Obbligazione Swiss Credit 14.05% ( XS1237070013 ) in RUB

Swiss Credit

100 RUB ⇌

Regno Unito

XS1237070013 ( in RUB )

14.05% per anno ( pagato 1 volta l'anno)

20/09/2018 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Credit Suisse XS1237070013 in RUB 14.05%, scaduta

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

The Obbligazione issued by Swiss Credit ( United Kingdom ) , in RUB, with the ISIN code XS1237070013, pays a coupon of 14.05% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 20/09/2018

Credit Suisse AG, London Branch
RUB 250,000,000 14.05 per cent. Credit Linked Notes linked to State Corporation "Bank for
Development and Foreign Economic Affairs (Vnesheconombank)", due 2018 (the "Notes" or the
"Securities")
SPLB 2015-596
Issue Price: 100 per cent. (100%) of the Aggregate Nominal Amount
(ISIN: XS1237070013)
Securities Note
This document is a securities note (the "Securities Note"). The Securities Note contains information
relating to the above Securities.
Registration Document
The Securities Note shall be read in conjunction with the registration document dated 19 August 2015,
(the "Registration Document") containing information in respect of Credit Suisse AG, acting through
its London Branch (the "Issuer").
Together, the Registration Document and the Securities Note comprise a "prospectus" (the
"Prospectus") for the Securities, prepared for the purposes of Article 5.3 of Directive 2003/71/EC as
amended (the "Prospectus Directive"). This Prospectus will be published on the website of the
Luxembourg Stock Exchange (www.bourse.lu).
The Securities
The Securities are in the form of Notes and are issued by the Issuer under the Structured Products
Programme for the issuance of Notes, Certificates and Warrants described in the Programme
Memorandum dated 9 July 2015 (as may be supplemented and amended from time to time) (the
"Programme"). The terms and conditions of the Securities will comprise:

the General Terms and Conditions of Notes (the "General Note Conditions") set forth in
Schedule 3 below;

the Asset Terms for Credit-Linked Securities (the "Asset Terms") as set forth in Schedule 2
below; and

the specific terms of the Securities, as completing and amending the General Note Conditions
and the Asset Terms, as set forth in "Specific Terms" below.
Underlying Asset
The return on the Securities is linked to the performance of the Reference Entity, being State
Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" as at the
date hereof.
Risk Factors
Before purchasing Securities, you should consider, in particular, "Risk Factors" below together with the
relevant Risk Factors set out in the Annual Report 2014 of the Group (the "2014 Annual Report") (as
incorporated by reference in the Registration Document) for a description of these risks.
23 September 2015

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TABLE OF CONTENTS
Page
IMPORTANT NOTICES (INCLUDING RESPONSIBILITY STATEMENT) ....................................... 3
RISK FACTORS ....................................................................................................................................... 5
SPECIFIC TERMS .................................................................................................................................. 30
SCHEDULE 1: REPRESENTATIONS OF SECURITYHOLDER ........................................................ 40
SCHEDULE 2: ASSET TERMS ............................................................................................................. 43
SCHEDULE 3: GENERAL NOTE CONDITIONS ................................................................................ 65
INFORMATION RELATING TO THE UNDERLYING ASSET ......................................................... 86
GENERAL INFORMATION.................................................................................................................. 87
TAXATION ............................................................................................................................................ 89
SELLING RESTRICTIONS ................................................................................................................. 100

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IMPORTANT NOTICES (INCLUDING RESPONSIBILITY STATEMENT)
Responsibility statement
The Issuer accepts responsibility for the information contained in the Prospectus. To the best of the
knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the
information contained in the Prospectus is in accordance with the facts and does not omit anything
likely to affect the import of such information.
Post issuance information
The Issuer does not intend to provide any post issuance information with respect to the Underlying
Asset, unless required to do so by any applicable laws and regulations .
Approval for the purposes of the Prospectus Directive
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the
"CSSF"), as competent authority under the Prospectus Directive. The CSSF only approves this
Prospectus as meeting the requirements imposed under Luxembourg and EU law pursuant to the
Prospectus Directive. By approving the Prospectus, the CSSF gives no undertaking as to the economic
and financial soundness of the Securities and quality or solvency of the Issuer in line with the
provisions of Article 7(7) of the Luxembourg law on Prospectuses for securities.
No Investment Advice
Prospective investors should have regard to the factors described under the section headed "Risk
Factors" in this document. The Issuer is acting solely in the capacity of an arm's length contractual
counterparty and not as an investor's financial adviser or fiduciary in any transaction. The purchase of
Securities involves substantial risks and an investment in Securities is only suitable for investors who
(either alone or in conjunction with an appropriate financial adviser) fully evaluate the risks and merits
of such an investment in the Securities and who have sufficient resources to be able to bear any losses
that may result therefrom. Therefore, before making an investment decision, prospective investors of
Securities should ensure that they understand the nature of the Securities and the extent of their
exposure to risks and consider carefully, in the light of their own financial circumstances, financial
condition and investment objectives, all the information set forth in this document. This document
cannot disclose whether the Securities are a suitable investment in relation to any investor's particular
circumstances; therefore investors may wish to consult their own financial, tax, legal or other advisers
as they consider appropriate and carefully review and consider such an investment decision in the light
of the information set forth in this document.
Listing and Admission to trading
Application has been made to the Luxembourg Stock Exchange for the Securities to be listed on the
Official List of the Luxembourg Stock Exchange and admitted to trading on the regulated market of the
Luxembourg Stock Exchange. No assurances can be given that such application for listing and
admission to trading will be granted.
No other information
In connection with the issue and sale of the Securities, no person is authorised to give any information
or to make any representation not contained in this Prospectus, and neither the Issuer nor the Dealer
accepts responsibility for any information or representation so given that is not contained in this
Prospectus.
Not an offer
The Prospectus does not constitute an offer of Securities to the public, and may not be used for the
purposes of an offer or solicitation by anyone, in any jurisdiction in which such offer or solicitation is
not authorised, or to any person to whom it is unlawful to make such offer or solicitation and no action
is being taken to permit an offering of the Securities or the distribution of the Prospectus in any
jurisdiction where any such action is required except as specified herein.

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Restrictions on distribution
The distribution of this document and the offering of the Securities in certain jurisdictions may be
restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer to
inform themselves about, and to observe, such restrictions. For a description of certain restrictions on
offers or sales of the Securities and the distribution of this document and other offering materials
relating to the Securities, please refer to the section headed "Selling Restrictions" of this document.
Potential for Discretionary Determinations by the Issuer under the Securities
Under the terms and conditions of the Securities, following the occurrence of certain events outside of
its control, the Issuer may determine in its discretion to take one of the actions available to it in order to
deal with the impact of such event on the Securities or the Issuer or both. It is possible that any such
discretionary determination by the Issuer could have a material adverse impact on the value of the
Securities.
Important U.S. notice
The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the
"Securities Act"). Subject to certain exemptions, the Securities may not be offered, sold or delivered
within the United States of America or to, or for the account or benefit of, U.S. persons. A further
description of the restrictions on offers and sales of the Securities in the United States or to U.S.
persons is set forth in the section entitled "Selling Restrictions" of this document.
Information only as at the date hereof
The delivery of this Prospectus at any time does not imply that any information contained herein is
correct at any time subsequent to the date hereof.
No rating
The Securities have not been rated.

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RISK FACTORS
Capitalised terms used herein and not otherwise defined shall have the meanings given to them in the
Asset Terms for Credit Linked Securities.
The Securities involve complex risks, which include, among other things, credit risks, foreign exchange
risks, exchange rate risks, interest rate risks and/or political risks. Before buying the Securities,
investors should carefully consider, among other things, (i) the trading price of the Securities, (ii) the
value and volatility of the Reference Entity, (iii) the depth of the market or liquidity of the Securities,
and (iv) any related transaction costs. An investment in the Securities is only suitable for investors who
(either alone or in conjunction with an appropriate financial adviser) are capable of evaluating the
merits and risks of such an investment. Investors should consult their own financial, tax, legal or other
advisers as they consider appropriate and carefully review and consider such an investment decision in
the light of the foregoing and their personal circumstances.
Investors may lose the value of their entire investment or part of it.
1.
GENERAL CONSIDERATIONS
The purchase of Securities involves substantial risks and an investment in the Securities is only suitable
for investors who have the knowledge and experience in financial and business matters necessary to
enable them (either alone or in conjunction with an appropriate financial adviser) to evaluate the risks
and merits of an investment in the Securities and who have sufficient resources to be able to bear any
losses that may result therefrom. The Issuer is acting solely in the capacity of an arm's length
contractual counterparty and not as an investor's financial adviser or fiduciary in any transaction.
Before making any investment decision, prospective investors in the Securities should ensure that they
understand the nature of the Securities and the extent of their exposure to risks involved.
The Issuer believes that the factors described below may affect its abilities to fulfil its obligations under
the Securities. Most of these factors are contingencies which may or may not occur and which could
have a material adverse effect on the Issuer's businesses, operations, financial condition or prospects,
which, in turn, could have a material adverse effect on the return investors will receive on the
Securities. The Issuer does not express a view on the likelihood of any such contingency occurring.
The Issuer believes that the factors described below are material for the purpose of assessing the
market risks associated with the Securities and represent the material risks inherent in investing in the
Securities, but these are not the only risks that the Issuer faces or that may arise under the Securities.
There will be other risks that the Issuer does not currently consider to be material, or risks that the
Issuer is currently not aware of, or risks that arise due to circumstances specific to the investor, and the
Issuer does not represent that the statements below regarding the risks of holding any Securities are
exhaustive of all such risks.
More than one investment risk may have simultaneous effect with regard to the value of the Securities
and the effect of any single investment risk may not be predictable. In addition, more than one
investment risk may have a compounding effect and no assurance can be given as to the effect that any
combination of investment risks may have on the value of Securities.
2.
RISKS RELATING TO SECURITIES GENERALLY
2.1
General risks
The Securities are general unsecured obligations of the Issuer. Securityholders are exposed to the credit
risk of the Issuer. The Securities will be adversely affected in the event of (i) a default, (ii) a reduced
credit rating of the Issuer, (iii) increased credit spreads charged by the market for taking credit risk on
the Issuer or (iv) a deterioration in the solvency of the Issuer.
If the Issuer either fails or is otherwise unable to meet its payment obligations, you may lose up to the
entire value of your investment. The Securities are not deposits and are not protected under any deposit
insurance or protection scheme.

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The profitability of the Issuer will be affected by, among other things, changes in global economic
conditions, inflation, interest/exchange rates, capital risk, liquidity risk, market risk, credit risk, risks
from estimates and valuations, risks relating to off-balance sheet entities, cross-border and foreign
exchange risks, operational risks, legal and regulatory risks and competition risks. These risks are
discussed in further detail below.
These risk factors should be read together with the risk factors in respect of Credit Suisse AG listed on
pages 39 to 46 of the Annual Report on pages 63 to 70 of the PDF of the Exhibit to the Form 20-F
Dated 20 March 2015. Such risk factors are risk factors that are material to the Securities in order to
assess the market risk associated with them or which may affect the Issuer's ability to fulfil its
obligations under them.
3.
RISKS RELATING TO THE SECURITIES GENERALLY
3.1
Loss of investment
If the Securities do not provide for scheduled repayment in full of an amount at least equal to the issue
or purchase price, investors may lose some or all of their investment.
Securities are not deposits, and are not covered by any deposit insurance or protection scheme.
3.2
Limited liquidity
A secondary market for the Securities may not develop and if one does develop, it may not provide the
holders of the Securities with liquidity or may not continue for the life of the Securities. A decrease in
the liquidity of the Securities may cause, in turn, an increase in the volatility associated with the price
of such Securities. Illiquidity may have a severe adverse effect on the market value of the Securities.
The Issuer may, but is not obliged to, purchase the Securities at any time at any price in the open
market or by tender or private treaty and may hold, resell or cancel them. The market for the Securities
may be limited. The only way in which a Securityholder can realise value from a Security prior to its
maturity or expiry is to sell it at its then market price in the market which may be less than the amount
initially invested. The price in the market for a Security may be less than its Issue Price even though
the value of the Underlying Asset(s) may not have changed since the Issue Date. Further, the price at
which a Securityholder sells its Securities in the market may reflect a commission or a dealer discount,
which would further reduce the proceeds such Securityholder would receive for its Securities.
Any secondary market price quoted by the Issuer may be affected by several factors including, without
limitation, prevailing market conditions, credit spreads and the remaining time to maturity of the
Securities. The Securities are also subject to selling restrictions and/or transfer restrictions that may
limit a Securityholder's ability to resell or transfer its Securities. Accordingly, the purchase of
Securities is suitable only for investors who can bear the risks associated with a lack of liquidity in the
Securities and the financial and other risks associated with an investment in the Securities. Any
investor in the Securities must be prepared to hold such Securities for an indefinite period of time or
until redemption or expiry of the Securities.
3.3
The Issue Price may be more than the market value of the Securities
The Issue Price in respect of any Securities specified in the relevant Specific Terms may be more than
the market value of such Securities as at the Issue Date, and more than the price, if any, at which the
Dealer or any other person is willing to purchase such Securities in secondary market transactions. In
particular, the Issue Price in respect of any Securities and the terms of such Securities may take into
account, where permitted by law, fees, commissions or other amounts relating to the issue, distribution
and sale of such Securities, or the provision of introductory services. Such fees, commissions or other
amounts may be paid directly to the relevant distributor or, if the Securities are sold to the relevant
distributor at a discount, may be retained by the relevant distributor out of the Issue Price paid by
investors. In addition, the Issue Price in respect of the Securities and the terms of such Securities may
also take into account (i) the expenses incurred by the Issuer in creating, documenting and marketing
the Securities (including its internal funding costs) and (ii) amounts relating to the hedging of the
Issuer's obligations under such Securities.

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3.4
The market value of the Securities will be affected by many factors and cannot be
predicted
The market value of the Securities will be affected by many factors beyond the control of the Issuer,
including, but not limited to, the following:
(i)
the creditworthiness of the Issuer (whether actual or perceived), including actual or anticipated
downgrades in its credit rating;
(ii)
the remaining time to maturity of the Securities;
(iii)
interest rates and yield rates in the market;
(iv)
the volatility (i.e., the frequency and size of changes in the value) of the Underlying Asset(s)
(if any);
(v)
the value of the Underlying Asset(s) to which the Securities are linked (if any);
(vi)
national and international economic, financial, regulatory, political, military, judicial and other
events that affect the value of the Underlying Asset(s) or the relevant market(s) generally; and
(vii)
the exchange rate between the currency in which the Securities are denominated and the
currency in which the Underlying Asset(s) is denominated.
Some or all of the above factors will influence the value of the Securities in the market. Some of these
factors are inter-related in a complex way, and as a result, the effect of any one factor may be offset or
magnified by the effect of another factor. If you sell your Securities prior to maturity or expiry, the
price you will receive may be substantially lower than the original purchase price and you may lose
some or all of your investment.
3.5
The market value of the Securities may be highly volatile
Where the Securities reference any Underlying Asset(s), the Securityholders are exposed to the
performance of such Underlying Asset(s). The price, performance or investment return of the
Underlying Asset(s) may be subject to sudden and large unpredictable changes over time and this
degree of change is known as "volatility". The volatility of an Underlying Asset may be affected by
national and international economic, financial, regulatory, political, military, judicial or other events,
including governmental actions, or by the activities of participants in the relevant markets. Any of these
events or activities could adversely affect the value of the Securities.
3.6
Tax
Potential investors in the Securities should take note of the information set out in the section headed
"Taxation" of this Prospectus. Potential investors in the Securities should conduct such independent
investigation and analysis regarding the tax treatment of the Securities as they deem appropriate to
evaluate the merits and risks of an investment in the Securities in light of their individual
circumstances. Tax risks include, without limitation, a change in any applicable law, treaty, rule or
regulation or the interpretation thereof by any relevant authority which may adversely affect payments
in respect of the Securities. The level and basis of taxation on the Securities and on the Securityholders
and any reliefs from such taxation depend on the Securityholder's individual circumstances and could
change at any time. The tax and regulatory characterisation of the Securities may change over the life
of the Securities. This could have adverse consequences for Securityholders. Potential Securityholders
will therefore need to consult their own tax advisers to determine the specific tax consequences of the
purchase, ownership, transfer and redemption, exercise or expiry or enforcement of the Securities.
3.7
Proposed Financial Transaction Tax
On 14 February 2013, the European Commission published a proposal (the "Commission's Proposal")
for a Directive for a common financial transaction tax ("FTT") in Belgium, Germany, Estonia, Greece,
Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (the "participating Member States").

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The Commission's Proposal has very broad scope and could, if introduced, apply to certain dealings in
the Securities (including secondary market transactions) in certain circumstances. Primary market
transactions referred to in Article 5(c) of Regulation (EC) No 1287/2006 are expected to be exempt.
Under the Commission's Proposal the FTT could apply in certain circumstances to persons both within
and outside of the participating Member States. Generally, it would apply to certain dealings in the
Securities where at least one party is a financial institution, and at least one party is established in a
participating Member State. A financial institution may be, or be deemed to be, "established" in a
participating Member State in a broad range of circumstances, including (i) by transacting with a
person established in a participating Member State or (ii) where the financial instrument which is
subject to the dealings is issued in a participating Member State.
Joint statements issued by participating Member States indicate an intention to implement the FTT by 1
January 2016.
However, the FTT proposal remains subject to negotiation between the participating Member States
and the scope of any such tax is uncertain. Additional EU Member States may decide to participate.
Prospective investors in Securities are advised to seek their own professional advice in relation to the
FTT.
3.8
The Securities may be redeemed prior to their scheduled maturity
In certain circumstances (for example, (A) if the Issuer determines that its obligations under the
Securities have become unlawful or illegal, (B) following an event of default, (C) where the Securities
are linked to one or more Underlying Asset(s), following certain events having occurred in relation to
any Underlying Asset(s) (where the relevant Specific Terms specifies that (1) "Institutional" is
applicable, or (2) the terms of the Securities do not provide for the amount payable at maturity to be
subject to a minimum amount), or (D) if "Interest and Currency Rate Additional Disruption Event" is
specified to be applicable in the relevant Specific Terms and an Interest and Currency Rate Additional
Disruption Event occurs), the Securities may be redeemed early prior to their scheduled maturity. In
such circumstances, the Unscheduled Termination Amount payable under the Securities may be less
than the original purchase price of the Securities and could be as low as zero.
Following early redemption of Securities, the Holders of such Securities may not be able to reinvest the
redemption proceeds at a comparable return and/or at an effective interest rate as high as the interest
rate or yield on the Securities being redeemed and may only be able to do so at a significantly lower
rate. Prospective investors in Securities should consider such reinvestment risk in light of other
investments available at that time.
3.9
Return at maturity/loss of investment
Securities are "capital at risk" investments unless the Redemption Amount or Settlement Amount (as
applicable) payable at maturity or a scheduled early redemption is at least 100 per cent. of the Nominal
Amount, Specified Denomination or Issue Price (as applicable).
Even where the Redemption Amount or Settlement Amount (as applicable) is at least 100 per cent. of
the Nominal Amount, Specified Denomination or Issue Price (as applicable), the Securities are still
"capital at risk" investments if the terms of the Securities provide that the issuer's call option is
applicable, such call option is exercised and the Optional Redemption Amount is less than 100 per
cent. of the Nominal Amount, Specified Denomination or Issue Price (as applicable).
Where Securities are "capital at risk" investments, investors are exposed to a return that is linked to the
level(s) of the relevant Underlying Asset(s), as specified in the relevant Specific Terms, and may lose
the value of all or part of their investment.
In any event, if the amount payable on redemption, exercise or expiry of the Securities is less than their
issue price, investors may lose all or part of their investment.
Any "non-capital at risk" feature will not be applicable if (i) the relevant Specific Terms specifies that
"Institutional" is applicable and the Securities are redeemed or settled following an unscheduled
redemption event (see risk factor 3.17 (Adjustments and redemption or cancellation at Unscheduled

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Termination Amount)), (ii) the Securities are sold prior to maturity, or (iii) the Issuer defaults, and in
any such case before the Maturity Date and investors may lose all or part of their investment.
3.10
Risk of cancellation of issue of Securities
The Issuer may determine to cancel the issue of Securities for reasons beyond its control, such as
extraordinary events, substantial change of the political, financial, economic, legal, monetary or market
conditions at national or international level and/or adverse events regarding the financial or commercial
position of the Issuer and/or the other relevant events that in the determination of the Issuer may be
prejudicial to the issue of the Securities. In such case, where an investor has already paid or delivered
subscription monies for the relevant Securities, the investor will be entitled to reimbursement of such
amounts, but will not receive any interest that may have accrued in the period between their payment or
delivery of subscription monies and the reimbursement of the amount paid for such Securities.
3.11
Issue of further Securities
If additional securities or options with the same terms and conditions or linked to the same Underlying
Asset(s) as the Securities are subsequently issued, either by the Issuer or another issuer, the supply of
securities with such terms and conditions or linked to such Underlying Asset(s) in the primary and
secondary markets will increase and may cause the secondary market price of the Securities to decline.
3.12
No obligation to maintain listing
Investors should note that where the Securities are listed on a market (which shall not be a regulated
market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments, as amended),
the Issuer will not be obliged to maintain the listing of the Securities in certain circumstances, such as a
change in listing requirements.
3.13
The Issuer of Securities may be substituted without the consent of Securityholders
The Issuer of Securities may be substituted without the consent of Securityholders in favour of any
Affiliate of the Issuer or another company with which it consolidates or into which it merges or to
which it sells or transfer all or substantially all of its property, subject to certain conditions being
fulfilled.
3.14
The terms and conditions of the Securities may be modified without the consent of
Securityholders
The terms and conditions of the Securities may be modified without the consent of Securityholders for
the purposes of (i) curing any ambiguity or correcting or supplementing any provision if the Issuer
determines it to be necessary or desirable, provided that such modification is not prejudicial to the
interests of Securityholders, or (ii) correcting a manifest error.
3.15
Eurosystem eligibility for Securities which are issued in NGN Form and Registered
Securities held under the new safekeeping structure
Securities which are issued in NGN Form or Registered Securities held under the NSS may be issued
with the intention that such Securities may be recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by the Eurosystem. Such recognition will depend upon
satisfaction of the relevant Eurosystem eligibility criteria as specified by the European Central Bank,
and there is no guarantee that such Securities will be recognised as eligible collateral for the
Eurosystem. Securities that are not issued in NGN form or held under the NSS are not intended to be
recognised as eligible collateral for Eurosystem monetary policy and intra-day operations.
3.16
Risks relating to the Euro and the Euro zone
The ongoing deterioration of the sovereign debt of several countries, in particular Greece, together with
the risk of contagion to other, more stable, countries, such as France and Germany, has raised a number
of uncertainties regarding the stability and overall standing of the European Economic and Monetary
Union and may result in changes to the composition of the Euro zone.

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Concerns persist regarding the risk that other Euro zone countries could be subject to an increase in
borrowing costs and could face an economic crisis similar to that of Cyprus, Greece, Ireland, Italy,
Spain and Portugal, together with the risk that some countries could leave the Euro zone (either
voluntarily or involuntarily). The impact of these events on Europe and the global financial system
could be severe and could have a negative impact on the Securities.
Furthermore, concerns that the Euro zone sovereign debt crisis could worsen may lead to the
reintroduction of national currencies in one or more Euro zone countries or, in more extreme
circumstances, the possible dissolution of the Euro entirely. The departure or risk of departure from the
Euro by one or more Euro zone countries and/or the abandonment of the Euro as a currency could have
major negative effects on the Issuer and the Securities (including the risks of currency losses arising
out of redenomination). Should the Euro dissolve entirely, the legal and contractual consequences for
holders of Euro-denominated Securities would be determined by laws in effect at such time. These
potential developments, or market perceptions concerning these and related issues, could adversely
affect the value of the Securities. It is difficult to predict the final outcome of the Euro zone crisis.
Investors should carefully consider how changes to the Euro zone may affect their investment in the
Securities.
3.17
Adjustments and redemption or cancellation at Unscheduled Termination Amount
In certain circumstances (for example, following certain events affecting the relevant Issuer's hedging
arrangements or the Underlying Asset(s)), the relevant Issuer may make adjustments to the terms of the
Securities (including substituting an Underlying Asset) or redeem or cancel them at their Unscheduled
Termination Amount as determined by it without the consent of the Securityholders. Such Unscheduled
Termination Amount may be less than the Issue Price of the Securities and could be as low as zero.
In making any such adjustments or determinations, the relevant Issuer in such capacity will (whether or
not already expressed to be the case in the Conditions) act in good faith and in a commercially
reasonable manner, and (where there is a corresponding applicable regulatory obligation) shall take
into account whether fair treatment is achieved by any such adjustments or determinations in
accordance with its applicable regulatory obligations.
3.18
Optional redemption by the Issuer
Any call option of the relevant Issuer in respect of the Securities may negatively impact their market
value. During any period when the relevant Issuer may elect to redeem Securities, the market value of
those Securities generally will not rise substantially above the price at which they can be redeemed.
This may also be true prior to any redemption period. The relevant Issuer may be expected to redeem
Securities when its cost of borrowing is lower than the interest rate on the Securities. At those times, an
investor generally would not be able to reinvest the redemption proceeds at an effective interest rate as
high as the interest rate on the Securities being redeemed. The investor will not be able to participate in
the performance of the Underlying Asset(s) following the effective date of the Issuer call option.
3.19
Interest rate risks
Where Securities bear interest at a fixed rate, subsequent changes in market interest rates may
adversely affect the value of the Securities.
Where interest on Securities is subject to floating rates of interest that will change subject to changes in
market conditions, such changes could adversely affect the interest amount(s) received on the
Securities. As the interest income on Securities which bear interest at a floating rate will vary, it is not
possible to determine a fixed yield on such Securities at the time of investment and to compare the
return on investment of such Securities with investments bearing interest at a fixed rate. If the terms
and conditions of the Securities provide for frequent interest payment dates, a Securityholder may only
be able to reinvest the interest amount(s) paid to it at the prevailing interest rates, which may be lower
if market interest rates decline. Further, if the floating rate becomes negative, any positive margin
specified to be applicable to a floating rate will be reduced accordingly, and as such, the resulting rate
of interest on the Securities may be less than the positive margin, or may be zero (or such other
minimum rate of interest), as specified in the relevant Pricing Supplement.
3.20
Currency risk

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