,382
ABO		0		5		1,307		1,364		0		5		1,298		1,354
Fair value of plan assets		0		5		978		825		0		5		964		810
1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets.

		Defined benefit pension plans				Other post-retirement defined benefit plans				Total
end of		2013		2012		2013		2012		2013		2012
Amounts recognized in AOCI (CHF million)
Actuarial gains/(losses)		(2,717)		(3,748)		(40)		(53)		(2,757)		(3,801)
Prior service credit/(cost)		512		607		3		3		515		610
Total		(2,205)		(3,141)		(37)		(50)		(2,242)		(3,191)

		Defined benefit pension plans						Other post-retirement defined benefit plans
in		Gross		Tax		Net		Gross		Tax		Net		Total net
2013 (CHF million)
Actuarial gains/(losses)		1,027		(288)	1	739		8		(3)		5		744
Amortization of actuarial losses/(gains)		337		(83)		254		13		(5)		8		262
Amortization of prior service cost/(credit)		(92)		20		(72)		0		0		0		(72)
Immediate recognition due to curtailment/settlement		18		(3)		15		0		0		0		15
Total amounts recognized in other comprehensive income		1,290		(354)		936		21		(8)		13		949
2012 (CHF million)
Actuarial gains/(losses)		(437)		92		(345)		(10)		4		(6)		(351)
Prior service credit/(cost)		402		(83)		319		0		0		0		319
Amortization of actuarial losses/(gains)		218		(57)		161		13		(5)		8		169
Amortization of prior service cost/(credit)		(53)		12		(41)		(2)		1		(1)		(42)
Immediate recognition due to curtailment/settlement		131		(28)		103		0		0		0		103
Total amounts recognized in other comprehensive income		261		(64)		197		1		0		1		198
1 Includes the impact from the valuation allowance recognized on deferred tax assets on one of the Group's entities in the UK, offsetting the tax benefit of CHF 37 million attributable to the UK pension plan.

in 2014		Defined benefit pension plans		Other post-retirement defined benefit plans
CHF million
Amortization of actuarial losses/(gains)		146		5
Amortization of prior service cost/(credit)		(69)		0
Total		77		5

		Defined benefit pension plans												Other post-retirement defined benefit plans
		Switzerland						International						International
December 31		2013		2012		2011		2013		2012		2011		2013		2012		2011
Net periodic benefit cost (%)
Discount rate		2.2		2.8		3.1		4.5		4.8		5.5		4.3		4.7		5.5
Salary increases		1.2		1.4		2.0		4.0		4.0		4.2		–		–		–
Expected long-term rate of return on plan assets		4.0		4.3		4.8		6.2		6.4		7.3		–		–		–
Benefit obligation (%)
Discount rate		2.6		2.2		2.8		4.7		4.5		4.8		5.1		4.3		4.7
Salary increases		1.2		1.2		1.4		4.3		4.0		4.0		–		–		–

in / end of		2013		2012		2011
Health care cost trend rate (%)
Annual weighted-average health care cost trend rate 1		8.00		9.00		9.00
Increase/(decrease) in post-retirement expenses (CHF million)
One percentage point increase in health care cost trend rates		1.3		1.4		1.3
One percentage point decrease in health care cost trend rates		(1.0)		(1.1)		(1.1)
Increase/(decrease) in post-retirement benefit obligation (CHF million)
One percentage point increase in health care cost trend rates		23		27		23
One percentage point decrease in health care cost trend rates		(19)		(22)		(19)
1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5 % by 2021.

		2013								2012
end of		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Plan assets at fair value (CHF million)
Cash and cash equivalents		3,335		35		0		3,370		2,630		0		0		2,630
Debt securities		415		2,978		0		3,393		1,137		2,894		0		4,031
of which governments		395		0		0		395		959		28		0		987
of which corporates		20		2,978		0		2,998		178		2,866		0		3,044
Equity securities		2,224		2,321		0		4,545		1,821		1,651		0		3,472
Real estate		0		564		1,125		1,689		0		552		1,080		1,632
of which direct		0		0		1,123		1,123		0		0		1,078		1,078
of which indirect		0		564		2		566		0		552		2		554
Alternative investments		0		1,178		737		1,915		0		1,908		662		2,570
of which private equity		0		0		607		607		0		0		662		662
of which hedge funds		0		1,086		0		1,086		0		1,668		0		1,668
of which other		0		92	1	130		222		0		240	1	0		240
Other investments		0		0		0		0		0		5		0		5
Switzerland		5,974		7,076		1,862		14,912		5,588		7,010		1,742		14,340
Cash and cash equivalents		66		333		0		399		0		394		0		394
Debt securities		335		1,017		177		1,529		234		1,128		71		1,433
of which governments		335		30		0		365		234		8		0		242
of which corporates		0		987		177		1,164		0		1,120	2	71		1,191
Equity securities		172		441		0		613		188		325	2	0		513
Real estate – indirect		0		0		94		94		0		0		89		89
Alternative investments		(23)		290		7		274		0		335		34		369
of which private equity		0		0		0		0		0		0		4		4
of which hedge funds		0		264		3		267		0		94	2	30		124
of which other		(23)	1	26	1	4		7		0		241	1	0		241
Other investments		0		98		0		98		0		95		0		95
International		550		2,179		278		3,007		422		2,277		194		2,893
Total plan assets at fair value		6,524		9,255		2,140		17,919		6,010		9,287		1,936		17,233
1 Primarily related to derivative instruments.
2 Prior period has been corrected to reclassify certain plan assets from equity securities to corporate debt and hedge funds, respectively.

								Actual return on plan assets
		Balance at beginning of period		Transfers in		Transfers out		On assets still held at reporting date		On assets sold during the period		Purchases, sales, settlements		Foreign currency translation impact		Balance at end of period
2013 (CHF million)
Debt securities – corporates		71		1		(1)		5		0		103		(2)		177
Real estate		1,169		0		0		52		0		0		(2)		1,219
of which direct		1,078		0		0		45		0		0		0		1,123
of which indirect		91		0		0		7		0		0		(2)		96
Alternative investments		696		149		(147)		37		7		15		(13)		744
of which private equity		666		0		(147)		45		1		47		(5)		607
of which hedge funds		30		2		0		(3)		2		(27)		(1)		3
of which other		0		147		0		(5)		4		(5)		(7)		134
Total plan assets at fair value		1,936		150		(148)		94		7		118		(17)		2,140
of which Switzerland		1,742		147		(147)		87		0		42		(9)		1,862
of which International		194		3		(1)		7		7		76		(8)		278
2012 (CHF million)
Debt securities – corporates		90		0		(28)		9		3		(3)		0		71
Real estate		1,118		0		0		50		0		3		(2)		1,169
of which direct		1,034		0		0		44		0		0		0		1,078
of which indirect		84		0		0		6		0		3		(2)		91
Alternative investments		696		0		0		(17)		3		31		(17)		696
of which private equity		615		0		0		(18)		2		82		(15)		666
of which hedge funds		81		0		0		1		1		(51)		(2)		30
Total plan assets at fair value		1,904		0		(28)		42		6		31		(19)		1,936
of which Switzerland		1,640		0		0		27		0		89		(14)		1,742
of which International		264		0		(28)		15		6		(58)		(5)		194

		Switzerland				International
December 31		2013		2012		2013		2012
Weighted-average plan asset allocation (%)
Cash and cash equivalents		22.6		18.3		13.3		13.6
Debt securities		22.8		28.1		50.7		49.5	1
Equity securities		30.4		24.2		20.4		17.8	1
Real estate		11.3		11.4		3.1		3.1
Alternative investments		12.9		18.0		9.2		12.7	1
Insurance		0.0		0.0		3.3		3.3
Total		100.0		100.0		100.0		100.0
1 Prior period has been corrected to reclassify certain plan assets from equity securities to debt securities and alternative investments, respectively.

		Switzerland		International
2014 (%)
Cash and cash equivalents		10		0
Debt securities		35		59
Equity securities		30		25
Real estate		12		3
Alternative investments		13		10
Insurance		0		3
Total		100		100

		Defined benefit pension plans		Other post-retirement defined benefit plans
Estimated future benefit payments (CHF million)
2014		969		8
2015		956		9
2016		936		10
2017		909		10
2018		896		11
For five years thereafter		4,933		59

		Trading						Hedging					1
end of 2013		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)
Derivative instruments (CHF billion)
Forwards and forward rate agreements		9,366.2		2.5		2.6		0.0		0.0		0.0
Swaps		30,589.6		399.6		393.8		68.5		2.8		0.7
Options bought and sold (OTC)		3,889.5		44.3		44.9		0.0		0.0		0.0
Futures		830.8		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		705.9		0.3		0.2		0.0		0.0		0.0
Interest rate products		45,382.0		446.7		441.5		68.5		2.8		0.7
Forwards		2,098.0		21.6		21.5		30.5		0.3		0.1
Swaps		1,382.1		28.9		39.2		0.0		0.0		0.0
Options bought and sold (OTC)		815.6		10.7		11.6		9.4		0.0		0.0
Futures		48.8		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		5.5		0.1		0.2		0.0		0.0		0.0
Foreign exchange products		4,350.0		61.3		72.5		39.9		0.3		0.1
Forwards		4.0		0.7		0.1		0.0		0.0		0.0
Swaps		236.1		5.4		7.9		0.0		0.0		0.0
Options bought and sold (OTC)		225.3		12.2		12.0		0.0		0.0		0.0
Futures		50.6		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		416.2		17.0		17.2		0.0		0.0		0.0
Equity/index-related products		932.2		35.3		37.2		0.0		0.0		0.0
Credit derivatives 2		1,483.3		26.8		27.2		0.0		0.0		0.0
Forwards		19.2		0.7		1.1		0.0		0.0		0.0
Swaps		45.4		2.9		2.5		0.0		0.0		0.0
Options bought and sold (OTC)		35.2		1.1		1.0		0.0		0.0		0.0
Futures		31.1		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		48.9		0.7		0.9		0.0		0.0		0.0
Other products 3		179.8		5.4		5.5		0.0		0.0		0.0
Total derivative instruments		52,327.3		575.5		583.9		108.4		3.1		0.8
The notional amount, PRV and NRV (trading and hedging) was CHF 52,435.7 billion, CHF 578.6 billion and CHF 584.7 billion, respectively, as of December 31, 2013.
1 Relates to derivative contracts that qualify for hedge accounting under US GAAP.
2 Primarily credit default swaps.
3 Primarily precious metals, commodity, energy and emission products.

		Trading						Hedging					1
end of 2012		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)
Derivative instruments (CHF billion)
Forwards and forward rate agreements		8,055.9		2.6		2.5		0.0		0.0		0.0
Swaps		29,155.2		635.6		630.1		62.8		3.9		1.5
Options bought and sold (OTC)		3,739.9		62.4		62.6		0.0		0.0		0.0
Futures		1,145.4		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		952.0		0.3		0.2		0.0		0.0		0.0
Interest rate products		43,048.4		700.9		695.4		62.8		3.9		1.5
Forwards		2,133.4		21.6		21.3		19.6		0.2		0.1
Swaps		1,336.3		32.2		46.6		0.0		0.0		0.0
Options bought and sold (OTC)		985.3		9.7		10.7		0.0		0.0		0.0
Futures		83.8	2	0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		3.6		0.0		0.0		0.0		0.0		0.0
Foreign exchange products		4,542.4		63.5		78.6		19.6		0.2		0.1
Forwards		5.5		0.6		0.0		0.0		0.0		0.0
Swaps		211.0		4.6		5.8		0.0		0.0		0.0
Options bought and sold (OTC)		214.9		11.4		11.1		0.0		0.0		0.0
Futures		74.4		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		338.2		13.7		14.1		0.0		0.0		0.0
Equity/index-related products		844.0		30.3		31.0		0.0		0.0		0.0
Credit derivatives 3		1,694.4		30.6		29.8		0.0		0.0		0.0
Forwards		31.3		1.1		1.4		0.0		0.0		0.0
Swaps		55.3		3.6		3.1		0.0		0.0		0.0
Options bought and sold (OTC)		54.2		1.6		1.6		0.0		0.0		0.0
Futures		35.6	2	0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		50.4		1.6		1.7		0.0		0.0		0.0
Other products 4		226.8		7.9		7.8		0.0		0.0		0.0
Total derivative instruments		50,356.0		833.2		842.6		82.4		4.1		1.6
The notional amount, PRV and NRV (trading and hedging) was CHF 50,438.4 billion, CHF 837.3 billion and CHF 844.2 billion, respectively, as of December 31, 2012.
1 Relates to derivative contracts that qualify for hedge accounting under US GAAP.
2 Prior period has been corrected to reclassify the notional amounts from other products to foreign exchange products.
3 Primarily credit default swaps.
4 Primarily precious metals, commodity, energy and emission products.

in		2013		2012		2011
Gains/(losses) recognized in income on derivatives (CHF million)
Interest rate products		437		834		548
Foreign exchange products		(9)		(13)		20
Total		428		821		568
Gains/(losses) recognized in income on hedged items (CHF million)
Interest rate products		(435)		(878)		(585)
Foreign exchange products		9		13		(20)
Total		(426)		(865)		(605)
Details of fair value hedges (CHF million)
Net gains/(losses) on the ineffective portion		2		(44)		(37)
Represents gains/(losses) recognized in trading revenues.

in		2013		2012		2011
Gains/(losses) recognized in AOCI on derivatives (CHF million)
Interest rate products		7		8		0
Foreign exchange products		13		30		(6)
Total		20		38		(6)
Gains/(losses) reclassified from AOCI into income (CHF million)
Interest rate products 1		3		0		0
Foreign exchange products		(3)	2	0		31	3
Total		0		0		31
Details of cash flow hedges (CHF million)
Net gains on the ineffective portion		1		0		0
1 Included in trading revenues.
2 Included in other revenues.
3 Included in commissions and fees.

in		2013		2012		2011
Gains/(losses) recognized in AOCI on derivatives (CHF million)
Foreign exchange products		504		(81)		280
Total		504		(81)		280
Gains/(losses) reclassified from AOCI into income (CHF million)
Foreign exchange products 1		2		75		4
Total		2		75		4
Represents gains/(losses) on effective portion.
1 Included in other revenues.

		2013								2012
end of		Bilateral counterparties		Special purpose entities		Accelerated terminations		Total		Bilateral counterparties		Special purpose entities		Accelerated terminations		Total
Contingent credit risk (CHF billion)
Current net exposure		11.7		1.1		0.1		12.9		15.3		1.4		0.6		17.3
Collateral posted		10.6		1.2		–		11.8		13.4		1.4		–		14.8
Additional collateral required in a one-notch downgrade event		0.6		0.8		0.0		1.4		0.2		0.5		0.0		0.7
Additional collateral required in a two-notch downgrade event		2.3		1.1		0.0		3.4		2.7	1	1.5		0.5		4.7
1 Additional collateral required in a two-notch downgrade event has been corrected.

		2013										2012
end of		Credit protection sold		Credit protection purchased	1	Net credit protection (sold)/ purchased		Other protection purchased		Fair value of credit protection sold		Credit protection sold		Credit protection purchased	1	Net credit protection (sold)/ purchased		Other protection purchased		Fair value of credit protection sold
Single-name instruments (CHF billion)
Investment grade 2		(305.9)		287.9		(18.0)		37.7		5.2		(394.6)		373.9		(20.7)		56.0		2.5
Non-investment grade		(108.7)		104.9		(3.8)		10.5		2.5		(135.4)		129.3		(6.1)		11.3		(0.4)
Total single-name instruments		(414.6)		392.8		(21.8)		48.2		7.7		(530.0)	3	503.2	3	(26.8)		67.3	3	2.1	3
of which sovereign		(88.1)		85.0		(3.1)		8.9		(0.4)		(119.4)		117.1		(2.3)		10.3		(0.7)
of which non-sovereign		(326.5)		307.8		(18.7)		39.3		8.1		(410.6)		386.1		(24.5)		57.0		2.8
Multi-name instruments (CHF billion)
Investment grade 2		(219.1)		212.1		(7.0)		47.3		3.3		(222.2)		207.1		(15.1)		20.6		(0.7)
Non-investment grade		(65.0)		59.0	4	(6.0)		13.5		1.5		(62.8)		56.1	4	(6.7)		9.8		(1.6)
Total multi-name instruments		(284.1)		271.1		(13.0)		60.8		4.8		(285.0)	3	263.2	3	(21.8)		30.4	3	(2.3)	3
of which sovereign		(10.8)		10.9		0.1		1.1		0.0		(13.5)		13.1		(0.4)		0.4		(0.1)
of which non-sovereign		(273.3)		260.2		(13.1)		59.7		4.8		(271.5)		250.1		(21.4)		30.0		(2.2)
Total instruments (CHF billion)
Investment grade 2		(525.0)		500.0		(25.0)		85.0		8.5		(616.8)		581.0		(35.8)		76.6		1.8
Non-investment grade		(173.7)		163.9		(9.8)		24.0		4.0		(198.2)		185.4		(12.8)		21.1		(2.0)
Total instruments		(698.7)		663.9		(34.8)		109.0		12.5		(815.0)		766.4		(48.6)		97.7		(0.2)
of which sovereign		(98.9)		95.9		(3.0)		10.0		(0.4)		(132.9)		130.2		(2.7)		10.7		(0.8)
of which non-sovereign		(599.8)		568.0		(31.8)		99.0		12.9		(682.1)		636.2		(45.9)		87.0		0.6
1 Represents credit protection purchased with identical underlyings and recoveries.
2 Based on internal ratings of BBB and above.
3 Credit protection instruments have been corrected to reclassify certain single-name instruments to multi-name instruments.
4 Includes the Clock Finance transaction.

end of		2013		2012
Credit derivatives (CHF billion)
Credit protection sold		698.7		815.0
Credit protection purchased		663.9		766.4
Other protection purchased		109.0		97.7
Other instruments 1		11.7		15.3
Total credit derivatives		1,483.3		1,694.4
1 Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments.

end of		Maturity less than 1 year		Maturity between 1 to 5 years		Maturity greater than 5 years		Total
2013 (CHF billion)
Single-name instruments		91.2		281.4		42.0		414.6
Multi-name instruments		19.2		208.2		56.7		284.1
Total instruments		110.4		489.6		98.7		698.7
2012 (CHF billion)
Single-name instruments		125.0		326.0		79.0		530.0
Multi-name instruments		42.7		171.0		71.3		285.0
Total instruments		167.7		497.0		150.3		815.0

end of		Maturity less than 1 year		Maturity between 1 to 3 years		Maturity between 3 to 5 years		Maturity greater than 5 years		Total gross amount		Total net amount	1	Carrying value		Collateral received
2013 (CHF million)
Credit guarantees and similar instruments		2,826		1,125		396		569		4,916		4,768		34		2,333
Performance guarantees and similar instruments		4,428		1,786		1,006		145		7,365		6,444		87		3,312
Securities lending indemnifications		11,479		0		0		0		11,479		11,479		0		11,479
Derivatives 2		18,247		9,544		1,960		1,899		31,650		31,650		715		–	3
Other guarantees		4,003		817		197		198		5,215		5,191		3		2,631
Total guarantees		40,983		13,272		3,559		2,811		60,625		59,532		839		19,755
2012 (CHF million)
Credit guarantees and similar instruments 4		10,104		1,543		334		606		12,587		12,200		53		1,920
Performance guarantees and similar instruments		5,160		1,643		970		1,758		9,531		8,793		139		3,336
Securities lending indemnifications		12,211		0		0		0		12,211		12,211		0		12,211
Derivatives 2		21,197		9,951		1,833		2,434		35,415		35,415		985		–	3
Other guarantees		4,297		689		286		147		5,419		5,397		3		2,812
Total guarantees		52,969		13,826		3,423		4,945		75,163		74,016		1,180		20,279
1 Total net amount is computed as the gross amount less any participations.
2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments.
3 Collateral for derivatives accounted for as guarantees is not significant.
4 Prior period has been corrected.

January 1, 2004 to December 31, 2013 (USD billion)
Government-sponsored enterprises		8.2
Private investors 1		23.5
Non-agency securitizations		133.8	2
Total		165.5
1 Primarily banks.
2 The outstanding balance of residential mortgage loans sold was USD 26.2 billion as of December 31, 2013. The difference of the total balance of mortgage loans sold and the outstanding balance as of December 31, 2013 was attributable to borrower payments of USD 88.9 billion and losses of USD 18.7 billion due to loan defaults.

		2013								2012
		Government- sponsored enterprises		Private investors		Non- agency securiti- zations		Total		Government- sponsored enterprises		Private investors		Non- agency securiti- zations		Total
Outstanding repurchase claims (USD million)
Balance at beginning of period		67		464		1,395		1,926		68		432		243		743
New claims		69		139		1,039		1,247		58		57		2,032		2,147
Claims settled through repurchases		(4)		(1)		(2)		(7)	1	(7)		0		(7)		(14)	1
Other settlements		(31)		(178)		(7)		(216)	2	(15)		(7)		(32)		(54)	2
Total claims settled		(35)		(179)		(9)		(223)		(22)		(7)		(39)		(68)
Claims rescinded		(24)		(4)		0		(28)		(37)		(18)		0		(55)
Transfers to/from arbitration and litigation, net 3		0		0		(2,342)	4	(2,342)		0		0		(841)		(841)
Balance at end of period		77		420		83		580		67		464		1,395		1,926
1 Settled at a repurchase price of USD 6 million and USD 15 million in 2013 and 2012, respectively.
2 Settled at USD 48 million and USD 41 million in 2013 and 2012, respectively.
3 Refer to "Note 38 – Litigation" for repurchase claims that are in arbitration or litigation.
4 Transfers to arbitration and litigation disclosed in 2013 include portfolios of claims of approximately USD 0.3 billion for which formal legal proceedings had commenced in prior periods.

		2013		2012
Provisions for outstanding repurchase claims (USD million)  1
Balance at beginning of period		55		59
Increase/(decrease) in provisions, net		145		52
Realized losses 2		(54)	3	(56)	4
Balance at end of period		146	3	55	5
1 Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 38 – Litigation" for further information.
2 Includes indemnifications paid to resolve loan repurchase claims.
3 Primarily related to government-sponsored enterprises and private investors.
4 Primarily related to government-sponsored enterprises and non-agency securitizations.
5 Primarily related to government-sponsored enterprises.

Lease commitments (CHF million)
2014		580
2015		527
2016		474
2017		412
2018		365
Thereafter		3,063
Future operating lease commitments		5,421
Less minimum non-cancellable sublease rentals		171
Total net future minimum lease commitments		5,250

in		2013		2012		2011
Rental expense for operating leases (CHF million)
Minimum rental expense		642		631		554
Sublease rental income		(85)		(98)		(97)
Total net expenses for operating leases		557		533		457

end of		Maturity less than 1 year		Maturity between 1 to 3 years		Maturity between 3 to 5 years		Maturity greater than 5 years		Total gross amount		Total net amount	1	Collateral received
2013 (CHF million)
Irrevocable commitments under documentary credits		5,484		27		1		0		5,512		5,452		3,381
Irrevocable loan commitments 2		27,250		26,877		35,376		7,487		96,990		92,732		47,996
Forward reverse repurchase agreements		26,893		0		0		0		26,893		26,893		26,893
Other commitments		2,481		1,020		104		286		3,891		3,891		350
Total other commitments		62,108		27,924		35,481		7,773		133,286		128,968		78,620
2012 (CHF million)
Irrevocable commitments under documentary credits		6,217		35		6		0		6,258		6,061		3,219
Irrevocable loan commitments 2		32,794		23,612		37,790		6,023		100,219		94,748		32,765
Forward reverse repurchase agreements		45,556		0		0		0		45,556		45,556		45,556
Other commitments		949		864		172		576		2,561		2,561		131
Total other commitments		85,516		24,511		37,968		6,599		154,594		148,926		81,671
1 Total net amount is computed as the gross amount less any participations.
2 Irrevocable loan commitments do not include a total gross amount of CHF 90,254 million and CHF 78,887 million of unused credit limits as of December 31, 2013 and 2012, respectively, which were revocable at the Group's sole discretion upon notice to the client. Prior period has been adjusted to the current presentation.

in		2013		2012		2011
Gains and cash flows (CHF million)
CMBS
Net gain 1		4		56		6
Proceeds from transfer of assets		5,574		6,156		974
Servicing fees		0		0		1
Cash received on interests that continue to be held		70		57		205
RMBS
Net gain/(loss) 1		(8)		3		65
Proceeds from transfer of assets		24,523		15,143		30,695
Purchases of previously transferred financial assets or its underlying collateral		(10)		(25)		(4)
Servicing fees		4		3		3
Cash received on interests that continue to be held		486		554		382
Other asset-backed financings
Net gain 1		15		83		24
Proceeds from transfer of assets		915		591		1,268
Purchases of previously transferred financial assets or its underlying collateral   2		(213)		(621)		(256)
Servicing fees		0		0		1
Cash received on interests that continue to be held		633		1,350		701
1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral are the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans.
2 Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present.

end of		2013		2012
CHF million
CMBS
Principal amount outstanding		37,308		30,050
Total assets of SPE		48,715		45,407
RMBS
Principal amount outstanding		45,571		58,112
Total assets of SPE		48,741		60,469
Other asset-backed financings
Principal amount outstanding		27,854		32,805
Total assets of SPE		27,854		32,805
Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties.

		2013								2012
at time of transfer				CMBS				RMBS				CMBS				RMBS
CHF million, except where indicated
Fair value of beneficial interests				633				2,993				761				2,219
of which level 2				476				2,879				654				2,090
of which level 3				156				114				107				129
Weighted-average life, in years				7.3				7.7				8.4				5.0
Prepayment speed assumption (rate per annum), in % 1				–	2	2.0	–	31.0				–	2	0.1	–	34.9
Cash flow discount rate (rate per annum), in % 3		1.6	–	11.6		0.0	–	45.9		0.8	–	10.7		0.1	–	25.7
Expected credit losses (rate per annum), in %		0.0	–	7.5		0.0	–	45.8		0.5	–	9.0		0.0	–	25.1
Transfers of assets in which the Group does not have beneficial interests are not included in this table.
1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR .
2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
3 The rate was based on the weighted-average yield on the beneficial interests.

		2013												2012
				CMBS	1			RMBS				Other asset- backed financing activities	2			CMBS	1			RMBS				Other asset- backed financing activities	2
CHF million, except where indicated
Fair value of beneficial interests				1,132				2,354				284				274				1,929				692
of which non-investment grade				26				359				204				90				342				686
Weighted-average life, in years				6.5				8.6				3.7				4.0				5.2				3.6
Prepayment speed assumption (rate per annum), in % 3				–		1.0	–	23.5				–				–		0.1	–	27.6				–
Impact on fair value from 10% adverse change				–				(26.6)				–				–				(38.5)				–
Impact on fair value from 20% adverse change				–				(48.6)				–				–				(74.3)				–
Cash flow discount rate (rate per annum), in % 4		1.1	–	37.1		1.7	–	22.4		1.0	–	23.1		1.1	–	50.2		0.2	–	42.8		0.7	–	51.7
Impact on fair value from 10% adverse change				(25.5)				(65.0)				(2.4)				(14.8)				(62.8)				(1.0)
Impact on fair value from 20% adverse change				(50.0)				(124.9)				(4.9)				(19.9)				(93.5)				(1.8)
Expected credit losses (rate per annum), in %		0.2	–	36.6		0.1	–	17.3		0.7	–	21.0		0.9	–	49.5		0.9	–	42.8		0.3	–	51.4
Impact on fair value from 10% adverse change				(10.9)				(42.2)				(0.4)				(14.4)				(55.9)				(0.8)
Impact on fair value from 20% adverse change				(21.5)				(79.6)				(0.7)				(19.2)				(80.3)				(1.6)
1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
2 CDOs within this category are generally structured to be protected from prepayment risk.
3 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR .
4 The rate was based on the weighted-average yield on the beneficial interests.

		2013		2012
CHF million
CMBS
Other assets		432		467
Liability to SPE, included in Other liabilities		(432)		(467)
Other asset-backed financings
Trading assets		216		1,171
Other assets		157		913
Liability to SPE, included in Other liabilities		(373)		(2,084)

						Financial intermediation
end of		CDO		CP Conduit		Securi- tizations		Funds		Loans		Other		Total
2013 (CHF million)
Cash and due from banks		702		1		2		100		87		60		952
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		1,959		0		0		0		0		1,959
Trading assets		869		51		3		1,687		665		335		3,610
Investment securities		0		100		0		0		0		0		100
Other investments		0		0		0		0		1,491		492		1,983
Net loans		0		2,012		885		0		779		531		4,207
Premises and equipment		0		0		0		0		447		66		513
Other assets		7,516		1,473		3,353		0		308		1,680		14,330
of which loans held-for-sale		7,479		0		3,093		0		56		0		10,628
Total assets of consolidated VIEs		9,087		5,596		4,243		1,787		3,777		3,164		27,654
Customer deposits		0		0		0		0		0		265		265
Trading liabilities		9		0		0		0		8		76		93
Short-term borrowings		0		4,280		0		7		0		(1)		4,286
Long-term debt		9,067		17		3,187		179		93		449		12,992
Other liabilities		34		16		67		2		153		438		710
Total liabilities of consolidated VIEs		9,110		4,313		3,254		188		254		1,227		18,346
2012 (CHF million)
Cash and due from banks		1,534		27		0		125		44		20		1,750
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		117		0		0		0		0		117
Trading assets		1,064		196		14		1,861		565		997		4,697
Investment securities		0		23		0		0		0		0		23
Other investments		0		0		0		0		1,712		577		2,289
Net loans		0		4,360		859		0		405		429		6,053
Premises and equipment		0		0		0		0		509		72		581
Other assets		7,369		1,637		3,111		4		572		1,843		14,536
of which loans held-for-sale		7,324		0		3,110		0		71		0		10,505
Total assets of consolidated VIEs		9,967		6,360		3,984		1,990		3,807		3,938		30,046
Customer deposits		0		0		0		0		0		247		247
Trading liabilities		20		0		0		0		4		101		125
Short-term borrowings		0		5,776		0		3		0		3,803		9,582
Long-term debt		9,944		14		3,608		500		38		428		14,532
Other liabilities		45		6		97		7		168		905		1,228
Total liabilities of consolidated VIEs		10,009		5,796		3,705		510		210		5,484		25,714

				Financial intermediation
end of		CDO		Securi- tizations		Funds		Loans		Other		Total
2013 (CHF million)
Trading assets		183		4,920		979		725		713		7,520
Net loans		2		613		2,812		2,856		1,282		7,565
Other assets		0		0		47		0		6		53
Total variable interest assets		185		5,533		3,838		3,581		2,001		15,138
Maximum exposure to loss		186		7,496		4,026		7,433		2,090		21,231
Non-consolidated VIE assets		10,211		101,524		55,509		31,144		19,450		217,838
2012 (CHF million)
Trading assets		100		3,210		1,143		868		600		5,921
Net loans		8		111		2,148		3,572		1,668		7,507
Other assets		0		17		49		0		4		70
Total variable interest assets		108		3,338		3,340		4,440		2,272		13,498
Maximum exposure to loss		108		14,123		3,575		4,906		3,039		25,751
Non-consolidated VIE assets		5,163		103,990		52,268		22,304		15,491		199,216

end of 2013		Level 1		Level 2		Level 3		Netting impact	1	Total
Assets (CHF million)
Cash and due from banks		0		527		0		0		527
Interest-bearing deposits with banks		0		311		0		0		311
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		96,383		204		0		96,587
Debt		409		1,592		0		0		2,001
of which corporates		0		1,558		0		0		1,558
Equity		20,689		110		0		0		20,799
Securities received as collateral		21,098		1,702		0		0		22,800
Debt		41,829		63,218		5,069		0		110,116
of which foreign governments		40,199		6,980		230		0		47,409
of which corporates		14		24,268		2,128		0		26,410
of which RMBS		0		23,343		436		0		23,779
of which CMBS		0		5,255		417		0		5,672
of which CDO		0		3,305		1,567		0		4,872
Equity		70,322		5,778		595		0		76,695
Derivatives		6,610		563,649		5,217		(543,873)		31,603
of which interest rate products		1,065		444,056		1,574		–		–
of which foreign exchange products		8		60,807		484		–		–
of which equity/index-related products		5,278		28,763		1,240		–		–
of which credit derivatives		0		25,662		1,138		–		–
Other		3,691		4,479		2,829		0		10,999
Trading assets		122,452		637,124		13,710		(543,873)		229,413
Debt		1,788		1,098		0		0		2,886
of which foreign governments		1,386		2		0		0		1,388
of which corporates		0		606		0		0		606
of which CDO		0		490		0		0		490
Equity		2		97		2		0		101
Investment securities		1,790		1,195		2		0		2,987
Private equity		0		0		3,345		0		3,345
of which equity funds		0		0		2,236		0		2,236
Hedge funds		0		289		392		0		681
of which debt funds		0		174		329		0		503
Other equity investments		283		55		1,632		0		1,970
of which private		0		15		1,630		0		1,645
Life finance instruments		0		0		1,600		0		1,600
Other investments		283		344		6,969		0		7,596
Loans		0		11,459		7,998		0		19,457
of which commercial and industrial loans		0		6,302		5,309		0		11,611
of which financial institutions		0		4,484		1,322		0		5,806
Other intangible assets (mortgage servicing rights)		0		0		42		0		42
Other assets		4,861		21,530		6,159		(1,032)		31,518
of which loans held-for-sale		0		12,770		5,615		0		18,385
Total assets at fair value		150,484		770,575		35,084		(544,905)		411,238
Less other investments - equity at fair value attributable to noncontrolling interests		(246)		(149)		(2,781)		0		(3,176)
Less assets consolidated under ASU 2009-17 2		0		(8,996)		(2,458)		0		(11,454)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework		150,238		761,430		29,845		(544,905)		396,608
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
2 Assets of consolidated VIEs that are not risk-weighted under the Basel framework.

end of 2013		Level 1		Level 2		Level 3		Netting impact	1	Total
Liabilities (CHF million)
Due to banks		0		1,450		0		0		1,450
Customer deposits		0		3,197		55		0		3,252
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		0		75,990		114		0		76,104
Debt		409		1,592		0		0		2,001
of which corporates		0		1,558		0		0		1,558
Equity		20,689		110		0		0		20,799
Obligation to return securities received as collateral		21,098		1,702		0		0		22,800
Debt		19,037		5,311		2		0		24,350
of which foreign governments		18,863		603		0		0		19,466
of which corporates		1		4,130		2		0		4,133
Equity		15,476		309		17		0		15,802
Derivatives		5,879		572,444		5,545		(547,385)		36,483
of which interest rate products		896		439,446		1,129		–		–
of which foreign exchange products		14		71,547		938		–		–
of which equity/index-related products		4,691		30,622		1,896		–		–
of which credit derivatives		0		25,942		1,230		–		–
Trading liabilities		40,392		578,064		5,564		(547,385)		76,635
Short-term borrowings		0		5,888		165		0		6,053
Long-term debt		0		53,589		9,780		0		63,369
of which treasury debt over two years		0		9,081		0		0		9,081
of which structured notes over two years		0		20,679		6,217		0		26,896
of which non-recourse liabilities		0		9,509		2,552		0		12,061
Other liabilities		0		19,511		2,861		(399)		21,973
of which failed sales		0		638		1,143		0		1,781
Total liabilities at fair value		61,490		739,391		18,539		(547,784)		271,636
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.

end of 2012		Level 1		Level 2		Level 3		Netting impact	1	Total
Assets (CHF million)
Cash and due from banks		0		569		0		0		569
Interest-bearing deposits with banks		0		627		0		0		627
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		113,664		0		0		113,664
Debt		92		350		0		0		442
of which corporates		0		320		0		0		320
Equity		29,585		18		0		0		29,603
Securities received as collateral		29,677		368		0		0		30,045
Debt		55,592		74,391		5,888		0		135,871
of which foreign governments		53,918		11,032		79		0		65,029
of which corporates		1		25,932		3,192		0		29,125
of which RMBS		0		30,392		724		0		31,116
of which CMBS		0		4,335		1,023		0		5,358
of which CDO		0		2,620		447		0		3,067
Equity		66,664		7,746		485		0		74,895
Derivatives		3,428		823,016		6,650		(799,886)		33,208
of which interest rate products		703		698,297		1,859		–		–
of which foreign exchange products		1		62,717		754		–		–
of which equity/index-related products		2,538		25,820		1,920		–		–
of which credit derivatives		0		29,274		1,294		–		–
Other		7,203		2,736		2,486		0		12,425
Trading assets		132,887		907,889		15,509		(799,886)		256,399
Debt		2,066		1,168		169		0		3,403
of which foreign governments		1,583		1		21		0		1,605
of which corporates		0		720		125		0		845
of which CDO		0		447		23		0		470
Equity		4		90		1		0		95
Investment securities		2,070		1,258		170		0		3,498
Private equity		0		0		3,958		0		3,958
of which equity funds		0		0		2,633		0		2,633
Hedge funds		0		470		165		0		635
of which debt funds		0		349		84		0		433
Other equity investments		271		69		2,243		0		2,583
of which private		0		61		2,245		0		2,306
Life finance instruments		0		0		1,818		0		1,818
Other investments		271		539		8,184		0		8,994
Loans		0		13,381		6,619		0		20,000
of which commercial and industrial loans		0		6,191		4,778		0		10,969
of which financial institutions		0		5,934		1,530		0		7,464
Other intangible assets (mortgage servicing rights)		0		0		43		0		43
Other assets		5,439		26,912		5,164		(240)		37,275
of which loans held-for-sale		0		14,899		4,463		0		19,362
Total assets at fair value		170,344		1,065,207		35,689		(800,126)		471,114
Less other investments - equity at fair value attributable to noncontrolling interests		(240)		(99)		(3,292)		0		(3,631)
Less assets consolidated under ASU 2009-17 2		0		(8,769)		(2,745)		0		(11,514)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework		170,104		1,056,339		29,652		(800,126)		455,969
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
2 Assets of consolidated VIEs that are not risk-weighted under the Basel framework.

end of 2012		Level 1		Level 2		Level 3		Netting impact	1	Total
Liabilities (CHF million)
Due to banks		0		3,413		0		0		3,413
Customer deposits		0		4,618		25		0		4,643
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		0		108,784		0		0		108,784
Debt		92		350		0		0		442
of which corporates		0		320		0		0		320
Equity		29,585		18		0		0		29,603
Obligation to return securities received as collateral		29,677		368		0		0		30,045
Debt		25,782		7,014		196		0		32,992
of which foreign governments		25,623		1,476		0		0		27,099
of which corporates		0		5,030		196		0		5,226
Equity		17,912		389		6		0		18,307
Derivatives		3,173		834,228		5,154		(803,038)		39,517
of which interest rate products		628		693,430		1,357		–		–
of which foreign exchange products		1		76,963		1,648		–		–
of which equity/index-related products		2,305		27,684		1,003		–		–
of which credit derivatives		0		28,952		819		–		–
Trading liabilities		46,867		841,631		5,356		(803,038)		90,816
Short-term borrowings		0		4,389		124		0		4,513
Long-term debt		218		55,068		10,098		0		65,384
of which treasury debt over two years		0		10,565		0		0		10,565
of which structured notes over two years		0		22,543		6,189		0		28,732
of which non-recourse liabilities		218		11,006		2,551		0		13,775
Other liabilities		0		24,399		2,848		(376)		26,871
of which failed sales		0		2,523		1,160		0		3,683
Total liabilities at fair value		76,762		1,042,670		18,451		(803,414)		334,469
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.

		2013				2012
in		Transfers to level 1 out of level 2		Transfers out of level 1 to level 2		Transfers to level 1 out of level 2		Transfers out of level 1 to level 2
Assets (CHF million)
Debt		499		92		318		23,632
Equity		437		183		209		650
Derivatives		5,090		2		5,510		20
Trading assets		6,026		277		6,037		24,302
Liabilities (CHF million)
Debt		11		18		87		34
Equity		248		17		100		226
Derivatives		4,433		11		6,441		72
Trading liabilities		4,692		46		6,628		332

Assets and liabilities measured at fair value on a recurring basis for level 3
																Trading revenues				Other revenues
2013		Balance at beginning of period		Transfers in		Transfers out		Purchases		Sales		Issuances		Settlements		On transfers in / out	1	On all other		On transfers in / out	1	On all other		Foreign currency translation impact		Balance at end of period
Assets (CHF million)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		0		0		0		0		362		(153)		0		4		0		0		(9)		204
Debt		5,888		1,418		(1,977)		6,363		(7,043)		0		0		165		465		0		0		(210)		5,069
of which corporates		3,192		571		(552)		1,759		(3,022)		0		0		109		157		0		0		(86)		2,128
of which RMBS		724		467		(690)		1,012		(1,162)		0		0		11		91		0		0		(17)		436
of which CMBS		1,023		86		(310)		497		(866)		0		0		(4)		15		0		0		(24)		417
of which CDO		447		55		(357)		3,072		(1,810)		0		0		36		197		0		0		(73)		1,567
Equity		485		303		(237)		405		(431)		0		0		20		68		(1)		0		(17)		595
Derivatives		6,650		1,442		(2,208)		0		0		1,766		(2,446)		230		(53)		0		0		(164)		5,217
of which interest rate products		1,859		244		(363)		0		0		279		(663)		8		249		0		0		(39)		1,574
of which equity/index-related products		1,920		223		(1,020)		0		0		207		(538)		184		330		0		0		(66)		1,240
of which credit derivatives		1,294		923		(633)		0		0		627		(631)		38		(461)		0		0		(19)		1,138
Other		2,486		288		(487)		3,266		(2,656)		0		(65)		8		83		0		0		(94)		2,829
Trading assets		15,509		3,451		(4,909)		10,034		(10,130)		1,766		(2,511)		423		563		(1)		0		(485)		13,710
Investment securities		170		0		(230)		165		(82)		0		0		0		9		0		0		(30)		2
Equity		6,366		106		(63)		1,526		(3,220)		0		0		0		(3)		0		791		(134)		5,369
Life finance instruments		1,818		0		0		189		(365)		0		0		0		1		0		0		(43)		1,600
Other investments		8,184		106		(63)		1,715		(3,585)		0		0		0		(2)		0		791		(177)		6,969
Loans		6,619		320		(1,561)		800		(1,673)		6,767		(2,920)		0		(21)		0		0		(333)		7,998
of which commercial and industrial loans		4,778		305		(315)		727		(1,280)		3,541		(2,171)		1		(85)		0		0		(192)		5,309
of which financial institutions		1,530		15		(6)		71		(207)		651		(650)		0		(48)		0		0		(34)		1,322
Other intangible assets (mortgage servicing rights)		43		0		0		12		0		0		0		0		0		0		(12)		(1)		42
Other assets		5,164		3,552		(2,998)		4,781		(4,213)		1,034		(1,148)		5		199		0		0		(217)		6,159
of which loans held-for-sale 2		4,463		3,539		(2,918)		4,456		(3,964)		1,034		(1,147)		5		348		0		0		(201)		5,615
Total assets at fair value		35,689		7,429		(9,761)		17,507		(19,683)		9,929		(6,732)		428		752		(1)		779		(1,252)		35,084
Liabilities (CHF million)
Customer deposits		25		0		0		0		0		51		(3)		0		(13)		0		0		(5)		55
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		0		0		0		0		0		119		0		0		0		0		0		(5)		114
Trading liabilities		5,356		1,503		(1,537)		66		(197)		1,561		(2,556)		235		1,302		0		0		(169)		5,564
of which interest rate derivatives		1,357		75		(134)		0		0		107		(508)		10		254		0		0		(32)		1,129
of which foreign exchange derivatives		1,648		13		(21)		0		0		15		(662)		(16)		(21)		0		0		(18)		938
of which equity/index-related derivatives		1,003		360		(676)		0		0		632		(380)		210		831		0		0		(84)		1,896
of which credit derivatives		819		1,001		(590)		0		0		655		(856)		39		186		0		0		(24)		1,230
Short-term borrowings		124		43		(99)		0		0		318		(216)		0		3		0		0		(8)		165
Long-term debt		10,098		2,322		(2,375)		0		0		5,006		(5,330)		25		321		0		(1)		(286)		9,780
of which structured notes over two years		6,189		453		(1,226)		0		0		3,602		(2,534)		(18)		(36)		0		(1)		(212)		6,217
of which non-recourse liabilities		2,551		1,836		(670)		0		0		818		(2,128)		24		151		0		0		(30)		2,552
Other liabilities		2,848		227		(149)		213		(393)		10		(86)		(17)		70		26		217		(105)		2,861
of which failed sales		1,160		176		(82)		154		(308)		0		0		0		72		0		0		(29)		1,143
Total liabilities at fair value		18,451		4,095		(4,160)		279		(590)		7,065		(8,191)		243		1,683		26		216		(578)		18,539
Net assets/(liabilities) at fair value		17,238		3,334		(5,601)		17,228		(19,093)		2,864		1,459		185		(931)		(27)		563		(674)		16,545
1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period.
2 Includes unrealized gains recorded in trading revenues of CHF 238 million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio.

Assets and liabilities measured at fair value on a recurring basis for level 3 (continued)
																Trading revenues				Other revenues
2012		Balance at beginning of period		Transfers in		Transfers out		Purchases		Sales		Issuances		Settlements		On transfers in / out	1	On all other		On transfers in / out	1	On all other		Foreign currency translation impact		Balance at end of period
Assets (CHF million)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		1,204		0		0		0		0		0		(1,174)		0		(28)		0		0		(2)		0
Securities received as collateral		193		0		(188)		0		0		0		0		0		0		0		0		(5)		0
Debt		10,028		2,312		(5,035)		7,479		(8,826)		0		0		72		129		(4)		0		(267)		5,888
of which corporates		5,076		1,113		(3,609)		5,210		(4,745)		0		0		49		278		(4)		0		(176)		3,192
of which RMBS		1,786		831		(958)		937		(1,924)		0		0		18		60		0		0		(26)		724
of which CMBS		1,517		188		(262)		664		(809)		0		0		(4)		(228)		0		0		(43)		1,023
of which CDO		727		158		(121)		483		(851)		0		0		(4)		67		0		0		(12)		447
Equity		467		419		(100)		377		(611)		0		0		0		(63)		0		0		(4)		485
Derivatives		9,587		1,465		(2,175)		0		0		1,007		(3,262)		60		163		0		0		(195)		6,650
of which interest rate products		2,547		168		(686)		0		0		303		(976)		47		515		0		0		(59)		1,859
of which equity/index-related products		2,732		681		(844)		0		0		346		(844)		(31)		(56)		0		0		(64)		1,920
of which credit derivatives		2,171		592		(544)		0		0		161		(914)		43		(179)		0		0		(36)		1,294
Other		2,196		179		(366)		2,842		(2,290)		0		0		2		(3)		0		0		(74)		2,486
Trading assets		22,278		4,375		(7,676)		10,698		(11,727)		1,007		(3,262)		134		226		(4)		0		(540)		15,509
Investment securities		102		0		0		94		(17)		0		0		0		0		0		0		(9)		170
Equity		7,076		4		(61)		880		(1,918)		0		0		0		2		0		567		(184)		6,366
Life finance instruments		1,969		0		0		102		(274)		0		0		0		72		0		0		(51)		1,818
Other investments		9,045		4		(61)		982		(2,192)		0		0		0		74		0		567		(235)		8,184
Loans		6,842		605		(642)		509		(1,286)		4,490		(3,473)		15		(250)		0		0		(191)		6,619
of which commercial and industrial loans		4,559		537		(391)		275		(469)		3,084		(2,773)		15		76		0		0		(135)		4,778
of which financial institutions		2,179		64		(248)		218		(745)		1,078		(672)		(1)		(293)		0		0		(50)		1,530
Other intangible assets (mortgage servicing rights)		70		0		0		11		(16)		0		0		0		0		0		(20)		(2)		43
Other assets		7,469		2,509		(2,949)		3,007		(3,356)		298		(2,319)		128		580		0		0		(203)		5,164
of which loans held-for-sale		6,901		2,471		(2,948)		2,801		(3,182)		298		(2,319)		127		486		0		0		(172)		4,463
Total assets at fair value		47,203		7,493		(11,516)		15,301		(18,594)		5,795		(10,228)		277		602		(4)		547		(1,187)		35,689
Liabilities (CHF million)
Customer deposits		0		0		0		0		0		25		0		0		0		0		0		0		25
Obligation to return securities received as collateral		193		0		(188)		0		0		0		0		0		0		0		0		(5)		0
Trading liabilities		7,343		1,294		(1,783)		94		(346)		853		(2,599)		151		505		0		0		(156)		5,356
of which interest rate derivatives		1,588		230		(754)		0		0		115		(194)		75		340		0		0		(43)		1,357
of which foreign exchange derivatives		2,836		3		(178)		0		0		1		(1,037)		24		48		0		0		(49)		1,648
of which equity/index-related derivatives		1,022		132		(262)		0		0		537		(315)		(16)		(61)		0		0		(34)		1,003
of which credit derivatives		1,520		700		(571)		0		0		88		(939)		79		(36)		0		0		(22)		819
Short-term borrowings		236		23		(96)		0		0		288		(332)		(3)		14		0		0		(6)		124
Long-term debt		12,715		2,616		(4,044)		0		0		4,015		(6,043)		182		989		(4)		0		(328)		10,098
of which structured notes over two years		7,576		789		(1,668)		0		0		1,925		(2,867)		32		604		(4)		0		(198)		6,189
of which non-recourse liabilities		3,585		1,701		(2,225)		0		0		1,473		(2,312)		144		275		0		0		(90)		2,551
Other liabilities		3,891		246		(315)		321		(1,322)		2		(219)		(15)		74		0		279		(94)		2,848
of which failed sales		1,909		136		(47)		302		(1,260)		0		0		0		153		0		0		(33)		1,160
Total liabilities at fair value		24,378		4,179		(6,426)		415		(1,668)		5,183		(9,193)		315		1,582		(4)		279		(589)		18,451
Net assets/(liabilities) at fair value		22,825		3,314		(5,090)		14,886		(16,926)		612		(1,035)		(38)		(980)		0		268		(598)		17,238
1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period.

		2013						2012
in		Trading revenues		Other revenues		Total revenues		Trading revenues		Other revenues		Total revenues
Gains and losses on assets and liabilities (CHF million)
Net realized/unrealized gains/(losses) included in net revenues		(746)		536		(210)	1	(1,018)		268		(750)	1
Whereof:
Unrealized gains/(losses) relating    to assets and liabilities still held as of the reporting date		(2,850)		414		(2,436)		(1,209)		(82)		(1,291)
1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact.

end of 2013		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value		Weighted average	1
CHF million, except where indicated
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		204		Discounted cash flow		Funding spread, in bp		90		350		178
Debt		5,069
of which corporates		2,128
of which		129		Option model		Correlation, in %		(83)		96		14
						Buyback probability, in %	2	50		100		62
of which		592		Market comparable		Price, in %		0		112		91
of which		807		Discounted cash flow		Credit spread, in bp		22		957		348
of which RMBS		436		Discounted cash flow		Discount rate, in %		2		33		9
						Prepayment rate, in %		0		27		7
						Default rate, in %		0		25		5
						Loss severity, in %		0		100		48
of which CMBS		417		Discounted cash flow		Capitalization rate, in %		5		12		9
						Discount rate, in %		1		30		9
						Prepayment rate, in %		0		20		10
						Default rate, in %		0		18		1
						Loss severity, in %		0		40		3
of which CDO		1,567
of which		118		Vendor price		Price, in %		0		100		94
of which		278		Discounted cash flow		Discount rate, in %		2		24		6
						Prepayment rate, in %		0		30		7
						Default rate, in %		1		15		3
						Loss severity, in %		25		100		68
of which		423		Market comparable		Price, in %		85		101		98
1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
2 Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument.

end of 2013		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value		Weighted average	1
CHF million, except where indicated
Equity		595
of which		270		Market comparable		EBITDA multiple		3		12		7
of which		35		Discounted cash flow		Capitalization rate, in %		7		7		7
						Discount rate, in %		15		15		15
Derivatives		5,217
of which interest rate products		1,574		Option model		Correlation, in %		15		100		82
						Prepayment rate, in %		5		31		24
						Volatility, in %		2		31		6
						Volatility skew, in %		(9)		2		(1)
						Credit spread, in bp		95		2,054		218
of which equity/index-related products		1,240		Option model		Correlation, in %		(83)		96		14
						Volatility, in %		2		252		26
of which credit derivatives		1,138		Discounted cash flow		Credit spread, in bp		1		2,054		298
						Recovery rate, in %		0		77		25
						Discount rate, in %		4		29		14
						Default rate, in %		1		16		6
						Loss severity, in %		10		100		59
						Correlation, in %		34		97		83
						Prepayment rate, in %		0		17		5
Other		2,829
of which		2,139		Market comparable		Price, in %		0		146		34
of which		589		Discounted cash flow		Market implied life expectancy, in years		3		19		9
Trading assets		13,710
Investment securities		2		–		–		–		–		–
Private equity		3,345		–	2	–	2	–	2	–	2	–	2
Hedge funds		392		–	2	–	2	–	2	–	2	–	2
Other equity investments		1,632
of which private		1,630
of which		384		Discounted cash flow		Credit spread, in bp		897		3,175		1,207
						Contingent probability, in %		59		59		59
of which		813		Market comparable		EBITDA multiple		1		10		8
Life finance instruments		1,600		Discounted cash flow		Market implied life expectancy, in years		1		21		9
Other investments		6,969
Loans		7,998
of which commercial and industrial loans		5,309
of which		4,526		Discounted cash flow		Credit spread, in bp		50		2,488		504
of which		326		Market comparable		Price, in %		0		100		69
of which financial institutions		1,322		Discounted cash flow		Credit spread, in bp		98		884		302
Other intangible assets (mortgage servicing rights)		42		–		–		–		–		–
Other assets		6,159
of which loans held-for-sale		5,615
of which		1,954		Vendor price		Price, in %		0		160		99
of which		1,042		Discounted cash flow		Credit spread, in bp		75		2,389		467
						Recovery rate, in %		1		1		0
of which		2,420		Market comparable		Price, in %		0		105		59
Total level 3 assets at fair value		35,084
1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
2 Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information.

end of 2012		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value
CHF million, except where indicated
Debt		5,888
of which corporates		3,192
of which		754		Option model		Correlation, in %		(87)		97
						Buyback probability, in %	1	50		100
of which		797		Market comparable		Price, in %		0		146
of which		1,231		Discounted cash flow		Credit spread, in bp		0		2,439
of which RMBS		724		Discounted cash flow		Discount rate, in %		2		50
						Prepayment rate, in %		0		55
						Default rate, in %		0		25
						Loss severity, in %		0		100
of which CMBS		1,023		Discounted cash flow		Capitalization rate, in %		5		12
						Internal rate of return, in %		9		15
						Discount rate, in %		2		35
						Prepayment rate, in %		0		10
						Default rate, in %		0		40
						Loss severity, in %		0		90
of which CDO		447
of which		193		Vendor price		Price, in %		0		102
of which		123		Discounted cash flow		Discount rate, in %		2		35
						Prepayment rate, in %		0		40
						Default rate, in %		0		25
						Loss severity, in %		0		100
of which		78		Market comparable		Price, in %		80		93
1 Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument.

end of 2012		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value
CHF million, except where indicated
Equity		485
of which		237		Market comparable		EBITDA multiple		3		12
of which		26		Discounted cash flow		Capitalization rate, in %		7		7
Derivatives		6,650
of which interest rate products		1,859		Option model		Correlation, in %		17		100
						Prepayment rate, in %		2		45
						Volatility, in %		(5)		31
						Credit spread, in bp		34		157
of which equity/index-related products		1,920		Option model		Correlation, in %		(87)		97
						Volatility, in %		2		157
of which credit derivatives		1,294		Discounted cash flow		Credit spread, in bp		1		5,843
						Recovery rate, in %		0		75
						Discount rate, in %		2		35
						Default rate, in %		0		25
						Loss severity, in %		0		100
						Correlation, in %		30		97
						Prepayment rate, in %		0		40
Other		2,486
of which		1,891		Market comparable		Price, in %		0		103
of which		564		Discounted cash flow		Life expectancy, in years		4		20
Trading assets		15,509
Investment securities		170		–		–		–		–
Private equity		3,958		–	1	–	1	–	1	–	1
Hedge funds		165		–	1	–	1	–	1	–	1
Other equity investments		2,243
of which private		2,245
of which		759		Discounted cash flow		Credit spread, in bp		1,070		2,049
						Contingent probability, in %		50		50
of which		903		Market comparable		EBITDA multiple		2		13
Life finance instruments		1,818		Discounted cash flow		Life expectancy, in years		1		23
Other investments		8,184
Loans		6,619
of which commercial and industrial loans		4,778		Discounted cash flow		Credit spread, in bp		0		2,763
of which financial institutions		1,530		Discounted cash flow		Credit spread, in bp		0		888
Other intangible assets (mortgage servicing rights)		43		–		–		–		–
Other assets		5,164
of which loans held-for-sale		4,463
of which		2,031		Vendor price		Price, in %		0		103
of which		328		Discounted cash flow		Credit spread, in bp		20		1,458
of which		2,009		Market comparable		Price, in %		0		115
Total level 3 assets at fair value		35,689
1 Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information.

end of 2013		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value		Weighted average	1
CHF million, except where indicated
Customer deposits		55		–		–		–		–		–
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		114		Discounted cash flow		Funding spread, in bp		90		90		90
Trading liabilities		5,564
of which interest rate derivatives		1,129		Option model		Basis spread, in bp		(5)		148		74
						Correlation, in %		17		99		62
						Mean reversion, in %	2	5		10		6
						Prepayment rate, in %		5		31		23
of which foreign exchange derivatives		938		Option model		Correlation, in %		(10)		70		48
						Prepayment rate, in %		19		31		25
of which equity/index-related derivatives		1,896		Option model		Correlation, in %		(83)		96		14
						Skew, in %		79		152		118
						Volatility, in %		2		252		26
						Buyback probability, in %	3	50		100		62
of which credit derivatives		1,230		Discounted cash flow		Credit spread, in bp		1		2,052		252
						Discount rate, in %		4		29		14
						Default rate, in %		1		15		6
						Recovery rate, in %		14		77		43
						Loss severity, in %		6		100		62
						Correlation, in %		34		98		55
						Prepayment rate, in %		0		17		2
Short-term borrowings		165		–		–		–		–		–
Long-term debt		9,780
of which structured notes over two years		6,217		Option model		Correlation, in %		(83)		99		16
						Volatility, in %		5		252		28
						Buyback probability, in %	3	50		100		62
						Gap risk, in %	4	0		5		0
of which non-recourse liabilities		2,552
of which		2,105		Vendor price		Price, in %		0		217		104
of which		301		Market comparable		Price, in %		0		93		13
Other liabilities		2,861
of which failed sales		1,143
of which		829		Market comparable		Price, in %		0		100		63
of which		195		Discounted cash flow		Credit spread, in bp		813		1,362		1,185
						Recovery rate, in %		23		23		23
Total level 3 liabilities at fair value		18,539
1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
2 Management's best estimate of the speed at which interest rates will revert to the long-term average.
3 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
4 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates.

end of 2012		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value
CHF million, except where indicated
Customer deposits		25		–		–		–		–
Trading liabilities		5,356
of which interest rate derivatives		1,357		Option model		Basis spread, in bp		(28)		54
						Correlation, in %		17		100
						Mean reversion, in %	1	(33)		5
						Prepayment rate, in %		4		45
of which foreign exchange derivatives		1,648		Option model		Correlation, in %		(10)		70
						Prepayment rate, in %		4		22
of which equity/index-related derivatives		1,003		Option model		Correlation, in %		(87)		97
						Skew, in %		56		128
						Volatility, in %		2		157
						Buyback probability, in %	2	50		100
						Gap risk, in %	3	0		4
of which credit derivatives		819		Discounted cash flow		Credit spread, in bp		0		5,843
						Discount rate, in %		2		35
						Default rate, in %		0		25
						Recovery rate, in %		0		77
						Loss severity, in %		0		100
						Correlation, in %		0		47
						Prepayment rate, in %		0		40
Short-term borrowings		124		–		–		–		–
Long-term debt		10,098
of which structured notes over two years		6,189		Option model		Correlation, in %		(87)		97
						Volatility, in %		2		157
						Buyback probability, in %	2	50		100
						Gap risk, in %	3	0		12
of which non-recourse liabilities		2,551
of which		2,255		Vendor price		Price, in %		0		103
of which		230		Market comparable		Price, in %		0		87
Other liabilities		2,848
of which failed sales		1,160
of which		646		Market comparable		Price, in %		0		100
of which		290		Discounted cash flow		Credit spread, in bp		0		1,532
Total level 3 liabilities at fair value		18,451
1 Management's best estimate of the speed at which interest rates will revert to the long-term average.
2 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates.

		2013								2012
end of		Non- redeemable		Redeemable		Total fair value		Unfunded commit- ments		Non- redeemable		Redeemable		Total fair value		Unfunded commit- ments
Fair value and unfunded commitments (CHF million)
Debt funds		1		18		19		0		127		38		165		0
Equity funds		28		3,096	1	3,124		0		52		3,810	2	3,862		0
Equity funds sold short		0		(17)		(17)		0		0		(111)		(111)		0
Total funds held in trading assets and liabilities		29		3,097		3,126		0		179		3,737		3,916		0
Debt funds		320		183		503		6		69		364		433		157
Equity funds		0		25		25		0		3		43		46		0
Others		0		153		153		31		3		153		156		46
Hedge funds		320		361	3	681		37		75		560	4	635		203
Debt funds		53		0		53		2		97		0		97		17
Equity funds		2,236		0		2,236		464		2,633		0		2,633		724
Real estate funds		350		0		350		110		382		0		382		131
Others		706		0		706		250		846		0		846		198
Private equities		3,345		0		3,345		826		3,958		0		3,958		1,070
Equity method investments		349		0		349		0		385		0		385		0
Total funds held in other investments		4,014		361		4,375		863		4,418		560		4,978		1,273
Total fair value		4,043	5	3,458	6	7,501		863	7	4,597	5	4,297	6	8,894		1,273	7
1 55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
2 57 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 17 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 13 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 13 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
3 45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days .
4 66 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 19 % is redeemable on demand with a notice period primarily of less than 30 days , and 11 % is redeemable on an annual basis with a notice period of more than 60 days .
5 Includes CHF 1,819 million and CHF 1,958 million attributable to noncontrolling interests in 2013 and 2012, respectively.
6 Includes CHF 107 million and CHF 107 million attributable to noncontrolling interests in 2013 and 2012, respectively.
7 Includes CHF 405 million and CHF 418 million attributable to noncontrolling interests in 2013 and 2012, respectively.

end of		2013		2012
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion)
Assets held-for-sale recorded at fair value on a nonrecurring basis		0.3		0.5
of which level 3		0.3		0.5

		2013						2012
end of		Aggregate fair value		Aggregate unpaid principal		Difference		Aggregate fair value		Aggregate unpaid principal		Difference
Loans (CHF million)
Non-interest-earning loans		956		3,262		(2,306)		920		3,810		(2,890)
Financial instruments (CHF million)
Interest-bearing deposits with banks		311		307		4		627		615		12
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		96,587		96,217		370		113,664		113,196		468
Loans		19,457		19,653		(196)		20,000		20,278		(278)
Other assets 1		20,749		25,756		(5,007)		22,060		29,787		(7,727)
Due to banks and customer deposits		(690)		(680)		(10)		(531)		(493)		(38)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(76,104)		(76,012)		(92)		(108,784)		(108,701)		(83)
Short-term borrowings		(6,053)		(5,896)		(157)		(4,513)		(4,339)		(174)
Long-term debt		(63,369)		(62,991)		(378)		(65,384)		(66,998)		1,614
Other liabilities		(1,780)		(3,285)		1,505		(3,683)		(6,186)		2,503
1 Primarily loans held-for-sale.

		2013		2012		2011
in		Net gains/ (losses)		Net gains/ (losses)		Net gains/ (losses)
Financial instruments (CHF million)
Cash and due from banks		0		(13)	2	–
of which related to credit risk		0		(13)		–
Interest-bearing deposits with banks		10	1	12	1	0
of which related to credit risk		(3)		3		0
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		1,143	1	1,183	1	1,698	1
Other trading assets		0		10	2	10	2
Other investments		126	3	144	3	196	2
of which related to credit risk		11		34		(14)
Loans		1,470	1	925	1	(1,105)	2
of which related to credit risk		26		318		(256)
Other assets		2,058	1	2,641	1	476	1
of which related to credit risk		604		355		(332)
Due to banks and customer deposits		0		(22)	1	(2)	1
of which related to credit risk		(5)		8		45
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(67)	1	(114)	1	(575)	1
Short-term borrowings		(256)	2	(350)	2	91	2
of which related to credit risk 4		0		0		(2)
Long-term debt		(2,759)	2	(7,905)	2	2,342	2
of which related to credit risk 4		(384)		(2,552)		1,909
Other liabilities		441	2	826	2	(286)	2
of which related to credit risk		112		912		(348)
1 Primarily recognized in net interest income.
2 Primarily recognized in trading revenues.
3 Primarily recognized in other revenues.
4 Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (268) million and CHF (111) million in 2013, respectively, CHF (1,663) million and CHF (931) million in 2012, respectively, and CHF 1,210 million and CHF 697 million in 2011, respectively.

		Carrying value		Fair value
end of				Level 1		Level 2		Level 3		Total
2013 (CHF million)
Financial assets
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions		63,435		0		62,891		544		63,435
Loans		223,902		0		225,641		3,940		229,581
Other financial assets 1		142,656		72,134		69,310		1,568		143,012
Financial liabilities
Due to banks and deposits		351,476		212,418		138,980		9		351,407
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions		17,928		0		17,928		0		17,928
Short-term borrowings		14,140		0		14,148		0		14,148
Long-term debt		66,673		0		64,043		3,774		67,817
Other financial liabilities 2		96,611		1,129		94,414		1,085		96,628
2012 (CHF million)
Financial assets
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions		69,791		0		69,764		27		69,791
Loans		218,281		0		221,030		4,482		225,512
Other financial assets 1		132,147		63,900		66,798		1,772		132,470
Financial liabilities
Due to banks and deposits		331,270		200,838		130,313		9		331,160
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions		23,937		0		23,939		0		23,939
Short-term borrowings		14,128		0		14,131		0		14,131
Long-term debt		82,750		0		79,846		4,546		84,392
Other financial liabilities 2		89,361		0		88,121		1,171		89,292
1 Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities.
2 Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables.

end of		2013		2012
Assets pledged (CHF million)
Total assets pledged or assigned as collateral		142,952		151,419
of which encumbered		92,300		90,745

end of		2013		2012
Collateral (CHF million)
Fair value of collateral received with the right to sell or repledge		359,517		402,793
of which sold or repledged		267,896		292,514

end of		2013		2012
Other information (CHF million)
Cash and securities restricted under foreign banking regulations		18,130		14,340
Swiss National Bank required minimum liquidity reserves		2,447		2,441

end of		2013		2012
Eligible capital (CHF million)
CET1 capital		42,989		41,500
Additional tier 1 capital		3,072		2,857
Total tier 1 capital		46,061		44,357
Tier 2 capital		10,227		7,162
Total eligible capital		56,288		51,519
Risk-weighted assets (CHF million)
Credit risk		175,631		201,764
Market risk		39,133		39,466
Operational risk		53,075		45,125
Non-counterparty risk		6,007		6,126
Risk-weighted assets		273,846		292,481
Capital ratios (%)
CET1 ratio		15.7		14.2
Tier 1 ratio		16.8		15.2
Total capital ratio		20.6		17.6

in / end of		2013		2012
Assets under management (CHF billion)
Assets in collective investment instruments managed by Credit Suisse		160.3		182.2
Assets with discretionary mandates		255.4		225.3
Other assets under management		866.7		843.3
Assets under management (including double counting)   1		1,282.4		1,250.8
of which double counting		47.0		63.8
Net new assets (CHF billion)
Total net new assets (including double counting)		32.1	2	10.8
1 Includes CHF 29.0 billion and CHF 53.0 billion assets under management from discontinued operations as of December 31, 2013 and 2012, respectively.
2 Includes CHF (4.0) billion and CHF (0.6) billion net asset outflows from discontinued operations in 2013 and 2012, respectively.

		2013
CHF million
Balance at beginning of period		1,157
Increase in litigation accruals		2,109
Decrease in litigation accruals		(141)
Decrease for settlements and other cash payments		(762)
Foreign exchange translation		(31)
Balance at end of period		2,332

	Equity interest in %		Company name		Domicile		Currency		Nominal capital in million
as of December 31, 2013
			Credit Suisse Group AG
	100		BANK-now AG		Horgen, Switzerland		CHF		30.0
	100		Credit Suisse AG		Zurich, Switzerland		CHF		4,399.7
	100		Credit Suisse Group Finance (U.S.) Inc.		Wilmington, United States		USD		100.0
	100		Credit Suisse Trust AG		Zurich, Switzerland		CHF		5.0
	100		Credit Suisse Trust Holdings Limited		St. Peter Port, Guernsey		GBP		2.0
	100		CS LP Holding AG		Zug, Switzerland		CHF		0.1
	100		Inreska Limited		St. Peter Port, Guernsey		GBP		3.0
	100		Neue Aargauer Bank AG		Aarau, Switzerland		CHF		134.1
	88		Savoy Hotel Baur en Ville AG		Zurich, Switzerland		CHF		7.5
			Credit Suisse AG
	100		AJP Cayman Ltd.		George Town, Cayman Islands		JPY		8,025.6
	100		Banco Credit Suisse (Brasil) S.A.		São Paulo, Brazil		BRL		53.6
	100		Banco Credit Suisse (México), S.A.		Mexico City, Mexico		MXN		1,716.7
	100		Banco de Investimentos Credit Suisse (Brasil) S.A.		São Paulo, Brazil		BRL		164.8
	100		Boston Re Ltd.		Hamilton, Bermuda		USD		2.0
	100		CJSC Bank Credit Suisse (Moscow)		Moscow, Russia		USD		37.8
	100		Column Financial, Inc.		Wilmington, United States		USD		0.0
	100		Credit Suisse (Australia) Limited		Sydney, Australia		AUD		34.1
	100		Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A.		São Paulo, Brazil		BRL		5.0
	100		Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários		São Paulo, Brazil		BRL		98.4
	100		Credit Suisse (Deutschland) Aktiengesellschaft		Frankfurt, Germany		EUR		130.0
	100		Credit Suisse (France)		Paris, France		EUR		52.9
	100		Credit Suisse (Gibraltar) Limited		Gibraltar, Gibraltar		GBP		5.0
	100		Credit Suisse (Channel Islands) Limited		St. Peter Port, Guernsey		USD		6.1
	100		Credit Suisse (Hong Kong) Limited		Hong Kong, China		HKD		6,910.9
	100		Credit Suisse (Italy) S.p.A.		Milan, Italy		EUR		139.6
	100	1	Credit Suisse (Luxembourg) S.A.		Luxembourg, Luxembourg		CHF		150.0
	100		Credit Suisse (Monaco) S.A.M.		Monte Carlo, Monaco		EUR		18.0
	100		Credit Suisse (Poland) SP. z o.o		Warsaw, Poland		PLN		20.0
	100		Credit Suisse (Qatar) LLC		Doha, Qatar		USD		24.0
	100		Credit Suisse (Singapore) Limited		Singapore, Singapore		SGD		743.3
	100		Credit Suisse (UK) Limited		London, United Kingdom		GBP		168.2
	100		Credit Suisse (USA), Inc.		Wilmington, United States		USD		0.0
	100		Credit Suisse Asset Management (UK) Holding Limited		London, United Kingdom		GBP		144.2
	100		Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH		Frankfurt, Germany		EUR		6.1
	100		Credit Suisse Asset Management International Holding Ltd		Zurich, Switzerland		CHF		20.0
	100		Credit Suisse Asset Management Investments Ltd		Zurich, Switzerland		CHF		0.1
	100		Credit Suisse Asset Management Limited		London, United Kingdom		GBP		45.0
	100		Credit Suisse Asset Management, LLC		Wilmington, United States		USD		1,086.8
	100		Credit Suisse Business Analytics (India) Private Limited		Mumbai, India		INR		40.0
	100		Credit Suisse Capital (Guernsey) I Limited		St. Peter Port, Guernsey		USD		0.0
	100		Credit Suisse Capital LLC		Wilmington, United States		USD		737.6
	100		Credit Suisse Energy (Canada) Limited		Toronto, Canada		USD		0.0

	Equity interest in %		Company name		Domicile		Currency		Nominal capital in million
	100		Credit Suisse Energy LLC		Wilmington, United States		USD		0.0
	100		Credit Suisse Equities (Australia) Limited		Sydney, Australia		AUD		62.5
	100		Credit Suisse Finance (Guernsey) Limited		St. Peter Port, Guernsey		USD		0.2
	100		Credit Suisse Finance (India) Private Limited		Mumbai, India		INR		1,050.1
	100		Credit Suisse First Boston (Latin America Holdings) LLC		George Town, Cayman Islands		USD		23.8
	100		Credit Suisse First Boston Finance B.V.		Amsterdam, The Netherlands		EUR		0.0
	100		Credit Suisse First Boston Mortgage Capital LLC		Wilmington, United States		USD		356.6
	100		Credit Suisse First Boston Next Fund, Inc.		Wilmington, United States		USD		10.0
	100		Credit Suisse Fund Management S.A.		Luxembourg, Luxembourg		CHF		0.3
	100		Credit Suisse Fund Services (Luxembourg) S.A.		Luxembourg, Luxembourg		CHF		1.5
	100		Credit Suisse Funds AG		Zurich, Switzerland		CHF		7.0
	100		Credit Suisse Hedging-Griffo Corretora de Valores S.A.		São Paulo, Brazil		BRL		29.6
	100		Credit Suisse Holding Europe (Luxembourg) S.A.		Luxembourg, Luxembourg		CHF		32.6
	100		Credit Suisse Holdings (Australia) Limited		Sydney, Australia		AUD		3.0
	100	2	Credit Suisse Holdings (USA), Inc.		Wilmington, United States		USD		4,184.7
	100	3	Credit Suisse International		London, United Kingdom		USD		13,107.7
	100		Credit Suisse Leasing 92A, L.P.		New York, United States		USD		43.9
	100		Credit Suisse Life & Pensions AG		Vaduz, Liechtenstein		CHF		15.0
	100		Credit Suisse Life (Bermuda) Ltd.		Hamilton, Bermuda		USD		1.0
	100		Credit Suisse Loan Funding LLC		Wilmington, United States		USD		0.0
	100		Credit Suisse Management LLC		Wilmington, United States		USD		896.8
	100		Credit Suisse Principal Investments Limited		George Town, Cayman Islands		JPY		3,324.0
	100		Credit Suisse Private Equity, LLC		Wilmington, United States		USD		42.2
	100		Credit Suisse PSL GmbH		Zurich, Switzerland		CHF		0.0
	100		Credit Suisse Securities (Canada), Inc.		Toronto, Canada		CAD		3.4
	100		Credit Suisse Securities (Europe) Limited		London, United Kingdom		USD		2,859.3
	100		Credit Suisse Securities (Hong Kong) Limited		Hong Kong, China		HKD		530.9
	100		Credit Suisse Securities (India) Private Limited		Mumbai, India		INR		2,214.8
	100		Credit Suisse Securities (Japan) Limited		Tokyo, Japan		JPY		78,100.0
	100		Credit Suisse Securities (Johannesburg) Proprietary Limited		Johannesburg, South Africa		ZAR		0.0
	100		Credit Suisse Securities (Malaysia) Sdn. Bhd.		Kuala Lumpur, Malaysia		MYR		100.0
	100		Credit Suisse Securities (Moscow)		Moscow, Russia		RUB		97.1
	100		Credit Suisse Securities (Singapore) Pte Limited		Singapore, Singapore		SGD		30.0
	100		Credit Suisse Securities (Thailand) Limited		Bangkok, Thailand		THB		500.0
	100		Credit Suisse Securities (USA) LLC		Wilmington, United States		USD		1,881.5
	100		CSAM Americas Holding Corp.		Wilmington, United States		USD		0.0
	100		CS International Advisors AG		Zurich, Switzerland		CHF		0.1
	100		CS Non-Traditional Products Ltd.		Nassau, Bahamas		USD		0.1
	100		DLJ LBO Plans Management, LLC		Wilmington, United States		USD		7.8
	100		DLJ Mortgage Capital, Inc.		Wilmington, United States		USD		0.0
	100		Merban Equity AG		Zug, Switzerland		CHF		0.1
	100		SPS Holding Corporation		Wilmington, United States		USD		0.1
	99		PT Credit Suisse Securities Indonesia		Jakarta, Indonesia		IDR		235,000.0
	98		Credit Suisse Hypotheken AG		Zurich, Switzerland		CHF		0.1
	83		Asset Management Finance LLC		Wilmington, United States		USD		341.8
	71		Credit Suisse Saudi Arabia		Riyadh, Saudi Arabia		SAR		300.0
1 58 % owned by Credit Suisse AG.
2 43 % of voting rights held by Credit Suisse Group AG, Guernsey Branch.
3 80 % of voting rights and 98 % of equity interest held by Credit Suisse AG.

	Equity interest in %		Company name		Domicile
as of December 31, 2013
			Credit Suisse Group AG
	100	1	Credit Suisse Group Finance (Guernsey) Limited		St. Peter Port, Guernsey
	100	1	Credit Suisse Group (Guernsey) I Limited		St. Peter Port, Guernsey
	100	1	Credit Suisse Group (Guernsey) II Limited		St. Peter Port, Guernsey
	100	1	Credit Suisse Group (Guernsey) IV Limited		St. Peter Port, Guernsey
	50		Swisscard AECS AG		Horgen, Switzerland
	25		SECB Swiss Euro Clearing Bank GmbH		Frankfurt, Germany
			Credit Suisse AG
	33		Credit Suisse Founder Securities Limited		Beijing, China
	23		E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd		Melbourne, Australia
	20		ICBC Credit Suisse Asset Management Co., Ltd.		Beijing, China
	5	2	York Capital Management Global Advisors, LLC		New York, United States
1 Deconsolidated under US GAAP as the Group is not the primary beneficiary.
2 The Group holds a significant noncontrolling interest.

in 2013		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Condensed consolidating statements of operations (CHF million)
Interest and dividend income		6,553		12,468		19,021		62		473		19,556
Interest expense		(3,899)		(7,407)		(11,306)		(60)		(75)		(11,441)
Net interest income		2,654		5,061		7,715		2		398		8,115
Commissions and fees		3,756		9,302		13,058		4		164		13,226
Trading revenues		(507)		3,271		2,764		(23)		(2)		2,739
Other revenues		1,361		432		1,793		2,288	2	(2,305)		1,776
Net revenues		7,264		18,066		25,330		2,271		(1,745)		25,856
Provision for credit losses		4		89		93		0		74		167
Compensation and benefits		3,380		7,807		11,187		59		10		11,256
General and administrative expenses		2,843		5,811		8,654		(135)		80		8,599
Commission expenses		227		1,499		1,726		1		11		1,738
Total other operating expenses		3,070		7,310		10,380		(134)		91		10,337
Total operating expenses		6,450		15,117		21,567		(75)		101		21,593
Income/(loss) from continuing operations before taxes		810		2,860		3,670		2,346		(1,920)		4,096
Income tax expense		14		1,163		1,177		20		79		1,276
Income/(loss) from continuing operations		796		1,697		2,493		2,326		(1,999)		2,820
Income from discontinued operations, net of tax		66		79		145		0		0		145
Net income/(loss)		862		1,776		2,638		2,326		(1,999)		2,965
Net income/(loss) attributable to noncontrolling interests		575		285		860		0		(221)		639
Net income/(loss) attributable to shareholders		287		1,491		1,778		2,326		(1,778)		2,326
of which from continuing operations		221		1,412		1,633		2,326		(1,778)		2,181
of which from discontinued operations		66		79		145		0		0		145
1 Includes eliminations and consolidation adjustments.
2 Primarily consists of revenues from investments in Group companies accounted for under the equity method.

in 2013		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Comprehensive income (CHF million)
Net income/(loss)		862		1,776		2,638		2,326		(1,999)		2,965
Gains/(losses) on cash flow hedges		0		2		2		16		0		18
Foreign currency translation		(648)		(1,567)		(2,215)		0		1,194		(1,021)
Unrealized gains/(losses) on securities		(2)		(16)		(18)		0		(14)		(32)
Actuarial gains/(losses)		138		(181)		(43)		0		1,087		1,044
Net prior service credit/(cost)		0		0		0		0		(95)		(95)
Other comprehensive income/(loss), net of tax		(512)		(1,762)		(2,274)		16		2,172		(86)
Comprehensive income/(loss)		350		14		364		2,342		173		2,879
Comprehensive income/(loss) attributable to noncontrolling interests		471		353		824		0		(299)		525
Comprehensive income/(loss) attributable to shareholders		(121)		(339)		(460)		2,342		472		2,354
1 Includes eliminations and consolidation adjustments.

in 2012		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Condensed consolidating statements of operations (CHF million)
Interest and dividend income		7,584		13,960		21,544		81		465		22,090
Interest expense		(4,472)		(10,262)		(14,734)		(79)		(134)		(14,947)
Net interest income		3,112		3,698		6,810		2		331		7,143
Commissions and fees		3,940		8,609		12,549		(12)		187		12,724
Trading revenues		1,638		(309)		1,329		1		(134)		1,196
Other revenues		861		1,629		2,490		1,319	2	(1,261)		2,548
Net revenues		9,551		13,627		23,178		1,310		(877)		23,611
Provision for credit losses		(5)		93		88		0		82		170
Compensation and benefits		3,601		8,618		12,219		56		28		12,303
General and administrative expenses		2,130		5,074		7,204		(101)		143		7,246
Commission expenses		252		1,433		1,685		1		16		1,702
Total other operating expenses		2,382		6,507		8,889		(100)		159		8,948
Total operating expenses		5,983		15,125		21,108		(44)		187		21,251
Income/(loss) from continuing operations before taxes		3,573		(1,591)		1,982		1,354		(1,146)		2,190
Income tax expense/(benefit)		1,333		(886)		447		5		13		465
Income/(loss) from continuing operations		2,240		(705)		1,535		1,349		(1,159)		1,725
Income from discontinued operations, net of tax		17		(57)		(40)		0		0		(40)
Net income/(loss)		2,257		(762)		1,495		1,349		(1,159)		1,685
Net income/(loss) attributable to noncontrolling interests		281		(881)		(600)		0		936		336
Net income/(loss) attributable to shareholders		1,976		119		2,095		1,349		(2,095)		1,349
of which from continuing operations		1,959		176		2,135		1,349		(2,095)		1,389
of which from discontinued operations		17		(57)		(40)		0		0		(40)
1 Includes eliminations and consolidation adjustments.
2 Primarily consists of revenues from investments in Group companies accounted for under the equity method.

in 2012		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Comprehensive income (CHF million)
Net income/(loss)		2,257		(762)		1,495		1,349		(1,159)		1,685
Gains/(losses) on cash flow hedges		0		7		7		30		0		37
Foreign currency translation		(575)		(658)		(1,233)		1		118		(1,114)
Unrealized gains/(losses) on securities		2		(45)		(43)		0		28		(15)
Actuarial gains/(losses)		20		38		58		0		(108)		(50)
Net prior service credit/(cost)		(2)		1		(1)		0		249		248
Other comprehensive income/(loss), net of tax		(555)		(657)		(1,212)		31		287		(894)
Comprehensive income/(loss)		1,702		(1,419)		283		1,380		(872)		791
Comprehensive income/(loss) attributable to noncontrolling interests		186		(997)		(811)		0		1,022		211
Comprehensive income/(loss) attributable to shareholders		1,516		(422)		1,094		1,380		(1,894)		580
1 Includes eliminations and consolidation adjustments.

in 2011		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Condensed consolidating statements of operations (CHF million)
Interest and dividend income		7,580		14,831		22,411		161		404		22,976
Interest expense		(4,687)		(11,717)		(16,404)		(153)		7		(16,550)
Net interest income		2,893		3,114		6,007		8		411		6,426
Commissions and fees		3,368		8,992		12,360		9		269		12,638
Trading revenues		(1,665)		6,406		4,741		1		279		5,021
Other revenues		1,310		435		1,745		1,888	2	(1,827)		1,806
Net revenues		5,906		18,947		24,853		1,906		(868)		25,891
Provision for credit losses		7		116		123		0		64		187
Compensation and benefits		3,665		9,311		12,976		80		(55)		13,001
General and administrative expenses		1,718		5,610		7,328		(135)		100		7,293
Commission expenses		263		1,652		1,915		1		23		1,939
Total other operating expenses		1,981		7,262		9,243		(134)		123		9,232
Total operating expenses		5,646		16,573		22,219		(54)		68		22,233
Income/(loss) from continuing operations before taxes		253		2,258		2,511		1,960		(1,000)		3,471
Income tax expense/(benefit)		(287)		731		444		7		205		656
Income/(loss) from continuing operations		540		1,527		2,067		1,953		(1,205)		2,815
Income/(loss) from discontinued operations, net of tax		17		(42)		(25)		0		0		(25)
Net income/(loss)		557		1,485		2,042		1,953		(1,205)		2,790
Net income/(loss) attributable to noncontrolling interests		734		167		901		0		(64)		837
Net income/(loss) attributable to shareholders		(177)		1,318		1,141		1,953		(1,141)		1,953
of which from continuing operations		(194)		1,360		1,166		1,953		(1,141)		1,978
of which from discontinued operations		17		(42)		(25)		0		0		(25)
1 Includes eliminations and consolidation adjustments.
2 Primarily consists of revenues from investments in Group companies accounted for under the equity method.

in 2011		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Comprehensive income (CHF million)
Net income/(loss)		557		1,485		2,042		1,953		(1,205)		2,790
Gains/(losses) on cash flow hedges		0		(32)		(32)		(1)		0		(33)
Foreign currency translation		50		(343)		(293)		1		29		(263)
Unrealized gains/(losses) on securities		0		(3)		(3)		0		(15)		(18)
Actuarial gains/(losses)		(79)		221		142		0		(757)		(615)
Net prior service credit/(cost)		0		(1)		(1)		0		396		395
Other comprehensive income/(loss), net of tax		(29)		(158)		(187)		0		(347)		(534)
Comprehensive income/(loss)		528		1,327		1,855		1,953		(1,552)		2,256
Comprehensive income/(loss) attributable to noncontrolling interests		775		165		940		0		(58)		882
Comprehensive income/(loss) attributable to shareholders		(247)		1,162		915		1,953		(1,494)		1,374
1 Includes eliminations and consolidation adjustments.

end of 2013		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Assets (CHF million)
Cash and due from banks		4,787		63,290		68,077		795		(180)		68,692
Interest-bearing deposits with banks		81		3,304		3,385		0		(1,870)		1,515
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		127,153		32,860		160,013		0		9		160,022
Securities received as collateral		23,479		(679)		22,800		0		0		22,800
Trading assets		73,580		156,156		229,736		0		(323)		229,413
Investment securities		2		1,625		1,627		1,481		(121)		2,987
Other investments		5,116		5,091		10,207		42,570		(42,448)		10,329
Net loans		19,955		211,202		231,157		3,185		12,712		247,054
Premises and equipment		891		4,004		4,895		0		196		5,091
Goodwill		658		6,463		7,121		0		878		7,999
Other intangible assets		78		132		210		0		0		210
Brokerage receivables		25,667		26,377		52,044		0		1		52,045
Other assets		18,104		43,452		61,556		243		1,266		63,065
Assets of discontinued operations held-for-sale		11		1,573		1,584		0		0		1,584
Total assets		299,562		554,850		854,412		48,274		(29,880)		872,806
Liabilities and equity (CHF million)
Due to banks		251		22,896		23,147		3,242		(3,281)		23,108
Customer deposits		1		321,850		321,851		0		11,238		333,089
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		98,600		(4,568)		94,032		0		0		94,032
Obligation to return securities received as collateral		23,479		(679)		22,800		0		0		22,800
Trading liabilities		14,304		62,508		76,812		0		(177)		76,635
Short-term borrowings		42,842		(22,649)		20,193		0		0		20,193
Long-term debt		31,300		95,341		126,641		2,784		617		130,042
Brokerage payables		55,749		17,405		73,154		0		0		73,154
Other liabilities		11,284		39,795		51,079		84		284		51,447
Liabilities of discontinued operations held-for-sale		19		1,121		1,140		0		0		1,140
Total liabilities		277,829		533,020		810,849		6,110		8,681		825,640
Total shareholders' equity		18,583		21,409		39,992		42,164		(39,992)		42,164
Noncontrolling interests		3,150		421		3,571		0		1,431		5,002
Total equity		21,733		21,830		43,563		42,164		(38,561)		47,166
Total liabilities and equity		299,562		554,850		854,412		48,274		(29,880)		872,806
1 Includes eliminations and consolidation adjustments.

end of 2012		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Assets (CHF million)
Cash and due from banks		4,523		56,853		61,376		19		368		61,763
Interest-bearing deposits with banks		82		3,637		3,719		0		(1,774)		1,945
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		130,175		53,271		183,446		0		9		183,455
Securities received as collateral		34,980		(4,935)		30,045		0		0		30,045
Trading assets		87,974		168,628		256,602		0		(203)		256,399
Investment securities		22		1,917		1,939		0		1,559		3,498
Other investments		6,252		5,564		11,816		35,088		(34,882)		12,022
Net loans		22,945		204,553		227,498		4,459		10,266		242,223
Premises and equipment		1,062		4,354		5,416		0		202		5,618
Goodwill		581		6,929		7,510		0		879		8,389
Other intangible assets		77		166		243		0		0		243
Brokerage receivables		20,672		25,096		45,768		0		0		45,768
Other assets		15,993		56,789		72,782		173		(43)		72,912
Total assets		325,338		582,822		908,160		39,739		(23,619)		924,280
Liabilities and equity (CHF million)
Due to banks		164		30,410		30,574		3,753		(3,313)		31,014
Customer deposits		1		297,689		297,690		0		10,622		308,312
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		130,411		2,310		132,721		0		0		132,721
Obligation to return securities received as collateral		34,980		(4,935)		30,045		0		0		30,045
Trading liabilities		23,332		67,759		91,091		0		(275)		90,816
Short-term borrowings		22,157		(7,319)		14,838		0		3,803		18,641
Long-term debt		35,485		111,512		146,997		437		700		148,134
Brokerage payables		44,401		20,275		64,676		0		0		64,676
Other liabilities		12,927		44,440		57,367		51		219		57,637
Total liabilities		303,858		562,141		865,999		4,241		11,756		881,996
Total shareholders' equity		17,970		16,797		34,767		35,498		(34,767)		35,498
Noncontrolling interests		3,510		3,884		7,394		0		(608)		6,786
Total equity		21,480		20,681		42,161		35,498		(35,375)		42,284
Total liabilities and equity		325,338		582,822		908,160		39,739		(23,619)		924,280
1 Includes eliminations and consolidation adjustments.

in 2013		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Operating activities of continuing operations (CHF million)
Net cash provided by/(used in) operating activities of continuing operations		6,126		15,912		22,038		400	2	(364)		22,074
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks		(1)		444		443		0		95		538
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		(594)		17,714		17,120		0		0		17,120
Purchase of investment securities		0		(676)		(676)		(1,402)		1,401		(677)
Proceeds from sale of investment securities		23		153		176		0		0		176
Maturities of investment securities		0		673		673		0		159		832
Investments in subsidiaries and other investments		232		(1,570)		(1,338)		(2,458)		2,004		(1,792)
Proceeds from sale of other investments		2,139		1,026		3,165		481		91		3,737
(Increase)/decrease in loans		2,456		(10,306)		(7,850)		1,228		(2,504)		(9,126)
Proceeds from sales of loans		0		1,483		1,483		0		0		1,483
Capital expenditures for premises and equipment and other intangible assets		(238)		(657)		(895)		0		(8)		(903)
Proceeds from sale of premises and equipment and other intangible assets		0		9		9		0		0		9
Other, net		(87)		202		115		0		7		122
Net cash provided by/(used in) investing activities of continuing operations		3,930		8,495		12,425		(2,151)		1,245		11,519
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits		95		22,252		22,347		(500)		616		22,463
Increase/(decrease) in short-term borrowings		22,124		(16,122)		6,002		0		0		6,002
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(29,400)		(6,947)		(36,347)		0		0		(36,347)
Issuances of long-term debt		687		37,227		37,914		2,292		(1,116)		39,090
Repayments of long-term debt		(3,482)		(52,830)		(56,312)		0		1,177		(55,135)
Issuances of common shares		0		0		0		976		0		976
Sale of treasury shares		0		0		0		58		9,706		9,764
Repurchase of treasury shares		0		0		0		(217)		(9,985)		(10,202)
Dividends paid		0		(305)		(305)		(154)		(105)		(564)
Excess tax benefits related to share-based compensation		0		0		0		1		(1)		0
Other, net		258		923		1,181		75		(1,724)		(468)
Net cash provided by/(used in) financing activities of continuing operations		(9,718)		(15,802)		(25,520)		2,531		(1,432)		(24,421)
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks		(74)		(1,141)		(1,215)		(4)		3		(1,216)
Net cash provided by/(used in) discontinued operations (CHF million)
Net cash provided by/(used in) discontinued operations		0		(1,027)		(1,027)		0		0		(1,027)
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks		264		6,437		6,701		776		(548)		6,929
Cash and due from banks at beginning of period		4,523		56,853		61,376		19		368		61,763
Cash and due from banks at end of period		4,787		63,290		68,077		795		(180)		68,692
1 Includes eliminations and consolidation adjustments.
2 Consists of dividend payments from Group companies of CHF 161 million and CHF 208 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing.

in 2012		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Operating activities of continuing operations (CHF million)
Net cash provided by/(used in) operating activities of continuing operations		(4,312)		(7,671)		(11,983)		357	2	(1,042)		(12,668)
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks		(2)		317		315		0		(131)		184
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		22,780		24,153		46,933		0		19		46,952
Purchase of investment securities		0		(276)		(276)		0		(204)		(480)
Proceeds from sale of investment securities		0		936		936		0		0		936
Maturities of investment securities		0		1,442		1,442		0		184		1,626
Investments in subsidiaries and other investments		34		(1,981)		(1,947)		(3,584)		3,492		(2,039)
Proceeds from sale of other investments		1,922		996		2,918		110		76		3,104
(Increase)/decrease in loans		1,075		(11,326)		(10,251)		1,154		(1,925)		(11,022)
Proceeds from sales of loans		0		1,090		1,090		0		0		1,090
Capital expenditures for premises and equipment and other intangible assets		(364)		(863)		(1,227)		0		(15)		(1,242)
Proceeds from sale of premises and equipment and other intangible assets		16		10		26		0		0		26
Other, net		235		3,441		3,676		28		(21)		3,683
Net cash provided by/(used in) investing activities of continuing operations		25,696		17,939		43,635		(2,292)		1,475		42,818
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits		78		(14,532)		(14,454)		(1,015)		2,902		(12,567)
Increase/(decrease) in short-term borrowings		5,508		(17,151)		(11,643)		0		3,803		(7,840)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(20,167)		(19,791)		(39,958)		0		0		(39,958)
Issuances of long-term debt		879		36,338		37,217		10		1,178		38,405
Repayments of long-term debt		(5,094)		(49,371)		(54,465)		(1,149)		(322)		(55,936)
Issuances of common shares		0		0		0		1,930		0		1,930
Sale of treasury shares		0		0		0		367		7,988		8,355
Repurchase of treasury shares		0		0		0		(495)		(8,364)		(8,859)
Dividends paid		0		(321)		(321)		(944)		(31)		(1,296)
Excess tax benefits related to share-based compensation		0		42		42		0		(42)		0
Other, net		(1,714)		5,317		3,603		3,180		(6,389)		394
Net cash provided by/(used in) financing activities of continuing operations		(20,510)		(59,469)		(79,979)		1,884		723		(77,372)
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks		(105)		(1,070)		(1,175)		57		(124)		(1,242)
Net cash provided by/(used in) discontinued operations (CHF million)
Net cash provided by/(used in) discontinued operations		6		(352)		(346)		0		0		(346)
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks		775		(50,623)		(49,848)		6		1,032		(48,810)
Cash and due from banks at beginning of period		3,748		107,476		111,224		13		(664)		110,573
Cash and due from banks at end of period		4,523		56,853		61,376		19		368		61,763
1 Includes eliminations and consolidation adjustments.
2 Consists of dividend payments from Group companies of CHF 166 million and CHF 46 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing.

in 2011		Credit Suisse (USA), Inc. consolidated		Bank parent company and other subsidiaries	1	Bank		Group parent company		Other Group subsidiaries	1	Credit Suisse Group
Operating activities of continuing operations (CHF million)
Net cash provided by/(used in) operating activities of continuing operations		11,286		25,809		37,095		431	2	1,096		38,622
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks		(1)		(1,019)		(1,020)		0		288		(732)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		(20,567)		5,886		(14,681)		0		(540)		(15,221)
Purchase of investment securities		0		(1,232)		(1,232)		0		(310)		(1,542)
Proceeds from sale of investment securities		0		2,118		2,118		0		0		2,118
Maturities of investment securities		0		2,294		2,294		0		168		2,462
Investments in subsidiaries and other investments		(1,032)		(378)		(1,410)		(101)		(271)		(1,782)
Proceeds from sale of other investments		4,357		1,967		6,324		9		451		6,784
(Increase)/decrease in loans		6,326		(21,139)		(14,813)		547		(2,971)		(17,237)
Proceeds from sales of loans		0		689		689		0		0		689
Capital expenditures for premises and equipment and other intangible assets		(477)		(1,250)		(1,727)		0		(12)		(1,739)
Proceeds from sale of premises and equipment and other intangible assets		0		11		11		0		0		11
Other, net		2		187		189		0		33		222
Net cash provided by/(used in) investing activities of continuing operations		(11,392)		(11,866)		(23,258)		455		(3,164)		(25,967)
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits		(27)		27,456		27,429		(1,514)		1,825		27,740
Increase/(decrease) in short-term borrowings		(21,801)		25,899		4,098		0		0		4,098
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		30,267		(23,085)		7,182		0		0		7,182
Issuances of long-term debt		3,395		30,255		33,650		10		574		34,234
Repayments of long-term debt		(9,974)		(26,617)		(36,591)		(489)		(47)		(37,127)
Issuances of common shares		44		(46)		(2)		1,129		0		1,127
Sale of treasury shares		0		615		615		550		10,688		11,853
Repurchase of treasury shares		0		(612)		(612)		(201)		(10,977)		(11,790)
Dividends paid		0		(481)		(481)		(1,560)		93		(1,948)
Other, net		(4,184)		1,405		(2,779)		617		(346)		(2,508)
Net cash provided by/(used in) financing activities of continuing operations		(2,280)		34,789		32,509		(1,458)		1,810		32,861
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks		(105)		(586)		(691)		567		(508)		(632)
Net cash provided by/(used in) discontinued operations (CHF million)
Net cash provided by/(used in) discontinued operations		21		201		222		0		0		222
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks		(2,470)		48,347		45,877		(5)		(766)		45,106
Cash and due from banks at beginning of period		6,218		59,129		65,347		18		102		65,467
Cash and due from banks at end of period		3,748		107,476		111,224		13		(664)		110,573
1 Includes eliminations and consolidation adjustments.
2 Consists of dividend payments from Group companies of CHF 162 million and CHF 188 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing.

Parent company financial statements – Credit Suisse Group
Report of the Statutory Auditor
Parent company financial statements
Notes to the financial statements
Proposed appropriation of retained earnings and capital distribution
Report on the conditional increase of share capital
Independent Auditor’s Report to the Board of Directors




Statements of income
Balance sheets
1 Accounting principles
2 Contingent liabilities
3 Compensation to members of the Executive Board and the Board of Directors
4 Principal participations
5 Bonds
6 Own shares held by the company and by group companies
7 Significant shareholders
8 Share capital, conditional, conversion and authorized capital of Credit Suisse Group
9 General reserves
10 Risk assessment

in		2013		2012
Income (CHF million)
Dividend income from investments in group companies		381		272
Other financial income		62		82
Gain on sale of noncurrent assets		35		145
Other income		192		167
Total income		670		666
Expenses (CHF million)
Financial expenses		125		223
Compensation and benefits		67		60
Other expenses		37		43
Tax expense		32		16
Total expenses		261		342
Net income		409		324

		Reference to notes		end of
				2013		2012
Assets (CHF million)
Cash with group companies				795		19
Receivables from third parties				7		8
Accrued income and prepaid expenses – group companies				235		161
Total current assets				1,037		188
Investments in group companies		4		40,440		38,534
Long-term loans to group companies				4,588		4,459
Financial investments				173		51
Total noncurrent assets				45,201		43,044
Total assets				46,238		43,232
Liabilities and shareholders' equity (CHF million)
Payables to third parties				3		25
Payables to group companies				2,876		3,376
Accrued expenses and deferred income – third parties				87		65
Accrued expenses and deferred income – group companies				35		23
Total short-term liabilities				3,001		3,489
Bonds		5		2,292		–
Long-term loans from group companies				761		812
Provisions				312		312
Total long-term liabilities				3,365		1,124
Total liabilities				6,366		4,613
Share capital		8		64		53
General reserves		9		1,800		4,810
Reserves from capital contributions				18,504		14,661
General legal reserves				20,304		19,471
Reserves for own shares		6		3,929		3,929
Free reserves				10,500		10,500
Retained earnings brought forward				4,666		4,342
Net income				409		324
Retained earnings				5,075		4,666
Total shareholders' equity				39,872		38,619
Total liabilities and shareholders' equity				46,238		43,232

end of		2013		2012
CHF million
Aggregate indemnity liabilities, guarantees and other contingent liabilities (net of exposures recorded as liabilities)		43,857		51,363
of which have been entered into on behalf of subsidiaries		43,857		51,363

in		Base salary		Unrestricted cash		Value of STI awards		Value of LTI awards		Pension and similar benefits and other benefits	1	Dividend equivalents	2	Payments and awards due to contractual agreements	3	Total compensation	4
2013 (CHF million, except where indicated)
9 members		14.08		3.93		21.86	5	21.58		0.58		2.74		–		64.77
% of total compensation		22%		6%		34%		33%
of which CEO: Brady W. Dougan		2.50		0.69		2.77		3.46		0.01		0.36		–		9.79
% of total compensation		26%		7%		28%		35%
1 Other benefits consist of housing allowances, lump sum expenses and child allowances.
2 Share awards granted prior to January 1, 2014 carry the right to an annual payment equal to the dividend payable on each Group share. The dividend equivalents were paid in respect of awards granted in prior years and were delivered in a combination of cash and shares, consistent with dividends paid on actual shares.
3 During 2013, there were no payments made to Executive Board members for contractual agreements.
4 Does not include CHF 4.8 million of charitable contributions made by the Group for which the CEO and three other Executive Board members are able to make recommendations.
5 Short-term incentive awards for 2013 comprise CHF 20.56 million performance shares as well as CHF 1.3 million granted as blocked shares and performance shares to the Executive Board members who were categorized as UK Code Staff under the regulations of the PRA and the Executive Board member that stepped down. The applicable Group share price for all share awards was CHF 28.78.

in		Base salary		Unrestricted cash		Value of STI awards		Value of LTI awards		Pension and similar benefits and other benefits	1	Dividend equivalents	2	Payments and awards due to contractual agreements	3	Total compensation	4
2012 (CHF million, except where indicated)
13 members 5		17.75		13.56	6	20.95	7	15.40		4.28		2.18		–		74.12
% of total compensation		24%		18%		28%		21%
of which highest paid: Robert Shafir		1.40		0.70		3.50		2.80		1.91	8	0.28		–		10.59
% of total compensation		13%		7%		33%		26%
of which CEO: Brady W. Dougan		2.50		0.50		2.50		2.00		0.04		0.23		–		7.77
% of total compensation		32%		6%		32%		26%
1 Other benefits consist of housing allowances, lump sum expenses, child allowances and carried interest.
2 Share awards carry the right to an annual payment equal to the dividend payable on each Group share. The dividend equivalents were paid in respect of awards granted in prior years.
3 During 2012, there were no payments made to Executive Board members for contractual agreements.
4 Does not include CHF 3.9 million of charitable contributions made by the Group for which the CEO and a former Executive Board member are able to make recommendations.
5 Of the 13 members, 5 left the Executive Board during 2012: Karl Landert and Antonio Quintella stepped down from the Executive Board effective April 30, 2012 and May 31, 2012, respectively, and Osama Abbasi, Walter Berchtold and Fawzi Kyriakos-Saad left the Executive Board effective November 30, 2012. The base salary and incentive compensation for these individuals has been pro rated accordingly. These individuals were paid incentive compensation in the form of unrestricted cash and STI awards for their performance in their respective roles on the Executive Board in 2012.
6 Includes pro rated unrestricted cash of CHF 10.2 million paid to the five individuals who left the Executive Board during 2012.
7 All short-term incentive awards for 2012 were granted as performance shares. The applicable Group share price for the performance share awards was CHF 24.62.
8 CHF 1.87 million of this amount was granted as carried interest in 2012. In addition, in connection with his role at the time as CEO of the Asset Management division, in 2008 Mr. Shafir received a carried interest award in certain alternative investment funds. The value realized over time depends on the investment performance of the funds over their lifetime up to fifteen years. The initial value of the award is determined by making assumptions about the return that will be realized on the funds. The aggregate theoretical value of these awards was approximately USD 10 million assuming an estimated 9 percent return on all fund investments over their projected lifetime, and reducing this estimated return by 25 percent to reflect potential underperformance in some of the funds.

end of		Number of owned shares	1	Number of unvested share awards		Number of owned shares and unvested share awards		Number of unvested SISUs		Number of options		Value of unvested awards at grant (CHF)		Current value of unvested awards (CHF)
December 31, 2013
Brady W. Dougan		1,221,334		416,540		1,637,874		38,051		–		12,176,651		12,396,697
Gaël de Boissard		107,329		536,014		643,343		31,283		–		16,187,272		15,470,189
Romeo Cerutti		136,344		231,491		367,835		11,636		–		6,128,891		6,630,073
Tobias Guldimann		–		258,127		258,127		14,545		–		6,907,523		7,435,765
David R. Mathers		17,469		387,642		405,111		7,565		–		9,422,493		10,777,295
Hans-Ulrich Meister		189,478		417,112		606,590		23,273		–		11,248,886		12,009,299
Robert S. Shafir		617,053		532,112		1,149,165		31,160		–		14,344,561		15,360,428
Pamela A. Thomas-Graham		–		216,875		216,875		7,191		–		5,461,314		6,110,280
Eric M. Varvel		–		286,098		286,098		27,735		–		9,597,358		8,558,226
Total		2,289,007		3,282,011		5,571,018		192,439		–		91,474,949		94,748,252
December 31, 2012
Brady W. Dougan		906,929		666,068		1,572,997		76,102		–		18,945,613		19,815,939
Romeo Cerutti		80,279		320,261		400,540		23,272		–		8,446,679		9,172,331
Tobias Guldimann		57,763		375,725		433,488		29,090		–		9,964,935		10,808,561
David R. Mathers		0		461,439		461,439		15,130		1,095	2	11,174,895		12,724,392
Hans-Ulrich Meister		178,198		550,776		728,974		46,546		–		14,848,594		15,948,497
Robert S. Shafir		387,544		736,377		1,123,921		62,320		–		19,807,159		21,325,210
Pamela A. Thomas-Graham		4,583		239,137		243,720		14,382		–		6,342,875		6,768,957
Eric M. Varvel		62,169		454,785		516,954		55,470		–		13,996,715		13,623,809
Total		1,677,465	3	3,804,568		5,482,033		322,312		1,095		103,527,465		110,187,696
1 Includes shares that were initially granted as deferred compensation and have vested.
2 Consists of options with an expiration date of January 22, 2013 and an exercise price of CHF 30.60.
3 In addition to the number of owned shares shown, the following Executive Board members held an aggregate number of 2,320 mandatory and contingent convertible securities (MACCS): Brady Dougan (1,336), Romeo Cerutti (60), Hans-Ulrich Meister (262), Robert Shafir (571), Eric Varvel (91); these securities were converted into an aggregate number of 143,033 shares on March 29, 2013 at a conversion price of CHF 16.29 and were settled and delivered in April 2013.

in		Base board fee		Committee fee		Additional fees	1	Other compen- sation categories	2	Total compen- sation		Awarded in cash		% of total compen- sation		Awarded in Group shares		% of total compen- sation		Number of Group shares	3
2013/2014 (CHF)
Urs Rohner, Chairman   4		2,500,000		–		2,250,000		153,260		4,903,260		3,778,260		77%		1,125,000		23%		39,090
Peter Brabeck-Letmathe, Vice-Chairman   5		400,000		–		–		–		400,000		200,000		50%		200,000		50%		7,455
Jassim Bin Hamad J.J. Al Thani 5		250,000		–		–		–		250,000		125,000		50%		125,000		50%		4,659
Iris Bohnet 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		6,523
Noreen Doyle 5		250,000		100,000		294,000		–		644,000		469,000		73%		175,000		27%		6,523
Jean-Daniel Gerber 5		250,000		150,000		–		–		400,000		200,000		50%		200,000		50%		7,455
Walter B. Kielholz 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		6,523
Andreas N. Koopmann 5		250,000		200,000		–		–		450,000		225,000		50%		225,000		50%		8,387
Jean Lanier, Chairman of the Compensation Committee   4		400,000		–		400,000		–		800,000		600,000		75%		200,000		25%		6,950
Kai S. Nargolwala 5		250,000		100,000		–				350,000		175,000		50%		175,000		50%		6,523
Anton van Rossum 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		6,523
Richard E. Thornburgh, Chairman of the Risk Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		17,374
John Tiner, Chairman of the Audit Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		17,374
Total		6,100,000		850,000		4,944,000		153,260		12,047,260		8,097,260		67%		3,950,000		33%		141,359
1 Includes the additional fees for the full-time Chairman and the three committee chairmen as well as the additional fees of CHF 294,000 (GBP 200,000) paid to Noreen Doyle in 2013 as a non-executive director and chair of the boards of two of the Group's UK subsidiaries, Credit Suisse International and Credit Suisse Securities Europe Limited. The additional fees of CHF 400,000 were awarded to Jean Lanier as Chairman of the Compensation Committee in 2013, a role to which he was appointed as of the 2013 AGM on April 26, 2013.
2 Other compensation for the Chairman included pension benefits, lump sum expenses and child and health care allowances.
3 The value of the Group shares is included in total compensation. Group shares are subject to a four-year blocking period.
4 The Chairman and the three committee chairmen received an annual base board fee paid in cash. They also received additional fees paid in cash and/or shares as determined by the Board in the course of the regular compensation process. The additional fees paid to the three committee chairmen covered their regular memberships in other committees that they do not chair. The additional fees awarded to these four individuals for 2013 were paid in Group shares (50%) and cash (50%). The applicable Group share price was CHF 28.78.
5 Except for the Chairman and the three committee chairmen, members of the Board were paid an annual base board fee and a committee fee for their respective committee membership in advance for the period from one AGM to the other, i.e., from April 26, 2013 to May 9, 2014. The annual committee fees are CHF 150,000 for the Audit Committee and CHF 100,000 for each of the Risk and Compensation Committees. For 2013, these total combined fees were paid in Group shares (50%) and cash (50%). The applicable Group share price as of the 2013 AGM was CHF 26.83.

in		Base board fee		Committee fee		Additional fees	1	Other compen- sation categories	2	Total compen- sation		Awarded in cash		% of total compen- sation		Awarded in Group shares		% of total compen- sation		Number of Group shares	3
2012/2013 (CHF)
Urs Rohner, Chairman   4		2,500,000		–		2,500,000		234,881		5,234,881		3,984,881		76%		1,250,000		24%		50,772
Peter Brabeck-Letmathe, Vice-Chairman   5		400,000		–		–		–		400,000		200,000		50%		200,000		50%		9,026
Jassim Bin Hamad J.J. Al Thani 5		250,000		–		–		–		250,000		125,000		50%		125,000		50%		5,641
Robert H. Benmosche 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Iris Bohnet 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Noreen Doyle 5		250,000		100,000		182,600		–		532,600		357,600		67%		175,000		33%		7,898
Jean-Daniel Gerber 5		250,000		150,000		–		–		400,000		200,000		50%		200,000		50%		9,026
Walter B. Kielholz 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Andreas N. Koopmann 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Jean Lanier 5		250,000		250,000		–		–		500,000		250,000		50%		250,000		50%		11,282
Anton van Rossum 5		250,000		100,000		–		–		350,000		175,000		50%		175,000		50%		7,898
Aziz R.D. Syriani, Chairman of the Compensation Committee   4		350,000		–		400,000		–		750,000		522,500		70%		227,500		30%		9,241
David W. Syz 5		250,000		150,000		–		–		400,000		200,000		50%		200,000		50%		9,026
Richard E. Thornburgh, Chairman of the Risk Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		20,309
John Tiner, Chairman of the Audit Committee   4		400,000		–		1,000,000		–		1,400,000		900,000		64%		500,000		36%		20,309
Total		6,550,000		1,150,000		5,082,600		234,881		13,017,481		8,514,981		65%		4,502,500		35%		192,020
1 Includes the additional fees for the full-time Chairman and the three committee chairmen as well as the additional fees paid to Noreen Doyle in 2012 as a non-executive director of two of the Group's UK subsidiaries, Credit Suisse International and Credit Suisse Securities Europe Limited. The additional fees of CHF 182,600 for Noreen Doyle corresponded to the annual fees of GBP 125,000 which Noreen Doyle received in 2012 as a non-executive director (annual fee of GBP 100,000) and audit committee chair (additional fee of GBP 25,000) of Credit Suisse International and Credit Suisse Securities Europe Limited.
2 Other compensation for the Chairman included lump sum expenses, child and health care allowances and pension benefits.
3 The value of the Group shares is included in total compensation. Group shares are subject to a four-year blocking period.
4 The Chairman and the three committee chairmen received an annual base board fee paid in cash. They also received additional fees paid in cash and/or share awards as determined by the Board in the course of the regular compensation process. The additional fees awarded to these four individuals for 2012 were paid in Group shares (50%) and cash (50%). The applicable Group share price was CHF 24.62.
5 Except for the Chairman and the three committee chairmen, members of the Board were paid an annual base board fee and a committee fee for their respective committee membership in advance for the period from one AGM to the other, i.e., from April 26, 2012 to April 27, 2013. The annual committee fees are CHF 150,000 for the Audit Committee and CHF 100,000 for each of the Risk and Compensation Committees. For 2012, these total combined fees were paid in Group shares (50%) and cash (50%). The applicable Group share price as of the 2012 annual general meeting was CHF 22.16.

in		2013		2012
December 31 (shares)  1
Urs Rohner		230,402		244,422
Peter Brabeck-Letmathe		144,186		120,999
Jassim Bin Hamad J.J. Al Thani		17,918		11,790
Iris Bohnet		15,464		7,898
Noreen Doyle		49,014		41,324
Jean-Daniel Gerber		17,701		9,826
Walter B. Kielholz		316,675		292,424
Andreas N. Koopmann		42,569		30,469
Jean Lanier		44,951		43,881
Kai S. Nargolwala		114,666		–
Anton van Rossum		56,464		48,598
Richard E. Thornburgh		212,530		218,456
John Tiner		48,471		24,799
Total		1,311,011		1,094,886	2,3
1 Includes Group shares that are subject to a blocking period of up to four years.
2 In addition to the shareholdings shown, the following Board members held an aggregate number of 1,519 mandatory and contingent convertible securities (MACCS): Urs Rohner (395), Peter Brabeck-Letmathe (175), Jassim Bin Hamad J.J. Al Thani (17), Iris Bohnet (11), Walter Kielholz (431), Andreas Koopmann (44), Aziz R.D. Syriani (113), Richard Thornburgh (297) and John Tiner (36); these securities were converted into an aggregate number of 93,247 shares on March 29, 2013 at a conversion price of CHF 16.29 and were settled and delivered in April 2013.
3 Excludes 30,872, 76,774 and 92,745 shares held by Robert H. Benmosche, Aziz R.D. Syriani and David W. Syz, respectively, as of December 31, 2012, who stepped down from the Board as of April 26, 2013.

in		2013		2012
December 31 (CHF)
Urs Rohner		4,968,270		5,034,157
Peter Brabeck-Letmathe		40,631,650		27,520,527
Walter B. Kielholz		4,000,000		4,200,000
Andreas N. Koopmann		4,933,650		2,775,000
Richard E. Thornburgh		222,756		–
Total 1		54,756,326		39,529,684	2
1 Includes loans to immediate family members.
2 Excludes a loan of CHF 1,500,000 held by David W. Syz as of December 31, 2012, who stepped down from the Board as of April 26, 2013.

end of		Interest rate		Issue date		First call date		Maturity date		2013
Bonds (CHF million)
Low-trigger tier 1 capital instruments – CHF 290 million		6.0%		September 4, 2013		September 4, 2018		Perpetual		290
Low-trigger tier 1 capital instruments – USD 2,250 million		7.5%		December 11, 2013		December 11, 2023		Perpetual		2,002
Total										2,292

		2013				2012
		Share equivalents		CHF million		Share equivalents		CHF million
Balance at beginning of financial year
Physical holdings		27,036,831		602		4,010,074		89
Holdings, net of pending obligations		167,682		4		1,718,838		38
Balance at end of financial year
Physical holdings 1		5,183,154		141		27,036,831		602
Holdings, net of pending obligations		(452,459)		(12)		167,682		4
1 Representing 0.3% and 2.0% of issued shares as of December 31, 2013 and 2012, respectively.

		No. of shares		Par value in CHF		No. of shares issued		Par value in CHF
Share capital as of December 31, 2012						1,320,829,922		52,833,197
Conditional capital
Warrants and convertible bonds
Capital as of December 31, 2012		483,506,127		19,340,245
Conversion of mandatory and contingent convertible securities on April 8, 2013		(83,506,127)		(3,340,245)		83,506,127		3,340,245
Capital as of December 31, 2013		400,000,000	1	16,000,000
Staff shares
Capital as of December 31, 2012		21,482,190		859,288
Subscriptions in 2013 - before AGM		(18,822,723)		(752,909)		18,822,723		752,909
AGM of April 26, 2013 - increase		27,340,533		1,093,621
Subscriptions in 2013 - after AGM		(18,950,402)		(758,016)		18,950,402		758,016
Capital as of December 31, 2013		11,049,598		441,984
Conversion capital
Capital as of December 31, 2012		200,000,000		8,000,000
Conversion of mandatory and contingent convertible securities on April 8, 2013		(50,000,000)		(2,000,000)		50,000,000		2,000,000
Capital as of December 31, 2013		150,000,000	2	6,000,000
Authorized capital
Capital as of December 31, 2012		92,315,800		3,692,632
Conversion of mandatory and contingent convertible securities on April 8, 2013		(66,457,888)		(2,658,316)		66,457,888		2,658,316
AGM of April 26, 2013 - increase		124,142,088		4,965,684
Stock dividend in May 2013		(37,552,287)		(1,502,091)		37,552,287		1,502,091
Capital as of December 31, 2013		112,447,713		4,497,909
Share capital as of December 31, 2013						1,596,119,349		63,844,774
1 400.0 million shares reserved for high-trigger capital instruments.
2 98.9 million shares reserved for high-trigger capital instruments.

end of		2013
Retained earnings (CHF million)
Retained earnings brought forward		4,666
Net income		409
Retained earnings available for appropriation		5,075
To be carried forward		5,075
Total		5,075

		2013
Reserves from capital contributions (CHF million)
Balance at beginning of year		14,661
Capital surplus for issued registered shares		3,999
Cash distribution		(154)
Distribution of newly issued registered shares (stock dividend)		(2)
Balance at end of year		18,504
Distribution of CHF 0.70 per registered share in cash 1		(1,117)
Balance after distribution		17,387
1 1,596.1 million registered shares - net of own shares held by the company - at December 31, 2013. The number of registered shares eligible for distribution may change due to the issuance of new registered shares and activities in own shares.

Consolidated financial statements – Credit Suisse (Bank)
Report of the Independent Registered Public Accounting Firm
Consolidated financial statements
Notes to the consolidated financial statements
Controls and procedures
Report of the Independent Registered Public Accounting Firm




Consolidated statements of operations
Consolidated statements of comprehensive income
Consolidated balance sheets
Consolidated balance sheets (continued)
Consolidated statements of changes in equity
Consolidated statements of changes in equity (continued)
Consolidated statements of cash flows
Consolidated statements of cash flows (continued)
Supplemental cash flow information
1 Summary of significant accounting policies
2 Recently issued accounting standards
3 Business developments and subsequent events
4 Discontinued operations
5 Segment information
6 Net interest income
7 Commissions and fees
8 Trading revenues
9 Other revenues
10 Provision for credit losses
11 Compensation and benefits
12 General and administrative expenses
13 Securities borrowed, lent and subject to repurchase agreements
14 Trading assets and liabilities
15 Investment securities
16 Other investments
17 Loans, allowance for loan losses and credit quality
18 Premises and equipment
19 Goodwill
20 Other intangible assets
21 Other assets and other liabilities
22 Deposits
23 Long-term debt
24 Accumulated other comprehensive income
25 Offsetting of financial assets and financial liabilities
26 Tax
27 Employee deferred compensation
28 Related parties
29 Pension and other post-retirement benefits
30 Derivatives and hedging activities
31 Guarantees and commitments
32 Transfers of financial assets and variable interest entities
33 Financial instruments
34 Assets pledged and collateral
35 Capital adequacy
36 Litigation
37 Significant subsidiaries and equity method investments
38 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view)
39 Risk assessment

		Reference to notes		in
				2013		2012		2011
Consolidated statements of operations (CHF million)
Interest and dividend income		6		19,021		21,544		22,411
Interest expense		6		(11,306)		(14,734)		(16,404)
Net interest income		6		7,715		6,810		6,007
Commissions and fees		7		13,058		12,549		12,360
Trading revenues		8		2,764		1,329		4,741
Other revenues		9		1,793		2,490		1,745
Net revenues				25,330		23,178		24,853
Provision for credit losses		10		93		88		123
Compensation and benefits		11		11,187		12,219		12,976
General and administrative expenses		12		8,654		7,204		7,328
Commission expenses				1,726		1,685		1,915
Total other operating expenses				10,380		8,889		9,243
Total operating expenses				21,567		21,108		22,219
Income from continuing operations before taxes				3,670		1,982		2,511
Income tax expense		26		1,177		447		444
Income from continuing operations				2,493		1,535		2,067
Income/(loss) from discontinued operations, net of tax		4		145		(40)		(25)
Net income				2,638		1,495		2,042
Net income/(loss) attributable to noncontrolling interests				860		(600)		901
Net income/(loss) attributable to shareholder				1,778		2,095		1,141
of which from continuing operations				1,633		2,135		1,166
of which from discontinued operations				145		(40)		(25)

in		2013		2012		2011
Comprehensive income (CHF million)
Net income		2,638		1,495		2,042
Gains/(losses) on cash flow hedges		2		7		(32)
Foreign currency translation		(2,215)		(1,233)		(293)
Unrealized gains/(losses) on securities		(18)		(43)		(3)
Actuarial gains/(losses)		(43)		58		142
Net prior service credit/(cost)		0		(1)		(1)
Other comprehensive income/(loss), net of tax		(2,274)		(1,212)		(187)
Comprehensive income		364		283		1,855
Comprehensive income/(loss) attributable to noncontrolling interests		824		(811)		940
Comprehensive income attributable to shareholder		(460)		1,094		915

		Reference to notes		end of
				2013		2012
Assets (CHF million)
Cash and due from banks				68,077		61,376
of which reported at fair value				527		569
of which reported from consolidated VIEs				952		1,750
Interest-bearing deposits with banks				3,385		3,719
of which reported at fair value				311		627
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		13		160,013		183,446
of which reported at fair value				96,587		113,664
of which reported from consolidated VIEs				1,959		117
Securities received as collateral, at fair value				22,800		30,045
of which encumbered				17,964		17,767
Trading assets, at fair value		14		229,736		256,602
of which encumbered				72,976		70,948
of which reported from consolidated VIEs				3,610		4,697
Investment securities		15		1,627		1,939
of which reported at fair value				1,627		1,939
of which reported from consolidated VIEs				100		23
Other investments		16		10,207		11,816
of which reported at fair value				7,590		8,892
of which reported from consolidated VIEs				1,983		2,289
Net loans		17		231,157		227,498
of which reported at fair value				19,457		20,000
of which encumbered				638		535
of which reported from consolidated VIEs				4,207		6,053
allowance for loan losses				(691)		(721)
Premises and equipment		18		4,895		5,416
of which reported from consolidated VIEs				481		546
Goodwill		19		7,121		7,510
Other intangible assets		20		210		243
of which reported at fair value				42		43
Brokerage receivables				52,044		45,768
Other assets		21		61,556		72,782
of which reported at fair value				31,518		37,259
of which encumbered				722		1,495
of which reported from consolidated VIEs				14,329		14,508
Assets of discontinued operations held-for-sale				1,584		–
Total assets				854,412		908,160

		Reference to notes		end of
				2013		2012
Liabilities and equity (CHF million)
Due to banks		22		23,147		30,574
of which reported at fair value				1,460		3,431
Customer deposits		22		321,851		297,690
of which reported at fair value				3,241		4,626
of which reported from consolidated VIEs				265		247
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		13		94,032		132,721
of which reported at fair value				76,104		108,784
Obligation to return securities received as collateral, at fair value				22,800		30,045
Trading liabilities, at fair value		14		76,812		91,091
of which reported from consolidated VIEs				93		125
Short-term borrowings				20,193		14,838
of which reported at fair value				6,053		4,513
of which reported from consolidated VIEs				4,286		5,779
Long-term debt		23		126,641		146,997
of which reported at fair value				61,853		64,774
of which reported from consolidated VIEs				12,992		14,532
Brokerage payables				73,154		64,676
Other liabilities		21		51,079		57,367
of which reported at fair value				21,971		26,799
of which reported from consolidated VIEs				710		1,164
Liabilities of discontinued operations held-for-sale				1,140		–
Total liabilities				810,849		865,999
Common shares / participation securities				4,400		4,400
Additional paid-in capital				34,617		28,686
Retained earnings				15,169		13,637
Accumulated other comprehensive income/(loss)		24		(14,194)		(11,956)
Total shareholder's equity				39,992		34,767
Noncontrolling interests				3,571		7,394
Total equity				43,563		42,161
Total liabilities and equity				854,412		908,160

end of				2013		2012
Additional share information
Par value (CHF)				1.00		100.00
Issued shares				4,399,665,200		43,996,652
Shares outstanding				4,399,665,200		43,996,652
The Bank's total share capital is fully paid and consists of 4,399,665,200 and 43,996,652 registered shares as of December 31, 2013 and 2012, respectively. The increase in the number of shares reflects the split of the par value per share from CHF 100 to CHF 1 effective November 19, 2013. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding.

		Attributable to shareholder
		Common shares/ participa- tion secu- rities		Additional paid-in capital		Retained earnings		Treasury shares, at cost	1	Accumu- lated other compre- hensive income		Total share- holder's equity		Non- controlling interests		Total equity
2013 (CHF million)
Balance at beginning of period		4,400		28,686		13,637		0		(11,956)		34,767		7,394		42,161
Purchase of subsidiary shares from non- controlling interests, changing ownership		–		–		–		–		–		–		(22)		(22)
Purchase of subsidiary shares from non- controlling interests, not changing ownership   2, 3		–		–		–		–		–		–		(5,060)		(5,060)
Sale of subsidiary shares to noncontrolling interests, not changing ownership   3		–		–		–		–		–		–		693		693
Net income/(loss)		–		–		1,778		–		–		1,778		872	4	2,650
Total other comprehensive income/(loss), net of tax		–		–		–		–		(2,238)		(2,238)		(36)		(2,274)
Share-based compensation, net of tax		–		196	5	–		–		–		196		–		196
Dividends on share-based compensation, net of tax		–		(87)		–		–		–		(87)		–		(87)
Dividends paid		–		–		(246)		–		–		(246)		(59)		(305)
Changes in redeemable noncontrolling interests		–		(13)		–		–		–		(13)		–		(13)
Changes in scope of consolidation, net		–		–		–		–		–		–		(211)		(211)
Other		–		5,835	6	–		–		–		5,835		–		5,835
Balance at end of period		4,400		34,617		15,169		0		(14,194)		39,992		3,571		43,563
2012 (CHF million)
Balance at beginning of period		4,400		24,134		11,824		0		(10,955)		29,403		8,948		38,351
Purchase of subsidiary shares from non- controlling interests, changing ownership		–		252		–		–		–		252		(90)		162
Purchase of subsidiary shares from non- controlling interests, not changing ownership		–		–		–		–		–		–		(875)		(875)
Sale of subsidiary shares to noncontrolling interests, not changing ownership		–		–		–		–		–		–		240		240
Net income/(loss)		–		–		2,095		–		–		2,095		(589)		1,506
Total other comprehensive income/(loss), net of tax		–		–		–		–		(1,001)		(1,001)		(211)		(1,212)
Share-based compensation, net of tax		–		889		–		–		–		889		–		889
Dividends on share-based compensation, net of tax		–		(50)		–		–		–		(50)		–		(50)
Dividends paid		–		–		(267)		–		–		(267)		(54)		(321)
Changes in redeemable noncontrolling interests		–		(7)		–		–		–		(7)		–		(7)
Changes in scope of consolidation, net		–		–		–		–		–		–		25		25
Other		–		3,468		(15)		–		–		3,453		–		3,453
Balance at end of period		4,400		28,686		13,637		0		(11,956)		34,767		7,394		42,161
1 Reflects Credit Suisse Group shares which are reported as treasury shares. Those shares are held to economically hedge share award obligations.
2 Distributions to owners in funds include the return of original capital invested and any related dividends.
3 Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
4 Net income attributable to noncontrolling interests excludes CHF (12) million due to redeemable noncontrolling interests.
5 Includes a net tax charge of CHF 24 million from the excess recognized compensation expense over fair value of shares delivered.
6 Includes a contribution in kind of preferred shares in Credit Suisse Holdings (USA), Inc. from Credit Suisse Group AG to Credit Suisse AG and a capital contribution from Credit Suisse Group AG to Credit Suisse AG.

		Attributable to shareholder
		Common shares/ participa- tion secu- rities		Additional paid-in capital		Retained earnings		Treasury shares, at cost		Accumu- lated other compre- hensive income		Total share- holder's equity		Non- controlling interests		Total equity
2011 (CHF million)
Balance at beginning of period		4,400		24,993		11,105		0		(10,729)		29,769		11,381		41,150
Purchase of subsidiary shares from non- controlling interests, changing ownership		–		(5)		–		–		–		(5)		4		(1)
Purchase of subsidiary shares from non- controlling interests, not changing ownership		–		–		–		–		–		–		(3,369)		(3,369)
Sale of subsidiary shares to noncontrolling interests, not changing ownership		–		–		–		–		–		–		544		544
Net income/(loss)		–		–		1,141		–		–		1,141		852		1,993
Total other comprehensive income/(loss), net of tax		–		–		–		–		(226)		(226)		39		(187)
Issuance of common shares		–		(2)		–		–		–		(2)		–		(2)
Sale of treasury shares		–		3		–		612		–		615		–		615
Repurchase of treasury shares		–		–		–		(612)		–		(612)		–		(612)
Share-based compensation, net of tax		–		(145)		–		–		–		(145)		(2)		(147)
Dividends on share-based compensation, net of tax		–		(85)		–		–		–		(85)		–		(85)
Dividends paid		–		–		(422)		–		–		(422)		(59)		(481)
Changes in redeemable noncontrolling interests		–		(625)		–		–		–		(625)		(140)		(765)
Changes in scope of consolidation, net		–		–		–		–		–		–		(302)		(302)
Balance at end of period		4,400		24,134		11,824		0		(10,955)		29,403		8,948		38,351

in		2013		2012		2011
Operating activities of continuing operations (CHF million)
Net income		2,638		1,495		2,042
(Income)/loss from discontinued operations, net of tax		(145)		40		25
Income from continuing operations		2,493		1,535		2,067
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million)
Impairment, depreciation and amortization		1,337		1,264		1,181
Provision for credit losses		93		88		123
Deferred tax provision/(benefit)		668		(180)		39
Share of net income/(loss) from equity method investments		33		35		(41)
Trading assets and liabilities, net		10,443		(14,033)		38,728
(Increase)/decrease in other assets		(3,249)		(1,122)		(7,724)
Increase/(decrease) in other liabilities		10,126		(4,214)		5,645
Other, net		94		4,644		(2,923)
Total adjustments		19,545		(13,518)		35,028
Net cash provided by/(used in) operating activities of continuing operations		22,038		(11,983)		37,095
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks		443		315		(1,020)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		17,120		46,933		(14,681)
Purchase of investment securities		(676)		(276)		(1,232)
Proceeds from sale of investment securities		176		936		2,118
Maturities of investment securities		673		1,442		2,294
Investments in subsidiaries and other investments		(1,338)		(1,947)		(1,410)
Proceeds from sale of other investments		3,165		2,918		6,324
(Increase)/decrease in loans		(7,850)		(10,251)		(14,813)
Proceeds from sales of loans		1,483		1,090		689
Capital expenditures for premises and equipment and other intangible assets		(895)		(1,227)		(1,727)
Proceeds from sale of premises and equipment and other intangible assets		9		26		11
Other, net		115		3,676		189
Net cash provided by/(used in) investing activities of continuing operations		12,425		43,635		(23,258)

in		2013		2012		2011
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits		22,347		(14,454)		27,429
Increase/(decrease) in short-term borrowings		6,002		(11,643)		4,098
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(36,347)		(39,958)		7,182
Issuances of long-term debt		37,914		37,217		33,650
Repayments of long-term debt		(56,312)		(54,465)		(36,591)
Issuances of common shares		0		0		(2)
Sale of treasury shares		0		0		615
Repurchase of treasury shares		0		0		(612)
Dividends paid		(305)		(321)		(481)
Excess tax benefits related to share-based compensation		0		42		0
Other, net		1,181		3,603		(2,779)
Net cash provided by/(used in) financing activities of continuing operations		(25,520)		(79,979)		32,509
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks		(1,215)		(1,175)		(691)
Net cash provided by/(used in) discontinued operations (CHF million)
Net cash provided by/(used in) discontinued operations		(1,027)		(346)		222
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks		6,701		(49,848)		45,877
Cash and due from banks at beginning of period		61,376		111,224		65,347
Cash and due from banks at end of period		68,077		61,376		111,224

in		2013		2012		2011
Cash paid for income taxes and interest (CHF million)
Cash paid for income taxes		769		962		1,038
Cash paid for interest		11,686		14,881		17,100
Assets acquired and liabilities assumed in business acquisitions (CHF million)
Fair value of assets acquired		4		2,418		0
Fair value of liabilities assumed		0		2,418		0
Assets and liabilities sold in business divestitures (CHF million)
Assets sold		338		0		0
Liabilities sold		162		0		0

end of		2013
German private banking business (CHF million)
Cash		960
Loans		575
Other assets		18
Total assets held-for-sale		1,553
CFIG (CHF million)
Fees receivable		8
Goodwill		23
Total assets held-for-sale		31
Bank (CHF million)
Total assets held-for-sale		1,584

end of		2013
German private banking business (CHF million)
Deposits		1,118
Other liabilities		22
Total liabilities held-for-sale		1,140
Bank (CHF million)
Total liabilities held-for-sale		1,140

in		2013		2012		2011
Operations-related (CHF million)
Net revenues		233		288		284
of which German private banking business		52		54		61
of which ETF business		29		53		36
of which Strategic Partners		33		60		42
of which CFIG		114		116		127
Operating expenses		158		296		294
of which German private banking business		71		108		98
of which ETF business		23		49		50
of which Strategic Partners		8		38		30
of which CFIG		51		88		98
Income tax expense/(benefit)		38		32		15
of which German private banking business		(6)		2		(11)
of which ETF business		5		2		(2)
of which Strategic Partners		10		15		7
of which CFIG		29		16		21
Income/(loss), net of tax		37		(40)		(25)
of which German private banking business		(13)		(56)		(26)
of which ETF business		1		2		(12)
of which Strategic Partners		15		7		5
of which CFIG		34		12		8
Transaction-related (CHF million)
Gain on disposal		237		–		–
of which ETF business		146		–		–
of which Strategic Partners		91		–		–
Transaction-related expenses		93		–		–
of which ETF business		11		–		–
of which Strategic Partners		22		–		–
of which CFIG		56		–		–
Income tax expense/(benefit)		36		–		–
of which ETF business		21		–		–
of which Strategic Partners		40		–		–
of which CFIG		(24)		–		–
Income/(loss), net of tax		108		–		–
of which ETF business		114		–		–
of which Strategic Partners		29		–		–
of which CFIG		(32)		–		–
Discontinued operations – total (CHF million)
Income/(loss) from discontinued operations, net of tax		145		(40)		(25)
of which German private banking business		(13)		(56)		(26)
of which ETF business		115		2		(12)
of which Strategic Partners		44		7		5
of which CFIG		2		12		8

in		2013		2012		2011
Net revenues (CHF million)
Private Banking & Wealth Management		13,442		13,474		13,397
Investment Banking		12,565		12,558		10,460
Adjustments 1, 2		(677)		(2,854)		996
Net revenues		25,330		23,178		24,853
Income/(loss) before taxes (CHF million)
Private Banking & Wealth Management		3,240		3,775		2,961
Investment Banking		1,719		2,002		(593)
Adjustments 1, 3		(1,289)		(3,795)		143
Income before taxes		3,670		1,982		2,511
1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments.
2 Includes noncontrolling interest-related revenues of CHF 682 million, CHF 365 million and CHF 900 million in 2013, 2012 and 2011, respectively, from the consolidation of certain private equity funds and other entities in which the Bank does not have a significant economic interest in such revenues.
3 Includes noncontrolling interest income of CHF 635 million, CHF 307 million and CHF 816 million in 2013, 2012 and 2011, respectively, from the consolidation of certain private equity funds and other entities in which the Bank does not have a significant economic interest in such income.

end of		2013		2012
Total assets (CHF million)
Private Banking & Wealth Management		279,139		275,683
Investment Banking		502,799		563,758
Adjustments 1		72,474		68,719
Total assets		854,412		908,160
Beginning in the first quarter of 2013, segment assets exclude intra-group balances between the segments. Prior period has been reclassified to conform to the current presentation.
1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments.

in		2013		2012		2011
Net revenues (CHF million)
Switzerland		7,479		7,968		7,754
EMEA		4,797		3,444		6,389
Americas		10,847		9,942		9,011
Asia Pacific		2,207		1,824		1,699
Net revenues		25,330		23,178		24,853
Income/(loss) from continuing operations before taxes (CHF million)
Switzerland		300		1,170		(176)
EMEA		195		(1,374)		1,312
Americas		3,317		3,023		2,330
Asia Pacific		(142)		(837)		(955)
Income from continuing operations before taxes		3,670		1,982		2,511
The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed.

end of		2013		2012
Total assets (CHF million)
Switzerland		181,584		183,735
EMEA		194,825		221,476
Americas		398,127		422,181
Asia Pacific		79,876		80,768
Total assets		854,412		908,160
The designation of total assets by region is based upon customer domicile.

in		2013		2012		2011
Net interest income (CHF million)
Loans		4,323		4,318		4,307
Investment securities		28		52		74
Trading assets		10,058		11,949		11,700
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		2,517		2,940		3,265
Other		2,095		2,285		3,065
Interest and dividend income		19,021		21,544		22,411
Deposits		(958)		(1,324)		(1,650)
Short-term borrowings		(67)		(71)		(69)
Trading liabilities		(5,083)		(6,833)		(7,125)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(1,155)		(1,676)		(1,621)
Long-term debt		(3,794)		(4,554)		(5,537)
Other		(249)		(276)		(402)
Interest expense		(11,306)		(14,734)		(16,404)
Net interest income		7,715		6,810		6,007

in		2013		2012		2011
Commissions and fees (CHF million)
Lending business		1,774		1,474		1,247
Investment and portfolio management		3,854		3,625		3,653
Other securities business		101		137		68
Fiduciary business		3,955		3,762		3,721
Underwriting		1,681		1,561		1,479
Brokerage		3,901		3,654		4,016
Underwriting and brokerage		5,582		5,215		5,495
Other services		1,747		2,098		1,897
Commissions and fees		13,058		12,549		12,360

in		2013		2012		2011
Trading revenues (CHF million)
Interest rate products		1,056		2,868		6,578
Foreign exchange products		1,202		560		(4,456)
Equity/index-related products		952		112		1,605
Credit products		(879)		(3,306)		522
Commodity, emission and energy products		340		198		361
Other products		93		897		131
Total		2,764		1,329		4,741
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types.

in		2013		2012		2011
Other revenues (CHF million)
Noncontrolling interests without significant economic interest		695		333		794
Loans held-for-sale		(5)		(37)		(4)
Long-lived assets held-for-sale		30		456		(43)
Equity method investments		240		136		137
Other investments		255		752		330
Other		578		850		531
Other revenues		1,793		2,490		1,745

in		2013		2012		2011
Provision for credit losses (CHF million)
Provision for loan losses		91		77		78
Provision for lending-related and other exposures		2		11		45
Provision for credit losses		93		88		123

in		2013		2012		2011
Compensation and benefits (CHF million)
Salaries and variable compensation		9,455		10,440		10,971
Social security		763		751		842
Other 1		969		1,028		1,163
Compensation and benefits 2		11,187		12,219		12,976
1 Includes pension and other post-retirement expense of CHF 658 million, CHF 747 million and CHF 926 million in 2013, 2012 and 2011, respectively.
2 Includes severance and other compensation expense relating to headcount reductions of CHF 218 million, CHF 427 million and CHF 576 million as of 2013, 2012 and 2011, respectively.

in		2013		2012		2011
General and administrative expenses (CHF million)
Occupancy expenses		1,168		1,191		1,094
IT, machinery, etc.		1,508		1,456		1,433
Provisions and losses		2,136		682		707
Travel and entertainment		342		380		425
Professional services		1,912		1,868		2,016
Goodwill impairment		12		0		0
Amortization and impairment of other intangible assets		25		28		30
Other		1,551		1,599		1,623
General and administrative expenses		8,654		7,204		7,328

end of		2013		2012
Securities borrowed or purchased under agreements to resell (CHF million)
Central bank funds sold and securities purchased under resale agreements		100,235		121,234
Deposits paid for securities borrowed		59,778		62,212
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		160,013		183,446
Securities lent or sold under agreements to repurchase (CHF million)
Central bank funds purchased and securities sold under repurchase agreements		86,828		120,164
Deposits received for securities lent		7,204		12,557
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		94,032		132,721

end of		2013		2012
Trading assets (CHF million)
Debt securities		110,115		135,814
Equity securities 1		76,835		74,945
Derivative instruments 2		31,787		33,416
Other		10,999		12,427
Trading assets		229,736		256,602
Trading liabilities (CHF million)
Short positions		40,162		51,501
Derivative instruments 2		36,650		39,590
Trading liabilities		76,812		91,091
1 Including convertible bonds.
2 Amounts shown net of cash collateral receivables and payables.

end of		2013		2012
Cash collateral – netted (CHF million)  1
Cash collateral paid		23,929		36,715
Cash collateral received		20,512		33,274
Cash collateral – not netted (CHF million)  2
Cash collateral paid		8,359		10,904
Cash collateral received		11,664		12,224
1 Recorded as cash collateral netting on derivative instruments in Note 25 – Offsetting of financial assets and financial liabilities.
2 Recorded as cash collateral on derivative instruments in Note 21 – Other assets and other liabilities.

end of		2013		2012
Investment securities (CHF million)
Securities available-for-sale		1,627		1,939
Total investment securities		1,627		1,939

		2013								2012
end of		Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
2013 (CHF million)
Debt securities issued by foreign governments		1,136		29		1		1,164		1,288		67		0		1,355
Corporate debt securities		262		0		0		262		465		0		0		465
Collateralized debt obligations		100		0		0		100		23		1		0		24
Debt securities available-for-sale		1,498		29		1		1,526		1,776		68		0		1,844
Banks, trust and insurance companies		74		18		0		92		73		14		0		87
Industry and all other		9		0		0		9		8		0		0		8
Equity securities available-for-sale		83		18		0		101		81		14		0		95
Securities available-for-sale		1,581		47		1		1,627		1,857		82		0		1,939

		Less than 12 months				12 months or more				Total
end of		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
2013 (CHF million)
Debt securities issued by foreign governments		89		1		0		0		89		1
Debt securities available-for-sale		89		1		0		0		89		1

		2013				2012				2011
in		Debt securities		Equity securities		Debt securities		Equity securities		Debt securities		Equity securities
Additional information (CHF million)
Proceeds from sales		163		13		294		642		2,117		1
Realized gains		7		1		14		294		40		0
Realized losses		0		0		(2)		0		(22)		0

		Debt securities available-for-sale
end of		Amortized cost		Fair value		Average yield (in %)
2013 (CHF million)
Due within 1 year		386		388		1.13
Due from 1 to 5 years		1,012		1,038		2.01
Due from 5 to 10 years		100		100		2.62
Total debt securities		1,498		1,526		1.82

end of		2013		2012
Other investments (CHF million)
Equity method investments		2,008		2,147
Non-marketable equity securities 1		5,988		7,156
Real estate held for investment		557		641
Life finance instruments 2		1,654		1,872
Total other investments		10,207		11,816
1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee.
2 Includes life settlement contracts at investment method and SPIA contracts.

end of		2013		2012
Loans (CHF million)
Mortgages		81,115		78,328
Loans collateralized by securities		31,472		27,248
Consumer finance		3,025		3,931
Consumer		115,612		109,507
Real estate 1		24,673		23,209
Commercial and industrial loans 1		60,375		59,837
Financial institutions 1		28,473		33,624
Governments and public institutions 1		2,864		2,163
Corporate & institutional		116,385		118,833
Gross loans		231,997		228,340
of which held at amortized cost		212,540		208,340
of which held at fair value		19,457		20,000
Net (unearned income)/deferred expenses		(149)		(121)
Allowance for loan losses		(691)		(721)
Net loans		231,157		227,498
Gross loans by location (CHF million)
Switzerland		135,813		135,439
Foreign		96,184		92,901
Gross loans		231,997		228,340
Impaired loan portfolio (CHF million)
Non-performing loans		659		637
Non-interest-earning loans		255		281
Total non-performing and non-interest-earning loans		914		918
Restructured loans		6		30
Potential problem loans		274		450
Total other impaired loans		280		480
Gross impaired loans		1,194		1,398
1 Prior period has been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions, and from governments and public institutions to commercial and industrial loans, respectively.

		2013						2012						2011
		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total
Allowance for loan losses (CHF million)
Balance at beginning of period		143		578		721		159		563		722		157		675		832
Changes in scope of consolidation		0		(1)		(1)		(18)		0		(18)		0		0		0
Net movements recognized in statements of operations		7		84		91		26		51		77		21		57		78
Gross write-offs		(38)		(147)		(185)		(42)		(80)		(122)		(58)		(175)		(233)
Recoveries		20		30		50		19		20		39		33		4		37
Net write-offs		(18)		(117)		(135)		(23)		(60)		(83)		(25)		(171)		(196)
Provisions for interest		5		20		25		4		20		24		0		11		11
Foreign currency translation impact and other adjustments, net		(3)		(7)		(10)		(5)		4		(1)		6		(9)		(3)
Balance at end of period		134		557		691		143		578		721		159		563		722
of which individually evaluated for impairment		104		407		511		116		416		532		130		387		517
of which collectively evaluated for impairment		30		150		180		27		162		189		29		176		205
Gross loans held at amortized cost (CHF million)
Balance at end of period		115,601		96,939		212,540		109,495		98,845		208,340		105,561		94,000		199,561
of which individually evaluated for impairment 1		354		840		1,194		422		976		1,398		425		947		1,372
of which collectively evaluated for impairment		115,247		96,099		211,346		109,073		97,869		206,942		105,136		93,053		198,189
1 Represents gross impaired loans both with and without a specific allowance.

		2013						2012						2011
in		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total		Consumer		Corporate & institutional		Total
Loans held at amortized cost (CHF million)
Purchases 1		0		4,611		4,611		348		4,605		4,953		0		4,121		4,121
Reclassifications from loans held-for-sale 2		0		275		275		0		216		216		0		0		0
Reclassifications to loans held-for-sale 3		0		996		996		0		1,323		1,323		0		1,363		1,363
Sales 3		0		698		698		0		1,058		1,058		0		1,117		1,117
1 Includes drawdowns under purchased loan commitments.
2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity.
3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale.

end of		AAA		AA		A		BBB		BB		B		CCC		CC		C		D		Total
2013 (CHF million)
Mortgages		295		2,189		16,030		49,618		12,052		732		36		0		0		163		81,115
Loans collateralized by securities		182		348		4,208		24,442		2,101		89		2		6		0		94		31,472
Consumer finance		0		14		222		2,339		335		19		0		0		0		85		3,014
Consumer		477		2,551		20,460		76,399		14,488		840		38		6		0		342		115,601
Real estate		1,343		991		3,330		12,484		5,701		308		0		1		0		69		24,227
Commercial and industrial loans		135		675		1,716		20,337		21,620		3,453		227		6		0		596		48,765
Financial institutions		1,319		1,689		10,274		6,045		2,436		776		14		1		0		112		22,666
Governments and public institutions		37		275		141		386		146		73		223		0		0		0		1,281
Corporate & institutional		2,834		3,630		15,461		39,252		29,903		4,610		464		8		0		777		96,939
Gross loans held at amortized cost		3,311		6,181		35,921		115,651		44,391		5,450		502		14		0		1,119		212,540
Value of collateral 1		2,540		4,842		26,486		107,470		37,699		3,066		85		0		0		514		182,702
2012 (CHF million)
Mortgages		378		708		11,277		51,295		14,088		413		8		8		0		153		78,328
Loans collateralized by securities		79		57		944		23,289		2,686		91		6		1		0		95		27,248
Consumer finance		0		6		98		3,171		473		18		0		0		1		152		3,919
Consumer		457		771		12,319		77,755		17,247		522		14		9		1		400		109,495
Real estate 2		330		367		2,039		13,397		6,522		159		0		0		0		50		22,864
Commercial and industrial loans 2		142		307		1,442		21,079		21,319		3,268		203		1		40		676		48,477
Financial institutions 2		2,288		2,086		12,490		5,168		3,552		381		0		33		14		147		26,159
Governments and public institutions		68		34		324		464		125		101		229		0		0		0		1,345
Corporate & institutional		2,828		2,794		16,295		40,108		31,518		3,909		432		34		54		873		98,845
Gross loans held at amortized cost		3,285		3,565		28,614		117,863		48,765		4,431		446		43		55		1,273		208,340
Value of collateral 1		2,899		2,577		18,358		107,275		40,170		2,835		170		43		4		664		174,995
1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan.
2 Prior period has been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions.

		Current		Past due
end of				Up to 30 days		31-60 days		61-90 days		More than 90 days		Total		Total
2013 (CHF million)
Mortgages		80,823		103		25		24		140		292		81,115
Loans collateralized by securities		31,272		95		2		12		91		200		31,472
Consumer finance		2,650		277		38		28		21		364		3,014
Consumer		114,745		475		65		64		252		856		115,601
Real estate		24,139		18		2		1		67		88		24,227
Commercial and industrial loans		48,035		272		73		72		313		730		48,765
Financial institutions		22,477		84		2		1		102		189		22,666
Governments and public institutions		1,276		5		0		0		0		5		1,281
Corporate & institutional		95,927		379		77		74		482		1,012		96,939
Gross loans held at amortized cost		210,672		854		142		138		734		1,868		212,540
2012 (CHF million)
Mortgages		78,023		154		14		10		127		305		78,328
Loans collateralized by securities		26,919		220		3		3		103		329		27,248
Consumer finance		3,508		314		33		26		38		411		3,919
Consumer		108,450		688		50		39		268		1,045		109,495
Real estate 1		22,709		106		2		2		45		155		22,864
Commercial and industrial loans 1		47,334		640		22		136		345		1,143		48,477
Financial institutions 1		25,926		53		2		34		144		233		26,159
Governments and public institutions		1,310		35		0		0		0		35		1,345
Corporate & institutional		97,279		834		26		172		534		1,566		98,845
Gross loans held at amortized cost		205,729		1,522		76		211		802		2,611		208,340
1 Prior period has been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions.

		Non-performing and non-interest earning loans						Other impaired loans
end of		Non- performing loans		Non- interest- earning loans		Total		Restruc- tured loans		Potential problem loans		Total		Total
2013 (CHF million)
Mortgages		144		7		151		0		21		21		172
Loans collateralized by securities		20		71		91		0		5		5		96
Consumer finance		81		5		86		0		0		0		86
Consumer		245		83		328		0		26		26		354
Real estate		52		13		65		0		5		5		70
Commercial and industrial loans		291		126		417		6		215		221		638
Financial institutions		71		33		104		0		28		28		132
Corporate & institutional		414		172		586		6		248		254		840
Gross impaired loans		659		255		914		6		274		280		1,194
2012 (CHF million)
Mortgages		125		9		134		0		39		39		173
Loans collateralized by securities		18		74		92		0		3		3		95
Consumer finance		143		10		153		0		1		1		154
Consumer		286		93		379		0		43		43		422
Real estate		42		4		46		0		15		15		61
Commercial and industrial loans		251		146		397		30		327		357		754
Financial institutions		58		38		96		0		65		65		161
Corporate & institutional		351		188		539		30		407		437		976
Gross impaired loans		637		281		918		30		450		480		1,398

		2013						2012
end of		Recorded investment		Unpaid principal balance		Associated specific allowance		Recorded investment		Unpaid principal balance		Associated specific allowance
Gross impaired loan detail (CHF million)
Mortgages		162		153		16		149		141		16
Loans collateralized by securities		67		63		54		68		66		53
Consumer finance		68		67		34		129		125		47
Consumer		297		283		104		346		332		116
Real estate		68		63		13		58		54		18
Commercial and industrial loans		629		584		312		627		592		306
Financial institutions		131		127		82		157		154		92
Corporate & institutional		828		774		407		842		800		416
Gross impaired loans with a specific allowance		1,125		1,057		511		1,188		1,132		532
Mortgages		10		10		–		24		24		–
Loans collateralized by securities		29		29		–		27		27		–
Consumer finance		18		18		–		25		25		–
Consumer		57		57		–		76		76		–
Real estate		2		2		–		3		3		–
Commercial and industrial loans		9		9		–		127		128		–
Financial institutions		1		1		–		4		4		–
Corporate & institutional		12		12		–		134		135		–
Gross impaired loans without specific allowance		69		69		–		210		211		–
Gross impaired loans		1,194		1,126		511		1,398		1,343		532
of which consumer		354		340		104		422		408		116
of which corporate & institutional		840		786		407		976		935		416

		2013						2012						2011
in		Average recorded investment		Interest income recognized		Interest income recognized on a cash basis		Average recorded investment		Interest income recognized		Interest income recognized on a cash basis		Average recorded investment		Interest income recognized		Interest income recognized on a cash basis
Gross impaired loan detail (CHF million)
Mortgages		154		1		1		152		1		1		142		1		1
Loans collateralized by securities		70		2		2		68		1		0		82		1		0
Consumer finance		87		0		0		117		3		3		135		2		2
Consumer		311		3		3		337		5		4		359		4		3
Real estate		67		1		1		43		0		0		28		0		0
Commercial and industrial loans		669		5		5		556		3		2		812		7		6
Financial institutions		136		0		0		191		2		2		147		0		0
Governments and public institutions		0		0		0		6		0		0		6		0		0
Corporate & institutional		872		6		6		796		5		4		993		7		6
Gross impaired loans with a specific allowance		1,183		9		9		1,133		10		8		1,352		11		9
Mortgages		19		0		0		27		0		0		68		0		0
Loans collateralized by securities		27		0		0		8		0		0		4		0		0
Consumer finance		22		0		0		41		0		0		19		0		0
Consumer		68		0		0		76		0		0		91		0		0
Real estate		11		0		0		12		0		0		74		5		5
Commercial and industrial loans		58		0		0		199		3		3		130		0		0
Financial institutions		2		0		0		8		0		0		19		0		0
Corporate & institutional		71		0		0		219		3		3		223		5		5
Gross impaired loans without specific allowance		139		0		0		295		3		3		314		5		5
Gross impaired loans		1,322		9		9		1,428		13		11		1,666		16		14
of which consumer		379		3		3		413		5		4		450		4		3
of which corporate & institutional		943		6		6		1,015		8		7		1,216		12		11

end of		2013		2012
Premises and equipment (CHF million)
Buildings and improvements		2,201		2,210
Land		466		476
Leasehold improvements		2,031		2,159
Software		5,734		5,323
Equipment		2,288		3,080
Premises and equipment		12,720		13,248
Accumulated depreciation		(7,825)		(7,832)
Total premises and equipment, net		4,895		5,416

in		2013		2012		2011
CHF million
Depreciation		1,227		1,218		1,067
Impairment		65		17		84

end of		2013						2012
		Private Banking & Wealth Management		Investment Banking		Credit Suisse (Bank)		Private Banking & Wealth Management		Investment Banking		Credit Suisse (Bank)
Gross amount of goodwill (CHF million)
Balance at beginning of period		2,210		5,382		7,592		2,260		5,522		7,782
Goodwill acquired during the year		3		0		3		28		0		28
Discontinued operations		(127)		0		(127)		0		0		0
Foreign currency translation impact		(72)		(141)		(213)		(65)		(138)		(203)
Other		(36)		(4)		(40)		(13)		(2)		(15)
Balance at end of period		1,978		5,237		7,215		2,210		5,382		7,592
Accumulated impairment (CHF million)
Balance at beginning of period		0		82		82		0		82		82
Impairment losses		12		0		12		0		0		0
Balance at end of period		12		82		94		0		82		82
Net book value (CHF million)
Net book value		1,966		5,155		7,121		2,210		5,300		7,510

		2013						2012
end of		Gross carrying amount		Accumu- lated amorti- zation		Net carrying amount		Gross carrying amount		Accumu- lated amorti- zation		Net carrying amount
Other intangible assets (CHF million)
Trade names/trademarks		25		(21)		4		25		(21)		4
Client relationships		222		(106)		116		303		(142)		161
Other		7		(1)		6		8		(2)		6
Total amortizing other intangible assets		254		(128)		126		336		(165)		171
Non-amortizing other intangible assets		84		–		84		72		–		72
of which mortgage servicing rights, at fair value		42		–		42		43		–		43
Total other intangible assets		338		(128)		210		408		(165)		243

in		2013		2012		2011
Aggregate amortization and impairment (CHF million)
Aggregate amortization		24		28		30
Impairment		8		0		0
of which related to discontinued operations		7		0		0

Estimated amortization (CHF million)
2014		18
2015		18
2016		17
2017		17
2018		16

end of		2013		2012
Other assets (CHF million)
Cash collateral on derivative instruments		8,359		10,904
Cash collateral on non-derivative transactions		1,412		1,995
Derivative instruments used for hedging		2,062		3,913
Assets held-for-sale		19,306		20,343
of which loans 1		18,914		19,894
of which real estate		392		442
Assets held for separate accounts		11,236		13,414
Interest and fees receivable		4,839		5,845
Deferred tax assets		6,179		7,094
Prepaid expenses		568		532
Failed purchases		2,365		2,699
Other		5,230		6,043
Other assets		61,556		72,782
Other liabilities (CHF million)
Cash collateral on derivative instruments		11,664		12,224
Cash collateral on non-derivative transactions		955		1,246
Derivative instruments used for hedging		384		1,114
Provisions 2		2,630		1,348
of which off-balance sheet risk		59		59
Liabilities held for separate accounts		11,236		13,414
Interest and fees payable		5,569		6,556
Current tax liabilities		805		811
Deferred tax liabilities		80		103
Failed sales		2,396		4,336
Other		15,360		16,215
Other liabilities		51,079		57,367
1 Included as of December 31, 2013 and 2012 were CHF 1,778 million and CHF 3,730 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF  769 million and CHF 922 million, respectively, in loans held in trusts, which are consolidated as a result of failed sales under US GAAP.
2 Includes provisions for bridge commitments.

		2013						2012
end of		Switzer- land		Foreign		Total		Switzer- land		Foreign		Total
Deposits (CHF million)
Non-interest-bearing demand deposits		4,735		4,336		9,071		8,282		4,521		12,803
Interest-bearing demand deposits		137,274		27,169		164,443		129,352		25,713		155,065
Savings deposits		55,637		26		55,663		52,534		44		52,578
Time deposits		14,655		101,166		115,821	1	8,965		98,853		107,818	1
Total deposits		212,301		132,697		344,998	2	199,133		129,131		328,264	2
of which due to banks		–		–		23,147		–		–		30,574
of which customer deposits		–		–		321,851		–		–		297,690
The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded.
1 Included CHF 115,792 million and CHF 107,705 million as of December 31, 2013 and 2012, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices.
2 Not included as of December 31, 2013 and 2012 were CHF 18 million and CHF 67 million, respectively, of overdrawn deposits reclassified as loans.

end of		2013		2012
Long-term debt (CHF million)
Senior		91,893		112,123
Subordinated		21,756		20,342
Non-recourse liabilities from consolidated VIEs		12,992		14,532
Long-term debt		126,641		146,997
of which reported at fair value		61,853		64,774
of which structured notes		34,817		36,639

end of		2013		2012
Structured notes (CHF million)
Equity		23,315		23,761
Fixed income		5,573		6,559
Emerging markets 1		1,766		3,304
Credit		3,453		1,893
Other		710		1,122
Total structured notes		34,817		36,639
1 Transactions where the return is based on a referenced underlying or counterparty specific to emerging markets.

end of				2014				2015				2016				2017				2018				Thereafter		Total
Long-term debt (CHF million)
Senior debt
Fixed rate				9,641				13,452				3,092				8,453				2,114				10,862		47,614
Variable rate				10,559				9,866				6,220				4,719				4,982				7,932		44,278
Interest rates (range in %) 1		0.0	–	13.1		0.0	–	12.6		0.3	–	10.7		0.1	–	5.1		0.5	–	3.8		0.0	–	8.2		–
Subordinated debt
Fixed rate				154				93				1,780				907				9,508				6,765		19,207
Variable rate				52				19				30				45				2,250				154		2,550
Interest rates (range in %) 1		0.5	–	9.3		2.5	–	10.3		0.3	–	8.2		0.9	–	7.3		0.1	–	13.3		0.1	–	8.5		–
Non-recourse liabilities from consolidated VIEs
Fixed rate				0				745				304				14				0				111		1,174
Variable rate				370				164				469				15				0				10,800		11,818
Interest rates (range in %) 1		0.2	–	13.2		0.0	–	3.6		0.0	–	12.8		1.9	–	4.0				–		0.0	–	10.8		–
Total long-term debt				20,776				24,339				11,895				14,153				18,854				36,624		126,641
of which structured notes				8,220				6,843				5,585				2,821				4,760				6,588		34,817
1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid.

		Gains/ (losses) on cash flow hedges		Cumulative translation adjustments		Unrealized gains/ (losses) on securities		Actuarial gains/ (losses)		Net prior service credit/ (cost)		Accumu- lated other compre- hensive income
2013 (CHF million)
Balance at beginning of period		7		(11,349)		53		(670)		3		(11,956)
Increase/(decrease)		6		(2,261)		(13)		(102)		0		(2,370)
Reclassification adjustments, included in net income		(4)		83		(5)		58		0		132
Total increase/(decrease)		2		(2,178)		(18)		(44)		0		(2,238)
Balance at end of period		9		(13,527)		35		(714)		3		(14,194)
2012 (CHF million)
Balance at beginning of period		0		(10,326)		96		(729)		4		(10,955)
Increase/(decrease)		7		(1,067)		199		4		0		(857)
Reclassification adjustments, included in net income		0		44		(242)		55		(1)		(144)
Total increase/(decrease)		7		(1,023)		(43)		59		(1)		(1,001)
Balance at end of period		7		(11,349)		53		(670)		3		(11,956)
2011 (CHF million)
Balance at beginning of period		32		(9,994)		99		(871)		5		(10,729)
Increase/(decrease)		(5)		(348)		21		103		0		(229)
Reclassification adjustments, included in net income		(27)		16		(24)		39		(1)		3
Total increase/(decrease)		(32)		(332)		(3)		142		(1)		(226)
Balance at end of period		0		(10,326)		96		(729)		4		(10,955)

in		2013
Reclassification adjustments, included in net income (CHF million)
Cumulative translation adjustments
Sale of subsidiaries 1		83
Actuarial gains/(losses)
Amortization of recognized actuarial losses 2		92
Tax expense/(benefit)		(34)
Net of tax		58
1 Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction.
2 These components are included in the computation of total benefit costs. Refer to "Note 29 – Pension and other post-retirement benefits" for further information.

		2013				2012
end of		Derivative assets		Derivative liabilities		Derivative assets		Derivative liabilities
Gross derivatives subject to enforceable master netting agreements (CHF billion)
OTC-cleared		265.3		262.0		365.3		365.4
OTC		183.0		178.0		337.7		327.9
Exchange-traded		0.2		0.2		0.2		0.2
Interest rate products		448.5		440.2		703.2		693.5
OTC		58.4		68.2		60.4		73.2
Exchange-traded		0.1		0.2		0.0		0.0
Foreign exchange products		58.5		68.4		60.4		73.2
OTC		15.5		18.6		12.7		15.2
Exchange-traded		14.8		15.1		13.7		14.1
Equity/index-related products		30.3		33.7		26.4		29.3
OTC-cleared		5.2		5.1		3.0		2.7
OTC		20.8		21.2		27.1		26.8
Credit derivatives		26.0		26.3		30.1		29.5
OTC		4.4		4.1		5.7		5.5
Exchange-traded		0.7		0.6		1.7		1.7
Other products		5.1		4.7		7.4		7.2
OTC-cleared		270.5		267.1		368.3		368.1
OTC		282.1		290.1		443.6		448.6
Exchange-traded		15.8		16.1		15.6		16.0
Total gross derivatives subject to enforceable master netting agreements		568.4		573.3		827.5		832.7
Offsetting (CHF billion)
OTC-cleared		(269.1)		(267.0)		(367.2)		(367.5)
OTC		(260.6)		(265.6)		(418.6)		(421.7)
Exchange-traded		(15.1)		(15.1)		(14.2)		(14.2)
Offsetting		(544.8)		(547.7)		(800.0)		(803.4)
of which counterparty netting		(523.8)		(523.8)		(766.7)		(766.7)
of which cash collateral netting		(21.0)		(23.9)		(33.3)		(36.7)
Net derivatives presented in the consolidated balance sheets (CHF billion)
OTC-cleared		1.4		0.1		1.1		0.6
OTC		21.5		24.5		25.0		26.9
Exchange-traded		0.7		1.0		1.4		1.8
Total net derivatives subject to enforceable master netting agreements		23.6		25.6		27.5		29.3
Total derivatives not subject to enforceable master netting agreements 1		10.3		11.4		9.8		11.4
Total net derivatives presented in the consolidated balance sheets		33.9		37.0		37.3		40.7
of which recorded in trading assets and trading liabilities		31.8		36.6		33.4		39.6
of which recorded in other assets and other liabilities		2.1		0.4		3.9		1.1
1 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.

		2013						2012
end of		Gross		Offsetting		Net		Gross		Offsetting		Net
Securities purchased under resale agreements and securities borrowing transactions (CHF billion)
Securities purchased under resale agreements		112.0		(25.1)		86.9		141.4		(41.1)		100.3
Securities borrowing transactions		22.7		(1.7)		21.0		20.9		(2.0)		18.9
Total subject to enforceable master netting agreements		134.7		(26.8)		107.9		162.3		(43.1)		119.2
Total not subject to enforceable master netting agreements 1		52.1		–		52.1		64.2		–		64.2
Total		186.8		(26.8)		160.0	2	226.5		(43.1)		183.4	2
1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
2 CHF 96,587 million and CHF 113,664 million of the total net amount as of December 31, 2013 and 2012, respectively, are reported at fair value.

		2013						2012
end of		Gross		Offsetting		Net		Gross		Offsetting		Net
Securities sold under repurchase agreements and securities lending transactions (CHF billion)
Securities sold under repurchase agreements		86.5		(26.8)		59.7		99.6		(43.1)		56.5
Securities lending transactions		6.6		0.0		6.6		10.8		0.0		10.8
Obligation to return securities received as collateral, at fair value		18.5		0.0		18.5		25.9		0.0		25.9
Total subject to enforceable master netting agreements		111.6		(26.8)		84.8		136.3		(43.1)		93.2
Total not subject to enforceable master netting agreements 1		32.0		–		32.0		69.5		–		69.5
Total		143.6		(26.8)		116.8		205.8		(43.1)		162.7
of which securities sold under repurchase agreements and securities    lending transactions		120.8		(26.8)		94.0	2	175.8		(43.1)		132.7	2
of which obligation to return securities received as collateral, at fair value		22.8		0.0		22.8		30.0		0.0		30.0
1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
2 CHF 76,104 million and CHF 108,784 million of the total net amount as of December 31, 2013 and 2012, respectively, are reported at fair value.

		2013								2012
end of		Net		Financial instruments	1	Cash collateral received/ pledged	1	Net exposure		Net		Financial instruments	1	Cash collateral received/ pledged	1	Net exposure
Financial assets subject to enforceable master netting agreements (CHF billion)
Derivatives		23.6		4.9		0.1		18.6		27.5		5.8		0.0		21.7
Securities purchased under resale agreements		86.9		86.9		0.0		0.0		100.3		100.3		0.0		0.0
Securities borrowing transactions		21.0		20.2		0.0		0.8		18.9		17.4		0.0		1.5
Total financial assets subject to enforceable master netting agreements		131.5		112.0		0.1		19.4		146.7		123.5		0.0		23.2
Financial liabilities subject to enforceable master netting agreements (CHF billion)
Derivatives		25.6		9.9		0.0		15.7		29.3		10.8		0.0		18.5
Securities sold under repurchase agreements		59.7		59.7		0.0		0.0		56.5		56.3		0.2		0.0
Securities lending transactions		6.6		6.2		0.0		0.4		10.8		10.2		0.0		0.6
Obligation to return securities received as collateral, at fair value		18.5		17.5		0.0		1.0		25.9		24.2		0.0		1.7
Total financial liabilities subject to enforceable master netting agreements		110.4		93.3		0.0		17.1		122.5		101.5		0.2		20.8
1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included.

in		2013		2012		2011
Current and deferred taxes (CHF million)
Switzerland		(52)		85		(35)
Foreign		561		542		440
Current income tax expense		509		627		405
Switzerland		(15)		(121)		(251)
Foreign		683		(59)		290
Deferred income tax expense/(benefit)		668		(180)		39
Income tax expense		1,177		447		444
Income tax expense/(benefit) on discontinued operations		75		31		15
Income tax expense/(benefit) reported in shareholder's equity related to:
Gains/(losses) on cash flow hedges		1		0		(4)
Cumulative translation adjustment		44		(12)		16
Unrealized gains/(losses) on securities		(8)		(1)		16
Actuarial gains/(losses)		99		30		29
Net prior service cost		0		(2)		(1)
Share-based compensation and treasury shares		1		(53)		275

in		2013		2012		2011
Income/(loss) from continuing operations before taxes (CHF million)
Switzerland		300		1,170		(176)
Foreign		3,370		812		2,687
Income from continuing operations before taxes		3,670		1,982		2,511
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)
Income tax expense computed at the statutory tax rate of 22%		807		436		552
Increase/(decrease) in income taxes resulting from
Foreign tax rate differential		215		279		(29)
Non-deductible amortization of other intangible assets and goodwill impairment		25		0		0
Other non-deductible expenses		493		382		444
Additional taxable income		(5)		6		6
Lower taxed income		(374)		(413)		(422)
Income taxable to noncontrolling interests		(262)		(118)		(312)
Changes in tax law and rates		184		182		170
Changes in deferred tax valuation allowance		381		10		471
Tax deductible impairments of Swiss subsidiary investments		(268)		(161)		(55)
Other		(19)		(156)		(381)
Income tax expense		1,177		447		444

end of		2013		2012
Tax effect of temporary differences (CHF million)
Compensation and benefits		2,106		2,279
Loans		363		441
Investment securities		1,654		1,818
Provisions		1,874		1,760
Derivatives		136		343
Real estate		240		242
Net operating loss carry-forwards		4,432		5,177
Other		186		204
Gross deferred tax assets before valuation allowance		10,991		12,264
Less valuation allowance		(2,704)		(2,550)
Gross deferred tax assets net of valuation allowance		8,287		9,714
Compensation and benefits		(120)		(164)
Loans		(109)		(162)
Investment securities		(1,089)		(1,354)
Provisions		(396)		(402)
Business combinations		0		(20)
Derivatives		(193)		(295)
Leasing		(53)		(40)
Real estate		(75)		(78)
Other		(153)		(208)
Gross deferred tax liabilities		(2,188)		(2,723)
Net deferred tax assets		6,099		6,991

end of 2013		Total
Net operating loss carry-forwards (CHF million)
Due to expire within 1 year		46
Due to expire within 2 to 5 years		10,197
Due to expire within 6 to 10 years		1,152
Due to expire within 11 to 20 years		1,375
Amount due to expire		12,770
Amount not due to expire		13,008
Total net operating loss carry-forwards		25,778

in		2013		2012		2011
Movements in the valuation allowance (CHF million)
Balance at beginning of period		2,550		2,689		2,262
Net changes		154		(139)		427
Balance at end of period		2,704		2,550		2,689

in		2013		2012		2011
Tax benefits associated with share-based compensation (CHF million)
Tax benefits recorded in the consolidated statements of operations		481		596		464
Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital		(24)		30		(277)
Tax benefits in respect of tax on dividend equivalent payments		22		12		1

in		2013		2012		2011
Movements in gross unrecognized tax benefits (CHF million)
Balance at beginning of period		416		370		578
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period		4		33		54
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period		(8)		(58)		(177)
Increases in unrecognized tax benefits as a result of tax positions taken during the current period		43		38		29
Decreases in unrecognized tax benefits relating to settlements with tax authorities		0		(4)		(65)
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(5)		(43)		(19)
Other (including foreign currency translation)		(34)		80		(30)
Balance at end of period		416		416		370
of which, if recognized, would affect the effective tax rate		410		410		364

in		2013		2012		2011
Interest and penalties (CHF million)
Interest and penalties recognized in the consolidated statements of operations		6		(13)		(19)
Interest and penalties recognized in the consolidated balance sheets		64		64		82

in		2013		2012		2011
Deferred compensation expense (CHF million)
Share awards		806		773		759
Performance share awards		580		362		0
Plus Bond awards 1		37		–		–
2011 Partner Asset Facility awards 2		77		675		0
Adjustable Performance Plan share awards		30		71		0
Adjustable Performance Plan cash awards		4		281		1,087
Restricted Cash Awards		145		165		252
Scaled Incentive Share Units		38		95		404
Incentive Share Units 3		(3)		62		172
2008 Partner Asset Facility awards 2		93		173		3
Other cash awards		430		363		337
Discontinued operations		(21)		(23)		(21)
Total deferred compensation expense		2,216		2,997		2,993
Total shares delivered (million)
Total shares delivered		32.6		30.9		23.7
1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period.
2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period.
3 Includes forfeitures.

end of		2013
Estimated unrecognized compensation expense (CHF million)
Share awards		800
Performance share awards		219
Plus Bond awards		18
Adjustable Performance Plan share awards		10
Adjustable Performance Plan cash awards		13
Restricted Cash Awards		136
Other cash awards		107
Total		1,303
Aggregate remaining weighted-average requisite service period (years)
Aggregate remaining weighted-average requisite service period		1.3
Does not include the estimated unrecognized compensation expense relating to grants made in 2014 for 2013.

		2013				2012				2011
		Number of share awards in million		Weighted- average grant-date fair value in CHF		Number of share awards in million		Weighted- average grant-date fair value in CHF		Number of share awards in million		Weighted- average grant-date fair value in CHF
Share awards
Balance at beginning of period		55.1		34.27		47.6		41.91		17.3		43.86
Granted		40.0		26.43		24.5		23.39		39.8		41.03
Settled		(19.6)		34.12		(14.6)		40.43		(7.4)		43.39
Forfeited		(3.3)		32.04		(2.4)		36.96		(2.1)		43.39
Balance at end of period		72.2		30.07		55.1		34.27		47.6		41.91
of which vested		5.8		–		3.9		–		1.8		–
of which unvested		66.4		–		51.2		–		45.8		–

		2013				2012
		Number of performance share awards in million		Weighted- average grant-date fair value in CHF		Number of performance share awards in million		Weighted- average grant-date fair value in CHF
Performance share awards
Balance at beginning of period		22.9		23.90		–		–
Granted		26.2		26.44		23.3		23.90
Settled		(7.5)		23.90		0.0		0.00
Forfeited		(0.9)		24.92		(0.4)		23.90
Balance at end of period		40.7		25.51		22.9		23.90
of which vested		2.7		–		0.9		–
of which unvested		38.0		–		22.0		–

		2013		2012
		Number of APP share awards in million		Number of APP share awards in million
Adjustable Performance Plan share awards
Balance at beginning of period		29.7		–
Granted		1.1	1	29.9
Settled		(16.5)		0.0
Forfeited		(0.3)		(0.2)
Balance at end of period		14.0		29.7
of which vested		1.2		0.3
of which unvested		12.8		29.4
1 Represents additional units earned in the first quarter of 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards.

		2013		2012		2011
SISU awards (million)
Balance at beginning of period		9.4		14.4		20.0
Settled		(4.7)		(4.8)		(5.0)
Forfeited		(0.1)		(0.2)		(0.6)
Balance at end of period		4.6		9.4		14.4
of which vested		1.2		1.7		1.0
of which unvested		3.4		7.7		13.4

		2013		2012		2011
ISU awards (million)
Balance at beginning of period		3.6		13.2		37.2
Settled		(1.8)		(8.7)		(23.0)
Forfeited		(0.6)		(0.9)		(1.0)
Balance at end of period		1.2		3.6		13.2
of which vested		0.1		0.4		1.4
of which unvested		1.1		3.2		11.8

		2013				2012				2011
		Number of share options in million		Weighted- average exercise price in CHF		Number of share options in million		Weighted- average exercise price in CHF		Number of share options in million		Weighted- average exercise price in CHF
Share options
Balance at beginning of period		5.2		32.61		16.5		50.99		28.3		63.94
Exercised		0.0		0.00		0.0		0.00		(0.1)		31.74
Forfeited		(0.1)		70.90		0.0		0.00		0.0		0.00
Expired		(4.7)		30.59		(11.3)		59.40		(11.7)		82.41
Balance at end of period		0.4		50.77		5.2		32.61		16.5		50.99
of which exercisable at end of period		0.4		50.77		5.2		32.61		16.5		50.99

end of		2013		2012
Assets (CHF million)
Cash and due from banks		0		386
Interest-bearing deposits with banks		1,870		1,775
Trading assets		159		213
Net loans		6,770		7,894
Other assets		29		58
Total assets		8,828		10,326
Liabilities (CHF million)
Due to banks/customer deposits		2,503		1,915
Trading liabilities		14		209
Long-term debt		4,300		4,907
Other liabilities		200		206
Total liabilities		7,017		7,237

in		2013		2012		2011
Revenues (CHF million)
Interest and dividend income		49		54		61
Interest expense		(81)		(117)		(195)
Net interest income		(32)		(63)		(134)
Commissions and fees		(20)		6		(50)
Other revenues		172		174		201
Net revenues		120		117		17
Expenses (CHF million)
Total operating expenses		288		270		309

end of		2013		2012
Guarantees (CHF million)
Credit guarantees and similar instruments		0		1
Performance guarantees and similar instruments		1		0
Total guarantees		1		1

		2013		2012		2011
Loans to members of the Executive Board (CHF million)
Balance at beginning of period		8	1	22		18
Additions		4		3		5
Reductions		(2)		(17)		(1)
Balance at end of period		10	1	8		22
Loans to members of the Board of Directors (CHF million)
Balance at beginning of period		41	2	33		34
Additions		16		13		2
Reductions		(2)		(5)		(3)
Balance at end of period		55	2	41		33
1 The number of individuals with outstanding loans at the beginning and end of the year was three and four , respectively.
2 The number of individuals with outstanding loans at the beginning and end of the year was five .

		International single-employer defined benefit pension plans						Other post-retirement defined benefit plans
in		2013		2012		2011		2013		2012		2011
Total benefit costs (CHF million)
Service costs on benefit obligation		24		30		33		0		1		0
Interest costs on benefit obligation		122		127		123		8		8		7
Expected return on plan assets		(161)		(164)		(160)		0		0		0
Amortization of recognized prior service cost/(credit)		0		(1)		0		0		(2)		(2)
Amortization of recognized actuarial losses/(gains)		79		74		51		13		13		9
Total benefit costs		64		66		47		21		20		14

		International single-employer defined benefit pension plans				Other post-retirement defined benefit plans
in / end of		2013		2012		2013		2012
PBO (CHF million)  1
Beginning of the measurement period		2,773		2,675		180		174
Service cost		24		30		0		1
Interest cost		122		127		8		8
Plan amendments		0		0		0		0
Settlements		(4)		0		0		0
Curtailments		(2)		(12)		0		0
Special termination benefits		1		1		0		0
Actuarial losses/(gains)		69		70		(8)		10
Plans removed		0		(6)		0		0
Benefit payments		(97)		(103)		(8)		(8)
Exchange rate losses/(gains)		(43)		(9)		(4)		(5)
End of the measurement period		2,843		2,773		168		180
Fair value of plan assets (CHF million)
Beginning of the measurement period		2,893		2,586		0		0
Actual return on plan assets		183		234		0		0
Employer contributions		67		158		8		8
Settlements		(4)		0		0		0
Benefit payments		(97)		(103)		(8)		(8)
Exchange rate gains/(losses)		(35)		18		0		0
End of the measurement period		3,007		2,893		0		0
Total funded status recognized (CHF million)
Funded status of the plan – over/(underfunded)		164		120		(168)		(180)
Funded status recognized in the consolidated balance sheet as of December 31		164		120		(168)		(180)
Total amount recognized (CHF million)
Noncurrent assets		520		695		0		0
Current liabilities		(8)		(7)		(8)		(8)
Noncurrent liabilities		(348)		(568)		(160)		(172)
Total amount recognized in the consolidated balance sheet as of December 31		164		120		(168)		(180)
ABO (CHF million)  2
End of the measurement period		2,785		2,714		–		–
1 Including estimated future salary increases.
2 Excluding estimated future salary increases.

		PBO exceeds fair value of plan assets			1	ABO exceeds fair value of plan assets			1
December 31		2013		2012		2013		2012
CHF million
PBO		1,334		1,400		1,319		1,382
ABO		1,307		1,364		1,298		1,354
Fair value of plan assets		978		825		964		810
1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets.

		International single-employer defined benefit pension plans				Other post-retirement defined benefit plans				Total
end of		2013		2012		2013		2012		2013		2012
Amounts recognized in AOCI (CHF million)
Actuarial gains/(losses)		(674)		(617)		(40)		(53)		(714)		(670)
Prior service credit/(cost)		0		0		3		3		3		3
Total		(674)		(617)		(37)		(50)		(711)		(667)

		International single-employer defined benefit pension plans						Other post-retirement defined benefit plans
in		Gross		Tax		Net		Gross		Tax		Net		Total net
2013 (CHF million)
Actuarial gains/(losses)		(47)		(62)	1	(109)		8		(3)		5		(104)
Amortization of actuarial losses/(gains)		79		(29)		50		13		(5)		8		58
Immediate recognition due to curtailment/settlement		2		0		2		0		0		0		2
Total amounts recognized in other comprehensive income		34		(91)		(57)		21		(8)		13		(44)
2012 (CHF million)
Actuarial gains/(losses)		0		0		0		(10)		4		(6)		(6)
Amortization of actuarial losses/(gains)		74		(27)		47		13		(5)		8		55
Amortization of prior service cost/(credit)		(1)		1		0		(2)		1		(1)		(1)
Immediate recognition due to curtailment/settlement		12		(2)		10		0		0		0		10
Total amounts recognized in other comprehensive income		85		(28)		57		1		0		1		58
1 Includes the impact from the valuation allowance recognized on deferred tax assets on one of the Bank's entities in the UK, offsetting the tax benefit of CHF 37 million attributable to the UK pension plan.

in 2014		International single-employer defined benefit pension plans		Other post-retirement defined benefit plans
CHF million
Amortization of actuarial losses/(gains)		38		5
Total		38		5

		International single-employer defined benefit pension plans						Other post-retirement defined benefit plans
December 31		2013		2012		2011		2013		2012		2011
Net periodic benefit cost (%)
Discount rate		4.5		4.8		5.5		4.3		4.7		5.5
Salary increases		4.0		4.0		4.2		–		–		–
Expected long-term rate of return on plan assets		6.2		6.4		7.3		–		–		–
Benefit obligation (%)
Discount rate		4.7		4.5		4.8		5.1		4.3		4.7
Salary increases		4.3		4.0		4.0		–		–		–

in / end of		2013		2012		2011
Health care cost trend rate (%)
Annual weighted-average health care cost trend rate 1		8.00		9.00		9.00
Increase/(decrease) in post-retirement expenses (CHF million)
One percentage point increase in health care cost trend rates		1.3		1.4		1.3
One percentage point decrease in health care cost trend rates		(1.0)		(1.1)		(1.1)
Increase/(decrease) in post-retirement benefit obligation (CHF million)
One percentage point increase in health care cost trend rates		23		27		23
One percentage point decrease in health care cost trend rates		(19)		(22)		(19)
1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5 % by 2021.

		2013								2012
end of		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Plan assets at fair value (CHF million)
Cash and cash equivalents		66		333		0		399		0		394		0		394
Debt securities		335		1,017		177		1,529		234		1,128		71		1,433
of which governments		335		30		0		365		234		8		0		242
of which corporates		0		987		177		1,164		0		1,120	2	71		1,191
Equity securities		172		441		0		613		188		325	2	0		513
Real estate – indirect		0		0		94		94		0		0		89		89
Alternative investments		(23)		290		7		274		0		335		34		369
of which private equity		0		0		0		0		0		0		4		4
of which hedge funds		0		264		3		267		0		94	2	30		124
of which other		(23)	1	26	1	4		7		0		241	1	0		241
Other investments		0		98		0		98		0		95		0		95
Total plan assets at fair value		550		2,179		278		3,007		422		2,277		194		2,893
1 Primarily related to derivative instruments.
2 Prior period has been corrected to reclassify certain plan assets from equity securities to corporate debt and hedge funds, respectively.

								Actual return on plan assets
		Balance at beginning of period		Transfers in		Transfers out		On assets still held at reporting date		On assets sold during the period		Purchases, sales, settlements		Foreign currency translation impact		Balance at end of period
2013 (CHF million)
Debt securities – corporates		71		1		(1)		5		0		103		(2)		177
Real estate – indirect		89		0		0		7		0		0		(2)		94
Alternative investments		34		2		0		(5)		7		(27)		(4)		7
of which private equity		4		0		0		(1)		0		(3)		0		0
of which hedge funds		30		2		0		(4)		3		(28)		0		3
of which other		0		0		0		0		4		4		(4)		4
Total plan assets at fair value		194		3		(1)		7		7		76		(8)		278
2012 (CHF million)
Debt securities – corporates		90		0		(28)		9		3		(3)		0		71
Real estate – indirect		84		0		0		6		0		1		(2)		89
Alternative investments		90		0		0		0		3		(56)		(3)		34
of which private equity		9		0		0		(1)		2		(6)		0		4
of which hedge funds		81		0		0		1		1		(50)		(3)		30
Total plan assets at fair value		264		0		(28)		15		6		(58)		(5)		194

December 31		2013		2012
Weighted-average plan asset allocation (%)
Cash and cash equivalents		13.3		13.6
Debt securities		50.7		49.5	1
Equity securities		20.4		17.8	1
Real estate		3.1		3.1
Alternative investments		9.2		12.7	1
Insurance		3.3		3.3
Total		100.0		100.0
1 Prior period has been corrected to reclassify certain plan assets from equity securities to debt securities and alternative investments, respectively.

2014 (%)
Cash and cash equivalents		0
Debt securities		59
Equity securities		25
Real estate		3
Alternative investments		10
Insurance		3
Total		100

		International single-employer defined benefit pension plans		Other post-retirement defined benefit plans
Estimated future benefit payments (CHF million)
2014		64		8
2015		73		9
2016		74		10
2017		80		10
2018		96		11
For five years thereafter		615		59

		Trading						Hedging					1
end of 2013		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)
Derivative instruments (CHF billion)
Forwards and forward rate agreements		9,366.2		2.5		2.6		0.0		0.0		0.0
Swaps		30,593.2		399.7		393.7		63.7		2.7		0.6
Options bought and sold (OTC)		3,889.5		44.3		44.9		0.0		0.0		0.0
Futures		830.8		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		705.9		0.3		0.2		0.0		0.0		0.0
Interest rate products		45,385.6		446.8		441.4		63.7		2.7		0.6
Forwards		2,098.6		21.6		21.5		30.5		0.3		0.1
Swaps		1,382.2		28.8		39.2		0.0		0.0		0.0
Options bought and sold (OTC)		815.6		10.7		11.6		9.4		0.0		0.0
Futures		48.8		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		5.5		0.1		0.2		0.0		0.0		0.0
Foreign exchange products		4,350.7		61.2		72.5		39.9		0.3		0.1
Forwards		4.0		0.7		0.1		0.0		0.0		0.0
Swaps		236.1		5.4		8.0		0.0		0.0		0.0
Options bought and sold (OTC)		225.7		12.4		12.1		0.0		0.0		0.0
Futures		50.6		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		416.2		17.0		17.2		0.0		0.0		0.0
Equity/index-related products		932.6		35.5		37.4		0.0		0.0		0.0
Credit derivatives 2		1,483.3		26.8		27.2		0.0		0.0		0.0
Forwards		19.2		0.7		1.1		0.0		0.0		0.0
Swaps		45.5		2.9		2.5		0.0		0.0		0.0
Options bought and sold (OTC)		35.1		1.1		1.0		0.0		0.0		0.0
Futures		31.1		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		48.9		0.7		0.9		0.0		0.0		0.0
Other products 3		179.8		5.4		5.5		0.0		0.0		0.0
Total derivative instruments		52,332.0		575.7		584.0		103.6		3.0		0.7
The notional amount, PRV and NRV (trading and hedging) was CHF 52,435.6 billion, CHF 578.7 billion and CHF 584.7 billion, respectively, as of December 31, 2013.
1 Relates to derivative contracts that qualify for hedge accounting under US GAAP.
2 Primarily credit default swaps.
3 Primarily precious metals, commodity, energy and emission products.

		Trading						Hedging					1
end of 2012		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)		Notional amount		Positive replacement value (PRV)		Negative replacement value (NRV)
Derivative instruments (CHF billion)
Forwards and forward rate agreements		8,055.9		2.6		2.5		0.0		0.0		0.0
Swaps		29,159.0		635.8		630.1		58.0		3.8		1.3
Options bought and sold (OTC)		3,739.9		62.4		62.6		0.0		0.0		0.0
Futures		1,145.4		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		952.0		0.3		0.2		0.0		0.0		0.0
Interest rate products		43,052.2		701.1		695.4		58.0		3.8		1.3
Forwards		2,134.1		21.6		21.3		19.6		0.2		0.1
Swaps		1,336.4		32.1		46.6		0.0		0.0		0.0
Options bought and sold (OTC)		985.3		9.7		10.7		0.0		0.0		0.0
Futures		83.8	2	0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		3.6		0.0		0.0		0.0		0.0		0.0
Foreign exchange products		4,543.2		63.4		78.6		19.6		0.2		0.1
Forwards		5.5		0.6		0.0		0.0		0.0		0.0
Swaps		211.1		4.5		5.9		0.0		0.0		0.0
Options bought and sold (OTC)		215.1		11.5		11.1		0.0		0.0		0.0
Futures		74.4		0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		338.2		13.7		14.1		0.0		0.0		0.0
Equity/index-related products		844.3		30.3		31.1		0.0		0.0		0.0
Credit derivatives 3		1,694.5		30.6		29.8		0.0		0.0		0.0
Forwards		31.3		1.1		1.4		0.0		0.0		0.0
Swaps		55.3		3.6		3.1		0.0		0.0		0.0
Options bought and sold (OTC)		54.2		1.6		1.6		0.0		0.0		0.0
Futures		35.5	2	0.0		0.0		0.0		0.0		0.0
Options bought and sold (exchange-traded)		50.4		1.6		1.7		0.0		0.0		0.0
Other products 4		226.7		7.9		7.8		0.0		0.0		0.0
Total derivative instruments		50,360.9		833.3		842.7		77.6		4.0		1.4
The notional amount, PRV and NRV (trading and hedging) was CHF 50,438.5 billion, CHF 837.3 billion and CHF 844.1 billion, respectively, as of December 31, 2012.
1 Relates to derivative contracts that qualify for hedge accounting under US GAAP.
2 Prior period amounts have been corrected to reclassify the notional amounts from other products to foreign exchange products.
3 Primarily credit default swaps.
4 Primarily precious metals, commodity, energy and emission products.

in		2013		2012		2011
Gains/(losses) recognized in income on derivatives (CHF million)
Interest rate products		378		849		634
Foreign exchange products		(9)		(13)		20
Total		369		836		654
Gains/(losses) recognized in income on hedged items (CHF million)
Interest rate products		(375)		(894)		(672)
Foreign exchange products		9		13		(20)
Total		(366)		(881)		(692)
Details of fair value hedges (CHF million)
Net gains/(losses) on the ineffective portion		3		(45)		(38)
Represents gains/(losses) recognized in trading revenues.

in		2013		2012		2011
Gains/(losses) recognized in AOCI on derivatives (CHF million)
Interest rate products		7		8		0
Foreign exchange products		0		0		(5)
Total		7		8		(5)
Gains/(losses) reclassified from AOCI into income (CHF million)
Interest rate products 1		3		0		0
Foreign exchange products 2		0		0		31
Total		3		0		31
Details of cash flow hedges (CHF million)
Net gains on the ineffective portion 1		1		0		0
1 Included in trading revenues.
2 Included in commissions and fees.

in		2013		2012		2011
Gains/(losses) recognized in AOCI on derivatives (CHF million)
Foreign exchange products		504		(81)		280
Total		504		(81)		280
Gains/(losses) reclassified from AOCI into income (CHF million)
Foreign exchange products 1		2		75		4
Total		2		75		4
Represents gains/(losses) on effective portion.
1 Included in other revenues.

		2013								2012
end of		Bilateral counterparties		Special purpose entities		Accelerated terminations		Total		Bilateral counterparties		Special purpose entities		Accelerated terminations		Total
Contingent credit risk (CHF billion)
Current net exposure		11.7		1.1		0.1		12.9		15.3		1.4		0.6		17.3
Collateral posted		10.6		1.2		–		11.8		13.4		1.4		–		14.8
Additional collateral required in a one-notch downgrade event		0.6		0.8		0.0		1.4		0.2		0.5		0.0		0.7
Additional collateral required in a two-notch downgrade event		2.3		1.1		0.0		3.4		2.7	1	1.5		0.5		4.7
1 Additional collateral required in a two-notch downgrade event has been corrected.

		2013										2012
end of		Credit protection sold		Credit protection purchased	1	Net credit protection (sold)/ purchased		Other protection purchased		Fair value of credit protection sold		Credit protection sold		Credit protection purchased	1	Net credit protection (sold)/ purchased		Other protection purchased		Fair value of credit protection sold
Single-name instruments (CHF billion)
Investment grade 2		(305.9)		287.9		(18.0)		37.7		5.2		(394.6)		373.9		(20.7)		56.0		2.5
Non-investment grade		(108.7)		104.9		(3.8)		10.5		2.5		(135.4)		129.3		(6.1)		11.3		(0.4)
Total single-name instruments		(414.6)		392.8		(21.8)		48.2		7.7		(530.0)	3	503.2	3	(26.8)		67.3	3	2.1	3
of which sovereign		(88.1)		85.0		(3.1)		8.9		(0.4)		(119.4)		117.1		(2.3)		10.3		(0.7)
of which non-sovereign		(326.5)		307.8		(18.7)		39.3		8.1		(410.6)		386.1		(24.5)		57.0		2.8
Multi-name instruments (CHF billion)
Investment grade 2		(219.1)		212.1		(7.0)		47.3		3.3		(222.2)		207.1		(15.1)		20.6		(0.7)
Non-investment grade		(65.0)		59.0	4	(6.0)		13.5		1.5		(62.8)		56.1	4	(6.7)		9.8		(1.6)
Total multi-name instruments		(284.1)		271.1		(13.0)		60.8		4.8		(285.0)	3	263.2	3	(21.8)		30.4	3	(2.3)	3
of which sovereign		(10.8)		10.9		0.1		1.1		0.0		(13.5)		13.1		(0.4)		0.4		(0.1)
of which non-sovereign		(273.3)		260.2		(13.1)		59.7		4.8		(271.5)		250.1		(21.4)		30.0		(2.2)
Total instruments (CHF billion)
Investment grade 2		(525.0)		500.0		(25.0)		85.0		8.5		(616.8)		581.0		(35.8)		76.6		1.8
Non-investment grade		(173.7)		163.9		(9.8)		24.0		4.0		(198.2)		185.4		(12.8)		21.1		(2.0)
Total instruments		(698.7)		663.9		(34.8)		109.0		12.5		(815.0)		766.4		(48.6)		97.7		(0.2)
of which sovereign		(98.9)		95.9		(3.0)		10.0		(0.4)		(132.9)		130.2		(2.7)		10.7		(0.8)
of which non-sovereign		(599.8)		568.0		(31.8)		99.0		12.9		(682.1)		636.2		(45.9)		87.0		0.6
1 Represents credit protection purchased with identical underlyings and recoveries.
2 Based on internal ratings of BBB and above.
3 Credit protection instruments have been corrected to reclassify certain single-name instruments to multi-name instruments.
4 Includes the Clock Finance transaction.

end of		2013		2012
Credit derivatives (CHF billion)
Credit protection sold		698.7		815.0
Credit protection purchased		663.9		766.4
Other protection purchased		109.0		97.7
Other instruments 1		11.7		15.4
Total credit derivatives		1,483.3		1,694.5
1 Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments.

end of		Maturity less than 1 year		Maturity between 1 to 5 years		Maturity greater than 5 years		Total
2013 (CHF billion)
Single-name instruments		91.2		281.4		42.0		414.6
Multi-name instruments		19.2		208.2		56.7		284.1
Total instruments		110.4		489.6		98.7		698.7
2012 (CHF billion)
Single-name instruments		125.0		326.0		79.0		530.0
Multi-name instruments		42.7		171.0		71.3		285.0
Total instruments		167.7		497.0		150.3		815.0

end of		Maturity less than 1 year		Maturity between 1 to 3 years		Maturity between 3 to 5 years		Maturity greater than 5 years		Total gross amount		Total net amount	1	Carrying value		Collateral received
2013 (CHF million)
Credit guarantees and similar instruments		2,820		1,125		396		569		4,910		4,762		34		2,330
Performance guarantees and similar instruments		4,337		1,733		981		136		7,187		6,265		83		3,277
Securities lending indemnifications		11,479		0		0		0		11,479		11,479		0		11,479
Derivatives 2		18,247		9,544		1,960		1,899		31,650		31,650		715		–	3
Other guarantees		3,894		811		193		193		5,091		5,068		3		2,606
Total guarantees		40,777		13,213		3,530		2,797		60,317		59,224		835		19,692
2012 (CHF million)
Credit guarantees and similar instruments 4		10,101		1,541		334		606		12,582		12,195		53		1,918
Performance guarantees and similar instruments		5,047		1,599		951		1,750		9,347		8,608		135		3,307
Securities lending indemnifications		12,211		0		0		0		12,211		12,211		0		12,211
Derivatives 2		21,197		9,951		1,833		2,434		35,415		35,415		985		–	3
Other guarantees		4,172		684		281		144		5,281		5,260		3		2,789
Total guarantees		52,728		13,775		3,399		4,934		74,836		73,689		1,176		20,225
1 Total net amount is computed as the gross amount less any participations.
2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments.
3 Collateral for derivatives accounted for as guarantees is not significant.
4 Prior period has been corrected.

January 1, 2004 to December 31, 2013 (USD billion)
Government-sponsored enterprises		8.2
Private investors 1		23.5
Non-agency securitizations		133.8	2
Total		165.5
1 Primarily banks.
2 The outstanding balance of residential mortgage loans sold was USD 26.2 billion as of December 31, 2013. The difference of the total balance of mortgage loans sold and the outstanding balance as of December 31, 2013 was attributable to borrower payments of USD 88.9 billion and losses of USD 18.7 billion due to loan defaults.

		2013								2012
		Government- sponsored enterprises		Private investors		Non- agency securiti- zations		Total		Government- sponsored enterprises		Private investors		Non- agency securiti- zations		Total
Outstanding repurchase claims (USD million)
Balance at beginning of period		67		464		1,395		1,926		68		432		243		743
New claims		69		139		1,039		1,247		58		57		2,032		2,147
Claims settled through repurchases		(4)		(1)		(2)		(7)	1	(7)		0		(7)		(14)	1
Other settlements		(31)		(178)		(7)		(216)	2	(15)		(7)		(32)		(54)	2
Total claims settled		(35)		(179)		(9)		(223)		(22)		(7)		(39)		(68)
Claims rescinded		(24)		(4)		0		(28)		(37)		(18)		0		(55)
Transfers to/from arbitration and litigation, net 3		0		0		(2,342)	4	(2,342)		0		0		(841)		(841)
Balance at end of period		77		420		83		580		67		464		1,395		1,926
1 Settled at a repurchase price of USD 6 million and USD 15 million in 2013 and 2012, respectively.
2 Settled at USD 48 million and USD 41 million in 2013 and 2012, respectively.
3 Refer to "Note 36 – Litigation" for repurchase claims that are in arbitration or litigation.
4 Transfers to arbitration and litigation disclosed in 2013 include portfolios of claims of approximately USD 0.3 billion for which formal legal proceedings had commenced in prior periods.

		2013		2012
Provisions for outstanding repurchase claims (USD million)  1
Balance at beginning of period		55		59
Increase/(decrease) in provisions, net		145		52
Realized losses 2		(54)	3	(56)	4
Balance at end of period		146	3	55	5
1 Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 36 – Litigation" for further information.
2 Includes indemnifications paid to resolve loan repurchase claims.
3 Primarily related to government-sponsored enterprises and private investors.
4 Primarily related to government-sponsored enterprises and non-agency securitizations.
5 Primarily related to government-sponsored enterprises.

Lease commitments (CHF million)
2014		579
2015		526
2016		473
2017		412
2018		365
Thereafter		3,062
Future operating lease commitments		5,417
Less minimum non-cancellable sublease rentals		171
Total net future minimum lease commitments		5,246

in		2013		2012		2011
Rental expense for operating leases (CHF million)
Minimum rental expense		642		629		549
Sublease rental income		(85)		(97)		(96)
Total net expenses for operating leases		557		532		453

end of		Maturity less than 1 year		Maturity between 1 to 3 years		Maturity between 3 to 5 years		Maturity greater than 5 years		Total gross amount		Total net amount	1	Collateral received
2013 (CHF million)
Irrevocable commitments under documentary credits		5,478		27		1		0		5,506		5,446		3,380
Irrevocable loan commitments		27,154		26,852		35,326		7,483		96,815	2	92,557		47,995
Forward reverse repurchase agreements		26,893		0		0		0		26,893		26,893		26,893
Other commitments		2,436		1,020		103		286		3,845		3,845		351
Total other commitments		61,961		27,899		35,430		7,769		133,059		128,741		78,619
2012 (CHF million)
Irrevocable commitments under documentary credits		6,210		35		6		0		6,251		6,054		3,219
Irrevocable loan commitments		32,632		23,610		37,790		6,022		100,054	2	94,582		32,759
Forward reverse repurchase agreements		45,556		0		0		0		45,556		45,556		45,556
Other commitments		906		863		171		575		2,515		2,515		131
Total other commitments		85,304		24,508		37,967		6,597		154,376		148,707		81,665
1 Total net amount is computed as the gross amount less any participations.
2 Irrevocable loan commitments do not include a total gross amount of CHF 87,161 million and CHF 75,832 million of unused credit limits as of December 31, 2013 and 2012, respectively, which were revocable at the Bank's sole discretion upon notice to the client. The prior period has been adjusted to the current presentation.

in		2013		2012		2011
Gains and cash flows (CHF million)
CMBS
Net gain 1		4		56		6
Proceeds from transfer of assets		5,574		6,156		974
Servicing fees		0		0		1
Cash received on interests that continue to be held		70		57		205
RMBS
Net gain/(loss) 1		(8)		3		65
Proceeds from transfer of assets		24,523		15,143		30,695
Purchases of previously transferred financial assets or its underlying collateral		(10)		(25)		(4)
Servicing fees		4		3		3
Cash received on interests that continue to be held		486		554		382
Other asset-backed financings
Net gain 1		15		83		24
Proceeds from transfer of assets		915		591		1,268
Purchases of previously transferred financial assets or its underlying collateral   2		(213)		(621)		(256)
Servicing fees		0		0		1
Cash received on interests that continue to be held		633		1,350		701
1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans.
2 Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present.

end of		2013		2012
CHF million
CMBS
Principal amount outstanding		37,308		30,050
Total assets of SPE		48,715		45,407
RMBS
Principal amount outstanding		45,571		58,112
Total assets of SPE		48,741		60,469
Other asset-backed financings
Principal amount outstanding		27,854		32,805
Total assets of SPE		27,854		32,805
Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties.

		2013								2012
at time of transfer				CMBS				RMBS				CMBS				RMBS
CHF million, except where indicated
Fair value of beneficial interests				633				2,993				761				2,219
of which level 2				476				2,879				654				2,090
of which level 3				156				114				107				129
Weighted-average life, in years				7.3				7.7				8.4				5.0
Prepayment speed assumption (rate per annum), in % 1				–	2	2.0	–	31.0				–	2	0.1	–	34.9
Cash flow discount rate (rate per annum), in % 3		1.6	–	11.6		0.0	–	45.9		0.8	–	10.7		0.1	–	25.7
Expected credit losses (rate per annum), in %		0.0	–	7.5		0.0	–	45.8		0.5	–	9.0		0.0	–	25.1
Transfers of assets in which the Bank does not have beneficial interests are not included in this table.
1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR .
2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
3 The rate was based on the weighted-average yield on the beneficial interests.

		2013												2012
end of				CMBS	1			RMBS				Other asset- backed financing activities	2			CMBS	1			RMBS				Other asset- backed financing activities	2
CHF million, except where indicated
Fair value of beneficial interests				1,132				2,354				284				274				1,929				692
of which non-investment grade				26				359				204				90				342				686
Weighted-average life, in years				6.5				8.6				3.7				4.0				5.2				3.6
Prepayment speed assumption (rate per annum), in % 3				–		1.0	–	23.5				–				–		0.1	–	27.6				–
Impact on fair value from 10% adverse change				–				(26.6)				–				–				(38.5)				–
Impact on fair value from 20% adverse change				–				(48.6)				–				–				(74.3)				–
Cash flow discount rate (rate per annum), in % 4		1.1	–	37.1		1.7	–	22.4		1.0	–	23.1		1.1	–	50.2		0.2	–	42.8		0.7	–	51.7
Impact on fair value from 10% adverse change				(25.5)				(65.0)				(2.4)				(14.8)				(62.8)				(1.0)
Impact on fair value from 20% adverse change				(50.0)				(124.9)				(4.9)				(19.9)				(93.5)				(1.8)
Expected credit losses (rate per annum), in %		0.2	–	36.6		0.1	–	17.3		0.7	–	21.0		0.9	–	49.5		0.9	–	42.8		0.3	–	51.4
Impact on fair value from 10% adverse change				(10.9)				(42.2)				(0.4)				(14.4)				(55.9)				(0.8)
Impact on fair value from 20% adverse change				(21.5)				(79.6)				(0.7)				(19.2)				(80.3)				(1.6)
1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
2 CDOs within this category are generally structured to be protected from prepayment risk.
3 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR .
4 The rate was based on the weighted-average yield on the beneficial interests.

end of		2013		2012
CHF million
CMBS
Other assets		432		467
Liability to SPE, included in Other liabilities		(432)		(467)
Other asset-backed financings
Trading assets		216		1,171
Other assets		157		913
Liability to SPE, included in Other liabilities		(373)		(2,084)

						Financial intermediation
end of		CDO		CP Conduit		Securi- tizations		Funds		Loans		Other		Total
2013 (CHF million)
Cash and due from banks		702		1		2		100		87		60		952
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		1,959		0		0		0		0		1,959
Trading assets		869		51		3		1,687		665		335		3,610
Investment securities		0		100		0		0		0		0		100
Other investments		0		0		0		0		1,491		492		1,983
Net loans		0		2,012		885		0		779		531		4,207
Premises and equipment		0		0		0		0		415		66		481
Other assets		7,516		1,473		3,353		0		307		1,680		14,329
of which loans held-for-sale		7,479		0		3,093		0		56		0		10,628
Total assets of consolidated VIEs		9,087		5,596		4,243		1,787		3,744		3,164		27,621
Customer deposits		0		0		0		0		0		265		265
Trading liabilities		9		0		0		0		8		76		93
Short-term borrowings		0		4,280		0		7		0		(1)		4,286
Long-term debt		9,067		17		3,187		179		93		449		12,992
Other liabilities		34		16		67		2		152		439		710
Total liabilities of consolidated VIEs		9,110		4,313		3,254		188		253		1,228		18,346
2012 (CHF million)
Cash and due from banks		1,534		27		0		125		44		20		1,750
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		117		0		0		0		0		117
Trading assets		1,064		196		14		1,861		565		997		4,697
Investment securities		0		23		0		0		0		0		23
Other investments		0		0		0		0		1,712		577		2,289
Net loans		0		4,360		859		0		405		429		6,053
Premises and equipment		0		0		0		0		474		72		546
Other assets		7,369		1,637		3,111		4		571		1,816		14,508
of which loans held-for-sale		7,324		0		3,110		0		71		0		10,505
Total assets of consolidated VIEs		9,967		6,360		3,984		1,990		3,771		3,911		29,983
Customer deposits		0		0		0		0		0		247		247
Trading liabilities		20		0		0		0		4		101		125
Short-term borrowings		0		5,776		0		3		0		0		5,779
Long-term debt		9,944		14		3,608		500		38		428		14,532
Other liabilities		45		6		97		7		167		842		1,164
Total liabilities of consolidated VIEs		10,009		5,796		3,705		510		209		1,618		21,847

				Financial intermediation
end of		CDO		Securi- tizations		Funds		Loans		Other		Total
2013 (CHF million)
Trading assets		183		4,920		979		725		713		7,520
Net loans		2		613		2,712		2,856		1,282		7,465
Other assets		0		0		47		0		6		53
Total variable interest assets		185		5,533		3,738		3,581		2,001		15,038
Maximum exposure to loss		186		7,496		3,926		7,433		2,090		21,131
Non-consolidated VIE assets		10,211		101,524		55,509		31,144		8,525		206,913
2012 (CHF million)
Trading assets		100		3,210		1,143		868		600		5,921
Net loans		8		111		2,048		3,572		1,668		7,407
Other assets		0		17		49		0		4		70
Total variable interest assets		108		3,338		3,240		4,440		2,272		13,398
Maximum exposure to loss		108		14,123		3,475		4,906		3,039		25,651
Non-consolidated VIE assets		5,163		103,990		52,268		22,304		6,486		190,211

end of 2013		Level 1		Level 2		Level 3		Netting impact	1	Total
Assets (CHF million)
Cash and due from banks		0		527		0		0		527
Interest-bearing deposits with banks		0		311		0		0		311
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		96,383		204		0		96,587
Debt		409		1,592		0		0		2,001
of which corporates		0		1,558		0		0		1,558
Equity		20,689		110		0		0		20,799
Securities received as collateral		21,098		1,702		0		0		22,800
Debt		41,829		63,217		5,069		0		110,115
of which foreign governments		40,199		6,980		230		0		47,409
of which corporates		14		24,267		2,128		0		26,409
of which RMBS		0		23,343		436		0		23,779
of which CMBS		0		5,255		417		0		5,672
of which CDO		0		3,305		1,567		0		4,872
Equity		70,463		5,777		595		0		76,835
Derivatives		6,610		563,882		5,217		(543,922)		31,787
of which interest rate products		1,065		444,187		1,574		–		–
of which foreign exchange products		8		60,732		484		–		–
of which equity/index-related products		5,278		28,941		1,240		–		–
of which credit derivatives		0		25,662		1,138		–		–
Other		3,690		4,480		2,829		0		10,999
Trading assets		122,592		637,356		13,710		(543,922)		229,736
Debt		1,164		362		0		0		1,526
of which foreign governments		1,162		2		0		0		1,164
of which corporates		0		262		0		0		262
of which CDO		0		100		0		0		100
Equity		1		98		2		0		101
Investment securities		1,165		460		2		0		1,627
Private equity		0		0		3,339		0		3,339
of which equity funds		0		0		2,230		0		2,230
Hedge funds		0		289		392		0		681
of which debt funds		0		174		329		0		503
Other equity investments		283		55		1,632		0		1,970
of which private		0		15		1,631		0		1,646
Life finance instruments		0		0		1,600		0		1,600
Other investments		283		344		6,963		0		7,590
Loans		0		11,459		7,998		0		19,457
of which commercial and industrial loans		0		6,302		5,309		0		11,611
of which financial institutions		0		4,484		1,322		0		5,806
Other intangible assets (mortgage servicing rights)		0		0		42		0		42
Other assets		4,861		21,426		6,159		(928)		31,518
of which loans held-for-sale		0		12,770		5,615		0		18,385
Total assets at fair value		149,999		769,968		35,078		(544,850)		410,195
Less other investments - equity at fair value attributable to noncontrolling interests		(246)		(149)		(2,781)		0		(3,176)
Less assets consolidated under ASU 2009-17 2		0		(8,996)		(2,458)		0		(11,454)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework		149,753		760,823		29,839		(544,850)		395,565
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
2 Assets of consolidated VIEs that are not risk-weighted under the Basel framework.

end of 2013		Level 1		Level 2		Level 3		Netting impact	1	Total
Liabilities (CHF million)
Due to banks		0		1,460		0		0		1,460
Customer deposits		0		3,186		55		0		3,241
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		0		75,990		114		0		76,104
Debt		409		1,592		0		0		2,001
of which corporates		0		1,558		0		0		1,558
Equity		20,689		110		0		0		20,799
Obligation to return securities received as collateral		21,098		1,702		0		0		22,800
Debt		19,037		5,312		2		0		24,351
of which foreign governments		18,863		603		0		0		19,466
of which corporates		1		4,132		2		0		4,135
Equity		15,476		309		17		0		15,802
Derivatives		5,879		572,717		5,545		(547,482)		36,659
of which interest rate products		896		439,502		1,129		–		–
of which foreign exchange products		14		71,588		938		–		–
of which equity/index-related products		4,691		30,800		1,896		–		–
of which credit derivatives		0		25,942		1,230		–		–
Trading liabilities		40,392		578,338		5,564		(547,482)		76,812
Short-term borrowings		0		5,888		165		0		6,053
Long-term debt		0		52,073		9,780		0		61,853
of which treasury debt over two years		0		9,081		0		0		9,081
of which structured notes over two years		0		20,680		6,217		0		26,897
of which non-recourse liabilities		0		9,509		2,552		0		12,061
Other liabilities		0		19,386		2,859		(274)		21,971
of which failed sales		0		638		1,143		0		1,781
Total liabilities at fair value		61,490		738,023		18,537		(547,756)		270,294
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.

end of 2012		Level 1		Level 2		Level 3		Netting impact	1	Total
Assets (CHF million)
Cash and due from banks		0		569		0		0		569
Interest-bearing deposits with banks		0		627		0		0		627
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		113,664		0		0		113,664
Debt		92		350		0		0		442
of which corporates		0		320		0		0		320
Equity		29,585		18		0		0		29,603
Securities received as collateral		29,677		368		0		0		30,045
Debt		55,592		74,392		5,830		0		135,814
of which foreign governments		53,918		11,032		79		0		65,029
of which corporates		1		25,933		3,192		0		29,126
of which RMBS		0		30,392		724		0		31,116
of which CMBS		0		4,335		1,023		0		5,358
of which CDO		0		2,620		447		0		3,067
Equity		66,715		7,745		485		0		74,945
Derivatives		3,428		823,181		6,650		(799,843)		33,416
of which interest rate products		703		698,494		1,859		–		–
of which foreign exchange products		1		62,619		754		–		–
of which equity/index-related products		2,538		25,885		1,920		–		–
of which credit derivatives		0		29,274		1,294		–		–
Other		7,205		2,736		2,486		0		12,427
Trading assets		132,940		908,054		15,451		(799,843)		256,602
Debt		1,334		341		169		0		1,844
of which foreign governments		1,333		1		21		0		1,355
of which corporates		0		340		125		0		465
of which CDO		0		0		24		0		24
Equity		4		90		1		0		95
Investment securities		1,338		431		170		0		1,939
Private equity		0		0		3,855		0		3,855
of which equity funds		0		0		2,530		0		2,530
Hedge funds		0		470		165		0		635
of which debt funds		0		349		84		0		433
Other equity investments		271		69		2,244		0		2,584
of which private		0		61		2,245		0		2,306
Life finance instruments		0		0		1,818		0		1,818
Other investments		271		539		8,082		0		8,892
Loans		0		13,381		6,619		0		20,000
of which commercial and industrial loans		0		6,191		4,778		0		10,969
of which financial institutions		0		5,934		1,530		0		7,464
Other intangible assets (mortgage servicing rights)		0		0		43		0		43
Other assets		5,439		26,802		5,164		(146)		37,259
of which loans held-for-sale		0		14,899		4,463		0		19,362
Total assets at fair value		169,665		1,064,435		35,529		(799,989)		469,640
Less other investments - equity at fair value attributable to noncontrolling interests		(240)		(99)		(3,292)		0		(3,631)
Less assets consolidated under ASU 2009-17 2		0		(8,769)		(2,745)		0		(11,514)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework		169,425		1,055,567		29,492		(799,989)		454,495
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
2 Assets of consolidated VIEs that are not risk-weighted under the Basel framework.

end of 2012		Level 1		Level 2		Level 3		Netting impact	1	Total
Liabilities (CHF million)
Due to banks		0		3,431		0		0		3,431
Customer deposits		0		4,601		25		0		4,626
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		0		108,784		0		0		108,784
Debt		92		350		0		0		442
of which corporates		0		320		0		0		320
Equity		29,585		18		0		0		29,603
Obligation to return securities received as collateral		29,677		368		0		0		30,045
Debt		25,782		7,015		196		0		32,993
of which foreign governments		25,624		1,476		0		0		27,100
of which corporates		0		5,030		196		0		5,226
Equity		18,109		389		6		0		18,504
Derivatives		3,174		834,413		5,154		(803,147)		39,594
of which interest rate products		628		693,525		1,357		–		–
of which foreign exchange products		1		76,988		1,648		–		–
of which equity/index-related products		2,305		27,749		1,003		–		–
of which credit derivatives		0		28,952		819		–		–
Trading liabilities		47,065		841,817		5,356		(803,147)		91,091
Short-term borrowings		0		4,389		124		0		4,513
Long-term debt		218		54,458		10,098		0		64,774
of which treasury debt over two years		0		10,567		0		0		10,567
of which structured notes over two years		0		22,545		6,189		0		28,734
of which non-recourse liabilities		218		11,006		2,551		0		13,775
Other liabilities		0		24,235		2,847		(283)		26,799
of which failed sales		0		2,523		1,160		0		3,683
Total liabilities at fair value		76,960		1,042,083		18,450		(803,430)		334,063
1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.

		2013				2012
in		Transfers to level 1 out of level 2		Transfers out of level 1 to level 2		Transfers to level 1 out of level 2		Transfers out of level 1 to level 2
Assets (CHF million)
Debt		499		92		318		23,632
Equity		437		183		209		650
Derivatives		5,090		2		5,510		20
Trading assets		6,026		277		6,037		24,302
Liabilities (CHF million)
Debt		11		18		87		34
Equity		248		17		100		226
Derivatives		4,433		11		6,441		72
Trading liabilities		4,692		46		6,628		332

																Trading revenues				Other revenues
2013		Balance at beginning of period		Transfers in		Transfers out		Purchases		Sales		Issuances		Settlements		On transfers in / out	1	On all other		On transfers in / out	1	On all other		Foreign currency translation impact		Balance at end of period
Assets (CHF million)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		0		0		0		0		0		362		(153)		0		4		0		0		(9)		204
Debt		5,830		1,418		(1,977)		6,363		(6,984)		0		0		165		465		0		0		(211)		5,069
of which corporates		3,192		571		(552)		1,759		(3,022)		0		0		109		157		0		0		(86)		2,128
of which RMBS		724		467		(690)		1,012		(1,162)		0		0		11		91		0		0		(17)		436
of which CMBS		1,023		86		(310)		497		(866)		0		0		(4)		15		0		0		(24)		417
of which CDO		447		55		(357)		3,072		(1,810)		0		0		36		197		0		0		(73)		1,567
Equity		485		303		(237)		405		(431)		0		0		20		68		(1)		0		(17)		595
Derivatives		6,650		1,442		(2,208)		0		0		1,766		(2,446)		230		(53)		0		0		(164)		5,217
of which interest rate products		1,859		244		(363)		0		0		279		(663)		8		249		0		0		(39)		1,574
of which equity/index-related products		1,920		223		(1,020)		0		0		207		(538)		184		330		0		0		(66)		1,240
of which credit derivatives		1,294		923		(633)		0		0		627		(631)		38		(461)		0		0		(19)		1,138
Other		2,486		288		(487)		3,266		(2,656)		0		(65)		8		83		0		0		(94)		2,829
Trading assets		15,451		3,451		(4,909)		10,034		(10,071)		1,766		(2,511)		423		563		(1)		0		(486)		13,710
Investment securities		170		0		(230)		165		(82)		0		0		0		9		0		0		(30)		2
Equity		6,264		106		(63)		1,081		(2,649)		0		0		0		(3)		0		776		(149)		5,363
Life finance instruments		1,818		0		0		189		(365)		0		0		0		1		0		0		(43)		1,600
Other investments		8,082		106		(63)		1,270		(3,014)		0		0		0		(2)		0		776		(192)		6,963
Loans		6,619		320		(1,561)		800		(1,673)		6,767		(2,920)		0		(21)		0		0		(333)		7,998
of which commercial and industrial loans		4,778		305		(315)		727		(1,280)		3,541		(2,171)		1		(85)		0		0		(192)		5,309
of which financial institutions		1,530		15		(6)		71		(207)		651		(650)		0		(48)		0		0		(34)		1,322
Other intangible assets (mortgage servicing rights)		43		0		0		12		0		0		0		0		0		0		(12)		(1)		42
Other assets		5,164		3,552		(2,998)		4,781		(4,213)		1,034		(1,148)		5		199		0		0		(217)		6,159
of which loans held-for-sale 2		4,463		3,539		(2,918)		4,456		(3,964)		1,034		(1,147)		5		348		0		0		(201)		5,615
Total assets at fair value		35,529		7,429		(9,761)		17,062		(19,053)		9,929		(6,732)		428		752		(1)		764		(1,268)		35,078
Liabilities (CHF million)
Customer deposits		25		0		0		0		0		51		(3)		0		(13)		0		0		(5)		55
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		0		0		0		0		0		119		0		0		0		0		0		(5)		114
Trading liabilities		5,356		1,503		(1,537)		66		(197)		1,561		(2,556)		235		1,302		0		0		(169)		5,564
of which interest rate derivatives		1,357		75		(134)		0		0		107		(508)		10		254		0		0		(32)		1,129
of which foreign exchange derivatives		1,648		13		(21)		0		0		15		(662)		(16)		(21)		0		0		(18)		938
of which equity/index-related derivatives		1,003		360		(676)		0		0		632		(380)		210		831		0		0		(84)		1,896
of which credit derivatives		819		1,001		(590)		0		0		655		(856)		39		186		0		0		(24)		1,230
Short-term borrowings		124		43		(99)		0		0		318		(216)		0		3		0		0		(8)		165
Long-term debt		10,098		2,322		(2,375)		0		0		5,006		(5,330)		25		321		0		(1)		(286)		9,780
of which structured notes over two years		6,189		453		(1,226)		0		0		3,602		(2,534)		(18)		(36)		0		(1)		(212)		6,217
of which non-recourse liabilities		2,551		1,836		(670)		0		0		818		(2,128)		24		151		0		0		(30)		2,552
Other liabilities		2,847		227		(149)		213		(393)		10		(86)		(17)		70		26		217		(106)		2,859
of which failed sales		1,160		176		(82)		154		(308)		0		0		0		72		0		0		(29)		1,143
Total liabilities at fair value		18,450		4,095		(4,160)		279		(590)		7,065		(8,191)		243		1,683		26		216		(579)		18,537
Net assets/(liabilities) at fair value		17,079		3,334		(5,601)		16,783		(18,463)		2,864		1,459		185		(931)		(27)		548		(689)		16,541
1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period.
2 Includes unrealized gains recorded in trading revenues of CHF 238 million primarily related to subprime exposures in securitized business and market movements across the wider loans held-for-sale portfolio.

																Trading revenues				Other revenues
2012		Balance at beginning of period		Transfers in		Transfers out		Purchases		Sales		Issuances		Settlements		On transfers in / out	1	On all other		On transfers in / out	1	On all other		Foreign currency translation impact		Balance at end of period
Assets (CHF million)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		1,204		0		0		0		0		0		(1,174)		0		(28)		0		0		(2)		0
Securities received as collateral		193		0		(188)		0		0		0		0		0		0		0		0		(5)		0
Debt		9,941		2,312		(5,035)		7,479		(8,793)		0		0		72		129		(4)		0		(271)		5,830
of which corporates		5,076		1,113		(3,609)		5,210		(4,745)		0		0		49		278		(4)		0		(176)		3,192
of which RMBS		1,786		831		(958)		937		(1,924)		0		0		18		60		0		0		(26)		724
of which CMBS		1,517		188		(262)		664		(809)		0		0		(4)		(228)		0		0		(43)		1,023
of which CDO		727		158		(121)		483		(851)		0		0		(4)		67		0		0		(12)		447
Equity		467		419		(100)		377		(611)		0		0		0		(63)		0		0		(4)		485
Derivatives		9,588		1,465		(2,175)		0		0		1,007		(3,262)		60		163		0		0		(196)		6,650
of which interest rate products		2,547		168		(686)		0		0		303		(976)		47		515		0		0		(59)		1,859
of which equity/index-related products		2,732		681		(844)		0		0		346		(844)		(31)		(56)		0		0		(64)		1,920
of which credit derivatives		2,172		592		(544)		0		0		161		(914)		43		(179)		0		0		(37)		1,294
Other		2,195		179		(366)		2,842		(2,290)		0		0		2		(4)		0		0		(72)		2,486
Trading assets		22,191		4,375		(7,676)		10,698		(11,694)		1,007		(3,262)		134		225		(4)		0		(543)		15,451
Investment securities		102		0		0		94		(17)		0		0		0		0		0		0		(9)		170
Equity		6,899		4		(61)		757		(1,789)		0		0		0		2		0		620		(168)		6,264
Life finance instruments		1,968		0		0		102		(274)		0		0		0		72		0		0		(50)		1,818
Other investments		8,867		4		(61)		859		(2,063)		0		0		0		74		0		620		(218)		8,082
Loans		6,842		605		(642)		509		(1,286)		4,490		(3,473)		15		(250)		0		0		(191)		6,619
of which commercial and industrial loans		4,559		537		(391)		275		(469)		3,084		(2,773)		15		76		0		0		(135)		4,778
of which financial institutions		2,179		64		(248)		218		(745)		1,078		(672)		(1)		(293)		0		0		(50)		1,530
Other intangible assets (mortgage servicing rights)		70		0		0		11		(16)		0		0		0		0		0		(20)		(2)		43
Other assets		7,469		2,509		(2,949)		3,007		(3,356)		298		(2,319)		128		580		0		0		(203)		5,164
of which loans held-for-sale		6,901		2,471		(2,948)		2,801		(3,182)		298		(2,319)		127		486		0		0		(172)		4,463
Total assets at fair value		46,938		7,493		(11,516)		15,178		(18,432)		5,795		(10,228)		277		601		(4)		600		(1,173)		35,529
Liabilities (CHF million)
Customer deposits		0		0		0		0		0		25		0		0		0		0		0		0		25
Obligation to return securities received as collateral		193		0		(188)		0		0		0		0		0		0		0		0		(5)		0
Trading liabilities		7,343		1,294		(1,783)		94		(346)		853		(2,599)		151		505		0		0		(156)		5,356
of which interest rate derivatives		1,588		230		(754)		0		0		115		(194)		75		340		0		0		(43)		1,357
of which foreign exchange derivatives		2,836		3		(178)		0		0		1		(1,037)		24		48		0		0		(49)		1,648
of which equity/index-related derivatives		1,022		132		(262)		0		0		537		(315)		(16)		(61)		0		0		(34)		1,003
of which credit derivatives		1,520		700		(571)		0		0		88		(939)		79		(36)		0		0		(22)		819
Short-term borrowings		236		23		(96)		0		0		288		(332)		(3)		14		0		0		(6)		124
Long-term debt		12,715		2,616		(4,044)		0		0		4,015		(6,043)		182		989		(4)		0		(328)		10,098
of which structured notes over two years		7,576		789		(1,668)		0		0		1,925		(2,867)		32		604		(4)		0		(198)		6,189
of which non-recourse liabilities		3,585		1,701		(2,225)		0		0		1,473		(2,312)		144		275		0		0		(90)		2,551
Other liabilities		3,890		246		(315)		321		(1,322)		2		(219)		(15)		74		0		278		(93)		2,847
of which failed sales		1,909		136		(47)		302		(1,260)		0		0		0		153		0		0		(33)		1,160
Total liabilities at fair value		24,377		4,179		(6,426)		415		(1,668)		5,183		(9,193)		315		1,582		(4)		278		(588)		18,450
Net assets/(liabilities) at fair value		22,561		3,314		(5,090)		14,763		(16,764)		612		(1,035)		(38)		(981)		0		322		(585)		17,079
1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period.

		2013						2012
in		Trading revenues		Other revenues		Total revenues		Trading revenues		Other revenues		Total revenues
Gains and losses on assets and liabilities (CHF million)
Net realized/unrealized gains/(losses) included in net revenues		(746)		521		(225)	1	(1,019)		322		(697)	1
Whereof:
Unrealized gains/(losses) relating    to assets and liabilities still held as of the reporting date		(2,850)		245		(2,605)		(1,209)		(23)		(1,232)
1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact.

end of 2013		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value		Weighted average	1
CHF million, except where indicated
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		204		Discounted cash flow		Funding spread, in bp		90		350		178
Debt		5,069
of which corporates		2,128
of which		129		Option model		Correlation, in %		(83)		96		14
						Buyback probability, in %	2	50		100		62
of which		592		Market comparable		Price, in %		0		112		91
of which		807		Discounted cash flow		Credit spread, in bp		22		957		348
of which RMBS		436		Discounted cash flow		Discount rate, in %		2		33		9
						Prepayment rate, in %		0		27		7
						Default rate, in %		0		25		5
						Loss severity, in %		0		100		48
of which CMBS		417		Discounted cash flow		Capitalization rate, in %		5		12		9
						Discount rate, in %		1		30		9
						Prepayment rate, in %		0		20		10
						Default rate, in %		0		18		1
						Loss severity, in %		0		40		3
of which CDO		1,567
of which		118		Vendor price		Price, in %		0		100		94
of which		278		Discounted cash flow		Discount rate, in %		2		24		6
						Prepayment rate, in %		0		30		7
						Default rate, in %		1		15		3
						Loss severity, in %		25		100		68
of which		423		Market comparable		Price, in %		85		101		98
Equity		595
of which		270		Market comparable		EBITDA multiple		3		12		7
of which		35		Discounted cash flow		Capitalization rate, in %		7		7		7
						Discount rate, in %		15		15		15
Derivatives		5,217
of which interest rate products		1,574		Option model		Correlation, in %		15		100		82
						Prepayment rate, in %		5		31		24
						Volatility, in %		2		31		6
						Volatility skew, in %		(9)		2		(1)
						Credit spread, in bp		95		2,054		218
of which equity/index-related products		1,240		Option model		Correlation, in %		(83)		96		14
						Volatility, in %		2		252		26
of which credit derivatives		1,138		Discounted cash flow		Credit spread, in bp		1		2,054		298
						Recovery rate, in %		0		77		25
						Discount rate, in %		4		29		14
						Default rate, in %		1		16		6
						Loss severity, in %		10		100		59
						Correlation, in %		34		97		83
						Prepayment rate, in %		0		17		5
Other		2,829
of which		2,139		Market comparable		Price, in %		0		146		34
of which		589		Discounted cash flow		Market implied life expectancy, in years		3		19		9
Trading assets		13,710
1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
2 Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument.

end of 2013		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value		Weighted average	1
CHF million, except where indicated
Investment securities		2		–		–		–		–		–
Private equity		3,339		–	2	–	2	–	2	–	2	–	2
Hedge funds		392		–	2	–	2	–	2	–	2	–	2
Other equity investments		1,632
of which private		1,631
of which		384		Discounted cash flow		Credit spread, in bp		897		3,175		1,207
						Contingent probability, in %		59		59		59
of which		813		Market comparable		EBITDA multiple		1		10		8
Life finance instruments		1,600		Discounted cash flow		Market implied life expectancy, in years		1		21		9
Other investments		6,963
Loans		7,998
of which commercial and industrial loans		5,309
of which		4,526		Discounted cash flow		Credit spread, in bp		50		2,488		504
of which		326		Market comparable		Price, in %		0		100		69
of which financial institutions		1,322		Discounted cash flow		Credit spread, in bp		98		884		302
Other intangible assets (mortgage servicing rights)		42		–		–		–		–		–
Other assets		6,159
of which loans held-for-sale		5,615
of which		1,954		Vendor price		Price, in %		0		160		99
of which		1,042		Discounted cash flow		Credit spread, in bp		75		2,389		467
						Recovery rate, in %		1		1		0
of which		2,420		Market comparable		Price, in %		0		105		59
Total level 3 assets at fair value		35,078
1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
2 Disclosure not required as balances are carried at unadjusted net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" for further information.

end of 2012		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value
CHF million, except where indicated
Debt		5,830
of which corporates		3,192
of which		754		Option model		Correlation, in %		(87)		97
						Buyback probability, in %	1	50		100
of which		797		Market comparable		Price, in %		0		146
of which		1,231		Discounted cash flow		Credit spread, in bp		0		2,439
of which RMBS		724		Discounted cash flow		Discount rate, in %		2		50
						Prepayment rate, in %		0		55
						Default rate, in %		0		25
						Loss severity, in %		0		100
of which CMBS		1,023		Discounted cash flow		Capitalization rate, in %		5		12
						Internal rate of return, in %		9		15
						Discount rate, in %		2		35
						Prepayment rate, in %		0		10
						Default rate, in %		0		40
						Loss severity, in %		0		90
of which CDO		447
of which		193		Vendor price		Price, in %		0		102
of which		123		Discounted cash flow		Discount rate, in %		2		35
						Prepayment rate, in %		0		40
						Default rate, in %		0		25
						Loss severity, in %		0		100
of which		78		Market comparable		Price, in %		80		93
Equity		485
of which		237		Market comparable		EBITDA multiple		3		12
of which		26		Discounted cash flow		Capitalization rate, in %		7		7
Derivatives		6,650
of which interest rate products		1,859		Option model		Correlation, in %		17		100
						Prepayment rate, in %		2		45
						Volatility, in %		(5)		31
						Credit spread, in bp		34		157
of which equity/index-related products		1,920		Option model		Correlation, in %		(87)		97
						Volatility, in %		2		157
of which credit derivatives		1,294		Discounted cash flow		Credit spread, in bp		1		5,843
						Recovery rate, in %		0		75
						Discount rate, in %		2		35
						Default rate, in %		0		25
						Loss severity, in %		0		100
						Correlation, in %		30		97
						Prepayment rate, in %		0		40
Other		2,486
of which		1,891		Market comparable		Price, in %		0		103
of which		564		Discounted cash flow		Life expectancy, in years		4		20
Trading assets		15,451
1 Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument.

end of 2012		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value
CHF million, except where indicated
Investment securities		170		–		–		–		–
Private equity		3,855		–	1	–	1	–	1	–	1
Hedge funds		165		–	1	–	1	–	1	–	1
Other equity investments		2,244
of which private		2,245
of which		759		Discounted cash flow		Credit spread, in bp		1,070		2,049
						Contingent probability, in %		50		50
of which		903		Market comparable		EBITDA multiple		2		13
Life finance instruments		1,818		Discounted cash flow		Life expectancy, in years		1		23
Other investments		8,082
Loans		6,619
of which commercial and industrial loans		4,778		Discounted cash flow		Credit spread, in bp		0		2,763
of which financial institutions		1,530		Discounted cash flow		Credit spread, in bp		0		888
Other intangible assets (mortgage servicing rights)		43		–		–		–		–
Other assets		5,164
of which loans held-for-sale		4,463
of which		2,031		Vendor price		Price, in %		0		103
of which		328		Discounted cash flow		Credit spread, in bp		20		1,458
of which		2,009		Market comparable		Price, in %		0		115
Total level 3 assets at fair value		35,529
1 Disclosure not required as balances are carried at unadjusted net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" for further information.

end of 2013		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value		Weighted average	1
CHF million, except where indicated
Customer deposits		55		–		–		–		–		–
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		114		Discounted cash flow		Funding spread, in bp		90		90		90
Trading liabilities		5,564
of which interest rate derivatives		1,129		Option model		Basis spread, in bp		(5)		148		74
						Correlation, in %		17		99		62
						Mean reversion, in %	2	5		10		6
						Prepayment rate, in %		5		31		23
of which foreign exchange derivatives		938		Option model		Correlation, in %		(10)		70		48
						Prepayment rate, in %		19		31		25
of which equity/index-related derivatives		1,896		Option model		Correlation, in %		(83)		96		14
						Skew, in %		79		152		118
						Volatility, in %		2		252		26
						Buyback probability, in %	3	50		100		62
of which credit derivatives		1,230		Discounted cash flow		Credit spread, in bp		1		2,052		252
						Discount rate, in %		4		29		14
						Default rate, in %		1		15		6
						Recovery rate, in %		14		77		43
						Loss severity, in %		6		100		62
						Correlation, in %		34		98		55
						Prepayment rate, in %		0		17		2
Short-term borrowings		165		–		–		–		–		–
Long-term debt		9,780
of which structured notes over two years		6,217		Option model		Correlation, in %		(83)		99		16
						Volatility, in %		5		252		28
						Buyback probability, in %	3	50		100		62
						Gap risk, in %	4	0		5		0
of which non-recourse liabilities		2,552
of which		2,105		Vendor price		Price, in %		0		217		104
of which		301		Market comparable		Price, in %		0		93		13
Other liabilities		2,859
of which failed sales		1,143
of which		829		Market comparable		Price, in %		0		100		63
of which		195		Discounted cash flow		Credit spread, in bp		813		1,362		1,185
						Recovery rate, in %		23		23		23
Total level 3 liabilities at fair value		18,537
1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
2 Management's best estimate of the speed at which interest rates will revert to the long-term average.
3 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments.
4 Risk of unexpected large declines in the underlying values between collateral settlement dates.

end of 2012		Fair value		Valuation technique		Unobservable input		Minimum value		Maximum value
CHF million, except where indicated
Customer deposits		25		–		–		–		–
Trading liabilities		5,356
of which interest rate derivatives		1,357		Option model		Basis spread, in bp		(28)		54
						Correlation, in %		17		100
						Mean reversion, in %	1	(33)		5
						Prepayment rate, in %		4		45
of which foreign exchange derivatives		1,648		Option model		Correlation, in %		(10)		70
						Prepayment rate, in %		4		22
of which equity/index-related derivatives		1,003		Option model		Correlation, in %		(87)		97
						Skew, in %		56		128
						Volatility, in %		2		157
						Buyback probability, in %	2	50		100
						Gap risk, in %	3	0		4
of which credit derivatives		819		Discounted cash flow		Credit spread, in bp		0		5,843
						Discount rate, in %		2		35
						Default rate, in %		0		25
						Recovery rate, in %		0		77
						Loss severity, in %		0		100
						Correlation, in %		0		47
						Prepayment rate, in %		0		40
Short-term borrowings		124		–		–		–		–
Long-term debt		10,098
of which structured notes over two years		6,189		Option model		Correlation, in %		(87)		97
						Volatility, in %		2		157
						Buyback probability, in %	2	50		100
						Gap risk, in %	3	0		12
of which non-recourse liabilities		2,551
of which		2,255		Vendor price		Price, in %		0		103
of which		230		Market comparable		Price, in %		0		87
Other liabilities		2,847
of which failed sales		1,160
of which		646		Market comparable		Price, in %		0		100
of which		290		Discounted cash flow		Credit spread, in bp		0		1,532
Total level 3 liabilities at fair value		18,450
1 Management's best estimate of the speed at which interest rates will revert to the long-term average.
2 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments.
3 Risk of unexpected large declines in the underlying values between collateral settlement dates.

		2013								2012
end of		Non- redeemable		Redeemable		Total fair value		Unfunded commit- ments		Non- redeemable		Redeemable		Total fair value		Unfunded commit- ments
Fair value and unfunded commitments (CHF million)
Debt funds		1		18		19		0		127		38		165		0
Equity funds		28		3,096	1	3,124		0		52		3,810	2	3,862		0
Equity funds sold short		0		(17)		(17)		0		0		(111)		(111)		0
Total funds held in trading assets and liabilities		29		3,097		3,126		0		179		3,737		3,916		0
Debt funds		320		183		503		6		68		365		433		157
Equity funds		0		25		25		0		3		43		46		0
Others		0		153		153		31		4		152		156		46
Hedge funds		320		361	3	681		37		75		560	4	635		203
Debt funds		53		0		53		2		97		0		97		17
Equity funds		2,230		0		2,230		464		2,530		0		2,530		723
Real estate funds		350		0		350		110		382		0		382		131
Others		706		0		706		250		846		0		846		198
Private equities		3,339		0		3,339		826		3,855		0		3,855		1,069
Equity method investments		349		0		349		0		385		0		385		0
Total funds held in other investments		4,008		361		4,369		863		4,315		560		4,875		1,272
Total fair value		4,037	5	3,458	6	7,495		863	7	4,494	5	4,297	6	8,791		1,272	7
1 55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
2 57 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 17 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 13 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 13 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
3 45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days .
4 66 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 19 % is redeemable on demand with a notice period primarily of less than 30 days , and 11 % is redeemable on an annual basis with a notice period of more than 60 days .
5 Includes CHF 1,819 million and CHF 1,958 million attributable to noncontrolling interests in 2013 and 2012, respectively.
6 Includes CHF 107 million and CHF 107 million attributable to noncontrolling interests in 2013 and 2012, respectively.
7 Includes CHF 405 million and CHF 418 million attributable to noncontrolling interests in 2013 and 2012, respectively.

end of		2013		2012
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion)
Assets held-for-sale recorded at fair value on a nonrecurring basis		0.3		0.5
of which level 3		0.3		0.5

		2013						2012
end of		Aggregate fair value		Aggregate unpaid principal		Difference		Aggregate fair value		Aggregate unpaid principal		Difference
Loans (CHF million)
Non-interest-earning loans		956		3,262		(2,306)		920		3,810		(2,890)
Financial instruments (CHF million)
Interest-bearing deposits with banks		311		307		4		627		615		12
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		96,587		96,217		370		113,664		113,196		468
Loans		19,457		19,653		(196)		20,000		20,278		(278)
Other assets 1		20,749		25,756		(5,007)		22,060		29,787		(7,727)
Due to banks and customer deposits		(690)		(680)		(10)		(531)		(493)		(38)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(76,104)		(76,012)		(92)		(108,784)		(108,701)		(83)
Short-term borrowings		(6,053)		(5,896)		(157)		(4,513)		(4,339)		(174)
Long-term debt		(61,853)		(61,529)		(324)		(64,774)		(66,434)		1,660
Other liabilities		(1,780)		(3,285)		1,505		(3,683)		(6,186)		2,503
1 Primarily loans held-for-sale.

		2013		2012		2011
in		Net gains/ (losses)		Net gains/ (losses)		Net gains/ (losses)
Financial instruments (CHF million)
Cash and due from banks		0		(13)	2	–
of which related to credit risk		0		(13)		–
Interest-bearing deposits with banks		10	1	12	1	0
of which related to credit risk		(3)		3		0
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		1,143	1	1,183	1	1,698	1
Other trading assets		0		10	2	10	2
Other investments		126	3	144	3	196	2
of which related to credit risk		11		34		(14)
Loans		1,470	1	925	1	(1,105)	2
of which related to credit risk		26		318		(256)
Other assets		2,058	1	2,641	1	476	1
of which related to credit risk		604		355		(332)
Due to banks and customer deposits		0		(22)	1	(2)	1
of which related to credit risk		(5)		8		45
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		(67)	1	(114)	1	(575)	1
Short-term borrowings		(256)	2	(350)	2	91	2
of which related to credit risk 4		0		0		(2)
Long-term debt		(2,697)	2	(7,709)	2	2,301	2
of which related to credit risk 4		(309)		(2,365)		1,769
Other liabilities		413	2	826	2	(286)	2
of which related to credit risk		112		912		(348)
1 Primarily recognized in net interest income.
2 Primarily recognized in trading revenues.
3 Primarily recognized in other revenues.
4 Changes in fair value related to credit risk are due to the change in the Bank's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes.

		Carrying value		Fair value
end of				Level 1		Level 2		Level 3		Total
2013 (CHF million)
Financial assets
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		63,426		0		62,882		544		63,426
Loans		209,070		0		209,820		3,940		213,760
Other financial assets 1		143,827		71,518		71,135		1,473		144,126
Financial liabilities
Due to banks and deposits		340,278		204,134		136,064		9		340,207
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		17,928		0		17,928		0		17,928
Short-term borrowings		14,140		0		14,148		0		14,148
Long-term debt		64,788		0		62,027		3,774		65,801
Other financial liabilities 2		96,649		1,128		94,452		1,085		96,665
2012 (CHF million)
Financial assets
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions		69,783		0		69,755		27		69,782
Loans		204,551		0		206,214		4,482		210,696
Other financial assets 1		133,498		63,519		68,568		1,680		133,767
Financial liabilities
Due to banks and deposits		320,208		193,288		126,798		9		320,095
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions		23,937		0		23,939		0		23,939
Short-term borrowings		10,325		0		10,328		0		10,328
Long-term debt		82,223		0		79,032		4,546		83,578
Other financial liabilities 2		89,275		0		88,035		1,170		89,205
1 Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities.
2 Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables.

end of		2013		2012
Assets pledged (CHF million)
Total assets pledged or assigned as collateral		137,207		145,598
of which encumbered		92,300		90,745

end of		2013		2012
Collateral (CHF million)
Fair value of collateral received with the right to sell or repledge		359,508		402,784
of which sold or repledged		267,902		292,531

end of		2013		2012
Other information (CHF million)
Cash and securities restricted under foreign banking regulations		18,130		14,340
Swiss National Bank required minimum liquidity reserves		2,305		2,312

end of		2013		2012
Eligible capital (CHF million)
CET1 capital		38,028		36,717
Additional tier 1 capital		3,077		3,760
Total tier 1 capital		41,105		40,477
Tier 2 capital		10,961		8,829
Total eligible capital		52,066		49,306
Risk-weighted assets (CHF million)
Credit risk		166,324		191,649
Market risk		39,111		39,438
Operational risk		53,075		45,125
Non-counterparty risk		5,758		5,873
Risk-weighted assets		264,268		282,085
Capital ratios (%)
CET1 ratio		14.4		13.0
Tier 1 ratio		15.6		14.3
Total capital ratio		19.7		17.5

	Equity interest in %		Company name		Domicile		Currency		Nominal capital in million
as of December 31, 2013
			Credit Suisse AG
	100		AJP Cayman Ltd.		George Town, Cayman Islands		JPY		8,025.6
	100		Banco Credit Suisse (Brasil) S.A.		São Paulo, Brazil		BRL		53.6
	100		Banco Credit Suisse (México), S.A.		Mexico City, Mexico		MXN		1,716.7
	100		Banco de Investimentos Credit Suisse (Brasil) S.A.		São Paulo, Brazil		BRL		164.8
	100		Boston Re Ltd.		Hamilton, Bermuda		USD		2.0
	100		CJSC Bank Credit Suisse (Moscow)		Moscow, Russia		USD		37.8
	100		Column Financial, Inc.		Wilmington, United States		USD		0.0
	100		Credit Suisse (Australia) Limited		Sydney, Australia		AUD		34.1
	100		Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A.		São Paulo, Brazil		BRL		5.0
	100		Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários		São Paulo, Brazil		BRL		98.4
	100		Credit Suisse (Deutschland) Aktiengesellschaft		Frankfurt, Germany		EUR		130.0
	100		Credit Suisse (France)		Paris, France		EUR		52.9
	100		Credit Suisse (Gibraltar) Limited		Gibraltar, Gibraltar		GBP		5.0
	100		Credit Suisse (Channel Islands) Limited		St. Peter Port, Guernsey		USD		6.1
	100		Credit Suisse (Hong Kong) Limited		Hong Kong, China		HKD		6,910.9
	100		Credit Suisse (Italy) S.p.A.		Milan, Italy		EUR		139.6
	100		Credit Suisse (Monaco) S.A.M.		Monte Carlo, Monaco		EUR		18.0
	100		Credit Suisse (Poland) Sp. z o.o		Warsaw, Poland		PLN		20.0
	100		Credit Suisse (Qatar) LLC		Doha, Qatar		USD		24.0
	100		Credit Suisse (Singapore) Limited		Singapore, Singapore		SGD		743.3
	100		Credit Suisse (UK) Limited		London, United Kingdom		GBP		168.2
	100		Credit Suisse (USA), Inc.		Wilmington, United States		USD		0.0
	100		Credit Suisse Asset Management (UK) Holding Limited		London, United Kingdom		GBP		144.2
	100		Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH		Frankfurt, Germany		EUR		6.1
	100		Credit Suisse Asset Management International Holding Ltd		Zurich, Switzerland		CHF		20.0
	100		Credit Suisse Asset Management Investments Ltd		Zurich, Switzerland		CHF		0.1
	100		Credit Suisse Asset Management Limited		London, United Kingdom		GBP		45.0
	100		Credit Suisse Asset Management, LLC		Wilmington, United States		USD		1,086.8
	100		Credit Suisse Business Analytics (India) Private Limited		Mumbai, India		INR		40.0
	100		Credit Suisse Capital (Guernsey) I Limited		St. Peter Port, Guernsey		USD		0.0
	100		Credit Suisse Capital LLC		Wilmington, United States		USD		737.6

	Equity interest in %		Company name		Domicile		Currency		Nominal capital in million
	100		Credit Suisse Energy (Canada) Limited		Toronto, Canada		USD		0.0
	100		Credit Suisse Energy LLC		Wilmington, United States		USD		0.0
	100		Credit Suisse Equities (Australia) Limited		Sydney, Australia		AUD		62.5
	100		Credit Suisse Finance (Guernsey) Limited		St. Peter Port, Guernsey		USD		0.2
	100		Credit Suisse Finance (India) Private Limited		Mumbai, India		INR		1,050.1
	100		Credit Suisse First Boston (Latin America Holdings) LLC		George Town, Cayman Islands		USD		23.8
	100		Credit Suisse First Boston Finance B.V.		Amsterdam, The Netherlands		EUR		0.0
	100		Credit Suisse First Boston Mortgage Capital LLC		Wilmington, United States		USD		356.6
	100		Credit Suisse First Boston Next Fund, Inc.		Wilmington, United States		USD		10.0
	100		Credit Suisse Fund Management S.A.		Luxembourg, Luxembourg		CHF		0.3
	100		Credit Suisse Fund Services (Luxembourg) S.A.		Luxembourg, Luxembourg		CHF		1.5
	100		Credit Suisse Funds AG		Zurich, Switzerland		CHF		7.0
	100		Credit Suisse Hedging-Griffo Corretora de Valores S.A.		São Paulo, Brazil		BRL		29.6
	100		Credit Suisse Holding Europe (Luxembourg) S.A.		Luxembourg, Luxembourg		CHF		32.6
	100		Credit Suisse Holdings (Australia) Limited		Sydney, Australia		AUD		3.0
	100	1	Credit Suisse Holdings (USA), Inc.		Wilmington, United States		USD		4,184.7
	100		Credit Suisse Leasing 92A, L.P.		New York, United States		USD		43.9
	100		Credit Suisse Life & Pensions AG		Vaduz, Liechtenstein		CHF		15.0
	100		Credit Suisse Life (Bermuda) Ltd.		Hamilton, Bermuda		USD		1.0
	100		Credit Suisse Loan Funding LLC		Wilmington, United States		USD		0.0
	100		Credit Suisse Management LLC		Wilmington, United States		USD		896.8
	100		Credit Suisse Principal Investments Limited		George Town, Cayman Islands		JPY		3,324.0
	100		Credit Suisse Private Equity, LLC		Wilmington, United States		USD		42.2
	100		Credit Suisse PSL GmbH		Zurich, Switzerland		CHF		0.0
	100		Credit Suisse Securities (Canada), Inc.		Toronto, Canada		CAD		3.4
	100		Credit Suisse Securities (Europe) Limited		London, United Kingdom		USD		2,859.3
	100		Credit Suisse Securities (Hong Kong) Limited		Hong Kong, China		HKD		530.9
	100		Credit Suisse Securities (India) Private Limited		Mumbai, India		INR		2,214.8
	100		Credit Suisse Securities (Japan) Limited		Tokyo, Japan		JPY		78,100.0
	100		Credit Suisse Securities (Johannesburg) Proprietary Limited		Johannesburg, South Africa		ZAR		0.0
	100		Credit Suisse Securities (Malaysia) Sdn. Bhd.		Kuala Lumpur, Malaysia		MYR		100.0
	100		Credit Suisse Securities (Moscow)		Moscow, Russia		RUB		97.1
	100		Credit Suisse Securities (Singapore) Pte Limited		Singapore, Singapore		SGD		30.0
	100		Credit Suisse Securities (Thailand) Limited		Bangkok, Thailand		THB		500.0
	100		Credit Suisse Securities (USA) LLC		Wilmington, United States		USD		1,881.5
	100		CSAM Americas Holding Corp.		Wilmington, United States		USD		0.0
	100		CS International Advisors AG		Zurich, Switzerland		CHF		0.1
	100		CS Non-Traditional Products Ltd.		Nassau, Bahamas		USD		0.1
	100		DLJ LBO Plans Management, LLC		Wilmington, United States		USD		7.8
	100		DLJ Mortgage Capital, Inc.		Wilmington, United States		USD		0.0
	100		Merban Equity AG		Zug, Switzerland		CHF		0.1
	100		SPS Holding Corporation		Wilmington, United States		USD		0.1
	99		PT Credit Suisse Securities Indonesia		Jakarta, Indonesia		IDR		235,000.0
	98		Credit Suisse Hypotheken AG		Zurich, Switzerland		CHF		0.1
	98	2	Credit Suisse International		London, United Kingdom		USD		13,107.7
	83		Asset Management Finance LLC		Wilmington, United States		USD		341.8
	71		Credit Suisse Saudi Arabia		Riyadh, Saudi Arabia		SAR		300.0
	58	3	Credit Suisse (Luxembourg) S.A.		Luxembourg, Luxembourg		CHF		150.0
1 43 % of voting rights held by Credit Suisse Group AG, Guernsey Branch.
2 Remaining 2 % held directly by Credit Suisse Group AG. 80 % of voting rights and 98 % of equity interest held by Credit Suisse AG.
3 42 % of voting rights held directly by Credit Suisse Group AG.

	Equity interest in %		Company name		Domicile
as of December 31, 2013
			Credit Suisse AG
	33		Credit Suisse Founder Securities Limited		Beijing, China
	23		E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd		Melbourne, Australia
	20		ICBC Credit Suisse Asset Management Co., Ltd.		Beijing, China
	5	1	York Capital Management Global Advisors, LLC		New York, United States
1 The Bank holds a significant noncontrolling interest.

Parent company financial statements – Credit Suisse (Bank)
Report of the Statutory Auditor
Financial review
Parent company financial statements
Notes to the financial statements
Proposed appropriation of retained earnings




Statements of income
Balance sheets
Off-balance sheet transactions
1 Description of business activities
2 Accounting and valuation policies
3 Additional information on the parent company statements of income
4 Pledged assets and assets under reservation of ownership
5 Other assets and other liabilities
6 Securities borrowing and securities lending, repurchase and reverse repurchase agreements
7 Balance sheet items that include issued structured products at fair value
8 Liabilities due to own pension plans
9 Valuation adjustments and provisions
10 Composition of share and participation capital, conditional, conversion and reserve capital
11 Major shareholders and groups of shareholders
12 Shareholder’s equity
13 Amounts receivable from and payable to affiliated companies and loans to members of the Bank parent company’s governing bodies
14 Significant transactions with related parties
15 Fire insurance value of tangible fixed assets
16 Liabilities for future payments in connection with operating leases
17 Fiduciary transactions
18 Number of employees
19 Foreign currency translation rates
20 Outsourcing of services
21 Risk assessment

		Reference to notes		in
				2013		2012
Net interest income (CHF million)
Interest and discount income				8,192		8,436
Interest and dividend income from trading portfolio				916		956
Interest and dividend income from financial investments				29		37
Interest expense				(5,506)		(6,438)
Net interest income		3		3,631		2,991
Net commission and service fee activities (CHF million)
Commission income from lending transactions				791		749
Securities and investment commissions				4,403		4,193
Other commission and fee income				723		707
Commission expense				(683)		(594)
Net commission and service fee activities				5,234		5,055
Net trading income		3		801		146
Net other ordinary income (CHF million)
Income from the disposal of financial investments				17		291
Income from participating interests				1,139		1,237
Income from real estate				31		33
Other ordinary income				550		775
Other ordinary expenses				(286)		(293)
Net other ordinary income				1,451		2,043
Net operating income				11,117		10,235
Operating expenses (CHF million)
Personnel expenses				4,625		5,089
Property, equipment and administrative costs				2,016		2,021
Total operating expenses				6,641		7,110
Gross operating profit				4,476		3,125
Depreciation of noncurrent assets				2,894		3,267
Valuation adjustments, provisions and losses				773		526
Operating profit/(loss)				809		(668)
Extraordinary income		3		807		1,113
Extraordinary expenses		3		(297)		(106)
Taxes				(253)		(156)
Net profit				1,066		183

		Reference to notes		end of
				2013		2012
Assets (CHF million)
Cash and other liquid assets				53,508		43,929
Money market instruments				4,480		5,384
Due from banks				168,159		164,754
Due from customers				192,376		188,085
Mortgages				111,041		107,601
Securities and precious metals trading portfolio				19,923		19,285
Financial investments				800		1,324
Participating interests				36,034		34,139
Tangible fixed assets				3,038		3,274
Intangible assets				213		261
Accrued income and prepaid expenses				2,202		2,539
Other assets		5		14,588		18,488
Total assets				606,362		589,063
of which subordinated amounts receivable				1,264		183
of which amounts receivable from group companies and qualified shareholders				250,727		242,136
Liabilities and shareholder's equity (CHF million)
Liabilities from money market instruments		7		54,544		35,260
Due to banks				101,583		95,820
Due to customers, savings and investment deposits				55,637		52,534
Due to customers, other deposits				240,519		232,888
Medium-term notes				1,884		2,412
Bonds and mortgage-backed bonds		7		89,348		107,573
Accrued expenses and deferred income				3,590		3,745
Other liabilities		5		13,374		18,795
Valuation adjustments and provisions		9		1,351		1,028
Total liabilities				561,830		550,055
Share and participation capital		10		4,400		4,400
General reserves				6,678		6,644
Reserves from capital contributions				26,619		22,185
General legal reserves				33,297		28,829
Other reserves				610		610
Retained earnings carried forward				5,159		4,986
Net profit				1,066		183
Total shareholder's equity		12		44,532		39,008
Total liabilities and shareholder's equity				606,362		589,063
of which subordinated amounts payable				21,879		20,438
of which amounts payable to group companies and qualified shareholders				118,093		108,730

end of		2013		2012
Off-balance sheet transactions (CHF million)
Contingent liabilities		223,448		247,827
Irrevocable commitments		87,108		77,406
Liabilities for calls on shares and other equity instruments		42		42
Fiduciary transactions		5,089		5,810
Derivative financial instruments (CHF million)
Gross positive replacement values		52,735		54,088
Gross negative replacement values		51,018		53,437
Contract volume		4,239,043		4,885,466
The company belongs to the Swiss value-added tax group of Credit Suisse Group, and thus carries joint liability to the Swiss Federal Tax Administration for value-added tax debts of the entire Group.

in		2013		2012
Net trading income (CHF million)
Income from trading in interest-related instruments		(323)		771
Income/(loss) from trading in equity instruments		377		(527)
Income from foreign exchange and banknote trading		1,061		1,002
Income from precious metals trading		51		40
Other gains/(losses) from trading		(365)		(1,140)
Total net trading income		801		146

in		2013		2012
Extraordinary income and expenses (CHF million)
Gains realized from the disposal of participating interests		230	1	137	2
Gains realized from the sale of real estate		156		687
Release of reserves for general banking risks and other provisions 3		320	3	234	4
Other extraordinary income 5		101		55
Extraordinary income		807		1,113
Losses realized from the disposal of participating interests		(288)	6	0
Other extraordinary expenses		(9)		(106)	5
Extraordinary expenses		(297)		(106)
Total net extraordinary income and expenses		510		1,007
1 Primarily related to the sale of the ETF business to BlackRock and the sale of the equity and debt underwriting and advisory businesses in France to Credit Suisse Securities (Europe) Ltd.
2 Primarily related to the sale of the remaining participating interests in Aberdeen Asset Management and the sale of a non-core business in Private Banking & Wealth Management.
3 Includes the release of replacement reserves.
4 Includes the release of reserves for general banking risks of CHF 165 million and other provisions economically no longer required of CHF 69 million.
5 Substantially all related to prior periods.
6 Includes realized losses of CHF 218 million from the partial redemption of ordinary shares in Credit Suisse Capital (Guernsey) I Limited in December 2013, and realized losses of CHF 70 million from the repatriation and liquidation of three participating interests.

end of		2013		2012
Pledged assets and assets under reservation of ownership (CHF million)
Assets pledged and assigned as collateral		25,534		27,098
Actual commitments secured		13,669		15,283

end of		2013		2012
Other assets (CHF million)
Net positive replacement values		13,608		17,331
Other		980		1,157
Total other assets		14,588		18,488
Other liabilities (CHF million)
Net negative replacement values		12,156		17,389
Other		1,218		1,406
Total other liabilities		13,374		18,795

end of		2013		2012
Securities borrowing and securities lending, repurchase and reverse repurchase agreements (CHF million)
Due from banks		18,177		28,158
Due from customers		518		4,726
Cash collateral paid for securities borrowed and reverse repurchase agreements		18,695		32,884
Due to banks		12,588		12,492
Due to customers		339		1,188
Cash collateral received for securities lent and repurchase agreements		12,927		13,680
Carrying value of securities transferred under securities lending and borrowing and repurchase agreements		4,747		3,737
of which transfers with the right to resell or repledge		4,747		3,436
Fair value of securities received under securities lending and borrowing and reverse repurchase agreements with the right to resell or repledge		46,402		73,486
of which resold or repledged		26,150		35,491

		2013				2012
end of		Total book value		Of which reported at fair value		Total book value		Of which reported at fair value
Balance sheet items that include issued structured products at fair value (CHF million)
Liabilities from money market instruments		54,544		5,568		35,260		4,916
Bonds and mortgage-backed bonds		89,348		11,257		107,573		11,801
Total		143,892		16,825		142,833		16,717

		Bank parent company's share in over/(under) -funding	1	Economic benefit/(obligation) recorded by Bank parent company					2	Pension contributions – accrued liabilities		Pension expenses included in personnel expenses			3
end of / in		2013		2013		2012		Change		2013		2013		2012
CHF million
Pension plan – status overfunded		1,453		–		–		–		37		412		465
1 Represents the Bank parent company's share of 93.89% in the total overfunding of the Swiss pension plan of CHF 1,548 million.
2 In line with Swiss GAAP statutory accounting guidance, the Bank parent company's economic benefit from its share in the overfunding of the Swiss pension plan is not recorded in the Bank parent company's statutory balance sheet.
3 Includes a release of employer contribution reserves of CHF 51 million and CHF 142 million in 2013 and 2012, respectively, which were established in 2011 in the context of headcount reductions and the plan amendment announced.

		Total 2012		Utilized for purpose		Recoveries, endangered interest, currency differences		New charges to income statement		Releases to income statement		Total 2013
Valuation adjustments and provisions (CHF million)
Provisions for deferred taxes		102		0		1		11		(54)		60
Valuation adjustments and provisions for default risks		1,090		(205)		73		274		(256)		976
Valuation adjustments and provisions for other business risks 1		36		(16)		2		121		(6)		137
Other provisions 2, 3		890		(16)		(25)		737		(432)	4	1,154
Subtotal		2,016		(237)		50		1,132		(694)		2,267
Total valuation adjustments and provisions		2,118		(237)		51		1,143		(748)		2,327
Less direct charge-offs against specific assets		(1,090)										(976)
Total valuation adjustments and provisions as shown in the balance sheet		1,028										1,351
1 Provisions are not discounted due to their short-term nature.
2 Includes provisions in respect of litigation claims of CHF 961 million and CHF 370 million as of December 31, 2013 and 2012, respectively.
3 Includes provisions for pension benefit obligations from international plans of CHF 2 million and CHF 4 million as of December 31, 2013 and 2012, respectively.
4 Includes a release of replacement reserves of CHF 320 million.

		2013				2012
end of		Quantity		Total nominal value in CHF million		Quantity		Total nominal value in CHF million
Share and participation capital
Registered shares 1		4,399,665,200		4,400	2	43,996,652		4,400	2
Participation securities (at CHF 0.01 par value per share) 3		1,500,000		0	4	1,500,000		0	4
Total share and participation capital				4,400				4,400
Conditional, conversion and reserve capital
Conditional capital (at CHF 100 par value per share) 5		–		–		20,000,000		2,000
of which used for capital increases		–		–		0		0
Unlimited conversion capital (at CHF 1 par value per share) 6		unlimited		unlimited		–		–
of which used for capital increases		0		0		–		–
of which reserved for capital instruments outstanding		0		0		–		–
Reserve capital (at CHF 1 par value per share) 7		4,399,665,200		4,400		–		–
of which used for capital increases		0		0		–		–
of which reserved for planned capital increases		0		0		–		–
1 The increase in the number of shares reflects the split of the par value per share from CHF 100 to CHF 1 effective November 19, 2013.
2 The dividend eligible capital equals the total nominal value. As of December 31, 2013 and 2012, the total nominal value of registered shares was CHF 4,399,665,200. Refer to footnotes 3 and 4 for the conversion of participation securities of Class A into registered shares.
3 For information on principal characteristics of participation securities, refer to Articles 4a, 4b and 4c in the Articles of Association of Credit Suisse AG. On December 27, 2013, the holders of Class A participation securities irrevocably waived their preference rights and agreed to a conversion of the 750,000 Class A participation securities into 7,500 registered shares of Credit Suisse AG. On the same date, the Articles of Association of Credit Suisse AG were amended accordingly. The waiver of preference rights became effective on December 27, 2013 and conversion into registered shares became effective with the entry in the Commercial Register of the Canton of Zurich on January 16, 2014.
4 The dividend eligible capital equals the total nominal value. As of December 31, 2013 and 2012, the total nominal value of participation securities was CHF 15,000. On December 27, 2013, the shareholder of Credit Suisse AG amended the Articles of Association to convert the Class A participation securities into registered shares of Credit Suisse AG. Following effectiveness of conversion (see footnote 3), only a total nominal value of participation securities of CHF 7,500 is entitled to dividends while a nominal value of CHF 7,500 that was converted into registered shares is entitled to dividends as registered shares.
5 With the amendment of Article 4d of the Articles of Association of Credit Suisse AG effective November 19, 2013, the conditional capital was cancelled.
6 For information on principal characteristics of unlimited conversion capital, refer to Article 4d in the Articles of Association of Credit Suisse AG.
7 For information on principal characteristics of reserve capital, refer to Article 4e in the Articles of Association of Credit Suisse AG.

		2013						2012
end of		Quantity		Total nominal value in CHF million		Share %		Quantity		Total nominal value in CHF million		Share %
Direct shareholder
Credit Suisse Group AG		4,399,665,200	1	4,400		100%		43,996,652	1	4,400		100%
1 All shares with voting rights. The increase in the number of shares reflects the split of the par value per share from CHF 100 to CHF 1 effective November 19, 2013.

		2013		2012
Shareholder's equity (CHF million)
Share and participation capital		4,400		4,400
General reserves		6,644		5,543
Reserves from capital contributions		22,185	1	18,387	1
General legal reserves		28,829		23,930
Other reserves		610		610
Retained earnings		5,169		4,996
of which carried forward from previous year		4,986		3,720
of which net profit/(loss)		183		1,276
Total shareholder's equity as of January 1		39,008		33,936
Capital contribution		4,468	2	3,500
Other changes		0		1,399	3
Dividend		(10)		(10)
Net profit		1,066		183
Total shareholder's equity as of December 31 (before profit allocation)		44,532		39,008
Share and participation capital		4,400		4,400
General reserves		6,678		6,644
Reserves from capital contributions		26,619	1	22,185	1
General legal reserves		33,297		28,829
Other reserves		610		610
Retained earnings		6,225		5,169
of which carried forward from previous year		5,159		4,986
of which net profit		1,066		183
Total shareholder's equity as of December 31 (before profit allocation)		44,532		39,008
1 Subject to approval by the Swiss Federal Tax Administration.
2 Includes a contribution in kind of preferred shares in Credit Suisse Holdings (USA), Inc. from Credit Suisse Group AG to the Bank parent company in the amount of CHF 3,578 million.
3 Substantially all related to Clariden Leu integration.

end of		2013		2012
Amounts receivable from and amounts payable to affiliated companies and loans to members of the Bank parent company's governing bodies (CHF million)
Amounts receivable from affiliated companies		5,547		6,341
Amounts payable to affiliated companies		1,846		2,917
Loans to members of the Bank parent company's governing bodies		65		49

end of		2013		2012
Fire insurance value of tangible fixed assets (CHF million)
Real estate		2,256		2,445
Other fixed assets		245		328

end of		2013		2012
Liabilities for future payments in connection with operating leases (CHF million)
Total		2,113		2,343

end of		2013		2012
Fiduciary transactions (CHF million)
Fiduciary placements with third-party institutions		5,089		5,749
Fiduciary placements with affiliated and associated banks		0		61
Total fiduciary transactions		5,089		5,810

end of		2013		2012
Number of employees (full-time equivalents)
Switzerland		17,100		18,400
Abroad		4,400		4,800
Total number of employees		21,500		23,200

		End of				Average in
		2013		2012		2013		2012
1 USD / 1 CHF		0.89		0.92		0.93		0.93
1 EUR / 1 CHF		1.23		1.21		1.23		1.20
1 GBP / 1 CHF		1.47		1.48		1.45		1.48
100 JPY / 1 CHF		0.85		1.06		0.95		1.17

end of		2013
Retained earnings (CHF million)
Retained earnings carried forward		5,159
Net profit		1,066
Retained earnings available for appropriation		6,225
Dividend		10
To be carried forward		6,215
Total		6,225

Additional information
Statistical information
Other information

Average balances and interest rates
		2013						2012						2011
in		Average balance		Interest income		Average rate		Average balance		Interest income		Average rate		Average balance		Interest income		Average rate
Assets (CHF million, except where indicated)
Cash and due from banks
Switzerland		348		5		1.44%		432		3		0.69%		553		5		0.90%
Foreign		37,570		185		0.49%		57,142		241		0.42%		60,520		304		0.50%
Interest-bearing deposits with banks
Switzerland		9		0		0.00%		18		0		0.00%		44		0		0.00%
Foreign		1,608		2		0.12%		2,336		14		0.60%		1,912		24		1.26%
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     1
Switzerland		1,958		20		1.02%		2,382		33		1.39%		4,312		46		1.07%
Foreign		173,651		2,496		1.44%		216,504		2,907		1.34%		211,031		3,219		1.53%
Trading assets
Switzerland		1,759		106		6.03%		2,740		159		5.80%		5,143		161		3.13%
Foreign		229,690		9,951		4.33%		258,069		11,786		4.57%		261,510		11,534		4.41%
Investment securities
Switzerland		1,730		18		1.04%		2,061		20		0.97%		1,770		25		1.41%
Foreign		1,509		27		1.79%		2,435		45		1.85%		4,042		72		1.78%
Loans
Switzerland		148,356		2,808		1.89%		145,061		2,866		1.98%		139,034		2,973		2.14%
Foreign		98,723		2,035		2.06%		93,740		2,025		2.16%		86,131		1,942		2.25%
Other interest-earning assets
Switzerland		2,091		50		2.39%		2,632		25		0.95%		3,714		29		0.78%
Foreign		107,748		1,853		1.72%		114,733		1,966		1.71%		108,693		2,642		2.43%
Interest-earning assets		806,750		19,556		2.42%		900,285		22,090		2.45%		888,409		22,976		2.59%
Specific allowance for losses		(3,365)						(3,523)						(2,963)
Non-interest-earning assets		187,943						228,408						217,913
Total assets		991,328						1,125,170						1,103,359
Percentage of assets attributable to foreign activities		81.41%						84.08%						83.07%
Average balances and interest rates exclude discontinued operations.
1 Average balances of central bank funds sold, securities purchased under resale agreements and securities borrowing transactions are reported net in accordance with ASC Topic 210 - Balance sheet, while interest income excludes the impact of ASC Topic 210 - Balance sheet.

Average balances and interest rates (continued)
		2013						2012						2011
in		Average balance		Interest expense		Average rate		Average balance		Interest expense		Average rate		Average balance		Interest expense		Average rate
Liabilities (CHF million, except where indicated)
Deposits of banks
Switzerland		2,081		5		0.24%		2,655		12		0.45%		3,405		21		0.62%
Foreign		22,948		126		0.55%		33,579		244		0.73%		33,885		329		0.97%
Deposits of non-banks
Switzerland		200,659		369		0.18%		188,414		494		0.26%		136,067		529		0.39%
Foreign		115,327		478		0.41%		112,315		611		0.54%		144,143		834		0.58%
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     1
Switzerland		2,893		51		1.76%		3,433		73		2.13%		4,406		76		1.72%
Foreign		109,583		1,104		1.01%		178,325		1,603		0.90%		152,065		1,545		1.02%
Trading liabilities
Switzerland		545		94		17.25%		689		73		10.60%		1,254		47		3.75%
Foreign		61,401		4,989		8.13%		78,744		6,760		8.58%		89,353		7,078		7.92%
Short-term borrowings
Switzerland		476		0		0.00%		1,188		(3)		-0.25%		2,066		(12)		-0.58%
Foreign		21,005		132		0.63%		21,912		188		0.86%		22,170		81		0.37%
Long-term debt
Switzerland		20,051		371		1.85%		20,058		326		1.63%		19,059		334		1.75%
Foreign		123,153		3,491		2.83%		142,842		4,320		3.02%		156,288		5,330		3.41%
Other interest-bearing liabilities
Switzerland		1,424		1		0.07%		1,245		2		0.16%		2,563		(18)		-0.70%
Foreign		111,583		230		0.21%		111,798		244		0.22%		98,037		376		0.38%
Interest-bearing liabilities		793,129		11,441		1.44%		897,197		14,947		1.67%		864,761		16,550		1.91%
Non-interest-bearing liabilities		157,445						193,227						206,100
Total liabilities		950,574						1,090,424						1,070,861
Shareholders' equity		40,754						34,746						32,498
Total liabilities and shareholders' equity		991,328						1,125,170						1,103,359
Percentage of liabilities attributable to foreign activities		75.15%						78.70%						82.82%
Average balances and interest rates exclude discontinued operations.
1 Average balances of central bank funds purchased, securities sold under repurchase agreements and securities lending transactions are reported net in accordance with ASC Topic 210 - Balance sheet, while interest expense excludes the impact of ASC Topic 210 - Balance sheet.

Net interest income and interest rate spread
		2013				2012				2011
in		Net interest income in CHF million		Interest rate spread in %		Net interest income in CHF million		Interest rate spread in %		Net interest income in CHF million		Interest rate spread in %
Net interest income and interest rate spread
Switzerland		2,116		1.50		2,129		1.60		2,262		1.50
Foreign		5,999		0.60		5,014		0.40		4,164		0.50
Total net		8,115		1.00		7,143		0.80		6,426		0.70

Selected margin information
in		2013		2012		2011
Selected margin information (average rate in %)
Switzerland		1.35		1.37		1.46
Foreign		0.92		0.67		0.57
Net interest margin		1.01		0.79		0.72

Analysis of changes in net interest income
		2013 vs 2012						2012 vs 2011
		Increase/(decrease) due to changes in						Increase/(decrease) due to changes in
in		Average volume		Average rate		Net change		Average volume		Average rate		Net change
Assets (CHF million)
Cash and due from banks
Switzerland		(1)		3		2		(1)		(1)		(2)
Foreign		(82)		26		(56)		(17)		(46)		(63)
Interest-bearing deposits with banks
Switzerland		0		0		0		0		0		0
Foreign		(4)		(8)		(12)		5		(15)		(10)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions
Switzerland		(6)		(7)		(13)		(21)		8		(13)
Foreign		(574)		163		(411)		84		(396)		(312)
Trading assets
Switzerland		(57)		4		(53)		(75)		73		(2)
Foreign		(1,297)		(538)		(1,835)		(152)		404		252
Investment securities
Switzerland		(3)		1		(2)		4		(9)		(5)
Foreign		(17)		(1)		(18)		(29)		2		(27)
Loans
Switzerland		65		(123)		(58)		129		(236)		(107)
Foreign		108		(98)		10		171		(88)		83
Other interest-earning assets
Switzerland		(5)		30		25		(8)		4		(4)
Foreign		(119)		6		(113)		147		(823)		(676)
Interest-earning assets
Switzerland		(7)		(92)		(99)		28		(161)		(133)
Foreign		(1,985)		(450)		(2,435)		209		(962)		(753)
Change in interest income		(1,992)		(542)		(2,534)		237		(1,123)		(886)
Average balances and interest rates exclude discontinued operations.

Analysis of changes in net interest income (continued)
		2013 vs 2012						2012 vs 2011
		Increase/(decrease) due to changes in						Increase/(decrease) due to changes in
in		Average volume		Average rate		Net change		Average volume		Average rate		Net change
Liabilities (CHF million)
Deposits of banks
Switzerland		(3)		(4)		(7)		(5)		(4)		(9)
Foreign		(78)		(40)		(118)		(3)		(82)		(85)
Deposits of non-banks
Switzerland		32		(157)		(125)		204		(239)		(35)
Foreign		16		(149)		(133)		(185)		(38)		(223)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions
Switzerland		(12)		(10)		(22)		(17)		14		(3)
Foreign		(619)		120		(499)		268		(210)		58
Trading liabilities
Switzerland		(15)		36		21		(21)		47		26
Foreign		(1,488)		(283)		(1,771)		(840)		522		(318)
Short-term borrowings
Switzerland		2		1		3		5		4		9
Foreign		(8)		(48)		(56)		(1)		108		107
Long-term debt
Switzerland		0		45		45		17		(25)		(8)
Foreign		(595)		(234)		(829)		(459)		(551)		(1,010)
Other interest-bearing liabilities
Switzerland		0		(1)		(1)		9		11		20
Foreign		0		(14)		(14)		52		(184)		(132)
Interest-bearing liabilities
Switzerland		4		(90)		(86)		192		(192)		0
Foreign		(2,772)		(648)		(3,420)		(1,168)		(435)		(1,603)
Change in interest expense		(2,768)		(738)		(3,506)		(976)		(627)		(1,603)
Change in interest income
Switzerland		(11)		(2)		(13)		(164)		31		(133)
Foreign		787		198		985		1,377		(527)		850
Total change in net interest income		776		196		972		1,213		(496)		717
Average balances and interest rates exclude discontinued operations.

Carrying value of financial investments
end of		2013		2012		2011
Carrying value of financial investments (CHF million)
Debt securities issued by Swiss federal, cantonal or local governmental entities		402		483		348
Debt securities issued by foreign governments		1,388		1,605		3,322
Corporate debt securities		606		845		791
Collateralized debt obligations		490		470		607
Total debt securities		2,886		3,403		5,068
As of December 31, 2012, no aggregate investment in debt securities of a specific counterparty was in excess of 10% of consolidated shareholders’ equity.

Maturities and weighted-average yields of debt securities included in financial investments
		Within 1 year				1 to 5 years				5 to 10 years				Over 10 years				Total
end of 2013		Amount in CHF million		Yield in %		Amount in CHF million		Yield in %		Amount in CHF million		Yield in %		Amount in CHF million		Yield in %		Amount in CHF million		Yield in %
Debt securities
Debt securities issued by the Swiss federal, cantonal or local governmental entities		18		2.39		92		2.28		210		1.83		69		1.45		389		1.90
Debt securities issued by foreign governments		134		3.22		1,156		2.02		40		3.15		20		1.47		1,350		2.16
Corporate debt securities		341		0.60		224		3.07		25		2.38		0		n/a		590		1.61
Collateralized debt obligations		50		1.94		230		1.56		200		2.21		0		n/a		480		1.87
Total debt securities		543		1.43		1,702		2.11		475		2.13		89		1.46		2,809		1.96
Since substantially all investment securities are taxable securities, the yields presented above are on a tax-equivalent basis.
The values above are based upon amortized cost, whereas certain financial investments are carried at fair value in the consolidated balance sheets.

Details of the loan portfolio
end of		2013		2012		2011		2010
Loan portfolio (CHF million, except where indicated)
Mortgages		92,418		89,733		86,514		83,228
Loans collateralized by securities		3,403		3,935		4,205		4,495
Consumer finance		4,397		4,502		4,598		4,088
Consumer		100,218		98,170		95,317		91,811
Real estate		24,715		23,717		21,971		20,071
Commercial and industrial loans		21,964		24,505		24,032		21,835
Financial institutions		4,016		3,718		4,306		4,279
Governments and public institutions		1,079		1,116		1,111		993
Corporate & institutional		51,774		53,056		51,420		47,178
Switzerland		151,992		151,226		146,737		138,989
Mortgages		2,560		2,139		1,741		1,397
Loans collateralized by securities		28,162		23,428		22,256		20,057
Consumer finance		1,541		2,399		2,097		1,620
Consumer		32,263		27,966		26,094		23,074
Real estate 1		2,597		2,084		1,951		1,858
Commercial and industrial loans 1		41,370		38,523		36,182		32,889
Financial institutions 1		17,824		22,184		22,406		22,001
Governments and public institutions 1		1,968		1,221		987		1,080
Corporate & institutional		63,759		64,012		61,526		57,828
Foreign		96,022		91,978		87,620		80,902
Gross loans		248,014		243,204		234,357		219,891
of which held at amortized cost		228,557		223,204		213,663		201,339
of which held at fair value		19,457		20,000		20,694		18,552
Net (unearned income)/deferred expenses		(91)		(59)		(34)		(32)
Allowance for loan losses		(869)		(922)		(910)		(1,017)
Net loans		247,054		242,223		233,413		218,842
Percentage of allowance for loan losses 2		0.4%		0.4%		0.4%		0.5%
1 Prior periods have been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions, and from governments and public institutions to commercial and industrial loans, respectively.
2 Calculated based on net loans which are not carried at fair value.

Details of the loan portfolio (continued)
end of		2009
Loan portfolio (CHF million, except where indicated)
Banks		95
Commercial		43,893
Consumer		89,045
Public authorities		1,036
Lease financings		2,620
Switzerland		136,689
Banks		7,836
Commercial		69,036
Consumer		19,765
Public authorities		4,161
Lease financings		1,113
Foreign		101,911
Gross loans		238,600
of which held at amortized cost		202,354
of which held at fair value		36,246
Net (unearned income)/deferred expenses		(25)
Allowance for loan losses		(1,395)
Net loans		237,180
Percentage of allowance for loan losses 1		0.7%
1 Calculated based on net loans which are not carried at fair value.

Loan portfolio by industry
end of		2013		2012
Loan portfolio by industry (CHF million)
Banks		4,232		5,518
Other financial services		17,608		20,384
Real estate companies		27,312		25,801
Other services		20,598		20,277
Manufacturing		9,343		9,554
Wholesale and retail trade		7,999		9,540
Construction		3,293		3,345
Transportation		13,608		12,163
Health and social services		1,814		1,834
Hotels and restaurants		1,253		1,182
Agriculture and mining		4,546		4,292
Telecommunications		319		554
Governments, public institutions and non-profit organizations		3,608		2,624
Corporate & institutional		115,533		117,068
Consumer		132,481		126,136
Gross loans		248,014		243,204
Net (unearned income)/deferred expenses		(91)		(59)
Allowance for loan losses		(869)		(922)
Net loans		247,054		242,223

Details of the loan portfolio by time remaining until contractual maturity by category
end of 2013		1 year or less		1 year to 5 years		After 5 years		Loans with no stated maturity	1	Self- amortizing loans	2	Total
Loan portfolio (CHF million)
Mortgages		26,451		42,679		21,635		1,653		0		92,418
Loans collateralized by securities		2,458		680		74		191		0		3,403
Consumer finance		2,231		1,894		79		193		0		4,397
Consumer		31,140		45,253		21,788		2,037		0		100,218
Real estate		13,344		7,016		4,045		259		51		24,715
Commercial and industrial loans		11,306		4,349		2,036		2,111		2,162		21,964
Financial institutions		2,204		759		180		82		791		4,016
Governments and public institutions		561		315		133		61		9		1,079
Corporate & institutional		27,415		12,439		6,394		2,513		3,013		51,774
Switzerland		58,555		57,692		28,182		4,550		3,013		151,992
Mortgages		1,087		1,353		73		17		30		2,560
Loans collateralized by securities		22,294		2,666		1,756		1,446		0		28,162
Consumer finance		989		209		103		240		0		1,541
Consumer		24,370		4,228		1,932		1,703		30		32,263
Real estate		1,141		976		390		11		79		2,597
Commercial and industrial loans		24,313		9,605		2,453		1,141		3,858		41,370
Financial institutions		8,654		6,104		1,825		350		891		17,824
Governments and public institutions		184		710		209		3		862		1,968
Corporate & institutional		34,292		17,395		4,877		1,505		5,690		63,759
Foreign		58,662		21,623		6,809		3,208		5,720		96,022
Gross loans		117,217		79,315		34,991		7,758		8,733		248,014
of which fixed rate		105,061		64,046		31,656		0		3,181		203,944
of which variable rate		12,156		15,269		3,335		7,758		5,552		44,070
Net (unearned income)/deferred expenses												(91)
Allowance for loan losses												(869)
Net loans												247,054
1 Loans with no stated maturity include primarily certain loan products within Switzerland without a stated maturity within the original loan agreement.
2 Self-amortizing loans include loans with monthly or quarterly interest and principal payments and are primarily related to lease financings.

Non-performing and non-interest-earning loans
												Interest income which would have been recognized				Interest income which was recognized
in / end of		2013		2012		2011		2010		2009		2013		2012		2013		2012
Non-performing and non-interest-earning loans (CHF million)
Switzerland		378		409		427		463		518		18		18		4		2
Foreign		484		450		331		498		779		31		23		5		6
Non-performing loans 1		862		859		758		961		1,297		49		41		9		8
Switzerland		109		113		100		143		186		8		8		0		0
Foreign		172		200		162		197		150		11		12		0		0
Non-interest-earning loans 1		281		313		262		340		336		19		20		0		0
Total non-performing and non-interest-earning loans		1,143		1,172		1,020		1,301		1,633		68		61		9		8
1 Refer to "Impaired loans" in V – Consolidated financial statements – Credit Suisse Group – Note 18 – Loans, allowance for loan losses and credit quality for a definition of these terms.

Potential problem loans
end of		2013		2012		2011		2010		2009
Potential problem loans (CHF million)
Switzerland		115		181		323		222		277
Foreign		225		346		357		288		381
Total potential problem loans		340		527		680		510		658

Restructured loans
												Interest income which would have been recognized				Interest income which was recognized
in / end of		2013		2012		2011		2010		2009		2013		2012		2013		2012
Restructured loans (CHF million)
Switzerland		6		0		4		4		0		0		0		0		0
Foreign		0		30		14		48		6		0		4		0		4
Total restructured loans		6		30		18		52		6		0		4		0		4

Movements in the allowance for loan losses
		2013		2012		2011
Allowance for loan losses (CHF million, except where indicated)
Balance at beginning of period		922		910		1,017
Allowances acquired/(deconsolidated)		(1)		(18)		0
Change in scope of consolidation		(1)		(18)		0
Switzerland		50		87		51
Foreign		115		72		90
Net movements recognized in the consolidated statements of operations		165		159		141
Mortgages		(6)		(7)		(10)
Loans collateralized by securities		(6)		(2)		(4)
Consumer finance		(96)		(75)		(79)
Consumer		(108)		(84)		(93)
Real estate		(5)		(1)		(9)
Commercial and industrial loans		(45)		(63)		(45)
Financial institutions		(1)		(1)		0
Corporate & institutional		(51)		(65)		(54)
Switzerland		(159)		(149)		(147)
Mortgages		(2)		(3)		(4)
Loans collateralized by securities		(2)		(7)		(15)
Consumer finance		(10)		(11)		(12)
Consumer		(14)		(21)		(31)
Real estate		0		(1)		0
Commercial and industrial loans		(103)		(14)		(116)
Financial institutions		(10)		(10)		(5)
Governments and public institutions		0		(6)		0
Corporate & institutional		(113)		(31)		(121)
Foreign		(127)		(52)		(152)
Gross write-offs		(286)		(201)		(299)
Consumer finance		23		21		33
Consumer		23		21		33
Commercial and industrial loans		3		12		3
Corporate & institutional		3		12		3
Switzerland		26		33		36
Consumer finance		1		1		5
Consumer		1		1		5
Commercial and industrial loans		27		10		0
Corporate & institutional		27		10		0
Foreign		28		11		5
Recoveries		54		44		41
Net write-offs		(232)		(157)		(258)
Provisions for interest		26		29		14
Foreign currency translation impact and other adjustments, net		(11)		(1)		(4)
Balance at end of period		869		922		910
Average loan balance		247,079		238,801		225,165
Ratio of net write-offs to average loans		0.09%		0.07%		0.11%

Movements in the allowance for loan losses (continued)
		2010		2009
Allowance for loan losses (CHF million, except where indicated)
Balance at beginning of period		1,395		1,639
Allowances acquired/(deconsolidated)		0		0
Change in scope of consolidation		0		0
Switzerland		(3)		85
Foreign		(90)		230
Net movements recognized in the consolidated statements of operations		(93)		315
Commercial		(64)		(63)
Consumer		(90)		(80)
Lease financings		(8)		(8)
Switzerland		(162)		(151)
Commercial		(109)		(503)
Consumer		(23)		(20)
Foreign		(132)		(523)
Gross write-offs		(294)		(674)
Commercial		28		18
Consumer		15		23
Lease financings		1		1
Switzerland		44		42
Commercial		17		21
Consumer		1		0
Lease financings		1		0
Foreign		19		21
Recoveries		63		63
Net write-offs		(231)		(611)
Provisions for interest		2		43
Foreign currency translation impact and other adjustments, net		(56)		9
Balance at end of period		1,017		1,395
Average loan balance		227,874		241,892
Ratio of net write-offs to average loans		0.10%		0.25%

Analysis of the allowance for loan losses by Switzerland, foreign and category
		2013				2012				2011
end of		CHF million		% of allowance in each category to total loans		CHF million		% of allowance in each category to total loans		CHF million		% of allowance in each category to total loans
Analysis of the allowance for loan losses
Mortgages		47		0.0%		48		0.0%		54		0.0%
Loans collateralized by securities		2		0.0%		3		0.0%		11		0.0%
Consumer finance		122		0.0%		131		0.1%		107		0.0%
Consumer		171		0.1%		182		0.1%		172		0.1%
Real estate		60		0.0%		69		0.0%		63		0.0%
Commercial and industrial loans		166		0.1%		200		0.1%		230		0.1%
Financial institutions		1		0.0%		2		0.0%		2		0.0%
Corporate & institutional		227		0.1%		271		0.1%		295		0.1%
Switzerland		398		0.2%		453		0.2%		467		0.2%
Mortgages		9		0.0%		12		0.0%		14		0.0%
Loans collateralized by securities		52		0.0%		50		0.0%		38		0.0%
Consumer finance		35		0.0%		44		0.0%		65		0.0%
Consumer		96		0.0%		106		0.0%		117		0.1%
Real estate		5		0.0%		5		0.0%		8		0.0%
Commercial and industrial loans		277		0.1%		242		0.1%		215		0.1%
Financial institutions		93		0.0%		116		0.1%		97		0.0%
Governments and public institutions		0		0.0%		0		0.0%		6		0.0%
Corporate & institutional		375		0.2%		363		0.2%		326		0.1%
Foreign		471		0.2%		469		0.2%		443		0.2%
Total allowance for loan losses		869		0.4%		922		0.4%		910		0.4%
of which on principal		778		0.3%		842		0.4%		837		0.4%
of which on interest		91		0.0%		80		0.0%		73		0.0%
Percentages may not add up due to rounding.

Analysis of the allowance for loan losses by Switzerland, foreign and category (continued)
		2010				2009
end of		CHF million		% of allowance in each category to total loans		CHF million		% of allowance in each category to total loans
Analysis of the allowance for loan losses
Commercial		348		0.2%		445		0.2%
Consumer		178		0.1%		215		0.1%
Lease financings		23		0.0%		25		0.0%
Switzerland		549		0.3%		685		0.3%
Banks		41		0.0%		47		0.0%
Commercial		320		0.1%		549		0.2%
Consumer		90		0.0%		97		0.0%
Public authorities		7		0.0%		6		0.0%
Lease financings		10		0.0%		11		0.0%
Foreign		468		0.2%		710		0.3%
Total allowance for loan losses		1,017		0.5%		1,395		0.6%
of which on principal		905		0.4%		1,235		0.5%
of which on interest		112		0.1%		160		0.1%

Gross write-offs of loans by industry
in		2013		2012		2011
Gross write-offs of loans (CHF million)
Banks		0		0		5
Other financial services		11		11		1
Real estate companies		5		2		9
Other services		18		15		12
Manufacturing		17		30		63
Wholesale and retail trade		9		13		25
Construction		6		4		11
Transportation		57		8		4
Health and social services		3		1		0
Hotels and restaurants		1		4		3
Agriculture and mining		35		0		42
Telecommunications		1		1		0
Governments, public institutions and non-profit organizations		0		7		0
Corporate & institutional		163		96		175
Consumer		123		105		124
Total gross write-offs		286		201		299

Gross write-offs of loans by industry (continued)
in		2010		2009
Gross write-offs of loans by industry (CHF million)
Financial services		21		274
Real estate companies		24		151
Other services		3		15
Manufacturing		85		41
Wholesale and retail trade		22		9
Construction		4		62
Transportation		5		4
Health and social services		4		0
Hotels and restaurants		2		4
Agriculture and mining		0		0
Telecommunications		3		6
Non-profit and international organizations		0		0
Commercial		173		566
Consumer		113		100
Lease financings		8		8
Total gross write-offs		294		674

Cross-border outstandings
end of		Banks		Private		Public		Subtotal		Net local country assets over liabilities		Commit- ments		Total
2013 (CHF million)
United States		5,373		36,815		9,898		52,086		68,444		67,393		187,923
France		4,048		6,331		6,187		16,566		636		13,992		31,194
Germany		4,226		10,870		8,528		23,624		0		6,213		29,837
United Kingdom		7,181		7,777		280		15,238		0		13,238		28,476
Japan		1,703		5,907		829		8,439		6,908		4,178		19,525
Luxembourg		3,659		11,035		3,545		18,239		0		1,280		19,519
Cayman Islands		627		16,078		0		16,705		0		1,267		17,972
The Netherlands		1,721		5,990		1,580		9,291		0		2,902		12,193
Italy		790		2,783		6,811		10,384		0		1,402		11,786
Canada		3,263		3,268		779		7,310		976		1,790		10,076
Brazil		916		3,143		1,630		5,689		4,035		330		10,054
Hong Kong		510		3,330		1		3,841		4,305		592		8,738
Australia		1,314		1,630		62		3,006		3,675		1,382		8,063
Spain		2,449		2,923		1,002		6,374		341		1,250		7,965
Ireland		1,508		4,581		3		6,092		13		1,423		7,528
Mexico		578		2,445		2,287		5,310		1,382		161		6,853
South Korea		468		3,509		889		4,866		1,465		231		6,562
2012 (CHF million)
United States		11,217		49,107		8,667		68,991		41,925		76,115		187,031
United Kingdom		5,166		5,946		81		11,193		14,198		36,600		61,991
Cayman Islands		310		24,097		0		24,407		0		901		25,308
France		3,734		11,426		2,662		17,822		72		6,875		24,769
Germany		6,541		6,576		6,481		19,598		0		4,135		23,733
Brazil		2,163		3,627		2,660		8,450		7,710		1,685		17,845
Luxembourg		2,150		8,779		1,805		12,734		3,552		624		16,910
Japan		5,764		2,816		1,557		10,137		1,151		4,098		15,386
The Netherlands		2,530		6,844		1,745		11,119		51		2,305		13,475
Italy		1,309		3,427		5,700		10,436		0		1,025		11,461
Hong Kong		626		1,628		1		2,255		6,814		196		9,265
Canada		1,519		3,833		852		6,204		0		1,730		7,934
Singapore		268		1,526		124		1,918		0		5,359		7,277
Russian Federation		1,258		1,579		4,177		7,014		158		47		7,219
Ireland		800		5,165		60		6,025		0		992		7,017
2011 (CHF million)
United States		12,015		51,736		6,868		70,619		11,238		59,548		141,405
United Kingdom		4,673		4,666		49		9,388		23,693		28,383		61,464
Luxembourg		2,307		9,072		1,180		12,559		20,129		1,223		33,911
Germany		9,696		8,500		4,682		22,878		699		4,877		28,454
France		7,647		12,367		3,384		23,398		100		3,349		26,847
Cayman Islands		231		22,587		0		22,818		67		808		23,693
Japan		6,642		3,827		605		11,074		4,377		4,969		20,420
The Netherlands		3,338		6,936		2,464		12,738		6		2,632		15,376
Brazil		1,715		3,217		2,095		7,027		7,445		264		14,736
Canada		1,766		6,520		1,061		9,347		0		1,456		10,803
Italy		1,687		2,287		5,251		9,225		0		471		9,696
Cross-border outstandings represent net claims against non-local country counterparties for countries where the aggregate amount outstanding to borrowers exceeds 0.75% of total assets. Monetary assets are loans (including accrued interest), acceptances, interest-bearing deposits with other banks, other interest-bearing investments and any other monetary asset with a fixed exchange value for cash. To the extent local currency outstandings are hedged or funded by local currency borrowings, such amounts are excluded from cross-border outstandings.

Deposits in Switzerland and foreign offices
		2013						2012						2011
in		Average balance		Interest expense		Average rate		Average balance		Interest expense		Average rate		Average balance		Interest expense		Average rate
Deposits (CHF million, except where indicated)
Non-interest-bearing demand		6,441		–		–		9,344		–		–		11,813		–		–
Interest-bearing demand		137,499		117		0.1%		128,172		160		0.1%		105,590		244		0.2%
Savings deposits		62,067		236		0.4%		58,078		296		0.5%		54,424		312		0.6%
Time deposits		12,490		62		0.5%		13,325		76		0.6%		19,116		95		0.5%
Switzerland		218,497		415		0.2%		208,919		532		0.3%		190,943		651		0.3%
Non-interest-bearing demand		4,723		–		–		4,600		–		–		3,655		–		–
Interest-bearing demand		26,231		30		0.1%		21,713		24		0.1%		18,921		41		0.2%
Savings deposits		32		0		0.0%		41		0		0.0%		34		0		0.0%
Time deposits		102,696		533		0.5%		115,634		797		0.7%		119,415		1,002		0.8%
Foreign		133,682		563		0.4%		141,988		821		0.6%		142,025		1,043		0.7%
Total deposits		352,179		978		0.3%		350,907		1,353		0.4%		332,968		1,694		0.5%
Deposits by foreign depositors in Swiss offices amounted to CHF 69.5 billion, CHF 68.2 billion and CHF 60.7 billion as of December 31, 2013, 2012 and 2011, respectively.

Aggregate of individual time deposits in Switzerland and foreign offices
in 2013		Switzerland		Foreign		Total
Time deposits (CHF million)
3 months or less		–		16,127		16,127
Over 3 through 6 months		–		10,815		10,815
Over 6 through 12 months		–		7,683		7,683
Over 12 months		–		1,709		1,709
Certificates of deposit		–		36,334		36,334
3 months or less		8,559		55,060		63,619
Over 3 through 6 months		3,923		4,134		8,057
Over 6 through 12 months		2,236		2,063		4,299
Over 12 months		634		3,163		3,797
Other time deposits		15,352		64,420		79,772
Total time deposits		15,352		100,754		116,106
Balances shown are the Swiss franc equivalent of amounts greater than USD 100,000 together with their remaining maturities.

Selected information on short-term borrowings
in		2013		2012		2011
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (CHF million)
Outstanding as of December 31		94,032		132,721		176,559
Maximum amount outstanding at any month-end during the year		150,092		219,447		176,559
Approximate average amount outstanding during the year		112,475		181,758		156,472
Interest expense for the year ended December 31		1,156		1,677		1,621
Approximate weighted-average interest rate during the year		1.0%		0.9%		1.0%
Approximate weighted-average interest rate at year-end		0.6%		0.7%		0.8%
Commercial paper (CHF million)
Outstanding as of December 31		12,095		10,882		21,444
Maximum amount outstanding at any month-end during the year		16,967		18,144		21,444
Approximate average amount outstanding during the year		14,555		13,876		16,232
Interest expense for the year ended December 31		52		54		52
Approximate weighted-average interest rate during the year		0.4%		0.4%		0.3%
Approximate weighted-average interest rate at year-end		0.3%		0.3%		0.4%
Other short-term borrowings (CHF million)
Outstanding as of December 31		8,097		7,759		4,671
Maximum amount outstanding at any month-end during the year		9,861		9,444		9,218
Approximate average amount outstanding during the year		6,926		9,224		8,004
Interest expense for the year ended December 31		80		130		17
Approximate weighted-average interest rate during the year		1.2%		1.4%		0.2%
Approximate weighted-average interest rate at year-end		1.2%		1.7%		1.2%
Generally, original maturities of central bank funds purchased, securities sold under repurchase agreements and securities lending transactions are less than six months, commercial paper are less than six months and other short-term borrowings are one year or less.

Ratio of earnings to fixed charges - Group
in		2013		2012		2011		2010		2009
Ratio of earnings to fixed charges (CHF million)
Income/(loss) from continuing operations before taxes, noncontrolling interests, extraordinary items and cumulative effect of accounting changes		4,096		2,190		3,471		7,477		8,106
Income from equity method investments		(251)		(160)		(138)		(164)		(56)
Pre-tax earnings/(loss) from continuing operations		3,845		2,030		3,333		7,313		8,050
Fixed charges:
Interest expense		11,441		14,947		16,550		18,980		18,367
Interest portion of rentals 1		642		645		600		595		583
Preferred dividend requirements		236		231		216		162		131
Total fixed charges		12,319		15,823		17,366		19,737		19,081
Pre-tax earnings before fixed charges		16,164		17,853		20,699		27,050		27,131
Noncontrolling interests		639		336		837		822		(313)
Earnings before fixed charges and provision for income taxes		15,525		17,517		19,862		26,228		27,444
Ratio of earnings to fixed charges		1.26		1.11		1.14		1.33		1.44
1 Amounts reflect a portion of premises and real estate expenses deemed representative of the interest factor.

Ratio of earnings to fixed charges - Bank
in		2013		2012		2011		2010		2009
Ratio of earnings to fixed charges (CHF million)
Income/(loss) from continuing operations before taxes, noncontrolling interests, extraordinary items and cumulative effect of accounting changes		3,670		1,982		2,511		6,526		7,800
Income from equity method investments		(240)		(146)		(134)		(148)		(31)
Pre-tax earnings/(loss) from continuing operations		3,430		1,836		2,377		6,378		7,769
Fixed charges:
Interest expense		11,306		14,734		16,404		18,783		18,118
Interest portion of rentals 1		632		629		580		578		565
Preferred dividend requirements		236		231		216		162		131
Total fixed charges		12,174		15,594		17,200		19,523		18,814
Pre-tax earnings before fixed charges		15,604		17,430		19,577		25,901		26,583
Noncontrolling interests		860		(600)		901		802		(697)
Earnings before fixed charges and provision for income taxes		14,744		18,030		18,676		25,099		27,280
Ratio of earnings to fixed charges		1.21		1.16		1.09		1.29		1.45
1 Amounts reflect a portion of premises and real estate expenses deemed representative of the interest factor.

Period		Average trading volumes	1	Shares in CHF (High)	1	Shares in CHF (Low)	1	Average trading volumes	2	Shares in USD (High)	2	Shares in USD (Low)	2
2014 (through March 21)		5,023,785		30.1		26.6		918,566		33.2		29.3
March (through March 21)		4,899,005		28.5		26.6		894,293		32.2		30.3
February		5,154,636		28.5		26.8		985,761		31.9		29.3
January		4,988,294		30.1		27.4		875,108		33.2		29.9
2013		5,532,934		30.3		22.9		1,353,861		33.8		24.6
Fourth quarter		5,186,051		30.3		25.9		984,774		33.8		28.4
December		4,433,080		27.5		25.9		614,184		31.0		29.1
November		6,006,588		28.1		26.0		1,162,985		30.9		28.4
October		5,026,146		30.3		27.6		1,168,171		33.8		30.5
Third quarter		4,289,980		29.0		25.0		961,438		31.7		26.6
Second quarter		6,459,594		29.3		23.8		1,537,847		30.3		25.3
First quarter		6,283,303		26.8		22.9		1,969,886		29.5		24.6
2012		6,955,208		27.2		16.0		2,347,395		29.7		16.2
Fourth quarter		5,202,582		23.1		20.6		1,743,249		25.3		21.7
Third quarter		7,977,420		21.9		16.0		2,506,018		23.4		16.2
Second quarter		8,527,010		25.9		16.6		2,787,803		28.7		17.4
First quarter		6,157,287		27.2		21.0		2,342,850		29.7		22.2
2011		7,145,763		45.0		19.7		2,027,558		47.6		21.2
2010		7,140,826		56.4		37.0		1,251,186		54.6		36.5
2009		7,118,183		60.4		22.5		1,448,809		59.8		19.0
1 Closing prices for one share and average daily trading volume (SIX).
2 Closing prices of ADS and average daily trading volume (NYSE).

Year		End of		Average in	1	High		Low
Exchange rate information - 5 years
2013		1.1231		1.0813		1.1292		1.0190
2012		1.0923		1.0713		1.1174		1.0043
2011		1.0668		1.1398		1.3706		1.0251
2010		1.0673		0.9628		1.0673		0.8610
2009		0.9710		0.9261		1.0016		0.8408
1 The average of the noon buying rates on the last business day of each month during the relevant period.

Month						High		Low
Exchange rate information - 6 months
March 2014 (through March 21)						1.1478		1.1271
February 2014						1.1351		1.1050
January 2014						1.1176		1.0970
December 2013						1.1292		1.1018
November 2013						1.1053		1.0846
October 2013						1.1216		1.0913
September 2013						1.1061		1.0597

Appendix
Selected five-year information
Selected information – Group
Selected information – Group (continued)
Selected information – Bank
List of abbreviations
Glossary
Investor information
Financial calendar and contacts

in / end of		2013		2012		2011		2010		2009
Condensed consolidated statements of operations (CHF million)
Net revenues		25,856		23,611		25,891		31,084		32,999
Provision for credit losses		167		170		187		(79)		506
Total operating expenses		21,593		21,251		22,233		23,686		24,387
Income from continuing operations before taxes and extraordinary items		4,096		2,190		3,471		7,477		8,106
Income tax expense		1,276		465		656		1,525		1,830
Income from continuing operations before extraordinary items		2,820		1,725		2,815		5,952		6,276
Income/(loss) from discontinued operations, net of tax		145		(40)		(25)		(32)		135
Net income		2,965		1,685		2,790		5,920		6,411
Less net income/(loss) attributable to noncontrolling interests		639		336		837		822		(313)
Net income/(loss) attributable to shareholders		2,326		1,349		1,953		5,098		6,724
of which from continuing operations		2,181		1,389		1,978		5,130		6,589
of which from discontinued operations		145		(40)		(25)		(32)		135
Earnings per share (CHF)
Basic earnings per share from continuing operations		1.14		0.82		1.34		3.80		5.02
Basic earnings per share		1.22		0.79		1.32		3.78		5.12
Diluted earnings per share from continuing operations		1.14		0.82		1.34		3.79		4.88
Diluted earnings per share		1.22		0.79		1.32		3.77		4.98
Consolidated balance sheet (CHF million)
Total assets		872,806		924,280		1,049,165		1,032,005		1,031,427
Share capital		64		53		49		47		47
Shareholders' equity		42,164		35,498		33,674		33,282		37,517
Shares outstanding (million)
Shares outstanding		1,590.9		1,293.8		1,220.3		1,173.9		1,169.2
Dividend per share (CHF)
Dividend per share		0.70	1	0.75		0.75		1.30		2.00
Ratios (%)
Return on assets 2		0.3		0.1		0.3		0.6		0.6
Return on equity attributable to shareholders		5.7		3.9		6.0		14.4		18.3
Dividend payout ratio		57.4	1	94.9		56.8		34.4		39.1
Equity to asset ratio		4.8		3.8		3.2		3.2		3.6
1 Proposal of the Board of Directors to the Annual General Meeting on May 9, 2014; to be paid out of reserves from capital contributions.
2 Based on amounts attributable to shareholders.

in / end of		2013		2012		2011		2010		2009
Average utilized economic capital (CHF million)
Private Banking & Wealth Management		9,554		9,965		10,054		10,017		9,205
Investment Banking		19,910		20,241		20,525		21,576		21,517
Credit Suisse		31,695		32,626		32,333		32,850		30,833
Pre-tax return on average utilized economic capital (%)
Private Banking & Wealth Management		34.5		38.5		30.1		42.0		47.7
Investment Banking		9.1		10.6		(2.4)		17.2		32.7
Credit Suisse		13.4		7.3		11.3		23.3		26.9

in / end of		2013		2012		2011		2010		2009
Condensed consolidated statements of operations (CHF million)
Net revenues		25,330		23,178		24,853		30,231		32,573
Provision for credit losses		93		88		123		(121)		460
Total operating expenses		21,567		21,108		22,219		23,826		24,313
Income from continuing operations before taxes and extraordinary items		3,670		1,982		2,511		6,526		7,800
Income tax expense		1,177		447		444		1,284		1,847
Income from continuing operations before extraordinary items		2,493		1,535		2,067		5,242		5,953
Income/(loss) from discontinued operations, net of tax		145		(40)		(25)		(32)		135
Net income		2,638		1,495		2,042		5,210		6,088
Less net income/(loss) attributable to noncontrolling interests		860		(600)		901		802		(697)
Net income/(loss) attributable to shareholders		1,778		2,095		1,141		4,408		6,785
of which from continuing operations		1,633		2,135		1,166		4,440		6,650
of which from discontinued operations		145		(40)		(25)		(32)		135
Consolidated balance sheet (CHF million)
Total assets		854,412		908,160		1,034,787		1,019,586		1,020,226
Share capital		4,400		4,400		4,400		4,400		4,400
Shareholder's equity		39,992		34,767		29,403		29,769		33,294
Number of shares outstanding (million)
Number of shares outstanding		4,399.7		44.0		44.0		44.0		44.0

A
ABO		Accumulated benefit obligation
ABS		Asset-backed securities
ADR		American Depositary Receipts
ADS		American Depositary Shares
AES®		Advanced execution services
AGM		Annual general meeting
A-IRB		Advanced internal ratings-based approach
ALM		Asset and liability management
AMA		Advanced measurement approach
AMF		Asset Management Finance LLC
AoA		Articles of Association
AOCI		Accumulated other comprehensive income/(loss)
APP		Adjustable Performance Plan
ASC		Accounting Standards Codification
ASU		Accounting Standards Updates
B
BA		Bachelor of Arts
BBA		Bachelor of Business Administration
BCBS		Basel Committee on Banking Supervision
BIS		Bank for International Settlements
bp		basis points
C
CARMC		Capital Allocation and Risk Management Committee
CCA		Contingent Capital Awards
CDO		Collateralized debt obligation
CDS		Credit default swap
CET1		Common equity tier 1
CEO		Chief Executive Officer
CFIG		Customized Fund Investment Group
CFO		Chief Financial Officer
CFTC		Commodity Futures Trading Commission
CMBS		Commercial mortgage-backed securities
CoCo		Contingent convertible instrument
CoE		Centers of excellence
COF		Capital Opportunity Facility
COO		Chief Operating Officer
COSO		Committee of Sponsoring Organizations of the Treadway Commission
CP		Commercial paper
CPR		Constant prepayment rate
CRD		Capital Requirements Directive
CRO		Chief Risk Officer
CVA		Credit valuation adjustment

D
DOJ		United States Department of Justice
DVA		Debit valuation adjustment
E
EBITDA		Earnings before taxes, depreciation and amortization
EBRD		European Bank for Reconstruction and Development
EC		European Commission
ECB		European Central Bank
EGM		Extraordinary shareholders' meeting
EMEA		Europe, Middle East and Africa
EMIR		European Market Infrastructure Regulation
ETF		Exchange-traded funds
EU		European Union
F
FASB		Financial Accounting Standards Board
Fed		US Federal Reserve
FHFA		Federal Housing Finance Agency
FINMA		Swiss Financial Market Supervisory Authority FINMA
FINRA		Financial Industry Regulatory Authority
FSA		UK Financial Services Authority
FSB		Financial Stability Board
FSMA		Financial Services and Markets Act 2000
G
G-7		Group of seven leading industrial nations
GAAP		Generally accepted accounting principles
GSE		Government-sponsored enterprise
G-SIB		Global Systemically Important Bank
H
HNWI		High-net-worth individuals
I
ICS		Internal control systems
IFRS		International Financial Reporting Standards
IHC		US intermediate holding company
IPO		Initial public offering
IRC		Incremental risk charge
IRS		Internal Revenue Service
ISDA		International Swaps and Derivatives Association, Inc.
ISU		Incentive Share Unit
IT		Information technology
J
JD		Juris Doctor

K
KPI		Key performance indicator
L
LCR		Liquidity coverage ratio
LGD		Loss given default
LIBOR		London Interbank Offered Rate
LTI		Long-term incentive
LTV		Loan-to-value
M
M&A		Mergers and acquisitions
MA		Master of Arts
MACCS		Mandatory and contingent convertible securities
MBA		Master of Business Administration
MCR		Market & Credit Risks
MiFID		Markets in Financial Instruments Directive
MiFID II		Revised Markets in Financial Instruments Directive
MRTC		Material risk takers and controllers
MSRB		Municipal Securities Rulemaking Board
N
NAV		Net asset value
NCFE		National Century Financial Enterprises, Inc.
NRV		Negative replacement value
NSFR		Net stable funding ratio
NYSE		New York Stock Exchange
O
OCC		Office of the Comptroller of the Currency
OGR		Organizational Guidelines and Regulations
OTC		Over-the-counter
P
PAF		2008 Partner Asset Facility
PAF2		2011 Partner Asset Facility
PBO		Projected benefit obligation
PD		Probability of default
PFIC		Passive foreign investment company
PIP		Performance Incentive Plan
PRA		Prudential Regulation Authority
PRV		Positive replacement value
PSA		Prepayment speed assumption

Q
QIA		Qatar Investment Authority
R
RCSA		Risk and control self-assessment
RMBS		Residential mortgage-backed securities
RMC		Risk Management Committee
RNIV		Risk not in VaR
ROE		Return on equity
RPSC		Risk Processes & Standards Committee
RRP		Recovery and Resolution Plan
RRSC		Reputational Risk & Sustainability Committee
RTSR		Relative total shareholder return
RWA		Risk-weighted assets
S
SEC		US Securities and Exchange Commission
SEI		Significant economic interest
SESTA		Swiss Federal Act on Stock Exchanges and Securities Trading
SFTQ		Severe flight to quality
SISU		Scaled Incentive Share Unit
SIX		SIX Swiss Exchange
SME		Small and medium size enterprises
SNB		Swiss National Bank
SOX		US Sarbanes-Oxley Act of 2002
SPE		Special purpose entity
SPIA		Single premium immediate annuity
STI		Short-term incentive
T
TRS		Total return swap
U
UHNWI		Ultra-high-net-worth individuals
UK		United Kingdom
US		United States of America
US GAAP		Accounting principles generally accepted in the US
V
VaR		Value-at-Risk
VARMC		Valuation and Risk Management Committee
VIE		Variable interest entity
VIX		Chicago Board of Options Exchange Market Volatility Index

A
Advanced execution services® (AES®)	AES® is a suite of algorithmic trading strategies, tools, and analytics operated by Credit Suisse to facilitate global equity trading. By employing algorithms to execute client orders and limit volatility, AES® helps institutions and hedge funds reduce market impact. AES® provides access to exchanges in more than 35 countries worldwide via more than 45 leading trading platforms.
Advanced internal ratings-based approach (A-IRB)	Under the A-IRB approach, risk weights are determined by using internal risk parameters. We have received approval from FINMA to use, and have fully implemented, the A-IRB approach whereby we provide our own estimates for probability of default (PD), loss given default (LGD) and exposure at default (EAD). We use the A-IRB approach to determine our institutional credit risk and most of our retail credit risk.
Advanced measurement approach (AMA)	The AMA is used for measuring operational risk. The methodology is based upon the identification of a number of key risk scenarios that describe the major operational risks we face. Groups of senior staff review each scenario and discuss the likelihood of occurrence and the potential severity of loss. Internal and external loss data, along with certain business environment and internal control factors, such as self-assessment results and key risk indicators, are considered as part of this process. Based on the output from these meetings, we enter the scenario parameters into an operational risk model that generates a loss distribution from which the level of capital required to cover operational risk is determined. We have received approval from FINMA to use an internal model for the calculation of operational risk capital, which is aligned with the requirements of the AMA under the Basel framework.
Affluent and retail clients	We define affluent and retail clients as individuals having assets under management below CHF 1 million.
American Depositary Shares (ADS)	An American depositary receipt is a negotiable certificate evidencing an ADS, issued by a depositary bank, that represents all or part of an underlying share of a foreign-based company held in custody.

B
Backtesting	Backtesting is a process used to evaluate the performance of VaR models. It consists of a comparison between actual trading revenues and 1-day, 99% VaR. Regulators also use backtesting to evaluate model performance. VaR models that experience less than five exceptions in a rolling 12-month period are deemed to be statistically correct and attract no additional regulatory capital charges.
Basel III	In December 2010, the Basel Committee on Banking Supervision (BCBS) issued the Basel III framework, which is a comprehensive set of reform measures to strengthen the regulation, supervision and risk management of the banking sector. These measures aim to improve the banking sector's ability to absorb shocks arising from financial and economic stress, whatever the source, improve risk management and governance and strengthen banks' transparency and disclosures. The phase-in period for Basel III is January 1, 2013 through January 1, 2019.
Basel Committee on Banking Supervision (BCBS)	The Basel Committee on Banking Supervision (BCBS) provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance the understanding of key supervisory issues and improve the quality of banking supervision worldwide. It seeks to do so by exchanging information on national supervisory issues, approaches and techniques, with a view to promoting common understanding. At times, the BCBS uses this common understanding to develop guidelines and supervisory standards in areas where they are considered desirable. In this regard, the BCBS is best known for its international standards on capital adequacy, the Core Principles for Effective Banking Supervision and the Concordat on cross-border banking supervision.
Booking center	Part of a legal entity of Credit Suisse AG that is registered with a domestic banking license where client assets are administered and booked.

C
Collateralized debt obligation (CDO)	A CDO is a type of structured asset-backed security whose value and payments are derived from a portfolio of underlying fixed-income assets.
Commercial mortgage-backed securities (CMBS)	CMBS are a type of mortgage-backed security that is secured by loans on commercial property and can provide liquidity to real estate investors and commercial lenders.
Commercial paper (CP)	Commercial paper is an unsecured money-market security with a fixed maturity of 1 to 364 days, issued by large banks and corporations to raise funds to meet short term debt obligations.
Constant prepayment rate (CPR)	A loan prepayment rate that is equal to the proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. The calculation of this estimate is based on a number of factors such as historical prepayment rates for previous loans that are similar to ones in the pool and on future economic outlooks.
Credit default swap (CDS)	A CDS is a contractual agreement in which the buyer of the swap pays a periodic fee in return for a contingent payment by the seller of the swap following a credit event of a reference entity. A credit event is commonly defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt or failure to meet payment obligations when due.
Credit valuation adjustment (CVA)	The CVA represents the market value of counterparty credit risk for uncollateralized OTC derivative instruments.
D
Debit valuation adjustment (DVA)	The DVA represents the market value of our own credit risk for uncollateralized OTC derivative instruments.
Derivatives	Derivatives are financial instruments or contracts that meet all of the following three characteristics: (1) their value changes in response to changes in an underlying price, such as interest rate, security price, foreign exchange rate, credit rating/price, or index; (2) they require no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and (3) their terms require or permit net settlement (US GAAP) or they settle at a future date (IFRS).

F
Fair value	The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Flow-based	Flow-based businesses refer to products that are generally more liquid, less complex and less volatile and which tend to provide a more stable earnings base generated from fees and/or trading activity initiated by or in facilitation of client business. Flow-based businesses include foreign exchange, interest-rate products, cash equities, vanilla derivative products and prime services.
G
G-7	The G-7 represents the finance ministers from seven industrialized nations: the US, UK, France, Germany, Italy, Canada and Japan.
H
Haircut	The percentage by which an asset's market value is reduced for the purpose of calculating capital, margin requirements and collateral levels. This is used to provide a cushion when lending against collateral to account for possible adverse movements in the value of the collateral.
High-net-worth individuals (HNWI)	We define high-net-worth individuals as individuals having assets under management in excess of CHF 1 million.
I
Incremental risk charge (IRC)	The IRC represents an estimate of the issuer default and migration risk of positions in the trading book over a one-year capital horizon at a 99.9% confidence level, taking into account the liquidity horizons of individual positions. This includes sovereign debt, but excludes securitizations and correlation products.

L
Liquidity coverage ratio (LCR)	The LCR aims to ensure that banks have a stock of unencumbered high-quality liquid assets available to meet liquidity needs for a 30-day time horizon under a severe stress scenario. The LCR is comprised of two components: the value of the stock of high quality liquid assets in stressed conditions and the total net cash outflows calculated according to specified scenario parameters. The ratio of liquid assets over net cash outflows should be at least 100%.
London Interbank Offered Rate (LIBOR)	LIBOR is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market.
Loss given default (LGD)	LGD parameters consider seniority, collateral, counterparty industry and, in certain cases, fair value markdowns. LGD estimates are based on an empirical analysis of historical loss rates and are calibrated to reflect time and cost of recovery as well as economic downturn conditions. For much of the Private Banking & Wealth Management loan portfolio, the LGD is primarily dependent upon the type and amount of collateral pledged. For other retail credit risk, predominantly loans secured by financial collateral, pool LGDs differentiate between standard and higher risks, as well as domestic and foreign transactions. The credit approval and collateral monitoring processes are based on loan-to-value limits. For mortgages (residential or commercial), recovery rates are differentiated by type of property.
M
Match funded	Match funded balance sheet items consist of assets and liabilities with close to equal liquidity durations and value so that the liquidity and funding generated or required by the positions are substantially equivalent.
Material risk takers and controllers (MRTC)	MRTC are employees who, either individually or as a part of a group, are considered to have a potentially material impact on the Group's risk profile.
N
Negative replacement value (NRV)	NRV represents the negative fair value of a derivative financial instrument at a given financial reporting date. A negative replacement value reflects the amount payable to the counterparty if the derivative transaction were to be settled at the reporting date, or alternatively, the cost at a given reporting date to close an open derivative position with a fully offsetting transaction.
Net stable funding ratio (NSFR)	The NSFR is intended to ensure banks maintain a structurally sound long-term funding profile beyond one year and is a complementary measure to the LCR. It is structured to ensure that illiquid assets are funded with an appropriate amount of stable long-term funds. The standard is defined as the ratio of available stable funding over the amount of required stable funding. The ratio should always be at least 100%.

Netting agreements	Netting agreements are contracts between two parties where under certain circumstances, such as insolvency, bankruptcy or any other credit event, mutual claims from outstanding business transactions can be offset against each other. The inclusion of a legally binding netting agreement reduces the default risk from a gross to a net amount.
O
Over-the-counter (OTC)	Over-the-counter securities and derivatives are not traded on an exchange but via private contracts between counterparties.
P
Position risk	Component of the economic capital framework, which is used to assess, monitor and report risk exposures throughout the Group. Position risk is the level of unexpected loss in economic value on our portfolio of positions over a one-year horizon which is exceeded with a given small probability (1% for risk management purposes; 0.03% for capital management purposes).
Positive replacement value (PRV)	PRV represents the positive fair value of a derivative financial instrument at a given reporting date. A positive replacement value reflects the amount receivable from the counterparty if the derivative transaction were to be settled at the reporting date, or alternatively, the cost at a given reporting date to enter into the exact same transaction for the residual term, if the existing counterparty should default.
Probability of default (PD)	PD parameters capture the risk of a counterparty defaulting over a one-year time horizon. PD estimates are based on time-weighted averages of historical default rates by rating grade, with low-default-portfolio estimation techniques applied for higher quality rating grades. Each PD reflects the internal rating for the relevant obligor.
R
Regulatory VaR	Regulatory VaR is a version of VaR that uses an exponential weighting technique that automatically increases VaR where recent short-term market volatility is greater than long-term volatility in the two-year dataset. Regulatory VaR uses an expected shortfall calculation based on average losses, and a ten-day holding period adjusted to one day for presentation purposes. This results in a more responsive VaR model, as the overall increases in market volatility are reflected almost immediately in the regulatory VaR model.
Repurchase agreements	Repurchase agreements are securities sold under agreements to repurchase substantially identical securities. These transactions normally do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the balance sheet at the amount of cash received (liability) and cash disbursed (asset), respectively.

Residential mortgage-backed securities (RMBS)	RMBS are a type of mortgage-backed security composed of a wide array of different non-commercial mortgage debts. They securitize the mortgage payments of non-commercial real estate. Different residential mortgages with varying credit ratings are pooled together and sold in tranches to investors.
Reverse repurchase agreements	Reverse repurchase agreements are purchases of securities under agreements to resell substantially identical securities. These transactions normally do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the balance sheet at the amount of cash received (liability) and cash disbursed (asset), respectively.
Risk management VaR	Risk management VaR is a version of VaR that uses an exponential weighting technique that automatically adjusts VaR where recent short-term market volatility differs from long-term volatility in the two-year dataset. Risk management VaR uses an expected shortfall calculation based on average losses, and a one-day holding period. This results in a more responsive VaR model, as the overall changes in market volatility are reflected almost immediately in the risk management VaR model.
Risk mitigation	Risk mitigation refers to measures undertaken by the Group or the Bank to actively manage its risk exposure. For credit risk exposure, such measures would normally include utilizing credit hedges and collateral, such as cash and marketable securities. Credit hedges represent the notional exposure that can be transferred to other market counterparties, generally through the use of credit default swaps.
Risk not in VaR (RNIV)	RNIV is a framework intended to ensure that capital is held to meet all risks which are not captured, or not captured adequately, by the Group’s VaR and stressed VaR models. These include, but are not limited to incomplete, missing and/or illiquid risk factors such as certain basis, correlation, higher-order and cross risks, and calibration parameters. The RNIV framework is continuously updated to incorporate new RNIVs.
Risk-weighted assets (RWA)	The value of the Group's assets weighted according to certain identified risks for compliance with regulatory provisions.

S
Stressed VaR	Stressed VaR replicates a VaR calculation on the current portfolio of the Group or the Bank, taking into account a one-year observation period relating to significant financial stress; it helps reduce the pro-cyclicality of the minimum capital requirements for market risk.
Swiss Financial Supervisory Authority FINMA (FINMA)	FINMA, as an independent supervisory authority, protects creditors, investors and policy holders, ensuring the smooth functioning of the financial markets and preserving their reputation. In its role as state supervisory authority, FINMA acts as an oversight authority of banks, insurance companies, exchanges, securities dealers, collective investment schemes, distributors and insurance intermediaries. It is responsible for combating money laundering and, where necessary, conducts restructuring and bankruptcy proceedings and issues operating licenses for companies in the supervised sectors. Through its supervisory activities, it ensures that supervised institutions comply with the requisite laws, ordinances, directives and regulations and continues to fulfill the licensing requirements. FINMA also acts as a regulatory body; it participates in legislative procedures, issues its own ordinances and circulars where authorized to do so, and is responsible for the recognition of self-regulatory standards.
T
Too Big to Fail	In 2011, the Swiss Parliament passed legislation relating to big banks. The legislation includes capital and liquidity requirements and rules regarding risk diversification and emergency plans designed to maintain systemically relevant functions even in the event of threatened insolvency.
Total return swap (TRS)	A TRS is a swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset, is usually an equity index, loans, or bonds.
U
Ultra-high-net-worth individuals (UHNWI)	Ultra-high-net-worth individuals have assets under management in excess of CHF 50 million or total wealth exceeding CHF 250 million.
V
Value-at-Risk (VaR)	VaR is a technique used to measure the potential loss in fair value of financial instruments based on a statistical analysis of historical price trends and volatilities. VaR as a concept is applicable for all financial risk types with valid regular price histories; the use of VaR allows the comparison of risk in different businesses, such as fixed income and equity.

Share data
in / end of		2013		2012		2011
Share price (common shares, CHF)
Average		26.74		21.23		31.43
Minimum		22.90		16.01		19.65
Maximum		30.29		27.20		44.99
End of period		27.27		22.26		22.07
Share price (American Depositary Shares, USD)
Average		28.85		22.70		35.36
Minimum		24.56		16.20		21.20
Maximum		33.84		29.69		47.63
End of period		30.84		24.56		23.48
Market capitalization
Market capitalization (CHF million)		43,526		29,402		27,021
Market capitalization (USD million)		49,224		32,440		28,747
Dividend per share (CHF)
Dividend per share		0.70	1	0.75	2,4	0.75	3,4
1 Proposal of the Board of Directors to the Annual General Meeting on May 9, 2014; to be paid out of reserves from capital contributions.
2 The distribution was payable in cash of CHF 0.10 per share and in the form of new shares with an approximate value of CHF 0.65 per share.
3 The distribution was payable in cash or, subject to any legal restrictions applicable in shareholders’ home jurisdictions, in new shares of Credit Suisse Group at the option of the shareholder.
4 Paid out of reserves from capital contributions.

Ticker symbols / stock exchange listings
		Common shares		ADS	1
Ticker symbols
Bloomberg		CSGN VX		CS US
Reuters		CSGN.VX		CS.N
Telekurs		CSGN,380		CS,065
Stock exchange listings
Swiss security number		1213853		570660
ISIN number		CH0012138530		US2254011081
CUSIP number		–		225 401 108
1 One American Depositary Share (ADS) represents one common share.

Bond ratings
as of March 21, 2014		Moody's		Standard & Poor's		Fitch Ratings
Credit Suisse Group AG ratings
Short term		–		–		F1
Long term		A2		A–		A
Outlook		Stable		Stable		Stable
Credit Suisse AG ratings
Short term		P-1		A-1		F1
Long term		A1		A		A
Outlook		Stable		Stable		Stable

Foreign currency translation rates
		End of						Average in
		2013		2012		2011		2013		2012		2011
1 USD / 1 CHF		0.89		0.92		0.94		0.93		0.93		0.88
1 EUR / 1 CHF		1.23		1.21		1.22		1.23		1.20		1.23
1 GBP / 1 CHF		1.47		1.48		1.45		1.45		1.48		1.42
100 JPY / 1 CHF		0.85		1.06		1.21		0.95		1.17		1.11

Financial calendar
First quarter 2014 results		Wednesday, April 16, 2014
Annual General Meeting		Friday, May 9, 2014
Capital distribution payment		Friday, May 16, 2014
Second quarter 2014 results		Thursday, July 17, 2014
Investor relations
Phone		+41 44 333 71 49
E-mail		investor.relations@credit-suisse.com
Internet		www.credit-suisse.com/investors
Media relations
Phone		+41 844 33 88 44
E-mail		media.relations@credit-suisse.com
Internet		www.credit-suisse.com/news
Additional information
Results and financial information		www.credit-suisse.com/results
Printed copies		Credit Suisse AG
		Dept. HKG 1
		P.O. Box
		8070 Zurich
		Switzerland

US share register and transfer agent
ADS depositary bank		Deutsche Bank Trust Company Americas
Address		American Stock Transfer & Trust Co.
		Operations Center
		6201 15th Avenue
		Brooklyn, NY 11219
		United States
US and Canada phone		+1 800 937 5449
Phone from outside US and Canada		+1 718 921 8124
E-mail		DB@amstock.com
Swiss share register and transfer agent
Address		Credit Suisse Group AG
		Share Register RXS
		8070 Zurich
		Switzerland
Phone		+41 44 332 26 60
E-mail		robert.rohner@credit-suisse.com