Risk Factors

A purchase of the notes involves risks. This section describes significant risks relating to the notes. You should read the following information about these risks, together with the other information contained or incorporated by reference in the other offering documents before investing in the notes.

General Risks Relating to the Notes

The notes are subject to the credit risk of Credit Suisse

Investors are dependent on Credit Suisse’s ability to pay or deliver 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 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 notes prior to maturity.

The notes differ from conventional debt securities and do not guarantee the return of your investment

The payment of any amount due on the notes will be determined pursuant to the terms described in the applicable pricing supplement. You may receive less at maturity than you originally invested in the notes, or you may receive nothing. The applicable pricing supplement will specify the circumstances under which you could lose some or all of your investment.

Your actual yield on the securities may be different from the amount of any payment you receive on the securities in real value terms

Regardless of any amount you receive on the notes, you may nevertheless suffer a loss on your investment in the notes in real value terms. This is because inflation may cause the real value of any payment you receive on the notes to be less at maturity or upon early redemption, if applicable, than it is at the time you invest, and because an investment in the notes represents a forgone opportunity to invest in an alternative asset that does generate a positive return in real value terms. 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.

The notes do not pay coupons

We will not pay coupons on the notes. You may receive less at maturity than you could have earned on ordinary interest-bearing debt securities with similar maturities, including our other debt securities, since the payment at maturity is based on the performance of the relevant underlying or the basket, as applicable. Because the payment due at maturity may be less than the amount originally invested in the notes, the return on the notes (the effective yield to maturity) may be negative. Even if it is positive, the return payable on each note 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. Any payment at maturity is subject to our ability to meet our obligations as they become due.

More favorable terms to you on the securities may be associated with greater expected volatility of the relevant underlying ( s ), and therefore , can indicate a greater risk of loss

“Volatility” refers to the frequency and magnitude of changes in the level of an underlying. If the securities provide for payment of coupons with the potential to result in a higher yield than the yield on our conventional debt securities of the same maturity, you should understand that, the greater the expected volatility with respect to the underlyings on the trade date, the higher the expectation is as of the trade date that changes in the levels of the underlyings could result in you (i) receiving fewer coupons, if any, over the term of the securities, resulting in a below-market yield that is lower, and perhaps significantly lower, than the yield on our conventional debt securities of the same maturity and (ii) losing some or all of your principal amount at maturity. These greater expected risks will generally be reflected in a higher potential yield on the securities as compared to conventional debt securities of ours with similar maturities, or in more favorable terms than for similar securities linked to the performance of an underlying with a lower expected volatility as of the trade date. You should therefore understand that a relatively higher potential yield on the securities may indicate an increased risk of loss. In addition, the volatility of any

underlying can change significantly over the term of the securities, which could cause the level of such underlying to rise or fall sharply. This could result in a significant loss of principal for investors in the securities.

The notes may pay less than the full underlying appreciation

If the notes are subject to a maximum return or a fixed payment percentage, the payment at maturity will be limited to such maximum return or such fixed payment percentage, even if the performance of the relevant underlying, basket or return enhanced component is greater than such maximum return or fixed payment percentage.

There may be potential for magnified losses on underlying returns

For notes with a buffer, if the final level decreases from the initial level by more than the buffer amount, you will be fully exposed to any depreciation in excess of the buffer amount. If the applicable pricing supplement specifies a downside leverage factor greater than 1.0 or 100%, as applicable, then you will be fully exposed to any depreciation in excess of the buffer amount on a leveraged basis. Accordingly, to the extent the applicable downside leverage factor is greater than 1.0 or 100% and the depreciation in the relevant underlying, the basket or the return enhanced component exceeds the buffer amount, the loss on a percentage basis will exceed the actual depreciation beyond the buffer amount on a percentage basis, which will in turn have a negative impact on your payment at maturity. In this case, any downside protection offered by the buffer may be entirely eliminated.

The payment at maturity may be dependent on the performance of the lowest performing underlying

If specified in the applicable pricing supplement, the payment at maturity may be dependent on the performance of the worst performing of two or more underlyings. In this case, your notes will not be linked to a basket of the underlyings and you will therefore be exposed to the performance of each individual underlying to the same extent. For example, if the applicable pricing supplement specifies that your notes are linked to three underlyings and the return will be based on the performance of the worst performing underlying, the return on your investment will be negative even if the level of only one of the underlyings decreases during the term of the notes (and in the case of BRENs and DD–BRENs, if such decrease is greater than the buffer amount).

The initial level ( s ) of the relevant underlying ( s ) or the basket may be determined on a date later than the pricing date

If so specified in the applicable pricing supplement, the initial level(s) of any underlying(s) or the basket may be determined after the pricing date. For example, the applicable pricing supplement may specify that the initial level for an underlying or basket will be determined based on the lowest level or the average level for such underlying or basket during the period from the pricing date to a specified future date. Under these circumstances, you will not know the initial level of such underlying or basket until a date later than the pricing date.

If we deliver one or more underlying ( s ) upon the redemption of the securities, the value of such underlying ( s ) could be less on the date they are actually delivered to you than on the valuation date ( s )

If so specified in the applicable pricing supplement, the securities may be redeemed (whether at maturity or upon early redemption) by delivery of an amount of shares of the underlying(s) (which we may refer to as the “ physical delivery amount ”) rather than by a payment in cash, subject to our option to pay cash, if applicable. The amount of any underlying that will be delivered at maturity or upon early redemption will be determined as set forth in the applicable pricing supplement and will depend on the level of such underlying on the relevant valuation date(s). The value of such an underlying could fluctuate, possibly decreasing, during the period from the relevant valuation date(s) until the early redemption date or maturity date, as applicable, on which such underlying is actually delivered. We will make no adjustments to the physical delivery amount to account for any such fluctuation(s) and you will bear the full risk of any decrease in the value of any underlying to be delivered during such period.

If applicable, and we exercise our option to deliver cash, we will provide notice of our election at least one business day before the relevant valuation date(s). If we do not provide notice of our election, we will deliver shares of one or more underlyings as specified in the applicable pricing supplement.

In the case of notes linked to a basket , the basket components may not be equally weighted

In the case of notes linked to a basket, the basket components may have different weights used in determining the level of such basket. One consequence of an unequal weighting of basket components is that, if a higher-weighted basket component performs poorly while a lower-weighted basket component performs well, the level of such basket will reflect the poor performance of the higher-weighted basket component to a greater extent than it reflects the stronger performance of the lower-weighted basket component, which may have an adverse effect on the value of the notes and your payment at maturity.

Correlation ( or the lack thereof ) could have an adverse effect on your return on the notes

In the case of notes linked to a basket, movements in the levels of the basket components may not correlate with each other. At a time when the level(s) of one or more of the basket components increase, the level(s) of one or more of the other basket components may not increase as much or may even decline. Therefore, in calculating the basket return, increases in the level(s) of one or more of the basket components may be moderated, or more than offset, by lesser increases or declines in the level(s) of one or more of the other basket components. On the other hand, changes in the levels of the basket components may become highly correlated during periods of decline in the value of such basket components. This may occur because of events that have broad effects on markets generally or for other reasons. If changes in the levels of the basket components become correlated during periods of decline, a decline in the level of any single basket component may not be offset by the performance of the other basket components and, in fact, each basket component may contribute individually to an overall decline in the level of the basket.

In the case of notes linked to the lowest performing of more than one underlying, if the performance of the underlyings exhibit no relationship to each other, it is more likely that one or more of the underlyings will cause the notes to perform poorly. However, if the businesses of the reference share issuers of the underlyings tend to be related such that the performance of the underlyings are correlated, then it is less likely that one or more of the underlyings will cause the notes to perform poorly. To the extent that the underlyings represent different market segments or market sectors, the risk of one or more of the underlyings performing poorly is greater. As a result, by investing in such notes, you will be taking not only the market risk of each reference share issuer and its business but also risks relating to the relationships between each reference share issuer and underlying and the other reference share issuer(s) and underlying(s).

It is impossible to predict what the relationships between the underlyings will be over the term of the notes.

In the case of notes linked to the individual performance of more than one underlying , you may be fully exposed to the risk of fluctuations in the levels of each underlying

If the notes are linked to the individual performance of more than one underlying, you will be exposed to the risk of fluctuations in the levels of each underlying separately. Unlike securities that are linked to a basket, where risk is mitigated and diversified among all of the basket components, any amount due on your notes may depend solely on the performance of the lowest performing of the underlyings. As such, you will bear the full risk that any of the underlyings will perform poorly.

If the level of any underlying or basket changes , the market value of your notes may not change in the same manner

Owning the notes is not the same as owning the shares of any underlying or basket component, as applicable. For example, if the level of any underlying or basket on any day has increased (or, in the case of notes linked to the inverse performance of such underlying or basket, has decreased), the value of the notes may not increase comparably, if at all, on such day and the value of the notes may even decline. Accordingly, changes in the level(s) of any underlying(s) or basket may not result in a comparable change in the value of the notes.

An investment in the notes is not the same as a direct investment in any underlying or in the components included in any underlying

Your return on the notes, whether positive, zero or negative, will not reflect the return you would have realized if you made a direct investment in any underlying or the components included in any underlying. As an investor in the notes, you will not have rights to receive dividends or other distributions or any other rights, including voting rights, with respect to any underlying or any components included in an underlying, as applicable. If any underlying is comprised of equity components, the payment of dividends on the equity securities which compose such underlying generally has no effect on the calculation of the level of such underlying. The calculation agent will calculate the amount payable to you at maturity by reference to the level(s) of the underlying(s) on the relevant valuation date(s), and will not include the amount of any such dividend payments or other distributions. Therefore, the return on your investment, which will be determined as set forth in the applicable pricing supplement, is not the same as the total return based on the purchase of shares of any underlying, shares held by any underlying or basket component, as applicable. Adjustments made for dividends or other distributions on any underlyings will be described below under “Description of the Notes — Adjustments.”

For notes linked to reference shares and reference funds, adjustments made for dividend payments on the reference shares will be limited to those adjustments described below under “Description of the Notes — Adjustments — For equity securities of a reference share issuer” and adjustments made for dividend payments on the reference funds will be limited to those adjustments described below under “Description of the Notes — Adjustments — For a reference fund,” respectively.

The estimated value of the notes on the pricing date may be less than the price to public

The initial estimated value of your notes on the pricing date (as determined by reference to our pricing models and our internal funding rate) may be significantly less than the original price to public. The price to public of the notes includes the agent’s 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 that discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties).

On the pricing 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 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 notes at issuance. Our option valuation models are proprietary. Our pricing models take into account factors such as interest rates, volatility and the time to maturity of the notes, 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.

Our internal funding rate may negatively affect the value of the notes

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 pricing date our internal funding rate is lower than our secondary market credit spreads, we expect that the economic terms of the notes will generally be less favorable to you than they would have been if our secondary market credit spread had been used in structuring the notes. We will also use our internal funding rate to determine the price of the notes if we post a bid to repurchase your notes in secondary market transactions. See “— Secondary market prices” below.

Secondary market prices , if any , for the notes cannot be predicted

If Credit Suisse (or an affiliate) bids for your notes in secondary market transactions, which we are not obligated to do, this 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 notes on the pricing date. The estimated value of the notes, which will be disclosed on the cover of the applicable pricing supplement does not represent a minimum price at which we would be willing to buy the notes in the secondary market (if any exists) at any time. The secondary market price of your notes 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 notes could be more favorable than what other dealers might bid because, assuming all else is equal, we use the lower internal funding rate to price the notes and other dealers might use the higher secondary market credit spread to price them. Furthermore, assuming no change in market conditions from the pricing date, the secondary market price of your notes will be lower than the price to public because it will not include the agent’s discounts or commissions and hedging and other transaction costs. If you sell your notes 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 notes may be lower than the price at which we may repurchase the notes from such dealer.

We (or an affiliate) may initially post a bid to repurchase the notes from you at a price that will exceed the then-current estimated value of the notes. 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 time as set forth in the applicable pricing supplement.

The notes 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 notes to maturity.

There may be little or no secondary market for the notes

The notes will not be listed on any securities exchange. Credit Suisse (or its affiliates) intends to offer to purchase the notes 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 notes when you wish to do so. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the notes. If you have to sell your note prior to maturity, you may not be able to do so or you may be forced to sell your notes at a substantial loss. You should be willing and able to hold your notes to maturity.

Credit Suisse is subject to Swiss regulation

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 notes and/or the ability of Credit Suisse to make payments thereunder and you may not receive any amounts or deliveries owed to you under the notes.

The notes are not designed to be short - term trading instruments

The price at which you will be able to sell your notes prior to maturity (including to us or our affiliates), if at all, may be at a substantial discount from their principal amount, even in cases where the underlying or the basket has

appreciated during the term of the notes. The potential returns described in the applicable pricing supplement assume that your notes, which are not designed to be short-term trading instruments, are held to maturity.

Unpredictable economic and market factors may affect the value of the notes prior to maturity

The value of the notes on the trade date may be estimated by using a combination of the components described in the risk factor “The estimated value of the notes on the pricing date may be less than the price to public” above. Similarly, the value of the notes prior to maturity may be influenced by a number of factors that impact the value of such components generally, like fixed income securities and options, such as:

Some or all of these factors may influence the price that you will receive if you choose to sell your notes prior to maturity. The impact of any of the factors set forth above may compound or offset, in whole or in part, the effects of any change resulting from any other factor(s).

There may be conflicts of interest

We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and as agent of the issuer for the offering of the notes, hedging our obligations under the notes and determining their estimated value. In performing these duties, the economic interests of us and our affiliates may be adverse to your interests as an investor in the notes.

For example, we, CSSU and/or any other affiliate of ours may, from time to time, buy or sell futures contracts and/or other derivative instruments linked or related to underlying(s) or for our or their own accounts in connection with our or their normal business practices. These transactions could affect the level(s) of such underlying(s), and thus, the value of the notes.

In addition, because Credit Suisse International, which is initially acting as the calculation agent for the notes, is an affiliate of ours, conflicts of interest may exist between the calculation agent and you, including with respect to certain determinations and judgments that the calculation agent must make in determining any amounts or deliveries due to you.

We or our affiliates may also currently, or from time to time in the future, engage in business with the issuers of any shares held by any underlying(s) of the securities we are offering to you, including extending loans to, making equity investments in or providing advisory services (including merger and acquisition advisory services) to, such issuers. These activities could present a conflict of interest between us or our affiliates and you. In the course of such business, we or our affiliates may acquire non-public information about such underlying(s) or reference share issuer(s) and we will not disclose any such information to you. In addition, one or more of our affiliates may publish research reports or otherwise express opinions regarding such underlying(s) or reference share issuer(s), and these reports or opinions may or may not recommend that investors buy or hold the shares held by any underlying(s). As a prospective purchaser of the securities, you should undertake an independent investigation of the underlying(s) that in your judgment is appropriate to make an informed decision with respect to an investment in the securities.

Further, hedging activities may adversely affect any amount due on, and the value of the notes. Any profit in connection with such hedging activities will be in addition to any other compensation that we or our affiliates may receive in connection with the sale of the notes, which creates an additional incentive to sell the notes to you.

In addition, we or one of our affiliates may serve as issuer, agent or underwriter for additional issuances of notes with returns linked to (or related to spreads between) any underlying(s). By introducing competing products into the marketplace in this manner, we or one or more of our affiliates could adversely affect the value of the notes.

The offering of any notes does not constitute an expression of our views about , or a recommendation to invest in , any underlying or basket

The offering of any notes is not an expression of our views about how any underlying(s) or basket will perform over the term of the notes and should not be misconstrued as a recommendation to invest (directly or indirectly, by taking a long or short position) in any underlying(s) or basket, or in any shares held by any underlying or basket component, as applicable. As a global financial institution, we and our affiliates may, and often do, have positions (long, short or both) in the underlying(s) or basket component, as applicable, or in the shares held by or in any instrument linked or related to any underlying(s) or basket component, as applicable, that may conflict with an investment in the notes. See the risk factor “— There may be conflicts of interest” above for examples of potentially conflicting positions we may have. In addition, our affiliates or agents may publish research reports from time to time on financial markets and other matters that may influence the value of the notes, and we may express opinions or provide recommendations that are inconsistent with purchasing or holding the notes. Any research, opinions or recommendations expressed by us or our affiliates or agents may not be consistent with other such research, opinions or recommendations and may be modified from time to time without notice. Any such research, opinions or recommendations could affect the level(s) of the underlying(s) or the basket and therefore the value of the notes. You should undertake an independent determination of whether an investment in the securities is suitable for you in light of your particular situation, including your specific investment objectives, risk tolerance and financial resources.

Holdings and future sales of the notes by our affiliates may affect the value of the notes

Certain of our affiliates may purchase some of the notes for investment purposes. As a result, upon completion of an offering, our affiliates may own up to approximately 15% of the notes offered in such offering. Circumstances may occur in which our interests or those of our affiliates could be in conflict with your interests. In addition, if a substantial portion of the notes held by our affiliates were to be offered for sale in the secondary market, if any, following such an offering, the value of the notes may fall. The negative effect of such sales on the prices of the notes could be pronounced because secondary trading in the notes is likely to be limited and illiquid.

The U . S . federal income tax consequences of the notes are uncertain

No ruling has been requested from the Internal Revenue Service (the “ IRS ”) with respect to the notes and we cannot assure you that the IRS or any court will agree with the tax treatment described under “Material U.S. Federal Income Tax Considerations” in this product supplement.

General Risks Relating to the Underlyings

Historical performance of any underlying or basket is not indicative of future performance

The future performance of any underlying(s) or the basket cannot be predicted based on its historical performance. We cannot guarantee that the future levels or the final level(s) of any underlying(s) or basket will result in a positive return on your overall investment in the notes.

The final level for any underlying or basket may be less than ( or , in the case of securities linked to the inverse performance of such underlying or basket , may be greater than ) its closing levels at other times during the term of the notes

The final level for any underlying(s) or basket will be calculated based on the closing level of such underlying(s) or basket on the relevant valuation date(s). The final level could be lower than (or, in the case of securities linked to the inverse performance of an underlying or basket, may be greater than) the closing levels for such underlying(s) or basket at other times during the term of the notes. The impact of this difference on the return on your notes could be substantial if there is significant volatility in the closing levels of such underlying(s) or basket during the term of the notes and in particular, if there is a significant increase or decrease in such closing

levels around the time of a valuation date. Accordingly, you may receive a lower payment at maturity than you would have received if you had invested directly in the shares of such underlying(s) or basket components, as applicable, or the shares held by such underlying(s) or basket components, as applicable.

We cannot assure you that any public information provided about any underlying is accurate or complete

All disclosures relating to the underlying(s) contained in the applicable pricing supplement and/or any accompanying underlying supplement(s) will be derived from publicly available documents and other publicly available information. We have not participated, and will not participate, in the preparation of such documents and have not made any due diligence inquiry with respect to any underlying(s) in connection with the offering of the notes. We do not make any representation that such publicly available documents or any other publicly available information regarding any underlying is accurate or complete. We are not responsible for any public disclosure of information by any underlying(s) or reference share issuer(s), whether contained in filings with the SEC or otherwise. Furthermore, we cannot give any assurance that all events occurring prior to the date of the applicable pricing supplement, including events that would affect the accuracy or completeness of any public information or filings of any such underlying(s) or reference share issuer(s), or the level(s) of any such underlying(s), will have been publicly disclosed. Subsequent disclosure of any of those events or the disclosure of, or failure to disclose, material future events concerning any underlying(s) or reference share issuer(s) could affect the amount due on the notes. Any prospective purchaser of the securities should undertake an independent investigation of the underlying(s) to which the notes are linked as in its judgment is appropriate to make an informed decision with respect to an investment in the notes.

We and our affiliates generally do not have any affiliation with , and cannot control the actions of , any underlying sponsor ( s ) or the issuers of any shares held by any underlying ( s )

We and our affiliates generally are not affiliated with any underlying sponsor(s) or the issuers of any shares held by any underlying(s) and have no ability to control or predict their actions, including any errors in, or discontinuance of, disclosure regarding their methods or policies. Actions by any underlying sponsor(s) or any such issuers may have an adverse effect on the level of the relevant underlying and, consequently, the value of the notes.

Neither we nor any of our affiliates assumes any responsibility for the accuracy or adequacy of any information about any underlying(s) or the issuers of any shares held by any underlying(s) contained in any public disclosure of information. You, as an investor in the notes, should make your own investigation into the underlying(s).

We and our affiliates generally do not have any affiliation with , and cannot control the actions of , any relevant exchange or reference share issuer and are not responsible for their public disclosure of information

We and our affiliates generally are not affiliated with any relevant exchange or reference share issuer(s) in any way and have no ability to control or predict their actions, including any errors in, or discontinuance of, disclosure regarding their methods or policies. Actions by any relevant exchange or reference share issuer(s) may have an adverse effect on the level of the relevant underlying and, consequently, the value of the notes.

Neither we nor any of our affiliates assumes any responsibility for the accuracy or adequacy of any information about any underlying(s) or reference share issuer(s) contained in any public disclosure of information. You, as an investor in the notes, should make your own investigation into the underlying(s) and reference share issuer(s).

You have no rights against any underlying sponsor ( s ) or the issuers of any shares held by an underlying

You will have no rights against any index creator, index calculation agent or sponsor, as applicable, of any reference index (an “ index sponsor ”) or the investment advisor or manager of any reference fund (a “ fund sponsor ,” and together with the “ index sponsor ,” a “ sponsor ”), any relevant exchange, any reference share issuer or, if any underlying is comprised of equity components, the issuers of any equity securities that compose such underlying. The notes are not sponsored, endorsed, sold or promoted by any such sponsor, relevant exchange or issuer. No such sponsor, relevant exchange or issuer has passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the notes. No such sponsor, relevant exchange or issuer makes any representation or warranty, express or implied, to you or any member of the public regarding the advisability of investing in securities generally or the notes in particular, or the ability of any underlying to track general market

performance.

Any such sponsor’s only relationship to us is in the licensing of trademarks or service marks and certain trade names and the use of such underlying, which is determined, composed and calculated by such sponsor without regard to us or the notes. No such sponsor, relevant exchange or issuer is responsible for, and none of them has participated in the determination of, the timing, prices or quantities of the notes to be issued or in the determination or calculation of the equation by which any amount due on the notes is to be determined. No such sponsor, relevant exchange or issuer has any liability in connection with the administration, marketing or trading of the notes. No such sponsor, relevant exchange or issuer has any obligation to take our interests or yours into consideration for any reason.

You have no rights against any relevant exchange or reference share issuer

You will have no rights against any relevant exchange or reference share issuer(s). The notes are not endorsed, sold or promoted by any relevant exchange or reference share issuer(s). No relevant exchange or reference share issuer has passed on the legality or suitability of, or the accuracy or adequacy of any descriptions or disclosures relating to, the securities. No relevant exchange or reference share issuer makes any representation or warranty, express or implied, to you or to any member of the public regarding the advisability of investing in securities generally or in the securities we are offering to you in particular.

No relevant exchange or reference share issuer is responsible for, and none of them has participated in the determination of, the timing, prices or quantities of the securities to be issued or in the determination or calculation of the equation by which any amount due to you on the securities is to be determined. No relevant exchange or reference share issuer has any liability in connection with the administration, marketing or trading of the securities. No relevant exchange or reference share issuer has any obligation to take our or your interests into consideration for any reason.

Changes to an underlying could adversely affect the notes

The sponsor of an underlying can add, delete or substitute the stocks included in any underlying, make other methodological changes that could affect the level of such underlying, or discontinue or suspend calculation or dissemination of such underlying at any time. If one or more of these events occur, the calculation of payment at maturity or upon early redemption, if applicable, will be adjusted to reflect such event or events. Please refer to “Description of the Notes — Changes to the calculation of a reference index” and to “Description of the Notes — Changes to the calculation of a reference fund.” Any of these actions could adversely affect the amount payable in respect of the notes and/or the value of the notes.

Postponement of certain dates may adversely affect your return

The calculation agent may, in its discretion, determine that markets have been affected in a manner that prevents it from properly valuing any underlying(s) on any day during the term of the notes or from calculating any amount due to you on the notes. These events may include disruptions or suspensions of trading in the markets as a whole. If the calculation agent determines that a market disruption event has occurred or that any calculation date is not a trading day, it is possible that one or more calculation date(s) and the maturity date and/or any other relevant dates as set forth in the applicable pricing supplement will be postponed, and your return could be adversely affected. No coupons or other payment will be payable as a result of such postponement. For additional information, see “Description of the Notes — Postponement of calculation dates” below.

We have no control over exchange rates

Foreign exchange rates can either float or be fixed by sovereign governments. Exchange rates of the currencies used by most economically developed nations are permitted to fluctuate in value relative to the U.S. dollar and to each other. However, from time to time, governments and, in the case of countries using the euro, the European Central Bank, may use a variety of techniques, such as intervention by a central bank, the imposition of regulatory controls or taxes or changes in interest rates to influence the exchange rates of their currencies. Governments may also issue a new currency to replace an existing currency or alter the exchange rate or relative exchange characteristics by a devaluation or revaluation of a currency. These governmental actions could change or interfere

with currency valuations and currency fluctuations that would otherwise occur in response to economic forces, as well as in response to the movement of currencies across borders. As a consequence, these governmental actions could adversely affect an investment in a security that is linked, in whole or in part, to any underlying that is composed of equity securities that are denominated in a foreign currency, or to any ADSs, which are quoted and traded in U.S. dollars and each represent an underlying foreign equity security that is quoted and traded in a foreign currency. We will not make any adjustment or change to the terms of the notes in the event that exchange rates should become fixed, in response to any devaluation or revaluation of a currency or any imposition of exchange or other regulatory controls or taxes, or in the event of other developments affecting the U.S. dollar or any relevant foreign currency.

If the notes are linked to any underlying composed of stocks that are traded on non - U . S . exchanges or to underlyings with components that are traded on non - U . S . exchanges or are ADSs , an investment in the notes is subject to risks associated with foreign securities markets

If the notes are linked, in whole or in part, to any underlying(s) composed of stocks that are traded on non-U.S. exchanges or to underlyings with components that are traded on non-U.S. exchanges or to the value of the ADSs representing interests in foreign equity securities, an investment in the notes involves risks associated with the securities markets in those countries where such stocks or components are traded, including risks related to market volatility, government intervention in such markets and cross shareholdings of companies in such countries. Also, foreign companies are generally subject to accounting, auditing and financial reporting standards and requirements, as well as securities trading rules that are different from those applicable to U.S. reporting companies.

The levels of such stocks and components may be affected by political, economic, financial and social factors in foreign markets, including changes in a country’s government, economic and fiscal policies, currency exchange laws or other laws or restrictions. Moreover, the economies of such countries may differ favorably or unfavorably from the economy of the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency. Such countries may be subjected to different and, in some cases, more adverse economic environments.

The economies of emerging market countries in particular face several concerns, including relatively unstable governments, risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets. Emerging market countries may have less protection of property rights than more developed countries. These economies may also be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions and may suffer from extreme and volatile debt burdens or inflation rates. In addition, local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible. The risks of the economies of emerging market countries are relevant for notes that are linked to any underlying(s) composed of stocks comprised of equity securities traded in one or more emerging market countries or are ADSs representing foreign equity securities that are traded in one or more emerging market countries, as well as for securities that are linked to a basket of such underlying(s).

The notes may be linked to a price return index or an excess return index , rather than a total return index

The notes may be linked to an underlying that is a price return index or an excess return index, rather than a total return index. A price return index is designed to reflect only the price movements of the stocks included in such underlying, while a total return index reflects the returns that would potentially accrue from a hypothetical investment in such stocks (including dividends and other distributions on such stocks). By contrast, an excess return index reflects the returns reflected by the total return version of such index, minus the cost of the interest paid to borrow the funds to invest in the total return version of such index. Therefore, any payment due to you with respect to notes linked to a price return index could be less than such payment would have been if the notes were linked to a total return index and any payment due to you with respect to notes linked to an excess return index will be less than such payment would have been if the notes were linked to a total return index or, possibly, a price return index.

Even if the components included in a reference index , held by a reference fund or included in a reference fund ’ s tracked index are all part of the same industry or asset class , such components are not necessarily representative of that industry or asset class

Even if an underlying purports to be representative of a particular industry or market sector, the performance of such underlying may not correlate with the performance of the entire industry or market sector. The level of an underlying may decline even if the applicable industry or market sector as a whole rises in value. The shares held by an underlying or included in an index tracked by an underlying may not necessarily be representative of such industry or asset class because the universe of such shares may be incomplete or become outdated over time. For example, the universe of shares held by an underlying or included in an index tracked by an underlying may not be updated even if one or more issuers of such shares engage in new lines of business that are unrelated to such industry or market sector, or cease their involvement in any line of business that is related to such industry or market sector at any time.

The notes may be subject to concentration risk

If the notes are linked to multiple underlyings or a basket and such underlyings or basket components, as applicable, are concentrated in a single or limited number of industry sectors, asset classes or geographical regions, you will not benefit from the advantages of a diversified investment. Instead, you will bear the risks of a concentrated investment, including the risk of greater volatility than may be experienced in connection with a diversified investment, and the value of the notes may be more adversely affected by a single economic, political, regulatory or other occurrence affecting a single industry sector, asset class or geographic region. You should be aware that other investments may be more diversified than the securities in terms of the number and variety of industry sectors, asset classes and/or geographical regions represented.

In addition, the fact that the notes may be linked to a basket does not mean that the securities represent a diversified investment. Although the basket components may differ in certain respects, they may bear similarities that cause them to perform in similar ways. For example, notes linked to a basket of exchange-traded funds that hold exclusively U.S. financial sector stocks will have concentrated exposure to the financial sector of the U.S. equity markets, and such basket components may respond in similar ways to economic events that affect the U.S. financial sector generally. Furthermore, the notes are subject to the credit risk of Credit Suisse. No amount of diversification across basket components will offset the risk that we may default on our obligations, including our obligations under the terms of the notes.

Our right to use a reference index may be suspended or terminated

We have been granted, or will be granted, a non-exclusive right to use each underlying and related trademark in connection with the offering of the notes. If we breach our obligations under any license, the relevant index sponsor may have the right to terminate such license. If an index sponsor chooses to terminate a license agreement with us, we may no longer have the right under the terms of the license agreement to use the relevant underlying and related trademarks in connection with the notes until their maturity. If our right to use any underlying is suspended or terminated, it may become difficult for us to determine the level of such underlying and, consequently, the coupons, if any, payment at maturity or upon early redemption, if applicable, or any other amounts payable to you on the notes. In such case, the calculation agent will determine, in its sole discretion, the relevant level of such underlying and/or the fair value of the notes.

The correlation between the performance of an underlying and its tracked index may be imperfect

For any underlying that is designed to track an index, a representative sampling strategy or a replication or indexing strategy may be used to attempt to track the performance of such tracked index. Accordingly, an underlying generally does not hold all, or substantially all, of the stocks included in its respective tracked index. Rather, it invests in a representative sample of securities that collectively has an investment profile similar to its tracked index. However, the stocks included in their respective tracked indices may be unavailable in the secondary market due to extraordinary circumstances. In addition, an underlying also generally invests a specified percentage of their assets in the shares of other funds.

Generally, the performance of an underlying may differ from the performance of its tracked index due to: (i)

imperfect correlation between the stocks held by such underlying and the stocks included in its tracked index; (ii) the performance of the shares of other funds, if applicable; (iii) rounding of prices; (iv) changes to such underlying’s tracked index; and (v) changes to regulatory policies. Furthermore, the performance of an underlying and its tracked index will vary due to transaction costs, certain corporate actions and timing variances. In addition, because the shares of the underlying(s) are traded on exchanges and are subject to market supply and investor demand, the market value of one share of an underlying may differ from its net asset value per share, and the shares of an underlying may trade at, above or below their net asset value per share.

Consequently, the return on the securities will not be the same as investing directly in the shares of any underlying, the shares included in its tracked index, and will not be the same as investing in a debt security with a payment at maturity linked or related to the performance of such tracked index.

The policies of any underlying sponsor , and changes that affect such underlying or its tracked index , could adversely affect the amount payable on your securities and their value

The policies of any underlying sponsor(s) concerning the calculation of an underlying’s net asset value, additions, deletions or substitutions of shares or other assets or financial measures held by such underlying, and the manner in which changes affecting any such underlying’s tracked index are reflected in such underlying could affect the market price of the shares of such underlying and, therefore, the amount payable on your notes and the value of your notes before that date. The amount payable on your notes and their value could also be affected if the underlying sponsor changes these policies, for example, by changing the manner in which it calculates such underlying’s net asset value, or if it discontinues or suspends calculation or publication of such underlying’s net asset value, in which case it may become difficult to determine the value of the notes. If events such as these occur, or if the closing level of such underlying is not available on the relevant valuation date(s) because of a market disruption event or for any other reason, the calculation agent may determine the price of the shares of such underlying on the relevant valuation date(s), and thus, the amount payable on the securities at maturity in a manner it considers appropriate in its sole discretion. Please refer to “Description of the Notes — Changes to the calculation of an underlying” below.

General Risks Relating to Equity-Based Underlyings

We and our affiliates generally do not have any affiliation with , and cannot control the actions of , any relevant exchange or reference share issuer and are not responsible for their public disclosure of information

We and our affiliates generally are not affiliated with any relevant exchange or reference share issuer(s) in any way and have no ability to control or predict their actions, including any errors in, or discontinuance of, disclosures regarding their methods or policies. Actions by any relevant exchange or reference share issuer(s) may have an adverse effect on the level of the relevant underlying and, consequently, the value of the securities.

Neither we nor any of our affiliates assumes any responsibility for the accuracy or adequacy of any information about any underlying(s) or reference share issuer(s) contained in any public disclosure of information. You, as an investor in the notes, should make your own investigation into the underlying(s) and reference share issuer(s).

In some circumstances , the payment you receive on the notes may be based on equity securities or currencies that are not the equity securities of the original reference funds or the reference share issuer or the original reference currencies

In some circumstances, for notes linked to the performance of reference funds or reference shares, the payment you receive on the notes may be based on the shares of an exchange-traded fund or the equity securities (or ADSs, as applicable) of one or more companies that are not the original reference fund or reference share issuer(s). If certain corporate events relating to an underlying or reference share issuer (including mergers and acquisitions) occur during the term of the securities and such reference share issuer is not the surviving entity, the amount you receive on the securities at maturity may be based, in whole or in part, on the equity securities of a successor to the original reference share issuer, or on cash or any other assets distributed to holders of the original underlying as a result of such corporate event. The occurrence of such corporate events and the consequent adjustments may materially and adversely affect the value of the notes. We describe the specific corporate events that can lead to such adjustments in the sections of this product supplement called “Description of the Notes — Adjustments —

Reorganization events” and “Description of the Notes — Changes to the calculation of a reference fund.”

Similarly, the reference currency or the base currency may be replaced with another currency upon the occurrence of certain specified events. If such an event occurs, you could become subject to the performance of the successor currency relative to the base currency or the performance of the reference currencies relative to the successor currency, as applicable. In addition, for notes linked to a basket, if a reference currency is replaced with a successor currency that is the same as another reference currency, the weight of that reference currency in the basket will be effectively increased.

In addition, if, following a replacement of a reference currency, the successor currency is the same as the base currency, a reference currency is the same as the successor currency, the spot rate for the affected reference currency on each trading day occurring on and after the effective date of such succession event will be deemed to be equal to the spot rate for such reference currency on the trading day immediately preceding such effective date. In this case, the spot rate for the remainder of the duration of the notes will be fixed, even if such spot rate would result in a lower payment at maturity, coupon payments or any other applicable payments on your notes, and you will also lose the opportunity to participate in the performance of the reference currency relative to the base currency, if any. You should read “Description of the Notes — Succession Events” in order to understand these and other adjustments that may be made to your notes. The occurrence of a succession event and the consequent adjustments may materially and adversely affect the value of the notes.

The notes may be subject to foreign currency risks if any underlying includes foreign equity securities or other components denominated in a foreign currency or if any underlying is an ADS

If any underlying is composed of foreign equity securities or other components denominated in a foreign currency, or if any underlying is an ADS, the notes may be subject to foreign currency risks. When the prices of the components composing such underlying are converted into the currency in which such underlying is quoted (the “ base currency ”) for the purpose of calculating the level of such underlying, your investment will be exposed to currency exchange risk with respect to each of the equity securities or the components included in such underlying that do not trade in the base currency of the underlying. Your net exposure to such risk will depend on the extent to which such other currencies strengthen or weaken relative to the base currency. If the base currency strengthens relative to any of the currencies in which the components included in such underlying are denominated, the level of such underlying may be adversely affected, and the payment on the notes at maturity or upon early redemption, if applicable, may be reduced.

There are significant risks related to investments in securities that are linked, in whole or in part, to ADSs, which are quoted and traded in U.S. dollars, and each of which represents equity securities that are quoted and traded in a foreign currency. ADSs may trade differently from their corresponding foreign equity securities. Changes in the exchange rate between the U.S. dollar and the relevant foreign currencies may affect the U.S. dollar equivalent of the price of such corresponding foreign equity securities on foreign securities markets and, as a result, may affect the level of such ADSs, which may consequently affect the value of the notes.

Foreign currency risks include, but are not limited to, convertibility risk, market volatility and potential interference by foreign governments through regulation of local markets, foreign investment or particular transactions in foreign currency. Of particular importance to potential currency exchange risks are existing and expected rates of inflation, existing and expected interest rate levels, the balance of payments between the relevant countries, and the extent of governmental surpluses or deficits in the countries represented by any underlying(s). All of these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of those countries as well as other countries important to international trade and finance. Foreign currency risks depend on economic and political events over which we have no control. Fluctuations in any particular exchange rate that have occurred in the past are not necessarily indicative of fluctuations that may occur during the term of the notes.

We are not affiliated with any company included in any underlying with the exception of the MSCI EAFE ^® Index and the Swiss Market Index

We are not currently affiliated with any of the stocks included in any underlying, with the exception of the MSCI EAFE ^® Index and the Swiss Market Index. We are currently one of the companies that make up the MSCI EAFE ^® Index or the Swiss Market Index, but we are not affiliated with any of the other companies whose stocks

may be included in such indices. In the case of securities linked to the MSCI EAFE ^® Index or the Swiss Market Index, we have no ability to control the actions of the other companies included in such indices, including actions that could affect the levels of the stocks included in such indices and, consequently, the levels of such indices. None of the money you pay us will go to the sponsor of either the MSCI EAFE ^® Index or the Swiss Market Index or any of the other companies included in such indices, and none of those companies will be involved in the offering of the notes in any way.

Anti - dilution protection is limited

The calculation agent will make adjustments to the share adjustment factor, as defined below, applicable to each underlying for certain events affecting such underlying. The calculation agent is not required, however, to make such adjustments in response to all events that may affect such underlying. If such an event occurs and the calculation agent is not required to make an adjustment, or if an adjustment is made but such adjustment does not fully reflect the economics of such event, the value of the notes may be materially and adversely affected. See “Description of the Notes — Adjustments” for further information.

There are important differences between the rights of holders of ADSs and the rights of holders of the corresponding foreign equity securities

If the notes are linked, in whole or in part, to the performance of ADSs relating to foreign equity securities, you should be aware that your notes are linked, in whole or in part, to the prices of such ADSs and not to the prices of such corresponding foreign equity securities. Each ADS is generally a security evidenced by an American Depositary Receipt that represents a specified number of shares of the equity securities of a foreign issuer. Generally, ADSs are issued under a deposit agreement that sets forth the rights and responsibilities of the depositary, the foreign issuer and the holders of such ADSs. There may be significant differences between the rights of holders of ADSs and the rights of holders of the corresponding foreign equity securities, and such differences may materially and adversely impact the value of the notes. For example, a foreign issuer may make distributions in respect of its foreign equity securities that are not passed on to the holders of the relevant ADSs.

In addition, for notes linked to the performance of one or more ADSs, if an ADS is no longer listed or admitted for trading on a U.S. securities exchange registered under the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), or included in the OTC Bulletin Board, or if the ADS facility between the issuer of the corresponding foreign equity securities and the ADS depositary is terminated for any reason, then the calculation agent will have the option to either (a) replace such ADS with the ADS of another company or (b) replace such ADS with such corresponding foreign equity securities, in each case as described below under “Description of the Notes — Delisting of ADSs or termination of ADS facilities” below. Replacing the original ADS with another security may materially and adversely affect the value of the notes.

We may engage in hedging and trading in any underlying ( s ) or instrument linked or related to any underlying(s)

While the notes are outstanding, we or any of our affiliates may carry out hedging activities related to the notes, including trading in the shares of any underlying(s) or instruments linked or related to any underlying(s). Even if there is an active trading market, there may not be enough liquidity to allow the shares of such underlying(s) to trade easily, at which point the value of the securities may be adversely affected.

General Risks Relating to a Reference Exchange Rate

Even though currencies are traded around - the - clock , if a secondary market for the notes develops , the notes may trade only during regular hours in the United States

The interbank market for currencies is a global, around-the-clock market and currency values are quoted 24 hours a day. The hours of trading for the notes, if any, may not conform to the hours during which any relevant currency is traded. To the extent that U.S. markets are closed while the markets for currencies remain open, significant price and rate movements may take place in the underlying foreign exchange markets, and thus in the level of the reference exchange rate, that will not be reflected immediately in the market price, if any, of the notes.

The absence of last - sale and other information about the reference currencies may affect the price of the notes

There is no systematic reporting of last-sale information for foreign currencies. Reasonably current bid and offer information is available in certain brokers’ offices, in bank foreign currency trading offices and to others who wish to subscribe for this information, but this information will not necessarily be reflected in the value of the exchange rates used to calculate the payment at maturity on the notes, if any. There is no regulatory requirement that those quotations be firm or revised on a timely basis. The absence of last-sale information and the limited availability of quotations to investors may make it difficult for investors to obtain timely, accurate data about the state of the underlying foreign exchange markets.

In addition, relevant information relating to the originating countries of the reference currencies or the base currency may not be well-known or rapidly or thoroughly reported in the United States. Prospective purchasers of the notes should be aware of the possible lack of availability of important information that can affect the value of the reference currencies and the base currency and must be prepared to make special efforts to obtain that information.