Bond Swiss Credit 9% ( US22547QWH54 ) in USD

Swiss Credit

99.21 % ⇌

Switzerland

US22547QWH54 ( in USD )

9% per year ( payment 2 times a year)

29/11/2024 - Bond has expired

Prospectus brochure of the bond Credit Suisse US22547QWH54 in USD 9%, expired

1 000 USD

22547QWH5

N/A

Credit Suisse was a global investment bank and financial services company headquartered in Zurich, Switzerland, that was acquired by UBS in March 2023 following a significant financial crisis.

The Bond issued by Swiss Credit ( Switzerland ) , in USD, with the ISIN code US22547QWH54, pays a coupon of 9% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/11/2024

Unassociated Document
424B2 1 dp51442_424b2-u1113.htm FORM 424B2
Pric ing Supple m e nt N o. U 1 1 1 3
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,
November 24, 2014
Prospectus Supplement dated March 23, 2012 and
Prospectus dated March 23, 2012

Fina nc ia l $1,861,000
Produc t s
St e p-U p Cont inge nt Coupon Ca lla ble Y ie ld N ot e s due N ove m be r 2 9 , 2 0 2 4
Linked to the Performance of the EURO STOXX 50® Index and the Russell 2000® Index
Ge ne ra l
· The securities are designed for investors who are mildly bearish, neutral or mildly bullish on the Underlyings. 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 9.00% per annum on each Contingent Coupon Payment Date scheduled to occur during the 1st Step-Up Period (as defined below),
11.00% per annum on each Contingent Coupon Payment Date scheduled to occur during the 2nd Step-Up Period (as defined below) and 13.00% 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 February 27, 2015. No
contingent coupons will accrue or be payable following an Early Redemption.
· Senior unsecured obligations of Credit Suisse AG, acting through its London Branch, maturing November 29, 2024.
· Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
· The securities priced on November 24, 2014 (the "Trade Date") and are expected to settle on November 28, 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
Underlyings:
The securities are linked to the performance of the EURO STOXX 50® Index and the Russell 2000® Index. For more information on the
Underlyings, see "The Reference Indices--The EURO STOXX 50® Index" and "The Reference Indices--The Russell 2000® Index" in the
accompanying underlying supplement. Each 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

EU RO ST OX X 5 0 ® I nde x ("SX 5 E")
SX 5 E <I nde x >
3 2 1 1 .7 0
1 6 0 5 .8 5
2 4 0 8 .7 7 5

Russe ll 2 0 0 0 ® I nde x ("RT Y ")
RT Y <I nde x >
1 1 8 6 .9 4
5 9 3 .4 7
8 9 0 .2 0 5
Applicable Contingent
Coupon Rate:
Subject to Early Redemption, the Applicable Contingent Coupon Rate will be:

·
9.00% per annum on each Contingent Coupon Payment Date scheduled to occur from and including February 27, 2015 to
and including the Contingent Coupon Payment Date scheduled to occur on November 29, 2019 (such period, the "1st Step-
Up Period")

·
11.00% per annum on each Contingent Coupon Payment Date scheduled to occur from and including February 28, 2020 to
and including the Contingent Coupon Payment Date scheduled to occur on November 28, 2022 (such period, the "2nd Step-
Up Period")

·
13.00% per annum on each Contingent Coupon Payment Date scheduled to occur from and including February 28, 2023 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 Event:
A Coupon Barrier Event will occur with respect to a contingent coupon period if on the Observation Date for that contingent coupon
period the closing level of any Underlying is less than its Coupon Barrier Level.
Coupon Barrier Level:
For each Underlying, 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 February
Payment Dates:
27, 2015, May 28, 2015, August 28, 2015, November 30, 2015, February 29, 2016, May 31, 2016, August 29, 2016, November 28,
2016, February 28, 2017, May 30, 2017, August 28, 2017, November 28, 2017, February 28, 2018, May 29, 2018, August 28, 2018,
November 28, 2018, February 28, 2019, May 28, 2019, August 28, 2019, November 29, 2019, February 28, 2020, May 28, 2020, August
28, 2020, November 30, 2020, February 26, 2021, May 28, 2021, August 30, 2021, November 29, 2021, February 28, 2022, May 31,
2022, August 29, 2022, November 28, 2022, February 28, 2023, May 30, 2023, August 28, 2023, November 28, 2023, February 28,
2024, May 28, 2024, August 28, 2024 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 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.

Pric e t o Public (1 )
U nde rw rit ing Disc ount s a nd 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
$ 4 3 .8 5
$ 9 5 6 .1 5
T ot a l
$ 1 ,8 6 1 ,0 0 0 .0 0
$ 8 1 ,6 0 4 .8 5
$ 1 ,7 7 9 ,3 9 5 .1 5
(1) Certain fiduciary accounts may pay a purchase price of at least $956.15 per $1,000 principal amount of securities, and the placement agent will forgo any fees
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Unassociated Document
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 $43.85 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 2 8 .1 5 (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
Am ount of Re gist ra t ion Fe e
Pric e
N ot e s
$ 1 ,8 6 1 ,0 0 0 .0 0
$ 2 1 6 .2 5
I nc a pit a l LLC
Pla c e m e nt Age nt
(continued on next page)
November 24, 2014

(continued from previous page)
Redemption Amount:
At maturity, the Redemption Amount you will be entitled to receive will depend on the individual performance of each 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 of the Lowest Performing Underlying. 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 February 27, 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 February 24, 2015,
Dates:
May 22, 2015, August 25, 2015, November 24, 2015, February 24, 2016, May 25, 2016, August 24, 2016, November 22, 2016,
February 23, 2017, May 24, 2017, August 23, 2017, November 22, 2017, February 23, 2018, May 23, 2018, August 23, 2018,
November 23, 2018, February 25, 2019, May 22, 2019, August 23, 2019, November 25, 2019, February 25, 2020, May 22, 2020,
August 25, 2020, November 24, 2020, February 23, 2021, May 25, 2021, August 25, 2021, November 23, 2021, February 23, 2022,
May 25, 2022, August 24, 2022, November 22, 2022, February 23, 2023, May 24, 2023, August 23, 2023, November 22, 2023,
February 23, 2024, May 22, 2024 or August 23, 2024, as applicable.
Knock-In Event:
A Knock-In Event will occur if the Final Level of any Underlying is less than its Knock-In Level.
Knock-In Level:
For each Underlying, as set forth in the table above.
Lowest Performing
Underlying:
The Underlying with the lowest Underlying Return.
Underlying Return:
For each Underlying, the Underlying Return will be calculated as follows:

Final Level - Initial Level , subject to a maximum of zero
Initial Level
Initial Level:
For each Underlying, as set forth in the table above.
Final Level:
For each Underlying, the closing level of such Underlying on the Valuation Date.
Observation Dates:
February 24, 2015, May 22, 2015, August 25, 2015, November 24, 2015, February 24, 2016, May 25, 2016, August 24, 2016,
November 22, 2016, February 23, 2017, May 24, 2017, August 23, 2017, November 22, 2017, February 23, 2018, May 23, 2018,
August 23, 2018, November 23, 2018, February 25, 2019, May 22, 2019, August 23, 2019, November 25, 2019, February 25, 2020,
May 22, 2020, August 25, 2020, November 24, 2020, February 23, 2021, May 25, 2021, August 25, 2021, November 23, 2021,
February 23, 2022, May 25, 2022, August 24, 2022, November 22, 2022, February 23, 2023, May 24, 2023, August 23, 2023,
November 22, 2023, February 23, 2024, May 22, 2024, August 23, 2024 and the Valuation Date.
Valuation Date:
November 25, 2024
Maturity Date:
November 29, 2024
Listing:
The securities will not be listed on any securities exchange.
CUSIP:
22547QWH5
The determination of the closing level for each Underlying on each Observation Date (other than the Valuation Date) is subject to postponement if such date is not
a trading day for such Underlying or as a result of a market disruption event in respect of such Underlying, as described herein under "Market Disruption Events."
The Valuation Date is subject to postponement in respect of each Underlying if such date is not an underlying business day for such Underlying or as a result of a
market disruption event in respect of such Underlying, 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 any 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 for any Underlying, as
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Unassociated Document
applicable, or as a result of a market disruption event in respect of any Underlying.

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.

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 of the Lowest Performing Underlying 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 9.00% 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 11.00% 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 13.00% per annum and assume that (i) the securities are not redeemed prior to maturity, (ii) the term of the securities
is exactly 10 years, (iii) the Coupon Barrier Level for each Underlying is 75% of the Initial Level of such Underlying and (iv) the Knock-In
Level for each Underlying is 50% of the Initial Level of such Underlying. 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.
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Unassociated Document

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 of
the Lowest Performing Underlying. It is not possible to predict 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 Final Level of the Lowest Performing Underlying will
decrease in comparison to its Initial 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
from t he I nit ia l Le ve l
t o t he Fina l Le ve l of t he
U nde rlying Re t urn of
Re de m pt ion Am ount
Low e st Pe rform ing
t he Low e st Pe rform ing (e x c luding c ont inge nt c oupon
T ot a l Cont inge nt
U nde rlying
U nde rlying
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

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 -up pe riod
st e p -up 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
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Unassociated Document
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

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 -up pe riod
st e p -up pe riod
A Coupon Barrier Event does not occur
$330.00
A Coupon Barrier Event occurs on 1 Observation Date
$302.50
A Coupon Barrier Event occurs on 2 Observation Dates
$275.00
A Coupon Barrier Event occurs on 3 Observation Dates
$247.50
A Coupon Barrier Event occurs on 4 Observation Dates
$220.00
A Coupon Barrier Event occurs on 5 Observation Dates
$192.50
A Coupon Barrier Event occurs on 6 Observation Dates
$165.00
A Coupon Barrier Event occurs on 7 Observation Dates
$137.50
A Coupon Barrier Event occurs on 8 Observation Dates
$110.00
A Coupon Barrier Event occurs on 9 Observation Dates
$82.50
A Coupon Barrier Event occurs on 10 Observation Dates
$55.00
A Coupon Barrier Event occurs on 11 Observation Dates
$27.50
A Coupon Barrier Event occurs on 12 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 -up pe riod
st e p -up pe riod
A Coupon Barrier Event does not occur
$260.00
A Coupon Barrier Event occurs on 1 Observation Date
$227.50
A Coupon Barrier Event occurs on 2 Observation Dates
$195.00
A Coupon Barrier Event occurs on 3 Observation Dates
$162.50
A Coupon Barrier Event occurs on 4 Observation Dates
$130.00
A Coupon Barrier Event occurs on 5 Observation Dates
$97.50
A Coupon Barrier Event occurs on 6 Observation Dates
$65.00
A Coupon Barrier Event occurs on 7 Observation Dates
$32.50
A Coupon Barrier Event occurs on 8 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 : A K noc k -I n Eve nt oc c urs be c a use t he Fina l Le ve l of a n U nde rlying is le ss t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
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Unassociated Document
SX5E
110% of Initial Level
RTY
40% of Initial Level

Since the Final Level of RTY is less than its Knock-In Level, a K noc k -I n Eve nt oc c urs . RTY is also the Lowest Performing
Underlying.

Therefore, the Underlying Return of the Lowest Performing Underlying will equal:

Final Level of RTY Initial Level of RTY
Initial Level of RTY

= -0 .6 0

The Redemption Amount = principal amount of the securities × (1 + Underlying Return of the Lowest Performing Underlying)

= $1,000 × (1 0.60) = $ 4 0 0

Ex a m ple 2 : A K noc k -I n Eve nt doe s not oc c ur be c a use t he Fina l Le ve l of e a c h U nde rlying is e qua l t o or gre a t e r
t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
SX5E
80% of Initial Level
RTY
90% of Initial Level

Since the Final Level of each Underlying is not less than its Knock-In Level, a Knock-In Event does not occur.

Therefore, the Redemption Amount equals $ 1 ,0 0 0 .

4

Ex a m ple 3 : A K noc k -I n Eve nt doe s not oc c ur be c a use t he Fina l Le ve l of e a c h U nde rlying is e qua l t o or gre a t e r
t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
SX5E
110% of Initial Level
RTY
110% of Initial Level

Since the Final Level of each Underlying is not less than its Knock-In Level, a Knock-In Event does not occur.

Therefore, the Redemption Amount equals $ 1 ,0 0 0 .

5

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
Underlyings. 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 accrued and unpaid contingent
coupons, if any. If the Final Level of any Underlying is less than its Knock-In Level, you will be fully exposed to any
depreciation in the Lowest Performing 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 Final Level of the
Lowest Performing Underlying will decrease in comparison to its Initial Level. Any payment on the securities is subject to our
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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 ACCRU ED AN D U N PAI D
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 accrued and unpaid contingent coupon, if any, at maturity or upon early redemption.
Even if the Final Level of each Underlying is greater than its respective Initial Level, you will not participate in the
appreciation of any Underlying. Assuming the securities are held to maturity and the term of the securities is exactly 10
years, the maximum amount payable with respect to the securities is $2,040 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 Underlyings, 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 REDEM PT I ON AM OU N T PAY ABLE AT M AT U RI T Y WI LL BE LESS T H AN T H E PRI N CI PAL AM OU N T
OF T H E SECU RI T I ES EV EN I F A K N OCK -I N EV EN T OCCU RS WI T H RESPECT T O ON LY ON E
U N DERLY I N G -- Even if the Final Level of only one Underlying is less than its Knock-In Level, a Knock-In Event will
have occurred. In this case, the Redemption Amount payable at maturity will be less than the principal amount 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 February 27, 2015, upon notice to the trustee on or before the immediately preceding Early Redemption Notice Date.
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 accrued and unpaid contingent coupon payable, if any, on that Contingent Coupon Payment Date. In this case, you
will lose the opportunity to continue to accrue

6

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 APPLI CABLE 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 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 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.

·
Y OU R RET U RN WI LL BE BASED ON T H E I N DI V I DU AL RET U RN OF EACH U N DERLY I N G --If a Coupon
Barrier Event occurs on an Observation Date, even with respect to only one Underlying, you will not receive any contingent
coupon payment for the corresponding contingent coupon period. Additionally, because the Redemption Amount will be
determined based on the Underlying Return of the Lowest Performing Underlying, you will not benefit from the performance
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of any other Underlying. If a Knock-In Event occurs, even with respect to only one Underlying, the Underlying Return of the
Lowest Performing Underlying will be negative and you will receive less than the principal amount of your securities at
maturity.

·
SI N CE T H E SECU RI T I ES ARE LI N K ED T O T H E PERFORM AN CE OF M ORE T H AN ON E U N DERLY I N G,
Y OU WI LL BE FU LLY EX POSED T O T H E RI SK OF FLU CT U AT I ON S I N T H E LEV EL OF EACH
U N DERLY I N G -- Since the securities are linked to the performance of more than one Underlying, the securities will be
linked to the individual performance of each Underlying. Because the securities are not linked to a basket, in which case the
risk is mitigated and diversified among all of the components of a basket, you will be exposed to the risk of fluctuations in
the levels of the Underlyings to the same degree for each Underlying. For example, in the case of securities linked to a
basket, the return would depend on the weighted aggregate performance of the basket components as reflected by the
basket return. Thus, the depreciation of any basket component could be mitigated by the appreciation of another basket
component, to the extent of the weightings of such components in the basket. However, in the case of securities linked to
the lowest performing Underlying, the individual performance of each Underlying is not combined to calculate your return and
the depreciation of any Underlying is not mitigated by the appreciation of any other Underlying. Instead, if a Knock-In Event
occurs, the Redemption Amount payable at maturity will be based on the lowest performing of the Underlyings to which the
securities are linked. Likewise, if on any Observation Date, the closing level of any Underlying is less than its Coupon Barrier
Level, no contingent coupon will be paid for the corresponding contingent coupon period.

·
RI SK S ASSOCI AT ED WI T H I N V EST M EN T S I N SECU RI T I ES LI N K ED T O T H E PERFORM AN CE OF
FOREI GN EQU I T Y SECU RI T I ES -- The equity securities included in the EURO STOXX 50® Index are issued by foreign
companies and trade in foreign securities markets. Investments in securities linked to the value of foreign equity securities
involve risks associated with the securities markets in those countries, including the risk of volatility in those markets,
governmental intervention in those markets and cross-shareholdings in companies in certain countries. Foreign companies
are subject to accounting, auditing and financial reporting standards and requirements different from those applicable to U.S.
reporting companies.

·
T H E SECU RI T I ES ARE LI N K ED T O T H E RU SSELL 2 0 0 0 ® I N DEX AN D ARE SU BJ ECT T O T H E RI SK S
ASSOCI AT ED WI T H SM ALL -CAPI T ALI Z AT I ON COM PAN I ES -- The Russell 2000® Index is composed of equity
securities issued by companies with relatively small market capitalization. These equity securities often have greater stock
price volatility, lower trading volume and less liquidity than the equity securities of large-capitalization companies, and are
more vulnerable to adverse business and economic developments than those of large-capitalization companies. In addition,
small-capitalization companies are typically less established and less stable financially than large-capitalization companies.
These companies may depend on a small number of key personnel, making them more vulnerable to loss of personnel.
Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service
markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more

7

susceptible to adverse developments related to their products. Therefore, the Russell 2000® Index may be more volatile than
it would be if it were composed of equity securities issued by large-capitalization companies.

·
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
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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.

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

8

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
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 levels of the Underlyings, 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:
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o
the expected volatility of the Underlyings;

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 Underlyings;

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 Underlyings or markets generally and which may affect the levels of the Underlyings;
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 GS -- Your return on the securities will not reflect the
return you would realize if you actually owned the assets that comprise the Underlyings. The return on your investment,
which is based on the percentage change in the Underlyings, is not the same as the total return you would receive based on
the purchase of the equity securities that comprise the Underlyings.

9

·
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
Underlyings.

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
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 Underlyings 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.

10

H ist oric a l I nform a t ion

The following graphs set forth the historical performance of the Underlyings based on the closing level of each Underlying from January
2, 2009 through November 24, 2014. The closing level of the EURO STOXX 50® Index on November 24, 2014 was 3211.70. The closing
level of the Russell 2000® Index on November 24, 2014 was 1186.94. We obtained the historical information below from Bloomberg,
without independent verification.

You should not take the historical levels of the Underlyings as an indication of future performance of the Underlyings or the securities.
Any historical trend in the levels of the Underlyings during any period set forth below is not an indication that the levels of the
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