CALCULATION OF REGISTRATION FEE

Transcription

1 Pricing Supplement N. U721 T the Underlying Supplement dated March 23, 2012, Prduct Supplement N. U-I dated March 23, 2012, Prspectus Supplement dated March 23, 2012 and Prspectus dated March 23, 2012 Filed Pursuant t Rule 424(b)(2) Registratin Statement N Octber 19, 2012 $3,503, mnth 6.50% per annum Callable Yield Ntes due April 28, 2014 Linked t the Perfrmance f the S&P 500 Index and the Russell 2000 Index General The securities are designed fr investrs wh are mildly bearish, neutral r mildly bullish n the Underlyings. Investrs shuld be willing t lse sme r all f their investment if a Knck-In Event ccurs with respect t any Underlying. Any payment n the securities is subject t ur ability t pay ur bligatins as they becme due. Interest will be paid quarterly in arrears at a rate f 6.50% per annum, subject t Early Redemptin. Interest will be calculated n a 30/360 basis. The Issuer may redeem the securities, in whle but nt in part, n any Interest Payment Date scheduled t ccur n r after January 28, N interest will accrue r be payable fllwing an Early Redemptin. Senir unsecured bligatins f Credit Suisse AG, acting thrugh its Nassau Branch, maturing April 28, Minimum purchase f $1,000. Minimum denminatins f $1,000 and integral multiples f $1,000 in excess theref. The securities priced n Octber 19, 2012 (the Trade Date ) and are expected t settle n Octber 26, 2012 (the Settlement Date ). Delivery f the securities in bk-entry frm nly will be made thrugh The Depsitry Trust Cmpany. Key Terms Issuer: Credit Suisse AG ( Credit Suisse ), acting thrugh its Nassau Branch Underlyings: Each Underlying is identified in the table belw, tgether with its Blmberg ticker symbl, Initial Level and Knck-In Level: Underlying Ticker Initial Level Knck-In Level S&P 500 Index ( SPX ) SPX Russell 2000 Index ( RTY ) RTY Interest Rate: 6.50% per annum. Interest will be calculated n a 30/360 basis. Interest Payment Dates: Unless redeemed earlier, interest will be paid quarterly in arrears n January 28, 2013, April 26, 2013, July 26, 2013, Octber 28, 2013, January 27, 2014 and the Maturity Date, subject t the mdified fllwing business day cnventin. N interest will accrue r be payable fllwing an Early Redemptin. Redemptin Amunt: At maturity, the Redemptin Amunt yu will be entitled t receive will depend n the individual perfrmance f each Underlying and whether a Knck- In Event ccurs. If the securities are nt subject t Early Redemptin, the Redemptin Amunt will be determined as fllws: If a Knck-In Event ccurs, the Redemptin Amunt will equal the principal amunt f the securities yu hld multiplied by the sum f ne plus the Underlying Return f the Lwest Perfrming Underlying. In this case, the Redemptin Amunt will be equal t r less than $750 per $1,000 principal amunt f the securities. Yu culd lse yur entire investment. If a Knck-In Event des nt ccur, the Redemptin Amunt will equal the principal amunt f the securities yu hld. Any payment n the securities is subject t ur ability t pay ur bligatins as they becme due. Early Redemptin: Prir t the Maturity Date, the Issuer may redeem the securities in whle, but nt in part, n any Interest Payment Date scheduled t ccur n r after January 28, 2013 upn ntice n r befre the relevant Early Redemptin Ntice Date at 100% f the principal amunt f the securities, tgether with the interest payable n that Interest Payment Date. Early Redemptin Ntice Dates: Knck-In Event: Knck-In Level: Lwest Perfrming Underlying: Underlying Return: Initial Level: Final Level: Ntice f Early Redemptin will be prvided prir t the relevant Interest Payment Date n r befre January 18, 2013, April 19, 2013, July 19, 2013, Octber 21, 2013, r January 17, 2014, as applicable. A Knck-In Event will ccur if the Final Level f either Underlying is equal t r less than its Knck-In Level. Fr each Underlying, as set frth in the table abve The Underlying with the lwest Underlying Return. Fr each Underlying, the Underlying Return will be calculated as fllws: Final Level Initial Level, subject t a maximum f zer Initial Level Fr each Underlying, as set frth in the table abve. Fr each Underlying, the clsing level f such Underlying n the Valuatin Date. Valuatin Date: April 21, 2014 Maturity Date: April 28, 2014 Listing: The securities will nt be listed n any securities exchange. CUSIP: 22546TE72 The Valuatin Date fr any Underlying is subject t pstpnement if such date is nt an underlying business day fr such Underlying r as a result f a market disruptin event in respect f such Underlying and the Maturity Date is subject t pstpnement if such date is nt a business day r if the Valuatin Date fr any Underlying is pstpned, in each case as described in the accmpanying prduct supplement under Descriptin f the Securities Market disruptin events. Investing in the securities invlves a number f risks. See Selected Risk Cnsideratins in this pricing supplement and Risk Factrs beginning n page PS-3 f the accmpanying prduct supplement. Neither the Securities and Exchange Cmmissin nr any state securities cmmissin has apprved r disapprved f the securities r passed upn the accuracy r the adequacy f this pricing supplement r the accmpanying underlying supplement, the prduct supplement, the prspectus supplement and the prspectus. Any representatin t the cntrary is a criminal ffense. Price t Public Underwriting Discunts and Cmmissins(1) Prceeds t Issuer Per security $1, $15.00 $ Ttal $3,503, $52, $3,450, (1) We r ne f ur affiliates will pay discunts and cmmissins f $15.00 per $1,000 principal amunt f securities. In additin, an affiliate f urs may pay referral fees f up t $3.00 per $1,000 principal amunt f securities. Fr mre detailed infrmatin, please see Supplemental Plan f Distributin (Cnflicts f Interest) n the last page f this pricing supplement. The agent fr this ffering, Credit Suisse Securities (USA) LLC ( CSSU ), is ur affiliate. Fr mre infrmatin, see Supplemental Plan f Distributin (Cnflicts f Interest) n the last page f this pricing supplement. The securities are nt depsit liabilities and are nt insured r guaranteed by the Federal Depsit Insurance Crpratin r any ther gvernmental agency f the United States, Switzerland r any ther jurisdictin. CALCULATION OF REGISTRATION FEE Title f Each Class f Securities Offered Maximum Aggregate Offering Price Amunt f Registratin Fee Ntes $3,503, $ Octber 19, 2012 Credit Suisse

2 Additinal Terms Specific t the Securities Yu shuld read this pricing supplement tgether with the underlying supplement dated March 23, 2012, the prduct supplement dated March 23, 2012, the prspectus supplement dated March 23, 2012 and the prspectus dated March 23, 2012, relating t ur Medium-Term Ntes f which these securities are a part. Yu may access these dcuments n the SEC website at as fllws (r if such address has changed, by reviewing ur filings fr the relevant date n the SEC website): Underlying supplement dated March 23, 2012: Prduct supplement N. U-I dated March 23, 2012: Prspectus supplement and Prspectus dated March 23, 2012: Our Central Index Key, r CIK, n the SEC website is As used in this pricing supplement, the Cmpany, we, us, r ur refers t Credit Suisse. This pricing supplement, tgether with the dcuments listed abve, cntains the terms f the securities and supersedes all ther prir r cntempraneus ral statements as well as any ther written materials including preliminary r indicative pricing terms, fact sheets, crrespndence, trade ideas, structures fr implementatin, sample structures, brchures r ther educatinal materials f urs. Yu shuld carefully cnsider, amng ther things, the matters set frth in Risk Factrs in the prduct supplement and Selected Risk Cnsideratins in this pricing supplement, as the securities invlve risks nt assciated with cnventinal debt securities. Yu shuld cnsult yur investment, legal, tax, accunting and ther advisrs befre deciding t invest in the securities. 1

3 Hypthetical Redemptin Amunts and Ttal Payments n the Securities The table and examples belw illustrate hypthetical Redemptin Amunts payable at maturity and, in the case f the table, ttal payments ver the term f the securities (which include bth payments at maturity and the ttal interest paid n the securities) n a $1,000 investment in the securities fr a range f Underlying Returns f the Lwest Perfrming Underlying. The table and examples reflect that the Interest Rate applicable t the securities is 6.50% per annum and assume that (i) the securities are nt redeemed prir t maturity, (ii) the term f the securities is exactly 18 mnths and (iii) the Knck-In Level fr each Underlying is 75% f the Initial Level f such Underlying. In additin, the examples belw assume that the Initial Level is 1455 fr SPX and 835 fr RTY. The examples are intended t illustrate hypthetical calculatins f nly the Redemptin Amunt and d nt illustrate the calculatin r payment f any individual interest payment. The Redemptin Amunts and ttal payment amunts set frth belw are prvided fr illustratin purpses nly. The actual Redemptin Amunts and ttal payments applicable t a purchaser f the securities will depend n the Final Level f the Lwest Perfrming Underlying determined n the Valuatin Date. It is nt pssible t predict whether a Knck-In Event will ccur, and in the event that there is a Knck-In Event, by hw much the Final Level f the Lwest Perfrming Underlying will decrease in cmparisn t its Initial Level. Any payment n the securities is subject t ur ability t pay ur bligatins as they becme due. The numbers appearing in the fllwing table and examples have been runded fr ease f analysis. Table: Hypthetical ttal payments n the securities at maturity. Principal Amunt f Securities Percentage Change frm the Initial Level t the Final Level f the Lwest Perfrming Underlying Underlying Return f the Lwest Perfrming Underlying Redemptin Amunt per $1,000 Principal Amunt f Securities Ttal Interest Payment per $1,000 Principal Amunt f Securities Ttal Payment per $1,000 Principal Amunt f Securities $1, % 0% $1,000 $97.50 $1, $1,000 90% 0% $1,000 $97.50 $1, $1,000 80% 0% $1,000 $97.50 $1, $1,000 70% 0% $1,000 $97.50 $1, $1,000 60% 0% $1,000 $97.50 $1, $1,000 50% 0% $1,000 $97.50 $1, $1,000 40% 0% $1,000 $97.50 $1, $1,000 30% 0% $1,000 $97.50 $1, $1,000 20% 0% $1,000 $97.50 $1, $1,000 10% 0% $1,000 $97.50 $1, $1,000 0% 0% $1,000 $97.50 $1, $1,000 10% 10% $1,000 $97.50 $1, $1,000 20% 20% $1,000 $97.50 $1, $1, % 24.99% $1,000 $97.50 $1, $1,000 25% 25% $750 $97.50 $ $1,000 30% 30% $700 $97.50 $ $1,000 40% 40% $600 $97.50 $ $1,000 50% 50% $500 $97.50 $ $1,000 60% 60% $400 $97.50 $ $1,000 70% 70% $300 $97.50 $ $1,000 80% 80% $200 $97.50 $ $1,000 90% 90% $100 $97.50 $ $1, % 100% $0 $97.50 $

4 The fllwing examples illustrate hw the Redemptin Amunt is calculated. Example 1: Underlying Initial Level Final Level SPX (110% f Initial Level) RTY (75% f Initial Level) Since the clsing level f RTY n the Valuatin Date is equal t its Knck-In Level, a Knck-In Event ccurs. RTY is als the Lwest Perfrming Underlying. Therefre, the Underlying Return f the Lwest Perfrming Underlying will equal: Final Level f RTY Initial Level f RTY Initial Level f RTY = ( ) / 835 = 0.25 The Redemptin Amunt = principal amunt f the securities (1 + Underlying Return f the Lwest Perfrming Underlying) = $1,000 (1 0.25) = $750 Example 2: Underlying Initial Level Final Level SPX (50% f Initial Level) RTY (75% f Initial Level) Since the clsing level f RTY n the Valuatin Date is equal t its Knck-In Level and the clsing level f SPX n the Valuatin Date is less than its Knck-In Level, a Knck-In Event ccurs. SPX is the Lwest Perfrming Underlying because it is the Underlying with the lwest Underlying Return. Therefre, the Underlying Return f the Lwest Perfrming Underlying will equal: Final Level f SPX Initial Level f SPX Initial Level f SPX = ( ) / 1455 = 0.50 The Redemptin Amunt = principal amunt f the securities (1 + Underlying Return f the Lwest Perfrming Underlying) = $1,000 (1 0.50) = $500 Example 3: Underlying Initial Level Final Level SPX (110% f Initial Level) RTY (110% f Initial Level) Since the clsing level f each Underlying n the Valuatin Date is nt equal t r less than its Knck-In Level, a Knck-In Event des nt ccur. Therefre, the Redemptin Amunt equals $1,000. 3

5 Selected Risk Cnsideratins An investment in the securities invlves significant risks. Investing in the securities is nt equivalent t investing directly in the Underlyings. These risks are explained in mre detail in the Risk Factrs sectin f the accmpanying prduct supplement. YOU MAY RECEIVE LESS THAN THE PRINCIPAL AMOUNT AT MATURITY Yu may receive less at maturity than yu riginally invested in the securities, r yu may receive nthing, excluding any accrued r unpaid interest. If the Final Level f either Underlying is equal t r less than its Knck-In Level, yu will be fully expsed t any depreciatin in the Lwest Perfrming Underlying. In this case, the Redemptin Amunt yu will be entitled t receive will be less than the principal amunt f the securities, and yu culd lse yur entire investment. It is nt pssible t predict whether a Knck-In Event will ccur, and in the event that there is a Knck-In Event, by hw much the Final Level f the Lwest Perfrming Underlying will decrease in cmparisn t its Initial Level. Any payment n the securities is subject t ur ability t pay ur bligatins as they becme due. THE SECURITIES WILL NOT PAY MORE THAN THE PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID INTEREST, AT MATURITY OR UPON EARLY REDEMPTION The securities will nt pay mre than the principal amunt, plus accrued and unpaid interest, at maturity r upn early redemptin. If the Final Level f any Underlying is greater than its respective Initial Level, yu will nt receive the appreciatin f any Underlying. Assuming the securities are held t maturity and the term f the securities is exactly 18 mnths, the maximum amunt payable with respect t the securities will nt exceed $1, fr each $1,000 principal amunt f the securities. THE SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE Althugh the return n the securities will be based n the perfrmance f the Underlyings, the payment f any amunt due n the securities, including any applicable interest payments, early redemptin payment r payment at maturity, is subject t the credit risk f Credit Suisse. Investrs are dependent n ur ability t pay all amunts due n the securities and, therefre, investrs are subject t ur credit risk. In additin, any decline in ur credit ratings, any adverse changes in the market s view f ur creditwrthiness r any increase in ur credit spreads is likely t adversely affect the value f the securities prir t maturity. IF A KNOCK-IN EVENT OCCURS, YOUR RETURN WILL BE BASED ON THE INDIVIDUAL PERFORMANCE OF THE LOWEST PERFORMING UNDERLYING If a Knck-In Event ccurs, yur return will be based n the individual perfrmance f the Lwest Perfrming Underlying. In such case, yur return will be negative even if a Knck-In Event ccurs with respect t nly ne Underlying. THE SECURITIES ARE SUBJECT TO A POTENTIAL EARLY REDEMPTION, WHICH WOULD LIMIT YOUR ABILITY TO ACCRUE INTEREST OVER THE FULL TERM OF THE SECURITIES The securities are subject t a ptential early redemptin. Prir t maturity, the securities may be redeemed n any Interest Payment Date scheduled t ccur n r after January 28, 2013, upn ntice n r befre the relevant Early Redemptin Ntice Date. If the securities are redeemed prir t the Maturity Date, yu will be entitled t receive the principal amunt f yur securities and any accrued but unpaid interest payable n such Interest Payment Date. In this case, yu will lse the pprtunity t cntinue t accrue and be paid interest frm the date f Early Redemptin t the scheduled Maturity Date. If the securities are redeemed prir t the Maturity Date, yu may be unable t invest in ther securities with a similar level f risk that yield as much interest as the securities. 4

6 SINCE THE SECURITIES ARE LINKED TO THE PERFORMANCE OF MORE THAN ONE UNDERLYING, YOU WILL BE FULLY EXPOSED TO THE RISK OF FLUCTUATIONS IN THE LEVEL OF EACH UNDERLYING Since the securities are linked t the perfrmance f mre than ne Underlying, the securities will be linked t the individual perfrmance f each Underlying. Because the securities are nt linked t a basket, in which case the risk is mitigated and diversified amng all f the cmpnents f a basket, yu will be expsed t the risk f fluctuatins in the levels f the Underlyings t the same degree fr each Underlying. Fr example, in the case f securities linked t a basket, the return wuld depend n the weighted aggregate perfrmance f the basket cmpnents as reflected by the basket return. Thus, the depreciatin f any basket cmpnent culd be mitigated by the appreciatin f anther basket cmpnent, t the extent f the weightings f such cmpnents in the basket. Hwever, in the case f securities linked t the lwest perfrming Underlying, the individual perfrmance f each Underlying is nt cmbined t calculate yur return and the depreciatin f any Underlying is nt mitigated by the appreciatin f any ther Underlying. Instead, if a Knck-In Event ccurs, the Redemptin Amunt payable at maturity will depend n the lwest perfrming f the Underlyings t which the securities are linked. THE SECURITIES ARE LINKED TO THE RUSSELL 2000 INDEX AND ARE SUBJECT TO THE RISKS ASSOCIATED WITH SMALL-CAPITALIZATION COMPANIES The Russell 2000 Index is cmpsed f equity securities issued by cmpanies with relatively small market capitalizatin. These equity securities ften have greater stck price vlatility, lwer trading vlume and less liquidity than the equity securities f large-capitalizatin cmpanies, and are mre vulnerable t adverse business and ecnmic develpments than thse f large-capitalizatin cmpanies. In additin, smallcapitalizatin cmpanies are typically less established and less stable financially than largecapitalizatin cmpanies. These cmpanies may depend n a small number f key persnnel, making them mre vulnerable t lss f persnnel. Such cmpanies tend t have smaller revenues, less diverse prduct lines, smaller shares f their prduct r service markets, fewer financial resurces and less cmpetitive strengths than large-capitalizatin cmpanies and are mre susceptible t adverse develpments related t their prducts. Therefre, the Russell 2000 Index may be mre vlatile than it wuld be if it were cmpsed f equity securities issued by largecapitalizatin cmpanies. CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE SECURITIES PRIOR TO MATURITY While the payment at maturity described in this pricing supplement is based n the full principal amunt f yur securities, the riginal issue price f the securities includes the agent s cmmissin and the cst f hedging ur bligatins under the securities thrugh ne r mre f ur affiliates. As a result, the price, if any, at which Credit Suisse (r its affiliates), will be willing t purchase securities frm yu in secndary market transactins, if at all, will likely be lwer than the riginal issue price, and any sale prir t the Maturity Date culd result in a substantial lss t yu. The securities are nt designed t be shrt-term trading instruments. Accrdingly, yu shuld be able and willing t hld yur securities t maturity. LACK OF LIQUIDITY The securities will nt be listed n any securities exchange. Credit Suisse (r its affiliates) intends t ffer t purchase the securities in the secndary market but is nt required t d s. Even if there is a secndary market, it may nt prvide enugh liquidity t allw yu t trade r sell the securities when yu wish t d s. Because ther dealers are nt likely t make a secndary market fr the securities, the price at which yu may be able t trade yur securities is likely t depend n the price, if any, at which Credit Suisse (r its affiliates) is willing t buy the securities. If yu have t sell yur securities prir t maturity, yu may nt be able t d s r yu may have t sell them at a substantial lss. POTENTIAL CONFLICTS We and ur affiliates play a variety f rles in cnnectin with the issuance f the securities, including acting as calculatin agent and hedging ur bligatins under the securities. In perfrming these duties, the ecnmic interests f the calculatin agent and ther affiliates f urs are ptentially adverse t yur interests as an investr in the securities. MANY ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES In additin t the levels f the Underlyings n any trading day, the value f the securities will be affected by a number f ecnmic and market factrs that may either ffset r magnify each ther, including: 5

7 the expected vlatility f the Underlyings; the time t maturity f the securities; the Early Redemptin feature, which is likely t limit the value f the securities; interest and yield rates in the market generally; investrs expectatins with respect t the rate f inflatin; geplitical cnditins and a variety f ecnmic, financial, plitical, regulatry r judicial events that affect the cmpnents cmprising the Underlyings, r markets generally and which may affect the levels f the Underlyings; and ur creditwrthiness, including actual r anticipated dwngrades in ur credit ratings. Sme r all f these factrs may influence the price that yu will receive if yu chse t sell yur securities prir t maturity. The impact f any f the factrs set frth abve may enhance r ffset sme r all f any change resulting frm anther factr r factrs. NO OWNERSHIP RIGHTS RELATING TO THE UNDERLYINGS Yur return n the securities will nt reflect the return yu wuld realize if yu actually wned the equity securities that cmprise the Underlyings. The return n yur investment, which is based n the percentage change in the Underlyings, is nt the same as the ttal return yu wuld receive based n the purchase f the equity securities that cmprise the Underlyings. NO DIVIDEND PAYMENTS OR VOTING RIGHTS As a hlder f the securities, yu will nt have vting rights r rights t receive cash dividends r ther distributins r ther rights with respect t the equity securities that cmprise the Underlyings. Supplemental Use f Prceeds and Hedging We intend t use the prceeds f this ffering fr ur general crprate purpses, which may include the refinancing f existing debt utside Switzerland. Sme r all f the prceeds we receive frm the sale f the securities may be used in cnnectin with hedging ur bligatins under the securities thrugh ne r mre f ur affiliates. Such hedging r trading activities n r prir t the Trade Date and during the term f the securities (including n the Valuatin Date) culd adversely affect the value f the Underlyings and, as a result, culd decrease the amunt yu may receive n the securities at maturity. Fr further infrmatin, see Supplemental Use f Prceeds and Hedging in the accmpanying prduct supplement. 6

8 The Underlyings We have derived all infrmatin regarding each Underlying cntained in this pricing supplement, including, withut limitatin, their make-up, methd f calculatin and changes in their cmpnents, frm publicly available infrmatin. We make n representatin r warranty as t the accuracy r cmpleteness f this publicly available infrmatin. The infrmatin n the Underlyings prvided herein is just a summary and shuld be read tgether with the additinal publicly available infrmatin. Infrmatin cntained in the respective Underlying websites and the Blmberg pages referenced belw is nt incrprated by reference herein. Fr additinal infrmatin abut the S&P 500 Index and the Russell 2000 Index, see infrmatin set frth under The Reference Indices The S&P Indices The S&P 500 Index and The Reference Indices The Russell 2000 Index in the accmpanying underlying supplement. The S&P 500 Index The S&P 500 Index, published by Standard & Pr s Financial Services LLC ( S&P ), is intended t prvide a perfrmance benchmark fr the U.S. equity markets. The calculatin f the level f the S&P 500 Index is based n the relative value f the aggregate market value f the cmmn stcks f 500 cmpanies as f a particular time as cmpared t the aggregate average market value f the cmmn stcks f 500 similar cmpanies during the base perid f the years 1941 thrugh The S&P 500 Index is a flat-adjusted index. Under flat adjustment, the share cunts used in calculating the S&P 500 Index reflect nly thse shares that are available t investrs, nt all f a cmpany s utstanding shares. Flat adjustment excludes shares that are clsely held by cntrl grups, ther publicly traded cmpanies r gvernment agencies. Beginning n September 21, 2012, all share-hldings with a psitin greater than 5% f a stck s utstanding shares, ther than hldings by blck wners, were remved frm the flat fr purpses f calculating the S&P 500 Index. Generally, these cntrl hlders will include fficers and directrs, private equity, venture capital & special equity firms, ther publicly traded cmpanies that hld shares fr cntrl, strategic partners, hlders f restricted shares, ESOPs, emplyee and family trusts, fundatins assciated with the cmpany, hlders f unlisted share classes f stck r gvernment entities at all levels (ther than gvernment retirement/pensin funds) and any individual persn wh cntrls a 5% r greater stake in a cmpany as reprted in regulatry filings. Hldings by blck wners, such as depsitary banks, pensin funds, mutual funds & ETF prviders, 401(k) plans f the cmpany, gvernment retirement/pensin funds, investment funds f insurance cmpanies, asset managers and investment funds, independent fundatins and savings and investment plans, will rdinarily be cnsidered part f the flat. Shares held in a trust t allw investrs in cuntries utside the cuntry f dmicile (e.g., ADRs, CDIs and Canadian exchangeable shares) are nrmally part f the flat unless thse shares frm a cntrl blck. If a cmpany has mre than ne class f stck utstanding, shares in an unlisted r nn-traded class are treated as a cntrl blck. Fr each stck, an investable weight factr ( IWF ) is calculated by dividing the available flat shares by the ttal shares utstanding. Beginning n September 21, 2012, available flat shares are defined as ttal shares utstanding less shares held by cntrl hlders. The S&P 500 Index is calculated by dividing the sum f the IWF multiplied by bth the price and the ttal shares utstanding fr each stck by the index divisr. Fr additinal infrmatin n the Underlying, see infrmatin set frth under The Reference Indices The S&P Indices The S&P 500 Index in the accmpanying underlying supplement. 7

9 Histrical Infrmatin The fllwing graphs set frth the histrical perfrmance f the Underlyings based n their clsing levels frm January 1, 2007 thrugh Octber 19, The clsing level f the S&P 500 Index n Octber 19, 2012 was The clsing level f the Russell 2000 Index n Octber 19, 2012 was We btained the clsing levels belw frm Blmberg, withut independent verificatin. We make n representatin r warranty as t the accuracy r cmpleteness f the infrmatin btained frm Blmberg. Yu shuld nt take the histrical levels f the Underlyings as an indicatin f future perfrmance f the Underlyings r the securities. The levels f any f the Underlyings may decrease s that a Knck-In Event ccurs and at maturity yu will receive a Redemptin Amunt equal t less than the principal amunt f the securities. Any payment n the securities is subject t ur ability t pay ur bligatins as they becme due. We cannt give yu any assurance that the Final Level f each Underlying will remain abve its Knck-In Level. If the Final Level f any Underlying is equal t r less than its Knck-In Level, yu will lse mney n yur investment. Fr additinal infrmatin n the Underlyings, see the infrmatin set frth under The Reference Indices The S&P Indices The S&P 500 Index and The Reference Indices The Russell 2000 Index in the accmpanying underlying supplement. 8

10 Supplemental Infrmatin Regarding Material United States Federal Incme Tax Cnsideratins The amunt f the stated interest rate n the security that cnstitutes interest n the Depsit (as defined in the accmpanying prduct supplement) equals %, and the remaining balance cnstitutes the Put Premium (as defined in the accmpanying prduct supplement). Please refer t "Material United States Federal Incme Tax Cnsideratins" in the accmpanying prduct supplement fr a discussin summarizing material U.S. federal incme tax cnsequences f wning and dispsing f the securities that may be relevant t hlders f the securities that acquire the securities as part f the riginal issuance f the securities. Supplemental Plan f Distributin (Cnflicts f Interest) Under the terms and subject t the cnditins cntained in a distributin agreement dated May 7, 2007, as amended, which we refer t as the distributin agreement, we have agreed t sell the securities t CSSU. The distributin agreement prvides that CSSU is bligated t purchase all f the securities if any are purchased. CSSU prpses t ffer the securities at the ffering price set frth n the cver page f this pricing supplement and will receive underwriting discunts and cmmissins f $15.00 per $1,000 principal amunt f securities. CSSU may re-allw sme r all f the discunt n the principal amunt per security n sales f such securities by ther brkers r dealers. If all f the securities are nt sld at the initial ffering price, CSSU may change the public ffering price and ther selling terms. In additin, Credit Suisse Internatinal, an affiliate f Credit Suisse, may pay referral fees f up t $3.00 per $1,000 principal amunt f securities in cnnectin with the distributin f the securities. An affiliate f Credit Suisse has paid r may pay in the future a fixed amunt t brker-dealers in cnnectin with the csts f implementing systems t supprt these securities. We expect t deliver the securities against payment fr the securities n the Settlement Date indicated abve, which may be a date that is greater than three business days fllwing the Trade Date. Under Rule 15c6-1 f the Securities Exchange Act f 1934, as amended, trades in the secndary market generally are required t settle in three business days, unless the parties t a trade expressly agree therwise. Accrdingly, if the Settlement Date is mre than three business days after the Trade Date, purchasers wh wish t transact in the securities mre than three business days prir t the Settlement Date will be required t specify alternative settlement arrangements t prevent a failed settlement. The agent fr this ffering, CSSU, is ur affiliate. In accrdance with FINRA Rule 5121, CSSU may nt make sales in this ffering t any f its discretinary accunts withut the prir written apprval f the custmer. A prtin f the net prceeds frm the sale f the securities will be used by CSSU r ne f its affiliates in cnnectin with hedging ur bligatins under the securities. Fr further infrmatin, please refer t Underwriting (Cnflicts f Interest) in the accmpanying prduct supplement. 9

11 Credit Suisse