Obligation Swiss Credit 0% ( US22548J8615 ) en USD

Swiss Credit

100 % ▲

Suisse

US22548J8615 ( en USD )

30/04/2026

Prospectus brochure de l'obligation Credit Suisse US22548J8615 en USD 0%, échéance 30/04/2026

1 000 USD

5 786 000 USD

22548J861

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 US22548J8615, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/04/2026

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22548J8615, a été notée NR par l'agence de notation Moody's.

424B2 1 dp65251_424b2-t737.htm FORM 424B2

PRICING SUPPLEMENT No. T737
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-202913 and 333-180300-03
Dated April 26, 2016

Credit Suisse AG $5,785,530 Trigger GEARS
Linked to the Performance of the S&P 500® Index due April 30, 2026
Principal at Risk Securities
I nve st m e nt De sc ript ion
These Trigger GEARS (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
S&P 500® 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 Gearing of 1.91. If the Underlying
Return is equal to or less than zero, Credit Suisse will either pay the full Principal Amount at maturity (if the Final Underlying Level is equal to or greater than the Downside Threshold), or, if the
Final Underlying Level is less than the Downside Threshold, 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
Enhanced Grow th Potential: At maturity, the Upside Gearing feature will provide
Trade Date
April 26, 2016
leveraged exposure to any positive performance of the Underlying. If the Underlying Return
Settlement Date
April 29, 2016
is greater than zero, Credit Suisse will pay the Principal Amount at maturity plus a return
Final Valuation Date*
April 27, 2026
equal to the Underlying Return multiplied by the Upside Gearing. If the Underlying Return
Maturity Date*
April 30, 2026
is less than zero, investors may be exposed to the negative Underlying Return at maturity.
* Subject to postponement as set forth in the accompanying product supplement under
Contingent Repayment of Principal at Maturity: If the Underlying Return is equal
"Description of the Securities--Postponement of calculation dates."
to or less than zero and the Final Underlying Level is not less than the Downside
Threshold, Credit Suisse will pay you the Principal Amount at maturity. However, if the Final
Underlying Level is less than the Downside Threshold, 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 S&P 500® Index. The Initial Underlying Level, Upside Gearing and Downside Threshold 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 U nde rlying Le ve l
U pside Ge a ring
Dow nside T hre shold
CU SI P
I SI N
1045.85 (50% of the Initial Underlying
S&P 500® Index
2091.70
1.91
22548J861
US22548J8615
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 .2 8 (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
Pric e t o Public
Com m issions(1)
Proc e e ds t o Cre dit 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 S&P 500® Index due April 30, 2026
$5,785,530
$10.00
$289,276.50
$0.50
$5,496,253.50
$9.50
(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
http://www.sec.gov/Archives/edgar/data/1053092/000095010316012883/dp65251_424b2-t737.htm[4/28/2016 2:41:34 PM]

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 differ from, or are inconsistent with, the terms described in the underlying supplement, product supplement,
prospectus supplement or prospectus, the terms described in this pricing supplement will control.

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, "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 s T
ui h
t e
a
b S
il e
it c
y u
r
c it
o i
n e
s s
i
d m
e ra y
t in
o o
n ts b
i e
d
e s
nu
t it
f a
iebl
d e
a f
bor
v y
e o
u
a r i
e f :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

indivi
dua 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
¨
You fully understand the risks inherent in an investment in the Securities, including the c a re ful ¨ly You
c on do
sid not
e re fully
d t h understand
e suit a bili the
t y risks
of a n inherent
inve st in
m an
e nt investment
in t he Se in
c the
urit i Securities,
e 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
risk of loss of your entire initial investment.
on pa ge 5 including
of t his the
pri risk
c in of
g s loss
upp of
le your
m e nt entire
for r initial
isk s investment.
re la t e d t o a n inve st m e nt in t he Se c urit ie s. For m ore inform a t ion on t he U nde rlying, se e "H ist oric a l I nform a t ion"

in t his pric ing supple m e nt .
¨
You can tolerate a loss of all or a substantial portion of your investment and are willing
¨
You seek an investment designed to provide a full return of principal at maturity.
to make an investment that may be exposed to the full depreciation of the Underlying.
3

¨
You cannot tolerate a loss of all or a substantial portion of your investment, and you are

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

Fina l Terms

I nve st m e nt T im e line
¨
You are willing to hold the Securities to maturity as stated on the cover hereof, and

¨
You prefer to receive the dividends paid on the equity securities included in the

accept that there may be little or no secondary market for the Securities.
Underlying.

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

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

¨
You do not seek current income from your investment.
¨
You are unwilling to invest in the Securities based on the Upside Gearing specified on

the cover hereof.
¨
You understand and accept the risks associated with the Underlying.

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

¨
You seek current income from your investment.

¨
You do not understand or accept the risks associated with the Underlying.

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

Issuer
Credit Suisse AG ("Credit Suisse"), acting through its London branch.

The Closing Level of the Underlying (Initial
Underlying Level) is observed, the Downside
Principal Amount
$10.00 per Security
T ra de Da t e
Threshold is determined and the Upside
Term
Approximately 10 years. In the event that we make any change to the expected
Gearing is set.
Settlement Date, the calculation agent may adjust the Final Valuation Date and

Maturity Date to ensure that the stated term of the Securities remains the same.
Underlying
S&P 500® Index

Downside Threshold
50% of the Initial Underlying Level, as specified on the cover of this pricing
The Final Underlying Level and Underlying
supplement.
Return are determined on the Final Valuation
Date.
Upside Gearing
1.91

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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

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

payment per Security equal to:
$10 + [$10 × (Underlying Return × Upside Gearing)]

$10 + [$10 × (Underlying Return × Upside
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
Gearing)]
U nde rlying Le ve l is e qua l t o or gre a t e r t ha n t he Dow nside

T hre shold, Credit Suisse will pay you a cash payment of:
I f t he U nde rlying Re t urn is e qua l t o or

M a t urit y Da t e
le ss t ha n ze ro a nd t he Fina l U nde rlying
$10
Le ve l is e qua l t o or gre a t e r t ha n t he

Dow nside T hre shold, Credit Suisse will pay
I f t he Fina l U nde rlying Le ve l is le ss t ha n t he Dow nside T hre shold,
you a cash payment per Security equal to $10.
Credit Suisse will pay you a cash payment calculated as follows:

I f t he Fina l U nde rlying Le ve l is le ss
$10 + ($10 × Underlying Return)
t ha n t he Dow nside T hre shold, Credit

Suisse will pay you a cash payment per
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
Security equal to:
a m ount proport iona t e t o t he ne ga t ive U nde rlying Re t urn.

$10 + ($10 × Underlying Return)
Underlying Return
Final Underlying Level Initial Underlying Level

Initial Underlying Level
U nde r t he se c irc um st a nc e s, you w ill
Initial Underlying Level
The Closing Level of the Underlying on the Trade Date, as specified on the cover
lose a signific a nt port ion, a nd c ould
of this pricing supplement.
lose a ll, of your Princ ipa l Am ount .
Final Underlying Level
The Closing Level of the Underlying on the Final Valuation Date.
Closing Level
The Closing Level of the Underlying on any trading day will be the closing level of
the Underlying on such trading day, as determined by the calculation agent by
reference to (i) Bloomberg Financial Services ("Bloomberg") or any successor
reporting service, or (ii) if Bloomberg or such successor reporting service does not
publish the closing level on such trading day, the index sponsor.
Final Valuation Date
April 27, 2026, subject to the market disruption event provisions set forth in the
accompanying product supplement under "Description of the Securities--Market
disruption events."
Maturity Date
April 30, 2026, subject to the market disruption event provisions set forth in the
accompanying product supplement under "Description of the Securities--Market
disruption events."
CUSIP / ISIN
22548J861 / US22548J8615

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.

4

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
Downside Threshold
Upside Participation Rate
Upside Gearing
Initial Level
Initial Underlying Level
Final Level
Final Underlying Level
Valuation Date
Final Valuation Date
5

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 Underlying Level is
less than the Downside Threshold, 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
Underlying Level will be less than the Downside Threshold, and in that case, by how much the Final Underlying Level will decrease in comparison to the Initial Underlying Level. Any
payment on the Securities is subject to our ability to pay our obligations as they become due.

Furthermore, regardless of the amount of any payment you receive on the Securities you may nevertheless suffer a loss on your investment in the Securities, in real value terms. This is
because inflation may cause the real value of the amount of any payment you receive on the Securities to be less at maturity than it is at the time you invest, and because an investment in
the Securities represents a forgone opportunity to invest in an alternative asset that does generate a positive real return. You should carefully consider whether an investment that may not
provide for any return on your investment, or may provide a return that is lower than the return on alternative investments, is appropriate for you.

http://www.sec.gov/Archives/edgar/data/1053092/000095010316012883/dp65251_424b2-t737.htm[4/28/2016 2:41:34 PM]

¨
M ore fa vora ble t e rm s t o you a re ge ne ra lly a ssoc ia t e d w it h a n U nde rlying w it h gre a t e r e x pe c t e d vola t ilit y a nd t he re fore c a n indic a t e a gre a t e r risk of loss
-- "Volatility" refers to the frequency and magnitude of changes in the price of the Underlying. The greater the expected volatility with respect to an Underlying on the Trade Date, the
higher the expectation as of the Trade Date that the level of the Underlying could close below the Downside Threshold on the Final Valuation Date, indicating a higher expected risk of loss
on the Securities. The volatility of the Underlying can change significantly over the term of the Securities. The level of the Underlying for your Securities could fall sharply, which could result
in a significant loss of principal. You should be willing to accept the downside market risk of the Underlying and the potential to lose some or all of your principal at maturity.

¨
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 Downside Threshold at that time. The stated payout
on the Securities, including the application of the Downside Threshold and Upside Gearing, applies only if you hold the Securities to maturity.

¨
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 is 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) is less than the original Price to Public. The Price to Public of the Securities includes any selling concessions or
discounts 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. As such, the payout on the Securities can be replicated using a combination of these components and the value of these
components, as determined by us using our pricing models, will impact the terms of the Securities at issuance. Our option valuation models are proprietary. Our pricing models take into
account factors such as interest rates, volatility and time to maturity of the Securities, and they rely in part on certain assumptions about future events, which may prove to be incorrect.

6

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 any selling concessions or discounts 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.

¨
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 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.

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¨
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 -- The payout on the Securities can be replicated using a combination of the
components described in "The estimated value of the Securities on the Trade Date is less than the Price to Public." Therefore, in addition to the level of the Underlying, the terms of the
Securities at issuance and the value of the Securities prior to maturity may be influenced by factors that impact the value of fixed income

7

securities and options in general, such as:

o
the expected and actual 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 economic, financial, political, regulatory or judicial events that affect the components included in 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.

¨
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.

8

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
Downside Threshold:
50% of the hypothetical Initial Underlying Level
Upside Gearing:
1.91

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 U nde rlying Le ve l t o t he Fina l U nde rlying 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% × 1.91)] = $11.91

Because the Underlying Return is equal to 10%, the Payment at Maturity is equal to $11.91 per $10.00 Principal Amount of Securities, resulting in a total return on the Securities of 19.10%.

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

Underlying Return = -20%

Payment at Maturity = $10.00

Because the Underlying Return is less than zero, but the Final Underlying Level is equal to or greater than the Downside Threshold, 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 U nde rlying Le ve l t o t he Fina l U nde rlying 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 Underlying Level is less than the Downside Threshold, the Securities will be fully exposed to any decline in the level of the
Underlying as of the Final 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 Underlying Level is less than the Downside Threshold, 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.

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9

Hypothetical Payment at Maturity (per Security).

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 Underlying 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 M a t urit y (pe r
U nde rlying Re t urn
Re t urn on t he Se c urit ie s
Se c urit y)
100.00%
191.00%
$29.10
90.00%
171.90%
$27.19
80.00%
152.80%
$25.28
70.00%
133.70%
$23.37
60.00%
114.60%
$21.46
50.00%
95.50%
$19.55
40.00%
76.40%
$17.64
30.00%
57.30%
$15.73
20.00%
38.20%
$13.82
10.00%
19.10%
$11.91
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
-51.00%
-51.00%
$4.90
-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
10

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

·
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 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
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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 (the comparable yield). The characterization of the 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 securities 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 debt instruments. 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.

11

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 that is (1) a citizen or resident of the United States, (2) a
corporation (or an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state thereof or the District of
Columbia, (3) an estate, the income of which is subject to U.S. federal income taxation regardless of its source, or (4) a trust, if (a) a court within the United States is able to exercise primary
supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) such trust has in effect a valid election to
be treated as a domestic trust for U.S. federal income tax purposes. If a partnership (or an entity treated as a partnership for U.S. federal income tax purposes) holds securities, the U.S. federal
income tax treatment of such partnership and a partner in such partnership will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership, or a
partner of a partnership, holding securities, you should consult your tax advisor regarding the tax consequences to you from the partnership's purchase, ownership and disposition of the
securities.

In accordance with the agreed-upon tax treatment described above, if the security provides for the payment of the redemption amount in cash based on the return of the Underlying, upon
receipt of the redemption amount of the security from us, a U.S. Holder will recognize gain or loss equal to the difference between the amount of cash received from us and the U.S. Holder's
tax basis in the security at that time. For securities with a term of more than one year (excluding the look back observation period, if applicable), such gain or loss will be long-term capital gain
or loss if the U.S. Holder has held the security for more than one year at maturity. For securities with a term of one year or less (excluding the look back observation period, if applicable), such
gain or loss will be short-term capital gain or loss. If the security provides for the payment of the redemption amount in physical shares or units of the Underlying, the U.S. Holder should not
recognize any gain or loss with respect to the security (other than with respect to cash received in lieu of fractional shares or units, as described below). A U.S. Holder should have a tax basis
in all physical shares or units received (including for this purpose any fractional shares or units) equal to its tax basis in the security (generally its cost). A U.S. Holder's holding period for any
physical shares or units received should start on the day after the delivery of the physical shares or units. A U.S. Holder should generally recognize short-term capital gain or loss with respect
to cash received in lieu of fractional shares or units in an amount equal to the difference between the amount of such cash received and the U.S. Holder's basis in the fractional shares or units,
which should be equal to the U.S. Holder's basis in all of the physical shares or units (including the fractional shares or units), multiplied by a fraction, the numerator of which is the fractional
shares or units and the denominator of which is all of the physical shares or units (including fractional shares or units).

Upon the sale or other taxable disposition of a security, a U.S. Holder generally will recognize gain or loss equal to the difference between the amount realized on the sale or other taxable
disposition and the U.S. Holder's tax basis in the security (generally its cost). For securities with a term of more than one year, such gain or loss will be long-term capital gain or loss if the U.S.
Holder has held the security for more than one year (excluding the look back observation period, if applicable) at the time of disposition. For securities with a term of one year or less (excluding
the look back observation period, if applicable), such gain or loss will be short-term capital gain or loss.

M e dic a re T a x

Certain U.S. Holders that are individuals, estates, and trusts must pay a 3.8% tax (the "Medicare Tax") on the lesser of the U.S. Holder's (1) "net investment income" or "undistributed net
investment income" in the case of an estate or trust and (2) the excess of modified adjusted gross income over a certain specified threshold for the taxable year. "Net investment income"
generally includes income from interest, dividends, and net gains from the disposition of property (such as the securities) unless such income or net gains are derived in the ordinary course of a
trade or business (other than a trade or business that is a passive activity with respect to the taxpayer or a trade or business of trading in financial instruments or commodities). Net investment
income may be reduced by allowable deductions properly allocable to such gross income or net gain. Any interest earned or deemed earned on the securities and any gain on sale or other
taxable disposition of the securities will be subject to the Medicare Tax. If you are an individual, estate, or trust, you should consult with your tax advisor regarding application of the Medicare
Tax to your income and gains in respect of your investment in the securities.

Se c urit ie s H e ld T hrough Fore ign Ent it ie s

Under certain provisions of the "Hiring Incentives to Restore Employment Act," generally referred to as "FATCA," and regulations thereunder, a 30% withholding tax is imposed on "withholdable
payments" and certain "passthru payments" made to "foreign financial institutions" (as defined in the regulations or an applicable intergovernmental agreement) (and their more than 50%
affiliates) unless the payee foreign financial institution agrees, among other things, to disclose the identity of any U.S. individual with an account at the institution (or the institution's affiliates) and
to annually report certain information about such account. The term "withholdable payments" generally includes (1) payments of fixed or determinable annual or periodical gains, profits, and
income ("FDAP"), in each case, from sources within the United States, and (2) gross proceeds from the sale of any property of a type which can produce interest or dividends from sources
within the United States. "Passthru payments" means any

12

withholdable payment and any foreign passthru payment. To avoid becoming subject to the 30% withholding tax on payments to them, we and other foreign financial institutions may be required
to report information to the IRS regarding the holders of the securities and, in the case of holders who (i) fail to provide the relevant information, (ii) are foreign financial institutions who have not
agreed to comply with these information reporting requirements, or (iii) hold the securities directly or indirectly through such non-compliant foreign financial institutions, we may be required to
withhold on a portion of payments under the securities. FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address,
and taxpayer identification number of any substantial U.S. owners (or certify that they do not have any substantial U.S. owners) to withhold tax at a rate of 30%. If payments on the securities are
determined to be from sources within the United States, we will treat such payments as withholdable payments for these purposes.

Withholding under FATCA will apply to all withholdable payments and certain passthru payments without regard to whether the beneficial owner of the payment is a U.S. person, or would
otherwise be entitled to an exemption from the imposition of withholding tax pursuant to an applicable tax treaty with the United States or pursuant to U.S. domestic law. Unless a foreign
financial institution is the beneficial owner of a payment, it will be subject to refund or credit in accordance with the same procedures and limitations applicable to other taxes withheld on FDAP
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payments provided that the beneficial owner of the payment furnishes such information as the IRS determines is necessary to determine whether such beneficial owner is a U.S.-owned foreign
entity and the identity of any substantial U.S. owners of such entity.

Pursuant to the regulations described above and IRS Notice 2015-66, and subject to the exceptions described below, FATCA's withholding regime generally will apply to (i) withholdable
payments (other than gross proceeds of the type described above and certain payments made with respect to a "preexisting obligation," as defined in the regulations), (ii) payments of gross
proceeds of the type described above with respect to a sale or disposition occurring after December 31, 2018, and (iii) foreign passthru payments made after the later of December 31, 2018, or
the date that final regulations defining the term "foreign passthru payment" are published. Notwithstanding the foregoing, the provisions of FATCA discussed above generally will not apply to (a)
any obligation (other than an instrument that is treated as equity for U.S. tax purposes or that lacks a stated expiration or term) that is outstanding on July 1, 2014 (a "grandfathered obligation"),
(b) any obligation that produces withholdable payments solely because the obligation is treated as giving rise to a dividend equivalent pursuant to Code section 871(m) and the regulations
thereunder that is outstanding at any point prior to six months after the date on which obligations of its type are first treated as giving rise to dividend equivalents, and (c) any agreement
requiring a secured party to make payments with respect to collateral securing one or more grandfathered obligations (even if the collateral is not itself a grandfathered obligation). Thus, if you
hold your securities through a foreign financial institution or foreign entity, a portion of any of your payments may be subject to 30% withholding.

I nform a t ion Re port ing Re ga rding Spe c ifie d Fore ign Fina nc ia l Asse t s

The Code and regulations thereunder generally require individual U.S. Holders ("specified individuals") and "specified domestic entities" with an interest in any "specified foreign financial asset" to
file an annual report on IRS Form 8938 with information relating to the asset, including the maximum value thereof, for any taxable year in which the aggregate value of all such assets is
greater than $50,000 on the last day of the taxable year or $75,000 at any time during the taxable year. Certain individuals are permitted to have an interest in a higher aggregate value of such
assets before being required to file a report. Specified foreign financial assets include, with some limited exceptions, any financial account maintained at a foreign financial institution and any debt
or equity interest in a foreign financial institution, including a financial institution organized under the laws of a U.S. possession, and any of the following that are held for investment and not held
in an account maintained by a financial institution: (1) any stock or security issued by person other than a U.S. person (including a person organized in a U.S. possession), (2) any financial
instrument or contract that has an issuer or counterparty that is other than a U.S. person (including a person organized in a U.S. possession), and (3) any interest in a foreign entity. Additionally,
the regulations provide that specified foreign financial assets include certain retirement and pension accounts and non-retirement savings accounts.

Under proposed regulations relating to specified domestic entities that have not yet been adopted as final regulations, "specified domestic entities" are domestic entities that are formed or used
for the purposes of holding, directly or indirectly, specified foreign financial assets. Generally, specified domestic entities are certain closely held corporations and partnerships that meet passive
income or passive asset tests and, with certain exceptions, domestic trusts that have a specified individual as a current beneficiary and exceed the reporting threshold. Pursuant to an IRS
Notice, reporting by domestic entities of interests in specified foreign financial assets will not be required before the date specified by final regulations.

Depending on the aggregate value of your investment in specified foreign financial assets, you may be obligated to file an IRS Form 8938 under this provision if you are an individual U.S.
Holder. Penalties apply to any failure to file IRS Form 8938. In the event a U.S. Holder (either a specified individual or specified domestic entity) does not file such form, the statute of limitations
on the assessment and collection of U.S. federal income taxes of such U.S. Holder for the related tax year may not close before the date which is three years after the date such information is
filed. You should consult your tax advisor as to the possible application to you of this information reporting requirement and the related statute of limitations tolling provision.

N on -U .S. H olde rs Ge ne ra lly

13

Except as provided under "Securities Held Through Foreign Entities" and "Substitute Dividend and Dividend Equivalent Payments," payments made with respect to the securities to a holder of
the securities that is not a U.S. Holder (a "Non-U.S. Holder") and that has no connection with the United States other than holding its securities will not be subject to U.S. withholding tax,
provided that such Non-U.S. Holder complies with applicable certification requirements. Any gain realized upon the sale or other disposition of the securities by a Non-U.S. Holder generally will
not be subject to U.S. federal income tax unless (1) such gain is effectively connected with a U.S. trade or business of such Non-U.S. Holder or (2) in the case of an individual, such individual is
present in the United States for 183 days or more in the taxable year of the sale or other disposition and certain other conditions are met. Any effectively connected gains described in clause (1)
above realized by a Non-U.S. Holder that is, or is taxable as, a corporation for U.S. federal income tax purposes may also, under certain circumstances, be subject to an additional branch
profits tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

Non-U.S. Holders that are subject to U.S. federal income taxation on a net income basis with respect to their investment in the securities should refer to the discussion above relating to U.S.
Holders.

Substitute Dividend and Dividend Equivalent Payments

The Code and regulations thereunder treat a "dividend equivalent" payment as a dividend from sources within the United States. Unless reduced by an applicable tax treaty with the United
States, such payments generally will be subject to U.S. withholding tax. A "dividend equivalent" payment is defined under the Code as (i) a substitute dividend payment made pursuant to a
securities lending or a sale-repurchase transaction that (directly or indirectly) is contingent upon, or determined by reference to, the payment of a dividend from sources within the United States,
(ii) a payment made pursuant to a "specified notional principal contract" (a "specified NPC") that (directly or indirectly) is contingent upon, or determined by reference to, the payment of a
dividend from sources within the United States, and (iii) any other payment determined by the IRS to be substantially similar to a payment described in the preceding clauses (i) and (ii).

Final regulations provide that a dividend equivalent is any payment that references the payment of (i) a dividend from an underlying security pursuant to a securities lending or sale-repurchase
transaction, (ii) a dividend from an underlying security pursuant to a specified NPC, (iii) a dividend from an underlying security pursuant to a specified equity-linked instrument (a "specified ELI"),
and (iv) any other substantially similar payment. An underlying security is any interest in an entity if a payment with respect to that interest could give rise to a U.S. source dividend pursuant to
Treasury regulation section 1.861-3. An NPC is a notional principal contract as defined in Treasury regulation section 1.446-3(c). An equity-linked instrument ("ELI") is a financial instrument
(other than a securities lending or sale-repurchase transaction or an NPC) that references the value of one or more underlying securities, including a futures contract, forward contract, option,
debt instrument, or other contractual arrangement. A "section 871(m) transaction" is any securities lending or sale-repurchase transaction, specified NPC, or specified ELI.

For payments made before January 1, 2017, the regulations provide that a specified NPC is any notional principal contract ("NPC") if (a) in connection with entering into the contract, any long
party to the contract transfers the underlying security to any short party to the contract, (b) in connection with the termination of the contract, any short party to the contract transfers the
underlying security to any long party to the contract, (c) the underlying security is not readily tradable on an established securities market, or (d) in connection with entering into the contract, the
underlying security is posted as collateral by any short party to the contract with any long party to the contract. An NPC that is treated as a specified NPC pursuant to the preceding rule will
remain a specified NPC on or after January 1, 2017. For any payment made on or after January 1, 2017, with respect to any transaction issued on or after January 1, 2017, (a) a "simple" NPC
or "simple" ELI that has a delta of 0.8 or greater with respect to an underlying security when the NPC or ELI is issued is a specified NPC or specified ELI, respectively, and (b) a "complex" NPC
or "complex" ELI that meets a substantial equivalence test with respect to an underlying security at the time of issuance is a specified NPC or specified ELI, respectively.

A "simple" NPC or "simple" ELI is an NPC or ELI for which, with respect to each underlying security, (i) all amounts to be paid or received on maturity, exercise, or any other payment
determination date are calculated by reference to the appropriate single, fixed number of shares of the underlying security, provided that the number of shares can be ascertained when the
contract is issued, and (ii) the contract has a single maturity or exercise date with respect to which all amounts (other than any upfront payment or any periodic payments) are required to be
calculated with respect to the underlying security. A contract has a single exercise date even though it may be exercised by the holder at any time on or before the stated expiration of the
contract. An NPC or ELI that includes a term that discontinuously increases or decreases the amount paid or received (such as a digital option), or that accelerates or extends the maturity is not
a simple ELI or simple NPC. A "complex" NPC or "complex" ELI is any NPC or ELI, respectively, that is not a simple NPC or a simple ELI, respectively. Delta is the ratio of the change in the
fair market value of the contract to a small change in the fair market value of the number of shares of the underlying security.

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Under temporary regulations, the substantial equivalence test measures the change in value of a complex contract when the price of the underlying security referenced by that contract is
hypothetically increased by one standard deviation or decreased by one standard deviation and compares the change in value with the change in value of the shares of the equity that would be
held to hedge the complex contract over an increase or decrease in the price of the equity by one standard deviation. If the proportionate difference between (a) the change in value of the
complex contract and (b) the change in value of its hedge, is no greater than the proportionate difference between (i) the change in value of a "benchmark simple contract" with respect to the

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same shares and (ii) the change in value of its hedge, then the complex contract is substantially equivalent to the underlying security and dividend equivalent payments with respect to it are
subject to withholding. The "benchmark simple contract" is a closely comparable simple contract that, at the time the complex contract is issued, has a delta of 0.8, references the applicable
underlying security referenced by the complex contract, and has the same maturity as the complex contract with respect to the applicable underlying security.

If an NPC or ELI contains more than one reference to a single underlying security, all references to that underlying security are taken into account in determining the delta with respect to that
underlying security. If an NPC or ELI references more than one underlying security or other property, the delta with respect to each underlying security must be determined without taking into
account any other underlying security or property. The regulations provide an exception for qualified indices that satisfy certain criteria. The regulations provide that a payment includes a
dividend equivalent payment whether there is an explicit or implicit reference to a dividend with respect to the underlying security.

For securities issued or deemed issued on or after January 1, 2017, withholding on payments made on or after January 1, 2017 will be based on actual dividends or, if stated in writing on the
issue date of the securities, on estimated dividends used in pricing the security. If an adjustment is made for the actual dividends, then the true-up payment (in addition to the estimated
dividend) is added to the per-share dividend amount. If a transaction is a section 871(m) transaction, information regarding the amount of each dividend equivalent, the delta of the potential
871(m) transaction, the amount of any tax withheld and deposited, the estimated dividend amount and any other information necessary to apply the regulations will be provided as an attachment
to this pricing supplement or on the Credit Suisse website.

In accordance with the applicable effective dates, we will treat any portion of a payment or deemed payment on a section 871(m) transaction (including, if appropriate, the payment of the
purchase price) that is substantially similar to a dividend as a dividend equivalent, which will be subject to U.S. withholding tax unless reduced by an applicable tax treaty and a properly
executed IRS Form W-8 (or other qualifying documentation) is provided. If withholding applies, we will not be required to pay any additional amounts with respect to amounts withheld.
Transactions may be combined and treated as a section 871(m) transaction, creating liability for you, whether or not we withhold on a dividend equivalent. These final and temporary regulations
are extremely complex. Non-U.S. Holders should consult their tax advisors regarding the U.S. federal income tax consequences to them of these final and temporary regulations and whether
payments or deemed payments on the securities constitute dividend equivalent payments.

U .S. Fe de ra l Est a t e T a x T re a t m e nt of N on -U .S. H olde rs

A security may be subject to U.S. federal estate tax if an individual Non-U.S. Holder holds the security at the time of his or her death. The gross estate of a Non-U.S. Holder domiciled outside
the United States includes only property situated in the United States. Individual Non-U.S. Holders should consult their tax advisors regarding the U.S. federal estate tax consequences of
holding the securities at death.

I RS N ot ic e a nd Propose d Le gisla t ion on Ce rt a in Fina nc ia l T ra nsa c t ions

In Notice 2008-2, the IRS and the Treasury Department stated they are considering issuing new regulations or other guidance on whether holders of an instrument such as the securities should
be required to accrue income during the term of the instrument. The IRS and Treasury Department also requested taxpayer comments on (1) the appropriate method for accruing income or
expense (e.g., a mark-to-market methodology or a method resembling the noncontingent bond method), (2) whether income and gain on such an instrument should be ordinary or capital, and
(3) whether foreign holders should be subject to withholding tax on any deemed income accrual. Additionally, unofficial statements made by IRS officials have indicated that they will soon be
addressing the treatment of prepaid forward contracts in proposed regulations.

Accordingly, it is possible that regulations or other guidance may be issued that require holders of the securities to recognize income in respect of the securities prior to receipt of any payments
thereunder or sale thereof. Any regulations or other guidance that may be issued could result in income and gain (either at maturity or upon sale) in respect of the securities being treated as
ordinary income. It is also possible that a Non-U.S. Holder of the securities could be subject to U.S. withholding tax in respect of the securities under such regulations or other guidance. It is not
possible to determine whether such regulations or other guidance will apply to your securities (possibly on a retroactive basis). You are urged to consult your tax advisor regarding Notice 2008-2
and its possible impact on you.

Members of Congress have from time to time proposed legislation relating to financial instruments, including legislation that would require holders to annually mark to market affected financial
instruments (potentially including the securities). These or other potential changes in law could adversely affect the tax treatment of the securities and may be applied with retroactive effect. You
are urged to consult your tax advisor regarding how any such potential changes in law could affect you.

Ba c k up Wit hholding a nd I nform a t ion Re port ing

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A holder of the securities (whether a U.S. Holder or a Non-U.S. Holder) may be subject to backup withholding with respect to certain amounts paid to such holder unless it provides a correct
taxpayer identification number, complies with certain certification procedures establishing that it is not a U.S. Holder or establishes proof of another applicable exemption, and otherwise complies
with applicable requirements of the backup withholding rules. Backup withholding is not an additional tax. You can claim a credit against your U.S. federal income tax liability for amounts
withheld under the backup withholding rules, and amounts in excess of your liability are refundable if you provide the required information to the IRS in a timely fashion. A holder of the securities
may also be subject to information reporting to the IRS with respect to certain amounts paid to such holder unless it (1) is a Non-U.S. Holder and provides a properly executed IRS Form W-8
(or other qualifying documentation) or (2) otherwise establishes a basis for exemption.

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H ist oric a l I nform a t ion
The following graph sets forth the historical performance of the Underlying based on the closing levels of the Underlying from January 2, 2008 through April 26, 2016. The closing level of the
S&P 500® Index on April 26, 2016 was 2091.70. The purple dotted line on the graph represents the Downside Threshold of 1045.85, which is equal to 50% of the closing level on April 26,
2016. We obtained the historical information below from Bloomberg, without independent verification.

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

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

H ist oric a l I nform a t ion

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Supple m e nt a l U se of Proc e e ds a nd H e dging
We intend to use the proceeds of this offering for our general corporate purposes, which may include the refinancing of existing debt outside Switzerland. Some or all of the proceeds we receive
from the sale of the Securities may be used in connection with hedging our obligations under the Securities through one or more of our affiliates. Such hedging or trading activities on or prior to
the Trade Date and during the term of the Securities could adversely affect the value of the Underlying and, as a result, could decrease the amount you may receive on the Securities at
maturity. For additional information, see "Supplemental Use of Proceeds and Hedging" in the accompanying product supplement.

Supple m e nt a l Pla n of Dist ribut ion (Conflic t s of I nt e re st )
Under the terms of a distributor accession confirmation with UBS Financial Services Inc., dated as of March 12, 2014, UBS Financial Services Inc. 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 additional information, see "Underwriting (Conflicts of Interest)" in
the accompanying product supplement.

We expect to deliver the Securities against payment for the Securities on the Settlement Date indicated herein, which may be a date that is greater or less than three business days following
the Trade Date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in three business days, unless the
parties to a trade expressly agree otherwise. Accordingly, if the Settlement Date is more than three business days after the Trade Date, purchasers who wish to transact in the Securities more
than three business days prior to the Settlement Date will be required to specify alternative settlement arrangements to prevent a failed settlement.

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