Procter & Gamble – Kind 424B2 CREDIT SUISSE AG

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The data on this
preliminary pricing complement shouldn’t be full and may be modified. This preliminary pricing complement shouldn’t be a proposal to promote
these securities and it isn’t soliciting a proposal to purchase these securities in any jurisdiction the place the supply or sale shouldn’t be
permitted. Topic to completion dated December 3, 2020. 

Preliminary Pricing Complement No. U5421 To Product Complement No. I–A dated June 18, 2020, Prospectus Complement dated June 18, 2020 and Prospectus dated June 18, 2020

Filed Pursuant to Rule 424(b)(2) Registration Assertion No. 333-238458-02 December 3, 2020

Monetary Merchandise

$ Contingent Coupon Autocallable Yield Notes due December 21, 2023 Linked to the Efficiency of the Lowest Performing of 4 Underlyings

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The securities don’t assure any return of principal at maturity and don’t present for the common cost of curiosity.

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If these securities haven’t been beforehand routinely redeemed, and if a Coupon Barrier Occasion has not occurred on an Commentary Date, we pays a contingent coupon on the instantly following Contingent Coupon Fee Date in an quantity anticipated to be $7.0833 (equal to roughly 8.50% every year) (to be decided on the Commerce Date) per $1,000 principal quantity of securities and all prior unpaid contingent coupons, if any, that haven’t been paid as a result of a Coupon Barrier Occasion occurred on the Commentary Dates associated to such unpaid contingent coupons. Nonetheless, if a Coupon Barrier Occasion has occurred on any Commentary Date, you’ll not obtain the contingent coupon for such Commentary Date on the instantly following Contingent Coupon Fee Date. Contingent coupons shouldn’t be seen as atypical periodic curiosity funds.

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If a Set off Occasion happens, the securities will probably be routinely redeemed and you’ll obtain a cash cost equal to the principal quantity of the securities you maintain plus the contingent coupon payable on the instantly following Contingent Coupon Fee Date. No additional funds will probably be made following an Computerized Redemption. Fee will probably be made in respect of such Computerized Redemption on the Contingent Coupon Fee Date instantly following the related Set off Commentary Date. Any cost on the securities is topic to our means to pay our obligations as they turn out to be due.

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Buyers must be keen to (i) forgo dividends and the potential to take part in any appreciation of any Underlying and (ii) lose some or all of their funding if a Knock-In Occasion has occurred.

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Senior unsecured obligations of Credit score Suisse maturing December 21, 2023. Any cost on the securities is topic to our means to pay our obligations as they turn out to be due.

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Minimal buy of $1,000. Minimal denominations of $1,000 and integral multiples of $1,000 in extra thereof.

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The providing price for the securities is anticipated to be decided on or about December 16, 2020 (the “Trade Date”), and the securities are anticipated to decide on or about December 21, 2020 (the “Settlement Date”). Supply of the securities in book-entry kind solely will probably be made by way of The Depository Belief Firm.

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The securities won’t be listed on any exchange.

Investing within the securities entails a lot of dangers.
See “Selected Risk Considerations” starting on web page 7 of this pricing complement and “Risk Factors” starting
on web page PS-Three of any accompanying product complement.

Neither the Securities and Alternate Fee nor any state
securities fee has accepted or disapproved of the securities or handed upon the accuracy or the adequacy of this pricing
complement or any accompanying product complement, the prospectus complement and the prospectus. Any illustration on the contrary
is a legal offense.

	price to Public(1)	Underwriting Reductions and Commissions(2)	Proceeds to Issuer
Per safety	$1,000	$	$
Complete	$	$	$

(1) Sure fiduciary accounts may pay a purchase order price of at
least $955 per $1,000 principal quantity of securities.

(2) We or any agent (certainly one of which may be our affiliate) may
pay various reductions and commissions of as much as $45 per $1,000 principal quantity of securities. CSSU or one other dealer or vendor
will forgo some or all reductions and commissions with respect to the gross sales of securities into sure fiduciary accounts. For
extra detailed info, please see “Supplemental Plan of Distribution (Conflicts of Interest)” on this pricing
complement.

Credit score Suisse Securities (USA) LLC (“CSSU”) is our
affiliate. For extra info, see “Supplemental Plan of Distribution (Conflicts of Interest)” on this pricing complement.

Credit score Suisse at the moment estimates the value of every $1,000
principal quantity of the securities on the Commerce Date will probably be between $920 and $970 (as decided by reference to our pricing
models and the speed we’re at the moment paying to borrow funds by way of issuance of the securities (our “internal funding rate”)).
This vary of estimated values displays phrases that aren’t but fastened. A single estimated value reflecting closing phrases will probably be
decided on the Commerce Date. See “Selected Risk Considerations” on this pricing complement.

The securities usually are not deposit liabilities and usually are not insured
or assured by the Federal Deposit Insurance coverage Company or some other governmental company of the USA, Switzerland
or some other jurisdiction.

Credit score Suisse

 

Key Phrases

Issuer:	Credit score Suisse AG (“Credit Suisse”), performing by way of its London department
Reference Share Issuer:	For every Underlying, the issuer of such Underlying.
Underlyings:	The securities are linked to the efficiency of the bottom performing of the Underlyings set forth under. For added info on the Underlyings, see “The Underlyings” herein. Every Underlying is recognized within the desk under, along with its Bloomberg ticker image, Preliminary Degree and anticipated Knock-In Degree, Coupon Barrier Degree and Set off Degree (every stage to be decided on the Commerce Date):
	Underlying	Ticker	Preliminary Degree	Knock-In Degree	Coupon Barrier Degree	Set off Degree
	Frequent stock of Costco Wholesale Company	COST UW <Fairness>		(Roughly 60% of Preliminary Degree)	(Roughly 60% of Preliminary Degree)	(100% of Preliminary Degree)
	Frequent stock of The Procter & Gamble Firm	PG UN <Fairness>		(Roughly 60% of Preliminary Degree)	(Roughly 60% of Preliminary Degree)	(100% of Preliminary Degree)
	Frequent stock of Starbucks Company	SBUX UW <Fairness>		(Roughly 60% of Preliminary Degree)	(Roughly 60% of Preliminary Degree)	(100% of Preliminary Degree)
	Frequent stock of FedEx Company	FDX UN <Fairness>		(Roughly 60% of Preliminary Degree)	(Roughly 60% of Preliminary Degree)	(100% of Preliminary Degree)
Contingent Coupons:	If these securities haven’t been beforehand routinely redeemed and if a Coupon Barrier Occasion has not occurred on an Commentary Date, we pays a contingent coupon on the instantly following Contingent Coupon Fee Date in an quantity anticipated to be $7.0833 (equal to roughly 8.50% every year) (to be decided on the Commerce Date) per $1,000 principal quantity of securities and all prior unpaid contingent coupons, if any, that haven’t been paid as a result of a Coupon Barrier Occasion occurred on the Commentary Dates associated to such unpaid contingent coupons. Nonetheless, if a Coupon Barrier Occasion has occurred on any Commentary Date, you’ll not obtain the contingent coupon for such Commentary Date on the instantly following Contingent Coupon Fee Date. If any Contingent Coupon Fee Date shouldn’t be a enterprise day, the contingent coupon will probably be payable on the primary following enterprise day, until that enterprise day falls within the subsequent calendar month, by which case cost will probably be made on the primary previous enterprise day. The quantity of any contingent coupon won’t be adjusted with respect to any postponement of a Contingent Coupon Fee Date and no curiosity or different cost will probably be payable hereon due to any such postponement of a Contingent Coupon Fee Date. No contingent coupons will probably be payable following an Computerized Redemption. Contingent coupons, if any, will probably be payable on the relevant Contingent Coupon Fee Date to the holder of document on the shut of enterprise on the enterprise day instantly previous the relevant Contingent Coupon Fee Date; offered that the contingent coupon payable on the Computerized Redemption Date or Maturity Date, as relevant, will probably be payable to the individual to whom the Computerized Redemption Quantity or the Redemption Quantity, as relevant, is payable.
Coupon Barrier Occasion:	A Coupon Barrier Occasion will happen if, on any Commentary Date, the closing stage of any Underlying on such Commentary Date is lower than its Coupon Barrier Degree.
Redemption Quantity:	If these securities haven’t been beforehand routinely redeemed, at maturity, the Redemption Quantity you’ll obtain will rely on the person efficiency of every Underlying and whether or not a Knock-In Occasion has occurred. For every $1,000 principal quantity of securities, the Redemption Quantity will probably be decided as follows:

	•	If a Knock-In Occasion has not occurred, $1,000. Subsequently, you’ll not take part in any appreciation of any Underlying.
	•	If a Knock-In Occasion has occurred, $1,000 multiplied by the sum of 1 plus the Safety Efficiency Issue. On this case, the Redemption Quantity will probably be lower than $600 per $1,000 principal quantity of securities. You possibly can lose your whole funding.
	Any cost on the securities is topic to our means to pay our obligations as they turn out to be due.

 

Computerized Redemption:	If a Set off Occasion happens, the securities will probably be routinely redeemed and you’ll obtain a cash cost equal to the principal quantity of the securities you maintain (the “Automatic Redemption Amount”) and the contingent coupon payable on the instantly following Contingent Coupon Fee Date (the “Automatic Redemption Date”) and all prior unpaid contingent coupons, if any, that haven’t been paid as a result of a Coupon Barrier Occasion occurred on the Commentary Dates associated to such unpaid contingent coupons. No additional funds will probably be made following an Computerized Redemption. Fee will probably be made with respect to such Computerized Redemption on the Contingent Coupon Fee Date instantly following the related Set off Commentary Date. Any cost on the securities is topic to our means to pay our obligations as they turn out to be due.
Set off Occasion:	A Set off Occasion will happen if, on any Set off Commentary Date, the closing stage of every Underlying on such Set off Commentary Date is the same as or larger than its respective Set off Degree.
Knock-In Occasion:	A Knock-In Occasion will happen if the Last Degree of any Underlying is lower than its Knock-In Degree.
Safety Efficiency Issue:	The Safety Efficiency Issue is expressed as a proportion and is the same as the lesser of (i) zero and (ii) the Underlying Return of the Lowest Performing Underlying.
Lowest Performing Underlying:	The Underlying with the bottom Underlying Return.
Underlying Return:	For every Underlying, an quantity calculated as follows:
	Last Degree − Preliminary Degree Preliminary Degree
Preliminary Degree:	For every Underlying, the closing stage of such Underlying on the Commerce Date. Within the occasion that the closing stage for any Underlying shouldn’t be out there on the Commerce Date, the Preliminary Degree for such Underlying will probably be decided on the instantly following buying and selling day on which a closing stage is out there.
Last Degree:	For every Underlying, the closing stage of such Underlying on the Valuation Date.
Valuation Date:	December 18, 2023, topic to postponement as set forth in any accompanying product complement underneath “Description of the Securities—Postponement of calculation dates.”
Maturity Date:	December 21, 2023, topic to postponement as set forth in any accompanying product complement underneath “Description of the Securities—Postponement of calculation dates.” If the Maturity Date shouldn’t be a enterprise day, the Redemption Quantity will probably be payable on the primary following enterprise day, until that enterprise day falls within the subsequent calendar month, by which case cost will probably be made on the primary previous enterprise day.
Occasions of   Default	With respect to those securities, the primary bullet of the primary sentence of “Description of Debt Securities— Events of Default” within the accompanying prospectus is amended to learn in its entirety as follows: ·     a default in cost of the principal or any premium on any debt safety of that collection when due, and such default continues for 30 days;
CUSIP:	22552WWK7
Key Dates:	Every Commentary Date, Set off Commentary Date and Contingent Coupon Fee Date is ready forth within the desk under. The Key Dates are topic to postponement as set forth in any accompanying product complement underneath “Description of the Securities—Postponement of calculation dates.”
	Commentary Dates	Set off Commentary Dates	Contingent Coupon Fee Dates
	January 15, 2021		January 21, 2021
	February 17, 2021		February 22, 2021
	March 17, 2021		March 22, 2021
	April 16, 2021		April 21, 2021
	May 18, 2021		May 21, 2021
	June 16, 2021	June 16, 2021	June 21, 2021
	July 16, 2021	July 16, 2021	July 21, 2021
	August 18, 2021	August 18, 2021	August 23, 2021
	September 16, 2021	September 16, 2021	September 21, 2021
	October 18, 2021	October 18, 2021	October 21, 2021
	November 17, 2021	November 17, 2021	November 22, 2021
	December 16, 2021	December 16, 2021	December 21, 2021
	January 18, 2022	January 18, 2022	January 21, 2022
	February 16, 2022	February 16, 2022	February 22, 2022
	March 16, 2022	March 16, 2022	March 21, 2022
	April 18, 2022	April 18, 2022	April 21, 2022

 

	May 18, 2022	May 18, 2022	May 23, 2022
	June 16, 2022	June 16, 2022	June 21, 2022
	July 18, 2022	July 18, 2022	July 21, 2022
	August 17, 2022	August 17, 2022	August 22, 2022
	September 16, 2022	September 16, 2022	September 21, 2022
	October 18, 2022	October 18, 2022	October 21, 2022
	November 16, 2022	November 16, 2022	November 21, 2022
	December 16, 2022	December 16, 2022	December 21, 2022
	January 18, 2023	January 18, 2023	January 23, 2023
	February 15, 2023	February 15, 2023	February 21, 2023
	March 16, 2023	March 16, 2023	March 21, 2023
	April 18, 2023	April 18, 2023	April 21, 2023
	May 17, 2023	May 17, 2023	May 22, 2023
	June 16, 2023	June 16, 2023	June 21, 2023
	July 18, 2023	July 18, 2023	July 21, 2023
	August 16, 2023	August 16, 2023	August 21, 2023
	September 18, 2023	September 18, 2023	September 21, 2023
	October 18, 2023	October 18, 2023	October 23, 2023
	November 16, 2023	November 16, 2023	November 21, 2023
	Valuation Date		Maturity Date

 

You may revoke your supply to buy the securities at any
time previous to the time at which we settle for such supply on the date the securities are priced. We reserve the suitable to alter the
phrases of, or reject any supply to buy the securities previous to their issuance. Within the occasion of any adjustments to the phrases of the
securities, we’ll notify you and you’ll be requested to just accept such adjustments in connection together with your buy. You may additionally select
to reject such adjustments by which case we may reject your supply to buy.

 

Further Phrases Particular to the Securities

 

You need to learn this pricing complement along with the product
complement dated June 18, 2020, the prospectus complement dated June 18, 2020 and the prospectus dated June 18, 2020, relating
to our Medium-Time period Notes of which these securities are an element. You may entry these paperwork on the SEC web site at www.sec.gov
as follows (or if such tackle has modified, by reviewing our filings for the related date on the SEC web site):

 

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Product Complement No. I−A dated June 18, 2020:

https://www.sec.gov/Archives/edgar/knowledge/1053092/000095010320011953/dp130590_424b2-ps1a.htm

 

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Prospectus Complement and Prospectus dated June 18, 2020:

https://www.sec.gov/Archives/edgar/knowledge/1053092/000110465920074474/tm2019510-8_424b2.htm

 

Within the occasion the phrases of the securities described on this pricing
complement differ from, or are inconsistent with, the phrases described in any product complement, the prospectus complement or prospectus,
the phrases described on this pricing complement will management.

 

Our Central Index Key, or CIK, on the SEC web site is 1053092.
As used on this pricing complement, “we,” “us,” or “our” refers to Credit score Suisse.

 

This pricing complement, along with the paperwork listed above,
accommodates the phrases of the securities and supersedes all different prior or contemporaneous oral statements in addition to some other written
supplies together with preliminary or indicative pricing phrases, reality sheets, correspondence, commerce concepts, buildings for implementation,
pattern buildings, brochures or different instructional supplies of ours. We may, with out the consent of the registered holder of the
securities and the proprietor of any helpful curiosity within the securities, amend the securities to adapt to its phrases as set forth
on this pricing complement and the paperwork listed above, and the trustee is permitted to enter into any such modification with out
any such consent. You need to rigorously take into account, amongst different issues, the issues set forth in “Selected Risk Considerations”
on this pricing complement and “Risk Factors” in any accompanying product complement, “Foreign Currency Risks”
within the accompanying prospectus, and any threat components we describe within the mixed Annual Report on Kind 20-F of Credit score Suisse Group
AG and us integrated by reference therein, and any extra threat components we describe in future filings we make with the SEC
underneath the Securities Alternate Act of 1934, as amended, because the securities contain dangers not related to standard debt securities.
You need to seek the advice of your funding, authorized, tax, accounting and different advisors earlier than deciding to put money into the securities.

 

Hypothetical Redemption Quantities and Complete
Funds on the Securities

 

The desk and examples under illustrate, for a $1,000 funding
within the securities, hypothetical Redemption Quantities payable at maturity for a hypothetical vary of Underlying Returns of the Lowest
Performing Underlying and corresponding Safety Efficiency Components and, within the case of the contingent coupon cost examples,
contingent coupons payable over the time period of the securities, which is able to rely on the quantity and timing of Coupon Barrier Occasions
which have occurred over the time period of the securities. The desk and examples under assume (i) if a Coupon Barrier Occasion doesn’t
happen on an Commentary Date, a contingent coupon of $7.0833 per $1,000 principal quantity of securities will probably be paid on the instantly
following Contingent Coupon Fee Date, (ii) the securities usually are not routinely redeemed previous to maturity and (iii) the Knock-In
Degree for every Underlying is 60% of the Preliminary Degree of such Underlying. The precise contingent coupon quantity and Knock-In Ranges
will probably be decided on the Commerce Date.

 

The hypothetical Redemption Quantities and contingent coupon examples
set forth under are for illustrative functions solely. The precise Redemption Quantity and whole contingent coupons relevant to a purchaser
of the securities, if any, will rely on whether or not and when any Coupon Barrier Occasions have occurred over the time period of the securities,
whether or not a Knock-In Occasion has occurred and on the Last Degree of the Lowest Performing Underlying. It isn’t potential to foretell
when and what number of Coupon Barrier Occasions will happen, if any, or whether or not a Knock-In Occasion will happen and, within the occasion that there
is a Knock-In Occasion, by how a lot the extent of the Lowest Performing Underlying has decreased from its Preliminary Degree to its Last
Degree. Moreover, it isn’t potential to foretell whether or not a Set off Occasion will happen. If a Set off Occasion happens, the securities
will probably be routinely redeemed for a cash cost equal to the principal quantity of
the securities you maintain, any contingent coupons payable and all prior unpaid contingent coupons, if any, that haven’t been paid
as a result of a Coupon Barrier Occasion occurred on the Commentary Dates associated to such unpaid contingent coupons, and no additional funds
will probably be made in respect of the securities.

 

You’ll not take part in any appreciation within the Underlyings.
You need to take into account rigorously whether or not the securities are appropriate to your funding objectives. Any cost on the securities is topic
to our means to pay our obligations as they turn out to be due. The numbers showing within the desk and examples under have been rounded
for ease of study.

 

TABLE: Hypothetical Redemption Quantities

 

Underlying Return of the Lowest Performing Underlying	Safety Efficiency Issue	Redemption Quantity (excluding contingent coupons, if any)
100%	0%	$1,000
90%	0%	$1,000
80%	0%	$1,000
70%	0%	$1,000
60%	0%	$1,000
50%	0%	$1,000
40%	0%	$1,000
30%	0%	$1,000
20%	0%	$1,000
10%	0%	$1,000
0%	0%	$1,000
−10%	−10%	$1,000
−20%	−20%	$1,000
−30%	−30%	$1,000
−40%	−40%	$1,000
−41%	−41%	$590
−50%	−50%	$500
−60%	−60%	$400
−70%	−70%	$300
−80%	−80%	$200
−90%	−90%	$100
−100%	−100%	$0

 

EXAMPLES:

 

The next examples illustrate how the contingent coupon
funds are calculated.

 

Instance 1: A Coupon Barrier Occasion happens on each Commentary
Date.

 

Underlying	Closing stage on the primary by way of closing Commentary Dates
COST	Lower than Coupon Barrier Degree
PG	Equal to or larger than Coupon Barrier Degree
SBUX	Equal to or larger than Coupon Barrier Degree
FDX	Equal to or larger than Coupon Barrier Degree

As a result of a Coupon Barrier Occasion occurred on each Commentary Date, no contingent coupon funds will probably be made on the securities.

 

Instance 2: A Coupon Barrier Occasion doesn’t happen on any Commentary
Date.

 

Underlying	Closing stage on the primary by way of closing Commentary Dates
COST	Equal to or larger than Coupon Barrier Degree
PG	Equal to or larger than Coupon Barrier Degree
SBUX	Equal to or larger than Coupon Barrier Degree
FDX	Equal to or larger than Coupon Barrier Degree

 

As a result of a Coupon Barrier Occasion didn’t happen on any Commentary
Date, you’ll obtain the contingent coupon of $7.0833 with respect to every Commentary Date on the respective Contingent Coupon
Fee Date.

 

The full quantity of the contingent coupons obtained on this instance
is $7.0833 x 36 = $254.9988.

 

Instance 3: A Coupon Barrier Occasion happens on the primary, second
and fourth by way of closing Commentary Dates.

 

Underlying	Closing stage on the primary and second Commentary Dates	Closing stage on the third Commentary Date	Closing stage on the fourth by way of closing Commentary Dates
COST	Lower than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Lower than Coupon Barrier Degree
PG	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree
SBUX	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree
FDX	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree

 

As a result of a Coupon Barrier Occasion occurred on the primary and second
Commentary Dates, no contingent coupon will probably be paid on the respective Contingent Coupon Fee Dates. Nonetheless, as a result of a Coupon
Barrier Occasion didn’t happen on the third Commentary Date, on the third Contingent Coupon Fee Date you’ll obtain the

 

contingent coupon of $7.0833 with respect to the third Commentary
Date and the unpaid contingent coupons with respect to the primary and second Commentary Dates, for a complete contingent coupon cost
on the third Contingent Coupon Fee Date of $7.0833 x 3 = $21.2499.

 

As a result of a Coupon Barrier Occasion occurred with respect to the fourth
by way of closing Commentary Dates, no contingent coupons will probably be paid with respect to these Commentary Dates.

 

The full quantity of the contingent coupons obtained on this instance
is $7.0833 x 3 = $21.2499.

 

Instance 4: A Coupon Barrier Occasion happens on the second and
fourth by way of closing Commentary Dates.

 

Underlying	Closing stage on the primary Commentary Date	Closing stage on the second Commentary Date	Closing stage on the third Commentary Date	Closing stage on the fourth by way of closing Commentary Dates
COST	Equal to or larger than Coupon Barrier Degree	Lower than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Lower than Coupon Barrier Degree
PG	Equal to or larger than Coupon Barrier Degree	Lower than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree
SBUX	Equal to or larger than Coupon Barrier Degree	Lower than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree
FDX	Equal to or larger than Coupon Barrier Degree	Lower than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree

 

As a result of a Coupon Barrier Occasion didn’t happen on the primary Commentary
Date, you’ll obtain the contingent coupon of $7.0833 with respect to that Commentary Date on the associated Contingent Coupon
Fee Date.

 

As a result of a Coupon Barrier Occasion occurred on the second Commentary
Date, no contingent coupon will probably be paid on the associated Contingent Coupon Fee Date. Nonetheless, as a result of a Coupon Barrier Occasion
didn’t happen on the third Commentary Date, on the third Contingent Coupon Fee Date you’ll obtain the contingent coupon
of $7.0833 with respect to the third Commentary Date and the unpaid contingent coupon with respect to the second Commentary Date,
for a complete contingent coupon cost on the third Contingent Coupon Fee Date of $7.0833 x 2 = $14.1666.

 

As a result of a Coupon Barrier Occasion occurred on the fourth by way of
closing Commentary Dates, no contingent coupons will probably be paid on the associated Contingent Coupon Fee Dates.

 

The full quantity of the contingent coupons obtained on this instance
is $7.0833 x 3 = $21.2499.

 

Instance 5: A Coupon Barrier Occasion happens on the primary by way of
thirty-fifth Commentary Dates.

 

Underlying	Closing stage on the primary by way of thirty-fifth Commentary Dates	Closing stage on the ultimate Commentary Date
COST	Lower than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree
PG	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree
SBUX	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree
FDX	Equal to or larger than Coupon Barrier Degree	Equal to or larger than Coupon Barrier Degree

 

As a result of a Coupon Barrier Occasion occurred on the primary by way of
thirty-fifth Commentary Dates, no contingent coupons will probably be paid on the respective associated Contingent Coupon Fee Dates. Nonetheless,
as a result of a Coupon Barrier Occasion didn’t happen on the ultimate Commentary Date, on the ultimate Contingent Coupon Fee Date you’ll
obtain the contingent coupon of $7.0833 with respect to the ultimate Commentary Date and the unpaid contingent coupons with respect
to the primary by way of thirty-fifth Commentary Dates.

 

The full quantity of the contingent coupons obtained on this instance
is $7.0833 x 36 = $254.9988.

 

So long as a Coupon Barrier Occasion doesn’t happen on the ultimate
Commentary Date, you’ll in the end obtain the utmost coupon quantity for every $1,000 principal quantity of the securities.

 

The next examples illustrate how the Redemption Quantity
is calculated.

 

Instance 1: A Knock-In Occasion has occurred.

 

Underlying	Last Degree
COST	105% of Preliminary Degree
PG	40% of Preliminary Degree
SBUX	115% of Preliminary Degree
FDX	110% of Preliminary Degree

 

As a result of the Last Degree of an Underlying is lower than its Knock-In
Degree, a Knock-In Occasion has occurred. PG is the Lowest Performing Underlying.

 

Subsequently, the Redemption Quantity is set as follows:

 

Safety Efficiency Issue	=	the lesser of (i) zero and (ii) the Underlying Return of the Lowest Performing Underlying
	=	the lesser of (i) zero and (ii) −60%
	=	−60%
Redemption Quantity	=	$1,000 × (1 + Safety Efficiency Issue)
	=	$1,000 × 0.40
	=	$400

 

Though the Last Degree of an Underlying is bigger than
its Preliminary Degree, you’ll not take part in such appreciation of such Underlying and you’ll be uncovered to the depreciation
within the Lowest Performing Underlying.

 

Instance 2: A Knock-In Occasion has not occurred.

 

Underlying	Last Degree
COST	110% of Preliminary Degree
PG	105% of Preliminary Degree
SBUX	115% of Preliminary Degree
FDX	110% of Preliminary Degree

 

As a result of the Last Degree of every Underlying is the same as or larger
than its Knock-In Degree, a Knock-In Occasion has not occurred. Though the Last Degree of every Underlying is bigger than its
Preliminary Degree, you’ll not take part within the appreciation of any Underlying.

 

Subsequently, the Redemption Quantity equals $1,000.

 

Instance 3: A Knock-In Occasion has not occurred.

 

Underlying	Last Degree
COST	90% of Preliminary Degree
PG	80% of Preliminary Degree
SBUX	95% of Preliminary Degree
FDX	85% of Preliminary Degree

 

Though the Last Degree of every Underlying is lower than its
Preliminary Degree, as a result of the Last Degree of every Underlying is the same as or larger than its Knock-In Degree, a Knock-In Occasion has
not occurred.

 

Subsequently, the Redemption Quantity equals $1,000.

 

Chosen Danger Concerns

 

An funding within the securities entails important dangers. This
part describes materials dangers referring to an funding within the securities. These dangers are defined in additional element within the “Danger
Components” part of any accompanying product complement.

 

Dangers Regarding the Securities Typically

 

•

YOU MAY RECEIVE LESS THAN THE PRINCIPAL AMOUNT AT MATURITY — If the securities usually are not routinely redeemed previous to the Maturity Date, you may obtain much less at maturity than you initially invested within the securities, otherwise you may obtain nothing, excluding contingent coupons, if any. If a Knock-In Occasion has occurred, you’ll be absolutely uncovered to any depreciation within the Lowest Performing Underlying. On this case, the Redemption Quantity you’ll obtain will probably be lower than the principal quantity of the securities, and you could possibly lose your whole funding. It isn’t potential to foretell whether or not a Knock-In Occasion will happen, and within the occasion that there’s a Knock-In Occasion, by how a lot the extent of the Lowest Performing Underlying has decreased from its Preliminary Degree to its Last Degree. Any cost on the securities is topic to our means to pay our obligations as they turn out to be due.

 

•

REGARDLESS OF THE AMOUNT OF ANY PAYMENT YOU RECEIVE ON THE SECURITIES, YOUR ACTUAL YIELD MAY BE DIFFERENT IN REAL VALUE TERMS — Inflation may trigger the true value of any cost you obtain on the securities to be much less at maturity than it is on the time you make investments. An funding within the securities additionally represents a forgone alternative to put money into an alternate asset that generates the next actual return. You need to rigorously take into account whether or not an funding that may lead to a return that’s decrease than the return on various investments is suitable for you.

 

•

THE SECURITIES WILL NOT PAY MORE THAN THE PRINCIPAL AMOUNT PLUS CONTINGENT COUPONS, IF ANY—The securities will not pay greater than the principal quantity plus contingent coupons, if any, whatever the efficiency of any Underlying. Even when the Last Degree of every Underlying is bigger than its respective Preliminary Degree, you’ll not take part within the appreciation of any Underlying. Subsequently, the utmost quantity payable with respect to the securities (excluding contingent coupons, if any) is $1,000 for every $1,000 principal quantity of the securities. This cost won’t be elevated to incorporate reimbursement for any reductions or commissions and hedging and different transaction prices, even upon an Computerized Redemption.

 

•

THE SECURITIES DO NOT PROVIDE FOR REGULAR FIXED INTEREST PAYMENTS — Not like standard debt securities, the securities don’t present for normal fastened curiosity funds. The variety of contingent coupons you obtain over the time period of the securities, if any, will rely on the efficiency of the Underlyings through the time period of the securities and when and what number of Coupon Barrier Occasions happen. If a Coupon Barrier Occasion has occurred on an Commentary Date, you’ll not obtain the contingent coupon for such Commentary Date on the instantly following Contingent Coupon Fee Date. Accordingly, if a Coupon Barrier Occasion has occurred on each Commentary Date, you’ll not obtain any contingent coupons through the time period of the securities. Nonetheless, any such unpaid contingent coupon will probably be paid on a later Contingent Coupon Fee Date if a Coupon Barrier Occasion doesn’t happen on the instantly previous Commentary Date. Thus, the securities usually are not an acceptable funding for buyers who require common fastened earnings funds, because the variety of contingent coupons is variable and may be zero.

 

Even
in case you obtain the utmost quantity payable with respect to the securities, it’s potential that you simply may not obtain any contingent
coupons for an prolonged interval through the time period of the securities. For instance, if a Coupon Barrier Occasion happens on every Commentary
Date starting early within the time period of the securities till close to the tip of the time period of the securities, you wouldn’t obtain any
contingent coupons for an prolonged time frame through the time period of the securities. You’ll not be compensated for the time value
of cash, nor will we pay curiosity or some other quantity, if we pay contingent coupons after the associated Contingent Coupon Fee
Date.

 

In
addition, if charges typically improve over the time period of the securities, it’s extra probably that the contingent coupon, if any, might
be lower than the yield one may obtain primarily based on market charges at the moment. This may have the additional impact of reducing the
value of your securities each nominally

 

when it comes to
below-market coupons and in actual value phrases. Moreover, it’s potential that you’ll not obtain some or the entire contingent
coupons over the time period of the securities, and nonetheless lose your principal quantity. Even in case you do obtain some or your entire principal
quantity at maturity, you’ll not be compensated for the time value of cash. These securities usually are not short-term investments, so
you must rigorously take into account these dangers earlier than investing.

 

•

CONTINGENT COUPONS, IF ANY, ARE PAID ON A PERIODIC (BA)SIS AND ARE (BA)SED SOLELY ON THE CLOSING LEVELS ON THE SPECIFIED OBSERVATION DATES — Whether or not the contingent coupon will probably be paid with respect to an Commentary Date will probably be primarily based on the closing stage on such date. Because of this, you’ll not know whether or not you’ll obtain the contingent coupon till close to the tip of the related interval. Furthermore, as a result of the contingent coupon relies solely on the closing stage on a selected Commentary Date, if the closing stage is lower than the Coupon Barrier Degree on an Commentary Date, you’ll not obtain any contingent coupon with respect to such Commentary Date, even when the closing stage was increased on different days throughout the related interval. Even in case you obtain the utmost quantity payable with respect to the securities, it’s potential that you simply may not obtain any contingent coupons for an prolonged interval through the time period of the securities and also you may not know whether or not you’ll obtain any contingent coupons till close to the tip of the time period of the securities.

 

•

MORE FAVORABLE TERMS TO YOU ARE GENERALLY ASSOCIATED WITH AN UNDERLYING WITH GREATER EXPECTED VOLATILITY AND THEREFORE CAN INDICATE A GREATER RISK OF LOSS — “Volatility” refers back to the frequency and magnitude of adjustments within the stage of an Underlying. The larger the anticipated volatility with respect to an Underlying on the Commerce Date, the upper the expectation as of the Commerce Date that the closing stage of such Underlying may very well be lower than its (i) Coupon Barrier Degree on any Commentary Date or (ii) Knock-In Degree on the Valuation Date, indicating the next anticipated threat of loss on the securities. This larger anticipated threat will typically be mirrored in the next contingent coupon than the yield payable on our standard debt securities with an analogous maturity, or in additional favorable phrases (resembling decrease Coupon Barrier Ranges or Knock-In Ranges) than for comparable securities linked to the efficiency of an underlying with a decrease anticipated volatility as of the Commerce Date. You need to due to this fact perceive {that a} comparatively increased contingent coupon may point out an elevated threat of loss. Additional, comparatively decrease Coupon Barrier Ranges or Knock-In Ranges may not essentially point out that you’ll obtain a contingent coupon on any Contingent Coupon Fee Date or that the securities have a larger probability of a return of principal at maturity. The volatility of any Underlying can change considerably over the time period of the securities. The degrees of the Underlyings on your securities might fall sharply, which might lead to a major lack of principal. Try to be keen to just accept the draw back market threat of the Underlyings and the potential to lose a major quantity of your principal at maturity.

 

•

THE SECURITIES ARE SUBJECT TO A POTENTIAL AUTOMATIC REDEMPTION, WHICH EXPOSES YOU TO REINVESTMENT RISK — The securities are topic to a possible Computerized Redemption. If the securities are routinely redeemed previous to the Maturity Date, you may be unable to put money into different securities with an analogous stage of threat that offer you the chance to be paid the identical coupons because the securities.

 

•

AN AUTOMATIC REDEMPTION WOULD LIMIT YOUR OPPORTUNITY TO BE PAID CONTINGENT COUPONS OVER THE FULL TERM OF THE SECURITIES — The securities are topic to a possible Computerized Redemption. If a Set off Occasion happens, the securities will probably be routinely redeemed and you’ll obtain a cash cost equal to the principal quantity of the securities you maintain and the contingent coupon payable on that Contingent Coupon Fee Date, and no additional funds will probably be made with respect to the securities. On this case, you’ll lose the chance to proceed to be paid contingent coupons from the Computerized Redemption Date to the scheduled Maturity Date.

 

•

THE U.S. FEDERAL TAX CONSEQUENCES OF AN INVESTMENT IN THE SECURITIES ARE UNCLEAR — There isn’t a direct authorized authority relating to the right U.S. federal tax therapy of the securities, and we don’t plan to request a ruling from the Inside Income Service (the “IRS”). Consequently, important points of the tax therapy of the securities are unsure, and the IRS or a courtroom won’t agree with the therapy of the securities as described in “United States Federal Tax Concerns” under. If the IRS had been profitable in asserting an alternate therapy, the tax

 

penalties
of possession and disposition of the securities, together with the timing and character of earnings acknowledged by U.S. buyers and the
withholding tax penalties to non-U.S. buyers, may be materially and adversely affected. Furthermore, future laws, Treasury
rules or IRS steerage might adversely have an effect on the U.S. federal tax therapy of the securities, probably retroactively.

 

Dangers
Regarding the Underlyings

 

•

YOU WILL BE SUBJECT TO RISKS RELATING TO THE RELATIONSHIP BETWEEN THE UNDERLYINGS — The securities are linked to the particular person efficiency of every Underlying. As such, the securities will carry out poorly if solely one of many Underlyings performs poorly. For instance, if one Underlying appreciates from its Preliminary Degree to its Last Degree, however the Last Degree of the Lowest Performing Underlying is lower than its Knock-In Degree, you’ll be uncovered to the depreciation of the Lowest Performing Underlying and you’ll not profit from the efficiency of some other Underlying. Every extra Underlying to which the securities are linked will increase the chance that the securities will carry out poorly. By investing within the securities, you assume the chance that (i) the Last Degree of a minimum of one of many Underlyings will probably be lower than its Knock-In Degree and (ii) a Coupon Barrier Occasion has occurred with respect to a minimum of one of many Underlyings on a number of Commentary Dates, whatever the efficiency of any different Underlying.

 

It’s inconceivable to foretell the
relationship between the Underlyings. If the performances of the Underlyings exhibit no relationship to one another, it’s extra
probably that one of many Underlyings will trigger the securities to carry out poorly. Nonetheless, if the Reference Share Issuers’
companies are usually associated such that the performances of the Underlyings are correlated, then there may be much less probability that
just one Underlying will trigger the securities to carry out poorly. Moreover, to the extent that every Underlying represents a unique
market section or market sector, the chance of 1 Underlying performing poorly is bigger. Because of this, you aren’t solely taking
market threat on every Reference Share Issuer and its enterprise, you might be additionally taking a threat referring to the connection between every
Reference Share Issuer and Underlying to others.

 

•

NO AFFILIATION WITH THE REFERENCE SHARE ISSUERS — We aren’t affiliated with the Reference Share Issuers. You ought to make your individual investigation into the Underlyings and the Reference Share Issuers. In reference to the providing of the securities, neither we nor our associates have participated within the preparation of any publicly out there paperwork or made any due diligence inquiry with respect to the Reference Share Issuers.

 

•

NO OWNERSHIP RIGHTS IN THE UNDERLYINGS — Your return on the securities won’t replicate the return you would notice in case you really owned shares of the Underlyings. The return in your funding shouldn’t be the identical as the overall return primarily based on a purchase order of shares of the Underlyings.

 

•

NO DIVIDEND PAYMENTS OR VOTING RIGHTS — As a holder of the securities, you’ll not have any possession curiosity or rights within the Underlyings, resembling voting rights or dividend funds. As well as, the issuer of the Underlyings will not have any obligation to think about your pursuits as a holder of the securities in taking any company motion which may have an effect on the value of the Underlyings and due to this fact, the value of the securities.

 

•

ANTI-DILUTION PROTECTION IS LIMITED — The calculation agent will make anti-dilution changes for sure occasions affecting the Underlyings. Nonetheless, an adjustment won’t be required in response to all occasions that might have an effect on the Underlyings. If an occasion happens that doesn’t require the calculation agent to make an adjustment, or if an adjustment is made however such adjustment doesn’t absolutely replicate the economics of such occasion, the value of the securities may be materially and adversely affected. See “Description of the Securities—Changes” within the related product complement.

 

Dangers
Regarding the Issuer

 

•

THE SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE — Buyers are depending on our means to pay all quantities due on the securities and, due to this fact, if we had been to default on our obligations, you may not obtain any quantities owed to you underneath the securities. As well as, any decline in our credit score rankings, any adversarial adjustments available in the market’s view of our creditworthiness or any improve in our credit score spreads is prone to adversely have an effect on the value of the securities previous to maturity.

 

•

CREDIT SUISSE IS SUBJECT TO SWISS REGULATION — As a Swiss bank, Credit score Suisse is topic to regulation by governmental companies, supervisory authorities and self-regulatory organizations in Switzerland. Such regulation is more and more extra in depth and complicated and topics Credit score Suisse to dangers. For instance, pursuant to Swiss banking legal guidelines, the Swiss Monetary Market Supervisory Authority (FINMA) may open decision proceedings if there are justified considerations that Credit score Suisse is over-indebted, has critical liquidity issues or not fulfills capital adequacy necessities. FINMA has broad powers and discretion within the case of decision proceedings, which embrace the ability to transform debt devices and different liabilities of Credit score Suisse into fairness and/or cancel such liabilities in complete or partially. If a number of of those measures had been imposed, such measures may adversely have an effect on the phrases and market value of the securities and/or the power of Credit score Suisse to make funds thereunder and also you may not obtain any quantities owed to you underneath the securities.

 

Dangers
Regarding Conflicts of Curiosity

 

•

HEDGING AND TRADING ACTIVITY — We or any of our associates may perform hedging actions associated to the securities, together with within the Underlyings or devices associated to the Underlyings. We or our associates may additionally commerce within the Underlyings or devices associated to the Underlyings once in a while. Any of those hedging or buying and selling actions on or previous to the Commerce Date and through the time period of the securities might adversely have an effect on our cost to you at maturity.

 

•

POTENTIAL CONFLICTS — We and our associates play a wide range of roles in reference to the issuance of the securities, together with performing as calculation agent and as agent of the issuer for the providing of the securities, hedging our obligations underneath the securities and figuring out their estimated value. In performing these duties, the financial pursuits of us and our associates are doubtlessly adversarial to your pursuits as an investor within the securities. Additional, hedging actions may adversely have an effect on any cost on or the value of the securities. Any revenue in reference to such hedging actions will be along with some other compensation that we and our associates obtain for the sale of the securities, which creates an extra incentive to promote the securities to you. We and/or our associates may additionally at the moment or once in a while have interaction in enterprise with the Reference Share Issuers, together with extending loans to, or making fairness investments in, the Reference Share Issuers or offering advisory providers to the Reference Share Issuers. As well as, a number of of our associates may publish analysis stories or in any other case express opinions with respect to the Reference Share Issuers and these stories may or may not suggest that buyers purchase or maintain shares of the Underlyings. As a potential purchaser of the securities, you must undertake an impartial investigation of the Reference Share Issuers that in your judgment is suitable to make an knowledgeable choice with respect to an funding within the securities.

 

Dangers
Regarding the Estimated Worth and Secondary Market Costs of the Securities

 

•

UNPREDICTABLE ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES — The payout on the securities will be replicated utilizing a mixture of the elements described in “The estimated value of the securities on the Commerce Date may be lower than the price to Public.” Subsequently, along with the degrees of any Underlying, the phrases of the securities at issuance and the value of the securities previous to maturity may be influenced by components that influence the value of fastened earnings securities and choices basically, resembling:

 

o

the anticipated and precise volatility of the Underlyings;

 

o

the anticipated and precise correlation, if any, between the Underlyings;

 

o

the time to maturity of the securities;

 

o

the dividend fee on the Underlyings;

 

o

curiosity and yield charges available in the market typically;

 

o

buyers’ expectations with respect to the speed of inflation;

 

o

occasions affecting corporations engaged within the respective industries of the Reference Share Issuers;

 

o

geopolitical circumstances and financial, monetary, political, regulatory, judicial or different occasions that have an effect on the Reference Share Issuers or markets typically and which may have an effect on the degrees of the Underlyings; and

 

o

our creditworthiness, together with precise or anticipated downgrades in our credit score rankings.

 

Some or all of those components may
affect the price that you’ll obtain in case you select to promote your securities previous to maturity. The influence of any of the components
set forth above may improve or offset some or all of any change ensuing from one other issue or components.

 

•

THE ESTIMATED VALUE OF THE SECURITIES ON THE TRADE DATE MAY BE LESS THAN THE price TO PUBLIC — The preliminary estimated value of your securities on the Commerce Date (as decided by reference to our pricing models and our inner funding fee) may be considerably lower than the unique price to Public. The price to Public of the securities consists of any reductions or commissions in addition to transaction prices resembling bills incurred to create, doc and market the securities and the price of hedging our dangers as issuer of the securities by way of a number of of our associates (which features a projected revenue). These prices will probably be successfully borne by you as an investor within the securities. These quantities will probably be retained by Credit score Suisse or our associates in reference to our structuring and providing of the securities (besides to the extent reductions or commissions are reallowed to different broker-dealers or any prices are paid to 3rd events). On the Commerce Date, we value the elements of the securities in accordance with our pricing models. These embrace a hard and fast earnings part valued utilizing our inner funding fee, and particular person possibility elements valued utilizing proprietary pricing models dependent on inputs resembling volatility, correlation, dividend charges, rates of interest and different components, together with assumptions about future market occasions and/or environments. These inputs may be market-observable or may be primarily based on assumptions made by us in our discretionary judgment. As such, the payout on the securities will be replicated utilizing a mixture of those elements and the value of those elements, as decided by us utilizing our pricing models, will influence the phrases of the securities at issuance. Our possibility valuation models are proprietary. Our pricing models take into consideration components resembling rates of interest, volatility and time to maturity of the securities, and so they rely partially on sure assumptions about future occasions, which may show to be incorrect.

 

As a result of
Credit score Suisse’s pricing models may differ from different issuers’ valuation models, and since funding charges taken into
account by different issuers may fluctuate materially from the charges utilized by Credit score Suisse (even amongst issuers with comparable creditworthiness),
our estimated value at any time may not be corresponding to estimated values of comparable securities of different issuers.

 

•

EFFECT OF INTEREST RATE USED IN STRUCTURING THE SECURITIES — The inner funding fee we use in structuring notes resembling these securities is usually decrease than the rate of interest that’s mirrored within the yield on our standard debt securities of comparable maturity within the secondary market (our “secondary market credit score spreads”).  If on the Commerce Date our inner funding fee is decrease than our secondary market credit score spreads, we count on that the financial phrases of the securities will typically be much less favorable to you than they might have been if our secondary market credit score unfold had been utilized in structuring the securities. We may also use our inner funding fee to find out the price of the securities if we publish a bid to repurchase your securities in secondary market transactions. See “—Secondary Market Costs” under.

 

•

SECONDARY MARKET PRICES — If Credit score Suisse (or an affiliate) bids on your securities in secondary market transactions, which we aren’t obligated to do, the secondary market price (and the value used for account statements or in any other case) may be increased or decrease than the price to Public and the estimated value of the securities on the Commerce Date. The estimated value of the securities on the duvet of this pricing complement doesn’t characterize a minimal price at which we’d be keen to purchase the securities within the secondary market (if any exists) at any time. The secondary market price of your securities at any time can not be predicted and can replicate the then-current estimated value decided by reference to our pricing models, the associated inputs and different components, together with our inner funding fee, customary bid and ask spreads and different transaction prices, adjustments in market circumstances and deterioration or enchancment in our creditworthiness. In circumstances the place our inner funding fee is increased than our secondary market credit score spreads, our secondary market bid on your securities may very well be much less favorable than what different sellers may bid as a result of, assuming all else equal, we use the upper inner funding fee to price the securities and different sellers may use the decrease secondary market credit score unfold to price them. Moreover, assuming no change in market circumstances from the Commerce Date, the secondary market price of your securities will probably be decrease than the price to Public as a result of it won’t embrace any reductions or commissions and hedging and different transaction prices. If you happen to promote your securities to a vendor in a secondary market transaction, the vendor may impose an extra low cost or fee, and in consequence the price you obtain in your securities may be decrease than the price at which we may repurchase the securities from such vendor. We (or an affiliate) may initially publish a bid to repurchase the securities from you at a price that may exceed the then-current estimated value of the securities. That increased price displays our projected revenue and prices, which may embrace reductions and commissions that had been included within the price to Public, and that increased price may even be initially used for account statements or in any other case. We (or our affiliate) may supply to pay this increased price, on your profit, however the quantity of any extra over the then-current estimated value will probably be non permanent and is anticipated to say no over a interval of roughly three months. The securities usually are not designed to be short-term buying and selling devices and any sale previous to maturity might lead to a considerable loss to you. Try to be keen and in a position to maintain your securities to maturity.

 

•

LACK OF LIQUIDITY — The securities won’t be listed on any securities exchange. Credit score Suisse (or its associates) intends to supply to buy the securities within the secondary market however shouldn’t be required to take action. Even when there is a secondary market, it may not present sufficient liquidity to permit you to commerce or promote the securities if you want to take action. As a result of different sellers usually are not prone to make a secondary marketplace for the securities, the price at which you may be capable to commerce your securities is prone to rely on the price, if any, at which Credit score Suisse (or its associates) is keen to purchase the securities. If you must promote your securities previous to maturity, you may not have the ability to take action otherwise you may must promote them at a considerable loss.

 

Supplemental
Use of Proceeds and Hedging

 

We intend to make use of the proceeds of this providing for our common
company functions, which may embrace the refinancing of current debt outdoors Switzerland. Some or the entire proceeds we obtain
from the sale of the securities may be utilized in reference to hedging our obligations underneath the securities by way of a number of
of our associates. Such hedging or buying and selling actions on or previous to the Commerce Date and through the time period of the securities (together with
on any calculation date, as outlined in any accompanying product complement) might adversely have an effect on the value of the Underlyings
and, in consequence, might lower the quantity you may obtain on the securities at maturity. For added info, see “Supplemental
Use of Proceeds and Hedging” in any accompanying product complement.

 

The Underlyings

 

Corporations with securities registered underneath the Securities Alternate
Act of 1934 (the “Exchange Act”) are required to periodically file sure monetary and different info specified
by the SEC. Data offered to or filed with the SEC by the Reference Share Issuers pursuant to the Alternate Act will be positioned
by reference to the SEC file numbers offered under.

 

In accordance with its publicly out there filings with the SEC, Costco
Wholesale Company operates membership warehouses in the USA and internationally. The frequent stock of Costco Wholesale
Company is listed on the Nasdaq International Choose Market. Costco Wholesale Company’s SEC file quantity is 000-20355 and
will be accessed by way of www.sec.gov.

 

In accordance with its publicly out there filings with the SEC, The
Procter & Gamble Firm offers branded client packaged items. The frequent stock of The Procter & Gamble Firm is
listed on the New York Stock Alternate. The Procter & Gamble Firm’s SEC file quantity is 001-00434 and will be accessed
by way of www.sec.gov.

 

In accordance with its publicly out there filings with the SEC, Starbucks
Company is a roaster, marketer and retailer of specialty espresso. The frequent stock of Starbucks Company is listed on the
Nasdaq International Choose Market. Starbucks Company’s SEC file quantity is 000-20322 and will be accessed by way of www.sec.gov.

 

In accordance with its publicly out there filings with the SEC,
FedEx Company offers a portfolio of transportation, ecommerce and enterprise providers by way of corporations competing
collectively, working independently and managed collaboratively, underneath the FedEx model, together with FedEx Express, FedEx
Floor, FedEx Freight and FedEx Companies. The frequent stock of FedEx Company is listed on the New York Stock Alternate.
FedEx Company’s SEC file quantity is 001-15829 and will be accessed by way of www.sec.gov.

 

This pricing complement relates solely to the securities supplied
hereby and doesn’t relate to the Underlyings or different securities of the Reference Share Issuers. We now have derived all disclosures
contained on this pricing complement relating to the Underlyings and the Reference Share Issuers from the publicly out there paperwork
described within the previous paragraph. In reference to the providing of the securities, neither we nor our associates have participated
within the preparation of such paperwork or made any due diligence inquiry with respect to the Reference Share Issuers.

 

Historic Data

 

The next graphs set forth the historic efficiency of
the Underlyings primarily based on the closing stage of every Underlying from January 2, 2015
by way of December 2, 2020. We obtained the historic info under from Bloomberg, with out impartial verification.

 

You shouldn’t take the historic ranges of the Underlyings
as a sign of future efficiency of the Underlyings or the securities. Any historic development within the ranges of the Underlyings
throughout any interval set forth under shouldn’t be a sign that the degrees of the Underlyings are roughly prone to improve or
lower at any time over the time period of the securities. The graphs under may have been adjusted to replicate sure company actions
resembling stock splits and reverse stock splits.

 

For added info on the Underlyings, see “The
Underlyings” herein.

 

The closing stage of the frequent stock of Costco Wholesale Company
on December 2, 2020 was $383.50.

 

 

The closing stage of the frequent stock of The Procter & Gamble
Firm on December 2, 2020 was $138.36.

 

 

The closing stage of the frequent stock of Starbucks Company
on December 2, 2020 was $98.91.

 

 

The closing stage of the frequent stock of FedEx Company on
December 2, 2020 was $291.72.

 

 

United States Federal Tax Concerns

 

This dialogue dietary supplements and, to the extent inconsistent therewith,
supersedes the dialogue within the accompanying product complement underneath “United States Federal Tax Considerations.”

 

As a result of lack of any controlling authorized authority, there may be
substantial uncertainty relating to the U.S. federal tax penalties of an funding within the securities. Within the opinion of our counsel,
Davis Polk & Wardwell LLP, it’s cheap underneath present regulation to deal with the securities for U.S. federal earnings tax functions
as pay as you go monetary contracts with related coupons that will probably be handled as gross earnings to you on the time obtained or accrued
in accordance together with your common methodology of tax accounting. Nonetheless, our counsel has suggested us that it’s unable to conclude affirmatively
that this therapy is extra probably than to not be upheld, and that various remedies are potential that might materially have an effect on
the timing and character of earnings or loss you acknowledge on the securities. Furthermore, our counsel’s opinion relies on market
circumstances as of the date of this preliminary pricing complement and is topic to affirmation on the Commerce Date.

 

Assuming this therapy of the securities is revered and topic
to the dialogue in “United States Federal Tax Considerations” within the accompanying product complement, the next
U.S. federal earnings tax penalties ought to consequence:

 

·

Any coupons paid on the securities must be taxable as atypical earnings to you on the time obtained or accrued in accordance together with your common methodology of accounting for U.S. federal earnings tax functions.

 

·

Upon a sale or different disposition (together with retirement) of a safety, you must acknowledge capital achieve or loss equal to the distinction between the quantity realized and your tax foundation within the safety. For this function, the quantity realized doesn’t embrace any coupon paid on retirement and may not embrace sale proceeds attributable to an accrued coupon, which may be handled as a coupon cost. Such achieve or loss must be long-term capital achieve or loss in case you held the safety for multiple yr.

 

We don’t plan to request a ruling from the IRS relating to the
therapy of the securities, and the IRS or a courtroom won’t agree with the therapy described herein. Particularly, the securities
may be decided to be contingent cost debt devices, by which case the tax penalties of possession and disposition
of the securities, together with the timing and character of earnings acknowledged, may be materially and adversely affected. Furthermore,
the U.S. Treasury Division and the IRS have requested feedback on varied points relating to the U.S. federal earnings tax therapy
of “prepaid forward contracts” and comparable monetary devices and have indicated that such transactions may be the
topic of future rules or different steerage. As well as, members of Congress have proposed legislative adjustments to the tax
therapy of spinoff contracts. Any laws, Treasury rules or different steerage promulgated after consideration of those
points might materially and adversely have an effect on the tax penalties of an funding within the securities, probably with retroactive
impact. You need to seek the advice of your tax advisor relating to potential various tax remedies of the securities and potential adjustments
in relevant regulation.

 

Non-U.S. Holders. The U.S. federal earnings tax therapy
of the coupons is unclear. Topic to the dialogue under and within the accompanying product complement underneath “United States
Federal Tax Concerns—Tax Penalties to Non-U.S. Holders” and “United States Federal Tax Considerations—FATCA,”
we at the moment don’t intend to deal with coupons paid to a Non-U.S. Holder (as outlined within the accompanying product complement) of the
securities as topic to U.S. federal withholding tax, offered that the Non-U.S. Holder complies with relevant certification
necessities. Nonetheless, it’s potential that the IRS might assert that such funds are topic to U.S. withholding tax, or that
we or one other withholding agent may in any other case decide that withholding is required, by which case we or the opposite withholding
agent may withhold at a fee of as much as 30% on such funds.

 

Furthermore, as mentioned underneath “United States Federal Tax
Concerns—Tax Penalties to Non-U.S. Holders—Dividend Equivalents underneath Part 871(m) of the Code” in
the accompanying product complement, Part 871(m) of the Inside Income Code typically imposes a 30% withholding tax on “dividend
equivalents” paid or deemed paid to Non-U.S. Holders with respect to sure monetary devices linked to U.S. equities
or indices that embrace U.S. equities. Treasury rules underneath Part 871(m), as modified by an IRS discover, exclude from their
scope monetary devices issued previous to January 1, 2023 that would not have a “delta” of 1 with respect to any U.S.
fairness. Based mostly on the phrases of the securities and representations offered by us as of the date of this preliminary pricing complement,
our counsel is of the opinion that the securities shouldn’t be handled as transactions which have a “delta” of 1
inside the that means of the rules with respect to any U.S. fairness and, due to this fact, shouldn’t be topic to withholding tax
underneath Part 871(m). Nonetheless, the ultimate dedication relating to the therapy of the securities underneath Part 871(m) will probably be made
as of the Commerce Date for the

 

securities and it’s potential that the securities will probably be topic
to withholding tax underneath Part 871(m) primarily based on circumstances on that date.

 

A dedication that the securities usually are not topic to Part
871(m) shouldn’t be binding on the IRS, and the IRS may disagree with this dedication. Furthermore, Part 871(m) is advanced and its
utility may rely in your explicit circumstances, together with your different transactions. You need to seek the advice of your tax advisor
relating to the potential utility of Part 871(m) to the securities.

 

We won’t be required to pay any extra quantities with respect
to U.S. federal withholding taxes.

 

You need to learn the part entitled “United States
Federal Tax Concerns” within the accompanying product complement. The previous dialogue, when learn together with
that part, constitutes the total opinion of Davis Polk & Wardwell LLP relating to the fabric U.S. federal tax penalties
of proudly owning and disposing of the securities.

 

You also needs to seek the advice of your tax advisor relating to all points
of the U.S. federal earnings and property tax penalties of an funding within the securities and any tax penalties arising underneath
the legal guidelines of any state, native or non-U.S. taxing jurisdiction.

 

Supplemental Plan of Distribution (Conflicts
of Curiosity)

 

Beneath the phrases and topic to the circumstances contained in a
distribution settlement dated May 7, 2007, as amended, which we confer with because the distribution settlement, now we have agreed to promote the
securities to CSSU. We may additionally conform to promote the securities to different brokers which might be events to the distribution settlement. We
confer with CSSU and different such brokers because the “Agents.”

 

The distribution settlement offers that the Brokers are obligated
to buy the entire securities if any are bought.

 

The Brokers may supply the securities on the providing price set
forth on the duvet web page of this pricing complement and may obtain various reductions and commissions of as much as $45 per $1,000 principal
quantity of securities. The Brokers may re-allow some or the entire low cost on the principal quantity per safety on gross sales of such
securities by different brokers or sellers. CSSU or one other dealer or vendor will forgo some or all reductions and commissions with
respect to the gross sales of securities into sure fiduciary accounts. If the entire securities usually are not bought on the preliminary providing
price, the Brokers may change the general public providing price and different promoting phrases.

 

An affiliate of Credit score Suisse has paid or may pay sooner or later
a hard and fast quantity to broker-dealers in reference to the prices of implementing techniques to help these securities.

 

We count on to ship the securities in opposition to cost for the securities
on the Settlement Date indicated herein, which may be a date that’s larger than two enterprise days following the Commerce Date. Beneath
Rule 15c6-1 of the Securities Alternate Act of 1934, as amended, trades within the secondary market typically are required to settle
in two enterprise days, until the events to a commerce expressly agree in any other case. Accordingly, if the Settlement Date is greater than
two enterprise days after the Commerce Date, purchasers who want to transact within the securities greater than two enterprise days previous to
the Settlement Date will probably be required to specify various settlement preparations to forestall a failed settlement.

 

CSSU is our affiliate. In accordance with FINRA Rule 5121, CSSU
may not make gross sales on this providing to any of its discretionary accounts with out the prior written approval of the client. A
portion of the web proceeds from the sale of the securities will probably be utilized by CSSU or certainly one of its associates in reference to hedging
our obligations underneath the securities.

 

For additional info, please confer with “Underwriting
(Conflicts of Curiosity)” in any accompanying product complement.

 

 

 

 

 

 

 

 

 

 

 

Credit score Suisse