Credit Suisse Asset Management update on Supply Chain Finance Funds; next distribution to investors of USD 1.7 billion

As at April 9, 2021 we have collected USD 2.0 billion from receivables redeemed since March 1, 2021. This results in cash and cash equivalent levels currently in the SCFFs amounting to USD 2.3 billion. The total cash position, including the USD 3.1 billion that already has been distributed to investors, thus amounts to USD 5.4 billion, or more than half of the total Assets under Management of the four funds at the time of their suspension. We are therefore able to announce a second cash distribution to investors, amounting to USD 1.7 billion, commencing today. This takes the total distribution so far to USD 4.8 billion.

Credit Suisse Asset Management continues to work on identifying and progressing options to secure recovery. Liquidation proceeds will be paid out to investors as soon as feasible in one or more instalments until the investors receive the funds’ total collected net liquidation proceeds. Investors will receive notification of such payments.

Credit Suisse Asset Management is in active dialogue with the Joint Administrators of Greensill Capital (UK) Ltd, Grant Thornton, and, where appropriate, is engaging directly with potentially delinquent obligors and other creditors. Claims will also be made under relevant insurance policies where there is evidence of non-payment or default. It is important to note that in many of these cases of non-payment or default, the obligors are firms with tangible assets. The current assessment is that there is potential for recovery in these cases although clearly there is a considerable degree of uncertainty as to the amounts that ultimately will be distributed to investors in respect of the funds. We will continue to report on the progress we are making with these situations as appropriate.

Furthermore, Credit Suisse Asset Management will consider appropriate legal actions to protect fund holders’ interests.'