Obbligazione Swiss Credit 7.7% ( US22548QCA13 ) in USD

Swiss Credit

100 USD ▼

Svizzera

US22548QCA13 ( in USD )

7.7% per anno ( pagato 2 volte l'anno)

03/08/2026

Prospetto opuscolo dell'obbligazione Credit Suisse US22548QCA13 en USD 7.7%, scadenza 03/08/2026

1 000 USD

19 479 000 USD

22548QCA1

N/A

03/02/2026 ( In 51 giorni )

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 US22548QCA13, pays a coupon of 7.7% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 03/08/2026

The Obbligazione issued by Swiss Credit ( Switzerland ) , in USD, with the ISIN code US22548QCA13, was rated NR by Moody's credit rating agency.

424B2 1 dp67715_424b2-t803.htm FORM 424B2

J uly 2 0 1 6
Pricing Supplement No. T803
Registration Statement Nos. 333-202913 and 333-180300-03
Dated July 29, 2016

Filed pursuant to Rule 424(b)(2)

Contingent Income Securities due August 3, 2026
All Payments on the Securities Subject to the Coupon Barrier and Knock-In Features
Linked to the Performance of the S&P 500® Index
Princ ipa l a t Risk Se c urit ie s
Unlike ordinary debt securities, the Contingent Income Securities due August 3, 2026 linked to the S&P 500® Index (the
"Underlying"), which we refer to as the securities, do not provide for the regular payment of interest or guarantee the return of any
principal at maturity. Instead, the securities offer the opportunity for investors to earn a Contingent Coupon but only if the closing
level of the Underlying on the applicable quarterly Observation Date is greater than or equal to 75% of the Initial Level, which we
refer to as the Coupon Barrier Level. If the closing level of the Underlying is less than the Coupon Barrier Level on any
Observation Date, you will not receive any Contingent Coupon for that quarterly period. As a result, investors must be willing to
accept the risk of not receiving any Contingent Coupon during the entire ten-year term of the securities. At maturity, if the Final
Level is greater than or equal to 50% of the Initial Level, which we refer to as the Knock-In Level, investors will receive the
Principal Amount, and, if the Final Level is also greater than or equal to the Coupon Barrier Level, the Contingent Coupon with
respect to the Valuation Date. However, if the Final Level is less than the Knock-In Level, investors will be fully exposed to the
decline in the level of the Underlying over the term of the securities, and the Redemption Amount will be less than 50% of the
Principal Amount of the securities and could be zero. Ac c ordingly, inve st ors m a y lose up t o t he ir e nt ire init ia l
inve st m e nt in t he se c urit ie s. Investors will not participate in any appreciation of the Underlying. These securities are for
investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of losing their
principal and the risk of receiving no Contingent Coupon when the Underlying on the related Observation Date closes below the
Coupon Barrier Level.
All pa ym e nt s on t he se c urit ie s, inc luding t he re pa ym e nt of princ ipa l, a re subje c t t o t he c re dit risk of Cre dit
Suisse .
FI N AL T ERM S
I ssue r:
Credit Suisse AG ("Credit Suisse")
U nde rlying:
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.
Aggre ga t e Princ ipa l
$19,479,000
Am ount :
Princ ipa l Am ount :
$1,000 per security
Pric e t o Public :
$1,000 per security (see "Commissions and Price to Public" below)
T ra de Da t e :
July 29, 2016
Se t t le m e nt Da t e :
August 3, 2016 (3 business days after the Trade Date). Delivery of the securities in book-entry form only
will be made through The Depository Trust Company.
V a lua t ion Da t e :
July 29, 2026, subject to postponement as set forth in the accompanying product supplement under
"Description of the Securities--Postponement of calculation dates."
August 3, 2026, subject to postponement as set forth in the accompanying product supplement under
M a t urit y Da t e :
"Description of the Securities--Postponement of calculation dates."
Cont inge nt Coupons: · If on any Observation Date the closing level of the Underlying on such date is gre a t e r t ha n or
e qua l t o the Coupon Barrier Level, we will pay a Contingent Coupon at an annual rate of 7.70%
(corresponding to approximately $19.25 per quarter per security) on the related Contingent Coupon
Payment Date.
· If on any Observation Date the closing level of the Underlying on such date is le ss t ha n the
Coupon Barrier Level, no Contingent Coupon will be paid with respect to that Observation Date.
Re de m pt ion Am ount : On the Maturity Date investors will receive a Redemption Amount determined as follows:

· If the Final Level is gre a t e r t ha n or e qua l the Principal Amount, and, if the Final Level is also
t o the Knock-In Level:
greater than or equal to the Coupon Barrier Level,
the Contingent Coupon with respect to the Valuation
Date.

· If the Final Level is le ss t ha n the Knock-In (i) the Principal Amount multiplied by (ii) the
Level:
Underlying Return.
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Coupon Ba rrie r Le ve l:1630.20, which is equal to 75% of the Initial Level
K noc k -I n Le ve l:
1086.80, which is equal to 50% of the Initial Level
Dist ribut or:
Morgan Stanley Wealth Management. See "Supplemental Plan of Distribution."
Ca lc ula t ion Age nt :
Credit Suisse International

Final Terms continued on the following page
I nve st ing in t he se c urit ie s involve s a num be r of risk s. Se e "Risk Fa c t ors" 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.
Com m issions a nd
Pric e t o Public (1)
U nde rw rit ing Disc ount s a nd
Proc e e ds t o I ssue r
Pric e t o Public
Com m issions
Pe r se c urit y
$ 1 ,0 0 0 .0 0
$ 3 0 .0 0 (2)

$ 5 .0 0 (3)
$ 9 6 5 .0 0
T ot a l
$ 1 9 ,4 7 9 ,0 0 0 .0 0
$ 6 8 1 ,7 6 5 .0 0
$ 1 8 ,7 9 7 ,2 3 5 .0 0
(1) Certain fiduciary accounts may pay a purchase price of at least $970.00 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 to Morgan Stanley Wealth Management discounts and commissions of $35.00 per $1,000
principal amount of securities, of which $5.00 per $1,000 principal amount of securities will be paid as a structuring fee. For more
detailed information, please see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of this pricing
supplement.
(3) Reflects a structuring fee payable to Morgan Stanley Wealth Management by Credit Suisse Securities (USA) LLC ("CSSU") or
one of its affiliates of $5.00 for each security.
The agent for this offering, 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 4 5 .0 0 (a s de t e rm ine d by re fe re nc e t o our pric ing m ode ls a nd t he ra t e w e a re c urre nt ly pa ying t o
borrow funds t hrough issua nc e of t he se c urit ie s (our "int e rna l funding ra t e ")). Se e "Se le c t e d Risk
Conside ra t ions" in t his pric ing supple m e nt .
The securities are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other governmental agency of the United States, Switzerland or any other jurisdiction.
Cre dit Suisse

Contingent Income Securities due August 3, 2026
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd K noc k -I n Fe a t ure sLink e d t o t he
Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Principal at Risk Securities
Final Terms continued from previous page:
I nit ia l Le ve l:
2173.60, which is the closing level of the Underlying on the Trade Date
Fina l Le ve l:
The closing level of the Underlying on the Valuation Date
Obse rva t ion Da t e s:
October 31, 2016, January 30, 2017, April 28, 2017, July 31, 2017, October 30, 2017, January 29,
2018, April 30, 2018, July 30, 2018, October 29, 2018, January 29, 2019, April 29, 2019, July 29,
2019, October 29, 2019, January 29, 2020, April 29, 2020, July 29, 2020, October 29, 2020, January
29, 2021, April 29, 2021, July 29, 2021, October 29, 2021, January 31, 2022, April 29, 2022, July 29,
2022, October 31, 2022, January 30, 2023, April 28, 2023, July 31, 2023, October 30, 2023, January
29, 2024, April 29, 2024, July 29, 2024, October 29, 2024, January 29, 2025, April 29, 2025, July 29,
2025, October 29, 2025, January 29, 2026, April 29, 2026 and the Valuation Date, subject to
postponement as set forth in the accompanying product supplement under "Description of the
Securities--Postponement of calculation dates." We also refer to the Observation Date immediately
prior to the Maturity Date as the Valuation Date.
Cont inge nt Coupon
November 3, 2016, February 2, 2017, May 3, 2017, August 3, 2017, November 2, 2017, February 1,
Pa ym e nt Da t e s:
2018, May 3, 2018, August 2, 2018, November 1, 2018, February 1, 2019, May 2, 2019, August 1,
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2019, November 1, 2019, February 3, 2020, May 4, 2020, August 3, 2020, November 3, 2020,
February 3, 2021, May 4, 2021, August 3, 2021, November 3, 2021, February 3, 2022, May 4, 2022,
August 3, 2022, November 3, 2022, February 2, 2023, May 3, 2023, August 3, 2023, November 2,
2023, February 1, 2024, May 2, 2024, August 1, 2024, November 1, 2024, February 3, 2025, May 2,
2025, August 1, 2025, November 3, 2025, February 3, 2026, May 4, 2026 and the Maturity Date,
subject to postponement as set forth in the accompanying product supplement under "Description of
the Securities--Postponement of calculation dates." If any Contingent Coupon Payment Date is not a
business day, the Contingent Coupon will be payable on the first following 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 on the securities because of
any such postponement of a Contingent Coupon Payment Date. 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 Maturity Date will be payable to the person to whom the Redemption Amount is payable.
U nde rlying Re t urn:
The Final Level divided by the Initial Level
CU SI P / I SI N :
22548QCA1 / US22548QCA13
List ing:
The securities will not be listed on any securities exchange.

Contingent Income Securities due August 3, 2026
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd K noc k -I n Fe a t ure sLink e d t o t he
Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Principal at Risk Securities
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:

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

In the event the terms of the securities described in this pricing supplement differ from, or are inconsistent with, the terms
described in the underlying supplement, product supplement, prospectus supplement or prospectus, the terms described in this
pricing supplement will control.

Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this pricing supplement, "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
https://www.sec.gov/Archives/edgar/data/1053092/000095010316015299/dp67715_424b2-t803.htm[8/2/2016 5:05:06 PM]

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.

July 2016
Page 3
Contingent Income Securities due August 3, 2026
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd K noc k -I n Fe a t ure sLink e d t o t he
Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Principal at Risk Securities
Investment Summary

Cont inge nt I nc om e Se c urit ie s

Princ ipa l a t Risk Se c urit ie s

The Contingent Income Securities due August 3, 2026 linked to the S&P 500® Index, which we refer to as the securities, provide
an opportunity for investors to earn a Contingent Coupon at an annual rate of 7.70% (corresponding to approximately $19.25 per
quarter per security) but only if the closing level of the Underlying on the applicable quarterly Observation Date is gre a t e r t ha n
or e qua l t o 75% of the Initial Level, which we refer to as the Coupon Barrier Level. It is possible that the closing level of the
Underlying could remain below the Coupon Barrier Level for extended periods of time or even throughout the entire term of the
securities so that you may receive few or no Contingent Coupons during the entire ten-year term of the securities.

If the Final Level is greater than or equal to 50% of the Initial Level, which we refer to as the Knock-In Level, the Redemption
Amount will be the Principal Amount, and, if the Final Level is also gre a t e r t ha n or e qua l t o the Coupon Barrier Level, the
Contingent Coupon with respect to the Valuation Date. However, if the Final Level is le ss t ha n the Knock-In Level, investors will
be fully exposed to the decline in the Underlying over the term of the securities and will receive an amount of cash that is
significantly less than the Principal Amount, in proportion to the decline in the Underlying from the Initial Level to the Final Level. In
this scenario, the value of any such payment will be less than 50% of the Principal Amount of the securities and could be zero.
Investors in the securities must be willing to accept the risk of losing their entire principal and also the risk of not receiving any
Contingent Coupons. In addition, investors will not participate in any appreciation of the Underlying.

M a t urit y:
10 years
Re de m pt ion Am ount :
Investors will receive on the Maturity Date a Redemption Amount determined as follows:

If the Final Level is gre a t e r t ha n or e qua l t o the Knock-In Level, investors will receive the
Principal Amount, and, if the Final Level is also greater than or equal to the Coupon Barrier Level,
the Contingent Coupon with respect to the Valuation Date.

If the Final Level is le ss t ha n the Knock-In Level, investors will receive a Redemption Amount that
is less than 50% of the Principal Amount of the securities and could be zero. Ac c ordingly,
inve st ors in t he se c urit ie s m ust be w illing t o a c c e pt t he risk of losing t he ir e nt ire
init ia l inve st m e nt .
Cont inge nt Coupons:
A Contingent Coupon at an annual rate of 7.70% (corresponding to approximately $19.25 per
security per quarter) will be paid on the securities on each Contingent Coupon Payment Date but
only if the closing level of the Underlying is at or above the Coupon Barrier Level on the related
Observation Date.

I f, on a ny Obse rva t ion Da t e , t he c losing le ve l of t he U nde rlying is le ss t ha n t he
Coupon Ba rrie r Le ve l, w e w ill pa y no c oupon for t he a pplic a ble qua rt e rly pe riod.
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July 2016
Page 4
Contingent Income Securities due August 3, 2026
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd K noc k -I n Fe a t ure sLink e d t o t he
Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Principal at Risk Securities
Key Investment Rationale

The securities do not guarantee any repayment of principal at maturity and offer investors an opportunity to earn a Contingent
Coupon of 7.70% per annum of the Principal Amount but only if the closing level of the Underlying on the applicable quarterly
Observation Date is greater than or equal to 75% of the Initial Level, which we refer to as the Coupon Barrier Level. The securities
have been designed for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the
risk of (i) losing their principal and (ii) receiving no Contingent Coupon when the Underlying closes below the Coupon Barrier Level
on the related Observation Date. The following scenarios are for illustrative purposes only to demonstrate how the coupon and the
Redemption Amount are calculated, and do not attempt to demonstrate every situation that may occur. Accordingly, the Contingent
Coupon may be payable in none of, or some but not all of, the quarterly periods during the 10-year term of the securities and the
Redemption Amount may be less than 50% of the Principal Amount of the securities and may be zero.

Sc e na rio 1 : Investors receive
During the term of the securities, the Underlying may close at or above the Coupon Barrier
principal back at maturity.
Level on some quarterly Observation Dates and below the Coupon Barrier Level on the
others. Consequently, investors receive the Contingent Coupon for the quarterly periods for
which the closing level of the Underlying is at or above the Coupon Barrier Level on the
related Observation Date, but not for the quarterly periods for which the closing level of the
Underlying is below the Coupon Barrier Level on the related Observation Date. On the
Valuation Date, the Underlying closes at or above the Knock-In Level. Therefore, at maturity,
investors will receive the Principal Amount, and, if the Final Level is greater than or equal to
the Coupon Barrier Level, the Contingent Coupon with respect to the Valuation Date.
Sc e na rio 2 : Investors suffer a
During the term of the securities, the Underlying closes below the Coupon Barrier Level on all
substantial loss of principal at
or nearly all of the quarterly Observation Dates. In this scenario, investors do not receive any
maturity.
Contingent Coupons, or receive Contingent Coupons for only a limited number of Contingent
Coupon Payment Dates. On the Valuation Date, the Underlying closes below the Knock-In
Level. Therefore, investors receive an amount equal to the Principal Amount multiplied by the
Underlying Return at maturity. Under these circumstances, the Redemption Amount will be
less than 50% of the Principal Amount and could be zero. No coupon will be paid at maturity
in this scenario.

July 2016
Page 5
Contingent Income Securities due August 3, 2026
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd K noc k -I n Fe a t ure sLink e d t o t he
Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Principal at Risk Securities
S&P 500® Index Summary
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The S&P 500® Index, which is calculated, maintained and published by S&P Dow Jones Indices LLC ("S&P"), consists of stocks of
500 component companies selected to provide a performance benchmark for the U.S. equity markets. The calculation of the S&P
500® Index is based on the relative value of the float-adjusted aggregate market capitalization of the 500 component companies as
of a particular time as compared to the aggregate average market capitalization of 500 similar companies during the base period of
the years 1941 through 1943. S&P has announced that, effective with the September 2015 rebalance, consolidated share class
lines are no longer included in the S&P 500® Index. Each share class line is subject to public float and liquidity criteria individually,
but the company's total market capitalization is used to evaluate each share class line for purposes of determining index
membership eligibility. This may result in one listed share class line of a company being included in the S&P 500® Index while a
second listed share class line of the same company is excluded.

Information as of market close on July 29, 2016:

Bloom be rg T ic k e r Sym bol:
SPX
Curre nt Closing Le ve l:
2173.60
5 2 We e k s Ago (on 7 /3 0 /2 0 1 5 ):
2108.63
5 2 We e k H igh (on 7 /2 2 /2 0 1 6 ):
2175.03
5 2 We e k Low (on 2 /1 1 /2 0 1 6 ):
1829.08

For additional information about the S&P 500® Index, see the information set forth under "S&P 500® Index" in the accompanying
underlying supplement. Furthermore, for additional historical information, see "S&P 500® Index Historical Performance" below.

July 2016
Page 6
Contingent Income Securities due August 3, 2026
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd K noc k -I n Fe a t ure sLink e d t o t he
Pe rform a nc e of t he S& P 5 0 0 ® I nde x
Principal at Risk Securities
Hypothetical Examples

The following hypothetical examples are for illustrative purposes only. Whether you receive a Contingent Coupon will be determined
on each quarterly Observation Date and the Redemption Amount will be determined by reference to the closing level on the
Valuation Date. The actual Initial Level, Coupon Barrier Level and Knock-In Level are set forth in "Final Terms" herein. All
payments on the securities are subject to the credit risk of Credit Suisse. The numbers in the hypothetical examples may be
rounded for ease of analysis. The below examples are based on the following terms:

Hypothetical Initial Level:
2,000
Hypothetical Coupon Barrier Level:
1,500, which is 75% of the hypothetical Initial Level
Hypothetical Knock-In Level:
1,000, which is 50% of the hypothetical Initial Level
Contingent Coupons:
7.70% per annum (corresponding to approximately $19.25 per quarter per security)*

A Contingent Coupon is paid on each Contingent Coupon Payment Date but only if t he
c losing le ve l of t he U nde rlying is a t or a bove t he Coupon Ba rrie r Le ve l on t he
re la t e d Obse rva t ion Da t e .
Redemption Amount:
If the Final Level is gre a t e r t ha n or e qua l t o the Knock-In Level: the Principal Amount,
and, if the Final Level is also greater than or equal to the Coupon Barrier Level, the Contingent
Coupon with respect to the Valuation Date.

If the Final Level is le ss t ha n the Knock-In Level: (i) the Principal Amount multiplied by (ii) the
Underlying Return.
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Principal Amount:
$1,000
* The actual Contingent Coupon will be an amount determined by the calculation agent based on the number of days in the applicable payment period,
calculated on a 30/360 basis. The hypothetical Contingent Coupon of $19.25 is used in these examples for ease of analysis.

Ex a m ple 1 --The closing level of the Underlying is at or above the Coupon Barrier Level on all 40 quarterly Observation Dates
including the Valuation Date, and the Final Level is above the Initial Level. Therefore, you would receive (i) the Contingent
Coupons with respect to the 39 Observation Dates prior to (and excluding) the Valuation Date, totaling $19.25 × 39 = $750.75 and
(ii) the Redemption Amount calculated as $1,000 + $19.25 = $1,019.25.

The total payment over the 10-year term of the securities is $750.75 + $1,019.25 = $1,770.00.

This example illustrates the scenario where you receive a Contingent Coupon on every Contingent Coupon Payment Date
throughout the term of the securities and receive your principal back at maturity, resulting in a 7.70% per annum interest rate over
the 10-year term of the securities. Despite the fact that the Final Level is greater than the Initial Level, you will not participate in
any appreciation of the Underlying. This is therefore the maximum amount payable over the 10-year term of the securities. To the
extent that coupons are not paid on every Contingent Coupon Payment Date, the effective interest rate on the securities will be
less than 7.70% per annum and could be zero.

Ex a m ple 2 --The closing level of the Underlying is at or above the Coupon Barrier Level on 9 out of the 39 quarterly Observation
Dates prior to (and excluding) the Valuation Date. The Final Level is 1,700, which is above the Knock-In Level and Coupon Barrier
Level. In this scenario, you receive a Redemption Amount equal to the Principal Amount and the Contingent Coupon with respect to
the Valuation Date. Therefore, you would receive (i) the Contingent Coupons with respect to those 9 Observation Dates prior to
(and excluding) the Valuation Date, totaling $19.25 × 9 = $173.25, but not for the other 30 Observation Dates, and (ii) the
Redemption Amount calculated as $1,000 + $19.25 = $1,019.25.

The total payment over the 10-year term of the securities is $173.25 + $1,019.25 = $1,192.50

Ex a m ple 3 --The closing level of the Underlying is below the Coupon Barrier Level on all of the quarterly Observation Dates, and
the closing level of the Underlying is below the Knock-In Level on the Valuation Date, on which the Final Level is 800. Therefore,
you would receive no Contingent Coupons, and the Redemption Amount would be calculated as $1,000 × 800 / 2,000 = $400.00.

The total payment over the 10-year term of the securities is $0 + $400.00 = $400.00.

I f t he Fina l Le ve l is le ss t ha n t he K noc k -I n Le ve l, you w ill lose a signific a nt port ion or a ll of your inve st m e nt
in t he se c urit ie s.

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Principal at Risk Securities
Risk Factors

This section describes the most significant risks relating to the securities. For a complete list of risk factors, please see the
accompanying underlying supplement, product supplement, prospectus and prospectus supplement. Investors should consult their
financial and legal advisers as to the risks entailed by an investment in the securities and the suitability of the securities in light of
their particular circumstances.

The securities do not guarantee the return of any principal. The terms of the securities differ from those of
ordinary debt securities in that the securities do not guarantee the payment of regular interest or the return of any of the
principal amount at maturity. Instead, if the Final Level is less than the Knock-In Level, you will be fully exposed to the decline
in the Underlying over the term of the securities, and you will receive for each security that you hold at maturity an amount of
cash that is significantly less than the Principal Amount, in proportion to the decline in the Underlying from the Initial Level to
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the Final Level. Under this scenario, the value of any such payment will be less than 50% of the Principal Amount and could
be zero. You may lose up to your entire initial investment in the securities. Any payment on the securities is subject to our
ability to pay our obligations as they become due.

Furthermore, regardless of the amount of any payment you receive on the securities, 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 any payment you
receive on the 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. You should carefully
consider whether an investment that may result in a return that is lower than the return on alternative investments is
appropriate for you.

The securities do not provide regular fixed interest payments. Unlike conventional debt securities, the securities
do not provide for regular fixed interest payments. You will receive a Contingent Coupon with respect to a quarterly period only
if the closing level of the Underlying on the related Observation Date is greater than or equal to the Coupon Barrier Level. If
the closing level of the Underlying remains below the Coupon Barrier Level on each Observation Date over the term of the
securities, you will not receive any Contingent Coupons. Thus, the securities are not a suitable investment for investors who
require regular fixed income payments, since the number of Contingent Coupons is 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.

More favorable terms to you are generally associated w ith an Underlying w ith greater expected
vola t ilit y a nd t he re fore c a n indic a t e a gre a t e r risk of loss. "Volatility" refers to the frequency and magnitude of
changes in the level of the Underlying. The greater the expected volatility with respect to the Underlying on the Trade Date,
the higher the expectation as of the Trade Date that the level of the Underlying could be less than (i) the Coupon Barrier Level
on any Observation Date or (ii) the Knock-In Level on the Valuation Date, indicating a higher expected risk of loss on the
securities. This greater expected risk will generally be reflected in a higher Contingent Coupon rate than the yield payable on
our conventional debt securities with a similar maturity, or in more favorable terms (such as a lower Coupon Barrier Level or
Knock-In Level) than for similar securities linked to the performance of an Underlying with a lower expected volatility as of the
Trade Date. You should therefore understand that a relatively higher Contingent Coupon rate may indicate an increased risk of
loss. Further, a relatively lower Coupon Barrier Level or Knock-In Level may not necessarily indicate that you will receive a
contingent coupon on any Contingent Coupon Payment Date or that the securities have a greater likelihood of a return of
principal at maturity. The volatility of the Underlying can change significantly over the term of the securities. The level of the
Underlying for your securities could fall sharply, which could result in a significant loss of principal. You should be willing to
accept the downside market risk of the Underlying and the potential to lose a significant amount of your principal at maturity.

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Investors w ill not participate in any appreciation in the level of the Underlying. Investors will not participate in
any appreciation in the level of the Underlying from the Initial Level, and the return on the securities will be limited to the
Contingent Coupons, if any, that are paid with respect to each Observation Date on which the closing level of the Underlying is
greater than or equal to the Coupon Barrier Level until the securities reach maturity. It is possible that the closing level of the
Underlying could be below the Coupon Barrier Level on most or all of the Observation Dates so that you will receive few or no
Contingent Coupons. If you do not earn sufficient Contingent Coupons over the term of the securities, the overall return on the
securities may be less than the amount that would be paid on a conventional debt security of the issuer of comparable maturity.

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The Contingent Coupon, if any, is paid on a quarterly basis and is based solely on the closing level of the
U nde rlying on t he spe c ifie d Obse rva t ion Da t e s. Whether the Contingent Coupon will be paid with respect to an
Observation Date will be based on the closing level of the Underlying on such date. As a result, you will not know whether you
will receive the Contingent Coupon until near the end of the relevant quarterly period. Moreover, because the Contingent
Coupon is based solely on the closing level of the Underlying on a specific Observation Date, if the closing level of the
Underlying, on such Observation Date, is less than the Coupon Barrier Level, you will not receive any Contingent Coupon with
respect to such Observation Date, even if the closing level of the Underlying was higher on other days during the term of the
securities.

The securities are subject to the credit risk of Credit Suisse. 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.

The estimated value of the securities on the Trade Date is less than the Price to 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) 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.
As such, the payout on the securities can be replicated using a combination of these components and the value of these
components, as determined by us using our pricing models, will impact the terms of the securities at issuance. Our option
valuation models are proprietary. Our pricing models 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 interest rate in structuring the securities. 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.

Secondary market prices. 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

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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.

Credit Suisse is subject to Sw iss regulation. 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 liquidity. 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.

Potential conflicts. 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, 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. For instance, as calculation agent, Credit Suisse
International will determine the Initial Level, the Coupon Barrier Level, and the Knock-In Level, whether you receive a
Contingent Coupon on each Contingent Coupon Payment Date, whether you receive any previously unpaid Contingent
Coupons and the Redemption Amount, if any. Moreover, certain determinations made by Credit Suisse International, in its
capacity as calculation agent, may require it to exercise discretion and make subjective judgments, such as with respect to the
occurrence or non-occurrence of market disruption events and the selection of a successor underlying or calculation of the
closing level in the event of a market disruption event or discontinuance of the Underlying. These potentially subjective
determinations may adversely affect the payout to you at maturity, if any. In addition, hedging activities by us or our affiliates on
or prior to the Trade Date could potentially increase the Initial Level, and therefore, could increase the Coupon Barrier Level,
which is the level at or above which the Underlying must close in order for you to receive a Contingent Coupon, and the
Knock-In Level, which is the level at or above which the Underlying must close so that you are not exposed to the negative
performance of the Underlying on the Valuation Date. 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.

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