Obbligazione Swiss Credit 8% ( US22546VN773 ) in USD

Emittente Swiss Credit
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Svizzera
Codice isin  US22546VN773 ( in USD )
Tasso d'interesse 8% per anno ( pagato 2 volte l'anno)
Scadenza 29/10/2027



Prospetto opuscolo dell'obbligazione Credit Suisse US22546VN773 en USD 8%, scadenza 29/10/2027


Importo minimo 1 000 USD
Importo totale /
Cusip 22546VN77
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Coupon successivo 29/04/2026 ( In 132 giorni )
Descrizione dettagliata Credit Suisse è stata una grande banca svizzera, fallita nel marzo 2023 e acquisita da UBS.

Le Credit Suisse ha emesso un'obbligazione (ISIN: US22546VN773, CUSIP: 22546VN77) denominata in USD, con un rendimento del 8%, scadenza il 29/10/2027, cedole semestrali, prezzo di mercato attuale al 100%, taglio minimo di 1000 USD.







424B2 1 dp60776_424b2-u1359.htm FORM 424B2
Pric ing Supple m e nt N o. U 1 3 5 9
Filed Pursuant to Rule 424(b)(2)
To the Underlying Supplement dated May 4, 2015,
Registration Statement Nos. 333-202913 and 333-180300-03
Product Supplement No. I dated May 4, 2015,
October 27, 2015
Prospectus Supplement dated May 4, 2015 and
Prospectus dated May 4, 2015
$ 1 ,2 0 5 ,0 0 0
8 .0 0 % 1 2 Y e a r Ca lla ble Da ily Ra nge Ac c rua l Se c urit ie s due Oc t obe r 2 9 , 2 0 2 7
Link e d t o t he Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Ge ne ra l
·
The securities are designed for investors who are mildly bearish, neutral or mildly bullish on the Underlying. Investors should be willing to lose some or
all of their investment if a Knock-In Event occurs. Any payment on the securities is subject to our ability to pay our obligations as they become due.
·
Subject to Early Redemption, the securities will provide Contingent Coupon payments, if any, that will vary depending on the performance of the
Underlying during the term of the securities. Contingent Coupon payments, if any, will be paid monthly in arrears at a rate equal to (i) the Applicable Rate
of 8.00% per annum multiplied by (ii) the quotient of (a) the number of Accrual Days in the applicable Observation Period divided by (b) the number of
Non-Disrupted Days in such Observation 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 October 31,
2016, but prior to the Maturity Date. No Contingent Coupon will accrue or be payable following an Early Redemption.
·
Senior unsecured obligations of Credit Suisse AG, acting through its London branch, maturing October 29, 2027.
·
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
·
The securities priced on October 27, 2015 (the "Trade Date") and are expected to settle on October 30, 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
Underlying:
The securities are linked to the performance of the S&P 500® Index. For more information on the Underlying, see "The Reference
Indices--The S&P Dow Jones Indices--The S&P 500® Index" in the accompanying underlying supplement. The Underlying is identified
in the table below, together with its Bloomberg ticker symbol, Initial Level, Knock-In Level and Accrual Barrier:

Ac c rua l
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
S& P 5 0 0 ® I nde x
SPX <I nde x >
2 0 6 5 .8 9
1 0 3 2 .9 5
1 5 4 9 .4 2
Contingent Coupon Subject to Early Redemption, Contingent Coupons, if any, will be paid monthly in arrears on the dates set forth in Annex A herein. If any
Payment Dates:
Contingent Coupon Payment Date is not a business day, the contingent coupon will be payable on the first following business day,
unless that business day falls in the next calendar month, in which case payment will be made on the first preceding business day. The
amount of any Contingent Coupon will not be adjusted in respect of any postponement of a Contingent Coupon Payment Date and no
interest or other payment will be payable hereon because of any such postponement of a Contingent Coupon Payment Date. No
Contingent Coupon will accrue or be payable following an Early Redemption. Contingent Coupons, if any, 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 the Maturity Date, as applicable, will be payable to the
person to whom the Early Redemption Amount or the Redemption Amount, as applicable, is payable.
Contingent Coupon: Subject to Early Redemption, for each $1,000 principal amount of securities you hold, you will be entitled to receive a monthly
Contingent Coupon, if any, for each Observation Period on the immediately following Contingent Coupon Payment Date, calculated as
follows:

$1,000 × [Applicable Rate × (n / N)],

where,
n is the number of Accrual Days during such Observation Period; and
N is the total number of Non-Disrupted Days during such Observation Period.
I f on e a c h N on-Disrupt e d Da y during a n Obse rva t ion Pe riod t he c losing le ve l of t he U nde rlying is le ss t ha n
t he Ac c rua l Ba rrie r, t he n t he Cont inge nt Coupon w ill be ze ro, a nd you w ill not re c e ive a ny Cont inge nt
Coupon pa ym e nt on t he c orre sponding Cont inge nt Coupon Pa ym e nt Da t e . I f on a ny N on-Disrupt e d Da y during
a n Obse rva t ion Pe riod, t he c losing le ve l of t he U nde rlying is le ss t ha n t he Ac c rua l Ba rrie r, t he Cont inge nt
Coupon for t ha t Obse rva t ion Pe riod, if a ny, w ill be le ss, a nd possibly signific a nt ly le ss, t ha n t he m a x im um
possible a m ount of a ny m ont hly Cont inge nt Coupon.
Applicable Rate:
8.00% per annum. 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.
Accrual Day:
A Non-Disrupted Day on which the closing level of the Underlying is equal to or greater than the Accrual Barrier.
Non-Disrupted Day: A trading day on which a market disruption event does not occur (provided that any Observation Date for which the closing level for the
Underlying has been determined pursuant to provisions set forth under "Description of the Securities -- Market disruption events -- For
an equity-based reference index" in the accompanying product supplement shall also be deemed a Non-Disrupted Day).
Accrual Barrier:
As set forth in the table above.
("Key Terms" continued on next page)
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
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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
$ 3 7 .8 0
$ 9 6 2 .2 0
T ot a l
$ 1 ,2 0 5 ,0 0 0 .0 0
$ 4 5 ,5 4 9 .0 0
$ 1 ,1 5 9 ,4 5 1 .0 0
(1) Certain fiduciary accounts may pay a purchase price of at least $962.20 per $1,000 principal amount of securities, and CSSU will forgo any fees with
respect to such sales.
(2) We or one of our affiliates will pay discounts and commissions of $37.80 per $1,000 principal amount of securities. For more detailed information, please
see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of this pricing supplement.
The agent for this offering, Credit Suisse Securities (USA) LLC ("CSSU"), is our affiliate. For more information, see "Supplemental Plan of Distribution
(Conflicts of Interest)" 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 3 7 .5 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.
Cre dit Suisse

October 27, 2015



(continued from previous page)

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

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

I n no c irc um st a nc e w ill you re c e ive a Re de m pt ion Am ount of m ore t ha n t he princ ipa l a m ount of t he
se c urit ie s a t m a t urit y. Any payment on the securities is subject to our ability to pay our obligations as they become due.
Knock-In Event:
A Knock-In Event will occur if the Final Level is less than the Knock-In Level.
Knock-In Level:
As set forth in the table above.
Underlying Return: The Underlying Return will be calculated as follows:

Final Level - Initial Level
, subject to a maximum of zero
Initial Level
Early Redemption: The Issuer may redeem the securities in whole, but not in part, on any Contingent Coupon Payment Date scheduled to occur on or after
October 31, 2016 but prior to the Maturity Date upon notice to the trustee on or before the immediately preceding Observation 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").
Initial Level:
As set forth in the table above.
Final Level:
The closing level of the Underlying on the Valuation Date.
Observation
There are 144 monthly Observation Periods. The first Observation Period will be from but excluding the Trade Date to and including the
Periods:
first Observation Date. Each subsequent Observation Period will be from but excluding an Observation Date to and including the next
following Observation Date.
Observation Dates:As set forth in Annex A herein.
Valuation Date:
October 26, 2027
Maturity Date:
October 29, 2027
Listing:
The securities will not be listed on any securities exchange.
CUSIP:
22546VN77
Subject to postponement as set forth in the accompanying product supplement under "Description of the Securities--Postponement of calculation dates."



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 May 4, 2015, the product supplement
dated May 4, 2015, the prospectus supplement dated May 4, 2015 and the prospectus dated May 4, 2015, 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 May 4, 2015:
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http://www.sec.gov/Archives/edgar/data/1053092/000095010315003505/dp55844_424b2-underlying.htm

·
Product supplement No. I dated May 4, 2015:

http://www.sec.gov/Archives/edgar/data/1053092/000095010315003534/dp55815_424b2-psno1.htm

·
Prospectus supplement and Prospectus dated May 4, 2015:

http://www.sec.gov/Archives/edgar/data/1053092/000104746915004333/a2224570z424b2.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, "Foreign Currency Risks" in the accompanying prospectus, and any risk factors we describe in the combined Annual
Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference therein, and any additional risk factors we
describe in future filings we make with the SEC under the Securities Exchange Act of 1934, as amended, 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 t M a t urit y a nd Cont inge nt Coupon Pa ym e nt s on t he Se c urit ie s

Table 1 and the examples below illustrate hypothetical Redemption Amounts payable at maturity on a $1,000 investment in the
securities for a range of hypothetical examples assuming that the securities are not redeemed prior to maturity and the Knock-In
Level is 50% of the Initial Level. The actual Knock-In Level is 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, if any. The Redemption Amounts set forth below are for illustrative purposes only. The actual
Redemption Amount applicable to a purchaser of the securities will be based on the Final Level. You should consider carefully
whether the securities are suited 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 Payable at Maturity.

Re de m pt ion
Pe rc e nt a ge Cha nge from
Am ount pe r $ 1 ,0 0 0
I nit ia l Le ve l t o Fina l Le ve l
U nde rlying Re t urn
Princ ipa l Am ount
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
-20.00%
-20.00%
$1,000.00
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-30.00%
-30.00%
$1,000.00
-40.00%
-40.00%
$1,000.00
-50.00%
-50.00%
$1,000.00
-5 1 .0 0 %
-5 1 .0 0 %
$ 4 9 0 .0 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

The following examples illustrate how the Redemption Amount is calculated.

Ex a m ple 1 : T he Fina l Le ve l re pre se nt s a n inc re a se of 5 0 % from t he I nit ia l Le ve l. Because the Final Level is equal
to or greater than the Initial Level, the Redemption Amount payable at maturity is equal to $1,000 per $1,000 principal amount of
securities.

Ex a m ple 2 : T he Fina l Le ve l re pre se nt s a de c re a se of 1 0 % from t he I nit ia l Le ve l. Because the Final Level is equal
to or greater than the Knock-In Level, a Knock-In Event has not occurred, and the Redemption Amount payable at maturity is
equal to $1,000 per $1,000 principal amount of securities.

Ex a m ple 3 : T he Fina l Le ve l re pre se nt s a de c re a se of 6 0 % from t he I nit ia l Le ve l. Because the Final Level is less
than the Knock-In Level, a Knock-In Event has occurred, and the Redemption Amount payable at maturity is calculated as follows:

Underlying Return
= (Final Level - Initial Level) / Initial Level

= -60%
Redemption Amount
= $1,000 × (1 + Underlying Return)

= $1,000 × (1 - 0.60)
2

= $400

Table 2 below illustrates hypothetical Contingent Coupon payments on a $1,000 investment in the securities for a single
hypothetical Observation Period. Table 2 below assumes that the Applicable Rate is 8.00% per annum and the hypothetical
Observation Period has 22 Non-Disrupted Days. The Contingent Coupon payments set forth below are provided for illustration
purposes only. The actual Contingent Coupon payments applicable to a purchaser of the securities will depend on the number of
Non-Disrupted Days and Accrual Days during each Observation Period. 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.

T ABLE 2 : Hypothetical Contingent Coupon Payment for a Single Hypothetical Observation Period.

M ont hly Cont inge nt Coupon
Pa ym e nt Pe r $ 1 ,0 0 0 Princ ipa l
N um be r of Ac c rua l Da ys
Cont inge nt Coupon Ra t e Pe r Annum *
Am ount of Se c urit ie s
22
8.00%
$6.67
18
6.55%
$5.45
14
5.09%
$4.24
10
3.64%
$3.03
6
2.18%
$1.82
2
0.73%
$0.61
0
0.00%
$0.00

*Calculated as:
[Applicable Rate × (n / N)]
where,
n is the number of Accrual Days during such Observation Period; and
N is the total number of Non-Disrupted Days during such Observation Period.

3
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Se le c t e d Risk Conside ra t ions

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

·
Y OU M AY RECEI V E LESS T H AN T H E PRI N CI PAL AM OU N T AT M AT U RI T Y -- You may receive less at
maturity than you originally invested in the securities, or you may receive nothing, excluding any accrued or unpaid
Contingent Coupon payments. If the Final Level is less than the Knock-In Level, you will be fully exposed to the
depreciation in the Underlying. In this case, the Redemption Amount you will be entitled to receive will be less than the
principal amount of the securities, and you could lose your entire investment. It is not possible to predict whether a
Knock-In Event will occur, and in the event that there is a Knock-In Event, by how much the Final Level 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 WI LL N OT PAY M ORE T H AN T H E PRI N CI PAL AM OU N T , PLU S T H E 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 the accrued and unpaid Contingent Coupon, if any, at
maturity or upon early redemption, regardless of the performance of the Underlying. Even if the Final Level is greater
than the Initial Level, you will not participate in the appreciation of the Underlying. Assuming the term of the securities
is exactly 12 years, the maximum amount payable with respect to the securities is $1,960 for each $1,000 principal
amount of the securities.

·
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 amount 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. The annual rate for any monthly Contingent Coupon depends on the
number of Non-Disrupted Days during the relevant Observation Period on which the closing level of the Underlying is
equal to or greater than the Accrual Barrier. If on any Non-Disrupted Day during an Observation Period the closing
level of the Underlying is less than the Accrual Barrier, the Contingent Coupon for that Observation Period, if any, will
be less, and possibly significantly less, than the maximum possible amount of any monthly Contingent Coupon. For
example, if on each Non-Disrupted Day during an Observation Period the closing level of the Underlying is less than
the Accrual Barrier, then the Contingent Coupon will be zero, and you will not receive any Contingent Coupon payment
on the corresponding Contingent Coupon Payment Date. There can be no assurance that you will receive a Contingent
Coupon payment on any Contingent Coupon Payment Date or as to the rate per annum on any Contingent Coupon
payments you do receive. The securities are not a suitable investment for investors who require regular fixed income
payments, since the Contingent Coupon payments are variable and may be zero.

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. In addition, because the amount of Contingent Coupons, if any, depends on the performance of the Underlying
during the term of the securities, it is possible that you will not be paid any Contingent Coupons (or you will be paid a
below-market coupon relative to our conventional debt securities with a similar term) for the full term of the securities,
and still lose your principal investment. 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

4

securities are not short-term investments, so you should carefully consider these risks before investing.

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·
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 PAY A LOW OR N O 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 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 Underlying is an important factor affecting
these risks. Greater expected volatility of the Underlying as of the Trade Date may contribute to the higher yield
potential, but would also 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.

·
AN Y CON T I N GEN T COU PON PAY M EN T FOR AN Y OBSERV AT I ON PERI OD WI LL DEPEN D ON T H E
CLOSI N G LEV EL OF T H E U N DERLY I N G DU RI N G T H E OBSERV AT I ON PERI OD -- The Contingent
Coupon payment for an Observation Period will be reduced for every Non-Disrupted Day on which the closing level of
the Underlying is not equal to or greater than the Accrual Barrier, and if the closing level of Underlying is not equal to
or greater than the Accrual Barrier for the entirety of any such Observation Period, you will not receive any Contingent
Coupon payment for that Observation Period. As a result, the return on the securities (the effective yield to maturity)
may be less than you could have earned on ordinary interest-bearing debt securities with similar maturities, including
other debt securities of ours.

·
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 -- Investors are dependent
on our ability to pay all amounts due on the securities and, therefore, if we were to default on our obligations, you may
not receive any amounts owed to you under the securities. 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 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 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 early redemption on any Contingent Coupon Payment Date
scheduled to occur on or after October 31, 2016, upon notice to the trustee on or before the immediately preceding
Observation Date. Market events could affect our decision to redeem the securities. For example, it is more likely that
Credit Suisse will redeem the securities prior to the Maturity Date at a time when Credit Suisse believes it will be likely
to make Contingent Coupon payments over the term of the securities and could issue a comparable debt security with
a lower Contingent Coupon Rate.

If the securities are redeemed prior to the Maturity Date, you will be entitled to receive a cash payment equal to the
principal amount of your securities and any 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 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 provide you with the opportunity to be paid the same coupons as the securities.

·
T H E OCCU RREN CE OF A M ARK ET DI SRU PT I ON EV EN T M AY ADV ERSELY AFFECT Y OU R RET U RN
-- If a market disruption event occurs during any Observation Period (other than on the Observation Date included in
such Observation Period), the total number of Non-Disrupted Days during such Observation Period will be reduced.
Any such reduction in the number of Non-Disrupted Days during such Observation Period will magnify the relative
weighting of any day on which the

5

closing level of the Underlying is less than the Accrual Barrier relative to the total number of Non-Disrupted Days
during such Observation Period. Under these circumstances, your Contingent Coupon payment could be less than if a
market disruption event had not occurred.

·
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 I S 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
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models and our internal funding rate) is less than the original Price to Public. The Price to Public of the securities
includes the agent's discounts or commissions as well as transaction costs such as expenses incurred to create,
document and market the securities and the cost of hedging our risks as issuer of the securities through one or more of
our affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the
securities. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and
offering of the securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any
costs are paid to third parties).

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

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

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

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

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

6

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.

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·
CREDI T SU I SSE I S SU BJ ECT T O SWI SS REGU LAT I ON -- As a Swiss bank, Credit Suisse is subject to
regulation by governmental agencies, supervisory authorities and self-regulatory organizations in Switzerland. Such
regulation is increasingly more extensive and complex and subjects Credit Suisse to risks. For example, pursuant to
Swiss banking laws, the Swiss Financial Market Supervisory Authority (FINMA) may open resolution proceedings if
there are justified concerns that Credit Suisse is over-indebted, has serious liquidity problems or no longer fulfills
capital adequacy requirements. FINMA has broad powers and discretion in the case of resolution proceedings, which
include the power to convert debt instruments and other liabilities of Credit Suisse into equity and/or cancel such
liabilities in whole or in part. If one or more of these measures were imposed, such measures may adversely affect the
terms and market value of the securities and/or the ability of Credit Suisse to make payments thereunder and you may
not receive any amounts owed to you under the securities.

·
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.

·
U N PREDI CT ABLE 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 Underlying on any day during any Observation Period, the value of
the securities may be influenced by factors such as:

o
the expected and actual volatility of the Underlying;

o
the time to maturity of the securities;

o
the dividend rate on the equity securities included in the Underlying;

o
the Early Redemption feature, which is likely to limit the value of the securities;

o
interest and yield rates in the market generally;

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

o
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the
components included in the Underlying, or markets generally and which may affect the levels of the
Underlying; and

7

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

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

·
N O OWN ERSH I P RI GH T S RELAT I N G T O T H E U N DERLY I N G -- Your return on the securities will not reflect
the return you would realize if you actually owned the equity securities comprising 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.
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·
N O DI V I DEN D PAY M EN T S OR V OT I N G RI GH T S -- As a holder of the securities, you will not have voting rights
or rights to receive cash dividends or other distributions or other rights with respect to the equity securities that
comprise the Underlying.

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

We intend to use the proceeds of this offering for our general corporate purposes, which may include the refinancing of existing
debt 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 the Valuation Date) could adversely affect the value of the
Underlying and, as a result, could decrease the amount you may receive on the securities at maturity. For additional information,
see "Supplemental Use of Proceeds and Hedging" in the accompanying product supplement.

8

H ist oric a l I nform a t ion

The following graph sets forth the historical performance of the Underlying on the closing levels of the Underlying from January 4,
2010 through October 27, 2015. The closing level of the Underlying on October 27, 2015 was 2065.89. We obtained the historical
information below from Bloomberg, without independent verification.

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

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

9

M a t e ria l U .S. Fe de ra l I nc om e T a x Conside ra t ions

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
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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 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.

Y ou should c onsult your t a x a dvisor a s t o t he spe c ific t a x c onse que nc e s t o you of ow ning a nd disposing of
t he se c urit ie s, inc luding t he a pplic a t ion of fe de ra l, st a t e , loc a l a nd fore ign inc om e a nd ot he r t a x la w s
ba se d on your pa rt ic ula r fa c t s a nd c irc um st a nc e s.

Cha ra c t e riza t ion of t he Se c urit ie s

There are no statutory provisions, regulations, published rulings, or judicial decisions addressing the characterization for U.S.
federal income tax purposes of securities with terms that are substantially the same as those of your securities. Thus, the
characterization of the securities is not certain. Due to the terms of the securities and the uncertainty of the tax law with respect to
the characterization of the securities, our special tax counsel, Orrick, Herrington & Sutcliffe LLP, is unable to opine on the
characterization of the securities for U.S. federal income tax purposes, but believes that it is reasonable to treat the securities as
prepaid financial contracts with respect to the Underlying that are eligible for open transaction treatment in part. In the absence of
an administrative or judicial ruling to the contrary, we intend to treat the securities and, by acceptance of the securities, you agree
to treat the securities for all tax purposes in accordance with such characterization. The possible alternative characterizations and
risks to investors of such characterizations are discussed below. In light of the fact that we agree to treat the securities as prepaid
financial contracts, the balance of this discussion assumes that the securities will be so treated.

Alt e rna t ive Cha ra c t e riza t ions of t he Se c urit ie s

You should be aware that the characterization of the securities as described above is not certain, nor is it binding on the IRS or the
courts. Thus, it is possible that the IRS would seek to characterize your securities in a manner that results in tax consequences to
you that are different from those described below. For example, the IRS might characterize a security as a notional principal
contract (an "NPC"). In general, payments on an NPC are accrued ratably (as ordinary income or deduction, as the case may be)
over the period to which they relate income regardless of an investor's usual method of tax accounting. Payments made to
terminate an NPC (other than perhaps a final scheduled payment) are capital in nature. Deductions for NPC payments may be
limited in certain cases. Certain payments under an NPC may be treated as U.S. source income. The IRS could also

10

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