Obligation Swiss Credit 1.625% ( US225448AL32 ) en USD

Swiss Credit

100 % ▼

Suisse

US225448AL32 ( en USD )

1.625% par an ( paiement semestriel )

06/03/2015 - Obligation échue

Prospectus brochure de l'obligation Credit Suisse US225448AL32 en USD 1.625%, échue

Credit Suisse était une grande banque suisse, active dans la gestion de fortune, l'investissement bancaire et les services financiers, avant sa prise de contrôle par UBS en mars 2023 suite à une crise de confiance.

L'obligation de Credit Suisse (ISIN : US225448AL32), émise en Suisse en USD, avec un taux d'intérêt de 1,625%, échéant le 06/03/2015 et une fréquence de paiement semestrielle, a atteint sa maturité et a été intégralement remboursée à 100% de sa valeur nominale.

Credit Suisse AG
(incorporated with limited liability in Switzerland)

acting through its Guernsey Branch

EUR 15 billion Covered Bond Programme
unconditionally and irrevocably guaranteed as to payments by

Credit Suisse Hypotheken AG
(incorporated with limited liability in Switzerland)
Under this 15 billion Covered Bond Programme (the Programme), Credit Suisse AG (Credit Suisse or
CS), acting through its Guernsey branch (in such capacity, the Issuer) may from time to time issue covered
bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer
(as defined below). Credit Suisse together with its subsidiaries and affiliates is referred to herein as the
Issuer Group.
The obligations of Credit Suisse Hypotheken AG (the Guarantor) under its guarantee of the Covered Bonds
(the Guarantee) are unsecured, and the Covered Bonds do not constitute mortgage bonds (Pfandbriefe)
within the meaning of the Swiss Federal Act on Mortgage Bonds as of 25 June 1930 (as amended from time
to time) (Pfandbriefgesetz) (the Swiss Federal Act on Mortgage Bonds). Accordingly, neither the Covered
Bonds nor the Guarantee benefit from any security attached to mortgage bonds under the Swiss Federal Act
on Mortgage Bonds and neither Credit Suisse nor the Guarantor are subject to supervision by the Swiss
Financial Market Supervisory Authority FINMA (FINMA) pursuant to the Swiss Federal Act on Mortgage
Bonds in relation to the issuance of the Covered Bonds or the Guarantee.
Covered Bonds may be issued in bearer or registered form (respectively, Bearer Covered Bonds and
Registered Covered Bonds).
The Covered Bonds may be issued on a continuing basis to one or more of the dealers (the Dealers)
specified under the section of this Base Prospectus entitled "General Description of the Programme" (below)
and any additional Dealer appointed under the Programme from time to time by the Issuer, which
appointment may be for a specific issue or on an ongoing basis. References in this base prospectus (the Base
Prospectus) to the relevant Dealer shall, in the case of an issue of Covered Bonds being (or intended to be)
subscribed for by more than one Dealer, be to all Dealers agreeing to subscribe for such Covered Bonds.

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An investment in Covered Bonds issued under the Programme involves certain risks. For a discussion
of these risks, see the section of this Base Prospectus entitled Risk Factors (below).
This Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the
Financial Regulator or CSSF), as competent authority under the Prospectus Directive and the Luxembourg
Act (as defined below). The CSSF assumes no responsibility for the economic and financial soundness of the
transactions contemplated by this Base Prospectus on the quality or solvency of the Issuer in accordance with
Article 7(7) of the Luxembourg Act. The Financial Regulator only approves this Base Prospectus as meeting
the requirements imposed under the Luxembourg Act. Such approval relates only to the Covered Bonds
which are to be admitted to trading on the regulated market of the Luxembourg Stock Exchange (the
Regulated Market) or other regulated markets for the purposes of Directive 2004/39/EC or which are to be
offered to the public in any Member State. There can be no assurance that any such admission to trading will
be obtained. Application has been made to the Luxembourg Stock Exchange (the Luxembourg Stock
Exchange) for Covered Bonds issued under the Programme during the 12 months from the date of this Base
Prospectus to be admitted to the official list (the Official List) and trading on the Regulated Market.
Covered Bonds which may be listed on the Regulated Market and/or admitted to trading on a regulated
market (for the purposes of Directive 2004/39/EC) situated or operating in a member state of the European
Union and/or offered to the public in a Member State in circumstances which require the publication of a
prospectus under the Prospectus Directive must have a minimum denomination of at least 100,000.
This document constitutes the Base Prospectus in relation to the Issuer (defined below) for the purposes of
Article 5.4 of Directive 2003/71/EC as amended (which includes the amendments made by Directive
2010/73/EU to the extent that such amendments have been implemented in a Member State) (the Prospectus
Directive) and for the purposes of the Luxembourg Act dated 10 July 2005, as amended (the Luxembourg
Act).
The Covered Bonds and the Guarantee have not been, and will not be, registered under the U.S. Securities
Act of 1933, as amended (the Securities Act), and may include Covered Bonds in bearer form that are
subject to United States tax law requirements. Covered Bonds in bearer form may not be offered, sold or
delivered within the United States or its possessions or to, or for the account or benefit of, U.S. persons,
except in certain transactions permitted by U.S. tax regulations (see Transfer Restrictions and Selling
Restrictions below). Covered Bonds may not be offered or sold or delivered within the United States or to, or
for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act (Regulation
S)), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act.
The Covered Bonds are being offered and sold only (A) in global form in the United States to "qualified
institutional buyers" (as defined in Rule 144A under the Securities Act (Rule 144A)) in reliance on Rule
144A and (B) in "offshore transactions" to non-U.S. persons (as defined in Regulation S) in reliance on
Regulation S. Prospective purchasers are hereby notified that sellers of the Covered Bonds may be relying on
the exemption from the provisions of section 5 of the Securities Act provided by Rule 144A or Regulation S.
For a description of these and certain further restrictions on offers, sales and transfers of Covered Bonds and
distribution of this Base Prospectus, see Transfer Restrictions and Selling Restrictions.
The Issuer may agree with any Dealer and the Trustee (as defined herein) that Covered Bonds may be issued
in a form not contemplated by the Terms and Conditions of the Covered Bonds set out herein (the
Conditions), in which event a supplement to this Base Prospectus, if appropriate, will be made available
which will describe the effect of the agreement reached in relation to such Covered Bonds.
The Covered Bonds issued under the Programme are expected on issue to be assigned a rating of "Aaa" by
Moody's Investors Service Limited (Moody's) and "AAA" by Fitch Ratings Limited (Fitch). The credit
ratings referenced in this Base Prospectus (with the exception of those credit ratings in relation to CS and CS
Group referenced in the documents incorporated by reference) have also been issued, by Moody's and Fitch,

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each of which is established in the European Union and is registered under Regulation (EU) No 1060/2009
as amended by Regulation (EU) No 513/2011 and Regulation (EC) No 462/2013 (the CRA Regulation). As
such each of Moody's and Fitch is included in the list of credit rating agencies published by the European
Securities and Markets Authority (ESMA) on its website in accordance with the CRA Regulation. The rating
of certain Series of Covered Bonds to be issued under the Programme may be specified in the applicable
Final Terms. Please also refer to Risks relating to Covered Bonds generally Credit rating may not reflect
all risks in the Risk Factors section of this Base Prospectus. A credit rating is not a recommendation to buy,
sell or hold securities and is subject to revision, suspension or withdrawal at any time.
The credit ratings in relation to CS and CS Group referenced in the documents incorporated by reference into
this Base Prospectus have been issued, for the purposes of the CRA Regulation, by Standard & Poor's Credit
Market Services Europe Limited (S&P), Fitch and Moody's Investors Service, Inc. (Moody's Inc). S&P and
Fitch are both established in the European Union and registered under the CRA Regulation, as set out in the
list of registered credit rating agencies published on the website of the ESMA (on
www.esma.europa.eu/page/list-registered-and-certified-CRAs). Moody's Inc is not established in the
European Union and has not applied for registration under the CRA Regulation. In general, and subject to
certain exceptions (including the exception outlined below), European regulated investors are restricted from
using a credit rating for regulatory purposes if such a credit rating is not issued by a credit rating agency
established in the European Union and registered under the CRA Regulation unless the rating is provided by
a credit rating agency operating in the European Union before 7 June 2010 which has submitted an
application for registration in accordance with the CRA Regulation and such registration is not refused.
Subject to the fulfillment of the conditions set out in Article 4(3) of the CRA Regulation, a credit rating
agency established in the European Union and registered in accordance with the CRA Regulation (an EU
CRA) may endorse (for regulatory purposes in the European Union) credit ratings issued outside the
European Union where (i) the credit rating activities resulting in the issuing of the credit rating are
undertaken in whole or in part by a credit rating agency or credit rating agencies belonging to the same group
(a non-EU CRA); and (ii) the EU CRA has verified and is able to demonstrate on an ongoing basis to
ESMA that the conduct of the credit rating activities by the non-EU CRA resulting in the issuing of the
credit rating to be endorsed fulfils requirements which are "at least as stringent as" the requirements of the
CRA Regulation. On 15 March 2012, ESMA announced that it considers the regulatory framework for
credit rating agencies in the United States to be "as stringent as" the requirements of the CRA
Regulation. Moody's Investors Service Limited (which has been registered under the CRA Regulation and
appears on the list of registered credit rating agencies on ESMA's web site -
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) currently endorses credit ratings issued
by Moody's Inc for regulatory purposes in the European Union. There can be no assurance that Moody's
Investors Service Limited will continue to endorse credit ratings issued by Moody's Inc.
Sole Arranger
Credit Suisse

The date of this Base Prospectus is 22 August 2014

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CS is a wholly-owned subsidiary of Credit Suisse Group AG (CS Group), and its business is substantially
the same as that of CS Group. However, CS Group is not an issuer or guarantor under this Programme.
Information in relation to CS Group contained in, or incorporated by reference into, this Base Prospectus is
included for information purposes only.
The Programme provides that Covered Bonds may be listed or admitted to trading, as the case may be, on
the Luxembourg Stock Exchange or on such other or further stock exchange(s) or market(s) as may be
agreed between the Issuer and the relevant Dealer. The Issuer may also issue unlisted Covered Bonds and/or
Covered Bonds not admitted to trading on any market.
For each issue of Covered Bonds under the Programme, final terms will be prepared which contain the
information required to complete this Base Prospectus (Final Terms) for the relevant issue. Notice of the
aggregate nominal amount of Covered Bonds, interest (if any) payable in respect of Covered Bonds, the
issue price of Covered Bonds and any other terms and conditions not contained herein which are applicable
to each Tranche (as defined under Terms and Conditions of the Covered Bonds) of Covered Bonds will be
set out in the applicable Final Terms. In relation to each issue of Covered Bonds, this Base Prospectus should
be read in connection with the applicable Final Terms. The applicable Final Terms in respect of the issue of
any Covered Bonds will specify whether or not such Covered Bonds will be listed. With respect to Covered
Bonds to be listed on the Official List and admitted to trading on the Regulated Market, the applicable Final
Terms will be filed with the Financial Regulator. Copies of the Base Prospectus and of Final Terms in
relation to Covered Bonds to be listed on the Official List and admitted to trading on the Regulated Market
will also be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).
The Issuer has confirmed to the Dealers that (i) this Base Prospectus is true and accurate in all material
respects and not misleading; (ii) there are no other facts in relation to the information contained or
incorporated by reference in this Base Prospectus the omission of which would, in the context of the issue of
the Covered Bonds, make any statement in this Base Prospectus misleading in any material respect; and
(iii) all reasonable enquiries have been made to verify the foregoing.
The Issuer accepts responsibility for the information contained in this Base Prospectus and the Final Terms
for each Series of Covered Bonds. To the best of the knowledge and belief of the Issuer (who has taken all
reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in
accordance with the facts and does not omit anything likely to affect the import of such information. The
Guarantor accepts responsibility for the information in relation to itself only contained in this Base
Prospectus. To the best of the knowledge and belief of the Guarantor (who has taken all reasonable care to
ensure that such is the case) the information contained in this Base Prospectus in relation to the Guarantor is
in accordance with the facts and does not omit anything likely to affect the import of such information.
Any person (an Investor) intending to acquire or acquiring any securities from any person (an Offeror)
should be aware that, in the context of an offer to the public as defined in the Prospectus Directive, the Issuer
may be responsible to the Investor for this Base Prospectus only if the Issuer is acting in association with that
Offeror to make the offer to the Investor. Each Investor should therefore verify with the Offeror whether or
not the Offeror is acting in association with the Issuer. If the Offeror is not acting in association with the
Issuer, the Investor should check with the Offeror whether anyone is responsible for this Base Prospectus for
the purposes of Article 6 of the Prospectus Directive as implemented by the national legislation of each
Member State (as defined below) in the context of the offer to the public, and, if so, who that person is. If the
Investor is in any doubt about whether it can rely on this Base Prospectus and/or who is responsible for its
contents, it should take legal advice.
Subject as provided in the applicable Final Terms, the only persons authorised to use this Base Prospectus in
connection with an offer of Covered Bonds are the persons named in the applicable Final Terms as the
relevant Dealer or the managers and the persons named in or identifiable following the applicable Final
Terms as the "Financial Intermediaries", as the case may be.

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An Investor intending to acquire or acquiring any Covered Bonds from an Offeror will do so, and offers and
sales of the Covered Bonds to an Investor by an Offeror will be made, in accordance with any terms and
other arrangements in place between such Offeror and such Investor including as to price, allocations and
settlement arrangements. The Issuer will not be a party to any such arrangements with Investors (other than
Dealers) in connection with the offer or sale of the Covered Bonds and, accordingly, this Base Prospectus
and any Final Terms will not contain such information and an Investor must obtain such information from
the Offeror.
Neither the Issuer nor the Guarantor has authorised the making of any representation, or the provision of
information, regarding the Issuer, the Guarantor or the Covered Bonds other than as contained in this Base
Prospectus or the applicable Final Terms or as approved for such purpose by the Issuer and the Guarantor.
Any such representation or information should not be relied upon as having been authorised by the Issuer,
the Guarantor, the Trustee, the Arranger, the Dealers or any of them.
Neither this Base Prospectus nor any other information supplied in connection with the Programme or any
Covered Bonds (i) is intended to provide the basis of any credit or other evaluation or (ii) should be
considered as a recommendation or constituting an invitation or offer by the Issuer, the Guarantor, the
Principal Originator, the Trustee, the Arranger or any of the Dealers, that any recipient of this Base
Prospectus or any other information supplied in connection with the Programme or any Covered Bonds,
should subscribe for or purchase any Covered Bonds. Each Investor contemplating purchasing any Covered
Bonds should make its own independent investigation of the financial condition and affairs, and its own
appraisal of the creditworthiness, of the Issuer, the Guarantor and the Principal Originator. Neither this Base
Prospectus nor any other information supplied in connection with the Programme or the issue of any
Covered Bonds constitutes an offer by or on behalf of the Issuer, the Guarantor, the Principal Originator the
Trustee or any of the Dealers to any person to subscribe for or to purchase any Covered Bonds. Each
potential Investor in the Covered Bonds must determine the suitability of that investment in light of its own
circumstances. In particular, each potential Investor should:
(a)
have sufficient knowledge and experience to make a meaningful evaluation of the Covered Bonds,
the merits and risks of investing in the Covered Bonds and the information contained or incorporated
by reference in this Base Prospectus or any applicable supplement;
(b)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Covered Bonds and the impact that the Covered
Bonds will have on its overall investment portfolio;
(c)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Covered Bonds, including Covered Bonds with principal or interest payable in one or more
currencies, or where the currency for principal or interest payments is different from the potential
Investor's currency;
(d)
understand thoroughly the terms of the Covered Bonds and be familiar with the behaviour of any
relevant indices and financial markets; and
(e)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Covered Bonds are complex financial instruments. Sophisticated institutional Investors generally do not
purchase complex financial instruments as stand-alone investments. They purchase complex financial
instruments as a way to reduce risk or enhance yield with an understood, measured, appropriate addition of
risk to their overall portfolios. A potential Investor should not invest in Covered Bonds unless it has the
expertise (either alone or with a financial adviser) to evaluate how the Covered Bonds will perform under

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changing conditions, the resulting effects on the value of the Covered Bonds and the impact this investment
will have on the potential Investor's overall investment portfolio.
The distribution of this Base Prospectus and any Final Terms and the offer, sale and delivery of the Covered
Bonds in certain jurisdictions may be restricted by law. Persons into whose possession this Base Prospectus
comes are required by the Issuer, the Guarantor, the Trustee, the Arranger and the Dealers to inform
themselves about and to observe any such restrictions. For a description of certain restrictions on offers, sales
and deliveries of Covered Bonds and on the distribution of this Base Prospectus or any Final Terms and
other offering material relating to the Covered Bonds, see Transfer Restrictions and Selling Restrictions and
the applicable Final Terms. Neither this Base Prospectus nor any Final Terms may be used for the purpose 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 an offer or solicitation.
The Covered Bonds have not been approved or disapproved by the U.S. Securities and Exchange
Commission (the SEC), any state securities commission in the United States or any other U.S.
regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of
the offering of the Covered Bonds or the accuracy or the adequacy of this Base Prospectus. Any
representation to the contrary is a criminal offence under the laws of the United States.
NOTICE TO NEW HAMPSHIRE RESIDENTS ONLY
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENCE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES (RSA 421-B) WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A
SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF
NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW
HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND
NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION IS
AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF
STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR
RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION.
IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE
PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE
PROVISIONS OF THIS PARAGRAPH.
AVAILABLE INFORMATION
For as long as any of the Covered Bonds remain outstanding and are "restricted securities" within the
meaning of Rule 144(a)(3) under the Securities Act, each of the Issuer and the Guarantor has agreed that it
will, during any period in which it is neither subject to nor in compliance with the reporting requirements of
Sections 13 or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act) nor
exempt from reporting under the Exchange Act pursuant to Rule 12g3-2(b) thereunder, furnish, upon
request, to any person in whose name such restricted securities are registered, to any owner of a beneficial
interest in such restricted securities, and to any prospective purchaser of such restricted securities or
beneficial interest therein designated by any such person or beneficial owner, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act.
By requesting copies of the documents referred to herein or by making any other requests for additional
information relating to the issue of the Covered Bonds or to the Issuer, each potential Investor agrees to keep
confidential the various documents and all written information which from time to time has been or will be
disclosed to it, to the extent that such documents or information are not otherwise publicly available, and
agrees not to disclose any portion of such information to any person except in connection with the proposed
resale of the Covered Bonds or as required by law.

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The Bearer Covered Bonds are subject to U.S. tax law requirements and may not be offered, sold or
delivered within the United States or its possessions or to, or for the account or benefit of, U.S. persons,
except in certain transactions permitted by U.S. tax regulations. Terms used in this section have the
meanings given to them by the Code, and the Treasury Regulations promulgated thereunder.
Notwithstanding anything herein to the contrary, from the commencement of discussions with respect to any
transaction contemplated by this Base Prospectus, all persons may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of any transaction contemplated by this Base
Prospectus and all materials of any kind (including opinions and other tax analyses) that are provided to such
persons relating to such tax treatment and tax structure, except to the extent that any such disclosure could
reasonably be expected to cause any offering pursuant to the Programme not to be in compliance with
securities laws. For purposes of this paragraph, the tax treatment of a transaction is the purported or claimed
U.S. federal income tax treatment of that transaction and the tax structure of a transaction is any fact that
may be relevant to understanding the purported or claimed U.S. federal income tax treatment of that
transaction.
Notice to U.S. Investors
With respect to the issue and sale of the Covered Bonds in the United States, this Base Prospectus is
confidential and has been prepared by the Issuer solely for use in connection with the issue of the Covered
Bonds. In the United States, this Base Prospectus is personal to each person or entity to whom it has been
delivered by the Issuer or a Dealer or an affiliate thereof. Distribution in the United States of this Base
Prospectus to any person other than such persons or entities and those persons or entities, if any, retained to
advise such persons or entities is unauthorised and any disclosure of any of its contents, without the prior
written consent of the Issuer, is prohibited. Each prospective purchaser in the United States, by accepting
delivery of this Base Prospectus, agrees to the foregoing and agrees not to reproduce all or any part of this
Base Prospectus. This Base Prospectus is not a prospectus for the purposes of Section 12(a)(2) or any other
provision of or rule under the Securities Act.
Additionally, each purchaser of any of the Covered Bonds will be deemed to have made the representations,
warranties and acknowledgements, which are intended to restrict the resale or other transfer of such Covered
Bonds and which are described in this Base Prospectus (see Transfer Restrictions and Selling Restrictions)
and the applicable Final Terms. The Covered Bonds and the Guarantee have not been nor will they be
registered under the Securities Act, and they are therefore subject to certain restrictions on transfer. If any
Covered Bonds and the Guarantee are transferred pursuant to Rule 144A, prospective Investors are hereby
notified that the seller of any Covered Bond may be relying upon the exemption from the provisions of
Section 5 of the Securities Act provided by Rule 144A. For a description of certain further restrictions on
resale or transfer of the Covered Bonds and the Guarantee, see Transfer Restrictions and Selling Restrictions
below and, if applicable, the relevant Final Terms.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is a corporation organised under the laws of Switzerland. Most of the officers and directors
named herein reside outside the United States and all or a substantial portion of the assets of the Issuer and of
such officers and directors are located outside the United States. As a result, it may not be possible for
investors to effect service of process outside Switzerland upon the Issuer or such persons, or to enforce
judgments against them obtained in courts outside Switzerland predicated upon civil liabilities of the Issuer
or such directors and officers under laws other than Swiss law, including any judgment predicated upon
United States federal securities laws.
The Guarantor is a corporation organised under the laws of Switzerland. All of the officers and directors
named herein reside outside the United States and all or a substantial portion of the assets of the Guarantor
and of such officers and directors are located outside the United States. As a result, it may not be possible
for investors to effect service of process outside Switzerland upon the Guarantor or such persons, or to

vii

enforce judgments against them obtained in courts outside Switzerland predicated upon civil liabilities of the
Guarantor or such directors and officers under laws other than Swiss law, including any judgment predicated
upon United States federal securities laws.
FORWARD-LOOKING STATEMENTS
This Base Prospectus contains or incorporates by reference statements that constitute forward-looking
statements. In addition, in the future the Issuer and the Guarantor, and others on their behalf, may make
statements that constitute forward-looking statements. Such forward-looking statements may include,
without limitation, statements relating to the CS Group's plans, objectives or goals; the CS Group's future
economic performance or prospects; the potential effect on the CS Group's future performance of certain
contingencies; and assumptions underlying any such statements.
Words such as "believes", "anticipates", "expects", "intends" and "plans" and similar expressions are
intended to identify forward-looking statements but are not the exclusive means of identifying such
statements. The Issuer and the Guarantor do not intend to update these forward-looking statements except as
may be required by applicable securities laws.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and
specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in
forward-looking statements will not be achieved. A number of important factors could cause results to differ
materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-
looking statements. These factors include: (i) the ability to maintain sufficient liquidity and access capital
markets; (ii) market and interest rate fluctuations and interest rate levels; (iii) the strength of the global
economy in general and the strength of the economies of the countries in which the CS Group conducts
operations, in particular the risk of a continued U.S. or global economic downturn in 2014 and beyond; (iv)
the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate
markets; (v) adverse rating actions by credit rating agencies in respect of sovereign issuers, structured credit
products or other credit-related exposures; (vi) the ability to achieve our strategic objectives, including
improved performance, reduced risks, lower costs and more efficient use of capital; (vii) the ability of
counterparties to meet their obligations to the CS Group; (viii) the effects of, and changes in, fiscal,
monetary, trade and tax policies, and currency fluctuations; (ix) political and social developments, including
war, civil unrest or terrorist activity; (x) the possibility of foreign exchange controls, expropriation,
nationalisation or confiscation of assets in countries in which the CS Group conducts operations; (xi)
operational factors such as systems failure, human error, or the failure to implement procedures properly;
(xii) actions taken by regulators with respect to the CS Group's business and practices in one or more of the
countries in which the CS Group conducts operations; (xiii) the effects of changes in laws, regulations or
accounting policies or practices; (xiv) competition in geographic and business areas in which the CS Group
conducts operations; (xv) the ability to retain and recruit qualified personnel; (xvi) the ability to maintain the
CS Group's reputation and promote the CS Group's brands; (xvii) the ability to increase market share and
control expenses; (xviii) technological changes; (xix) the timely development and acceptance of the CS
Group's new products and services and the perceived overall value of these products and services by users;
(xx) acquisitions, including the ability to integrate acquired businesses successfully, and divestitures,
including the ability to sell non-core assets; (xxi) the adverse resolution of litigation and other contingencies;
(xxii) the ability to achieve the CS Group's cost efficiency goals and other cost targets; and (xxiii) the CS
Group's success at managing the risks involved in the foregoing.
The foregoing list of important factors is not exclusive; when evaluating forward-looking statements,
investors should carefully consider the foregoing factors and other uncertainties and events, as well as the
other risks identified in this Base Prospectus.

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WARNING:
The contents of this document have not been reviewed by any regulatory authority in Hong Kong.
Investors are advised to exercise caution in relation to the offer. If an Investor is in any doubt about
any of the contents of this document, the Investor should obtain independent professional advice.
All references in this document to Member State refer to a Member State of the European Economic Area,
those to U.S. dollars, USD and U.S.$ refer to the currency of the United States, those to Japanese Yen and
JPY refer to the currency of Japan, those to Pounds sterling and GBP refer to the currency of the United
Kingdom, those to Swiss Francs and CHF refer to the lawful currency of Switzerland and those to euro and
refer to the single currency introduced at the start of the third stage of European Economic and Monetary
Union pursuant to the Treaty on the Functioning of the European Union, as amended.
In connection with the issue of any Tranche of Covered Bonds, the Dealer or Dealers (if any) named as
the Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in the
applicable Final Terms may over-allot Covered Bonds or effect transactions with a view to supporting
the market price of the Covered Bonds at a level higher than that which might otherwise prevail.
However, there is no assurance that the Stabilising Manager(s) (or persons acting on behalf of a
Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after
the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of
Covered Bonds is made and, if begun, may be ended at any time, but it must end no later than the
earlier of 30 days after the issue date of the relevant Tranche of Covered Bonds and 60 days after the
date of the allotment of the relevant Tranche of Covered Bonds. Any stabilisation or over-allotment
must be conducted by the relevant Stabilising Manager(s) (or person(s) acting on behalf of any
Stabilising Manager(s)) in accordance with all Applicable Laws. Any loss or profit sustained as a
consequence of any such over-allotment or stabilisation shall, as against the Issuer, be for the account
of the Stabilising Manager(s).
All contractual documentation for the Programme and any non-contractual obligations arising out of or in
connection with all contractual documentation for the Programme will be governed by, and construed in
accordance with, either English law, Swiss law or New York law as applicable. Unless otherwise stated in
the applicable Final Terms, the Covered Bonds will be governed by, and construed in accordance with,
English law.

ix

CONTENTS
Page
Important Notice .................................................................................................................................................. i
Overview .......................................................................................................................................................... 11
Risk Factors ...................................................................................................................................................... 12
Structure Overview ........................................................................................................................................... 60
Documents Incorporated by Reference ............................................................................................................ 64
General Description of the Programme ............................................................................................................ 87
Form of the Covered Bonds ............................................................................................................................. 99
Applicable Final Terms .................................................................................................................................. 103
Terms and Conditions of the Covered Bonds ................................................................................................. 113
Book-Entry Clearance Systems ...................................................................................................................... 164
Use of Proceeds .............................................................................................................................................. 169
Description of Credit Suisse ........................................................................................................................... 170
Description of the Guarantor .......................................................................................................................... 184
BNP Paribas Trust Corporation UK Limited ................................................................................................. 190
Overview of the Principal Transaction Documents ........................................................................................ 191
Credit Structure .............................................................................................................................................. 243
Cashflows ....................................................................................................................................................... 252
Credit Suisse's Mortgage Origination and Underwriting Policies and Procedures ........................................ 262
Certain Matters of Swiss Law ........................................................................................................................ 270
Taxation .......................................................................................................................................................... 298
ERISA Considerations ................................................................................................................................... 312
Transfer Restrictions and Selling Restrictions ............................................................................................... 315
General Information ....................................................................................................................................... 326
Glossary .......................................................................................................................................................... 329

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