Bond Swiss Credit 0% ( US22547T3243 ) in USD

Issuer Swiss Credit
Market price 33.05 %  ⇌ 
Country  Switzerland
ISIN code  US22547T3243 ( in USD )
Interest rate 0%
Maturity 29/11/2024 - Bond has expired



Prospectus brochure of the bond Credit Suisse US22547T3243 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 9 115 000 USD
Cusip 22547T324
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description 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 US22547T3243, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/11/2024







424B2 1 dp51435_424b2-t435.htm FORM 424B2
CALCULATION OF REGISTRATION FEE





Maximum Aggregate
Amount of Registration


Title
Offering Price
Fee
Notes

$9,115,250.00

$1,059.19


PRICING SUPPLEMENT No. T435
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-180300-03
Dated November 24, 2014

Credit Suisse AG $9,115,250 Trigger Performance Securities
Linked to the Performance of the S&P 500® Index due November 29, 2024
Principal at Risk Securities
I nve st m e nt De sc ript ion
These Trigger Performance Securities (the "Securities") are senior, unsecured obligations of Credit Suisse AG, acting through its
London Branch ("Credit Suisse" or the "Issuer") linked to the performance of the S&P 500® Index (the "Underlying"). The Securities will
rank pari passu with all of our other senior unsecured obligations. If the Underlying Return is greater than zero, Credit Suisse will pay
the Principal Amount at maturity plus a return equal to the product of (i) the Principal Amount multiplied by (ii) the Underlying Return
multiplied by (iii) the Upside Participation Rate of 152.10%. If the Underlying Return is equal to or less than zero, Credit Suisse will
either pay the full Principal Amount at maturity, or, if the Final Level is less than the Trigger Level, Credit Suisse will pay less than the
full Principal Amount at maturity, if anything, resulting in a loss of principal that is proportionate to the full depreciation of the
Underlying. In that case, you will lose a significant amount and possibly all of your investment. I nve st ing in t he Se c urit ie s
involve s signific a nt risk s. Y ou w ill not re c e ive int e re st or divide nd pa ym e nt s during t he t e rm of t he Se c urit ie s.
Y ou m a y lose som e or a ll of your Princ ipa l Am ount . T he c ont inge nt re pa ym e nt of princ ipa l a pplie s only if you
hold t he Se c urit ie s t o m a t urit y. Any pa ym e nt on t he Se c urit ie s, inc luding a ny re pa ym e nt of princ ipa l, is
subje c t t o t he a bilit y of Cre dit Suisse t o pa y it s obliga t ions a s t he y be c om e due . I f Cre dit Suisse w e re t o
de fa ult on it s obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he Se c urit ie s.
Fe a t ure s
K e y Da t e s *
Participation in Positive Underlying Returns: If the Underlying Trade Date
November 24, 2014
Return is greater than zero, Credit Suisse will pay the Principal Amount at
Settlement Date
November 28, 2014
maturity plus a return equal to the Underlying Return multiplied by the
Valuation Date*
November 22, 2024
Upside Participation Rate. If the Underlying Return is less than zero,
Maturity Date*
November 29, 2024
investors may be exposed to the negative Underlying Return at maturity.

* The Valuation Date is subject to postponement if such date is
Contingent Repayment of Principal at Maturity: If the
not an underlying business day or as a result of a market
Underlying Return is equal to or less than zero and the Final Level is not
disruption event, and the Maturity Date is subject to
postponement if such date is not a business day or if the
less than the Trigger Level, Credit Suisse will pay you the Principal
Valuation Date is postponed, in each case as described in
Amount at maturity. However, if the Final Level is less than the Trigger
the accompanying product supplement under "Description of
Level, Credit Suisse will pay you less than your full Principal Amount, if
the Securities--Market disruption events."
anything, resulting in a loss of your principal that is proportionate to the

full depreciation of the Underlying. The contingent repayment of principal
applies only if you hold the Securities to maturity. Any payment on the

Securities, including any repayment of principal, is subject to the ability of
Credit Suisse to pay its obligations as they become due.
N OT I CE T O I N V EST ORS: T H E SECU RI T I ES ARE SI GN I FI CAN T LY RI SK I ER T H AN CON V EN T I ON AL DEBT
I N ST RU M EN T S. T H E I SSU ER I S N OT N ECESSARI LY OBLI GAT ED T O PAY T H E FU LL PRI N CI PAL AM OU N T OF
T H E SECU RI T I ES AT M AT U RI T Y , AN D T H E SECU RI T I ES CAN EX POSE Y OU R I N V EST M EN T T O T H E FU LL
DEPRECI AT I ON OF T H E U N DERLY I N G. T H I S M ARK ET RI SK I S I N ADDI T I ON T O T H E CREDI T RI SK I N H EREN T
I N PU RCH ASI N G A DEBT OBLI GAT I ON OF CREDI T SU I SSE. Y OU SH OU LD N OT PU RCH ASE T H E SECU RI T I ES I F
Y OU DO N OT U N DERST AN D OR ARE N OT COM FORT ABLE WI T H T H E SI GN I FI CAN T RI SK S I N V OLV ED I N
I N V EST I N G I N T H E SECU RI T I ES. Y OU SH OU LD CAREFU LLY CON SI DER T H E RI SK S DESCRI BED U N DER "K EY
RI SK S" BEGI N N I N G ON PAGE 5 AN D U N DER "RI SK FACT ORS" BEGI N N I N G ON PAGE PS-3 OF T H E
ACCOM PAN Y I N G PRODU CT SU PPLEM EN T BEFORE PU RCH ASI N G AN Y SECU RI T I ES. EV EN T S RELAT I N G T O
AN Y OF T H OSE RI SK S, OR OT H ER RI SK S AN D U N CERT AI N T I ES, COU LD ADV ERSELY AFFECT T H E M ARK ET
V ALU E OF, AN D T H E RET U RN ON , Y OU R SECU RI T I ES. Y OU M AY LOSE SOM E OR ALL OF Y OU R I N I T I AL
I N V EST M EN T I N T H E SECU RI T I ES. T H E SECU RI T I ES WI LL N OT BE LI ST ED ON AN Y EX CH AN GE.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Securities
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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.
Se c urit y Offe ring
This pricing supplement relates to Securities linked to the performance of the S&P 500® Index. The Upside Participation Rate, Initial
Level and Trigger Level for the Securities are listed below. The Securities are not subject to a predetermined maximum gain and,
accordingly, any return at maturity will be determined by the performance of the Underlying. The Securities are offered at a minimum
investme
U pside Pa rt ic ipa t ion
U nde rlying
I nit ia l Le ve l
Ra t e
T rigge r Le ve l
CU SI P
I SI N
1034.71 (50% of the Initial
S&P 500® Index
2069.41
152.10%
22547T324
US22547T3243
Level)
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 9 6 (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 "K e y Risk s" in t his pric ing
supple m e nt .
Se e "Addit iona l I nform a t ion a bout Cre dit Suisse a nd t he Se c urit ie s" on pa ge 2 . T he Se c urit ie s w ill ha ve t he
t e rm s se t fort h in t he a c c om pa nying produc t supple m e nt , prospe c t us supple m e nt a nd prospe c t us a nd 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.
Offe ring of Se c urit ie s

U nde rw rit ing


Disc ount a nd
Proc e e ds t o Cre dit
Pric e t o Public
Com m issions(1)
Suisse AG

T ot a l
Pe r
T ot a l
Pe r
T ot a l
Pe r
Se c urit y
Se c urit y
Se c urit y
Securities Linked to the Performance of the S&P
$9,115,250.00
$10.00
$455,762.50
$0.50
$8,659,487.50 $9.50
500® Index due November 29, 2024
(1) UBS Financial Services Inc., which we refer to as UBS, will act as distributor for the Securities. The distributor will receive a fee
from Credit Suisse or one of our affiliates of $0.50 per $10.00 principal amount of Securities. For more detailed information, please see
"Supplemental Plan of Distribution" on the last page of this pricing supplement.

U BS Fina nc ia l Se rvic e s I nc .






Addit iona l I nform a t ion a bout Cre dit Suisse a nd 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. T-I dated March 23, 2012:

http://www.sec.gov/Archives/edgar/data/1053092/000095010312001509/dp29508_424b2-ti.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.

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The Securities are senior, unsecured obligations of Credit Suisse and will rank pari passu with all of our other senior unsecured
obligations.

In the event the terms of the Securities described in this pricing supplement differs from, or is inconsistent with, the terms described in
the underlying supplement, product supplement or prospectus supplement, the terms described in this pricing supplement will control.

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 "Key Risks" 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.



2

I nve st or Suit a bilit y
T he Se c urit ie s m a y be suit a ble for you if:
T he Se c urit ie s m a y not be suit a ble for you if:


¨ You fully understand the risks inherent in an investment in the
¨ You do not fully understand the risks inherent in an
Securities, including the risk of loss of your entire initial
investment in the Securities, including the risk of loss of your
investment.
entire initial investment.


¨ You can tolerate a loss of all or a substantial portion of your
¨ You seek an investment designed to provide a full return of
investment and are willing to make an investment that may be
principal at maturity.
exposed to the full depreciation of the Underlying.


¨ You cannot tolerate a loss of all or a substantial portion of
¨ You are willing to forgo any dividends paid on the equity
your investment, and you are not willing to make an
securities included in the Underlying.
investment that may be exposed to the full depreciation of

the Underlying.
¨ You are willing to hold the Securities to maturity as stated on

the cover hereof, and accept that there may be little or no
¨ You prefer to receive the dividends paid on the equity
secondary market for the Securities.
securities included in the Underlying.


¨ You believe the Underlying will appreciate over the term of the
¨ You are unable or unwilling to hold the Securities to maturity
Securities and you are willing to invest in the Securities based
as stated on the cover hereof, or you seek an investment for
on the Upside Participation Rate specified on the cover hereof.
which there will be an active secondary market for the

Securities.
¨ You can tolerate fluctuations of the price of the Securities prior

to maturity that may be similar to or exceed the downside
¨ You believe that the Underlying will depreciate during the
fluctuations in the level of the Underlying.
term of the Securities and is likely to close at or below the

Trigger Level on the Valuation Date.
¨ You do not seek current income from your investment.


¨ You are not willing to invest in the Securities based on the
¨ You seek an investment with exposure to large market
Upside Participation Rate specified on the cover hereof.
capitalization companies in the United States.


¨ You prefer the lower risk, and, therefore, accept the
¨ You are willing to assume the credit risk of Credit Suisse for all
potentially lower returns, of conventional debt securities with
payments under the Securities, and understand that the
comparable maturities issued by Credit Suisse or another
payment of any amount due on the Securities is subject to the
issuer with a similar credit rating.
credit risk of Credit Suisse.

¨ You seek current income from your investment.
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¨ You do not seek an investment with exposure to large market
capitalization companies in the United States.

¨ You are unwilling to assume the credit risk of Credit Suisse
for all payments under the Securities.
T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he Se c urit ie s a re a
suit a ble inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt
de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully
c onside re d t he suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your pa rt ic ula r c irc um st a nc e s. Y ou
should a lso re vie w "K e y Risk s" be ginning on pa ge 5 of t his pric ing supple m e nt for risk s re la t e d t o a n
inve st m e nt in t he Se c urit ie s.



3


Fina l T e rm s
I nve st m e nt T im e line
Issuer
Credit Suisse AG ("Credit Suisse"), acting

through its London Branch.
Principal Amount
$10.00 per Security

Term
Approximately 10 years. In the event that we

make any change to the expected
Settlement Date, the calculation agent may
adjust the Valuation Date and Maturity Date
to ensure that the stated term of the
Securities remains the same.
Underlying
S&P 500® Index

Trigger Level
50% of the Initial Level, as specified on the

first page of this pricing supplement.
Upside Participation Rate
152.10%

Payment at Maturity (per
I f t he U nde rlying Re t urn is gre a t e r

Security)
t ha n ze ro , Credit Suisse will pay you a
cash payment calculated as follows:

$10 + [$10 × (Underlying Return × Upside
Participation Rate)]

I f t he U nde rlying Re t urn is e qua l t o
or le ss t ha n ze ro a nd t he Fina l Le ve l
is e qua l t o or gre a t e r t ha n t he
T rigge r Le ve l, Credit Suisse will pay you
a cash payment of:

$10

I f t he Fina l Le ve l is le ss t ha n t he
T rigge r Le ve l, Credit Suisse will pay you
a cash payment calculated as follows:

$10 + ($10 × Underlying Return)

I n t his c a se , you c ould lose up t o a ll
of your Princ ipa l Am ount in a n
a m ount proport iona t e t o t he
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ne ga t ive U nde rlying Re t urn.
Underlying Return
Final Level ­ Initial Level


Initial Level
Initial Level
The Closing Level of the Underlying on the

Trade Date, as specified on the first page of
this pricing supplement.
Final Level
The Closing Level of the Underlying on the

Valuation Date.
Valuation Date(1)
November 22, 2024

Maturity Date(1)
November 29, 2024

CUSIP / ISIN
22547T324 / US22547T3243




(1) Subject to the market disruption event provisions set forth in the accompanying

product supplement under "Description of the Securities--Market disruption events."

I N V EST I N G I N T H E SECU RI T I ES I N V OLV ES SI GN I FI CAN T RI SK S. Y OU M AY LOSE Y OU R EN T I RE PRI N CI PAL
AM OU N T . AN Y PAY M EN T ON T H E SECU RI T I ES, I N CLU DI N G AN Y REPAY M EN T OF PRI N CI PAL, I S SU BJ ECT T O
T H E ABI LI T Y OF CREDI T SU I SSE T O PAY I T S OBLI GAT I ON S AS T H EY BECOM E DU E. I F CREDI T SU I SSE WERE
T O DEFAU LT ON I T S OBLI GAT I ON S, Y OU M AY N OT RECEI V E AN Y AM OU N T S OWED T O Y OU U N DER T H E
SECU RI T I ES.
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Supple m e nt a l T e rm s of t he Se c urit ie s

For purposes of the Securities offered by this pricing supplement, all references to each of the following defined terms used in the
accompanying product supplement will be deemed to refer to the corresponding defined term used in this pricing supplement, as set
forth in the table below:

Produc t Supple m e nt De fine d T e rm
Pric ing Supple m e nt De fine d T e rm
Knock-In Level
Trigger Level



4



K e y Risk s

An investment in the offering of the Securities involves significant risks. Investing in the Securities is not equivalent to investing in the
Underlying. Some of the risks that apply to the Securities are summarized below, but we urge you to read the more detailed
explanation of risks relating to the Securities in the "Risk Factors" section of the accompanying product supplement. We also urge you
to consult your investment, legal, tax, accounting and other advisors before you invest in the Securities.

¨
Y ou m a y re c e ive le ss t ha n t he princ ipa l a m ount a t m a t urit y -- You may receive less at maturity than you originally
invested in the Securities. If the Final Level is less than the Trigger Level, you will be fully exposed to any depreciation in the
Underlying and will incur a loss proportionate to the Underlying Return. In this case, at maturity, the amount Credit Suisse will pay
you will be less than the principal amount of the Securities and you could lose your entire investment. It is not possible to predict
whether the Final Level will be less than the Trigger Level, and in that case, by how much the Final Level will decrease in
comparison to the Initial Level. Any payment on the Securities is subject to our ability to pay our obligations as they become due.

¨
T he Se c urit ie s a re subje c t t o t he c re dit risk of Cre dit Suisse -- Although the return on the Securities will be based
on the performance of the Underlying, the payment of any amount due on the Securities 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.

¨
T he Se c urit ie s do not pa y int e re st -- We will not pay interest on the Securities. You may receive less at maturity than you
could have earned on ordinary interest-bearing debt securities with similar maturities, including other of our debt securities, since
the Payment at Maturity is based on the performance of the Underlying. Because the Payment at Maturity may be less than the
amount originally invested in the Securities, the return on the Securities (the effective yield to maturity) may be negative. Even if it
is positive, the return payable on each Security may not be enough to compensate you for any loss in value due to inflation and
other factors relating to the value of money over time.

¨
T he st a t e d pa yout from t he I ssue r a pplie s only if you hold t he Se c urit ie s t o m a t urit y -- The value of the
Securities prior to maturity may be less than the initial investment amount and substantially different than the amount expected at
maturity. If you are able to sell your Securities prior to maturity in the secondary market, your return may be less than the
Underlying Return and you may receive less than your initial investment amount even if the level of the Underlying is greater than
the Trigger Level at that time. The stated payout on the Securities, including the application of the Trigger Level and Upside
Participation Rate, applies only if you hold the Securities to maturity.

¨
T he e st im a t e d va lue of t he Se c urit ie s on t he T ra de Da t e m a y be le ss t ha n t he Pric e t o Public -- 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).
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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.

¨
Effe c t of int e re st ra t e use d in st ruc t uring t he Se c urit ie s -- 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.

¨
Se c onda ry m a rk e t pric e s -- 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


5


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 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 12 months.

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.

¨
La c k of liquidit 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 e nt ia l c onflic t s -- We and our affiliates play a variety of roles in connection with the issuance of the Securities, including
acting as calculation agent, 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
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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 a ny e c onom ic a nd m a rk e t fa c t ors w ill a ffe c t t he va lue of t he Se c urit ie s -- 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
interest and yield rates in the market generally;


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 levels 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, and
such price could be less than your initial investment and significantly different than the amount expected at 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 ow ne rship right s re la t ing t o t he U nde rlying -- 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 same as the total return you would receive based on the purchase of the equity
securities that comprise the Underlying.

¨
N o divide nd pa ym e nt s or vot ing right 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. Further, the
performance of the Underlying will not include these dividends or distributions and does not contain a "total return" feature.


6



H ypot he t ic a l Ex a m ple s of H ow t he Se c urit ie s M ight Pe rform

The examples and table below illustrate Payments at Maturity for a hypothetical offering of the Securities under various scenarios, with
the assumptions set forth below. Numbers in the examples and table below have been rounded for ease of analysis. You should not
take these examples or the table below as an indication or assurance of the expected performance of the Underlying. The actual terms
are set forth on the cover of this pricing supplement and under "Final Terms" above. 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:

Principal Amount:
$10.00
Term:
Approximately 10 years
Trigger Level:
50% of the hypothetical Initial Level
Upside Participation Rate:
152.10%

Ex a m ple 1 -- T he le ve l of t he U nde rlying increases by 1 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. The Underlying
Return is greater than zero, and the Payment at Maturity is calculated as follows:

Underlying Return = 10.00%

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Payment at Maturity = $10 + [$10 × (10% × 152.10%)] = $11.521

Because the Underlying Return is equal to 10%, the Payment at Maturity is equal to $11.521 per $10.00 Principal Amount of
Securities, resulting in a total return on the Securities of 15.21%.

Ex a m ple 2 -- T he le ve l of t he U nde rlying decreases by 3 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. The
Underlying Return is negative, and the Payment at Maturity is calculated as follows:

Underlying Return = -30%

Payment at Maturity = $10.00

Because the Underlying Return is less than zero, but the Final Level is greater than the Trigger Level, Credit Suisse will pay you a
Payment at Maturity equal to $10.00 per $10.00 Principal Amount of Securities, resulting in a zero percent return on the Securities.

Ex a m ple 3 -- T he le ve l of t he U nde rlying decreases by 6 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. The
Underlying Return is negative, and the Payment at Maturity is calculated as follows:

Underlying Return = -60%

Payment at Maturity = $10 + ($10 × -60%) = $4.00

Because the Underlying Return is less than zero and the Final Level is less than the Trigger Level, the Securities will be fully
exposed to any decline in the level of the Underlying as of the Valuation Date. Therefore, the Payment at Maturity is equal to $4.00
per $10.00 Principal Amount of Securities, resulting in a total loss on the Securities of 60%.

If the Final Level is less than the Trigger Level, the Securities will be fully exposed to any decline in the Underlying, and you
will lose a significant portion or all of your Principal Amount at maturity.


7


Hypothetical Payment at Maturity for each $10.00 Principal Amount of Securities.

The table below illustrates, for a $10.00 investment in the Securities, hypothetical Payments at Maturity for a hypothetical range of
Underlying Returns. The hypothetical Payments at Maturity set forth below are for illustrative purposes only. The actual Payment at
Maturity applicable to a purchaser of the Securities will depend on the 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 table below have been rounded for ease of analysis.

Pa ym e nt a t M a t urit y pe r
U nde rlying Re t urn
Re t urn on t he Se c urit ie s
$ 1 0 Princ ipa l Am ount
100.00%
152.10%
$25.21
90.00%
136.89%
$23.69
80.00%
121.68%
$22.17
70.00%
106.47%
$20.65
60.00%
91.26%
$19.13
50.00%
76.05%
$17.61
40.00%
60.84%
$16.08
30.00%
45.63%
$14.56
20.00%
30.42%
$13.04
10.00%
15.21%
$11.52
0 .0 0 %
0 .0 0 %
$ 1 0 .0 0
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-10.00%
0.00%
$10.00
-20.00%
0.00%
$10.00
-30.00%
0.00%
$10.00
-40.00%
0.00%
$10.00
-5 0 .0 0 %
0 .0 0 %
$ 1 0 .0 0
-50.01%
-50.01%
$4.99
-60.00%
-60.00%
$4.00
-70.00%
-70.00%
$3.00
-80.00%
-80.00%
$2.00
-90.00%
-90.00%
$1.00
-100.00%
-100.00%
$0.00



8


Wha t Are t he T a x Conse que nc e s of t he Se c urit ie s ?

T he U nit e d St a t e s fe de ra l inc om e t a x c onse que nc e s of your inve st m e nt in t he Se c urit ie s a re unc e rt a in. Som e
of t he se t a x c onse que nc e s a re sum m a rize d be low , but w e urge you t o re a d t he m ore de t a ile d disc ussion in
"M a t e ria l U nit e d St a t e s Fe de ra l I nc om e T a x Conside ra t ions" be ginning on pa ge PS-5 3 of t he a c c om pa nying
produc t supple m e nt a nd t o disc uss t he t a x c onse que nc e s of your pa rt ic ula r sit ua t ion w it h your t a x a dvisor.

The following discussion summarizes material U.S. federal income tax consequences of owning and disposing of the securities that
may be relevant to holders of the securities that acquire their securities from us as part of the original issuance of the securities. This
discussion applies only to holders that hold their securities as capital assets within the meaning of the Internal Revenue Code of 1986,
as amended (the "Code"). Further, this discussion does not address all of the U.S. federal income tax consequences that may be
relevant to you in light of your individual circumstances or if you are subject to special rules, such as if you are:


·
a financial institution,


·
a mutual fund,


·
a tax-exempt organization,


·
a grantor trust,


·
certain U.S. expatriates,


·
an insurance company,


·
a dealer or trader in securities or foreign currencies,


·
a person (including traders in securities) using a mark-to-market method of accounting,


·
a person who holds the securities as a hedge or as part of a straddle with another position, constructive sale, conversion
transaction or other integrated transaction, or


·
an entity that is treated as a partnership for U.S. federal income tax purposes.

The discussion is based upon the Code, law, regulations, rulings and decisions, in each case, as available and in effect as of the date
hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and foreign laws are
not addressed herein. No ruling from the U.S. Internal Revenue Service (the "IRS") has been or will be sought as to the U.S. federal
income tax consequences of the ownership and disposition of the securities, and the following discussion is not binding on the IRS.
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