Obbligazione Swiss Credit 7% ( US22546VA713 ) in USD

Swiss Credit

100 USD ▲

Svizzera

US22546VA713 ( in USD )

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

22/04/2025 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Credit Suisse US22546VA713 in USD 7%, scaduta

1 000 USD

2 500 000 USD

22546VA71

N/A

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

The Obbligazione issued by Swiss Credit ( Switzerland ) , in USD, with the ISIN code US22546VA713, pays a coupon of 7% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 22/04/2025

Unassociated Document
424B2 1 dp55399_424b2-u1211.htm PRICING SUPPLEMENT NO. U1211
Pric ing Supple m e nt N o. U 1 2 1 1
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,
April 17, 2015
Prospectus Supplement dated March 23, 2012 and
Prospectus as amended by the Post-Effective Amendment to the
Registration Statement filed on March 19, 2015

$ 2 ,5 0 0 ,0 0 0
Fina nc ia l
Produc t s
7 .0 0 % pe r a nnum Cont inge nt Coupon Aut oc a lla ble Y ie ld N ot e s due April 2 2 ,
2 0 2 5
Link e d t o t he Pe rform a nc e of t he S& P 5 0 0 ® I nde x , t he Russe ll 2 0 0 0 ® I nde x
a nd t he EU RO ST OX X 5 0 ® I nde x
Ge ne ra l
·
The securities are designed for investors who are mildly bearish or neutral 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 Automatic Redemption, if, for any contingent coupon period, a Coupon Barrier Event does not occur, we will pay a contingent
coupon at a Contingent Coupon Rate of 7.00% per annum. 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 Automatic Redemption Date and the Maturity Date, as applicable.
·
If a Trigger Event occurs, the securities will be automatically redeemed and you will be entitled to receive a cash payment equal to the principal
amount of the securities you hold and any contingent coupon payable, if any, on the corresponding Contingent Coupon Payment Date. No
further payments will be made in respect of the securities.
·
Senior unsecured obligations of Credit Suisse AG, acting through its London Branch, maturing April 22, 2025.
·
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
·
The securities priced on April 17, 2015 (the "Trade Date") and are expected to settle on April 22, 2015 (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 S&P 500® Index, the Russell 2000® Index and the EURO STOXX 50®
Index. For more information on the Underlyings, see "The Reference Indices--The S&P Dow Jones Indices--The S&P 500®
Index," "The Reference Indices--The Russell 2000® Index" and "The Reference Indices--The EURO STOXX 50 ® 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, Coupon Barrier Level and Trigger Level:

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

S& P 5 0 0 ® I nde x ("SPX ")
SPX <I nde x >
2 0 8 1 .1 8
1 3 5 2 .7 6 7
1 3 5 2 .7 6 7
2 0 8 1 .1 8

Russe ll 2 0 0 0 ® I nde x ("RT Y ")
RT Y <I nde x >
1 2 5 1 .8 5 8
8 1 3 .7 0 8
8 1 3 .7 0 8
1 2 5 1 .8 5 8

EU RO ST OX X 5 0 ® I nde x
SX 5 E <I nde x >
("SX 5 E")
3 6 7 4 .0 5
2 3 8 8 .1 3 3
2 3 8 8 .1 3 3
3 6 7 4 .0 5
Contingent Coupon Subject to Automatic Redemption, the Contingent Coupon Rate is 7.00% per annum for any contingent coupon period. If a
Rate:
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
Automatic 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 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 Automatic Redemption, unless a Coupon Barrier Event occurs, contingent coupons will be paid quarterly in arrears
Payment
on July 22, 2015, October 22, 2015, January 22, 2016, April 22, 2016, July 22, 2016, October 24, 2016, January 23, 2017,
Dates:
April 24, 2017, July 24, 2017, October 23, 2017, January 22, 2018, April 23, 2018, July 23, 2018, October 22, 2018, January
22, 2019, April 22, 2019, July 22, 2019, October 22, 2019, January 22, 2020, April 22, 2020, July 22, 2020, October 22,
2020, January 22, 2021, April 22, 2021, July 22, 2021, October 22, 2021, January 24, 2022, April 22, 2022, July 22, 2022,
October 24, 2022, January 23, 2023, April 24, 2023, July 24, 2023, October 23, 2023, January 22, 2024, April 22, 2024, July
22, 2024, October 22, 2024, January 22, 2025 and the Maturity Date, subject to the modified following business day
convention. No contingent coupons will be payable following an Automatic 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 Automatic Redemption Date or Maturity Date, as
applicable, will be payable to the person to whom the Automatic Redemption Amount or the Redemption Amount, as
applicable, is payable.
http://www.sec.gov/Archives/edgar/data/1053092/000095010315003095/dp55399_424b2-u1211.htm[4/21/2015 4:41:29 PM]

Unassociated Document
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 5 .0 0
$ 9 4 5 .0 0
T ot a l
$ 2 ,5 0 0 ,0 0 0 .0 0
$ 1 3 7 ,5 0 0 .0 0
$ 2 ,3 6 2 ,5 0 0 .0 0
(1) Certain fiduciary accounts may pay a purchase price of at least $945.00 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 $55.00 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 1 2 .7 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.
I nc a pit a l LLC
Pla c e m e nt Age nt
April 17, 2015
(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 each
Underlying and whether a Knock-In Event occurs. Subject to Automatic 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 $ 6 5 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.
Automatic Redemption: If a Trigger Event occurs, the securities will be automatically redeemed and you will be entitled to receive a cash payment
equal to the principal amount of the securities you hold (the "Automatic Redemption Amount") and any contingent coupon
payable, if any, on the corresponding Contingent Coupon Payment Date. No further payments will be made in respect of the
securities. Payment will be made in respect of such Automatic Redemption on the Contingent Coupon Payment Date
immediately following the relevant Observation Date (the "Automatic Redemption Date"). Any payment on the securities is
subject to our ability to pay our obligations as they become due.
Trigger Event:
A Trigger Event will occur on any Observation Date scheduled to occur on or after April 19, 2016 if the closing level of each
Underlying is equal to or greater than its respective Trigger Level.
Trigger Level:
For each Underlying, as set forth in the table above.
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:
July 17, 2015, October 19, 2015, January 19, 2016, April 19, 2016, July 19, 2016, October 19, 2016, January 18, 2017,
April 19, 2017, July 19, 2017, October 18, 2017, January 17, 2018, April 18, 2018, July 18, 2018, October 17, 2018,
January 16, 2019, April 16, 2019, July 17, 2019, October 17, 2019, January 16, 2020, April 17, 2020, July 17, 2020,
October 19, 2020, January 19, 2021, April 19, 2021, July 19, 2021, October 19, 2021, January 19, 2022, April 19, 2022,
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Unassociated Document
July 19, 2022, October 19, 2022, January 18, 2023, April 19, 2023, July 19, 2023, October 18, 2023, January 17, 2024,
April 17, 2024, July 17, 2024, October 17, 2024, January 16, 2025 and the Valuation Date.
Valuation Date:
April 15, 2025
Maturity Date:
April 22, 2025
Listing:
The securities will not be listed on any securities exchange.
CUSIP:
22546VA71
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 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 as amended by the Post-Effective Amendment
to the Registration Statement filed on March 19, 2015, relating to our Medium-Term Notes of which these securities are a part. When
you read the underlying supplement, product supplement and prospectus supplement, please note that all references in the
supplements to the prospectus dated March 23, 2012, or to any sections therein, should refer instead to the prospectus dated March
19, 2015, or to the corresponding sections of the prospectus, unless otherwise specified or the context otherwise requires. 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 dated March 23, 2012:

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

·
Prospectus as amended by the Post-Effective Amendment to the Registration Statement filed on March 19, 2015:

http://www.sec.gov/Archives/edgar/data/29646/000104746915002475/a2223613zposasr.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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Unassociated Document

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 Table 2, total
contingent coupon payments over the term of the securities, which will depend on the number of Coupon Barrier Events that have
occurred over the term of the securities. The tables and examples below reflect that the Contingent Coupon Rate is 7.00% per annum
and assume that (i) the securities are not automatically redeemed prior to maturity, (ii) the term of the securities is exactly 10 years,
(iii) the Coupon Barrier Level for each Underlying is 65% of the Initial Level of such Underlying and (iv) the Knock-In Level for each
Underlying is 65% of the Initial Level of such Underlying. The actual Coupon Barrier Levels and Knock-In Levels are set forth on the
cover of this pricing supplement. 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 whether a Coupon Barrier
Event occurs on one or more Observation Dates, 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 level of the Lowest Performing Underlying has decreased from its
Initial Level to its Final Level. Furthermore, it is not possible to predict whether a Trigger Event will occur. If a Trigger Event occurs,
the securities will be automatically redeemed for a cash payment equal to the principal amount of the securities you hold and any
contingent coupon payable and no further payments will be made in respect of the securities.

You will not be entitled to participate in any appreciation in the Underlyings. 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
-10.00%
-10.00%
$1,000.00
(See table below)
-20.00%
-20.00%
$1,000.00
-30.00%
-30.00%
$1,000.00
-35.00%
-35.00%
$1,000.00
-3 5 .0 1 %
-3 5 .0 1 %
$ 6 4 9 .9 0
-40.00%
-40.00%
$600.00
-50.00%
-50.00%
$500.00
-60.00%
-60.00%
$400.00
-70.00%
-70.00%
$300.00
-80.00%
-80.00%
$200.00
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Unassociated Document
-90.00%
-90.00%
$100.00
-100.00%
-100.00%
$0.00

2

T ABLE 2 : The expected total contingent coupon payments will depend on how many Coupon Barrier Events occur.

N um be r of Coupon Ba rrie r Eve nt s
T ot a l Cont inge nt Coupon Pa ym e nt s
A Coupon Barrier Event does not occur
$700.00
A Coupon Barrier Event occurs on 1 Observation Date
$682.50
A Coupon Barrier Event occurs on 2 Observation Dates
$665.00
A Coupon Barrier Event occurs on 3 Observation Dates
$647.50
A Coupon Barrier Event occurs on 4 Observation Dates
$630.00
A Coupon Barrier Event occurs on 5 Observation Dates
$612.50
A Coupon Barrier Event occurs on 6 Observation Dates
$595.00
A Coupon Barrier Event occurs on 7 Observation Dates
$577.50
A Coupon Barrier Event occurs on 8 Observation Dates
$560.00
A Coupon Barrier Event occurs on 9 Observation Dates
$542.50
A Coupon Barrier Event occurs on 10 Observation Dates
$525.00
A Coupon Barrier Event occurs on 11 Observation Dates
$507.50
A Coupon Barrier Event occurs on 12 Observation Dates
$490.00
A Coupon Barrier Event occurs on 13 Observation Dates
$472.50
A Coupon Barrier Event occurs on 14 Observation Dates
$455.00
A Coupon Barrier Event occurs on 15 Observation Dates
$437.50
A Coupon Barrier Event occurs on 16 Observation Dates
$420.00
A Coupon Barrier Event occurs on 17 Observation Dates
$402.50
A Coupon Barrier Event occurs on 18 Observation Dates
$385.00
A Coupon Barrier Event occurs on 19 Observation Dates
$367.50
A Coupon Barrier Event occurs on 20 Observation Dates
$350.00
A Coupon Barrier Event occurs on 21 Observation Dates
$332.50
A Coupon Barrier Event occurs on 22 Observation Dates
$315.00
A Coupon Barrier Event occurs on 23 Observation Dates
$297.50
A Coupon Barrier Event occurs on 24 Observation Dates
$280.00
A Coupon Barrier Event occurs on 25 Observation Dates
$262.50
A Coupon Barrier Event occurs on 26 Observation Dates
$245.00
A Coupon Barrier Event occurs on 27 Observation Dates
$227.50
A Coupon Barrier Event occurs on 28 Observation Dates
$210.00
A Coupon Barrier Event occurs on 29 Observation Dates
$192.50
A Coupon Barrier Event occurs on 30 Observation Dates
$175.00
A Coupon Barrier Event occurs on 31 Observation Dates
$157.50
A Coupon Barrier Event occurs on 32 Observation Dates
$140.00
A Coupon Barrier Event occurs on 33 Observation Dates
$122.50
A Coupon Barrier Event occurs on 34 Observation Dates
$105.00
A Coupon Barrier Event occurs on 35 Observation Dates
$87.50
A Coupon Barrier Event occurs on 36 Observation Dates
$70.00
A Coupon Barrier Event occurs on 37 Observation Dates
$52.50
A Coupon Barrier Event occurs on 38 Observation Dates
$35.00
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Unassociated Document
A Coupon Barrier Event occurs on 39 Observation Dates
$17.50
A Coupon Barrier Event occurs on 40 Observation Dates
$0.00

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.

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
SPX
110% of Initial Level
RTY
40% of Initial Level
SX5E
60% of Initial Level

3

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
SPX
80% of Initial Level
RTY
90% of Initial Level
SX5E
80% 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

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.
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Unassociated Document

·
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 -- If the securities are not
automatically redeemed prior to the Maturity Date, 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 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 level of the Lowest Performing Underlying has
decreased from its Initial Level to its Final Level.

Furthermore, even if you receive your principal amount at maturity you may nevertheless suffer a loss on your investment
in the securities, in real value terms. This is because inflation may cause the real value of the principal amount of your
securities to be less at maturity than it is at the time you invest, and because an investment in the securities represents a
forgone opportunity to invest in an alternative asset that does generate a positive real return. Any payment on the
securities is subject to our ability to pay our obligations as they become due. You should carefully consider whether an
investment that may not provide for any return on your investment, or may provide a return that is lower than the return on
alternative investments, is appropriate for you.

·
T H E SECU RI T I ES DO N OT PROV I DE FOR REGU LAR FI X ED I N T EREST PAY M EN T S -- Unlike conventional
debt securities, the securities do not provide for regular fixed interest payments. The number of contingent coupon
payments you receive over the term of the securities, if any, will depend on the performance of the Underlying during the
term of the securities and the number of Coupon Barrier Events that occur. If a Coupon Barrier Event occurs on an
Observation Date, you will not receive a contingent coupon payment for the corresponding contingent coupon period.
Accordingly, if a Coupon Barrier Event occurs on every Observation Date, you will not receive any contingent coupon
payments during the term of the securities. Thus, the securities are not a suitable investment for investors who require
regular fixed income payments, since the number of contingent coupon payments are variable and may be zero.

In addition, if rates generally increase over the term of the securities, it is more likely that the contingent coupon, if any,
could be less than the yield one might receive based on market rates at that time. This would have the further effect of
decreasing the value of your securities both nominally in terms of below-market coupon payments and in real value terms.
Furthermore, it is possible that you will not receive some or all of the contingent coupon payments over the term of the
securities, and still lose your principal amount. Even if you do receive some or all of your principal amount at maturity, you
will not be compensated for the time value of money. These securities are not short-term investments, so you should
carefully consider these risks before investing.

·
T H E H I GH ER POT EN T I AL Y I ELD OFFERED BY T H E SECU RI T I ES I S ASSOCI AT ED WI T H GREAT ER
RI SK T H AT T H E SECU RI T I ES WI LL N OT PAY A CON T I N GEN T COU PON ON ON E OR M ORE OF T H E
CON T I N GEN T COU PON PAY M EN T DAT ES OR T H AT Y OU M I GH T LOSE SOM E OR ALL OF Y OU R
I N V EST M EN T AT M AT U RI T Y --The securities offer contingent coupon payments with the potential to result in a
higher yield than the yield on our conventional debt securities of the same maturity. You should understand that, in
exchange for this potentially higher yield, you will be exposed to significantly greater risks than investors in our
conventional debt securities. These risks include (i) the risk that the number of contingent coupon payments you receive
over the term of the securities, if any, will result in a below-market yield that is lower, and perhaps significantly lower, than
the yield on our conventional debt securities of the same maturity and (ii) the risk that you might lose some or all of your
principal amount at maturity if a Knock-In Event occurs. The volatility of the Underlyings is an important factor affecting
these risks. Greater expected volatility of the Underlyings as of the Trade Date may contribute to the higher yield potential,
but would also

5

represent a greater expected likelihood that you will receive only a few or no contingent coupon payments over the term of
the securities and lose some or all of your principal at maturity.

·
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 CON T I N GEN T
COU PON , I F AN Y , AT M AT U RI T Y OR U PON AU T OM AT I C REDEM PT I ON -- The securities will not pay more
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than the principal amount, plus contingent coupon, if any, at maturity or upon automatic 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 $1,700 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, automatic 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 AU T OM AT I C REDEM PT I ON , WH I CH WOU LD LI M I T
Y OU R OPPORT U N I T Y T O BE PAI D 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 automatic redemption. If a Trigger Event occurs, the securities
will be automatically redeemed and you will be entitled to receive a cash payment equal to the principal amount of the
securities you hold and any applicable contingent coupon payable, if any, on that Contingent Coupon Payment Date, and
no further payments will be made in respect of the securities. In this case, you will lose the opportunity to continue to be
paid contingent coupons from the date of Automatic Redemption to the scheduled Maturity Date. If the securities are
automatically 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 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 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

6

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
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Coupon Barrier Level, no contingent coupon will be paid for the corresponding contingent coupon period.

·
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 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.

·
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 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

7

price of the securities if we post a bid to repurchase your securities in secondary market transactions. See "--Secondary
Market Prices" below.
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·
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 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 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:

o
the expected volatility of the Underlyings;

8

o
the time to maturity of the securities;

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

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