Obligation Swiss Credit 0% ( US22547T5891 ) en USD

Swiss Credit

100 % ▲

Suisse

US22547T5891 ( en USD )

31/01/2025 - Obligation échue

Prospectus brochure de l'obligation Credit Suisse US22547T5891 en USD 0%, échue

1 000 USD

7 834 000 USD

22547T589

N/A

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 émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22547T5891, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/01/2025

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22547T5891, a été notée NR par l'agence de notation Moody's.

424B2 1 dp52955_424b2-t463.htm FORM 424(B)(2)
CALCULATION OF REGISTRATION FEE

Maximum Aggregate
Amount of Registration

Title
Offering Price
Fee
Notes

$7,833,850

$910.29

PRICING SUPPLEMENT No. T463
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-180300-03
Dated January 27, 2015
Credit Suisse AG $7,833,850 Trigger Performance Securities
Linked to the Performance of the Russell 2000® Index due January 31, 2025
Principal at Risk Securities
I nve st m e nt De sc ript ion
These Trigger Performance Securities (the "Securities") are senior, unsecured obligations of Credit Suisse AG, acting through its London Branch
("Credit Suisse" or the "Issuer") linked to the performance of the Russell 2000® Index (the "Underlying"). The Securities will rank pari passu with all
of our other senior unsecured obligations. If the Underlying Return is greater than zero, Credit Suisse will pay the Principal Amount at maturity plus
a return equal to the product of (i) the Principal Amount multiplied by (ii) the Underlying Return multiplied by (iii) the Upside Participation Rate is
143.50%. If the Underlying Return is equal to or less than zero, Credit Suisse will either pay the full Principal Amount at maturity, or, if the Final
Level is less than the Trigger Level, Credit Suisse will pay less than the full Principal Amount at maturity, if anything, resulting in a loss of principal
that is proportionate to the full depreciation of the Underlying. In that case, you will lose a significant amount and possibly all of your investment.
I nve st ing in t he Se c urit ie s involve s signific a nt risk s. Y ou w ill not re c e ive int e re st or divide nd pa ym e nt s during t he
t e rm of t he Se c urit ie s. Y ou m a y lose som e or a ll of your Princ ipa l Am ount . T he c ont inge nt re pa ym e nt of princ ipa l
a pplie s only if you hold t he Se c urit ie s t o m a t urit y. Any pa ym e nt on t he Se c urit ie s, inc luding a ny re pa ym e nt of
princ ipa l, is subje c t t o t he a bilit y of Cre dit Suisse t o pa y it s obliga t ions a s t he y be c om e due . I f Cre dit Suisse w e re t o
de fa ult on it s obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he Se c urit ie s.
Fe a t ure s

K e y Da t e s *
Participation in Positive Underlying Returns: If the

Trade Date
January 27, 2015
Underlying Return is greater than zero, Credit Suisse will pay

Settlement Date
January 30, 2015
the Principal Amount at maturity plus a return equal to the
Underlying Return multiplied by the Upside Participation Rate. If
Valuation Date*
January 27, 2025
the Underlying Return is less than zero, investors may be

Maturity Date*
January 31, 2025
exposed to the negative Underlying Return at maturity.

* The Valuation Date is subject to postponement if such date is not
Cont inge nt Re pa ym e nt of Princ ipa l a t M a t urit y: If
an underlying business day or as a result of a market disruption
the Underlying Return is equal to or less than zero and the
event, and the Maturity Date is subject to postponement if such
Final Level is not less than the Trigger Level, Credit Suisse will
date is not a business day or if the Valuation Date is postponed,
pay you the Principal Amount at maturity. However, if the Final
in each case as described in the accompanying product
Level is less than the Trigger Level, Credit Suisse will pay you
supplement under "Description of the Securities--Market
less than your full Principal Amount, if anything, resulting in a
disruption events."
loss of your principal that is proportionate to the full
depreciation of the Underlying. The contingent repayment of

principal applies only if you hold the Securities to maturity. Any
payment on the Securities, including any repayment of
principal, is subject to the ability of Credit Suisse to pay its
obligations as they become due.
N OT I CE T O I N V EST ORS: T H E SECU RI T I ES ARE SI GN I FI CAN T LY RI SK I ER T H AN CON V EN T I ON AL DEBT I N ST RU M EN T S.
T H E I SSU ER I S N OT N ECESSARI LY OBLI GAT ED T O PAY T H E FU LL PRI N CI PAL AM OU N T OF T H E SECU RI T I ES AT
M AT U RI T Y , AN D T H E SECU RI T I ES CAN EX POSE Y OU R I N V EST M EN T T O T H E FU LL DEPRECI AT I ON OF T H E
U N DERLY I N G. T H I S M ARK ET RI SK I S I N ADDI T I ON T O T H E CREDI T RI SK I N H EREN T I N PU RCH ASI N G A DEBT
OBLI GAT I ON OF CREDI T SU I SSE. Y OU SH OU LD N OT PU RCH ASE T H E SECU RI T I ES I F Y OU DO N OT U N DERST AN D OR
ARE N OT COM FORT ABLE WI T H T H E SI GN I FI CAN T RI SK S I N V OLV ED I N I N V EST I N G I N T H E SECU RI T I ES. Y OU SH OU LD
CAREFU LLY CON SI DER T H E RI SK S DESCRI BED U N DER "K EY RI SK S" BEGI N N I N G ON PAGE 5 AN D U N DER "RI SK
FACT ORS" BEGI N N I N G ON PAGE PS -3 OF T H E ACCOM PAN Y I N G PRODU CT SU PPLEM EN T BEFORE PU RCH ASI N G AN Y
SECU RI T I ES. EV EN T S RELAT I N G T O AN Y OF T H OSE RI SK S, OR OT H ER RI SK S AN D U N CERT AI N T I ES, COU LD
ADV ERSELY AFFECT T H E M ARK ET V ALU E OF, AN D T H E RET U RN ON , Y OU R SECU RI T I ES. Y OU M AY LOSE SOM E OR
ALL OF Y OU R I N I T I AL I N V EST M EN T I N T H E SECU RI T I ES. T H E SECU RI T I ES WI LL N OT BE LI ST ED ON AN Y EX CH AN GE.
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.
Se c urit y Offe ring
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This pricing supplement relates to Securities linked to the performance of the Russell 2000® Index. The Upside Participation Rate, Initial Level and
Trigger Level for the Securities are listed below. The Securities are not subject to a predetermined maximum gain and, accordingly, any return at
maturity will be determined by the performance of the Underlying. The Securities are offered at a minimum investment of 100 Securities at $10.00
per Security (representing a $1,000 investment), and integral multiples of $10.00 in excess thereof.
U nde rlying
I nit ia l Le ve l
U pside Pa rt ic ipa t ion Ra t e
T rigge r Le ve l
CU SI P
I SI N
Russell 2000® Index
1194.658
143.50%
597.329
22547T589
US22547T5891
Cre dit Suisse c urre nt ly e st im a t e s t he va lue of e a c h $ 1 0 .0 0 princ ipa l a m ount of t he Se c urit ie s on t he T ra de Da t e is
$ 9 .0 3 3 (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 "K e y Risk s" in t his pric ing supple m e nt .
Se e "Addit iona l I nform a t ion a bout Cre dit Suisse a nd t he Se c urit ie s" on pa ge 2 . T he Se c urit ie s w ill ha ve t he t e rm s se t
fort h in t he a c c om pa nying produc t supple m e nt , prospe c t us supple m e nt a nd prospe c t us a nd 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.
Offe ring of Se c urit ie s
U nde rw rit ing Disc ount

a nd Com m issions (1)
Proc e e ds t o Cre dit
Pric e t o Public
Suisse AG

T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
Securities Linked to the Performance of the Russell 2000® Index due $7,833,850.00
$10.00
$391,692.50
$0.50
$7,442,157.50 $9.50
January 31, 2025
(1) UBS Financial Services Inc., which we refer to as UBS, will act as distributor for the Securities. The distributor will receive a fee from Credit Suisse or one of
our affiliates of $0.50 per $10.00 principal amount of Securities. For more detailed information, please see "Supplemental Plan of Distribution" on the last page
of this pricing supplement.
U BS Fina nc ia l Se rvic e s I nc .

Addit iona l I nform a t ion a bout Cre dit Suisse a nd t he Se c urit ie s
You should read this pricing supplement together with the underlying supplement dated July 29, 2013, the product supplement dated
March 23, 2012, the prospectus supplement dated March 23, 2012 and the prospectus dated March 23, 2012, relating to our Medium-
Term Notes of which these Securities are a part. You may access these documents on the SEC website at www.sec.gov as follows (or
if such address has changed, by reviewing our filings for the relevant date on the SEC website):

¨
Underlying supplement dated July 29, 2013:
http://www.sec.gov/Archives/edgar/data/1053092/000095010313004526/dp39753_424b2.htm

¨
Product supplement No. T-I dated March 23, 2012:
http://www.sec.gov/Archives/edgar/data/1053092/000095010312001509/dp29508_424b2-ti.htm

¨
Prospectus supplement and Prospectus dated March 23, 2012:
http://www.sec.gov/Archives/edgar/data/1053092/000104746912003186/a2208088z424b2.htm

Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this pricing supplement, the "Company," "we," "us," or
"our" refers to Credit Suisse.

The Securities are senior, unsecured obligations of Credit Suisse and will rank pari passu with all of our other senior unsecured
obligations.

In the event the terms of the Securities described in this pricing supplement differs from, or is inconsistent with, the terms described in
the underlying supplement, product supplement or prospectus supplement, the terms described in this pricing supplement will control.

This pricing supplement, together with the documents listed above, contains the terms of the Securities and supersedes all other prior
or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, fact sheets,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. We
may, without the consent of the registered holder of the Securities and the owner of any beneficial interest in the Securities, amend
the Securities to conform to its terms as set forth in this pricing supplement and the documents listed above, and the trustee is
authorized to enter into any such amendment without any such consent. You should carefully consider, among other things, the
matters set forth in "Risk Factors" in the product supplement and "Key Risks" in this pricing supplement, 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
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I nve st or Suit a bilit y
T he Se c urit ie s m a y be suit a ble for you if:

T he Se c urit ie s m a y not be suit a ble for you if:

¨You fully understand the risks inherent in an investment in
¨You do not fully understand the risks inherent in an
the Securities, including the risk of loss of your entire
investment in the Securities, including the risk of loss of
initial investment.
your entire initial investment.

¨You can tolerate a loss of all or a substantial portion of
¨You seek an investment designed to provide a full return
your investment and are willing to make an investment
of principal at maturity.
that may be exposed to the full depreciation of the

Underlying.
¨You cannot tolerate a loss of all or a substantial portion

of your investment, and you are not willing to make an
¨You are willing to forgo any dividends paid on the equity
investment that may be exposed to the full depreciation
securities included in the Underlying.
of the Underlying.

¨You are willing to hold the Securities to maturity as stated
¨You prefer to receive the dividends paid on the equity
on the cover hereof, and accept that there may be little
securities included in the Underlying.
or no secondary market for the Securities.

¨You are unable or unwilling to hold the Securities to
¨You believe the Underlying will appreciate over the term of
maturity as stated on the cover hereof, or you seek an
the Securities and you are willing to invest in the
investment for which there will be an active secondary
Securities based on the Upside Participation Rate
market for the Securities.
specified on the cover hereof.

¨You believe that the Underlying will depreciate during
¨You can tolerate fluctuations of the price of the Securities
the term of the Securities and is likely to close at or
prior to maturity that may be similar to or exceed the
below the Trigger Level on the Valuation Date.
downside fluctuations in the level of the Underlying.

¨You are not willing to invest in the Securities based on
¨You do not seek current income from your investment.
the Upside Participation Rate specified on the cover

hereof.
¨You seek an investment with exposure to small market

capitalization companies in the United States.
¨You prefer the lower risk, and, therefore, accept the

potentially lower returns, of conventional debt securities
¨You are willing to assume the credit risk of Credit Suisse
with comparable maturities issued by Credit Suisse or
for all payments under the Securities, and understand that
another issuer with a similar credit rating.
the payment of any amount due on the Securities is

subject to the credit risk of Credit Suisse.
¨You seek current income from your investment.

¨You do not seek an investment with exposure to small
market capitalization companies in the United States.

¨You are unwilling to assume the credit risk of Credit
Suisse for all payments under the Securities.
T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he Se c urit ie s a re a
suit a ble inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt
de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully
c onside re d t he suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your pa rt ic ula r c irc um st a nc e s. Y ou
should a lso re vie w "K e y Risk s" be ginning on pa ge 5 of t his pric ing supple m e nt for risk s re la t e d t o a n
inve st m e nt in t he Se c urit ie s.

3

I nve st or Suit a bilit y
Issuer
Credit Suisse AG ("Credit Suisse"), acting through its London Branch.
Principal Amount
$10.00 per Security
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Term
Approximately 10 years. In the event that we make any change to the expected Settlement Date, the calculation
agent may adjust the Valuation Date and Maturity Date to ensure that the stated term of the Securities remains the
same.
Underlying
Russell 2000® Index
Trigger Level
50% of the Initial Level as specified on the first page of this pricing supplement.
Upside Participation Rate
143.50%.
Payment at Maturity (per
I f t he U nde rlying Re t urn is gre a t e r t ha n ze ro , Credit Suisse will pay you a cash payment calculated as
Security)
follows:

$10 + [$10 × (Underlying Return × Upside Participation Rate)]

I f t he U nde rlying Re t urn is e qua l t o or le ss t ha n ze ro a nd t he Fina l Le ve l is e qua l t o or
gre a t e r t ha n t he T rigge r Le ve l, Credit Suisse will pay you a cash payment of:

$10

I f t he Fina l Le ve l is le ss t ha n t he T rigge r Le ve l, Credit Suisse will pay you a cash payment calculated
as follows:

$10 + ($10 × Underlying Return)

I n t his c a se , you c ould lose up t o a ll of your Princ ipa l Am ount in a n a m ount proport iona t e t o
t he ne ga t ive U nde rlying Re t urn.
Underlying Return
Final Level Initial Level

Initial Level
Initial Level
The Closing Level of the Underlying on the Trade Date as specified on the first page of this pricing supplement.
Final Level
The Closing Level of the Underlying on the Valuation Date.
Valuation Date(1)
January 27, 2025
Maturity Date(1)
January 31, 2025
CUSIP / ISIN
22547T589 / US22547T5891
(1)Subject to the market disruption event provisions set forth in the accompanying product supplement under "Description of the Securities--Market
disruption events."

I nve st m e nt T im e line

The Closing Level of the Underlying (Initial Level) is observed, the Trigger Level is determined and the Upside Participation

T ra de Da t e Rate is set.

The Final Level and Underlying Return are determined on the Valuation Date.

I f t he U nde rlying Re t urn is gre a t e r t ha n ze ro , Credit Suisse will pay you a cash payment per Security equal to:

$10 + [$10 × (Underlying Return × Upside Participation Rate)]

I f t he U nde rlying Re t urn is e qua l t o or le ss t ha n ze ro a nd t he Fina l Le ve l is e qua l t o or gre a t e r t ha n
t he T rigge r Le ve l , Credit Suisse will pay you a cash payment per Security equal to $10.
M a t urit y

Da t e

I f t he Fina l Le ve l is le ss t ha n t he T rigge r Le ve l , Credit Suisse will pay you a cash payment per Security equal
to:

$10 + ($10 × Underlying Return)
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U nde r t he se c irc um st a nc e s, you w ill lose a signific a nt port ion, a nd c ould lose a ll, of your Princ ipa l
Am ount .

I N V EST I N G I N T H E SECU RI T I ES I N V OLV ES SI GN I FI CAN T RI SK S. Y OU M AY LOSE Y OU R EN T I RE PRI N CI PAL
AM OU N T . AN Y PAY M EN T ON T H E SECU RI T I ES, I N CLU DI N G AN Y REPAY M EN T OF PRI N CI PAL, I S SU BJ ECT T O
T H E ABI LI T Y OF CREDI T SU I SSE T O PAY I T S OBLI GAT I ON S AS T H EY BECOM E DU E. I F CREDI T SU I SSE WERE
T O DEFAU LT ON I T S OBLI GAT I ON S, Y OU M AY N OT RECEI V E AN Y AM OU N T S OWED T O Y OU U N DER T H E
SECU RI T I ES.

Supple m e nt a l T e rm s of t he Se c urit ie s

For purposes of the Securities offered by this pricing supplement, all references to each of the following defined terms used in the
accompanying product supplement will be deemed to refer to the corresponding defined term used in this pricing supplement, as set
forth in the table below:

Produc t Supple m e nt De fine d T e rm
Pric ing Supple m e nt De fine d T e rm
Knock-In Level
Trigger Level

4

K e y Risk s

An investment in the offering of the Securities involves significant risks. Investing in the Securities is not equivalent to investing in the
Underlying. Some of the risks that apply to the Securities are summarized below, but we urge you to read the more detailed
explanation of risks relating to the Securities in the "Risk Factors" section of the accompanying product supplement. We also urge you
to consult your investment, legal, tax, accounting and other advisors before you invest in the Securities.

¨
Y ou m a y re c e ive le ss t ha n t he princ ipa l a m ount a t m a t urit y -- You may receive less at maturity than you originally
invested in the Securities. If the Final Level is less than the Trigger Level, you will be fully exposed to any depreciation in the
Underlying and will incur a loss proportionate to the Underlying Return. In this case, at maturity, the amount Credit Suisse will
pay you will be less than the principal amount of the Securities and you could lose your entire investment. It is not possible to
predict whether the Final Level will be less than the Trigger Level, and in that case, by how much the level of the 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.

¨
T he Se c urit ie s a re subje c t t o t he c re dit risk of Cre dit Suisse -- Although the return on the Securities will be based
on the performance of the Underlying, the payment of any amount due on the Securities is subject to the credit risk of Credit
Suisse. Investors are dependent on our ability to pay all amounts due on the Securities and, therefore, investors are subject to
our credit risk. 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 he Se c urit ie s do not pa y int e re st -- 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 Payment at Maturity is based on the performance of the Underlying. Because the Payment 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.

¨
T he st a t e d pa yout from t he I ssue r a pplie s only if you hold t he Se c urit ie s t o m a t urit y -- The value of the
Securities prior to maturity may be less than the initial investment amount and substantially different than the amount expected at
maturity. If you are able to sell your Securities prior to maturity in the secondary market, your return may be less than the
Underlying Return and you may receive less than your initial investment amount even if the level of the Underlying is greater than
the Trigger Level at that time. The stated payout on the Securities, including the application of the Trigger Level and Upside
Participation Rate, applies only if you hold the Securities to maturity.

¨
T he Se c urit ie s a re link e d t o t he Russe ll 2 0 0 0 ® I nde x a nd a re subje c t t o t he risk s a ssoc ia t e d w it h sm a ll
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c a pit a liza t ion c om pa nie s -- 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 he e st im a t e d va lue of t he Se c urit ie s on t he T ra de Da t e m a y be le ss t ha n t he Pric e t o Public -- The initial
estimated value of your Securities on the Trade Date (as determined by reference to our pricing models and our internal funding
rate) may be significantly less than the original Price to Public. The Price to Public of the Securities includes the agent's discounts
or commissions as well as transaction costs such as expenses incurred to create, document and market the Securities and the
cost of hedging our risks as issuer of the Securities through one or more of our affiliates (which includes a projected profit). These
costs will be effectively borne by you as an investor in the Securities. These amounts will be retained by Credit Suisse or our
affiliates in connection with our structuring and offering of the Securities (except to the extent discounts or commissions are
reallowed to other broker-dealers or any costs are paid to third parties).

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

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

5

¨
Effe c t of int e re st ra t e use d in st ruc t uring t he Se c urit ie s -- 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.

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

We (or an affiliate) may initially post a bid to repurchase the Securities from you at a price that will exceed the then-current
estimated value of the Securities. That higher price reflects our projected profit and costs that were included in the Price to
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Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to pay
this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary and is
expected to decline over a period of approximately 12 months.

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.

¨
La c k of liquidit 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 e nt ia l c onflic t s -- We and our affiliates play a variety of roles in connection with the issuance of the Securities, including
acting as calculation agent, hedging our obligations under the Securities and determining their estimated value. In performing
these duties, the economic interests of us and our affiliates are potentially adverse to your interests as an investor in the
Securities. Further, hedging activities may adversely affect any payment on or the value of the Securities. Any profit in connection
with such hedging activities will be in addition to any other compensation that we and our affiliates receive for the sale of the
Securities, which creates an additional incentive to sell the Securities to you.

¨
M a ny e c onom ic a nd m a rk e t fa c t ors w ill a ffe c t t he va lue of t he Se c urit ie s -- In addition to the level of the
Underlying, the value of the Securities will be affected by a number of economic and market factors that may either offset or
magnify each other, including:

o
the expected volatility of the Underlying;

o
the time to maturity of the Securities;

o
interest and yield rates in the market generally;

o
geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the
components comprising the Underlying or markets generally and which may affect the levels of the Underlying; 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,
and such price could be less than your initial investment and significantly different than the amount expected at 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.

6

¨
N o ow ne rship right s re la t ing t o t he U nde rlying -- Your return on the Securities will not reflect the return you would
realize if you actually owned the assets that comprise the Underlying. The return on your investment, which is based on the
percentage change in the Underlying, is not the same as the total return you would receive based on the purchase of the equity
securities that comprise the Underlying.

¨
N o divide nd pa ym e nt s or vot ing right s -- As a holder of the Securities, you will not have voting rights or rights to receive
cash dividends or other distributions or other rights with respect to the equity securities that comprise the Underlying. Further, the
performance of the Underlying will not include these dividends or distributions and does not contain a "total return" feature.

7

H ypot he t ic a l Ex a m ple s of H ow t he Se c urit ie s M ight Pe rform
The examples and table below illustrate Payments at Maturity for a hypothetical offering of the Securities under various scenarios, with
the assumptions set forth below. Numbers in the examples and table below have been rounded for ease of analysis. You should not
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take these examples or the table below as an indication or assurance of the expected performance of the Underlying. The actual terms
are set forth on the cover of this pricing supplement under "Final Terms" above. You should consider carefully whether the Securities
are suitable to your investment goals. Any payment on the Securities is subject to our ability to pay our obligations as they become
due:

Principal Amount:
$10.00
Term:
Approximately 10 years
Trigger Level:
50% of the hypothetical Initial Level
Upside Participation Rate:
143.50%

Ex a m ple 1 -- T he le ve l of t he U nde rlying increases by 1 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. The Underlying
Return is greater than zero, and the Payment at Maturity is calculated as follows:

Underlying Return = 10.00%

Payment at Maturity = $10 + [$10 × (10% × 143.50%)] = $11.44

Because the Underlying Return is equal to 10%, the Payment at Maturity is equal to $11.44 per $10.00 Principal Amount of Securities,
resulting in a total return on the Securities of 14.35%.

Ex a m ple 2 -- T he le ve l of t he U nde rlying decreases by 3 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. The Underlying
Return is negative, and the Payment at Maturity is calculated as follows:

Underlying Return = -30%

Payment at Maturity = $10.00

Because the Underlying Return is less than zero, but the Final Level is greater than the Trigger Level, Credit Suisse will pay you a
Payment at Maturity equal to $10.00 per $10.00 Principal Amount of Securities, resulting in a zero percent return on the Securities.

Ex a m ple 3 -- T he le ve l of t he U nde rlying decreases by 6 0 % from t he I nit ia l Le ve l t o t he Fina l Le ve l. The
Underlying Return is negative, and the Payment at Maturity is calculated as follows:

Underlying Return = -60%

Payment at Maturity = $10 + ($10 × -60%) = $4.00

Because the Underlying Return is less than zero and the Final Level is less than the Trigger Level, the Securities will be fully
exposed to any decline in the level of the Underlying as of the Valuation Date. Therefore, the Payment at Maturity is equal to $4.00
per $10.00 Principal Amount of Securities, resulting in a total loss on the Securities of 60%.

If the Final Level is less than the Trigger Level, the Securities will be fully exposed to any decline in the Underlying, and you
will lose a significant portion or all of your Principal Amount at maturity.

8

Hypothetical Payment at Maturity for each $10.00 Principal Amount of Securities.

The table below illustrates, for a $10.00 investment in the Securities, hypothetical Payments at Maturity for a hypothetical range of
Underlying Returns. The hypothetical Payments at Maturity set forth below are for illustrative purposes only. The actual Payment at
Maturity applicable to a purchaser of the Securities will depend on the Final Level. You should consider carefully whether the
Securities are suitable 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 below have been rounded for ease of analysis.

Pa ym e nt a t
Re t urn on t he
M a t urit y pe r $ 1 0
U nde rlying Re t urn
Se c urit ie s
Princ ipa l Am ount
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100.00%
143.50%
$24.35

90.00%
129.15%
$22.92

80.00%
114.80%
$21.48

70.00%
100.45%
$20.05

60.00%
86.10%
$18.61

50.00%
71.75%
$17.18

40.00%
57.40%
$15.74

30.00%
43.05%
$14.31
20.00%
28.70%
$12.87

10.00%
14.35%
$11.44

0 .0 0 %
0 .0 0 %
$ 1 0 .0 0
-10.00%
0.00%
$10.00
-20.00%
0.00%
$10.00
-30.00%
0.00%
$10.00
-40.00%
0.00%
$10.00
-5 0 .0 0 %
0 .0 0 %
$ 1 0 .0 0
-50.01%
-50.01%
$4.99
-60.00%
-60.00%
$4.00
-70.00%
-70.00%
$3.00
-80.00%
-80.00%
$2.00
-90.00%
-90.00%
$1.00
-100.00%
-100.00%
$0.00

9

Wha t Are t he T a x Conse que nc e s of t he Se c urit ie s ?
T he U nit e d St a t e s fe de ra l inc om e t a x c onse que nc e s of your inve st m e nt in t he Se c urit ie s a re unc e rt a in. Som e
of t he se t a x c onse que nc e s a re sum m a rize d be low , but w e urge you t o re a d t he m ore de t a ile d disc ussion in
"M a t e ria l U nit e d St a t e s Fe de ra l I nc om e T a x Conside ra t ions" be ginning on pa ge PS-5 3 of t he a c c om pa nying
produc t supple m e nt a nd t o disc uss t he t a x c onse que nc e s of your pa rt ic ula r sit ua t ion w it h your t a x a dvisor.

The following discussion summarizes material U.S. federal income tax consequences of owning and disposing of the securities that
may be relevant to holders of the securities that acquire their securities from us as part of the original issuance of the securities. This
discussion applies only to holders that hold their securities as capital assets within the meaning of the Internal Revenue Code of 1986,
as amended (the "Code"). Further, this discussion does not address all of the U.S. federal income tax consequences that may be
relevant to you in light of your individual circumstances or if you are subject to special rules, such as if you are:

·
a financial institution,

·
a mutual fund,

·
a tax-exempt organization,

·
a grantor trust,

·
certain U.S. expatriates,

·
an insurance company,

·
a dealer or trader in securities or foreign currencies,
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·
a person (including traders in securities) using a mark-to-market method of accounting,

·
a person who holds the securities as a hedge or as part of a straddle with another position, constructive sale, conversion
transaction or other integrated transaction, or

·
an entity that is treated as a partnership for U.S. federal income tax purposes.

The discussion is based upon the Code, law, regulations, rulings and decisions, in each case, as available and in effect as of the date
hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and foreign laws are
not addressed herein. No ruling from the U.S. Internal Revenue Service (the "IRS") has been or will be sought as to the U.S. federal
income tax consequences of the ownership and disposition of the securities, and the following discussion is not binding on the IRS.

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

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

There are no statutory provisions, regulations, published rulings, or judicial decisions addressing the characterization for U.S. federal
income tax purposes of securities with terms that are substantially the same as those of your securities. Thus, the characterization of
the securities is not certain. Our special tax counsel, Orrick, Herrington & Sutcliffe LLP, has advised that the securities should be
treated, for U.S. federal income tax purposes, as prepaid financial contracts, with respect to the Underlying that are eligible for open
transaction treatment. In the absence of an administrative or judicial ruling to the contrary, we and, by acceptance of the securities,
you agree to treat the securities for all tax purposes in accordance with such characterization. In light of the fact that we agree to treat
the securities as prepaid financial contracts, the balance of this discussion assumes that the securities will be so treated.

You should be aware that the characterization of the securities as described above is not certain, nor is it binding on the IRS or the
courts. Thus, it is possible that the IRS would seek to characterize your securities in a manner that results in tax consequences to you
that are different from those described below. For example, the IRS might assert that securities with a term of more than one year
constitute debt instruments that are "contingent payment debt instruments" that are subject to special tax rules under the applicable
Treasury regulations governing the recognition of income over the term of your securities. If the securities were to be treated as
contingent payment debt instruments, you would be required to include in income on an economic accrual basis over the term of the
securities an amount of interest that is based upon the yield at which we would issue a non-contingent fixed-rate debt instrument with
other terms and conditions similar to your securities, or the comparable yield. The characterization of securities as contingent payment
debt instruments under these rules is likely to be adverse. However, if the securities had a term of one year or less, the rules for short-
term debt obligations would apply rather than the rules for contingent payment debt instruments. Under Treasury regulations, a short-
term debt obligation is treated as issued at a discount equal to the difference between all payments on the obligation and the
obligation's issue price. A cash method U.S. Holder that does not elect to accrue the discount in income currently should include the
payments attributable to interest on the security as income upon receipt. Under these rules, any contingent payment would be taxable
upon receipt by a cash basis taxpayer as ordinary interest income. You should consult your tax advisor regarding the possible tax
consequences of characterization of the securities as contingent

10

payment debt instruments or short-term debt obligations. It is also possible that the IRS would seek to characterize your securities as
options, and thus as Code section 1256 contracts in the event that they are listed on a securities exchange. In such case, the
securities would be marked-to-market at the end of the year and 40% of any gain or loss would be treated as short-term capital gain
or loss, and the remaining 60% of any gain or loss would be treated as long-term capital gain or loss. We are not responsible for any
adverse consequences that you may experience as a result of any alternative characterization of the securities for U.S. federal income
tax or other tax purposes.

Y ou should c onsult your t a x a dvisor a s t o t he t a x c onse que nc e s of suc h c ha ra c t e riza t ion a nd a ny possible
a lt e rna t ive c ha ra c t e riza t ions of your se c urit ie s for U .S. fe de ra l inc om e t a x purpose s.

U .S. H olde rs

For purposes of this discussion, the term "U.S. Holder," for U.S. federal income tax purposes, means a beneficial owner of securities
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