Obligation Swiss Credit 0% ( US22548F3313 ) en USD

Swiss Credit

100 % ▲

Suisse

US22548F3313 ( en USD )

30/06/2025

Prospectus brochure de l'obligation Credit Suisse US22548F3313 en USD 0%, échéance 30/06/2025

1 000 USD

7 282 000 USD

22548F331

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 US22548F3313, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/06/2025

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22548F3313, a été notée NR par l'agence de notation Moody's.

424B2 1 dp57402_424b2-t567.htm FORM 424B2
PRICING SUPPLEMENT No. T567
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-202913 and 333-180300-03
Dated June 25, 2015
Credit Suisse AG $7,282,400 Trigger Performance Securities
Linked to the Performance of the iShares® MSCI Emerging Markets ETF due June 30, 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 iShares® MSCI Emerging Markets ETF (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 of 141%. 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
June 25, 2015
Underlying Return is greater than zero, Credit Suisse will pay
Settlement Date
June 30, 2015
the Principal Amount at maturity plus a return equal to the
Underlying Return multiplied by the Upside Participation Rate.
Valuation Date*
June 24, 2025
If the Underlying Return is less than zero, investors may be
Maturity Date*
June 30, 2025
exposed to the negative Underlying Return at maturity.

* Subject to postponement as set forth in the accompanying product supplement
Contingent Repayment of Principal at Maturity: If
under "Description of the Securities--Postponement of calculation dates."
the Underlying Return is equal to or less than zero and the

Final Level is not less than the Trigger Level, Credit Suisse will

pay you the Principal Amount at maturity. However, if the Final

Level is less than the Trigger Level, Credit Suisse will pay you

less than your full Principal Amount, if anything, resulting in a

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
This pricing supplement relates to Securities linked to the performance of the iShares® MSCI Emerging Markets ETF. 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
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iShares® MSCI
$20.16 (50% of the Initial
$40.31
141%
22548F331
US22548F3313
Emerging Markets ETF
Level)
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 .1 0 7 (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
Proc e e ds t o Cre dit
Pric e t o Public
Com m issions(1)
Suisse AG

T ot a l
Pe r
T ot a l
Pe r
T ot a l
Pe r
Se c urit y
Se c urit y
Se c urit y
Securities Linked to the Performance of the
$7,282,400.00
$10.00
$364,120.00
$0.50
$6,918,280.00
$9.50
iShares® MSCI Emerging Markets ETF due June
30, 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 May 4, 2015, the product supplement
dated May 4, 2015, the prospectus supplement dated May 4, 2015 and the prospectus dated May 4, 2015, relating to our Medium-
Term Notes of which these Securities are a part. You may access these documents on the SEC website at www.sec.gov as follows
(or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

¨
Underlying supplement dated May 4, 2015:
http://www.sec.gov/Archives/edgar/data/1053092/000095010315003505/dp55844_424b2-underlying.htm

¨
Product supplement No. I dated May 4, 2015:
http://www.sec.gov/Archives/edgar/data/1053092/000095010315003534/dp55815_424b2-psno1.htm

¨
Prospectus supplement and Prospectus dated May 4, 2015:
http://www.sec.gov/Archives/edgar/data/1053092/000104746915004333/a2224570z424b2.htm

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
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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, "Foreign
Currency Risks" in the accompanying prospectus, and any risk factors we describe in the combined Annual Report on Form 20-F
of Credit Suisse Group AG and us incorporated by reference therein, and any additional risk factors we describe in future filings we
make with the SEC under the Securities Exchange Act of 1934, as amended, as the Securities involve risks not associated with
conventional debt Securities. You should consult your investment, legal, tax, accounting and other advisors before deciding to
invest in the Securities.

2

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
¨ You do not fully understand the risks inherent in an
in 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
¨ You prefer to receive the dividends paid on the equity
stated on the cover hereof, and accept that there may
securities included in the Underlying.
be little 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
maturity as stated on the cover hereof, or you seek an
of 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 the
¨ You can tolerate fluctuations of the price of the Securities
term of the Securities and is likely to close at or below
prior to maturity that may be similar to or exceed the
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 companies in

emerging markets.
¨ 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
another issuer with a similar credit rating.
that 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
companies in emerging markets.

¨ You are unwilling to assume the credit risk of Credit
Suisse for all payments under the Securities.

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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

Fina l T e rm s

I nve st m e nt T im e line
Issuer
Credit Suisse AG ("Credit Suisse"), acting through its
London Branch.
Principal Amount
$10.00 per Security

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
iShares® MSCI Emerging Markets ETF

Trigger Level
50% of the Initial Level, as specified on the first page
of this pricing supplement.
Upside Participation
141%

Rate
Payment at Maturity
I f t he U nde rlying Re t urn is gre a t e r t ha n

(per Security)
ze ro, Credit Suisse will pay you a cash payment
calculated as 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)
June 24, 2025

Maturity Date(1)
June 30, 2025

CUSIP / ISIN
22548F331 / US22548F3313

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(1)Subject to the market disruption event provisions set forth in the

accompanying product supplement under "Description of the Securities--
Market disruption events."

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 Final Level will decrease in comparison to the Initial 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 -- Investors are dependent on our ability to pay all
amounts due on the Securities and, therefore, if we were to default on our obligations, you may not receive any amounts
owed to you under the Securities. In addition, any decline in our credit ratings, any adverse changes in the market's view of
our creditworthiness or any increase in our credit spreads is likely to adversely affect the value of the Securities prior to
maturity.

¨
T 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.
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¨
Risk s a ssoc ia t e d w it h inve st m e nt s in se c urit ie s link e d t o t he pe rform a nc e of fore ign e quit y se c urit ie s
-- The equity securities included in the Underlying are issued by foreign companies and trade in foreign securities markets.
Investments in securities linked to the value of foreign equity securities involve risks associated with the securities markets in
those countries, including the risk of volatility in those markets, governmental intervention in those markets and cross-
shareholdings in companies in certain countries. Foreign companies are subject to accounting, auditing and financial
reporting standards and requirements different from those applicable to U.S. reporting companies.

¨
T he re a re risk s a ssoc ia t e d w it h t he U nde rlying -- Although shares of the Underlying are listed for trading on the
NYSE Arca, Inc. ("NYSE Arca") and a number of similar products have been traded on various national securities exchanges
for varying periods of time, there is no assurance that an active trading market will continue for the shares of the Underlying
or that there will be liquidity in the trading market. The Underlying is subject to management risk, which is the risk that the
Underlying's investment strategy, the implementation of which is subject to a number of constraints, may not produce the
intended results. Pursuant to the Underlying's investment strategy or otherwise, the investment advisor for the Underlying
may add, delete or substitute the components held by the Underlying. Any of these actions could affect the price of the
shares of the Underlying and consequently the value of the Securities.

¨
T he pe rform a nc e of t he U nde rlying m a y not c orre la t e t o t he pe rform a nc e of t he t ra c k e d inde x -- The
Underlying will generally invest in all of the equity securities included in the MSCI Emerging Markets Index, the "Tracked
Index" for the Underlying. There may, however, be instances where BlackRock Fund Advisors ("BFA"), the Underlying's
investment advisor, may choose to overweight another stock in the Tracked Index, purchase securities not included in the
Tracked Index that BFA believes are appropriate to substitute for a security included in the Tracked Index or utilize various
combinations of other available investment techniques. In addition, the performance of the Underlying will reflect additional
transaction costs and fees that are not included in the calculation of the Tracked Index. Finally, because the shares of the
Underlying are traded on the NYSE Arca and are subject to market supply and investor demand, the market value of one
share of the Underlying may differ from the net asset value per share of the Underlying. For these reasons, the performance
of the Underlying may not correlate with the performance of the Tracked Index. For additional information about the variation
between the performance of the Underlying and the performance of the Tracked Index, see the information set forth under
"The Reference Funds--The iShares® Funds--The iShares ® MSCI Emerging Markets ETF" in the accompanying underlying
supplement.

¨
Em e rging m a rk e t risk -- The Underlying and the Tracked Index are exposed to the political and economic risks of
emerging market countries. In recent years, some emerging markets have undergone significant political, economic and
social upheaval. Such far-reaching changes have resulted in constitutional and social tensions and, in some cases,
instability and reaction against market reforms has occurred. With respect to any emerging market nation, there is the

5

possibility of nationalization, expropriation or confiscation, political changes, government regulation and social instability.
There can be no assurance that future political changes will not adversely affect the economic conditions of an emerging
market nation. Political or economic instability could have an adverse effect on the performance of the Securities.

¨
Curre nc y e x c ha nge risk -- Because the prices of the equity securities included in the Underlying are converted into
U.S. dollars for purposes of calculating the level of the Underlying, investors will be exposed to currency exchange rate risk
with respect to each of the currencies in which the equity securities included in the Underlying trade. Currency exchange
rates may be highly volatile, particularly in relation to emerging or developing nations' currencies and, in certain market
conditions, also in relation to developed nations' currencies. Significant changes in currency exchange rates, including
changes in liquidity and prices, can occur within very short periods of time. Currency exchange rate risks include, but are not
limited to, convertibility risk, market volatility and potential interference by foreign governments through regulation of local
markets, foreign investment or particular transactions in foreign currency. These factors may adversely affect the values of
the equity securities included in the Underlying, the level of the Underlying and the value of the Securities.

¨
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
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(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.

¨
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
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.

6

¨
Cre dit Suisse is subje c t t o Sw iss re gula t ion -- As a Swiss bank, Credit Suisse is subject to regulation by
governmental agencies, supervisory authorities and self-regulatory organizations in Switzerland. Such regulation is
increasingly more extensive and complex and subjects Credit Suisse to risks. For example, pursuant to Swiss banking laws,
the Swiss Financial Market Supervisory Authority (FINMA) may open resolution proceedings if there are justified concerns
that Credit Suisse is over-indebted, has serious liquidity problems or no longer fulfills capital adequacy requirements. FINMA
has broad powers and discretion in the case of resolution proceedings, which include the power to convert debt instruments
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and other liabilities of Credit Suisse into equity and/or cancel such liabilities in whole or in part. If one or more of these
measures were imposed, such measures may adversely affect the terms and market value of the Securities and/or the
ability of Credit Suisse to make payments thereunder and you may not receive any amounts owed to you under the
Securities.

¨
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.

¨
U npre dic t a ble 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 may be influenced by factors such as:

o
the expected and actual volatility of the Underlying;

o
the time to maturity of the Securities;

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

o
interest and yield rates in the market generally;

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

o
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the equity securities
included in the Underlying or markets generally and which may affect the level 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.

¨
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 shares of the Underlying or shares of the equity securities included in 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 shares of the Underlying or shares of the equity securities included in 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 included in the Underlying.

¨
Ant i-dilut ion prot e c t ion is lim it e d -- The calculation agent will make anti-dilution adjustments for certain events
affecting the Underlying. However, an adjustment will not be required in response to all events that could affect the
Underlying. If an event occurs that does not require the calculation agent to make an adjustment, or if an adjustment is
made but such adjustment does not fully reflect the economics of such event, the value of the securities may be materially
and adversely affected. See "Description of the Securities--Adjustments for a reference fund" in the accompanying product
supplement.

7
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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 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 and 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:
141%

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% × 141%)] = $11.41

Because the Underlying Return is equal to 10%, the Payment at Maturity is equal to $11.41 per $10.00 Principal Amount of
Securities, resulting in a total return on the Securities of 14.10%.

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
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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
100.00%
141.00%
$24.10
90.00%
126.90%
$22.69
80.00%
112.80%
$21.28
70.00%
98.70%
$19.87
60.00%
84.60%
$18.46
50.00%
70.50%
$17.05
40.00%
56.40%
$15.64
30.00%
42.30%
$14.23
20.00%
28.20%
$12.82
10.00%
14.10%
$11.41
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

M a t e ria l U .S. Fe de ra l I nc om e T a x Conside ra t ions

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,

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