Obligation Swiss Credit 0% ( US22549R1361 ) en USD

Swiss Credit

30.48 % ▲

Suisse

US22549R1361 ( en USD )

31/08/2028

Prospectus brochure de l'obligation Credit Suisse US22549R1361 en USD 0%, échéance 31/08/2028

1 000 USD

3 232 000 USD

22549R136

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 Credit Suisse (ISIN : US22549R1361, CUSIP : 22549R136), émise en Suisse en USD, affiche un prix actuel de marché de 20,94%, présente un taux d'intérêt de 0%, une taille totale d'émission de 3 232 000 unités, une taille minimale d'achat de 1000 unités, une maturité fixée au 31/08/2028, une fréquence de paiement semestrielle, et n'est pas notée par Moody's.

424B2 1 dp95038_424b2-t1384.htm FORM 424B2
PRICING SUPPLEMENT No. T1384
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-218604-02
Dated August 28, 2018

Credit Suisse AG $3,231,610 Trigger GEARS
Linked to the Performance of the S&P 500® Index due August 31, 2028
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 a cash payment equal to 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 1.575. If the Underlying Return is less than or equal to
zero and the Final Underlying Level is at or above the Downside Threshold, Credit Suisse will pay the full Principal Amount at maturity. However, if the Final Underlying Level is below the Downside Threshold,
Credit Suisse will pay you a cash payment that is less than the Principal Amount, if anything, resulting in a percentage loss on your investment equal to the Underlying Return. In this case, you will have full
downside exposure to the Underlying from the Initial Underlying Level to the Final Underlying Level, and could lose all of your initial 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 will provide leveraged
Trade Date
August 28, 2018
exposure to any positive performance of the Underlying. If the Underlying Return is greater than
Settlement Date
August 31, 2018
zero, Credit Suisse will pay the Principal Amount at maturity plus a return equal to the Underlying
Final Valuation Date*
August 28, 2028
Return multiplied by the Upside Gearing. If the Underlying Return is less than zero, investors may
Maturity Date*
August 31, 2028
be exposed to the negative Underlying Return at maturity.
* Subject to postponement as set forth in any accompanying product supplement under "Description of
Contingent Repayment of Principal at Maturity: If the Underlying Return is less than or
the Securities--Postponement of calculation dates." If the Maturity Date is not a business day, the
equal to zero and the Final Underlying Level is not below the Downside Threshold, Credit Suisse
Redemption Amount will be payable on the first following business day, unless that business day falls
will pay you the Principal Amount at maturity. However, if the Final Underlying Level is less than
in the next calendar month, in which case payment will be made on the first preceding business day.
the Downside Threshold, Credit Suisse will pay you an amount 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 from the Initial Underlying Level to the Final Underlying Level. 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 FROM T H E I N I T I AL U N DERLY I N G LEV EL T O T H E FI N AL U N DERLY I N G LEV EL. 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 6 AN D U N DER "RI SK FACT ORS" BEGI N N I N G ON PAGE PS -3 OF AN Y 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 per Security (representing a $1,000 investment), and integral multiples of $10 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
S&P 500® Index
2897.52
1.575
1448.76 (50% of the Initial Underlying Level)
22549R136
US22549R1361
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 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 5 (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 a ny 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
Pric e t o Public
U nde rw rit ing Disc ount a nd 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
$3,231,610
$10
$161,580.50
$0.50
$3,070,029.50
$9.50
due August 31, 2028
(1) 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 principal amount of Securities. For more detailed
information, please see "Supplemental Plan of Distribution" in 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 April 19, 2018, the product supplement dated June 30, 2017, the prospectus supplement dated June 30,
2017 and the prospectus dated June 30, 2017, 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 April 19, 2018
https://www.sec.gov/Archives/edgar/data/1053092/000095010318004962/dp89590_424b2-underlying.htm

¨
Product Supplement No. I-B dated June 30, 2017:
http://www.sec.gov/Archives/edgar/data/1053092/000095010317006316/dp77781_424b2-ib.htm

¨
Prospectus Supplement and Prospectus dated June 30, 2017:
http://www.sec.gov/Archives/edgar/data/1053092/000104746917004364/a2232566z424b2.htm
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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.

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 "Key Risks" in this pricing supplement and "Risk Factors" in any accompanying product supplement and, "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.

Prohibit ion of Sa le s t o EEA Re t a il I nve st ors

The Securities may not be offered, sold or otherwise made available to any retail investor in the European Economic Area. For the purposes of this provision:

(a) the expression "retail investor" means a person who is one (or more) of the following:

(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or

(ii) a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

(iii) not a qualified investor as defined in Directive 2003/71/EC; and

(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Securities offered so as to enable an investor to
decide to purchase or subscribe the Securities.

2

I nve st or Suit a bilit y
T he Se c urit ie s m a y be suit a ble for you if:

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

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

¨
You can tolerate a loss of all or a substantial portion of your investment and you 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 from

the Initial Underlying Level to the Final Underlying Level.
¨
You cannot tolerate a loss of all or a substantial portion of your investment, and you are

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

¨
You prefer to receive the dividends paid on the equity securities included in the Underlying.
¨
You are willing to hold the Securities to maturity as stated on the cover hereof, and you

accept that there may be little or no secondary market for the Securities.
¨
You are unable or unwilling to hold the Securities to maturity as stated on the cover

hereof, or you seek an investment for which there will be an active secondary market for
¨
You believe that the level of the Underlying will increase over the term of the Securities
the Securities.
and you are willing to invest in the Securities based on the Upside Gearing specified on

the cover hereof.
¨
You believe that the level of the Underlying will decline during the term of the Securities

and the Final Underlying Level is likely to be less than the Downside Threshold on the
¨
You can tolerate fluctuations in the value of the Securities prior to maturity that may be
Final Valuation Date.
similar to or exceed the downside fluctuations in the level of the Underlying.

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

¨
You understand and accept the risks associated with the Underlying.
¨
You cannot tolerate fluctuations in the value of the Securities prior to maturity that may be

similar to or exceed the downside fluctuations in the level of the Underlying.
¨
You are willing to assume the credit risk of Credit Suisse for all payments under the

Securities, and you understand that the payment of any amount due on the Securities is
¨
You prefer the lower risk, and, therefore, accept the potentially lower returns of
subject to the credit risk of Credit Suisse.
conventional debt securities with comparable maturities issued by Credit Suisse or another

issuer with a similar credit rating.
T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or

not t he Se c urit ie s a re a suit a ble inve st m e nt for you w ill de pe nd on your
¨
You seek current income from your investment.
individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt de c ision only a ft e r
you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully ¨ You do not understand or accept the risks associated with the Underlying.
c onside re d t he suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your

pa rt ic ula r c irc um st a nc e s. Y ou should a lso re vie w "K e y Risk s" be ginning on pa ge
¨
You are unwilling to assume the credit risk of Credit Suisse for all payments under the
6 of t his pric ing supple m e nt for risk s re la t e d t o a n inve st m e nt in t he Se c urit ie s.
Securities.
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 .

3

K e y T e rm s

I nve st m e nt T im e line
Issuer
Credit Suisse AG ("Credit Suisse"), acting through its London branch.
The Closing Level of the Underlying (Initial Underlying Level) is
Principal Amount
$10 per Security
T ra de Da t e
observed, the Downside Threshold is determined and the
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Term
Ten years. In the event that we make any change to the expected Settlement
Upside Gearing is set.
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
supplement.
Upside Gearing
1.575
The Final Underlying Level and Underlying Return are
Payment at Maturity
I f t he U nde rlying Re t urn is gre a t e r t ha n ze ro , Credit Suisse will

determined on the Final Valuation Date.
(per Security)
pay you a cash payment calculated as follows:
I f t he U nde rlying Re t urn is gre a t e r t ha n ze ro , Credit

Suisse will pay you a cash payment per Security equal to:
$10 + [$10 × (Underlying Return × Upside Gearing)]

$10 + [$10 × (Underlying Return × Upside Gearing)]
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 U nde rlying Le ve l is e qua l t o or gre a t e r t ha n t he
I f t he U nde rlying Re t urn is e qua l t o or le ss t ha n ze ro
Dow nside T hre shold, Credit Suisse will pay you a cash payment of:
a nd t he Fina l 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
$10
a cash payment per Security equal to $10.
M a t urit y

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

$10 + ($10 × Underlying Return)
$10 + ($10 × Underlying Return)

I n t his c a se , you c ould lose up t o a ll of your Princ ipa l Am ount
U nde r t he se c irc um st a nc e s, you w ill lose a
in a n a m ount proport iona t e t o t he ne ga t ive U nde rlying Re t urn.
signific a nt port ion, a nd c ould lose a ll, of your
Underlying Return
Final Underlying Level Initial Underlying Level
Princ ipa l Am ount .

Initial Underlying Level
Initial Underlying Level
The Closing Level of the Underlying on the Trade Date, as specified on the
cover of this pricing supplement
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
August 28, 2028, subject to the market disruption event provisions set forth in
any accompanying product supplement under "Description of the Securities--
Market disruption events."
Maturity Date
August 31, 2028, subject to the market disruption event provisions set forth in
any accompanying product supplement under "Description of the Securities--
Market disruption events." If the Maturity Date is not a business day, the
Payment at Maturity 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.
CUSIP / ISIN
22549R136 / US22549R1361

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 any 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 any 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 from the Initial Underlying Level to the Final Underlying Level 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.

¨
Re ga rdle ss of t he a m ount of a ny pa ym e nt you re c e ive on t he Se c urit ie s, your a c t ua l yie ld m a y be diffe re nt in re a l va lue t e rm s -- Inflation may cause the real
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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 he proba bilit y t ha t t he Fina l U nde rlying Le ve l w ill be le ss t ha n t he Dow nside T hre shold w ill de pe nd on t he vola t ilit y of t he U nde rlying -- "Volatility" refers to the
frequency and magnitude of changes in the level of the Underlying. The greater the expected volatility with respect to the Underlying on the Trade Date, the higher the expectation as of the
Trade Date that the Final Underlying Level could be less than the Downside Threshold, indicating a higher expected risk of loss on the Securities. The terms of the Securities are set, in
part, based on expectations about the volatility of the Underlying as of the Trade Date. The volatility of the Underlying can change significantly over the term of the Securities. The level of
the Underlying 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 a
significant amount 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.

¨
H e dging a nd t ra ding a c t ivit y -- We, any dealer or any of our or their respective affiliates may carry out hedging activities related to the Securities, including in instruments related to the
Underlying. We, any dealer or any of our or their respective or our affiliates may also trade instruments related to the Underlying from time to time. Any of these hedging or trading activities
on or prior to the Trade Date and during the term of the Securities could adversely affect our payment to you at 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 discounts or commissions as well
as transaction costs such as expenses incurred to create, document and market the Securities and the cost of hedging our risks as issuer of the Securities through one or more of our
affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the Securities. These amounts will be retained by Credit Suisse or our affiliates in
connection with our structuring and offering of the Securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties).
On the Trade Date, we value the components of the Securities in accordance with our pricing models. These include a fixed income component valued using our internal funding rate, and
individual option components valued using mid-market

6

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.

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 discounts or commissions and hedging and other transaction costs. If you sell your Securities to a dealer in a secondary market transaction, the dealer
may impose an additional discount or commission, and as a result the price you receive on your Securities may be lower than the price at which we may repurchase the Securities from
such dealer.
We (or an affiliate) may initially post a bid to repurchase the Securities from you at a price that will exceed the then-current estimated value of the Securities. That higher price reflects our
projected profit and costs that were included in the Price to Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to pay
this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary and is expected to decline over a period of approximately seven
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
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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

7

receive for the sale of the Securities, which creates an additional incentive to sell the Securities to you.

¨
U npre dic t a ble e c onom ic a nd m a rk e t fa c t ors w ill a ffe c t t he va lue of t he Se c urit ie s -- 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 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 equity securities that comprise
the Underlying. The return on your investment 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.

¨
T he U .S. fe de ra l t a x c onse que nc e s of a n inve st m e nt in t he Se c urit ie s a re unc le a r -- There is no direct legal authority regarding the proper U.S. federal tax treatment of the
Securities, and we do not plan to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment of the Securities are uncertain, and
the IRS or a court might not agree with the treatment of the Securities as prepaid financial contracts that are treated as "open transactions." If the IRS were successful in asserting an
alternative treatment of the Securities, the tax consequences of the ownership and disposition of the Securities, including the timing and character of income recognized by U.S. investors and
the withholding tax consequences to non-U.S. investors, might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect
the U.S. federal tax treatment of the Securities, possibly retroactively.

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

H ypot he t ic a l t e rm s only. Ac t ua l t e rm s m a y va ry. Se e t he c ove r pa ge for a c t ua l offe ring t e rm s.

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 "Key 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
Term:
Ten years
Downside Threshold:
50% of the hypothetical Initial Underlying Level
Upside Gearing:
1.48

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%

Payment at Maturity = $10 + [$10 × (10% × 1.48)] = $11.48

Because the Underlying Return is equal to 10%, the Payment at Maturity is equal to $11.48 per $10 Principal Amount of Securities, resulting in a total return on the Securities of 14.80%.

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

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 per $10 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
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Payment at Maturity is calculated as follows:

Underlying Return = -60%

Payment at Maturity = $10 + ($10 × -60%) = $4

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 per $10 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.

9

Hypothetical Payment at Maturity (per Security).

The table below illustrates, for a $10 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%
148.00%
$24.80
90%
133.20%
$23.32
80%
118.40%
$21.84
70%
103.60%
$20.36
60%
88.80%
$18.88
50%
74.00%
$17.40
40%
59.20%
$15.92
30%
44.40%
$14.44
20%
29.60%
$12.96
10%
14.80%
$11.48
0 %
0 %
$ 1 0
-10%
0%
$10
-20%
0%
$10
-30%
0%
$10
-40%
0%
$10
-50%
0%
$10
-5 1 %
-5 1 %
$ 4 .9 0
-60%
-60%
$4
-70%
-70%
$3
-80%
-80%
$2
-90%
-90%
$1
-100%
-100%
$0
10

U nit e d St a t e s Fe de ra l T a x Conside ra t ions
This discussion supplements and, to the extent inconsistent therewith, supersedes the discussion in the accompanying product supplement under "Material United States Federal Income Tax
Considerations."

There are no statutory, judicial or administrative authorities that address the U.S. federal income tax treatment of the Securities or instruments that are similar to the Securities. In the opinion of
our counsel, Davis Polk & Wardwell LLP, which is based on current market conditions, a Security should be treated as a prepaid financial contract that is an "open transaction" for U.S. federal
income tax purposes. However, there is uncertainty regarding this treatment.

Assuming this treatment of the Securities is respected and subject to the discussion in "Material United States Federal Income Tax Considerations" in the accompanying product supplement, the
following U.S. federal income tax consequences should result:

·
You should not recognize taxable income over the term of the Securities prior to maturity, other than pursuant to a sale or other disposition.

·
Upon a sale or other disposition (including retirement) of a Security, you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in
the Security. Such gain or loss should be long-term capital gain or loss if you held the Security for more than one year.

We do not plan to request a ruling from the IRS regarding the treatment of the Securities, and the IRS or a court might not agree with the treatment described herein. In particular, the IRS could
treat the Securities as contingent payment debt instruments, in which case the tax consequences of ownership and disposition of the Securities, including the timing and character of income
recognized, could be materially and adversely affected. Moreover, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax
treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. In addition,
members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of
these issues could materially and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect. You should consult your tax advisor regarding possible
alternative tax treatments of the Securities and potential changes in applicable law.

N on -U .S. H olde rs. Subject to the discussions in the next paragraph and in "Material United States Federal Income Tax Considerations" in the accompanying product supplement, if you are a
Non-U.S. Holder (as defined in the accompanying product supplement) of the Securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount
paid to you with respect to the Securities, provided that (i) income in respect of the Securities is not effectively connected with your conduct of a trade or business in the United States, and (ii)
you comply with the applicable certification requirements.

As discussed under "Material United States Federal Income Tax Considerations--Non-U.S. Holders Generally--Substitute Dividend and Dividend Equivalent Payments" in the accompanying
product supplement, Section 871(m) of the Internal Revenue Code generally imposes a 30% withholding tax on "dividend equivalents" paid or deemed paid to Non-U.S. Holders with respect to
certain financial instruments linked to U.S. equities or indices that include U.S. equities. Treasury regulations under Section 871(m), as modified by an IRS notice, exclude from their scope
financial instruments issued in 2018 that do not have a "delta" of one with respect to any U.S. equity. Based on the terms of the Securities and representations provided by us, our counsel is of
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the opinion that the Securities should not be treated as transactions that have a "delta" of one within the meaning of the regulations with respect to any U.S. equity and, therefore, should not be
subject to withholding tax under Section 871(m).

A determination that the Securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this determination. Moreover, Section 871(m) is complex and its
application may depend on your particular circumstances, including whether you enter into other transactions with respect to a U.S. equity to which the Securities relate. You should consult your
tax advisor regarding the potential application of Section 871(m) to the Securities.

11

If withholding tax applies to the Securities, we will not be required to pay any additional amounts with respect to amounts withheld.

Y ou should re a d t he se c t ion e nt it le d "M a t e ria l U nit e d St a t e s Fe de ra l I nc om e T a x Conside ra t ions" in t he a c c om pa nying produc t supple m e nt . T he pre c e ding
disc ussion, w he n re a d in c om bina t ion w it h t ha t se c t ion, c onst it ut e s t he full opinion of Da vis Polk & Wa rdw e ll LLP re ga rding t he m a t e ria l U .S. fe de ra l t a x
c onse que nc e s of ow ning a nd disposing of t he Se c urit ie s.

Y ou should a lso c onsult your t a x a dvisor re ga rding a ll a spe c t s of t he U .S. fe de ra l inc om e a nd e st a t e t a x c onse que nc e s of a n inve st m e nt in t he Se c urit ie s a nd
a ny t a x c onse que nc e s a rising unde r t he la w s of a ny st a t e , loc a l or non -U .S. t a x ing jurisdic t ion.

12

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 August 28, 2018. The closing level of the
S&P 500® Index on August 28, 2018 was 2897.52. The solid red line on the graph represents the Downside Threshold. 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.

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

H ist oric a l Pe rform a nc e of t he S& P 5 0 0 ® I nde x

13

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 any 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 may receive a fee from Credit Suisse or one of our affiliates of $0.50 per $10 principal amount of Securities. For additional information, see "Underwriting (Conflicts of Interest)" in any
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 two 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 two business days, unless the parties to a
trade expressly agree otherwise. Accordingly, if the Settlement Date is more than two business days after the Trade Date, purchasers who wish to transact in the Securities more than two
business days prior to the Settlement Date will be required to specify alternative settlement arrangements to prevent a failed settlement.

14

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