Obligation Swiss Credit 9% ( US22548QS711 ) en USD

Swiss Credit

99.25 % ⇌

Suisse

US22548QS711 ( en USD )

9% par an ( paiement semestriel )

29/01/2027

Prospectus brochure de l'obligation Credit Suisse US22548QS711 en USD 9%, échéance 29/01/2027

1 000 USD

22548QS71

N/A

29/07/2025 ( Dans 67 jours )

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 US22548QS711, paye un coupon de 9% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/01/2027

424B2 1 dp72363_424b2-u1888.htm FORM 424B2
Pric ing Supple m e nt N o. U 1 8 8 8
Filed Pursuant to Rule 424(b)(2)
To the Underlying Supplement dated December 2, 2016,
Registration Statement Nos. 333-202913 and 333-180300-03
Product Supplement No. I dated May 4, 2015,
January 26, 2017
Prospectus Supplement dated May 4, 2015 and
Prospectus dated May 4, 2015
Fina nc ia l
Produc t s
$ 2 ,9 4 1 ,0 0 0
St e p-U p Cont inge nt Coupon Ca lla ble Y ie ld N ot e s due J a nua ry 2 9 , 2 0 2 7
Link e d t o t he Pe rform a nc e of t he Low e st Pe rform ing of t he Russe ll 2 0 0 0 ® I nde x a nd t he
EU RO ST OX X 5 0 ® I nde x
·
The securities do not guarantee any return of principal at maturity and do not provide for the regular payment of interest.
·
Subject to Early Redemption, if a Coupon Barrier Event does not occur on an Observation Date, we will pay a contingent
coupon on the immediately following Contingent Coupon Payment Date at the Applicable Contingent Coupon Rate of 9.00% per
annum during the 1st Step-Up Period (as defined below), 12.00% per annum during the 2nd Step-Up Period (as defined below)
and 15.00% per annum during the 3rd Step-Up Period (as defined below) on the immediately following Contingent Coupon
Payment Date. If a Coupon Barrier Event occurs on an Observation Date, no contingent coupon will be paid on the
immediately following Contingent Coupon Payment Date. Contingent coupons will be calculated on a 30/360 basis from and
including the Settlement Date to and excluding the earlier of the Early Redemption Date and the Maturity Date, as applicable.
·
We may redeem the securities, in whole but not in part, on any Early Redemption Date. No contingent coupons will be payable
following an Early Redemption.
·
Investors (i) should be willing to forgo dividends and the potential to participate in any appreciation of any Underlying and (ii)
should be willing to lose some or all of their investment if a Knock-In Event occurs.
·
Senior unsecured obligations of Credit Suisse, maturing January 29, 2027. Any payment on the securities is subject to our
ability to pay our obligations as they become due.
·
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
·
The securities priced on January 26, 2017 (the "Trade Date") and are expected to settle on January 31, 2017 (the "Settlement
Date"). Delivery of the securities in book-entry form only will be made through The Depository Trust Company.
·
The securities will not be listed on any exchange.
I nve st ing in t he se c urit ie s involve s a num be r of risk s. Se e "Se le c t e d Risk Conside ra t ions" in t his pric ing
supple m e nt a nd "Risk Fa c t ors" be ginning on pa ge PS-3 of t he a c c om pa nying produc t supple m e nt .
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.

U nde rw rit ing Disc ount s a nd
Pric e t o Public (1)
Com m issions(2)
Proc e e ds t o I ssue r
Pe r se c urit y
$ 1 ,0 0 0 .0 0
$ 4 5 .7 0
$ 9 5 4 .3 0
T ot a l
$ 2 ,9 4 1 ,0 0 0 .0 0
$ 1 3 4 ,4 0 3 .7 0
$ 2 ,8 0 6 ,5 9 6 .3 0
(1) Certain fiduciary accounts may pay a purchase price of at least $970.00 per $1,000 principal amount of securities, and CSSU
will forgo any fees with respect to such sales.
(2) We or one of our affiliates may pay discounts and commissions of $45.70 per $1,000 principal amount of securities. For more
detailed information, please see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of this pricing
supplement.
The agent for this offering, Credit Suisse Securities (USA) LLC ("CSSU"), is our affiliate. For more information, see "Supplemental
Plan of Distribution (Conflicts of Interest)" on the last page of this pricing supplement.
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 3 4 .3 0 (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 "Se le c t e d Risk
Conside ra t ions" in 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.
Cre dit Suisse
January 26, 2017
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K e y T e rm s
Issuer:
Credit Suisse AG ("Credit Suisse"), acting through its London branch
Underlyings:
The securities are linked to the performance of the lowest performing of the Russell 2000® Index and the EURO
STOXX 50® Index. For more information on the Underlyings, see "The Reference Indices--The Russell 2000®
Index" and "The Reference Indices--The STOXX Indices--The EURO STOXX 50® Index" in the accompanying
underlying supplement. Each Underlying is identified in the table below, together with its Bloomberg ticker
symbol, Initial Level, Knock-In Level and Coupon Barrier Level:

Coupon Ba rrie r
U nde rlying
T ic k e r
I nit ia l Le ve l
K noc k -I n Le ve l
Le ve l

RT Y
Russe ll 2 0 0 0 ® I nde x
<I nde x >
1 3 7 5 .5 9 5
6 8 7 .7 9 7 5
9 6 2 .9 1 6 5

SX 5 E
EU RO ST OX X 5 0 ® I nde x
<I nde x >
3 3 1 9 .1 3
1 6 5 9 .5 6 5
2 3 2 3 .3 9 1
Applicable
Contingent
Subject to Early Redemption, if a Coupon Barrier Event does not occur, we will pay contingent coupons at the
Coupon Rate:
Applicable Contingent Coupon Rate is:

9.00% per annum from and including the Settlement Date to but excluding January 31, 2022 (such period, the
· "1st Step-Up Period")

12.00% per annum from and including January 31, 2022 to but excluding January 31, 2025 (such period, the
· "2nd Step-Up Period")

15.00% per annum from and including January 31, 2025 to but excluding the Maturity Date (such period, the
· "3rd Step-Up Period")

If a Coupon Barrier Event occurs, no contingent coupon will be paid on the immediately following Contingent
Coupon Payment Date. Contingent coupons will be calculated on a 30/360 basis from and including the
Settlement Date to and excluding the earlier of the Early Redemption Date and the Maturity Date, as applicable.
Coupon Barrier
A Coupon Barrier Event will occur if on an Observation Date the closing level of any Underlying is less than its
Event:
Coupon Barrier Level.
Coupon Barrier
Level:
For each Underlying, 70% of the Initial Level of such Underlying, as set forth in the table above.
Contingent
Subject to Early Redemption, unless a Coupon Barrier Event occurs, contingent coupons will be paid on the
Coupon Payment dates set forth in Annex A herein, subject to postponement as set forth in the accompanying product supplement
Dates:
under "Description of the Securities--Postponement of calculation dates." If any Contingent Coupon Payment
Date is not a business day, the contingent coupon will be payable on the first following business day, unless that
business day falls in the next calendar month, in which case payment will be made on the first preceding
business day. The amount of any contingent coupon will not be adjusted in respect of any postponement of a
Contingent Coupon Payment Date and no interest or other payment will be payable hereon because of any such
postponement of a Contingent Coupon Payment Date. No contingent coupons will be payable following an Early
Redemption. Contingent coupons, if any, will be payable to the holders of record at the close of business on the
business day immediately preceding the applicable Contingent Coupon Payment Date, provided that the
contingent coupon payable on the Early Redemption Date or Maturity Date, as applicable, will be payable to the
person to whom the Early Redemption Amount or the Redemption Amount, as applicable, is payable.
Redemption
At maturity, the Redemption Amount you will be entitled to receive will depend on the individual performance of
Amount:
each Underlying and whether a Knock-In Event occurs. Subject to Early Redemption, the Redemption Amount
will be determined as follows:

· If a Knock-In Event occurs, the Redemption Amount will equal the principal amount of the securities you hold
multiplied by the sum of one plus the Underlying Return of the Lowest Performing Underlying. I n t his c a se ,
t he Re de m pt ion Am ount w ill be le ss t ha n $ 5 0 0 pe r $ 1 ,0 0 0 princ ipa l a m ount of se c urit ie s.
Y ou c ould lose your e nt ire inve st m e nt .

· If a Knock-In Event does not occur, the Redemption Amount will equal the principal amount of the securities
you hold.

1

Any payment on the securities is subject to our ability to pay our obligations as they become due.
Early Redemption: The Issuer may redeem the securities in whole, but not in part, on any Early Redemption Date, upon notice to
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the trustee on or before the immediately preceding Observation Date, at 100% of the principal amount of the
securities (the "Early Redemption Amount"), together with the contingent coupon, if any, payable on that Early
Redemption Date.
Early Redemption As set forth in Annex A herein, subject to postponement as set forth in the accompanying product supplement
Dates:
under "Description of the Securities--Postponement of calculation dates."
Knock-In Event:
A Knock-In Event will occur if the Final Level of any Underlying is less than its Knock-In Level.
Knock-In Level:
For each Underlying, 50% of the Initial Level of such Underlying, as set forth in the table above.
Lowest
Performing
Underlying:
The Underlying with the lowest Underlying Return.
Underlying
For each Underlying, the Underlying Return will equal the lesser of (i) zero and (ii) an amount calculated as
Return:
follows:

Final Level - Initial Level

Initial Level
Initial Level:
For each Underlying, the closing level of such Underlying on the Trade Date, as set forth in the table above.
Final Level:
For each Underlying, the closing level of such Underlying on the Valuation Date.
Observation
As set forth in Annex A herein, subject to postponement as set forth in the accompanying product supplement
Dates:
under "Description of the Securities--Postponement of calculation dates."
Valuation Date:
January 26, 2027, subject to postponement as set forth in the accompanying product supplement under
"Description of the Securities--Postponement of calculation dates."
Maturity Date:
January 29, 2027, subject to postponement as set forth in the accompanying product supplement under
"Description of the Securities--Postponement of calculation dates."
CUSIP:
22548QS71

2

Addit iona l T e rm s Spe c ific t o t he Se c urit ie s

You should read this pricing supplement together with the underlying supplement dated December 2, 2016, 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 December 2, 2016:
http://www.sec.gov/Archives/edgar/data/1053092/000095010316018406/dp70262_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

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.

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

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 "Selected Risk Considerations" in this pricing supplement and "Risk Factors" in the product
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
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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.

3

H ypot he t ic a l Re de m pt ion Am ount s a nd T ot a l Pa ym e nt s on t he Se c urit ie s

The tables and examples below illustrate, for a $1,000 investment in the securities, hypothetical Redemption Amounts payable at
maturity for a hypothetical range of Underlying Returns of the Lowest Performing Underlying and, in the case of Tables 2, 3 and 4,
total contingent coupon payments over the term of the securities, which will depend on the timing and number of Coupon Barrier
Events that have occurred over the term of the securities. The tables and examples below assume that (i) (a) during the 1st Step-
Up Period the Applicable Contingent Coupon Rate is 9.00% per annum, (b) during the 2nd Step-Up Period the Applicable
Contingent Coupon Rate is 12.00% per annum and (c) during the 3rd Step-Up Period the Applicable Contingent Coupon Rate is
15.00% per annum, (ii) the securities are not redeemed prior to maturity, (iii) the term of the securities is exactly 10 years and (iv)
the Knock-In Level for each Underlying is 50% of the Initial Level of such Underlying. The actual Applicable Contingent Coupon
Rates and Knock-In Levels are set forth in "Key Terms" herein. The examples are intended to illustrate hypothetical calculations of
only the Redemption Amount and do not illustrate the calculation or payment of any individual contingent coupon payment.

The hypothetical Redemption Amounts and total contingent coupon payments set forth below are for illustrative purposes only. The
actual Redemption Amount and total contingent coupon payments applicable to a purchaser of the securities will depend on the
timing and number of Coupon Barrier Events that have occurred over the term of the securities, whether a Knock-In Event occurs
and on the Final Level of the Lowest Performing Underlying. It is not possible to predict when and how many Coupon Barrier
Events will occur, if any, or whether a Knock-In Event will occur, and, in the event that there is a Knock-In Event, by how much the
level of the Lowest Performing Underlying has decreased from its Initial Level to its Final Level. You will not be entitled to
participate in any appreciation in the Underlyings. 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 tables and examples below have been rounded for ease of analysis.

T ABLE 1 : Hypothetical Redemption Amounts

Pe rc e nt a ge Cha nge
from t he I nit ia l Le ve l
U nde rlying Re t urn of
Re de m pt ion Am ount
t o t he Fina l Le ve l of t he
t he Low e st Pe rform ing
(e x c luding c ont inge nt c oupon
T ot a l Cont inge nt
Low e st Pe rform ing U nde rlying
U nde rlying
pa ym e nt s, if a ny)
Coupon Pa ym e nt s
100.00%
0.00%
$1,000.00
90.00%
0.00%
$1,000.00
80.00%
0.00%
$1,000.00
70.00%
0.00%
$1,000.00
60.00%
0.00%
$1,000.00
50.00%
0.00%
$1,000.00
40.00%
0.00%
$1,000.00
30.00%
0.00%
$1,000.00
20.00%
0.00%
$1,000.00
10.00%
0.00%
$1,000.00
0 .0 0 %
0 .0 0 %
$ 1 ,0 0 0 .0 0
(See tables below)
-10.00%
-10.00%
$1,000.00
-20.00%
-20.00%
$1,000.00
-30.00%
-30.00%
$1,000.00
-40.00%
-40.00%
$1,000.00
-50.00%
-50.00%
$1,000.00
-5 1 .0 0 %
-5 1 .0 0 %
$ 4 9 0 .0 0
-60.00%
-60.00%
$400.00
-70.00%
-70.00%
$300.00
-80.00%
-80.00%
$200.00
-90.00%
-90.00%
$100.00
-100.00%
-100.00%
$0.00

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4

T ABLE 2 : Hypothetical contingent coupon payments during the 1st Step-Up Period.

Cont inge nt Coupon Pa ym e nt s during t he 1 st
N um be r of Coupon Ba rrie r Eve nt s during t he 1 st St e p -U p Pe riod
St e p -U p Pe riod
A Coupon Barrier Event does not occur on any Observation Date
$450.00
A Coupon Barrier Event occurs on 1 Observation Date
$442.50
A Coupon Barrier Event occurs on 2 Observation Dates
$435.00
A Coupon Barrier Event occurs on 3 Observation Dates
$427.50
A Coupon Barrier Event occurs on 4 Observation Dates
$420.00
A Coupon Barrier Event occurs on 5 Observation Dates
$412.50
A Coupon Barrier Event occurs on 6 Observation Dates
$405.00
A Coupon Barrier Event occurs on 7 Observation Dates
$397.50
A Coupon Barrier Event occurs on 8 Observation Dates
$390.00
A Coupon Barrier Event occurs on 9 Observation Dates
$382.50
A Coupon Barrier Event occurs on 10 Observation Dates
$375.00
A Coupon Barrier Event occurs on 11 Observation Dates
$367.50
A Coupon Barrier Event occurs on 12 Observation Dates
$360.00
A Coupon Barrier Event occurs on 13 Observation Dates
$352.50
A Coupon Barrier Event occurs on 14 Observation Dates
$345.00
A Coupon Barrier Event occurs on 15 Observation Dates
$337.50
A Coupon Barrier Event occurs on 16 Observation Dates
$330.00
A Coupon Barrier Event occurs on 17 Observation Dates
$322.50
A Coupon Barrier Event occurs on 18 Observation Dates
$315.00
A Coupon Barrier Event occurs on 19 Observation Dates
$307.50
A Coupon Barrier Event occurs on 20 Observation Dates
$300.00
A Coupon Barrier Event occurs on 21 Observation Dates
$292.50
A Coupon Barrier Event occurs on 22 Observation Dates
$285.00
A Coupon Barrier Event occurs on 23 Observation Dates
$277.50
A Coupon Barrier Event occurs on 24 Observation Dates
$270.00
A Coupon Barrier Event occurs on 25 Observation Dates
$262.50
A Coupon Barrier Event occurs on 26 Observation Dates
$255.00
A Coupon Barrier Event occurs on 27 Observation Dates
$247.50
A Coupon Barrier Event occurs on 28 Observation Dates
$240.00
A Coupon Barrier Event occurs on 29 Observation Dates
$232.50
A Coupon Barrier Event occurs on 30 Observation Dates
$225.00
A Coupon Barrier Event occurs on 31 Observation Dates
$217.50
A Coupon Barrier Event occurs on 32 Observation Dates
$210.00
A Coupon Barrier Event occurs on 33 Observation Dates
$202.50
A Coupon Barrier Event occurs on 34 Observation Dates
$195.00
A Coupon Barrier Event occurs on 35 Observation Dates
$187.50
A Coupon Barrier Event occurs on 36 Observation Dates
$180.00
A Coupon Barrier Event occurs on 37 Observation Dates
$172.50
A Coupon Barrier Event occurs on 38 Observation Dates
$165.00
A Coupon Barrier Event occurs on 39 Observation Dates
$157.50
A Coupon Barrier Event occurs on 40 Observation Dates
$150.00
A Coupon Barrier Event occurs on 41 Observation Dates
$142.50
A Coupon Barrier Event occurs on 42 Observation Dates
$135.00
A Coupon Barrier Event occurs on 43 Observation Dates
$127.50
A Coupon Barrier Event occurs on 44 Observation Dates
$120.00
A Coupon Barrier Event occurs on 45 Observation Dates
$112.50
A Coupon Barrier Event occurs on 46 Observation Dates
$105.00
A Coupon Barrier Event occurs on 47 Observation Dates
$97.50
A Coupon Barrier Event occurs on 48 Observation Dates
$90.00
A Coupon Barrier Event occurs on 49 Observation Dates
$82.50
A Coupon Barrier Event occurs on 50 Observation Dates
$75.00
A Coupon Barrier Event occurs on 51 Observation Dates
$67.50
A Coupon Barrier Event occurs on 52 Observation Dates
$60.00
A Coupon Barrier Event occurs on 53 Observation Dates
$52.50
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A Coupon Barrier Event occurs on 54 Observation Dates
$45.00
A Coupon Barrier Event occurs on 55 Observation Dates
$37.50

5

A Coupon Barrier Event occurs on 56 Observation Dates
$30.00
A Coupon Barrier Event occurs on 57 Observation Dates
$22.50
A Coupon Barrier Event occurs on 58 Observation Dates
$15.00
A Coupon Barrier Event occurs on 59 Observation Dates
$7.50
A Coupon Barrier Event occurs on 60 Observation Dates
$0.00

T ABLE 3 : Hypothetical contingent coupon payments during the 2nd Step-Up Period.

Cont inge nt Coupon Pa ym e nt s during t he 2 nd
N um be r of Coupon Ba rrie r Eve nt s during t he 2 nd St e p -U p Pe riod
St e p -U p Pe riod
A Coupon Barrier Event does not occur on any Observation Date
$360.00
A Coupon Barrier Event occurs on 1 Observation Date
$350.00
A Coupon Barrier Event occurs on 2 Observation Dates
$340.00
A Coupon Barrier Event occurs on 3 Observation Dates
$330.00
A Coupon Barrier Event occurs on 4 Observation Dates
$320.00
A Coupon Barrier Event occurs on 5 Observation Dates
$310.00
A Coupon Barrier Event occurs on 6 Observation Dates
$300.00
A Coupon Barrier Event occurs on 7 Observation Dates
$290.00
A Coupon Barrier Event occurs on 8 Observation Dates
$280.00
A Coupon Barrier Event occurs on 9 Observation Dates
$270.00
A Coupon Barrier Event occurs on 10 Observation Dates
$260.00
A Coupon Barrier Event occurs on 11 Observation Dates
$250.00
A Coupon Barrier Event occurs on 12 Observation Dates
$240.00
A Coupon Barrier Event occurs on 13 Observation Dates
$230.00
A Coupon Barrier Event occurs on 14 Observation Dates
$220.00
A Coupon Barrier Event occurs on 15 Observation Dates
$210.00
A Coupon Barrier Event occurs on 16 Observation Dates
$200.00
A Coupon Barrier Event occurs on 17 Observation Dates
$190.00
A Coupon Barrier Event occurs on 18 Observation Dates
$180.00
A Coupon Barrier Event occurs on 19 Observation Dates
$170.00
A Coupon Barrier Event occurs on 20 Observation Dates
$160.00
A Coupon Barrier Event occurs on 21 Observation Dates
$150.00
A Coupon Barrier Event occurs on 22 Observation Dates
$140.00
A Coupon Barrier Event occurs on 23 Observation Dates
$130.00
A Coupon Barrier Event occurs on 24 Observation Dates
$120.00
A Coupon Barrier Event occurs on 25 Observation Dates
$110.00
A Coupon Barrier Event occurs on 26 Observation Dates
$100.00
A Coupon Barrier Event occurs on 27 Observation Dates
$90.00
A Coupon Barrier Event occurs on 28 Observation Dates
$80.00
A Coupon Barrier Event occurs on 29 Observation Dates
$70.00
A Coupon Barrier Event occurs on 30 Observation Dates
$60.00
A Coupon Barrier Event occurs on 31 Observation Dates
$50.00
A Coupon Barrier Event occurs on 32 Observation Dates
$40.00
A Coupon Barrier Event occurs on 33 Observation Dates
$30.00
A Coupon Barrier Event occurs on 34 Observation Dates
$20.00
A Coupon Barrier Event occurs on 35 Observation Dates
$10.00
A Coupon Barrier Event occurs on 36 Observation Dates
$0.00

T ABLE 4 : Hypothetical contingent coupon payments during the 3rd Step-Up Period.

Cont inge nt Coupon Pa ym e nt s during t he 3 rd
N um be r of Coupon Ba rrie r Eve nt s during t he 3 rd St e p -U p Pe riod
St e p -U p Pe riod
A Coupon Barrier Event does not occur on any Observation Date
$300.00
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A Coupon Barrier Event occurs on 1 Observation Date
$287.50
A Coupon Barrier Event occurs on 2 Observation Dates
$275.00
A Coupon Barrier Event occurs on 3 Observation Dates
$262.50
A Coupon Barrier Event occurs on 4 Observation Dates
$250.00
A Coupon Barrier Event occurs on 5 Observation Dates
$237.50
A Coupon Barrier Event occurs on 6 Observation Dates
$225.00

6

A Coupon Barrier Event occurs on 7 Observation Dates
$212.50
A Coupon Barrier Event occurs on 8 Observation Dates
$200.00
A Coupon Barrier Event occurs on 9 Observation Dates
$187.50
A Coupon Barrier Event occurs on 10 Observation Dates
$175.00
A Coupon Barrier Event occurs on 11 Observation Dates
$162.50
A Coupon Barrier Event occurs on 12 Observation Dates
$150.00
A Coupon Barrier Event occurs on 13 Observation Dates
$137.50
A Coupon Barrier Event occurs on 14 Observation Dates
$125.00
A Coupon Barrier Event occurs on 15 Observation Dates
$112.50
A Coupon Barrier Event occurs on 16 Observation Dates
$100.00
A Coupon Barrier Event occurs on 17 Observation Dates
$87.50
A Coupon Barrier Event occurs on 18 Observation Dates
$75.00
A Coupon Barrier Event occurs on 19 Observation Dates
$62.50
A Coupon Barrier Event occurs on 20 Observation Dates
$50.00
A Coupon Barrier Event occurs on 21 Observation Dates
$37.50
A Coupon Barrier Event occurs on 22 Observation Dates
$25.00
A Coupon Barrier Event occurs on 23 Observation Dates
$12.50
A Coupon Barrier Event occurs on 24 Observation Dates
$0.00

The expected total contingent coupon payments over the term of the securities will depend on when and how many Coupon Barrier
Events occur. The total payment on the securities will be equal to the Redemption Amount applicable to an investor plus the total
contingent coupon payments on the securities over all the Step-Up Periods, if any.

The following examples illustrate how the Redemption Amount is calculated.

Ex a m ple 1 : T he Fina l Le ve l of a n U nde rlying is le ss t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
RTY
110% of Initial Level
SX5E
40% of Initial Level

Since the Final Level of SX5E is less than its Knock-In Level, a K noc k -I n Eve nt oc c urs . SX5E is also the Lowest Performing
Underlying.

Therefore, the Redemption Amount is determined as follows:

Underlying Return of the Lowest
= the lesser of (i) zero and (ii) (Final Level - Initial Level) / Initial Level
Performing Underlying

= the lesser of (i) zero and (ii) -60%

= -60%
Redemption Amount
= $1,000 × (1 + Underlying Return of the Lowest Performing Underlying)

= $1,000 × 0.40

= $400

Even though the Final Level of RTY is above its Initial Level, you will not benefit in any appreciation of RTY and will be exposed to
the depreciation in the Lowest Performing Underlying.

Ex a m ple 2 : T he Fina l Le ve l of e a c h U nde rlying is le ss t ha n it s I nit ia l Le ve l but e qua l t o or gre a t e r t ha n it s
K noc k -I n Le ve l.
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U nde rlying
Fina l Le ve l
RTY
80% of Initial Level
SX5E
75% of Initial Level
Even though the Final Level of each Underlying is below its Initial Level, since the Final Level of each Underlying is not less than
its Knock-In Level, a Knock-In Event does not occur.

7

Therefore, the Redemption Amount equals $ 1 ,0 0 0 .

Ex a m ple 3 : T he Fina l Le ve l of e a c h U nde rlying is e qua l t o or gre a t e r t ha n it s I nit ia l Le ve l.

U nde rlying
Fina l Le ve l
RTY
110% of Initial Level
SX5E
110% of Initial Level

Since the Final Level of each Underlying is not less than its Knock-In Level, a Knock-In Event does not occur.

Therefore, the Redemption Amount equals $ 1 ,0 0 0 . Even though the Final Level of each Underlying is greater than its respective
Initial Level, you will not participate in the appreciation of any Underlying.

8

Se le c t e d Risk Conside ra t ions

An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in the
Underlyings. These risks are explained in more detail in the "Risk Factors" section of the accompanying product supplement.

·
Y OU M AY RECEI V E LESS T H AN T H E PRI N CI PAL AM OU N T AT M AT U RI T Y -- You may receive less at
maturity than you originally invested in the securities, or you may receive nothing, excluding any contingent coupons, if
any. If the Final Level of any Underlying is less than its Knock-In Level, you will be fully exposed to any depreciation in
the Lowest Performing Underlying. In this case, the Redemption Amount you will be entitled to receive will be less than
the principal amount of the securities, and you could lose your entire investment. It is not possible to predict whether a
Knock-In Event will occur, and in the event that there is a Knock-In Event, by how much the level of the Lowest
Performing Underlying has decreased from its Initial Level to its Final Level. Any payment on the securities is subject to
our ability to pay our obligations as they become due.

·
REGARDLESS OF T H E AM OU N T OF AN Y PAY M EN T Y OU RECEI V E ON T H E SECU RI T I ES, Y OU R
ACT U AL Y I ELD M AY BE DI FFEREN T I N REAL V ALU E T ERM S -- Inflation may cause the real value of any
payment you receive on the securities to be less at maturity than it is at the time you invest. An investment in the
securities also represents a forgone opportunity to invest in an alternative asset that generates a higher real return.
You should carefully consider whether an investment that may result in a return that is lower than the return on
alternative investments is appropriate for you.

·
T H E SECU RI T I ES DO N OT PROV I DE FOR REGU LAR FI X ED I N T EREST PAY M EN T S -- Unlike
conventional debt securities, the securities do not provide for regular fixed interest payments. The number of contingent
coupon payments you receive over the term of the securities, if any, will depend on the performance of the Underlyings
during the term of the securities and the number of Coupon Barrier Events that occur. If a Coupon Barrier Event
occurs on an Observation Date, you will not receive a contingent coupon payment on the Contingent Coupon Payment
Date immediately following such Observation Date. Accordingly, if a Coupon Barrier Event occurs on every
Observation Date, you will not receive any contingent coupon payments during the term of the securities. Thus, the
securities are not a suitable investment for investors who require regular fixed income payments, since the number of
contingent coupon payments are variable and may be zero.

In addition, if rates generally increase over the term of the securities, it is more likely that the contingent coupon, if any,
could be less than the yield one might receive based on market rates at that time. This would have the further effect of
decreasing the value of your securities both nominally in terms of below-market coupon payments and in real value
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terms. Furthermore, it is possible that you will not receive some or all of the contingent coupon payments over the term
of the securities, and still lose your principal amount. Even if you do receive some or all of your principal amount at
maturity, you will not be compensated for the time value of money. These securities are not short-term investments, so
you should carefully consider these risks before investing.

·
M ORE FAV ORABLE T ERM S T O Y OU ARE GEN ERALLY ASSOCI AT ED WI T H AN U N DERLY I N G WI T H
GREAT ER EX PECT ED V OLAT I LI T Y AN D T H EREFORE CAN I N DI CAT E A GREAT ER RI SK OF LOSS --
"Volatility" refers to the frequency and magnitude of changes in the level of an 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 such Underlying could be less than (i) its Coupon Barrier Level on any Observation Date or (ii) its Knock-In
Level on the Valuation Date, indicating a higher expected risk of loss on the securities. This greater expected risk will
generally be reflected in a higher Applicable Contingent Coupon Rate than the yield payable on our conventional debt
securities with a similar maturity, or in more favorable terms (such as lower Coupon Barrier Levels or Knock-In Levels)
than for similar securities linked to the performance of an Underlying with a lower expected volatility as of the Trade
Date. You should therefore understand that a relatively higher Applicable Contingent Coupon Rate may indicate an
increased risk of loss. Further, relatively lower Coupon Barrier Levels or Knock-In Levels may not necessarily indicate
that you will receive a contingent coupon on any Contingent Coupon Payment Date or that the securities have a
greater likelihood of a return of principal at maturity. The volatility of any Underlying can change significantly over the
term of the securities. The levels of the Underlyings for your securities could fall sharply,

9

which could result in a significant loss of principal. You should be willing to accept the downside market risk of the
Underlyings and the potential to lose a significant amount of your principal at maturity.

·
T H E SECU RI T I ES WI LL N OT PAY M ORE T H AN T H E PRI N CI PAL AM OU N T , PLU S CON T I N GEN T
COU PON , I F AN Y , AT M AT U RI T Y OR U PON EARLY REDEM PT I ON -- The securities will not pay more than
the principal amount, plus contingent coupon, if any, at maturity or upon early redemption, regardless of the
performance of any Underlying. Even if the Final Level of each Underlying is greater than its respective Initial Level,
you will not participate in the appreciation of any Underlying. Assuming the securities are held to maturity and the term
of the securities is exactly 10 years, the maximum amount payable with respect to the securities is $2,110 for each
$1,000 principal amount of the securities.

·
T H E SECU RI T I ES ARE SU BJ ECT T O T H E CREDI T RI SK OF CREDI T SU I SSE -- 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 H E SECU RI T I ES ARE SU BJ ECT T O A POT EN T I AL EARLY REDEM PT I ON , WH I CH WOU LD LI M I T
Y OU R OPPORT U N I T Y T O BE PAI D CON T I N GEN T COU PON S OV ER T H E FU LL T ERM OF T H E
SECU RI T I ES -- The securities are subject to a potential early redemption on any Early Redemption Date, upon
notice to the trustee on or before the immediately preceding Observation Date. Market events could affect our decision
to redeem the securities. For example, it is more likely that Credit Suisse will redeem the securities prior to the
Maturity Date at a time when Credit Suisse believes it will be likely to make contingent coupon payments over the term
of the securities and could issue a comparable debt security with a lower contingent coupon rate.

If the securities are redeemed prior to the Maturity Date, you will be entitled to receive a cash payment equal to the
principal amount of your securities and any contingent coupon payable, if any, on that Early Redemption Date, and no
further payments will be made in respect of the securities. In this case, you will lose the opportunity to continue to be
paid contingent coupons from the date of Early Redemption to the scheduled Maturity Date. If the securities are
redeemed prior to the Maturity Date, you may be unable to invest in other securities with a similar level of risk that
provide you with the opportunity to be paid the same coupons as the securities.

·
T H E APPLI CABLE CON T I N GEN T COU PON RAT E AT A PART I CU LAR T I M E WI LL AFFECT OU R
DECI SI ON T O REDEEM T H E SECU RI T I ES -- It is more likely that we will redeem the securities prior to their
Maturity Date during periods when the remaining contingent coupons, if any, are to be paid on the securities at a rate
that is greater than that which we would pay on a conventional fixed-rate, non-callable debt security of comparable
maturity. If we redeem the securities prior to maturity, you may not be able to invest in other securities with a similar
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level of risk that yield as much total contingent coupon payments as the securities.

·
Y OU WI LL BE SU BJ ECT T O RI SK S RELAT I N G T O T H E RELAT I ON SH I P BET WEEN T H E
U N DERLY I N GS -- The securities are linked to the individual performance of each Underlying. As such, the securities
will perform poorly if only one of the Underlyings performs poorly. Each additional Underlying to which the securities
are linked increases the risk that the securities will perform poorly. By investing in the securities, you assume the risk
that (i) the Final Level of at least one of the Underlyings will be less than its Knock-In Level and (ii) a Coupon Barrier
Event occurs with respect to at least one of the Underlyings on one or more Observation Dates, regardless of the
performance of any other Underlying.

It is impossible to predict the relationship between the Underlyings. If the performances of the Underlyings exhibit no
relationship to each other, it is more likely that one of the Underlyings will cause the securities to perform poorly.
However, if the performances of the equity securities included in each Underlying are related such that the
performances of the Underlyings are correlated, then there is less likelihood that only one Underlying will cause the
securities to perform poorly. Furthermore, to the extent that each Underlying represents a different market segment or
market sector, the risk of one

10

Underlying performing poorly is greater. As a result, you are not only taking market risk on each Underlying, you are
also taking a risk relating to the relationship among the Underlyings.

·
T H E SECU RI T I ES ARE LI N K ED T O T H E RU SSELL 2 0 0 0 ® I N DEX AN D ARE SU BJ ECT T O T H E RI SK S
ASSOCI AT ED WI T H SM ALL -CAPI T ALI Z AT I ON COM PAN I ES -- The Russell 2000® Index is composed of
equity securities issued by companies with relatively small market capitalization. These equity securities often have
greater stock price volatility, lower trading volume and less liquidity than the equity securities of large-capitalization
companies, and are more vulnerable to adverse business and economic developments than those of large-
capitalization companies. In addition, small-capitalization companies are typically less established and less stable
financially than large-capitalization companies. These companies may depend on a small number of key personnel,
making them more vulnerable to loss of personnel. Such companies tend to have smaller revenues, less diverse
product lines, smaller shares of their product or service markets, fewer financial resources and less competitive
strengths than large-capitalization companies and are more susceptible to adverse developments related to their
products. Therefore, the Russell 2000® Index may be more volatile than it would be if it were composed of equity
securities issued by large-capitalization companies.

·
T H E CLOSI N G LEV EL OF T H E EU RO ST OX X 5 0 ® I N DEX WI LL N OT BE ADJ U ST ED FOR CH AN GES
I N EX CH AN GE RAT ES RELAT I V E T O T H E U .S. DOLLAR EV EN T H OU GH T H E EQU I T Y SECU RI T I ES
I N CLU DED I N T H E EU RO ST OX X 5 0 ® I N DEX ARE T RADED I N A FOREI GN CU RREN CY AN D T H E
SECU RI T I ES ARE DEN OM I N AT ED I N U .S. DOLLARS -- The value of your securities will not be adjusted for
exchange rate fluctuations between the U.S. dollar and the currencies in which the equity securities included in the
EURO STOXX 50® Index are based. Therefore, if the applicable currencies appreciate or depreciate relative to the
U.S. dollar over the term of the securities, you will not receive any additional payment or incur any reduction in your
return, if any, at maturity.

·
RI SK S ASSOCI AT ED WI T H I N V EST M EN T S I N SECU RI T I ES LI N K ED T O T H E PERFORM AN CE OF
FOREI GN EQU I T Y SECU RI T I ES -- The equity securities included in the EURO STOXX 50® Index 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 H E EST I M AT ED V ALU E OF T H E SECU RI T I ES ON T H E T RADE DAT E I S LESS T H AN T H E PRI CE T O
PU BLI C -- 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 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
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