Obbligazione Swiss Credit 0% ( US22548QYF61 ) in USD

Emittente Swiss Credit
Prezzo di mercato 100 USD  ▼ 
Paese  Svizzera
Codice isin  US22548QYF61 ( in USD )
Tasso d'interesse 0%
Scadenza 03/05/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Credit Suisse US22548QYF61 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 505 000 USD
Cusip 22548QYF6
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata 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 US22548QYF61, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 03/05/2022







424B2 1 dp75743_424b2-t994.htm FORM 424B2

Pric ing Supple m e nt N o. T 9 9 4
Filed Pursuant to Rule 424(b)(2)
To the Underlying Supplement dated December 2, 2016,
Registration Statement Nos. 333-202913 and 333-180300-03
Product Supplement No. I dated May 4, 2015,
April 28, 2017
Prospectus Supplement dated May 4, 2015 and
Prospectus dated May 4, 2015
Fina nc ia l
Produc t s
$ 5 0 5 ,0 0 0
Absolut e Re t urn Digit a l Ba rrie r Se c urit ie s due M a y 3 , 2 0 2 2
Link e d t o t he Pe rform a nc e of t he Low e st Pe rform ing of t he S& P 5 0 0 ® I nde x a nd t he Russe ll
2 0 0 0 ® I nde x
·
Investors will not receive any interest or dividend payments. The securities do not guarantee any return of principal at maturity.
·
If the Final Level of the Lowest Performing Underlying is greater than or equal to its Initial Level, investors will receive the
principal amount of their securities multiplied by the sum of one plus the Fixed Payment Percentage of 47.50%. If the Final
Level of the Lowest Performing Underlying is less than its Initial Level and a Knock-In Event has not occurred, investors will
receive the principal amount of their securities multiplied by the sum of one plus the absolute value of the Underlying Return of
the Lowest Performing Underlying. If the Final Level of the Lowest Performing Underlying is less than its Initial Level and a
Knock-In Event occurs, investors will lose 1% of their principal for each 1% decline in the level of the Lowest Performing
Underlying from its Initial Level to its Final Level. Y ou c ould lose your e nt ire inve st m e nt .
·
Senior unsecured obligations of Credit Suisse, maturing May 3, 2022. Any payment on the securities is subject to our ability to
pay our obligations as they become due.
·
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
·
The securities priced on April 28, 2017 (the "Trade Date") and are expected to settle on May 3, 2017 (the "Settlement Date").
Delivery of the securities in book-entry form only will be made through The Depository Trust Company.
·
The securities will not be listed on any exchange.
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" be ginning on
pa ge 6 of t his pric ing supple m e nt a nd "Risk Fa c t ors" be ginning on pa ge PS-3 of t he a c c om pa nying produc t
supple m e nt .
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the
securities or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement,
the product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.

Pric e t o
U nde rw rit ing Disc ount s a nd
Proc e e ds t o
Public (1)
Com m issions(2)
I ssue r
Pe r se c urit y
$ 1 ,0 0 0 .0 0
$ 7 .0 0
$ 9 9 3 .0 0
T ot a l
$ 5 0 5 ,0 0 0 .0 0
$ 2 ,8 5 0 .0 0
$ 5 0 2 ,1 5 0 .0 0
(1) Certain fiduciary accounts may pay a purchase price of at least $993.00 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 varying discounts and commissions of up to $7.00 per $1,000 principal amount of securities,
for total discounts and commissions of $2,850.00. For more detailed information, please see "Supplemental Plan of Distribution
(Conflicts of Interest)" in 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)" in 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 $ 1 ,0 0 1 .9 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
April 28, 2017


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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 lowest performing of the Underlyings set forth in the
table below. For more information on the Underlyings, see "The Reference Indices--The S&P Dow Jones
Indices--The S&P 500® Index" and "The Reference Indices--The Russell 2000® Index" in the
accompanying underlying supplement. Each Underlying is identified in the table below, together with its
Bloomberg ticker symbol, Initial Level and Knock-In Level:

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

S& P 5 0 0 ® I nde x
SPX <I nde x >
2 3 8 4 .2 0
1 4 3 0 .5 2

Russe ll 2 0 0 0 ® I nde x
RT Y <I nde x >
1 4 0 0 .4 2 8
8 4 0 .2 5 6 8
Fixed Payment
Percentage:
47.50%
Redemption Amount:
At maturity, you will be entitled to receive a Redemption Amount that will depend on the individual
performance of each Underlying and whether a Knock-In Event has occurred. For each $1,000 principal
amount of securities, the Redemption Amount will be determined as follows:

· If the Final Level of the Lowest Performing Underlying is greater than or equal to its Initial Level,
$1,000 multiplied by the sum of one plus the Fixed Payment Percentage.

· If the Final Level of the Lowest Performing Underlying is less than its Initial Level, and:

· if a Knock-In Event has not occurred, $1,000 multiplied by the sum of one plus the a bsolut e
va lue of the Underlying Return of the Lowest Performing Underlying.

· if a Knock-In Event has occurred, $1,000 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 t he princ ipa l a m ount of your se c urit ie s, a nd m a y be ze ro. Y ou c ould lose
your e nt ire inve st m e nt .

I f t he Fina l Le ve l is le ss t ha n t he I nit ia l Le ve l but a K noc k -I n Eve nt ha s not oc c urre d,
t he m a x im um Re de m pt ion Am ount is $ 1 ,3 9 9 .9 9 for e ve ry $ 1 ,0 0 0 princ ipa l a m ount of
t he se c urit ie s.

Any payment on the securities is subject to our ability to pay our obligations as they become due.
Underlying Return:
The Underlying Return is expressed as a percentage and is calculated as follows:

Final Level ­ Initial Level
Initial Level
Lowest Performing
Underlying:
The Underlying with the lowest Underlying Return.
Knock-In Event:
A Knock-In Event will occur if the Final Level of any Underlying is equal to or less than its Knock-In
Level.
Knock-In Level:
For each Underlying, 60% of the Initial Level of such Underlying, as set forth in the table above.
Initial Level:
For each Underlying, the closing level of such Underlying on the Trade Date, as set forth in the table
above.
Final Level:
For each Underlying, the closing level of such Underlying on the Valuation Date.
Valuation Date:
April 28, 2022, subject to postponement as set forth in the accompanying product supplement under
"Description of the Securities--Postponement of calculation dates."
Maturity Date:
May 3, 2022, subject to postponement as set forth in the accompanying product supplement under
"Description of the Securities--Postponement of calculation dates."
CUSIP:
22548QYF6
1

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 December 2, 2016, 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):

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·
Underlying supplement dated December 2, 2016:

http://www.sec.gov/Archives/edgar/data/1053092/000095010316018406/dp70262_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 "Selected Risk Considerations" in this pricing supplement and "Risk Factors" in the accompanying
product 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.

2

H ypot he t ic a l Re de m pt ion Am ount s a t M a t urit y

The table and examples below illustrate hypothetical Redemption Amounts payable at maturity on a $1,000 investment in the
securities for a hypothetical range of performance of the Lowest Performing Underlying. The table and examples below assume that
the Knock-In Level for each Underlying is 60% of the Initial Level for such Underlying and the Fixed Payment Percentage is
47.50%. The actual Knock-In Levels and Fixed Payment Percentage are set forth in "Key Terms" herein. The hypothetical
Redemption Amounts set forth below are provided for illustration purposes only. The actual Redemption Amount applicable to a
purchaser of the securities will depend on whether the Final Level of the Lowest Performing Underlying is equal to or less than its
Knock-In Level and on the Final Level of the Lowest Performing Underlying. 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. 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 table and examples below have been rounded for ease of analysis.

T ABLE: 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 Low e st Pe rform ing
Re t urn on t he
Re de m pt ion
U nde rlying
Se c urit ie s
Am ount
100.00%
47.50%
$1,475.00
90.00%
47.50%
$1,475.00
80.00%
47.50%
$1,475.00
70.00%
47.50%
$1,475.00
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60.00%
47.50%
$1,475.00
50.00%
47.50%
$1,475.00
40.00%
47.50%
$1,475.00
30.00%
47.50%
$1,475.00
20.00%
47.50%
$1,475.00
10.00%
47.50%
$1,475.00
0 .0 0 %
4 7 .5 0 %
$ 1 ,4 7 5 .0 0
-10.00%
10.00%
$1,100.00
-20.00%
20.00%
$1,200.00
-30.00%
30.00%
$1,300.00
-39.00%
39.00%
$1,390.00
-4 0 .0 0 %
-4 0 .0 0 %
$ 6 0 0 .0 0
-50.00%
-50.00%
$500.00
-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
3

The following examples illustrate how the Redemption Amount is calculated.

Ex a m ple 1 : T he Fina l Le ve l of t he Low e st Pe rform ing U nde rlying is gre a t e r t ha n it s I nit ia l Le ve l.

U nde rlying
Fina l Le ve l
SPX
120% of Initial Level
RTY
110% of Initial Level


Since the Final Level of the Lowest Performing Underlying is greater than or equal to its Initial Level, the Redemption Amount is
determined as follows:

Redemption
= $1,000 × [1 + Fixed Payment Percentage]
Amount

= $1,000 × (1 + 0.475)

= $ 1 ,4 7 5


In this example, at maturity you would be entitled to receive a Redemption Amount equal to $1,475 per $1,000 principal amount of
securities. Your positive return on the securities is fixed at the amount of the Fixed Payment Percentage, regardless of the
appreciation of any Underlying during the term of the securities even if, as in this example, such appreciation is less than the Fixed
Payment Percentage.

Ex a m ple 2 : T he Fina l Le ve l of t he Low e st Pe rform ing U nde rlying is gre a t e r t ha n it s I nit ia l Le ve l.

U nde rlying
Fina l Le ve l
SPX
170% of Initial Level
RTY
160% of Initial Level


Since the Final Level of the Lowest Performing Underlying is greater than or equal to its Initial Level, the Redemption Amount is
determined as follows:

Redemption
= $1,000 × [1 + Fixed Payment Percentage]
Amount

= $1,000 × (1 + 0.475)

= $ 1 ,4 7 5


In this example, at maturity you would be entitled to receive a Redemption Amount equal to $1,475 per $1,000 principal amount of
securities. Your positive return on the securities is fixed at the amount of the Fixed Payment Percentage, regardless of the
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appreciation of any Underlying during the term of the securities even if, as in this example, such appreciation is greater than the
Fixed Payment Percentage.

Ex a m ple 3 : T he Fina l Le ve l of t he Low e st Pe rform ing U nde rlying is le ss t ha n it s I nit ia l Le ve l but 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
90% of Initial Level
RTY
80% of Initial Level


Even though the Final Level of the Lowest Performing Underlying is below its Initial Level, a K noc k -I n Eve nt ha s not
oc c urre d be c a use t he Fina l Le ve l of t he Low e st Pe rform ing U nde rlying is a bove it s K noc k -I n Le ve l .

Therefore, the Underlying Return of the Lowest Performing Underlying and the Redemption Amount are determined as follows:

Underlying Return
Final Level of RTY ? Initial Level of RTY
of the Lowest
Initial Level of RTY
=

Performing
Underlying

= -20%
Redemption
= $1,000 × (1 + ¦Underlying Return of the Lowest Performing Underlying¦)
Amount

= $1,000 × (1 + ¦-0.20¦)
4


= $ 1 ,2 0 0


In this example, at maturity you would be entitled to receive a Redemption Amount equal to $1,200 per $1,000 principal amount of
securities, which is equal to the principal amount of the securities multiplied by the sum of one plus the a bsolut e va lue of the
Underlying Return of the Lowest Performing Underlying.

Ex a m ple 4 : T he Fina l Le ve l of t he Low e st Pe rform ing U nde rlying is e qua l t o or le ss t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
SPX
115% of Initial Level
RTY
40% of Initial Level


Since the Final Level of the Lowest Performing Underlying is equal to or less than its Knock-In Level, a K noc k -I n Eve nt ha s
oc c urre d.

Therefore, the Underlying Return of the Lowest Performing Underlying and the Redemption Amount are determined as follows:

Underlying Return of
Final Level of RTY ? Initial Level of RTY
the Lowest
Initial Level of RTY
Performing
=

Underlying

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

= $1,000 × (1 ­ 0.60)

= $ 4 0 0


In this example, at maturity you would be entitled to receive a Redemption Amount equal to $400 per $1,000 principal amount of
securities based on the percentage change of the Lowest Performing Underlying from its Initial Level to its Final Level. Your return
will be based upon only the Lowest Performing Underlying even if, as in this case, the Final Level of another Underlying is above
its Knock-In Level.

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5

Se le c t e d Risk Conside ra t ions

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

·
Y OU R I N V EST M EN T I N T H E SECU RI T I ES M AY RESU LT I N A LOSS -- You may receive less at maturity
than you originally invested in the securities, or you may receive nothing. If the Final Level of any Underlying is equal
to or 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 will lose your entire investment if the Final Level of the Lowest Performing Underlying falls to zero.
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. Any
payment on the securities is subject to our ability to pay our obligations as they become due.

·
REGARDLESS OF T H E AM OU N T OF AN Y PAY M EN T Y OU RECEI V E ON T H E SECU RI T I ES, Y OU R
ACT U AL Y I ELD M AY BE DI FFEREN T I N REAL V ALU E T ERM S -- 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. An investment in the
securities also represents a forgone opportunity to invest in an alternative asset that generates a higher 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.

·
T H E PROBABI LI T Y T H AT T H E FI N AL LEV EL OF T H E LOWEST PERFORM I N G U N DERLY I N G WI LL BE
LESS T H AN OR EQU AL T O I T S K N OCK -I N LEV EL WI LL DEPEN D ON T H E V OLAT I LI T Y OF SU CH
U N DERLY I N G -- "Volatility" refers to the frequency and magnitude of changes in the level of an Underlying. The
greater the expected volatility with respect to an Underlying on the Trade Date, the higher the expectation as of the
Trade Date that the Final Level of such Underlying could be less than or equal to its Knock-In Level, indicating a
higher expected risk of loss on the securities. The terms of the securities are set, in part, based on expectations about
the volatility of the Underlyings as of the Trade Date. The volatility of the Underlyings can change significantly over the
term of the securities. The levels of the Underlyings could fall sharply, which could result in a significant loss of
principal. You should be willing to accept the downside market risk of the Underlyings and the potential to lose a
significant amount of your principal at maturity.

·
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 DO N OT PAY I N T EREST -- We will not pay interest on the securities. You may receive less
at maturity than you could have earned on ordinary interest-bearing debt securities with similar maturities, including
other of our debt securities, since the Redemption Amount at maturity is based on the performance of the Underlyings.
Because the Redemption Amount due at maturity may be less than the amount originally invested in the securities, the
return on the securities (the effective yield to maturity) may be negative. Even if it is positive, the return payable on
each security may not be enough to compensate you for any loss in value due to inflation and other factors relating to
the value of money over time.

·
LI M I T ED APPRECI AT I ON POT EN T I AL -- The appreciation potential of the securities will be limited to the Fixed
Payment Percentage of 47.50%, even if the level of one or more Underlyings increases from its Initial Level to its Final
Level by more than the Fixed Payment Percentage. Accordingly, the maximum amount payable with respect to the
securities is $1,475 per $1,000 principal amount of securities. Any payment on the securities is subject to our ability to
pay our obligations as they become due.

·
I F T H E FI N AL LEV EL OF T H E LOWEST PERFORM I N G U N DERLY I N G I S LESS T H AN I T S I N I T I AL
LEV EL AN D A K N OCK -I N EV EN T H AS N OT OCCU RRED, T H E REDEM PT I ON AM OU N T WI LL BE
SU BJ ECT T O AN EM BEDDED CAP -- If the Final Level of the Lowest Performing Underlying is less than its Initial
Level and a Knock-In Event has not occurred, the Redemption Amount payable at maturity will equal the principal
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amount of the securities you hold multiplied by the sum of one plus the absolute value of the

6

Underlying Return of the Lowest Performing Underlying. However, because a Knock-In Event will occur if the Final
Level of the Lowest Performing Underlying is equal to or less than its Knock-In Level, if the Final Level of the Lowest
Performing Underlying is less than its Initial Level and a Knock-In Event has not occurred, the maximum possible
Redemption Amount of the securities is $1,399.99 (assuming no rounding) per $1,000 principal amount of securities.
Any payment on the securities is subject to our ability to pay our obligations as they become due.

·
Y OU WI LL BE SU BJ ECT T O RI SK S RELAT I N G T O T H E RELAT I ON SH I P BET WEEN T H E
U N DERLY I N GS -- The securities are linked to the individual performance of each Underlying. As such, the securities
will perform poorly if only one of the Underlyings performs poorly. For example, if one Underlying appreciates from its
Initial Level and the other Underlying does not appreciate as much, you will not benefit from the appreciation of the
first Underlying. Each additional Underlying to which the securities are linked increases the risk that the securities will
perform poorly. By investing in the securities, you assume the risk that the Final Level of at least one of the
Underlyings will be equal to or less than its Knock-In Level, regardless of the performance of any other Underlying.

It is impossible to predict the relationship between the Underlyings. If the performances of the Underlyings exhibit no
relationship to each other, it is more likely that one of the Underlyings will cause the securities to perform poorly.
However, if the performances of the equity securities included in each Underlying are related such that the
performances of the Underlyings are correlated, then there is less likelihood that only one Underlying will cause the
securities to perform poorly. Furthermore, to the extent that each Underlying represents a different market segment or
market sector, the risk of one Underlying performing poorly is greater. As a result, you are not only taking market risk
on each Underlying, you are also taking a risk relating to the relationship among the Underlyings.

·
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.

·
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 GREAT ER T H AN T H E
PRI CE T O PU BLI C -- Although 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 greater than the original Price to Public, the initial
estimated value does not represent a minimum return on the securities. You could lose your entire investment.
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.

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·
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,

7

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 may be lower than the Price to Public because it will not
include any 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.
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.

·
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
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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 -- The payout on the securities can be replicated using a combination of the components described in
"The estimated value of the securities on the Trade Date is greater than the Price to Public." Therefore, in addition to
the levels of any Underlying, the terms of the securities at issuance and the value of the securities prior to maturity
may be influenced by factors that impact the value of fixed income securities and options in general such as:

o
the expected and actual volatility of the Underlyings;

o
the expected and actual correlation, if any, between the Underlyings;

o
the time to maturity of the securities;

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

o
interest and yield rates in the market generally;

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

8

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

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

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

·
N O OWN ERSH I P RI GH T S RELAT I N G T O T H E U N DERLY I N GS -- Your return on the securities will not reflect
the return you would realize if you actually owned the equity securities that comprise the Underlyings. The return on
your investment is not the same as the total return based on the purchase of shares of the equity securities that
comprise the Underlyings.

·
N O DI V I DEN D PAY M EN T S OR V OT I N G RI GH T S -- As a holder of the securities, you will not have voting rights
or rights to receive cash dividends or other distributions or other rights with respect to the equity securities that
comprise the Underlyings.

·
T H E U .S. FEDERAL I N COM E T AX CON SEQU EN CES OF T H E SECU RI T I ES ARE N OT CERT AI N --
There are no statutory provisions, regulations, published rulings, or judicial decisions addressing the characterization,
for U.S. federal income tax purposes, of instruments with terms that are substantially the same as those of the
securities. 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 tax treatment described under "Material
U.S. Federal Income Tax Considerations" is not binding on the IRS or any court. Thus, the U.S. federal income tax
consequences of the securities are not certain.

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

We intend to use the proceeds of this offering for our general corporate purposes, which may include the refinancing of existing
debt outside Switzerland. Some or all of the proceeds we receive from the sale of the securities may be used in connection with
hedging our obligations under the securities through one or more of our affiliates. Such hedging or trading activities on or prior to
the Trade Date and during the term of the securities (including on any calculation date, as defined in any accompanying product
supplement) could adversely affect the value of the Underlyings and, as a result, could decrease the amount you may receive on
the securities at maturity. For additional information, see "Supplemental Use of Proceeds and Hedging" in the accompanying
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product supplement.

9

H ist oric a l I nform a t ion

The following graphs set forth the historical performance of the Underlyings based on the closing level of each Underlying from
January 3, 2012 through April 28, 2017. The closing level of the S&P 500® Index on April 28, 2017 was 2384.20. The closing level
of the Russell 2000® Index on April 28, 2017 was 1400.428. We obtained the historical information below from Bloomberg, without
independent verification.

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

For additional information on the S&P 500® Index and the Russell 2000® Index, see "The Reference Indices--The S&P Dow
Jones Indices--The S&P 500® Index" and "The Reference Indices--The Russell 2000® Index" in the accompanying underlying
supplement.


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