Green Bond Report

August 2021

These materials may not be used or relied upon for any purpose other than as specifically contemplated

by a written agreement with Credit Suisse AG and/or its Affiliates (hereafter “Credit Suisse”).

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Table of Contents

1. About this report………………………………………………… 3

2. Overview…………………………………………………………. 3

3. Credit Suisse Green Finance Framework summary…………….. 4

4. Credit Suisse green debt financing instruments………………… 6

5. Asset portfolio and allocation summary…………………………. 7

6. Impact reporting…………………………………………………. 8

7. Independent limited assurance report…………………….........10

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1. About this report

This report details Credit Suisse’s outstanding green debt financing instruments, as well as our eligible

Green asset portfolio as of March 31st, 2021. We report on both the allocation of proceeds and,

where feasible, the impact achieved through the relevant financing. We have engaged

PricewaterhouseCoopers AG as an independent assurance provider to provide limited assurance on both the allocation and impact metrics disclosed in this report.

2. Overview

As a global leader in financial services, Credit Suisse recognizes its responsibility and position to help

combat climate change and environmental degradation by supporting the transition to a low carbon

sustainable economy and the achievement of the UN Sustainable Development Goals (SDGs).

A commitment to sustainability is at the core of our business, and in 2020 we created Sustainability,

Research & Investment Solutions (“SRI”) as an Executive Board-level function that builds upon our legacy in sustainable finance and aims to deliver a comprehensive, systematic sustainability strategy

around the bank. 2020 also marked a milestone in Credit Suisse’s sustainability journey with the announcement of our goal to provide at least CHF 300 billion of sustainable financing to support

transition strategies over the next 10 years, across renewables, Green/Blue/Transition bonds, low-carbon energy solutions and UN SDG-aligned financings.

Alongside the support we offer our clients, one of the most impactful ways in which we can create a

lasting positive impact is through the issuance of green debt financing instruments. To that extent, in 2019 we established Credit Suisse’s Green Finance Framework that outlines our process for issuance

of green debt financing instruments. On May 18th 2020, we issued our inaugural Green Bond in alignment with the Credit Suisse Green Finance Framework, the ICMA Green Bond Principles (“GBP”)

and our broader sustainability strategy.

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3. Credit Suisse Green Finance Framework summary

Credit Suisse’s Green Finance Framework is aligned with the ICMA Green Bond Principles and follows

the GBPs four components: (i) Use of Proceeds; (ii) Process for Project Evaluation and Selection; (iii)

Management of Proceeds; and (iv) Reporting. Each of the eligible project or asset categories has been

assessed for its contribution to the SDGs.

Green Finance Framework Components:

Use of

Proceeds

Eligible Project or Asset Categories include:

Renewable energy 🗸

Energy efficiency

Low carbon buildings 🗸

Conservation finance

Clean transportation 🗸

Sustainable waste management

Sustainable water infrastructure

Circular economy

🗸 Allocated proceeds from green financing

Project

Evaluation

and

Selection

Potential projects and assets are identified by Credit Suisse’s business teams.

The selection of eligible projects from this potential pool is made by a dedicated

Green Finance Committee comprising senior representatives from Credit Suisse

Treasury, Debt Capital Markets, Sustainability Strategy, Advisory and

Finance (previously Impact Advisory and Finance ) including our Chief

Sustainability Officer, Investor Relations and Sustainability Risk (previously

Sustainability Affairs).

Projects are evaluated according to the following criteria:

Financial due diligence

Environmental, Social and Governance evaluation

Impact evaluation

Management

of Proceeds

Proceeds from green debt financing instruments are managed by Credit Suisse

in a portfolio approach.

Reporting Credit Suisse expects to publish a monitoring report on an annual basis until full

allocation. This report is expected to:

Provide an update of total amount of proceeds allocated to Eligible

Projects / Assets

State the remaining balance of any unallocated funds

Describe the qualitative and, where possible, quantitative, indicators of

the projects’ environmental impact

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Eligible Financial Products: Include debt (e.g. bank loans, bonds, construction loans, warehouse

facilities, bridge loans, mezzanine debt, back leverage, revolvers, corporate debt) and equity (e.g. tax,

project, corporate).

Exclusionary Criteria: Projects not eligible for inclusion in green financing are those involved in coal-

fired power, defence, large-scale hydropower, gambling, mining, nuclear energy, oil & gas, palm oil,

tobacco and wood pulp.

External Review: ISS ESG, one of the world’s leading rating agencies in the field of sustainable

investment, has provided a Second Party Opinion on the Green Finance Framework1. The Second

Party Opinion confirms the alignment of the Framework with the ICMA Green Bond Principles and

assesses the sustainability quality of the underlying asset pool as positive.

1 The Second Party Opinion is available alongside the Green Finance Framework at https://www.credit-suisse.com/about-us/en/investor-

relations/debt-investors/green-finance.html

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4. Credit Suisse green debt financing instruments

As of March 31st, 2021, we have issued one green bond and three structured notes with green use

of issuance proceeds under the Credit Suisse Green Finance Framework, with total proceeds

amounting to USD 568 million equivalent.

Senior OpCo Green Bond

Issue

date

Maturity

date

Coupon

rate

Currency Issue size (in million)

USD equiv. (in million)

ISIN

18.05.2020 19.05.2025 0.450% EUR 500.0 545.72 XS2176686546

Total 545.7

Similar to our Green Bond, the net proceeds of the issue of the structured notes have been allocated

or reallocated from time to time to the financing and/or refinancing, in whole or in part, of eligible

projects or assets with a clear and defined environmental benefit in line with Credit Suisse’s Green

Finance Framework.

Structured Products

Issue

date

Maturity

date

Currency Used

capacity (in USD million)

ISIN

30.10.2020 29.10.2021 EUR 4.43 CH0428282500

30.10.2020 29.10.2021 USD 4.7 CH0428282492

29.01.2021 31.01.2024 EUR 13.44 CH0579217776

Total 22.6

2 FX on issue date, EURUSD 1.0913 3 FX on issue date, EURUSD 1.1646 4 FX on issue date, EURUSD 1.21375

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5. Asset portfolio and allocation summary

As of March 31st, 2021, our eligible green asset portfolio comprises projects across Clean

Transportation, Renewable Energy, and Low Carbon Buildings, totalling USD 1,151 million. Assets

currently financed through the eligible use of proceeds include tax equity investments in commercial,

industrial and small utility scale solar projects; corporate lending facilities to companies in the solar

power and clean transportation sectors5; export finance facilities for low-carbon rolling stock and

railway infrastructure; and commercial buildings certified under internationally recognised green

building standards.

% of net proceeds of green funding allocated to eligible green asset portfolio 100%

% of eligible green asset portfolio allocated 49%

Portfolio overview and summary of proceeds allocated against eligible categories

(US$ in million) EMEA

North

America Total

% financed by

proceeds

% of proceeds

allocated to category

Renewable energy 367 367

Solar 367 100% 65%

Low carbon buildings 61 61

LEED Gold CS-owned

commercial building 61 100% 11%

Clean transportation 548 174 722

Electric vehicles 174 80% 25%

Rolling stock6 373 0% 0%

Rail infrastructure6 175 0% 0%

Total 548 603 1,151 100%

5 Investments in the form of Revolving Credit Facilities with a combined commitment of USD 240 million. Only the drawn amount, which can fluctuate subject to the facilities’ utilization, is included in the eligible green asset portfolio. 6 For rolling stock and rail infrastructure facilities, the value corresponds to the approved credit limit as per March 31st, 2021, and this credit limit corresponds to the outstanding amount as and when the facilities are repaid.

Eligible portfolio geography

EMEA 48%

North America 52%

Clean transportation 63%

Renewable energy 32%

Low carbon buildings 5%

Eligible portfolio category

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6. Impact reporting

As one of the key pillars of the Credit Suisse Green Finance Framework, we are committed to outline

the environmental impact achieved through our green financing where it is feasible and practical to do

so.

For the use of proceeds allocated to projects eligible under the renewable energy criteria, this

comprises the metric tons of CO2 avoided on an annual basis, both on a total project basis and on a

pro-rata share based on Credit Suisse’s net exposure percentage of the assets’ value.

Use of

Proceeds

category

Total

capacity

(MW)

Total

annual

kWh / kW

Total annual

metric tons

CO2 avoided

Credit Suisse

net exposure

(%) of asset

FMV

Credit Suisse

share of annual

metric tons CO2

avoided7

Renewable

energy (Solar)

453 9,269 397,070 46.9% 184,871

The annual metric tons of CO2 avoided are estimated based on the combined nominal capacity of the

eligible projects and an emissions factor of 0.000709 tCO2/kWh8. This emissions factor is based on

the U.S. national weighted average CO2 marginal emissions rate, and does not include any greenhouse

gases other than CO2.

To estimate Credit Suisse’s share of the impact, our net investment into each tax equity asset in the

eligible portfolio is divided by the initial appraised fair market value of the assets. This proportion is

then multiplied by the gross CO2 avoidance figures of the entirety of each project included in the

portfolio, and annualised on the basis of each project’s modelled term.

7 Indicates the sum of Credit Suisse’s share of CO2 avoided on an instrument level 8 Year 2019 data. Source: https://www.epa.gov/energy/greenhouse-gases-equivalencies-calculator-calculations-and-references

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Annex

Relevant eligibility criteria for the eligible green asset portfolio as of March 31st, 2021 is included

below. The Credit Suisse Green Finance Framework further details the criteria for the eligible project

or asset categories outlined in the framework.

Sector Criteria

Solar 1.1. Eligible Project & Assets relating to solar energy generation shall be

projects or assets that operate or are under construction to operate in one

or more of the following activities:

1.1.1. Solar electricity generation facilities

1.1.2. Wholly dedicated transmission infrastructure and other supporting

infrastructure for solar electricity generation facilities including

inverters, transformers, energy storage systems and control systems

1.1.3. Solar thermal facilities such as solar hot water systems

2. Non-solar fuel use

2.1. Eligible Project & Assets that have activities in solar electricity generation facilities or solar thermal facilities shall have a minimum of 85% of

electricity generated from solar energy resources

Low-carbon

buildings

1. Commercial buildings: Buildings must be in the top 15% of their city in terms of emissions performance. This “hurdle rate” in emissions terms ratchets down

to zero (carbon) in 2050

2. Residential buildings: Existing instruments such as local building codes, energy rating schemes (e.g. US Energy Star) and energy labeling schemes (e.g.

Energy Performance Certificates in the UK) are leveraged as proxies for

the achievement of the 15% hurdle rate

3. Upgrade projects: Building improvements that achieve emission reductions of

30% to 50% (depending on bond term) from a baseline will qualify for

certification

Clean

transportation

Low emission transport infrastructure and public transportation, including fully

electrified vehicles, fully electrified rolling stock and the associated transport

infrastructure.9

9 The eligible portfolio currently includes one USD 17.4m rolling stock asset as an exception to this criteria. This rolling stock is a bi-modal model

fuelled with hydrogenated vegetable oil (HVO), which will be fully electrified and replaced with batteries by 2025 in line with the electrification of the relevant railway line and infrastructure.

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Independent Limited Assurance Report

on the eligible Green asset portfolio and its environmental impact

To the Green Finance Committee of Credit Suisse AG, Zurich

We have been engaged to perform assurance procedures to provide limited assurance on the eligible Green asset portfolio and

its environmental impact performance indicators included in the published Green Bond Report (‘Report’) of Credit Suisse AG and

its consolidated subsidiaries (‘Credit Suisse‘ or the ‘CS AG’) for the period ended March 31, 2021.

Scope and subject matter

Our limited assurance engagement focused on the eligible Green asset portfolio included in the Green Bond Report prepared

based on the Credit Suisse “Green Finance Framework”, published in June 2019.

Furthermore our limited assurance engagement focused on selected environmental impact performance indicators as of March

31, 2021 published in the Green Bond Report, by assessing the following data and information: ‘Total capacity (MW)’, ‘Total

annual kWh/ kW’, ‘Total annual metric tons CO2 avoided’, ‘Credit Suisse net exposure (%) of asset FMV’ and ‘Credit Suisse

share of annual metric tons CO2 avoided’ as disclosed on page 8 of the Report.

Criteria

The eligible Green asset portfolio included in the Report was prepared based on Credit Suisse “Green Finance Framework”,

published in June 2019. The eligibility criteria used for the preparation of the eligible Green asset portfolio is categorized and

described in chapter “Use of Proceeds” in the Credit Suisse “Green Finance Framework”. The “Use of Proceeds” chapter in the

Credit Suisse “Green Finance Framework” is consistent with the “Use of Proceeds” chapter in the Green Bond Principles (‘GBP‘)

2018 edition issued by the International Capital Market Association (‘ICMA‘).

The environmental impact performance reporting criteria used by CS AG is described and disclosed on page 8 of the Report. The

estimate of the annual metric tons CO2 avoided is based on the combined nominal capacity of the eligible projects and the

emissions factor according to the U.S. national weighted average CO2 marginal emission rate.

Inherent limitations

The mapping of the GBP categories to environmental objectives of the CS AG’s eligible Green asset portfolio is a process of

project or asset evaluation and selection – under the second core component of the GBP - directed by the CS AG as the issuer of

a Green Bond and communicated to its investors. Attributions are indicative only, as the relevant objectives and their relative

contributions will be project or asset specific. Furthermore, the eligible Green project or asset may also be deemed to contribute

to various objectives not necessarily with a given priority among them. The list of project categories in ICMA’s GBP guidance,

while indicative, captures the most commonly used types of projects supported by or expected to be supported by the Green

Bond market. Thus, the assessment is based on the CS AG’s judgement and CS AG’s common understanding of what qualifies

as an eligible Green project or asset and how it may contribute positively to environmental objectives. It is therefore possible that

a categorisation of an eligible Green project or an asset is interpreted differently by a report reader.

The accuracy and completeness of environmental impact indicators are subject to inherent limitations given their nature and

methods for determining, calculating and estimating such data. Our assurance report should therefore be read in connection with

the CS AG’s methodology described on page 8 of the Report on environmental impact indicators reporting. Further, the

greenhouse gas quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine

emissions factors and the values needed to combine emissions of different gases.

PricewaterhouseCoopers Ltd, Birchstrasse 160, P.O. Box, CH-8050 Zurich, Switzerland Telephone: +41 58 792 44 00, Facsimile: +41 58 792 44 10, www.pwc.ch PricewaterhouseCoopers Ltd is a member of a global network of companies that are legally independent of one another.

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Green Finance Committee’ responsibility

The Green Finance Committee of Credit Suisse AG is responsible for the eligible Green asset portfolio, the Credit Suisse “Green

Finance Framework” and the environmental impact performance indicators, as well for preparing the Green Bond Report which

involves the selection, preparation and presentation of the information in accordance with the eligibility criteria and the

environmental impact performance reporting criteria. This responsibility includes the design, implementation and maintenance of

related internal controls relevant to the preparation of the Green Bond Report and the determination of environmental impact

performance indicators that are free from material misstatement, whether due to fraud or error. Furthermore, the Green Finance

Committee is responsible for the selection and application of the eligibility criteria and adequate record keeping.

Our independence and quality control

We are independent of CS AG in accordance with the International Code of Ethics for Professional Accountants (including

International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) that

are relevant to our audit of the financial statements and other assurance engagements in Switzerland. We have fulfilled our other

ethical responsibilities in accordance with the IESBA Code.

Our firm applies International Standard on Quality Control 1 and accordingly maintains a comprehensive system of quality control

including documented policies and procedures regarding compliance with ethical requirements, professional standards and

applicable legal and regulatory requirements.

Our responsibility

Our responsibility is to perform an assurance engagement and to express a conclusion on the eligible Green asset portfolio and

the environmental impact performance indicators as reported in Green Bond Report. We planned and performed our procedures

in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) ‘Assurance engagements other

than audits or reviews of historical financial information‘ and ISAE 3410 ‘Assurance Engagements on Greenhouse Gas

Statements’. The standards require that we plan and perform the assurance engagement to obtain limited assurance on whether

anything comes to our attention to indicate that the eligible Green asset portfolio is not allocated, in all material respects, in

accordance with the eligibility Criteria and whether the identified environmental impact performance indicators are free from

material misstatement.

A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the

risk assessment procedures, including procedures performed in response to the assessed risks. Consequently, the nature, timing

and extent of procedures for gathering sufficient appropriate evidence are deliberately limited relative to a reasonable assurance

engagement and therefore less assurance is obtained with a limited assurance engagement than for a reasonable assurance

engagement. The procedures selected depend on the assurance practitioner’s judgement.

We performed the following procedures, among others:

Reviewing the application of eligibility criteria on a sample of projects and assets in the eligible Green asset portfolio and

inspecting the relevant source documentation;

Interviewing CS AG’s representatives responsible for the Use of Proceeds process and the environmental impact

performance indicators;

Performing procedures on a sample basis to verify that projects and assets in the eligible Green asset portfolio have been

appropriately recorded, collated and reported;

Performing tests on a sample basis of evidence supporting the selected environmental impact performance indicators as

outlined in the scope and subject matter section concerning completeness, accuracy, adequacy and consistency; and

Inspecting the relevant documentation on a sample basis regarding the Green Bond and Structures Notes disclosed in the

Report to confirm their reason of offer was associated with funding eligible Green project or asset.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

2 Credit Suisse AG | Independent Limited Assurance Report | Green Bond Report

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Limited assurance conclusion

Based on our work performed, nothing has come to our attention causing us to believe that:

a) In all material aspects, the eligible Green asset portfolio included in the published Green Bond Report of CS AG for the

period ended March 31, 2021 is not eligible based on the Credit Suisse “Green Finance Framework”; and

b) The environmental impact performance indicators included in the published Green Bond Report of CS AG for the period

ended March 31, 2021 as described in the scope and subject matter section are not prepared and disclosed in all

material respects and the annual metric tons CO2 avoided is not calculated in accordance with on the combined

nominal capacity of the eligible projects and the emissions factor according to the U.S. national weighted average CO2

marginal emission rate.

PricewaterhouseCoopers AG

Christophe Bourgoin Raphael Rutishauser

Zurich, August 27, 2021

3 Credit Suisse AG | Independent Limited Assurance Report | Green Bond Report

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CREDIT SUISSE AG Paradeplatz 8

8070 Zürich

Switzerland

www.credit-suisse.com/greenfinance