Credit Suisse International

Transcription

1 Credit Suisse International Registered as unlimited in England and Wales under No Series NCSI Up to EUR 100,000,000 Equity-linked Sprint Notes due 2011 Series NCSI Up to EUR 100,000,000 Equity-linked Sprint Notes due 2011 Series NCSI Up to EUR 100,000,000 Equity-linked Sprint Notes due 2011 Issue Price: 100 per cent. This document comprises two parts. Part One is a summary of the Registration Document and Securities Note (the Summary ) and Part Two is a securities note (the Securities Note ) both prepared for the purposes of Article 5.3 of Directive 2003/71/EC (the Prospectus Directive ). The Summary and the Securities Note contain information relating to the above Notes (the Securities ). The Summary and the Securities Note shall be read in conjunction with the registration document (the Registration Document ) dated 7 May 2008 containing information in respect of Credit Suisse International (the Issuer ), as prepared for the purposes of Article 5.3 of the Prospectus Directive. Together, the Registration Document, the Summary and the Securities Note comprise a prospectus (the Prospectus ) for the Securities, prepared for the purposes of Article 5.1 of the Prospectus Directive. 22 May 2008

2 Table of Contents Page PART ONE...4 SUMMARY...4 PART TWO...8 SECURITIES NOTE...8 DOCUMENTS INCORPORATED BY REFERENCE...9 RISK FACTORS TERMS AND CONDITIONS CLEARING ARRANGEMENTS SUBSCRIPTION AND SALE GENERAL INFORMATION

3 The Issuer accepts responsibility for the information contained in this document. To the best of the knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The delivery of this document at any time does not imply that any information contained herein is correct at any time subsequent to the date hereof. The Issuer will not be providing any post issuance information in relation to the Securities. This document has been filed with the Financial Services Authority in its capacity as competent authority under the UK Financial Services and Markets Act 2000 (the UK Listing Authority ). Application will be made to the Irish Stock Exchange for the Securities issued to be admitted to the Official List and to trading on its regulated market. Such market is a regulated market for the purposes of Directive 2004/39/EC (the Markets in Financial Instruments Directive). The Issuer has requested the UK Listing Authority to provide the Belgian Banking, Finance and Insurance Commission ( Commission bancaire, financière et des assurances or Commissie voor het Bank-, Financie- en Assurantiewesen ) and the Irish Financial Services Regulatory Authority ( IFSRA ), in their respective capacities as competent authority in Belgium and Ireland for the purposes of the Prospectus Directive, with a certificate of approval in accordance with Article 18 of the Prospectus Directive attesting that the Prospectus has been drawn up in accordance with the Prospectus Directive. In connection with the issue and sale of the Securities, no person is authorised to give any information or to make any representation not contained in the Registration Document, the Summary or the Securities Note, and neither the Issuer nor the Dealer accepts responsibility for any information or representation so given that is not contained in the Registration Document, the Summary or the Securities Note. The Prospectus does not constitute an offer of Securities, and may not be used for the purposes of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised, or to any person to whom it is unlawful to make such offer or solicitation and no action is being taken to permit an offering of the Securities or the distribution of the Prospectus in any jurisdiction where any such action is required except as specified herein. The distribution of the Prospectus and the offering of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession the Registration Document, the Summary or the Securities Note comes are required by the Issuer to inform themselves about, and to observe, such restrictions. The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the Securities Act ). Subject to certain exemptions, the Securities may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons. A further description of the restrictions on offers and sales of the Securities in the United States or to U.S. persons is set forth below under Subscription and Sale. 3

4 PART ONE SUMMARY Credit Suisse International Series NCSI Up to EUR 100,000,000 Equity-linked Sprint Notes due 2011 Series NCSI Up to EUR 100,000,000 Equity-linked Sprint Notes due 2011 Series NCSI Up to EUR 100,000,000 Equity-linked Sprint Notes due 2011 (the Securities ) This summary must be read as an introduction to this Prospectus and any decision to invest in the Securities should be based on a consideration of the Prospectus as a whole, including the documents incorporated by reference. No civil liability in respect of this summary will attach to the Issuer in any Member State of the European Economic Area in which the relevant provisions of the Prospectus Directive have been implemented unless this summary, including any translation thereof, is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. Where a claim relating to the information contained in this Prospectus is brought before a court in such a Member State, the plaintiff may, under the national legislation of that Member State, be required to bear the costs of translating the Prospectus before the legal proceedings are initiated. Description of the Issuer Credit Suisse International (the Issuer ) is incorporated in England and Wales under the Companies Act 1985, with registered no as an unlimited liability company. Its registered office and principal place of business is at One Cabot Square, London E14 4QJ. The Issuer is an English bank and is authorised and regulated as an EU credit institution by the Financial Services Authority ( FSA ) under the Financial Services and Markets Act The FSA has issued a scope of permission notice authorising the Issuer to carry out specified regulated investment activities. The Issuer is an unlimited liability company and, as such, its shareholders have a joint, several and unlimited obligation to meet any insufficiency in the assets of the Issuer in the event of its liquidation. The joint, several and unlimited liability of the shareholders of the Issuer to meet any insufficiency in the assets of the Issuer will only apply upon liquidation of the Issuer. Therefore, prior to any liquidation of the Issuer, holders of the Securities may only have recourse to the assets of the Issuer and not to those of its shareholders. Its shareholders are Credit Suisse Group, Credit Suisse and Credit Suisse (International) Holding AG. The Issuer commenced business on 16 July Its principal business is banking, including the trading of derivative products linked to interest rates, equities, foreign exchange, commodities and credit. The primary objective of the Issuer is to provide comprehensive treasury and risk management derivative product services worldwide. The Issuer has established a significant presence in global derivative markets through offering a full range of derivative products and continues to develop new products in response to the needs of its customers and changes in underlying markets. 4

5 Description of the Securities The Securities are euro denominated, zero-coupon equity-linked notes to be issued by the Issuer on 2 July 2008 and due to mature on 7 July 2011 (the Maturity Date ). The principal amount of each Security is EUR 1,000 and the total principal amount of the Securities of each Series is up to EUR 100,000,000 (and is dependent on the amount in respect of which applications are made). The issue price is 100 per cent. of the principal amount. The redemption amount which will be paid to the investor on the Maturity Date is linked to the performance of the shares of the relevant following company: Series NCSI : Dexia SA Series NCSI : Total SA Series NCSI : Suez SA The Securities may only be redeemed other than on the Maturity Date for reasons of default by the Issuer or the illegality of the Issuer s payment obligations or its hedging arrangements. The Securities will be cleared through Euroclear and Clearstream, Luxembourg. Application will be made to the Irish Stock Exchange for the Securities to be admitted to the Official List of the Irish Stock Exchange and to trading on its regulated market. Return at Maturity If the closing price of the relevant Share on the Final Observation Date is equal to or higher than the closing price on the Strike Date, the Securities of the relevant Series will be redeemed on the Maturity Date by payment of the Redemption Amount. The Redemption Amount per Security will be an amount in euro equal to EUR 1,000 plus a percentage (subject to a maximum of 100 per cent.) equal to twice the percentage increase, if any, in the relevant share price in the period from the Strike Date to the Final Observation Date. If the closing price of the relevant Share on the Final Observation Date is less than the closing price on the Strike Date, each of the Securities of the relevant Series will be redeemed by delivery of an amount of the relevant Shares equal to EUR 1,000 divided by the closing share price of the relevant Shares on the Strike Date (rounded down to the nearest whole number of Shares). Cash payments will be made in respect of any fractions of a Share. Final Observation Date means 4 July Strike Date means 2 July Please note that the full terms and conditions contain provisions dealing with non-business days, disruptions and adjustments that may affect the Shares and the timing of calculations and payments under the Securities. 5

6 The Offer Deutsche Bank SA/NV ( Deutsche Bank ) has agreed to purchase from the Dealer, and the Dealer has agreed to sell to Deutsche Bank, some or all of the Securities. Deutsche Bank has informed the Issuer that it contemplates offering, in its own name, Securities to the public in Belgium. Neither the Issuer nor the Dealer has any responsibility for such offers. The offer period will be from 26 May 2008 to 27 June The offer period may be discontinued at any time. The maximum nominal amount of the offer in respect of each Series of Securities is EUR 100,000,000. The price of the offer will be 100 per cent. of the principal amount. In addition Deutsche Bank will charge the purchasers a subscription charge of 1 per cent. of the issue price for each Security purchased. Purchases can be made by submitting a purchase commitment form provided by Deutsche Bank, or otherwise as instructed by Deutsche Bank. Payment for the Securities shall be made to Deutsche Bank on or around 2 July 2008 for delivery of Securities to purchasers accounts on or around 2 July Deutsche Bank reserves the right to cancel the offer if Deutsche Bank assesses, at its absolute discretion, that any factors render it illegal, impossible or impractical, in whole or part, to complete the offer or that there has been a material adverse change in the market conditions. In case of cancellation, Deutsche Bank will repay the purchase price paid by any purchaser without interest. Risk Factors The terms of the Securities provide that the Redemption Amount will be dependent upon the performance of the relevant Shares. If the closing price of the relevant Shares on the Final Observation Date is less than the closing price on the Strike Date, the Securities of the relevant Series will be redeemed by delivery of the relevant Shares. As of the Final Observation Date the market value of such Shares will be less than the principal amount of the relevant Securities. In such event, investors risk losing the value of all or part of their investment. An investment in the Securities is not the same as an investment in the Shares. In particular, investors will not benefit from any dividends. The prices of the Shares may go down as well as up throughout the term of the Securities. Furthermore, the prices of the Shares at any specific date may not reflect their prior or future performance. There can be no assurance as to the future performance of the Shares. Accordingly, before investing in the Securities, prospective investors should carefully consider whether an investment based on the performance of the Shares is suitable for them. The Securities involve complex risks, which include, among other things, share price risks, credit risks, foreign exchange risks, interest rate risks and/or political risks. It is not possible to predict the price at which Securities will trade in the market or whether such market will be liquid or illiquid. The Issuer may, but is not obliged to, purchase Securities at any time at any price in the open market or by tender or private treaty. Any Securities so purchased may be held or resold or surrendered for cancellation. The secondary market for Securities may be limited. The only way in which 6

7 a holder can realise value from a Security prior to maturity is to sell it at its then market price in the market, which may be less than the amount initially invested. Fluctuations in the prices of the Shares may affect the value of the Securities. Accordingly, an investment in the Securities is only suitable for investors who (either alone or in conjunction with an appropriate financial adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The levels and basis of taxation on the Securities and any reliefs from such taxation can change at any time. The value of any tax reliefs will depend on an investor s individual circumstances. The tax and regulatory characterisation of the Securities may change over the life of the Securities. This could have adverse consequences for investors. Before making any investment decision with respect to the Securities, any prospective investors should consult their own financial, tax or other advisers as they consider necessary and carefully review and consider such an investment decision in the light of the foregoing and their personal circumstances. 7

8 PART TWO SECURITIES NOTE Terms defined in the General Conditions have the same meaning herein unless otherwise defined in the Issue Specific Terms. In the event of any inconsistency between the Issue Specific Terms and the General Conditions, the Issue Specific Terms will prevail. 8

9 DOCUMENTS INCORPORATED BY REFERENCE This Securities Note should be read and construed in accordance with the following sections of the Issuer s Base Prospectus dated 1 February 2008 relating to its Structured Products Programme for the issuance of Notes, Certificates and Warrants that has been approved by the Financial Services Authority (the Principal Base Prospectus ): 1. General Terms and Conditions of Notes (English law) (pages 12 to 15 inclusive) 2. Summary of Provisions relating to Notes while in Global Form (page 26) 3. Asset Terms (Equity-linked Securities) (pages inclusive) 4. The Underlying Assets (page 101) 5. UK, Irish, EU and Swiss Taxation (pages inclusive) 6. General Information (page 127) 9

10 RISK FACTORS The terms of the Securities provide that the Redemption Amount will be dependent upon the performance of the relevant Shares. If the closing price of the relevant Shares on the Final Observation Date is less than the closing price on the Strike Date, the Securities of the relevant Series will be redeemed by delivery of the relevant Shares. As of the Final Observation Date the market value of such Shares will be less than the principal amount of the relevant Securities. In such event, investors risk losing the value of all or part of their investment. An investment in the Securities is not the same as an investment in the Shares. In particular, investors will not benefit from any dividends. The prices of the Shares may go down as well as up throughout the term of the Securities. Furthermore, the prices of the Shares at any specific date may not reflect their prior or future performance. There can be no assurance as to the future performance of the Share prices. Accordingly, before investing in the Securities, prospective investors should carefully consider whether an investment based on the performance of the Share prices is suitable for them. The Securities involve complex risks, which include, among other things, share price risks, credit risks, foreign exchange risks, interest rate risks and/or political risks. It is not possible to predict the price at which Securities will trade in the market or whether such market will be liquid or illiquid. The Issuer may, but is not obliged to, purchase Securities at any time at any price in the open market or by tender or private treaty. Any Securities so purchased may be held or resold or surrendered for cancellation. The secondary market for Securities may be limited. The only way in which a holder can realise value from a Security prior to the Maturity Date is to sell it at its then market price in the market which may be less than the amount initially invested. Fluctuations in the prices of the Shares may affect the value of the Securities. Accordingly, an investment in Securities is only suitable for investors who (either alone or in conjunction with an appropriate financial adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The level and basis of taxation on the Securities and any reliefs from such taxation can change at any time. The value of any tax reliefs will depend on an investor s individual circumstances. The tax and regulatory characterisation of the Securities may change over the life of the Securities. This could have adverse consequences for investors. Before making any investment decision with respect to the Securities, any prospective investors should consult their own financial, tax or other advisers as they consider necessary and carefully review and consider such an investment decision in the light of the foregoing and their personal circumstances. 10

11 TERMS AND CONDITIONS The Securities will be subject to the General Terms and Conditions of Notes (English law) and Asset Terms for Equity-linked Securities set out in the Principal Base Prospectus and also to the following provisions. References in such General Terms and Conditions and Asset Terms to the Final Terms shall be to these provisions. In the case of a discrepancy or conflict with such General Terms and Conditions or Asset Terms, the following provisions shall prevail. 1 Series Number: NCSI NCSI NCSI Tranche Number: Not Applicable 3 Applicable General Terms and Conditions: Notes - English law 4 Specified Currency: Euro 5 Aggregate Nominal Amount: Series: NCSI Up to EUR 100,000,000 Series: NCSI Up to EUR 100,000,000 Series: NCSI Up to EUR 100,000,000 6 Issue Price: 100 per cent. of the Aggregate Nominal Amount 7 Specified Denomination: EUR 1,000 8 Issue Date: 2 July Maturity Date: As per the Schedule hereto 10 Interest Basis: Not Applicable 11 Premium Basis: Not Applicable 12 Redemption Basis: Equity-linked 13 Call Options: Not Applicable 14 Floating Rate Provisions Not Applicable PROVISIONS RELATING TO REDEMPTION 15 Redemption Amount: The Redemption Amount shall be determined in accordance with the provisions of the Schedule hereto. If a Share Delivery Event occurs, the Securities shall be redeemed as provided in such Schedule. 16 Settlement Currency Euro 11

12 UNDERLYING ASSETS 17 Equity-linked Securities Applicable Series NCSI Share Issuer: Share: ISIN: Bloomberg Code: Information Source: Exchange: Jurisdictional Events: Extraordinary Dividend: Change of Law: Insolvency Filing: Dexia SA Common Stock BE DEXB BB Euronext Brussels Not Applicable To be determined by the Issuer Applicable Applicable Series NCSI Share Issuer: Share: ISIN: Bloomberg Code: Information Source: Exchange: Jurisdictional Events: Extraordinary Dividend: Change of Law: Insolvency Filing: Total SA Common Stock FR FP FP Euronext Paris Not Applicable To be determined by the Issuer Applicable Applicable Series NCSI Share Issuer: Share: ISIN: Bloomberg Code: Information Source: Exchange: Jurisdictional Events: Extraordinary Dividend: Suez SA Common Stock FR SZE FP Euronext Paris Not Applicable To be determined by the Issuer 12

13 Change of Law: Insolvency Filing: Applicable Applicable GENERAL PROVISIONS 18 Form of Securities: (i) Type: Bearer Securities (ii) Global Security or Certificate: Global Security (iii) Applicable TEFRA exemption: Not Applicable 19 Financial Centre(s): Not Applicable 20 Listing and Admission to Trading: (i) Stock Exchange(s) to which application will initially be made to list the Securities: (Application may subsequently be made to other stock exchange(s)) Irish Stock Exchange (ii) Admission to trading: Application has been made for the Securities to be admitted to trading on the regulated market of the Irish Stock Exchange with effect from the Issue Date. 21 Security Codes and Ticker Symbols: ISIN Code: Series NCSI : Series NCSI : Series NCSI : XS XS XS Common Code: Series NCSI : Series NCSI : Series NCSI : Clearing and Trading: Clearing System(s): Delivery of Securities: Euroclear Bank S.A./N.V. and Clearstream Banking, S.A., Luxembourg Delivery free of payment 23 Agents: Calculation Agent: Credit Suisse International One Cabot Square London E14 4QJ 13

14 Fiscal Agent: Paying Agents: The Bank of New York One Canada Square London E14 5AL The Bank of New York One Canada Square London E14 5AL 24 Dealer(s): Credit Suisse Securities (Europe) Limited 25 Additional steps that may only be taken following approval by Extraordinary Resolution: 26 Specified newspaper for the purposes of notices to Securityholders: Not Applicable Not Applicable 27 Additional Provisions: Not Applicable 14

15 SCHEDULE 1 Definitions Delivery Day means a day on which Shares comprised in the Share Amount(s) may be delivered to Securityholders in the manner which the Issuer has determined to be appropriate. Delivery Notice means a notice as referred to in paragraph 3 below. Disruption Cash Settlement Price means in respect of each Security, an amount in the Settlement Currency equal to the fair market value of the Share Amount (taking into account, where the Settlement Disruption Event affected some but not all of the Shares comprising the Share Amount and such non-affected Shares have been duly delivered, the value of such Shares), less the cost to the Issuer of unwinding any underlying related hedging arrangements, all as determined by the Issuer. Final Observation Date means, subject to the Asset Terms, 4 July Final Price means, in respect of a Share, the Level of the relevant Share on the Final Observation Date. Fractional Amount means any fractional interest in one Share forming part of the Ratio. Fractional Cash Amount means, in respect of each Security and in respect of Shares of a Share Issuer, the amount in the Settlement Currency (rounded to the nearest smallest transferable unit of such currency, half such a unit being rounded upwards) calculated by the Issuer in accordance with the following formula: Fractional Cash Amount = (Final Price x Fractional Amount). Issue Date means 2 July Level means the Share Price of the relevant Share. Maturity Date means 7 July 2011 subject to any possible postponement of the Final Fixing Date. Physical Settlement means the delivery of the relevant Share. Presentation Date means the latest date prior to the Maturity Date by which the Issuer determines that a Delivery Notice must have been delivered in order for the Issuer, in accordance with its administrative practices, to deliver the relevant Share Amounts on the Share Delivery Date. Ratio means, in respect of a Share, subject to the Asset Terms, the number of Shares calculated by the Issuer as follows: Nominal Amount / Strike Price. Redemption Amount means, in respect of each Security, an amount determined as follows/save as provided in paragraph 3 below): Redemption Amount = EUR 1,000 + (200% x Max Final Pr ice 0 %;Min 50%; 100% ) Strike Pr ice Settlement Disruption Event means an event determined by the Issuer to be beyond the control of the Issuer as a result of which the Issuer cannot transfer (or it would be contrary to applicable laws and regulations for the Issuer to transfer) Shares comprised in the Share Amount(s) in accordance with paragraph 3 (c)(ii). 15

16 Share Amount means, subject as provided in paragraph 3(c)(iii), in respect of each Security, the Number of Shares equal to the Ratio rounded down to the nearest integral number of Shares. Share Delivery Date means, in respect of a Share, subject as provided in paragraph 3(c)(ii), the Maturity Date or, if such day is not a Delivery Day, the first succeeding Delivery Day. Share Delivery Event means, subject to the relevant Asset Terms, the Level (with regard to the Valuation Time) of the relevant Share in respect of the Final Observation Date is below the Strike Price. Strike Date means, subject to the Asset Terms, the Issue Date. Strike Price means the Level of the relevant Share on the Strike Date. 2 Redemption Unless they have previously been redeemed or purchased and cancelled, and subject to paragraph 3 below, the Issuer shall redeem the Securities on the Maturity Date at their Redemption Amount. 3 Delivery of Shares (Physical Settlement) (a) Redemption by delivery of Shares If a Share Delivery Event occurs, the Issuer shall redeem the Securities by delivery of the Share Amount on the Share Delivery Date and payment on the Maturity Date of any Fractional Cash Amount. The Issuer shall, as soon as practicable, give notice to the Securityholders in accordance with the General Conditions if the Securities are to be redeemed by such method. If the Securities are to be redeemed by such method, the Share Amounts in respect of the Securities shall be delivered subject to and in accordance with the following provisions and, where applicable, the rules and operating procedures of the relevant Clearing System. (b) Delivery Notices In order to obtain delivery of the Share Amount(s), the relevant Securityholder must deliver to any Paying Agent, on or before the Presentation Date, a duly completed Delivery Notice. The Delivery Notice shall be substantially in such form as the Issuer may determine and copies may be obtained from any Agent. The Delivery Notice must: (i) (ii) specify the name and address of the relevant Securityholder, the securities account in the Clearing System where the relevant Securities are to be debited and the securities account in the Clearing System to be credited with the relevant Share Amounts; certify that the beneficial owner of the relevant Securities is not a U.S. person; and 16

17 (iii) authorise the production of such notice in any applicable administrative or legal proceedings. No Delivery Notice may be withdrawn after receipt thereof by a Paying Agent. Failure properly to complete and deliver a Delivery Notice may result in such notice being treated as null and void. Any determination as to whether such notice has been properly completed and delivered as provided in these Conditions shall be made by the relevant Paying Agent, after consultation with the Issuer and shall be conclusive and binding on the Issuer and the relevant Securityholder. If the relevant Security and the related Delivery Notice are delivered to any Paying Agent on a day that is not a Banking Day in the city of the relevant Paying Agent, such Security and Delivery Notice shall be deemed to be delivered on the next following such Banking Day. The Issuer shall have no obligation to make delivery of the Share Amount in respect of such Security unless and until a duly completed Delivery Notice is delivered as provided above. If this is done after the Presentation Date, delivery of such Share Amount shall be made as soon as possible thereafter but not earlier than the Share Delivery Date. For the avoidance of doubt, the relevant holder of a Security shall not be entitled to any additional or further payment by reason of the delivery of the Share Amount in respect of such Security occurring after the Share Delivery Date as a result of such Delivery Notice or Security being delivered after the Presentation Date. Securityholders should note that, since the Presentation Date may fall before the date on which the Issuer notifies them of the method of redemption, they may not know by then whether the Securities will be redeemed by payment or by delivery of the Share Amount. However, if the Delivery Notice is not delivered by the Presentation Date in accordance with this Condition and the Securities are to be redeemed by delivery of the Share Amount, the Securityholder will receive the Share Amount later than if the Delivery Notice had been so delivered by the Presentation Date. (c) Share Amounts (i) Delivery of Share Amounts Without prejudice to paragraph 3(c)(ii) below, the Issuer shall on the Share Delivery Date, deliver or procure the delivery of the Share Amount in respect of each Security to the relevant Clearing System (or, in the case of any Share Amount which is not eligible for delivery within the relevant Clearing System, using such other commercially reasonable manner as the Issuer may select) at the risk and expense of the relevant Securityholder. The Securityholder is required to pay all taxes and fees in connection with the delivery of the Share Amount, if any. As used herein, delivery in relation to any Share Amount means the carrying out of the steps required of the Issuer (or such person as it may procure to make the relevant delivery) in order to effect the transfer of the relevant Share Amount and deliver shall be construed accordingly. The Issuer shall not be responsible for any delay or failure in the transfer of such Share Amount once such steps have been carried out, whether resulting from settlement periods of clearing systems, acts or omissions of registrars, incompatible or incorrect information being contained in any Delivery Notice or otherwise and shall have no responsibility for 17

18 the lawfulness of the acquisition of the Shares comprising the Share Amount or any interest therein by any Securityholder or any other person. In respect of each Share comprising the Share Amount, the Issuer shall not be under any obligation to register or procure the registration of the Securityholder or any other person as the registered shareholder in the register of members of the Share Issuer. Securityholders should note that the actual date on which they become holders of the Shares comprising their Share Amount will depend, among other factors, on the procedures of the relevant clearing systems and any share registrar and the effect of any Settlement Disruption Events. The Issuer shall not at any time be obliged to account to a Securityholder for any amount or entitlement that it receives by way of a dividend or other distribution in respect of any of the Shares. Dividends and distributions in respect of the Shares which constitute a Potential Adjustment Event may however result in an adjustment being made pursuant to the Asset Terms. Neither the Issuer nor any other person shall (i) be under any obligation to deliver (or procure delivery) to such Securityholder or any other person, any letter, certificate, notice, circular or any other document received by that person in its capacity as the holder of such Shares, (ii) be under any obligation to exercise or procure exercise of any or all rights (including voting rights) attaching to such Shares or (iii) be under any liability to such Securityholder or any subsequent beneficial owner of such Shares in respect of any loss or damage which such Securityholder or subsequent beneficial owner may sustain or suffer as a result, whether directly or indirectly, of that person being registered at any time as the legal owner of such Shares. (ii) Settlement Disruption If the Issuer determines that delivery of any Share Amount in respect of any Security by the Issuer in accordance with the Conditions is not practicable or permitted by reason of a Settlement Disruption Event subsisting, then the Share Delivery Date in respect of such Security shall be postponed to the first following Delivery Day in respect of which no such Settlement Disruption Event is subsisting and notice thereof shall be given to the relevant Securityholder by mail addressed to it at the address specified in the relevant Delivery Notice or in accordance with the General Conditions provided that the Issuer may elect in its sole discretion to satisfy its obligations in respect of the relevant Security by delivering or procuring the delivery of such Share Amount using such other commercially reasonable manner as it may select and in such event the Share Delivery Date shall be such day as the Issuer deems appropriate in connection with delivery of such Share Amount in such other commercially reasonable and lawful manner. No Securityholder shall be entitled to any payment whether of interest or otherwise on such Security in the event of any delay in the delivery of the Share Amount pursuant to this paragraph and no liability in respect thereof shall attach to the Issuer. Where a Settlement Disruption Event affects some but not all of the Shares comprising the Share Amount, the Share Delivery Date for the Shares comprising such Share Amount but not affected by the Settlement Disruption Event will be the originally designated Share Delivery Date. For so long as delivery of the Share Amount in respect of any Security is not practicable or permitted by reason of a Settlement Disruption Event, then in lieu of 18

19 physical settlement and notwithstanding any other provision hereof, the Issuer may elect in its sole discretion to satisfy its obligations in respect of each relevant Security by payment to the relevant Securityholder of the Disruption Cash Settlement Price on the third Currency Business Day following the date that notice of such election is given to the Securityholders in accordance with the General Conditions. Payment of the Disruption Cash Settlement Price will be made in such manner as shall be notified to the Securityholders in accordance with the General Conditions. The Issuer shall give notice as soon as practicable to the Securityholders in accordance with the General Conditions that a Settlement Disruption Event has occurred. 19

20 CLEARING ARRANGEMENTS The Securities will be cleared through Euroclear and Clearstream, Luxembourg. The Common Code and the International Securities Identification Number (ISIN) are set out in the Issue Specific Terms and Conditions. TAXATION The following summary of certain tax issues that may arise as a result of holding Securities is based on current Belgian tax legislation and is intended only as general information for holders of Securities, who are resident in Belgium for tax purposes. This description does not deal comprehensively with all tax consequences that may occur for holders of Securities, nor does it cover the specific rules where Securities are held by a partnership or are held as current assets in a business operation. Special tax consequences that are not described below may also apply for certain categories of tax payers, including investment companies, mutual funds and persons who are not resident or domiciled in Belgium. It is recommended that prospective applicants for Securities consult their own tax advisers for information with respect to the special tax consequences that may arise as a result of holding Securities, including the applicability and effect of foreign income tax rules, provisions contained in double taxation treaties and other rules which may be applicable. Taxation of individuals resident in Belgium Individuals who are subject to Belgian Income Tax ( Personenbelasting/Impôt des personnes physiques ) are subject to the following tax treatment with respect to the Securities. Any amount paid by the Issuer in excess of the issuance price of the Securities at the maturity date or at early redemption, is taxable as interest. Payments of interest on the Securities made through a paying agent in Belgium will in principle be subject to a 15 per cent. withholding tax in Belgium (calculated on the interest received after deduction of any non-belgian withholding taxes). The Belgian withholding tax constitutes the final income tax for individuals subject to Belgian Income Tax. This means that they do not have to declare the interest received on the Securities in their personal income tax return, provided that withholding tax was levied on these interest payments. However, if the interest is paid outside Belgium without the intervention of a Belgian paying agent, the interest received (after deduction of any non-belgian withholding tax) must be declared in the personal income tax return and will be taxed at a flat rate of 15 per cent. (plus communal surcharges). Capital gains realised on the sale of the Securities are in principle tax exempt. Capital losses are in principle not tax deductible. Other rules may apply in certain circumstances, in particular when individuals resident in Belgium acquire the Securities for professional purposes or when their transactions with respect to the Securities fall outside the scope of the normal management of their private assets. Tax treatment of Belgian corporations Corporations which are subject to Belgian Corporate Income Tax ( Vennootschapsbelasting/Impôt des sociétés ) are subject to the following tax treatment with respect to the Securities. Payments of interest (as defined above) and capital gains realised on the Securities will be subject to Belgian Corporate Income tax at a rate of per cent. Capital losses are deductible. 20

21 Interest payments on the Securities made through a paying agent in Belgium can under certain circumstances be exempt from withholding tax. Tax treatment of other Belgian legal entities Other legal entities which are subject to Belgian tax on legal entities ( Rechtspersonenbelasting/impôt des personnes morales ) are subject to the following tax treatment with respect to the Securities. Capital gains realised on the Securities are in principle tax exempt. A gain arising on the repurchase or redemption of the Securities by the Issuer is taxable as interest. Payments of interest (as defined above) on the Securities made through a paying agent in Belgium will in principle be subject to a 15 per cent. withholding tax in Belgium and no further tax on legal entities will be due on the interest. However, if the interest is paid outside Belgium without the intervention of a Belgian paying agent and without the deduction of Belgian withholding tax, the legal entity itself is responsible for the deduction and payment of the 15 per cent. withholding tax. The capital losses are in principle not tax deductible. The EU Savings Directive On 3 June 2003, the Council of the European Union adopted the Council Directive 2003/48/EC regarding the taxation of savings income (hereafter, the "Savings Directive"), which has been implemented in Belgium by the law of 17 May The Savings Directive entered into force on 1 July Under the Directive, Member States are required since 1 July 2005 to provide to the tax authorities of other Member States or the tax authorities of the Netherlands Antilles, Aruba, Guernsey, Jersey, the Isle of Man, Montserrat and the British Virgin Islands (the Dependent and Associated Territories, each a Dependent and Associated Territory ) details of payments of interest and other similar income paid by a paying agent (within the meaning of the Savings Directive) to (or under certain circumstances, for the benefit of) an individual resident in another Member State or resident in a Dependent and Associated Territory, except that Austria, Belgium and Luxembourg are instead required to impose a withholding system for a transitional period unless the beneficiary of the interest payments elects for the exchange of information. The withholding tax rate is initially 15 per cent., increasing steadily to 20 per cent. and to 35 per cent.. The ending of such transitional period will depend on the conclusion of certain other agreements relating to exchange of information with certain other countries. An individual resident in Belgium will be subject to the provisions of the Savings Directive, if he receives payments of interest (as defined above) from a paying agent (within the meaning of the Savings Directive) established in another EU Member State, Switzerland, Liechtenstein, Andorra, Monaco, San Marino, the Netherlands Antilles, Aruba, Guernsey, Jersey, the Isle of Man, Montserrat, the British Virgin Islands, the Cayman Islands, Anguilla or the Turks and Caicos Islands. If the interest received by an individual resident in Belgium has been subject to a tax levied pursuant to the Savings Directive in the country of the paying agent (a Source Tax ), such Source Tax does not discharge the Belgian individual from his/her obligation to declare the interest income in his/her personal income tax return. The Source Tax will be credited against the personal income tax due from the investor. If the Source Tax withheld exceeds the personal 21

22 income tax due, the excessive amount will be reimbursed, provided it amounts to at least EUR Belgian stock exchange tax and tax on repurchase transactions A stock exchange tax ( taks op de beursverrichtingen / taxe sur les opérations de bourse ) will be levied on the purchase and sale of the Securities in Belgium on a secondary market through a professional intermediary. The rate applicable for secondary sales and purchases in Belgium through a professional intermediary is 0.07 per cent. and such stock exchange tax is subject to a maximum of EUR 500 per party and per transaction. The stock exchange tax is due separately from each of the seller and the purchaser, and both payments are to be collected by the professional intermediary. A tax on repurchase transactions ( taks op de reportverrichtingen / taxe sur les reports ) at the rate of per cent. (subject to a maximum of EUR 500 per party and per transaction) will be levied on repurchase transactions entered into or settled in Belgium where a professional intermediary for stock transactions acts for either party. The tax on repurchase transactions will be due from each party to any such transaction. However, the stock exchange tax and the tax on repurchase transactions referred to above will not be payable by exempt persons acting for their own account, including certain Belgian institutional investors, as defined in Articles and 139 of the code of various rights and taxes ( Wetboek diverse rechten en taksen / Code des droits et taxes divers ). 22

23 SUBSCRIPTION AND SALE Initial Purchase Credit Suisse Securities (Europe) Limited, in its capacity as the Dealer will subscribe for the Securities upon their issuance and will comply with the selling restrictions set out below. The Dealer will sell the Securities to the Distributor. Except as set out in this Securities Note, no action has been or will be taken by the Issuer or the Dealer that would permit a public offering of the Securities or possession or distribution of any offering material in relation to the Securities in any jurisdiction where action for that purpose is required. No offers, sales or deliveries of the Securities, or distribution of any offering material relating to the Securities, may be made in or from any jurisdiction except in circumstances which will result in compliance with any applicable laws and regulations and will not impose any obligations on the Issuer. Purchase and Offer by Deutsche Bank Deutsche Bank SA/NV ( Deutsche Bank ), a bank supervised by the Belgian Banking, Finance and Insurance Commission ( Commission bancaire, financière et des assurances / Commissie voor het Bank-, Financie- en Assurantiewesen ) ( CBFA ), has agreed to purchase from the Dealer and the Dealer has agreed to sell to Deutsche Bank some or all of the Securities. Deutsche Bank has informed the Issuer that it (as distributor) contemplates offering, in its own name, Securities to the public in Belgium. The main terms of such offering (as from time to time specified, amended or complemented by Deutsche Bank) are set out below. The offeror: The Distributor: Deutsche Bank SA/NV Marnixlaan Avenue Marnix 1000 Brussels Belgium Offer period: 26 May June 2008 The offer period may be discontinued at any time. Offer price: Amount of the Offer: Applications: The Issue Price. In addition to the Offer price purchasers will pay a subscription charge, as set out below. The maximum nominal amount of the offer in respect of each Series of Securities is EUR 100,000,000. The final amount is dependent on the amount in respect of which applications are made. Purchases from Deutsche Bank can be made by submitting a purchase commitment form provided by Deutsche Bank, or otherwise as instructed by Deutsche Bank. Purchasers will be notified by Deutsche Bank of the amount allotted. Dealings may begin on the Issue Date. 23

24 Payment and delivery: Payments for the Securities shall be made to Deutsche Bank by wire transfer on or around 2 July 2008 or by internet payment upon the submission of the purchase commitment form, as instructed by Deutsche Bank. Deutsche Bank estimates that the Securities would be delivered to the purchasers respective book-entry securities accounts on or around 2 July Subscription Charge: Deutsche Bank will charge the purchasers a subscription charge of 1 per cent. of the Issue Price for each Security purchased. The Distributor will earn an amount ranging on average between 0% and 4% of the Issue Price; such range is due to potential changes in the market conditions during the Offer period which may influence the price paid for the Securities by the Distributor to the Issuer. Further information on the placement fee may be obtained from the Distributor. Right to cancel: Liability for the offer: Deutsche Bank reserves the right to cancel the offer if it assesses, at its absolute discretion, that any applicable laws, court rulings, decisions by governmental or other authorities or other similar factors render it illegal, impossible or impractical, in whole or part, to complete the offer or that there has been a material adverse change in the market conditions. In case of cancellation, Deutsche Bank will repay the purchase price paid by any purchaser without interest. Any offers by Deutsche Bank will be made in its own name and not as an agent of the Issuer or the Dealer and only Deutsche Bank will be liable for the offer in Belgium. Neither the Issuer nor the Dealer accepts any liability for the offer or sale of Securities by Deutsche Bank. Governing law of the offer and jurisdiction: The terms and conditions of Deutsche Bank s offer are governed by Belgian law. Any disputes regarding the offer should be submitted to the jurisdiction of the Belgian courts. Publication of a Supplement: If the Issuer publishes a supplement to this Prospectus pursuant to Article 16 of the Prospectus Directive which relates to the Issuer or the Securities, investors who have already agreed to purchase Securities before the supplement is published shall have the right to withdraw their acceptances by informing the relevant Distributor in writing thereof within 2 working days (or such other longer period as may mandatorily apply in the relevant country) of publication of the supplement. 24

25 United States The terms and conditions of the Securities and the terms on which they are offered and issued will be subject to the provisions of any such supplement. The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the Securities Act ) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S under the Securities Act. The Securities are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and regulations thereunder. The Dealer has agreed that, except as permitted by applicable law, not to offer, sell or deliver the Securities (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the Issue Date within the United States or to, or for the account or benefit of, U.S. persons, and it will be required to send to each other Dealer to which it sells Securities during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Securities within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have the meanings given to them by Regulation S under the Securities Act. In addition, until 40 days after the commencement of the offering, an offer or sale of Securities within the United States by the Dealer that is not participating in the offering may violate the registration requirements of the Securities Act. United Kingdom The Dealer has represented and agreed that: (a) (b) it has only communicated or caused to be communicated an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (the FSMA )) received by it in connection with the issue or sale of the Securities in circumstances in which section 21(1) of the FSMA would not, if the Issuer was not an authorised person, apply to the Issuer; and it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom. European Economic Area In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a Relevant Member State ), the Dealer represents and agrees that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation Date ) it has not made and will not make an offer of Securities to the public (within the meaning of that Directive) in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of Securities to the public in that Relevant Member State pursuant to the Prospectus or in circumstances which do not require the publication by the Issuer or the Dealer of a prospectus pursuant to the Prospectus Directive. 25