Obligation Swiss Credit 0% ( US22552W4E25 ) en USD

Swiss Credit

100 % ⇌

Suisse

US22552W4E25 ( en USD )

22/07/2022 - Obligation échue

Prospectus brochure de l'obligation Credit Suisse US22552W4E25 en USD 0%, échue

1 000 USD

497 000 USD

22552W4E2

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 US22552W4E25, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 22/07/2022

424B2 1 dp128465_424b2-k1529.htm FORM 424B2
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-218604-02
Pricing Supplement No. K1529 to the Underlying Supplement dated April 19, 2018, the Product Supplement No. IB dated June
30, 2017, the Prospectus Supplement and Prospectus dated June 30, 2017
_________________________________________________________
$497,000
Leveraged Buffered S&P 500® Index-Linked Medium-Term Notes due 2022
T he not e s w ill not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (July 22, 2022)
is based on the performance of the S&P 500® Index (which we refer to as the underlier) as measured from and including the trade
date (May 15, 2020) to and including the determination date (July 20, 2022). If the final underlier level on the determination date is
greater than the initial underlier level (2863.70), the return on your notes will be positive, subject to the maximum settlement
amount ($1,281.60) for each $1,000 face amount of your notes). If the final underlier level declines by up to 15% from the initial
underlier level, you will receive the face amount of your notes. I f t he fina l unde rlie r le ve l de c line s by m ore t ha n 1 5 %
from t he init ia l unde rlie r le ve l, you w ill be e x pose d on a le ve ra ge d ba sis t o a ny de pre c ia t ion in t he fina l
unde rlie r le ve l be yond t he buffe r a m ount , a nd t he re t urn on your not e s w ill be ne ga t ive . Y ou c ould lose your
e nt ire inve st m e nt in t he not e s. Any pa ym e nt on t he not e s is subje c t t o our a bilit y t o pa y our obliga t ions a s
t he y be c om e due .
To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the
final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 face amount of your notes, you will
receive an amount in cash equal to:
?if the underlier return is positive (i.e., the final underlier level is greater than the initial underlier level), the sum of (i) $1,000
plus (ii) the product of (a) $1,000 times (b) 160% times (c) the underlier return, such sum subject to the maximum settlement
amount;
?if the underlier return is zero or negative but not below -15% (i.e., the final underlier level is equal to or less than the initial
underlier level but not by more than 15%), $1,000; or
?if the underlier return is negative and is below -15% (i.e., the final underlier level is less than the initial underlier level by more
than 15%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the quotient of the initial underlier level divided by
85% of the initial underlier level times (c) the sum of the underlier return plus 15%.
I nve st ing in t he not e s involve s a num be r of risk s. Se e "Addit iona l Risk Fa c t ors Spe c ific T o Y our N ot e s"
be ginning on pa ge PS-1 1 of t his pric ing supple m e nt a nd "Risk Fa c t ors" be ginning on pa ge PS-3 of t he
a c c om pa nying produc t supple m e nt .
Origina l issue da t e :
May 22, 2020
Origina l issue pric e :
100% of the face amount
U nde rw rit ing disc ount :
0% of the face amount
N e t proc e e ds t o t he
100% of the face amount
issue r:
For m ore de t a ile d inform a t ion, ple a se se e "Supple m e nt a l pla n of dist ribut ion (c onflic t s of int e re st )" on pa ge
PS-5 of t his pric ing supple m e nt .
T he a ge nt for t his offe ring, Cre dit Suisse Se c urit ie s (U SA) LLC ("CSSU "), is our a ffilia t e . For m ore
inform a t ion, se e "Supple m e nt a l pla n of dist ribut ion (c onflic t s of int e re st )" on pa ge PS-5 of t his pric ing
supple m e nt .
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or
disa pprove d of t he se not e s or pa sse d upon t he a c c ura c y or a de qua c y of t his pric ing supple m e nt , t he
a c c om pa nying produc t supple m e nt , t he a c c om pa nying unde rlying supple m e nt , t he a c c om pa nying
prospe c t us supple m e nt or t he a c c om pa nying prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l
offe nse .
Cre dit Suisse c urre nt ly e st im a t e s t he va lue of e a c h $ 1 ,0 0 0 fa c e a m ount of t he not e s on t he t ra de da t e is
$ 9 9 2 .6 0 (a s de t e rm ine d by re fe re nc e t o our pric ing m ode ls a nd t he ra t e w e a re c urre nt ly pa ying t o borrow
funds t hrough issua nc e of t he not e s (our "int e rna l funding ra t e ")). Se e "Addit iona l Risk Fa c t ors Spe c ific T o
Y our N ot e s" in t his pric ing supple m e nt .
T he not e s a re not de posit lia bilit ie s a nd a re not insure d or gua ra nt e e d by t he Fe de ra l De posit I nsura nc e
Corpora t ion or a ny ot he r gove rnm e nt a l a ge nc y of t he U nit e d St a t e s, Sw it ze rla nd or a ny ot he r jurisdic t ion.
Cre dit Suisse
Pricing Supplement dated May 15, 2020.

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The original issue price, underwriting discount and net proceeds to the issuer listed above relate to the notes we sell initially. We
may decide to sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net
proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in the notes will
depend in part on the issue price you pay for such notes.

We may use this pricing supplement in the initial sale of the notes. In addition, CSSU or any other affiliate of ours may use this
pricing supplement in a market-making transaction in a note after its initial sale. Unless Credit Suisse or its agent informs the
purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.

SU M M ARY I N FORM AT I ON

We refer to the notes we are offering by this pricing supplement as the "offered notes" or the "notes". Each of the offered notes,
including your notes, has the terms described below.

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 notes 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. IB 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

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

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

This pricing supplement, together with the documents listed above, contains the terms of the notes 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 notes and the owner of any beneficial interest in the notes,
amend the notes 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 "Additional Risk Factors Specific To Your Notes" in this pricing supplement and "Risk Factors" in the
accompanying product supplement, "Foreign Currency Risks" in the accompanying prospectus, and any risk factors we describe
in the combined Annual Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference therein, and any
additional risk factors we describe in future filings we make with the SEC under the Securities Exchange Act of 1934, as
amended, as the notes 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 notes.

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

The notes 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:

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(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 notes offered so as to enable an investor to decide to purchase or subscribe the notes.

K e y T e rm s

I ssue r: Credit Suisse AG ("Credit Suisse"), acting through its London Branch.

PS-3

U nde rlie r: the S&P 500® Index (Bloomberg symbol, "SPX <Index>"), as maintained by S&P Dow Jones Indices LLC ("S&P"). For
more information on the underlier, see "The Reference Indices The S&P Dow Jones Indices The S&P 500® Index" in the
accompanying underlying supplement.

U nde rlie r Publishe r: S&P Dow Jones Indices LLC

Spe c ifie d c urre nc y: U.S. dollars ("$")

Fa c e a m ount : each note will have a face amount of $1,000; $497,000 in the aggregate for all the offered notes; the aggregate
face amount of the offered notes may be increased if the issuer, at its sole option, decides to sell an additional amount of the
offered notes on a date subsequent to the date of this pricing supplement.

Purc ha se a t a m ount ot he r t ha n fa c e a m ount : the amount we will pay you at the stated maturity date for your notes will
not be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or discount) to face amount
and hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your investment in
such notes will be lower (or higher) than it would have been had you purchased the notes at face amount. Also, the stated buffer
level would not offer the same measure of protection to your investment as would be the case if you had purchased the notes at
face amount. Additionally, the cap level would be triggered at a lower (or higher) percentage return relative to your initial investment
than indicated below. See "Additional Risk Factors Specific to Your Notes -- If You Purchase Your Notes at a Premium to Face
Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of
Certain Key Terms of the Notes Will be Negatively Affected" on page PS-12 of this pricing supplement.

U nit e d St a t e s Fe de ra l I nc om e T a x Conse que nc e s of I nve st ing in t he N ot e s: please refer to "Material U.S. Federal
Income Tax Considerations" herein for a discussion of certain United States federal income tax considerations for making an
investment in the notes.

Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): for each $1,000 face amount of your notes, we will pay you on
the stated maturity date an amount in cash equal to:

?
if the final underlier level is greater than or equal to the cap level, the maximum settlement amount;

?
if the final underlier level is greater than the initial underlier level but less than the cap level, the sum of (1) $1,000 plus (2) the
product of (i) $1,000 times (ii) the upside participation rate times (iii) the underlier return;

?
if the final underlier level is equal to or less than the initial underlier level but greater than or equal to the buffer level, $1,000;
or

?
if the final underlier level is less than the buffer level, the sum of (1) $1,000 plus (2) the product of (i) $1,000 times (ii) the
downside participation rate times (iii) the sum of the underlier return plus the buffer amount.

I nit ia l unde rlie r le ve l: 2863.70

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Fina l unde rlie r le ve l: the closing level of the underlier on the determination date, except in the circumstances described under
"Description of the Securities -- Postponement of calculation dates" on page PS-21 of the accompanying product supplement and
subject to adjustment as provided under "Description of the Securities -- Changes to the calculation of an underlying" on page PS-
23 of the accompanying product supplement.

U nde rlie r re t urn: the quotient of (1) the final underlier level minus the initial underlier level divided by (2) the initial underlier
level, expressed as a percentage.

U pside pa rt ic ipa t ion ra t e : 160%

Ca p le ve l: 117.60% of the initial underlier level.

M a x im um se t t le m e nt a m ount : for each $1,000 face amount of the notes, $1,281.60.

Buffe r le ve l: 85% of the initial underlier level.

Buffe r a m ount : 15%

PS-4

Dow nside pa rt ic ipa t ion ra t e : the quotient of the initial underlier level divided by the buffer level, which equals approximately
117.647%.

T ra de da t e : May 15, 2020

Origina l issue da t e : May 22, 2020

De t e rm ina t ion da t e : July 20, 2022, subject to postponement as described under "Description of the Securities --
Postponement of calculation dates" on page PS-21 of the accompanying product supplement.

St a t e d m a t urit y da t e : July 22, 2022, subject to postponement as described under "Description of the Securities --
Postponement of calculation dates" on page PS-21 of the accompanying product supplement. If the stated maturity date is not a
business day, the stated maturity date will be postponed to the next following business day. Notwithstanding anything to the
contrary set forth in the accompanying product supplement, if the determination date is postponed as provided under
"Determination date" above, the stated maturity date will be postponed to the second business day following the determination date
as postponed.

N o int e re st : the offered notes will not bear interest.

N o list ing: the offered notes will not be listed on any securities exchange or interdealer quotation system.

N o re de m pt ion: the offered notes will not be subject to redemption.

Closing le ve l: as described under "Description of the Securities -- Certain definitions" on page PS-18 of the accompanying
product supplement.

Busine ss da y: as described under "Description of the Securities -- Certain definitions" on page PS-18 of the accompanying
product supplement.

T ra ding da y: as described under "Description of the Securities -- Certain definitions" on page PS-21 of the accompanying
product supplement.

U se of proc e e ds a nd he dging: as described under "Supplemental Use of Proceeds and Hedging" on page PS-15 of the
accompanying product supplement.

ERI SA: as described under "ERISA Considerations" on page PS-38 of the accompanying product supplement.

Supple m e nt a l pla n of dist ribut ion (c onflic t s of int e re st ): under the terms and subject to the conditions contained in a
distribution agreement dated May 7, 2007, as amended, which we refer to as the distribution agreement, we have agreed to sell the
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notes to CSSU.

The distribution agreement provides that CSSU is obligated to purchase all of the notes if any are purchased.

Credit Suisse AG expects to agree to sell to CSSU, and CSSU expects to agree to purchase from Credit Suisse AG the aggregate
face amount of the offered notes specified on the front cover of this pricing supplement. CSSU proposes initially to offer the notes
to the public at the original issue price set forth on the cover page of this pricing supplement, and to certain unaffiliated securities
dealers at such price.

We expect to deliver the notes against payment for the notes on the original issue date indicated herein, which may be a date that
is greater 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 original issue date is more than two business days after the trade date, purchasers
who wish to transact in the notes more than two business days prior to the original issue date will be required to specify alternative
settlement arrangements to prevent a failed settlement.

The agent for this offering, CSSU, is our affiliate. In accordance with FINRA Rule 5121, CSSU may not make sales in this offering
to any of its discretionary accounts without the prior written approval of the customer. A portion of the net proceeds from the sale of
the notes will be used by CSSU or one of its affiliates in connection with hedging our obligations under the notes.

PS-5

For further information, please refer to "Underwriting (Conflicts of Interest)" in the accompanying product supplement.

Ca lc ula t ion a ge nt : Credit Suisse International

CU SI P no.: 22552W4E2

I SI N no.: US22552W4E25

FDI C: the notes 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.

PS-6

Supple m e nt a l T e rm s of t he N ot e s

For purposes of the notes offered by this pricing supplement, all references to each of the following defined terms used in the
accompanying product supplement will be deemed to refer to the corresponding defined term used in this pricing supplement, as
set forth in the table below:

Produc t Supple m e nt De fine d T e rm
Pric ing Supple m e nt De fine d T e rm
Maturity date
Stated maturity date
Valuation date
Determination date
Final level
Final underlier level
Initial level
Initial underlier level
Securities
Notes or offered notes
Principal amount
Face amount
Redemption amount
Cash settlement amount
Underlying
Underlier
1
Cap level
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Underlying return cap
Underlying return
Underlier return

In addition, with respect to the Leveraged Buffered S&P 500® Index-Linked Medium-Term Notes, please refer to Key Terms above
for the following terms: upside participation rate, maximum settlement amount, buffer level, buffer amount and downside
participation rate.

_______________________
1 "Underlying return cap" in the accompanying product supplement is expressed as a percentage increase from the initial underlier
level to the final underlier level, whereas the "cap level" used in this pricing supplement is expressed as a percentage of the initial
underlier level.

PS-7

H Y POT H ET I CAL EX AM PLES

The following table and chart are provided for purposes of illustration only. They should not be taken as an indication or prediction
of future investment results and are intended merely to illustrate the impact that the various hypothetical final underlier levels on the
determination date could have on the cash settlement amount at maturity assuming all other variables remain constant.

The examples below are based on a range of final underlier levels that are entirely hypothetical; no one can predict what the
underlier level will be on any day throughout the life of your notes, and no one can predict what the final underlier level will be.

The following examples reflect hypothetical rates of return on the offered notes assuming that they are purchased on the original
issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary market prior to the stated
maturity date, your return will depend upon the market value of your notes at the time of sale, which may be affected by a number
of factors that are not reflected in the table below such as interest rates, the volatility of the underlier and our creditworthiness. The
information in the table also reflects the key terms and assumptions in the box below.

K e y T e rm s a nd Assum pt ions
Face amount
$1,000 per note
Upside participation rate
160%
Cap level
117.60% of the initial underlier level
Maximum settlement amount
$1,281.60 per note
Buffer level
85% of the initial underlier level
Downside participation rate
the quotient of the initial underlier level divided by the buffer level
Buffer amount
15%
A market disruption event does not occur on the originally scheduled determination date and the originally scheduled
determination date is a trading day.
During the term of the notes, the underlier is not discontinued, the method of calculating the underlier does not change and the
underlier is not otherwise modified.
Notes purchased on the original issue date at the face amount and held to the stated maturity date.

The actual performance of the underlier over the life of your notes, as well as the amount payable at maturity, if any, may bear little
relation to the hypothetical examples shown below or to the historical underlier levels shown elsewhere in this pricing supplement.
For information about the historical levels of the underlier during recent periods, see "The Underlier" below. Before investing in the
offered notes, you should consult publicly available information to determine the levels of the underlier between the date of this
pricing supplement and the date of your purchase of the offered notes.

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The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of
the initial underlier level. The amounts in the right column represent the hypothetical cash settlement amounts per $1,000 face
amount of notes, based on the corresponding hypothetical final underlier level (expressed as a percentage of the initial underlier
level).

PS-8

H ypot he t ic a l Fina l U nde rlie r Le ve l
H ypot he t ic a l Ca sh Se t t le m e nt Am ount
(a s Pe rc e nt a ge of I nit ia l U nde rlie r Le ve l)
(pe r $ 1 ,0 0 0 Fa c e Am ount of N ot e s)
150.00%
$1,281.60
140.00%
$1,281.60
130.00%
$1,281.60
120.00%
$1,281.60
1 1 7 .6 0 %
$ 1 ,2 8 1 .6 0
110.00%
$1,160.00
105.00%
$1,080.00
1 0 0 .0 0 %
$ 1 ,0 0 0 .0 0
90.00%
$1,000.00
8 5 .0 0 %
$ 1 ,0 0 0 .0 0
75.00%
$882.35
50.00%
$588.24
25.00%
$294.12
0 .0 0 %
$ 0 .0 0

If, for example, the final underlier level were determined to be 25.00% of the initial underlier level, you will be exposed on a
leveraged basis to any depreciation in the final underlier level beyond the buffer amount, and the cash settlement amount that we
would deliver on your notes at maturity would be approximately $294.12 per $1,000 face amount of your notes, as shown in the
table above. As a result, if you purchased your notes on the original issue date at the face amount and held them to the stated
maturity date, you would lose approximately 70.588% of your investment (if you purchased your notes at a premium to face amount
you would lose a correspondingly higher percentage of your investment). Alternatively, if the final underlier level were determined to
be 150.00% of the initial underlier level, the cash settlement amount that we would deliver on your notes at maturity would be
capped at the maximum settlement amount of $1,281.60 per $1,000 face amount of your notes, as shown in the table above. As a
result, if you held your notes to the stated maturity date, you would not benefit from any increase in the final underlier level over
117.60% of the initial underlier level.

The following chart shows a graphical illustration of the hypothetical cash settlement amounts that we would pay on your notes on
the stated maturity date, if the final underlier level (expressed as a percentage of the initial underlier level) were any of the
hypothetical levels shown on the horizontal axis. The chart shows that any hypothetical final underlier level (expressed as a
percentage of the initial underlier level) of less than the buffer level (the section left of the buffer level marker on the horizontal
axis) would result in a hypothetical cash settlement amount of less than $1,000 per $1,000 face amount of your notes (the section
below the $1,000 marker on the vertical axis). The chart also shows that any hypothetical final underlier level (expressed as a
percentage of the initial underlier level) of greater than or equal to the cap level (the section right of the cap level marker on the
horizontal axis) would result in a capped return on your investment.

PS-9

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The cash settlement amounts shown above are entirely hypothetical; they are based on hypothetical closing levels for the underlier
on the determination date and on assumptions that may prove to be inaccurate. The actual market value of your notes on the
stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little relation to the
hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the financial
return on an investment in the offered notes. The hypothetical cash settlement amounts on notes held to the stated maturity date in
the examples above assume you purchased your notes at their face amount and have not been adjusted to reflect the actual issue
price you pay for your notes. The return on your investment (whether positive or negative) in your notes will be affected by the
amount you pay for your notes. If you purchase your notes for a price other than the face amount, the return on your investment
will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples. Please read "Risk
Factors -- Unpredictable economic and market factors may affect the value of the securities prior to maturity" on page PS-8 of the
accompanying product supplement.

We cannot predict the actual final underlier level or what the market value of your notes will be on any particular trading day, nor
can we predict the relationship between the underlier level and the market value of your notes at any time prior to the stated
maturity date. The actual amount that you will receive, if any, at maturity and the rate of return on the offered notes will depend
on the actual final underlier level determined by the calculation agent as described above. Moreover, the assumptions on which
the hypothetical returns are based may turn out to be inaccurate. Consequently, the amount of cash to be paid in respect of
your notes, if any, on the stated maturity date may be very different from the information reflected in the table and chart above.
PS-10

ADDI T I ON AL RI SK FACT ORS SPECI FI C T O Y OU R N OT ES

An investment in the notes is subject to the risks described below, as well as the risks described under "Risk Factors" in the
accompanying product supplement. You should carefully review these risks as well as the terms of the notes described herein
and in the accompanying prospectus as supplemented by the accompanying prospectus supplement, the accompanying product
supplement, and the accompanying underlying supplement of Credit Suisse. Your notes are a riskier investment than ordinary
debt securities. Also, your notes are not equivalent to investing directly in the stocks comprising the underlier. You should
carefully consider whether the offered notes are suited to your particular circumstances.
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T he N ot e s Are Subje c t t o t he Cre dit Risk of Cre dit Suisse

Investors are dependent on our ability to pay all amounts due on the notes and, therefore, if we were to default on our obligations,
you may not receive any amounts owed to you under the notes. 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 your notes
prior to maturity.

T he Am ount Pa ya ble on Y our N ot e s I s N ot Link e d t o t he Le ve l of t he U nde rlie r a t Any T im e Ot he r t ha n t he
De t e rm ina t ion Da t e

The final underlier level will be based on the closing level of the underlier on the determination date (subject to postponement as
described elsewhere in the accompanying product supplement). Therefore, if the closing level of the underlier dropped precipitously
on the determination date, the cash settlement amount for your notes may be significantly less than it would have been had the
cash settlement amount been linked to the closing level of the underlier prior to such drop in the level of the underlier. Although the
actual level of the underlier on the stated maturity date or at other times during the life of your notes may be higher than the final
underlier level, you will not benefit from the closing level of the underlier at any time other than on the determination date.

Y ou M a y Lose Y our Ent ire I nve st m e nt in t he N ot e s

You can lose your entire investment in the notes. The cash payment on your notes, if any, on the stated maturity date will be
based on the performance of the underlier as measured from the initial underlier level to the closing level of the underlier on the
determination date. If the final underlier level is less than the buffer level, you will have a loss, for each $1,000 of the face amount
of your notes, equal to the product of (a) $1,000 times (b) the downside participation rate times (c) the sum of the underlier return
plus the buffer amount. Thus, you will be exposed on a leveraged basis to any depreciation in the final underlier level beyond the
buffer amount, and the return on your notes will be negative. You may lose your entire investment in the notes, which would
include any premium to face amount you paid when you purchased the notes.

Also, the market price of your notes prior to the stated maturity date may be significantly lower than the purchase price you pay for
your notes. Consequently, if you sell your notes before the stated maturity date, you may receive far less than the amount of your
investment in the notes.

Re ga rdle ss of t he Am ount of Any Pa ym e nt Y ou Re c e ive on t he N ot e s, Y our Ac t ua l Y ie ld M a y Be Diffe re nt in
Re a l V a lue T e rm s

Inflation may cause the real value of any payment you receive on the notes to be less at maturity than it is at the time you invest.
An investment in the notes 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.

PS-11

Y our N ot e s Will N ot Be a r I nt e re st

You will not receive any interest payments on your notes. As a result, even if the cash settlement amount payable for your notes
on the stated maturity date exceeds the face amount of your notes, the overall return you earn on your notes may be less than you
would have earned by investing in a non-indexed debt security of comparable maturity, including our other debt securities, that
bears interest at a prevailing market rate.

T he Proba bilit y t ha t t he Fina l U nde rlie r Le ve l Will Be Le ss T ha n t he Buffe r Le ve l Will De pe nd on t he
V ola t ilit y of t he U nde rlie r

"Volatility" refers to the frequency and magnitude of changes in the level of the underlier. The greater the expected volatility with
respect to the underlier on the trade date, the higher the expectation as of the trade date that the final underlier level could be less
than the buffer level, indicating a higher expected risk of loss on the notes. The terms of the notes are set, in part, based on
expectations about the volatility of the underlier as of the trade date. The volatility of the underlier can change significantly over the
term of the notes. The level of the underlier could fall sharply, which could result in a significant loss of principal. You should be
willing to accept the downside market risk of the underlier and the potential to lose a significant amount of your principal at maturity.

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Y our M a x im um Ga in on t he N ot e s I s Lim it e d t o t he M a x im um Se t t le m e nt Am ount

If the final underlier level is greater than the initial underlier level, for each $1,000 face amount of the notes, you will receive at
maturity a payment that will not exceed the maximum settlement amount, regardless of the appreciation in the underlier, which may
be significant. Accordingly, the amount payable on your notes may be significantly less than it would have been had you invested
directly in the underlier.

Y ou H a ve N o Sha re holde r Right s or Right s t o Re c e ive Any of t he Equit y Se c urit ie s Com prising t he U nde rlie r

Investing in the notes will not make you a holder of any of the equity securities comprising the underlier. Neither you nor any other
holder or owner of the notes will have any voting rights, any right to receive dividends or other distributions, any rights to make a
claim against the issuers of, or any other rights with respect to, the equity securities comprising the underlier. The cash settlement
amount will be paid in cash and you will have no right to receive delivery of any equity securities comprising the underlier.

We M a y Se ll Addit iona l N ot e s a t a Diffe re nt I ssue Pric e

At our sole option, we may decide to sell an additional aggregate face amount of the notes subsequent to the date of this pricing
supplement at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth on the cover
page. The issue price of the notes in the subsequent sale may differ substantially (higher or lower) from the original issue price you
paid as provided on the cover of this pricing supplement.

I f Y ou Purc ha se Y our N ot e s a t a Pre m ium t o Fa c e Am ount , t he Re t urn on Y our I nve st m e nt Will Be Low e r
T ha n t he Re t urn on N ot e s Purc ha se d a t Fa c e Am ount a nd t he I m pa c t of Ce rt a in K e y T e rm s of t he N ot e s Will
be N e ga t ive ly Affe c t e d

The cash settlement amount will not be adjusted based on the issue price you pay for the notes. If you purchase the notes at a
price that differs from the face amount of the notes, then the return on your investment in such notes held to the stated maturity
date will differ from, and may be substantially less than, the return on the notes purchased at face amount. If you purchase your
notes at a premium to face amount and hold them to the stated maturity date the return on your investment in the notes will be
lower than it would have been had you purchased the notes at face amount or a discount to face amount. In addition, the impact of
the buffer level and the cap level on the return on your investment will depend upon the price you pay for your notes relative to
face amount. For example, if you purchase your notes at a premium to face amount, the cap level will permit a lower percentage
increase in your investment in the

PS-12

notes than would have been the case for notes purchased at face amount or a discount to face amount. Similarly, the buffer level,
while still providing some protection for the return on the notes, will allow a greater percentage decrease in your investment in the
notes than would have been the case for notes purchased at face amount or a discount to face amount.

H e dging a nd T ra ding Ac t ivit y

We, any dealer or any of our or their respective affiliates may carry out hedging activities related to the notes, including in the
underlier or instruments related to the underlier. We, any dealer or any of our or their respective affiliates may also trade in the
underlier or instruments related to the underlier from time to time. Any of these hedging or trading activities on or prior to the Trade
Date and during the term of the notes could adversely affect our payment to you at maturity.

T he Est im a t e d V a lue of t he N ot e s on t he T ra de Da t e I s Le ss T ha n t he Pric e t o Public

The initial estimated value of your notes on the trade date (as determined by reference to our pricing models and our internal
funding rate) is less than the original issue price. The original issue price of the notes includes any discounts or commissions as
well as transaction costs such as expenses incurred to create, document and market the notes and the cost of hedging our risks as
issuer of the notes 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 notes. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring
and offering of the notes (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 notes in accordance with our pricing models. These include a fixed income
component valued using our internal funding rate, and individual option components valued using mid-market pricing. As such, the
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