Obbligazione Swiss Credit 7% ( US22547QYM22 ) in USD

Swiss Credit

101.85 USD ▲

Svizzera

US22547QYM22 ( in USD )

7% per anno ( pagato 2 volte l'anno)

26/12/2029

Prospetto opuscolo dell'obbligazione Credit Suisse US22547QYM22 en USD 7%, scadenza 26/12/2029

1 000 USD

22547QYM2

N/A

26/12/2025 ( In 146 giorni )

Credit Suisse è stata una grande banca svizzera, fallita nel marzo 2023 e acquisita da UBS.

L'analisi di una specifica obbligazione, identificata dai codici ISIN US22547QYM22 e CUSIP 22547QYM2, rivela che si tratta di un titolo di debito emesso dall'istituzione finanziaria svizzera Credit Suisse, una banca globale di rilevanza storica con sede in Svizzera, che attualmente quota sul mercato al 101.85% del suo valore nominale in dollari statunitensi (USD), offrendo un tasso d'interesse annuale del 7% su base semestrale, con un importo minimo di sottoscrizione fissato a 1.000 unità e una data di scadenza prevista per il 26 dicembre 2029.

424B2 1 dp52077_424b2-u1135.htm PRICING SUPPLEMENT NO. 1135
Pric ing Supple m e nt N o. U 1 1 3 5
Filed Pursuant to Rule 424(b)(2)
To the Underlying Supplement dated July 29, 2013,
Registration Statement No. 333-180300-03
Product Supplement No. U-I dated March 23, 2012,
December 22, 2014
Prospectus Supplement dated March 23, 2012 and
Prospectus dated March 23, 2012

Fina nc ia l
$ 3 ,8 7 3 ,0 0 0
Produc t s Step-Up Contingent Coupon Callable Yield Notes due December 26, 2029
Link e d t o t he Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Ge ne ra l
· The securities are designed for investors who are mildly bearish, neutral or mildly bullish on the Underlying. Investors should be willing to lose some
or all of their investment if a Knock-In Event occurs. Any payment on the securities is subject to our ability to pay our obligations as they become
due.
· Subject to Early Redemption, if, for any contingent coupon period, a Coupon Barrier Event does not occur, we will pay a contingent coupon at an
Applicable Contingent Coupon Rate of 7.00% per annum on each Contingent Coupon Payment Date scheduled to occur during the 1st Step-Up
Period (as defined below), 8.00% per annum on each Contingent Coupon Payment Date scheduled to occur during the 2nd Step-Up Period (as
defined below) and 9.00%]per annum on each Contingent Coupon Payment Date scheduled to occur during the 3rd Step-Up Period (as defined
below). If a Coupon Barrier Event occurs on any Observation Date, no contingent coupon will be paid for the corresponding contingent coupon
period. Contingent coupons will be calculated on a 30/360 basis from and including the Settlement Date to and excluding the earlier of the Early
Redemption Date and the Maturity Date, as applicable.
· The Issuer may redeem the securities, in whole but not in part, on any Contingent Coupon Payment Date scheduled to occur on or after March 26,
2015. No contingent coupons will be payable following an Early Redemption.
· Senior unsecured obligations of Credit Suisse AG, acting through its London Branch, maturing December 26, 2029.
· Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
· The securities priced on December 22, 2014 (the "Trade Date") and are expected to settle on December 26, 2014 (the "Settlement Date"). Delivery
of the securities in book-entry form only will be made through The Depository Trust Company.
K e y T e rm s
Issuer:
Credit Suisse AG ("Credit Suisse"), acting through its London Branch
Underlying:
The securities are linked to the performance of the S&P 500® Index. For more information on the Underlying, see "The Reference
Indices--The S&P Dow Jones Indices--The S&P 500® Index" in the accompanying underlying supplement. The Underlying is
identified in the table below, together with its Bloomberg ticker symbol, Initial Level, Knock-In Level and Coupon Barrier Level:

Coupon Ba rrie r
U nde rlying
T ic k e r
I nit ia l Le ve l
K noc k -I n Le ve l
Le ve l

S& P 5 0 0 ® I nde x
SPX <I nde x >
2 0 7 8 .5 4
1 0 3 9 .2 7 0
1 5 0 6 .9 4 2
Applicable
Contingent
Coupon Rate:
Subject to Early Redemption, the Applicable Contingent Coupon Rate will be:

·
7.00% per annum on each Contingent Coupon Payment Date scheduled to occur from and including March 26, 2015
to and including the Contingent Coupon Payment Date scheduled to occur on December 26, 2019 (such period, the
"1st Step-Up Period")

·
8.00% per annum on each Contingent Coupon Payment Date scheduled to occur from and including March 26, 2020
to and including the Contingent Coupon Payment Date scheduled to occur on December 26, 2024 (such period, the
"2nd Step-Up Period")

·
9.00% per annum on each Contingent Coupon Payment Date scheduled to occur from and including March 26, 2025
to and excluding the scheduled Maturity Date (such period, the "3rd Step-Up Period")

If a Coupon Barrier Event occurs, no contingent coupon will be paid for the corresponding contingent coupon period. Contingent
coupons will be calculated on a 30/360 basis from and including the Settlement Date to and excluding the earlier of the Early
Redemption Date and the Maturity Date, as applicable.
Coupon Barrier
A Coupon Barrier Event will occur with respect to a contingent coupon period if on the Observation Date for that contingent
Event:
coupon period the closing level of the Underlying is less than the Coupon Barrier Level.
Coupon Barrier
Level:
As set forth in the table above.
Contingent Coupon Subject to Early Redemption, unless a Coupon Barrier Event occurs, contingent coupons will be paid quarterly in arrears on
Payment
March 26, 2015, June 26, 2015, September 28, 2015, December 28, 2015, March 28, 2016, June 27, 2016, September 26, 2016,
Dates:
December 27, 2016, March 27, 2017, June 26, 2017, September 26, 2017, December 26, 2017, March 26, 2018, June 26, 2018,
September 26, 2018, December 26, 2018, March 26, 2019, June 26, 2019, September 26, 2019, December 26, 2019, March 26,
2020, June 26, 2020, September 28, 2020, December 28, 2020, March 26, 2021, June 28, 2021, September 27, 2021, December
27, 2021, March 28, 2022, June 27, 2022, September 26, 2022, December 27, 2022, March 27, 2023, June 26, 2023, September
26, 2023, December 26, 2023, March 26, 2024, June 26, 2024, September 26, 2024, December 26, 2024, March 26, 2025, June
26, 2025, September 26, 2025, December 26, 2025, March 26, 2026, June 26, 2026, September 28, 2026, December 28, 2026,
March 26, 2027, June 28, 2027, September 27, 2027, December 27, 2027, March 27, 2028, June 26, 2028, September 26, 2028,
December 26, 2028, March 26, 2029, June 26, 2029, September 26, 2029 and the Maturity Date, subject to the modified following
business day convention. No contingent coupons will accrue or be payable following an Early Redemption. Contingent coupons
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will be payable to the holders of record at the close of business on the business day immediately preceding the applicable
Contingent Coupon Payment Date, provided that the contingent coupon payable on the Early Redemption Date or Maturity Date,
as applicable, will be payable to the person to whom the Early Redemption Amount or the Redemption Amount, as applicable, is
payable.
I nve st ing in t he se c urit ie s involve s a num be r of risk s. Se e "Se le c t e d Risk Conside ra t ions" in t his pric ing supple m e nt a nd
"Risk Fa c t ors" be ginning on pa ge PS -3 of t he a c c om pa nying produc t supple m e nt .
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon
the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement, the product supplement, the prospectus
supplement and the prospectus. Any representation to the contrary is a criminal offense.

U nde rw rit ing Disc ount s a nd
Pric e t o Public (1 )
Com m issions(2 )
Proc e e ds t o I ssue r
Pe r se c urit y
$ 1 ,0 0 0 .0 0
$ 5 0 .0 0
$ 9 5 0 .0 0
T ot a l
$ 3 ,8 7 3 ,0 0 0 .0 0
$ 1 9 3 ,6 5 0 .0 0
$ 3 ,6 7 9 ,3 5 0 .0 0
(1) Certain fiduciary accounts may pay a purchase price of at least $950.00 per $1,000 principal amount of securities, and the placement agent will
forgo any fees with respect to such sales.
(2) Incapital LLC will act as placement agents for the securities. The placement agents will receive a fee from Credit Suisse or one of our affiliates of
$50.00 per $1,000 principal amount of securities. For more detailed information, please see "Supplemental Plan of Distribution" on the last page of this
pricing supplement.

Cre dit Suisse c urre nt ly e st im a t e s t he va lue of e a c h $ 1 ,0 0 0 princ ipa l a m ount of t he se c urit ie s on t he T ra de Da t e is
$ 9 0 3 .0 0 (a s de t e rm ine d by re fe re nc e t o our pric ing m ode ls a nd t he ra t e w e a re c urre nt ly pa ying t o borrow funds t hrough
issua nc e of t he se c urit ie s (our "int e rna l funding ra t e ")). Se e "Se le c t e d Risk Conside ra t ions" in t his pric ing supple m e nt .
The securities are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency of the United States, Switzerland or any other jurisdiction.
CALCULATION OF REGISTRATION FEE
T it le of Ea c h Cla ss of Se c urit ie s Offe re d
M a x im um Aggre ga t e Offe ring Pric e
Am ount of Re gist ra t ion
Fe e
N ot e s
$ 3 ,8 7 3 ,0 0 0 .0 0
$ 9 5 0 .0 0
I nc a pit a l LLC
Pla c e m e nt Age nt
December 22, 2014
(continued on next page)

(continued from previous page)
Redemption Amount:
At maturity, the Redemption Amount you will be entitled to receive will depend on the individual performance of the
Underlying and whether a Knock-In Event occurs. Subject to Early Redemption, the Redemption Amount will be determined
as follows:

· If a Knock-In Event occurs, the Redemption Amount will equal the principal amount of the securities you hold multiplied by
the sum of one plus the Underlying Return. I n t his c a se , t he Re de m pt ion Am ount w ill be le ss t ha n $ 5 0 0
pe r $ 1 ,0 0 0 princ ipa l a m ount of se c urit ie s. Y ou c ould lose your e nt ire inve st m e nt .

· If a Knock-In Event does not occur, the Redemption Amount will equal the principal amount of the securities you hold.

Any payment on the securities is subject to our ability to pay our obligations as they become due.
Early Redemption:
Prior to the Maturity Date, the Issuer may redeem the securities in whole, but not in part, on any Contingent Coupon
Payment Date scheduled to occur on or after March 26, 2015 upon notice to the trustee on or before the immediately
preceding Early Redemption Notice Date at 100% of the principal amount of the securities (the "Early Redemption Amount"),
together with the contingent coupon, if any, payable on that Contingent Coupon Payment Date (the "Early Redemption
Date").
Early Redemption Notice Notice of Early Redemption will be provided prior to the relevant Contingent Coupon Payment Date on or before March 23,
Dates:
2015, June 23, 2015, September 23, 2015, December 22, 2015, March 22, 2016, June 22, 2016, September 21, 2016,
December 21, 2016, March 22, 2017, June 21, 2017, September 21, 2017, December 20, 2017, March 21, 2018, June 21,
2018, September 21, 2018, December 20, 2018, March 21, 2019, June 21, 2019, September 23, 2019, December 20, 2019,
March 23, 2020, June 23, 2020, September 23, 2020, December 22, 2020, March 23, 2021, June 23, 2021, September 22,
2021, December 21, 2021, March 23, 2022, June 22, 2022, September 21, 2022, December 21, 2022, March 22, 2023,
June 21, 2023, September 21, 2023, December 20, 2023, March 21, 2024, June 21, 2024, September 23, 2024, December
20, 2024, March 21, 2025, June 23, 2025, September 23, 2025, December 22, 2025, March 23, 2026, June 23, 2026,
September 23, 2026, December 22, 2026, March 23, 2027, June 23, 2027, September 22, 2027, December 21, 2027, March
22, 2028, June 21, 2028, September 21, 2028, December 20, 2028, March 21, 2029, June 21, 2029 or September 21, 2029,
as applicable.
Knock-In Event:
A Knock-In Event will occur if the Final Level is less than the Knock-In Level.
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Knock-In Level:
As set forth in the table above.
Underlying Return:
The Underlying Return will be calculated as follows:

Final Level - Initial Level
, subject to a maximum of zero
Initial Level
Initial Level:
As set forth in the table above.
Final Level:
The closing level of the Underlying on the Valuation Date.
Observation Dates:
March 23, 2015, June 23, 2015, September 23, 2015, December 22, 2015, March 22, 2016, June 22, 2016, September 21,
2016, December 21, 2016, March 22, 2017, June 21, 2017, September 21, 2017, December 20, 2017, March 21, 2018,
June 21, 2018, September 21, 2018, December 20, 2018, March 21, 2019, June 21, 2019, September 23, 2019, December
20, 2019, March 23, 2020, June 23, 2020, September 23, 2020, December 22, 2020, March 23, 2021, June 23, 2021,
September 22, 2021, December 21, 2021, March 23, 2022, June 22, 2022, September 21, 2022, December 21, 2022, March
22, 2023, June 21, 2023, September 21, 2023, December 20, 2023, March 21, 2024, June 21, 2024, September 23, 2024,
December 20, 2024, March 21, 2025, June 23, 2025, September 23, 2025, December 22, 2025, March 23, 2026, June 23,
2026, September 23, 2026, December 22, 2026, March 23, 2027, June 23, 2027, September 22, 2027, December 21, 2027,
March 22, 2028, June 21, 2028, September 21, 2028, December 20, 2028, March 21, 2029, June 21, 2029, September 21,
2029 and the Valuation Date.
Valuation Date:
December 20, 2029
Maturity Date:
December 26, 2029
Listing:
The securities will not be listed on any securities exchange.
CUSIP:
22547QYM2
The determination of the closing level for the Underlying on each Observation Date (other than the Valuation Date) is subject to postponement if such
date is not a trading day or as a result of a market disruption event, as described herein under "Market Disruption Events." The Valuation Date is
subject to postponement if such date is not an underlying business day or as a result of a market disruption event, as described in the accompanying
product supplement under "Description of the Securities--Market disruption events." The Contingent Coupon Payment Dates (including the Maturity
Date) are subject to postponement, each as described herein, if such date is not a business day or if (a) the determination of the closing level for the
Underlying on the corresponding Observation Date (other than the Valuation Date) is postponed or (b) the Valuation Date is postponed, in each case
because such date is not a trading day or an underlying business day, as applicable, or as a result of a market disruption event.

Addit iona l T e rm s Spe c ific t o t he Se c urit ie s

You should read this pricing supplement together with the underlying supplement dated July 29, 2013, the product supplement dated
March 23, 2012, the prospectus supplement dated March 23, 2012 and the prospectus dated March 23, 2012, relating to our Medium-
Term Notes of which these securities are a part. You may access these documents on the SEC website at www.sec.gov as follows (or if
such address has changed, by reviewing our filings for the relevant date on the SEC website):

·
Underlying supplement dated July 29, 2013:

http://www.sec.gov/Archives/edgar/data/1053092/000095010313004526/dp39753_424b2.htm

·
Product supplement No. U-I dated March 23, 2012:

http://www.sec.gov/Archives/edgar/data/1053092/000095010312001501/dp29492_424b2-ui.htm

·
Prospectus supplement and Prospectus dated March 23, 2012:

http://www.sec.gov/Archives/edgar/data/1053092/000104746912003186/a2208088z424b2.htm

Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this pricing supplement, the "Company," "we," "us," or "our"
refers to Credit Suisse.

This pricing supplement, together with the documents listed above, contains the terms of the securities and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, fact sheets,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. We may,
without the consent of the registered holder of the securities and the owner of any beneficial interest in the securities, amend the
securities to conform to its terms as set forth in this pricing supplement and the documents listed above, and the trustee is authorized to
enter into any such amendment without any such consent. You should carefully consider, among other things, the matters set forth in
"Risk Factors" in the product supplement and "Selected Risk Considerations" in this pricing supplement, as the securities involve risks
not associated with conventional debt securities. You should consult your investment, legal, tax, accounting and other advisors before
deciding to invest in the securities.
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1

H ypot he t ic a l Re de m pt ion Am ount s a nd T ot a l Pa ym e nt s on t he Se c urit ie s

The tables and examples below illustrate, for a $1,000 investment in the securities, hypothetical Redemption Amounts payable at
maturity for a hypothetical range of Underlying Returns and, in the case of Tables 2, 3 and 4, total contingent coupon payments over the
term of the securities, which will depend on the timing and number of Coupon Barrier Events that have occurred over the term of the
securities. The tables and examples below reflect that (a) if a Coupon Barrier Event does not occur on an Observation Date for any
contingent coupon period during the 1st Step-Up Period, a contingent coupon will be paid for the corresponding contingent coupon
period at a rate of 7.00% per annum, (b) if a Coupon Barrier Event does not occur on an Observation Date for any contingent coupon
period during the 2nd Step-Up Period, a contingent coupon will be paid for the corresponding contingent coupon period at a rate of
8.00% per annum and (c) if a Coupon Barrier Event does not occur on an Observation Date for any contingent coupon period during the
3rd Step-Up Period, a contingent coupon will be paid for the corresponding contingent coupon period at a rate of 9.00% per annum and
assume that (i) the securities are not redeemed prior to maturity, (ii) the term of the securities is exactly 15 years, (iii) the Coupon Barrier
Level is 72.50% of the Initial Level and (iv) the Knock-In Level is 50% of the Initial Level. The examples are intended to illustrate
hypothetical calculations of only the Redemption Amount and do not illustrate the calculation or payment of any individual contingent
coupon payment.

The hypothetical Redemption Amounts and total coupon payments set forth below are for illustrative purposes only. The actual
Redemption Amounts and total coupon payments applicable to a purchaser of the securities will depend on the timing and number of
Coupon Barrier Events that have occurred over the term of the securities, whether a Knock-In Event occurs and on the Final Level. It is
not possible to predict when and how many Coupon Barrier Events will occur, if any, or whether a Knock-In Event will occur, and, in the
event that there is a Knock-In Event, by how much the level of the Underlying will have decreased from its Initial Level to its Final Level.
You should consider carefully whether the securities are suitable to your investment goals. Any payment on the securities is subject to
our ability to pay our obligations as they become due. The numbers appearing in the tables and examples below have been rounded for
ease of analysis.

T ABLE 1 : Hypothetical Redemption Amounts

Pe rc e nt a ge Cha nge
Re de m pt ion Am ount
from t he I nit ia l Le ve l
(e x c luding c ont inge nt c oupon
T ot a l Cont inge nt
t o t he Fina l Le ve l
U nde rlying Re t urn
pa ym e nt s, if a ny)
Coupon Pa ym e nt s
100.00%
0.00%
$1,000.00
90.00%
0.00%
$1,000.00
80.00%
0.00%
$1,000.00
70.00%
0.00%
$1,000.00
60.00%
0.00%
$1,000.00
50.00%
0.00%
$1,000.00
40.00%
0.00%
$1,000.00
30.00%
0.00%
$1,000.00
20.00%
0.00%
$1,000.00
10.00%
0.00%
$1,000.00
0 .0 0 %
0 .0 0 %
$ 1 ,0 0 0 .0 0
(See table below)
-10.00%
-10.00%
$1,000.00
-20.00%
-20.00%
$1,000.00
-30.00%
-30.00%
$1,000.00
-40.00%
-40.00%
$1,000.00
-50.00%
-50.00%
$1,000.00
-5 0 .0 1 %
-5 0 .0 1 %
$ 4 9 9 .9 0
-60.00%
-60.00%
$400.00
-70.00%
-70.00%
$300.00
-80.00%
-80.00%
$200.00
-90.00%
-90.00%
$100.00
-100.00%
-100.00%
$0.00

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2

T ABLE 2 : Hypothetical contingent coupon payments during the 1st Step-Up Period.

Cont inge nt Coupon Pa ym e nt s during t he 1 st
N um be r of Coupon Ba rrie r Eve nt s during t he 1 st St e p-U p Pe riod
St e p-U p Pe riod
A Coupon Barrier Event does not occur
$350.00
A Coupon Barrier Event occurs on 1 Observation Date
$332.50
A Coupon Barrier Event occurs on 2 Observation Dates
$315.00
A Coupon Barrier Event occurs on 3 Observation Dates
$297.50
A Coupon Barrier Event occurs on 4 Observation Dates
$280.00
A Coupon Barrier Event occurs on 5 Observation Dates
$262.50
A Coupon Barrier Event occurs on 6 Observation Dates
$245.00
A Coupon Barrier Event occurs on 7 Observation Dates
$227.50
A Coupon Barrier Event occurs on 8 Observation Dates
$210.00
A Coupon Barrier Event occurs on 9 Observation Dates
$192.50
A Coupon Barrier Event occurs on 10 Observation Dates
$175.00
A Coupon Barrier Event occurs on 11 Observation Dates
$157.50
A Coupon Barrier Event occurs on 12 Observation Dates
$140.00
A Coupon Barrier Event occurs on 13 Observation Dates
$122.50
A Coupon Barrier Event occurs on 14 Observation Dates
$105.00
A Coupon Barrier Event occurs on 15 Observation Dates
$87.50
A Coupon Barrier Event occurs on 16 Observation Dates
$70.00
A Coupon Barrier Event occurs on 17 Observation Dates
$52.50
A Coupon Barrier Event occurs on 18 Observation Dates
$35.00
A Coupon Barrier Event occurs on 19 Observation Dates
$17.50
A Coupon Barrier Event occurs on 20 Observation Dates
$0.00

T ABLE 3 : Hypothetical contingent coupon payments during the 2nd Step-Up Period.

Cont inge nt Coupon Pa ym e nt s during t he 2 nd
N um be r of Coupon Ba rrie r Eve nt s during t he 2 nd St e p-U p Pe riod
St e p-U p Pe riod
A Coupon Barrier Event does not occur
$400.00
A Coupon Barrier Event occurs on 1 Observation Date
$380.00
A Coupon Barrier Event occurs on 2 Observation Dates
$360.00
A Coupon Barrier Event occurs on 3 Observation Dates
$340.00
A Coupon Barrier Event occurs on 4 Observation Dates
$320.00
A Coupon Barrier Event occurs on 5 Observation Dates
$300.00
A Coupon Barrier Event occurs on 6 Observation Dates
$280.00
A Coupon Barrier Event occurs on 7 Observation Dates
$260.00
A Coupon Barrier Event occurs on 8 Observation Dates
$240.00
A Coupon Barrier Event occurs on 9 Observation Dates
$220.00
A Coupon Barrier Event occurs on 10 Observation Dates
$200.00
A Coupon Barrier Event occurs on 11 Observation Dates
$180.00
A Coupon Barrier Event occurs on 12 Observation Dates
$160.00
A Coupon Barrier Event occurs on 13 Observation Dates
$140.00
A Coupon Barrier Event occurs on 14 Observation Dates
$120.00
A Coupon Barrier Event occurs on 15 Observation Dates
$100.00
A Coupon Barrier Event occurs on 16 Observation Dates
$80.00
A Coupon Barrier Event occurs on 17 Observation Dates
$60.00
A Coupon Barrier Event occurs on 18 Observation Dates
$40.00
A Coupon Barrier Event occurs on 19 Observation Dates
$20.00
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A Coupon Barrier Event occurs on 20 Observation Dates
$0.00

3

T ABLE 4 : Hypothetical contingent coupon payments during the 3rd Step-Up Period.

Cont inge nt Coupon Pa ym e nt s during t he 3 rd
N um be r of Coupon Ba rrie r Eve nt s during t he 3 rd St e p-U p Pe riod
St e p-U p Pe riod
A Coupon Barrier Event does not occur
$450.00
A Coupon Barrier Event occurs on 1 Observation Date
$427.50
A Coupon Barrier Event occurs on 2 Observation Dates
$405.00
A Coupon Barrier Event occurs on 3 Observation Dates
$382.50
A Coupon Barrier Event occurs on 4 Observation Dates
$360.00
A Coupon Barrier Event occurs on 5 Observation Dates
$337.50
A Coupon Barrier Event occurs on 6 Observation Dates
$315.00
A Coupon Barrier Event occurs on 7 Observation Dates
$292.50
A Coupon Barrier Event occurs on 8 Observation Dates
$270.00
A Coupon Barrier Event occurs on 9 Observation Dates
$247.50
A Coupon Barrier Event occurs on 10 Observation Dates
$225.00
A Coupon Barrier Event occurs on 11 Observation Dates
$202.50
A Coupon Barrier Event occurs on 12 Observation Dates
$180.00
A Coupon Barrier Event occurs on 13 Observation Dates
$157.50
A Coupon Barrier Event occurs on 14 Observation Dates
$135.00
A Coupon Barrier Event occurs on 15 Observation Dates
$112.50
A Coupon Barrier Event occurs on 16 Observation Dates
$90.00
A Coupon Barrier Event occurs on 17 Observation Dates
$67.50
A Coupon Barrier Event occurs on 18 Observation Dates
$45.00
A Coupon Barrier Event occurs on 19 Observation Dates
$22.50
A Coupon Barrier Event occurs on 20 Observation Dates
$0.00

The expected total contingent coupon payments over the term of the securities will depend on when and how many Coupon Barrier
Events occur. The total payment on the securities will be equal to the Redemption Amount applicable to an investor plus the total
contingent coupon payments on the securities over all the Step-Up Periods, if any.

The following examples illustrate how the Redemption Amount is calculated.

Ex a m ple 1 : T he le ve l of t he U nde rlying inc re a se s by 2 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. Since a Knock-In
Event has not occurred, the Redemption Amount is equal to the principal amount and the investor is entitled to receive at maturity a
payment in cash equal to $1,000 per $1,000 principal amount of securities.

Ex a m ple 2 : T he le ve l of t he U nde rlying de c re a se s by 1 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. Since a Knock-In
Event has not occurred, the Redemption Amount is equal to the principal amount even though the Final Level is less than the Initial
Level and the investor is entitled to receive at maturity a payment in cash equal to $1,000 per $1,000 principal amount of securities.

Ex a m ple 3 : T he le ve l of t he U nde rlying de c re a se s by 6 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l, so a K noc k -I n
Eve nt oc c urs. Since a Knock-In Event has occurred, the investor is entitled to receive at maturity a payment in cash equal to $400 per
$1,000 principal amount of securities.

4

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Se le c t e d Risk Conside ra t ions

An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in the
Underlying. These risks are explained in more detail in the "Risk Factors" section of the accompanying product supplement.

·
Y OU M AY RECEI V E LESS T H AN T H E PRI N CI PAL AM OU N T AT M AT U RI T Y -- You may receive less at maturity
than you originally invested in the securities, or you may receive nothing, excluding any applicable contingent coupons, if
any. If the Final Level is less than the Knock-In Level, you will be fully exposed to any depreciation in the Underlying. In this
case, the Redemption Amount you will be entitled to receive will be less than the principal amount of the securities, and you
could lose your entire investment. It is not possible to predict whether a Knock-In Event will occur, and in the event that
there is a Knock-In Event, by how much the level of the Underlying will have decreased from its Initial Level to its Final
Level. Any payment on the securities is subject to our ability to pay our obligations as they become due.

·
T H E SECU RI T I ES WI LL N OT PAY M ORE T H AN T H E PRI N CI PAL AM OU N T , PLU S T H E APPLI CABLE
CON T I N GEN T COU PON , I F AN Y , AT M AT U RI T Y OR U PON EARLY REDEM PT I ON -- The securities will not pay
more than the principal amount, plus the applicable contingent coupon, if any, at maturity or upon early redemption. Even if
the Final Level is greater than the Initial Level, you will not participate in the appreciation of the Underlying. Assuming the
securities are held to maturity and the term of the securities is exactly 15 years, the maximum amount payable with respect
to the securities is $2,200 for each $1,000 principal amount of the securities.

·
T H E SECU RI T I ES ARE SU BJ ECT T O T H E CREDI T RI SK OF CREDI T SU I SSE -- Although the return on the
securities will be based on the performance of the Underlying, the payment of any amount due on the securities, including
any applicable contingent coupon payments, if any, early redemption payment and payment at maturity, is subject to the
credit risk of Credit Suisse. Investors are dependent on our ability to pay all amounts due on the securities and, therefore,
investors are subject to our credit risk. In addition, any decline in our credit ratings, any adverse changes in the market's
view of our creditworthiness or any increase in our credit spreads is likely to adversely affect the value of the securities prior
to maturity.

·
I F A COU PON BARRI ER EV EN T OCCU RS ON AN Y OBSERV AT I ON DAT E, Y OU WI LL N OT RECEI V E AN Y
CON T I N GEN T COU PON PAY M EN T FOR T H E CORRESPON DI N G CON T I N GEN T COU PON PERI OD -- If a
Coupon Barrier Event occurs on an Observation Date, you will not receive any contingent coupon payment for the
corresponding contingent coupon period. For example, if a Coupon Barrier Event occurs on every Observation Date, you will
not receive any contingent coupon payments during the term of the securities.

·
T H E SECU RI T I ES ARE SU BJ ECT T O A POT EN T I AL EARLY REDEM PT I ON , WH I CH WOU LD LI M I T Y OU R
OPPORT U N I T Y T O ACCRU E CON T I N GEN T COU PON S OV ER T H E FU LL T ERM OF T H E SECU RI T I ES --The
securities are subject to a potential early redemption on any Contingent Coupon Payment Date scheduled to occur on or
after March 26, 2015, upon notice to the trustee on or before the immediately preceding Early Redemption Notice
Date. Market events could affect our decision to redeem the securities. For example, it is more likely that Credit Suisse will
redeem the securities prior to the Maturity Date at a time when Credit Suisse believes it will be likely to make contingent
coupon payments over the term of the securities and could issue a comparable debt security with a lower Contingent
Coupon Rate.

If the securities are redeemed prior to the Maturity Date, you will be entitled to receive the principal amount of your securities
and any applicable contingent coupon payable, if any, on that Contingent Coupon Payment Date. In this case, you will lose
the opportunity to continue to accrue and be paid contingent coupons from the date of Early Redemption to the scheduled
Maturity Date. If the securities are redeemed prior to the Maturity Date, you may be unable to invest in other securities with
a similar level of risk that yield as much contingent coupon as the securities.

·
T H E APPLI CABLE CON T I N GEN T COU PON RAT E AT A PART I CU LAR T I M E WI LL AFFECT OU R DECI SI ON
T O REDEEM T H E SECU RI T I ES -- It is more likely that we will redeem the securities

5

prior to their Maturity Date during periods when the remaining contingent coupons, if any, are to be paid on the securities at
a rate that is greater than that which we would pay on a conventional fixed-rate, non-callable debt security of comparable
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maturity. If we redeem the securities prior to maturity, you may not be able to invest in other securities with a similar level of
risk that yield as much total contingent coupon payments as the securities.

·
T H E EST I M AT ED V ALU E OF T H E SECU RI T I ES ON T H E T RADE DAT E M AY BE LESS T H AN T H E PRI CE
T O PU BLI C -- The initial estimated value of your securities on the Trade Date (as determined by reference to our pricing
models and our internal funding rate) may be significantly less than the original Price to Public. The Price to Public of the
securities includes the agent's discounts or commissions as well as transaction costs such as expenses incurred to create,
document and market the securities and the cost of hedging our risks as issuer of the securities through one or more of our
affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the securities.
These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and offering of the
securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third
parties).

On the Trade Date, we value the components of the securities in accordance with our pricing models. These include a fixed
income component valued using our internal funding rate, and individual option components valued using mid-market pricing.
Our option valuation models are proprietary. They take into account factors such as interest rates, volatility and time to
maturity of the securities, and they rely in part on certain assumptions about future events, which may prove to be incorrect.

Because Credit Suisse's pricing models may differ from other issuers' valuation models, and because funding rates taken
into account by other issuers may vary materially from the rates used by Credit Suisse (even among issuers with similar
creditworthiness), our estimated value at any time may not be comparable to estimated values of similar securities of other
issuers.

·
EFFECT OF I N T EREST RAT E U SED I N ST RU CT U RI N G T H E SECU RI T I ES -- The internal funding rate we use in
structuring notes such as these securities is typically lower than the interest rate that is reflected in the yield on our
conventional debt securities of similar maturity in the secondary market (our "secondary market credit spreads"). If on the
Trade Date our internal funding rate is lower than our secondary market credit spreads, we expect that the economic terms
of the securities will generally be less favorable to you than they would have been if our secondary market credit spread had
been used in structuring the securities. We will also use our internal funding rate to determine the price of the securities if we
post a bid to repurchase your securities in secondary market transactions. See "--Secondary Market Prices" below.

·
SECON DARY M ARK ET PRI CES -- If Credit Suisse (or an affiliate) bids for your securities in secondary market
transactions, which we are not obligated to do, the secondary market price (and the value used for account statements or
otherwise) may be higher or lower than the Price to Public and the estimated value of the securities on the Trade Date. The
estimated value of the securities on the cover of this pricing supplement does not represent a minimum price at which we
would be willing to buy the securities in the secondary market (if any exists) at any time. The secondary market price of your
securities at any time cannot be predicted and will reflect the then-current estimated value determined by reference to our
pricing models and other factors. These other factors include our internal funding rate, customary bid and ask spreads and
other transaction costs, changes in market conditions and any deterioration or improvement in our creditworthiness. In
circumstances where our internal funding rate is lower than our secondary market credit spreads, our secondary market bid
for your securities could be more favorable than what other dealers might bid because, assuming all else equal, we use the
lower internal funding rate to price the securities and other dealers might use the higher secondary market credit spread to
price them. Furthermore, assuming no change in market conditions from the Trade Date, the secondary market price of your
securities will be lower than the Price to Public because it will not include the agent's discounts or commissions and hedging
and other transaction costs. If you sell your securities to a dealer in a secondary market transaction, the dealer may impose
an additional discount or commission, and as a result the price you receive on your securities may be lower than the price at
which we may repurchase the securities from such dealer.

6

We (or an affiliate) may initially post a bid to repurchase the securities from you at a price that will exceed the then-current
estimated value of the securities. That higher price reflects our projected profit and costs that were included in the Price to
Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to
pay this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary
and is expected to decline over a period of approximately 90 days.

The securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a
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substantial loss to you. You should be willing and able to hold your securities to maturity.

·
LACK OF LI QU I DI T Y -- The securities will not be listed on any securities exchange. Credit Suisse (or its affiliates)
intends to offer to purchase the securities in the secondary market but is not required to do so. Even if there is a secondary
market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so. Because other
dealers are not likely to make a secondary market for the securities, the price at which you may be able to trade your
securities is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the securities. If you
have to sell your securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.

·
POT EN T I AL CON FLI CT S -- We and our affiliates play a variety of roles in connection with the issuance of the
securities, including acting as calculation agent and as agent of the issuer for the offering of the securities and hedging our
obligations under the securities and determining their estimated value. In performing these duties, the economic interests of
us and our affiliates are potentially adverse to your interests as an investor in the securities. Further, hedging activities may
adversely affect any payment on or the value of the securities. Any profit in connection with such hedging activities will be in
addition to any other compensation that we and our affiliates receive for the sale of the securities, which creates an
additional incentive to sell the securities to you.

·
M AN Y ECON OM I C AN D M ARK ET FACT ORS WI LL AFFECT T H E V ALU E OF T H E SECU RI T I ES -- In addition
to the level of the Underlying, the value of the securities will be affected by a number of economic and market factors that
may either offset or magnify each other, including:

o
the expected volatility of the Underlying;

o
the time to maturity of the securities;

o
the Early Redemption feature, which would limit the value of the securities;

o
the dividend rate on the equity securities comprising the Underlying;

o
interest and yield rates in the market generally;

o
investors' expectations with respect to the rate of inflation;

o
geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the
components comprising the Underlying or markets generally and which may affect the level of the Underlying; and

o
our creditworthiness, including actual or anticipated downgrades in our credit ratings.

Some or all of these factors may influence the price that you will receive if you choose to sell your securities prior to
maturity. The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from
another factor or factors.

·
N O OWN ERSH I P RI GH T S RELAT I N G T O T H E U N DERLY I N G -- Your return on the securities will not reflect the
return you would realize if you actually owned the assets that comprise the Underlying. The return on your investment, which
is based on the percentage change in the Underlying, is not the

7

same as the total return you would receive based on the purchase of the equity securities that comprise the Underlying.

·
N O DI V I DEN D PAY M EN T S OR V OT I N G RI GH T S -- As a holder of the securities, you will not have voting rights or
rights to receive cash dividends or other distributions or other rights with respect to the equity securities that comprise the
Underlying.

Supple m e nt a l U se of Proc e e ds a nd H e dging

We intend to use the proceeds of this offering for our general corporate purposes, which may include the refinancing of existing debt
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outside Switzerland. Some or all of the proceeds we receive from the sale of the securities may be used in connection with hedging our
obligations under the securities through one or more of our affiliates. Such hedging or trading activities on or prior to the Trade Date and
during the term of the securities (including on any Observation Date) could adversely affect the value of the Underlying and, as a result,
could decrease the amount you may receive on the securities at maturity. For additional information, see "Supplemental Use of Proceeds
and Hedging" in the accompanying product supplement.

8

H ist oric a l I nform a t ion

The following graph sets forth the historical performance of the Underlying based on the closing level of the Underlying from January 2,
2009 through December 22, 2014. The closing level of the S&P 500® Index on December 22, 2014 was 2078.54. We obtained the
historical information below from Bloomberg, without independent verification.

You should not take the historical levels of the Underlying as an indication of future performance of the Underlying or the securities. Any
historical trend in the level of the Underlying during any period set forth below is not an indication that the level of the Underlying is more
or less likely to increase or decrease at any time over the term of the securities.

For additional information on the S&P 500® Index, see "The Reference Indices--The S&P Dow Jones Indices--The S&P 500 ® Index" in
the accompanying underlying supplement.

9

M a rk e t Disrupt ion Eve nt s

If the calculation agent determines that on any Observation Date (other than the Valuation Date) a market disruption event (as defined in
the accompanying product supplement under "Description of the Securities--Market disruption events--For an equity-based reference
index") exists or if such day is not a trading day (as defined in the accompanying product supplement under "Description of the
Securities--Certain definitions"), then the determination of the closing level for the Underlying on such Observation Date will be
postponed to the first succeeding trading day on which the calculation agent determines that no market disruption event exists, unless
the calculation agent determines that a market disruption event exists on each of the five trading days immediately following such
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