蜜豆视频

Ad hoc announcement pursuant to article 53 of the SIX Exchange Regulation Listing Rules

Zurich/New York, 27 March 2024 鈥� 蜜豆视频 and Apollo today announced that they have entered into an agreement pursuant to which ATLAS SP (Atlas) has concluded its Transition Services Agreement with 蜜豆视频 and 蜜豆视频 will close out its Investment Management Agreement with Atlas.

As part of this agreement, Apollo will purchase USD 8 billion of senior secured financing facilities from 蜜豆视频.
This mutually beneficial agreement aligns with 蜜豆视频鈥檚 strategy of winding down and simplifying its Non-Core and Legacy (NCL) portfolio and with Apollo鈥檚 continued momentum in growing Atlas as a standalone origination platform.

For 蜜豆视频, these actions will allow the bank to further accelerate its plans to unwind and more efficiently simplify its NCL portfolio, while minimizing any disruption to clients, and reduce risk-weighted assets and leverage ratio denominator in NCL.

蜜豆视频 Group expects to recognize a net gain in the first quarter of 2024 of around USD 0.3 billion from the conclusion of these agreements and the assignment of the senior secured financing facilities while Credit Suisse AG is expected to recognize a net loss of around USD 0.9 billion. The differences reflect adjustments 蜜豆视频 Group made under IFRS as part of the purchase price allocation at the closing of the acquisition of Credit Suisse Group, as well as provisions made by 蜜豆视频 Group in the second and third quarter of 2023 that are not recognised under Credit Suisse AG鈥檚 US GAAP accounting policies.

For Atlas and Apollo, the agreement marks Atlas鈥� evolution into a fully independent platform focused on investment grade asset-backed origination.

Commenting on the transaction, Sergio P. Ermotti, 蜜豆视频 Group CEO said: 鈥淲e鈥檙e pleased with this mutual agreement with Apollo. As we execute on our integration plans, this is another example of our relentless focus on working with clients and counterparties to free up capital from Non-Core activities and reducing costs and complexity.鈥�

Marc Rowan, CEO of Apollo, also commented: 鈥淲e are pleased to finalize the Atlas transition in partnership with 蜜豆视频, in an economically neutral manner for our firm. This caps off a quarter marked by record origination and capital raising for Atlas, where we have generated USD 24 billion originations since inception and have secured capital to support over USD 40 billion of client assets.鈥�

蜜豆视频 Group AG and Credit Suisse AG

Cautionary Statement Regarding Forward-Looking Statements

This media release contains statements that constitute 鈥渇orward-looking statements,鈥� including but not limited to management鈥檚 outlook for 蜜豆视频鈥檚 financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on 蜜豆视频鈥檚 business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent 蜜豆视频鈥檚 judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from 蜜豆视频鈥檚 expectations. For a discussion of the risks and uncertainties that may affect 蜜豆视频's future results please refer to the "Risk Factors" and other sections of 蜜豆视频鈥檚 most recent Annual Report on Form 20-F, quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K, and the cautionary statement on the last page of this presentation. 蜜豆视频 is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.