Obligation Swiss Credit 0% ( US22549Y6361 ) en USD

Swiss Credit

100 % ▲

Suisse

US22549Y6361 ( en USD )

28/02/2029

Prospectus brochure de l'obligation Credit Suisse US22549Y6361 en USD 0%, échéance 28/02/2029

1 000 USD

6 233 000 USD

22549Y636

N/A

Credit Suisse était une grande banque suisse, active dans la gestion de fortune, l'investissement bancaire et les services financiers, avant sa prise de contrôle par UBS en mars 2023 suite à une crise de confiance.

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22549Y6361, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/02/2029

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22549Y6361, a été notée NR par l'agence de notation Moody's.

424B2 1 dp102893_424b2-t1547.htm FORM 424B2
PRICING SUPPLEMENT No. T1547
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-218604-02
Dated February 25, 2019
Credit Suisse AG $6,233,140 Trigger GEARS
Linked to the Performance of the S&P 500® Index due February 28, 2029
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 1.82. 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
Trade Date
February 25, 2019
Gearing will provide leveraged exposure to any positive
Settlement Date
February 28, 2019
performance of the Underlying. If the Underlying Return is
Final Valuation Date*
February 23, 2029
greater than zero, Credit Suisse will pay the Principal
Maturity Date*
February 28, 2029
Amount at maturity plus a return equal to the Underlying
* Subject to postponement as set forth in any accompanying
Return multiplied by the Upside Gearing. If the Underlying
product supplement under "Description of the Securities--
Return is less than zero, investors may be exposed to the
Postponement of calculation dates." If the Maturity Date is
negative Underlying Return at maturity.
not a business day, the Redemption Amount will be payable
Contingent Repayment of Principal at Maturity:
on the first following business day, unless that business day
If the Underlying Return is less than or equal to zero and
falls in the next calendar month, in which case payment will
the Final Underlying Level is not below the Downside
be made on the first preceding business day.
Threshold, Credit Suisse will pay you the Principal Amount
at maturity. However, if the Final Underlying Level is less
than the Downside Threshold, Credit Suisse will pay you
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
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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.
I nit ia l U nde rlying
U nde rlying
Le ve l
U pside Ge a ring
Dow nside T hre shold
CU SI P
I SI N
1817.47 (Approximately 65% of the
S&P 500® Index
2796.11
1.82
22549Y636 US22549Y6361
Initial Underlying Level)
Cre dit Suisse c urre nt ly e st im a t e s t he va lue of e a c h $ 1 0 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 9 6 (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
U nde rw rit ing Disc ount a nd
Proc e e ds t o Cre dit
Pric e t o Public
Com m issions(1)
Suisse AG
Pe r
Pe r
Pe r

T ot a l
Se c urit y
T ot a l
Se c urit y
T ot a l
Se c urit y
Securities Linked to the Performance
$6,233,140
$10
$311,657
$0.50
$5,921,483
$9.50
of the S&P 500® Index due February
28, 2029
(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

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.

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

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

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

investment that may be exposed to the full depreciation of
¨ You are willing to forgo any dividends paid on the equity
the Underlying from the Initial Underlying Level to the Final
securities included in the Underlying.
Underlying Level.

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

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

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

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

Upside Gearing specified on the cover hereof.
¨ You understand and accept the risks associated with the

Underlying.
¨ You cannot tolerate fluctuations in the value of the Securities

prior to maturity that may be similar to or exceed the
¨ You are willing to assume the credit risk of Credit Suisse for
downside fluctuations in the level of the Underlying.
all payments under the Securities, and you understand that

the payment of any amount due on the Securities is subject
¨ You prefer the lower risk, and, therefore, accept the
to the credit risk of Credit Suisse.
potentially lower returns of conventional debt securities with

comparable maturities issued by Credit Suisse or another
issuer with a similar credit rating.

¨ You seek current income from your investment.

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

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

T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he Se c urit ie s a re a
suit a ble inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n
inve st m e nt de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve
c a re fully c onside re d t he suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your pa rt ic ula r
c irc um st a nc e s. Y ou should a lso re vie w "K e y Risk s" be ginning on pa ge 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. 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

The Closing Level of the Underlying
through its London branch.
(Initial Underlying Level) is observed,
T ra de Da t e
Principal Amount
$10 per Security
the Downside Threshold is

Term
Ten years. In the event that we make any
determined and the Upside Gearing is
change to the expected Settlement Date,
set.
the calculation agent may adjust the Final

Valuation Date and Maturity Date to ensure
that the stated term of the Securities
remains the same.
The Final Underlying Level and
Underlying
S&P 500® Index
Underlying Return are determined on
Downside
Approximately 65% of the Initial Underlying
the Final Valuation Date.
Threshold
Level, as specified on the cover of this

pricing supplement.

I f t he U nde rlying Re t urn is
Upside Gearing
1.82
gre a t e r t ha n ze ro , Credit Suisse
Payment at
I f t he U nde rlying Re t urn is gre a t e r
will pay you a cash payment per
Maturity (per
t ha n ze ro , Credit Suisse will pay you a
Security equal to:
Security)
cash payment calculated as follows:

$10 + [$10 × (Underlying Return ×
$10 + [$10 × (Underlying Return ×
Upside Gearing)]
Upside Gearing)]

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

per Security equal to $10.

$10
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
T hre shold, Credit Suisse will pay
le ss t ha n t he Dow nside T hre shold,
you a cash payment per Security
Credit Suisse will pay you a cash payment
equal to:
calculated as follows:

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

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

Level
Initial Underlying Level
Initial Underlying
The Closing Level of the Underlying on the
Level
Trade Date, as specified on the cover of
this pricing supplement
Final Underlying
The Closing Level of the Underlying on the
Level
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
February 23, 2029, subject to the market
Date
disruption event provisions set forth in any
accompanying product supplement under
"Description of the Securities--Market
disruption events."
Maturity Date
February 28, 2029, 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
22549Y636 / US22549Y6361

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
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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 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.

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¨
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
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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 nine months.
The Securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a substantial
loss to you. You should be willing and able to hold your Securities to maturity.

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

¨
La c k of liquidit y -- The Securities will not be listed on any securities exchange. Credit Suisse (or its affiliates) intends to
offer to purchase the Securities in the secondary market but is not required to do so. Even if there is a secondary market, it
may not provide enough liquidity to allow you to trade or sell the Securities when you wish to do so. Because other dealers
are not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is
likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the Securities. If you have to sell
your Securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.

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

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
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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:
65% of the hypothetical Initial Underlying Level
Upside Gearing:
1.70

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% × 1.70)] = $11.70

Because the Underlying Return is equal to 10%, the Payment at Maturity is equal to $11.70 per $10 Principal Amount of Securities,
resulting in a total return on the Securities of 17%.

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%
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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 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%
170%
$27
90%
153%
$25.30
80%
136%
$23.60
70%
119%
$21.90
60%
102%
$20.20
50%
85%
$18.50
40%
68%
$16.80
30%
51%
$15.10
20%
34%
$13.40
10%
17%
$11.70
0 %
0 %
$ 1 0
-10%
0%
$10
-20%
0%
$10
-30%
0%
$10
-35%
0%
$10
-3 6 %
-3 6 %
$ 6 .4 0
-40%
-40%
$6
-50%
-50%
$5
-60%
-60%
$4
-70%
-70%
$3
-80%
-80%
$2
-90%
-90%
$1
-100%
-100%
$0

10
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